S.A.L. Steel MD, chairman, board of directors and AGM
NSE: SALSTEELBSE: 532604Ferrous MetalsSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹83.07.
- Under NSE's long-term additional surveillance, stage I, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹1,173 Cr1,865th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 14 Aug 2026
- 94.4
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹16 crore of one-off items, the largest of them in the quarter to Dec 2025.
- Lossover the last 12 months
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 11 Jul 2026
- 8.0
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 14 Aug 2026
- 13.4%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹16 crore of one-off items, the largest of them in the quarter to Dec 2025.
- −4.0%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 14 Aug 2026
- 4.6%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 11 Jul 2026
- 2.38
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 14,62,22212.1% delivered
S.A.L. Steel board of directors
At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing directorMAHESH KUMAR AGARWALRelated to the promoter
- Managing directorKAUSTUBH AGARWAL
- Company Secretary and Compliance OfficerDEVILAL J SHAH
7 directors3 independent3 executive1 non-executive
- MAHESH KUMAR AGARWAL · Chairperson and managing directorExecutive · joined Dec 2025 · reappointed Dec 2025 · 1 listed board
- KAUSTUBH AGARWAL · Managing directorExecutive · joined Dec 2025 · reappointed Dec 2025 · 1 listed board
- BIPINBHAI AMULAKHBHAI GOSALIAIndependent · joined Feb 2024 · reappointed Feb 2024 · 28 months as independent · 2 listed boards · 2 as independent · 3 committee seats
- HIREN SHIRISHCHANDRA MAHADEVIAIndependent · joined Dec 2025 · reappointed Dec 2025 · 6 months as independent · 2 listed boards · 2 as independent · 1 committee seat, 2 as chair
- NIPA JAIRAJ SHAHIndependent · joined Nov 2024 · reappointed Nov 2024 · 19 months as independent · 2 listed boards · 2 as independent · 2 committee seats
- RAJESH MANGALNon-executive · joined Feb 2026 · reappointed Feb 2026 · 1 listed board · 2 committee seats
- ANIL KUMAR SINGHExecutive · joined Feb 2026 · reappointed Feb 2026 · 1 listed board
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
5 directors who left
- MITESH VASANTBHAI JARIWALA, left 16 May 2026: Others
- BABULAL M SHINGAL, left 14 Feb 2026: Others
- RAJENDRAKUMAR SHAH, left 23 Dec 2025: Others
- MRINAL SINHA, left 23 Dec 2025: Others
- SHEFALI M PATEL, left 26 Sep 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 29 May 20267 of 7 present3 independent · 61 days in between
- 28 Mar 20268 of 8 present4 independent · 41 days in between
- 14 Feb 20267 of 7 present4 independent
Audit Committee
Chair HIREN SHIRISHCHANDRA MAHADEVIA
BIPINBHAI AMULAKHBHAI GOSALIA, RAJESH MANGAL
- 29 May 20263 of 3 present2 independent · 61 days in between
- 28 Mar 20263 of 3 present3 independent · 41 days in between
- 14 Feb 20263 of 3 present3 independent
Nomination and remuneration committee
Chair HIREN SHIRISHCHANDRA MAHADEVIA
BIPINBHAI AMULAKHBHAI GOSALIA, RAJESH MANGAL
- 29 May 20263 of 3 present2 independent · 103 days in between
- 14 Feb 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair HIREN SHIRISHCHANDRA MAHADEVIA
BIPINBHAI AMULAKHBHAI GOSALIA, NIPA JAIRAJ SHAH
- 29 May 20263 of 3 present3 independent · 103 days in between
- 14 Feb 20263 of 3 present3 independent
Corporate Social Responsibility Committee
Chair HIREN SHIRISHCHANDRA MAHADEVIA
BIPINBHAI AMULAKHBHAI GOSALIA, MAHESH KUMAR AGARWAL
- 29 May 20263 of 3 present2 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Jun 2026.
- Parikh & Majmudar, Chartered AccountantsPeer-review certificate valid to Oct 2027
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
S.A.L. Steel AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.S.A.L. Steel share news and announcements
Annual general meeting, 25 Sep 2026
54,160 shareholders on the register on 18 Sep 2026; present: 2 promoters and 52 others; votes counted by KAMLESH M SHAH / KAMLESH M SHAH AND COMPANY.The company's voting result (opens in a new tab)
- To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended 31st March, 2026, together with the Reports of the Board of Directors and Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 73.33% · promoters 95.33% · institutions 0.00% · other public 19.50%
- To appoint Shri Mahesh Kumar Agarwal (DIN 00168517), who retires by rotation and being eligible, offers himself for re-appointmentOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 73.33% · promoters 95.33% · institutions 0.00% · other public 19.50%
- To ratify the remuneration payable to, cost auditors of the company for the financial year ending on 31st March, 2027Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 73.33% · promoters 95.33% · institutions 0.00% · other public 19.50%
- To approve regularization of Mrs. Monika Goyal (DIN: 11881952), as an additional director in the capacity of non-executive independent Woman directorSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 73.33% · promoters 95.33% · institutions 0.00% · other public 19.50%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 17 May 2026, 1 resolution
55,158 shareholders on the register on 27 Mar 2026; votes counted by KAMLESH M SHAH / KAMLESH M SHAH AND COMPANY.The company's voting result (opens in a new tab)
- To Consider and Approve Overall Borrowing Limits of the Company and Mortgage/Creation of Charge on Assets of the CompanySpecial99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.40%
Turnout: all 51.54% · promoters 100.00% · institutions 0.00% · other public 2.27%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 22 Mar 2026, 7 resolutions
55,863 shareholders on the register on 13 Feb 2026; votes counted by KAMLESH M SHAH / KAMLESH M SHAH AND COMPANY.The company's voting result (opens in a new tab)
- Appointment of Shri Mahesh Kumar Agarwal (DIN:00168517) as Managing Director and Chairperson of the CompanyOrdinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.86%
Turnout: all 51.81% · promoters 100.00% · institutions 0.00% · other public 2.53%
- Appointment of Shri Kaustubh Agarwal (DIN:08110836) as Managing Director of the CompanyOrdinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.86%
Turnout: all 51.81% · promoters 100.00% · institutions 0.00% · other public 2.53%
- Appointment of Shri Hiren S Mahadevia (DIN:00156429) as an Independent Director of the CompanySpecial99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.86%
Turnout: all 51.81% · promoters 100.00% · institutions 0.00% · other public 2.53%
- Appointment of Shri Anil Kumar Singh (DIN:11535361) as Whole Time Director of the CompanyOrdinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.86%
Turnout: all 51.81% · promoters 100.00% · institutions 0.00% · other public 2.53%
- Appointment of Shri Rajesh Mangal (DIN:10562605) as Non-Executive Non Independent Director of the CompanyOrdinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.86%
Turnout: all 51.81% · promoters 100.00% · institutions 0.00% · other public 2.53%
- Payment of Remuneration to Director other than Managing Director and Whole Time Director of the CompanySpecial99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.88%
Turnout: all 51.81% · promoters 100.00% · institutions 0.00% · other public 2.53%
- Approval of Remuneration to be paid to Non Executive and Non-Independent Director of the Company who hold an office or place of profit of the companyOrdinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.88%
Turnout: all 51.81% · promoters 100.00% · institutions 0.00% · other public 2.53%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 26 Sep 2025, 7 resolutions
62,287 shareholders on the register on 19 Sep 2025; present: 2 promoters and 37 others; votes counted by KAMLESH M SHAH / KAMLESH M SHAH AND COMPANY.The company's voting result (opens in a new tab)
To receive, consider and adopt the financial statements of the Company including the Audited Balance Sheet as on March 31, 2025 the Statement of Profit and Loss and the Cash flow statement for the year ended on that date and the Reports of the Board of Directors and the Auditors of the Company.MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.27%
Turnout: all 53.03% · promoters 100.00% · institutions 0.00% · other public 5.00%
- To reappoint a director, Mr. Babulal M Singhal (DIN: 01484213), who retires by rotation being eligible, offers himself for re-appointment.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.27%
Turnout: all 53.03% · promoters 100.00% · institutions 0.00% · other public 5.00%
To Appoint M/s. Kamlesh M. Shah & Co., Practicing Company Secretary, (CP No. 2072/Membership No.: ACS8356) be and is hereby appointed as Secretarial Auditors of the Company to conduct secretarial audit for a term of 5(Five) consecutive years commencing From FY 2025-26 till FY 2029-30MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.27%
Turnout: all 53.03% · promoters 100.00% · institutions 0.00% · other public 5.00%
- To ratify the remuneration payable to, Cost Auditors of the Company for the financial year ending 31st March, 2026Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.30%
Turnout: all 53.03% · promoters 100.00% · institutions 0.00% · other public 5.00%
- Increase in authorised share capital of the company and alteration of capital clause of Memorandum of Association of the CompanyOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.27%
Turnout: all 53.03% · promoters 100.00% · institutions 0.00% · other public 5.00%
- To consider and approve the issue of equity shares by way of preferential issue on private placement basis to a person belonging to the non-promoter category (“Preferential Issue”).Special99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.28%
Turnout: all 53.03% · promoters 100.00% · institutions 0.00% · other public 5.00%
- Issuance and allotment of 3,57,50,000 Warrants by way of preferential issue on private placement basis to a person belonging to the non-promoter category (“Preferential Issue”)Special99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.28%
Turnout: all 53.03% · promoters 100.00% · institutions 0.00% · other public 5.00%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 27 Dec 2024, 2 resolutions
65,048 shareholders on the register on 22 Nov 2024; votes counted by KAMLESH M SHAH / KAMLESH M SHAH AND COMPANY.The company's voting result (opens in a new tab)
- Appointment of Shri Mrinal Sinha (DIN: 09482143) as Whole Time Director of the CompanyOrdinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.66%
Turnout: all 52.21% · promoters 100.00% · institutions 0.00% · other public 3.35%
- Appointment of Smt. Nipa Jairaj Shah (DIN: 10833814) as an Independent Director of the CompanySpecial99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.70%
Turnout: all 52.22% · promoters 100.00% · institutions 0.00% · other public 3.35%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 27 Sep 2024, 3 resolutions
Present: 2 promoters and 38 others.The company's voting result (opens in a new tab)
“RESOLVED THAT the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2024,ntogether with the Reports of the Board of Directors and Auditors thereon, as circulated to the Members be and are hereby received,nconsidered and adopted.”MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.17%
Turnout: all 52.38% · promoters 100.00% · institutions 0.00% · other public 3.67%
“RESOLVED THAT in accordance with the provisions of Section 152 and other applicable provisions of the Companies Act,n2013 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), Shri Rajendra V. Shah (DIN:n00020904), who retires by rotation as a Director at this 21st Annual General Meeting, and being eligible, offers himself for reappointment,nbe and is hereby re-appointed as a Director of the Company, who shall be liable to retire by rotation.”MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.25%
Turnout: all 52.38% · promoters 100.00% · institutions 0.00% · other public 3.67%
“RESOLVED THAT pursuant to the provisions of Section 148 and all other applicable provisions of the Companies Act, 2013 andnthe Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment thereof, for the timenbeing in force), M/s. Ashish Bhavsar & Associates, Cost Accountants (ICAI Registration No.: 22464) appointed by the Board onnthe recommendation of the Audit Committee of the Company to conduct the audit of the cost records of the Company for thenfinancial year ending 31st March, 2025 be paid the remuneration of ¿ 75,000/- per annum plus out of pocket expenses, if any,nincurred during the course of audit.”MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.17%
Turnout: all 52.38% · promoters 100.00% · institutions 0.00% · other public 3.67%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Extraordinary general meeting, 8 Jun 2024, 3 resolutions
Present: 2 promoters and 35 others.The company's voting result (opens in a new tab)
- ADOPTION OF NEW SET OF MEMORANDUM OF ASSOCIATION ASnPER COMPANIES ACT, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 51.83% · promoters 100.00% · institutions 0.00% · other public 2.57%
- ADOPTION OF NEW SET OF ARTICLES OF ASSOCIATION AS PERnCOMPANIES ACT, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 51.83% · promoters 100.00% · institutions 0.00% · other public 2.57%
TO CREATE, OFFER, ISSUE, AND ALLOT UPTO 48,00,000 (FORTYEIGHTnLAKH) CONVERTIBLE EQUITY WARRANTS (“WARRANTS”) OFnFACE VALUE OF INR 10/- (RUPEES TEN ONLY) EACH AT AN ISSUEnPRICE OF INR 25/- (RUPEES TWENTY-FIVE ONLY) EACH.MoreLess
Special100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 51.83% · promoters 100.00% · institutions 0.00% · other public 2.57%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 29 Mar 2024, 3 resolutions
The company's voting result (opens in a new tab)
- Approval of Material Related Party Transaction proposed to be entered into between the Company and Shah Alloys Limited for 3 (three) financial years commencing from FY 2024-25 to FY 2026-27OrdinaryPromoters have an interest in it99.88% for0.12% against
Against: promoters 0.00% · institutions 0.00% · other public 1.30%
Turnout: all 16.50% · promoters 29.57% · institutions 0.00% · other public 3.13%
- Appointment of Shri Mitesh Vasantbhai Jariwala (DIN: 09396683) as an Independent Director of the CompanySpecial99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 1.29%
Turnout: all 52.11% · promoters 100.00% · institutions 0.00% · other public 3.13%
- Appointment of Shri Bipinbhai Amulakhbhai Gosalia (DIN: 10521360) as an Independent Director of the CompanySpecial99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 1.44%
Turnout: all 52.11% · promoters 100.00% · institutions 0.00% · other public 3.13%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- No
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Mar 2026. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Preferential IssuesFeb 2026 | 48.26 | Working Capital Requirements | 10.00 | 10.00 | No |
| Preferential IssuesFeb 2026 | 48.26 | Establishment of Pellet Plant Facility | 20.00 | 20.00 | No |
| Preferential IssuesFeb 2026 | 48.26 | Refurbishment and Upgradation of Furnace Facilities | 10.00 | 10.00 | No |
| Preferential IssuesFeb 2026 | 48.26 | Strengthening and Upkeep of Plant Infrastructure | 8.00 | 7.77 | No |
| Preferential IssuesFeb 2026 | 48.26 | General Corporate Purposes | 0.50 | 0.50 | No |