Steelco Gujarat Ltd (500399)

Steelco Gujarat Limited has submitted its Statement of Deviation or Variation under Regulation 32 of SEBI LODR for the quarter ended September 30, 2026. The company confirmed that there has been no deviation or variation in the utilisation of net proceeds raised via its Rights Issue. The equity shares for the Rights Issue were previously allotted on June 6, 2026. The filing is supported by an independent chartered accountant certificate issued by T R Chadha & Co LLP.

• Confirmed zero deviation or variation in Rights Issue net proceeds utilisation as of September 30, 2026
• Rights Issue equity shares were allotted on June 6, 2026
• Independent certificate issued by T R Chadha & Co LLP dated October 26, 2026 (UDIN: 26135556COLBVV1771)

Steelco Gujarat Ltd announced the immediate resignation of Mr. Ravikant Pandey, Vice President - Operations, effective close of business hours on October 23, 2026. The resignation was attributed to unavoidable personal circumstances, with no replacement announced in the filing. The company recorded TTM revenues of Rs 506 Cr with an operating margin of 1.6% and net debt of Rs 227 Cr. Operational leadership continuity will be critical given the company's tight financial profile and negative ROCE of -12.0%.

• Mr. Ravikant Pandey resigned as Vice President - Operations effective October 23, 2026
• Resignation cited unavoidable personal circumstances with immediate relief from duties
• Company reported TTM revenue of Rs 506 Cr and negative TTM PAT of Rs -4 Cr
• No successor named in the regulatory disclosure

Steelco Gujarat Limited reported that shareholders approved key resolutions at the 36th AGM held on September 25, 2026. M/s. T R Chadha & Co LLP was appointed as Statutory Auditors for a 5-year term from the 36th AGM to the 41st AGM, following their initial casual vacancy appointment on August 15, 2026, due to the resignation of M/s. M Sahu & Co. Additionally, Mr. Sudeep Saxena was confirmed as an Independent Director for a 2-year term effective August 13, 2026, to August 12, 2028. These changes strengthen governance at a company currently operating with weak profitability and high financial leverage.

• Shareholders approved the appointment of M/s. T R Chadha & Co LLP as Statutory Auditors for a 5-year term at the 36th AGM
• T R Chadha & Co LLP was earlier appointed on August 15, 2026, to fill a casual vacancy after M/s. M Sahu & Co resigned
• Mr. Sudeep Saxena appointed as Non-Executive Independent Director for a 2-year tenure from August 13, 2026, to August 12, 2028
• AGM concluded on September 25, 2026, with the regulatory filing completed on September 28, 2026

Steelco Gujarat Limited has published its Annual Report for FY 2025-26 and convened its 36th Annual General Meeting (AGM) for September 25, 2026. Key agenda items include the adoption of FY26 financial statements and the appointment of M/s T R Chadha & Co LLP as statutory auditors for a 5-year term. Key accounting ratios reported for FY26 show a Debt-to-Equity ratio of 83.47 and a negative Return on Capital Employed (ROCE) of -8.10%, reflecting continuing operational losses and high financial leverage.

• 36th Annual General Meeting convened for Friday, September 25, 2026 via Video Conferencing
• Debt-to-Equity ratio surged to 83.47 in FY26 compared to 2.28 in the previous period
• Return on Capital Employed (ROCE) remained negative at -8.10% versus -0.33% previously
• Proposed appointment of M/s T R Chadha & Co LLP as Statutory Auditors for a 5-year term from 36th to 41st AGM
• Current ratio improved to 5.37 from 0.58 primarily due to higher current assets

Steelco Gujarat Ltd has issued a notice convening its 36th Annual General Meeting (AGM) on September 25, 2026, via video conferencing. Key resolutions include the adoption of FY2025-26 audited financial statements, reappointment of Director Mukta Jain, and appointment of Sudeep Saxena as an Independent Director for 2 years. Additionally, shareholders will vote to appoint M/s. T R Chadha & Co LLP as statutory auditors for a 5-year term, following the resignation of previous auditors to meet Debenture Trust Deed requirements.

• 36th AGM scheduled for Friday, September 25, 2026 at 12:00 noon via Video Conferencing.
• Cut-off date for e-voting eligibility set for Friday, September 18, 2026.
• Remote e-voting period runs from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM).
• Appointment of M/s. T R Chadha & Co LLP as statutory auditors proposed for 5 years up to the 41st AGM.
• Appointment of Mr. Sudeep Saxena as Independent Director for a 2-year tenure effective August 13, 2026.

Steelco Gujarat Limited has filed its quarterly statement of deviation for the period ended June 30, 2026, regarding its recent Rights Issue. The company confirmed that there has been no deviation or variation in the utilization of the ₹14.89 crore raised. The equity shares for this issue were allotted on June 6, 2026, and the monitoring agency, Infomerics Valuation and Rating Limited, has reviewed the utilization for the quarter.

• Total Rights Issue size confirmed at ₹14.89 crore
• Zero deviation reported in the utilization of net proceeds as of June 30, 2026
• Equity shares under the Rights Issue were allotted on June 6, 2026
• Monitoring Agency Agreement for the issue was executed on February 12, 2026

Steelco Gujarat has appointed Mr. Sudeep Saxena as an Additional and Non-Executive Independent Director effective August 13, 2026. Mr. Saxena brings over 37 years of experience in corporate banking and risk management, having held senior positions at Axis Bank and State Bank of Patiala. This appointment is significant given the company's stressed financial position, characterized by a high debt of ₹227 Cr and a thin net worth of ₹3 Cr. The appointment is for a two-year term and is subject to shareholder approval within three months.

• Appointment of Mr. Sudeep Saxena as Independent Director for a 2-year term starting August 13, 2026
• Appointee brings 37+ years of experience in banking, housing finance, and risk management
• Company reports a high Debt/Equity ratio of 75.67 with total debt of ₹227 Cr
• TTM losses stand at ₹38 Cr against a TTM revenue of ₹59 Cr
• Appointment requires shareholder approval at the next General Meeting or within 3 months

Steelco Gujarat has appointed M/s. TR Chadha & Co. LLP as Statutory Auditors effective August 15, 2026, to fill a casual vacancy. This vacancy arose from the resignation of the previous auditor, M/s. M Sahu & Co. The new firm, established in 1946, is well-established with over 80 years of experience and is empanelled with major regulators like SEBI and RBI. This change comes at a critical time as the company faces severe financial stress, with a TTM loss of ₹38 Cr and a high Debt-to-Equity ratio of 75.67.

• Appointment of M/s. TR Chadha & Co. LLP effective from August 15, 2026
• Fills casual vacancy caused by the resignation of M/s. M Sahu & Co.
• New auditor has over 80 years of professional experience since its establishment in 1946
• Company reports a thin Net Worth of only ₹3 Cr against a total Debt of ₹227 Cr
• Promoter holding recently decreased from 94.64% to 74.65% as of June 2026

Steelco Gujarat Ltd has approved its Q1 FY27 financial results and announced a change in statutory auditors to comply with a Debenture Trust Deed dated December 3, 2025. M/s. M Sahu & Co. resigned to facilitate the appointment of M/s. TR Chadha & Co. LLP, a firm with over 80 years of experience. Additionally, the company appointed Mr. Sudeep Saxena, a veteran banker with 37 years of experience, as an Independent Director for a two-year term. These governance changes occur as the company manages a high debt load of ₹227 Cr against a thin net worth of ₹3 Cr.

• Resignation of M/s. M Sahu & Co. as Statutory Auditors effective August 14, 2026, to comply with Clause 7.13 of the Debenture Trust Deed.
• Appointment of M/s. TR Chadha & Co. LLP as the new Statutory Auditor to fill the casual vacancy.
• Appointment of Mr. Sudeep Saxena, former Group Head at Axis Bank, as Independent Director for a 2-year term.
• Company reported a TTM loss of ₹38 Cr and an operating profit margin of -32.2%.
• Debt stands at ₹227 Cr, which is significantly high relative to the TTM revenue of ₹59 Cr.

M Sahu & Co. has resigned as the Statutory Auditor of Steelco Gujarat effective August 14, 2026. The resignation is a procedural requirement to comply with Clause 7.13 of a Debenture Trust Deed dated December 3, 2025, which mandates the appointment of an auditor acceptable to the Debenture Trustee and holders. The outgoing auditor has explicitly confirmed there are no concerns regarding management conduct, audit scope, or financial reporting. This change highlights the significant oversight by lenders, given the company's high debt of ₹227 cr against a net worth of just ₹3 cr.

• Resignation effective from the close of business hours on August 14, 2026
• Change triggered by Clause 7.13 of the Debenture Trust Deed dated December 3, 2025
• Auditor confirms no reportable concerns or limitations on audit scope
• Company reported a net loss of ₹37 cr for FY26 with a negative OPM of 32%
• Debt-to-Equity ratio stands at a critical 75.67 based on ₹227 cr debt and ₹3 cr net worth

Steelco Gujarat has scheduled a board meeting for August 13, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. The company is currently under severe financial stress, reporting a TTM loss of ₹38 crore on a TTM revenue of ₹59 crore. With a debt of ₹227 crore against a net worth of just ₹3 crore, the upcoming results are critical for assessing solvency. Investors should also note the recent reduction in promoter holding from 94.64% to 74.65% as of June 2026.

• Board meeting scheduled for August 13, 2026, to review Q1 FY27 performance
• Company reported a TTM net loss of ₹38 crore as of March 2026
• Debt-to-equity ratio stands at a high 75.67 with total debt of ₹227 crore
• Promoter holding decreased significantly to 74.65% in the June 2026 quarter
• Operating profit margin remains deeply negative at -32.2% for the trailing twelve months