ABHAPOWER
Abha Power and Steel financials
- Market cap
- ₹45 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
ABHAPOWER Q2 FY26
What went well
- Revenue from operations for H1 FY26 stood at ₹34.56 crores.
- Healthy order book maintained at over ₹20 crores, providing near-term revenue visibility.
- 3 MW captive solar plant continues to lower energy costs and support operational margins.
What to watch
- EBITDA margin dropped to 10.3% due to excess expenses for new projects, consultants, one-time charges for name change, land lease upgrade, and electricity duty for solar plant.
- Steel plant capacity utilization is low at 20-30%, though modernization aims to address this.
What Abha Power and Steel Ltd does
Abha Power and Steel Ltd manufactures precision iron and steel castings from an integrated foundry at Silpahri Industrial Estate, Bilaspur, Chhattisgarh, supplying Indian Railways, steel, cement, power, mining, infrastructure and defence customers. It runs two foundry lines — an SG (spheroidal graphite) Iron Foundry and a Steel Foundry — producing wear parts, wagon/coach fittings, crushing and mining equipment components, and other cast items sold directly and through OEM approvals. The plant is backed by a 3 MW captive solar power plant that offsets part of its energy needs and an in-house NABL-accredited laboratory for chemical, mechanical and microstructure testing.
Segments
- Iron Foundry
- Steel Foundry
- Installed capacity
- 14,400 MT/yr (7,200 MT SG Iron Foundry + 7,200 MT Steel Foundry)
- Manufacturing facility
- 1 integrated foundry plant — Silpahri Industrial Estate, Bilaspur, Chhattisgarh
- Capacity utilization
- SG Iron >80%; Steel foundry 20-30% (H1 FY26)
- Product range / SKUs
- 20+ product families across 1,000+ SKUs
- Captive solar power plant
- 3 MW, meeting ~30-35% of energy needs
- Automated moulding-line upgrade
- Sand-processing speed raised from 1,000 kg/hr to 35,000 kg/hr; targeted commissioning by Aug 31, 2026
Guidance record · Q2 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- Overall Revenue Growth open said Q2 FY26 Promised: We'll try to go with the double-digit growth, at least. Q2 FY26: Target set for future periods.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue down 9.8%, net profit down 81.7% against the same quarter last year.
| Line item | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 31 | 34 | 36 | 35 | 28 −10% |
| EBITDA | 5 | 5 | 5 | 4 | 2 −61% |
| Net profit | 2 | 3 | 3 | 2 | 0 −82% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −46.8% 1Y
1Y: ₹45 on 10 Sept 2025 → ₹23.95. High ₹45.75 (15 Sept 2025), low ₹23.8 (30 Mar 2026).
How the price took the results
close before → close after
- Q2 FY26
- −3.6%
- 28 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹4 Cr | ₹5 Cr | ₹14 Cr | ₹19 Cr | ₹19 Cr |
| Reserves | ₹7 Cr | ₹9 Cr | ₹3 Cr | ₹34 Cr | ₹35 Cr |
| Borrowings | ₹18 Cr | ₹24 Cr | ₹24 Cr | ₹20 Cr | ₹20 Cr |
| Other liabilities | ₹7 Cr | ₹7 Cr | ₹6 Cr | ₹9 Cr | ₹13 Cr |
| Total liabilities | ₹35 Cr | ₹45 Cr | ₹47 Cr | ₹81 Cr | ₹86 Cr |
| Fixed assets | ₹6 Cr | ₹6 Cr | ₹19 Cr | ₹17 Cr | ₹22 Cr |
| Capital work in progress | ₹0 Cr | ₹13 Cr | ₹0 Cr | ₹19 Cr | ₹23 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹29 Cr | ₹26 Cr | ₹29 Cr | ₹45 Cr | ₹41 Cr |
| Total assets | ₹35 Cr | ₹45 Cr | ₹47 Cr | ₹81 Cr | ₹86 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters added +0.17 pp while the public trimmed −0.17 pp. The shareholder count shrank 16% to 1,764.
- Promoters
- 72.5%
- FIIs
- 0.1%
- Public
- 27.3%
Since Mar 2025
- Promoters +0.17 pp
- Public −0.17 pp
- FIIs 0.00 pp
How it drifted, 3 quarters
Ownership split by quarter, oldest first. Mar '25: Promoters 72.3%, FIIs 0.1%, Public 27.5%.Sep '25: Promoters 72.5%, FIIs 0.1%, Public 27.3%.Mar '26: Promoters 72.5%, FIIs 0.1%, Public 27.3%.
Who is on the register
Named in the Mar 2026 filing
Every holder of Abha Power and Steel Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Sunflower Commotrade Pvt Ltd | 29.20% | unchanged |
| Subhash Chand Agrawal | 9.72% | unchanged |
| Harish Kumar Shah | 7.43% | unchanged |
| Girish Kumar Shah | 6.76% | unchanged |
| Satish Kumar Shah | 5.38% | unchanged |
| Ankit Agrawal . | 5.34% | unchanged |
| Satish Kumar Shah (Huf) | 2.80% | unchanged |
| Atish Agrawal | 2.74% | unchanged |
| Gouri Shankar Shah (Huf) | 1.63% | unchanged |
| Nikhil Gupta | 1.41% | unchanged |
| Harish Kumar Shah (Huf) | 0.85% | unchanged |
| Girish Kumar Shah (Huf) | 0.67% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -11.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Abha Power and Steel Ltd
Guides on how to read this kind of business and the numbers that matter.