STEELXIND
Steel Exchange India share price & financials
- Price
- ₹12.03
- Market cap
- ₹1.5k Cr
- Sector
- Capital Goods
- Calls analysed
- 2
Steel Exchange Q4 FY26
What went well
- Q4 FY26 Total Income grew 19.45% QoQ to INR 287.70 crores, demonstrating strong sequential improvement.
- Q4 FY26 EBITDA surged 118.12% QoQ to INR 50.10 crores, with EBITDA margin expanding 788 basis points to 17.41%, reflecting improved operational efficiencies.
- Q4 FY26 Net Profit increased 442.54% QoQ to INR 12.37 crores, with net profit margin at 4.30%.
What to watch
- No quantified order book or order inflow figures were disclosed, making future revenue visibility less clear for institutional and infrastructure segments.
- Finance costs in Q4 FY26 were impacted by new loan costs and trade finance, though expected to normalize to 12-13% in coming quarters.
What Steel Exchange India Limited does
Steel Exchange India Limited (SEIL), part of the Vizag Profiles Group, is an integrated long-steel producer near Visakhapatnam, Andhra Pradesh, manufacturing TMT rebars under the 'SIMHADRI TMT' brand along with billets. The integrated plant houses sponge iron, steel-melting/billet, and rolling mill divisions backed by a captive power plant, giving it backward-to-forward integration from raw material to finished rebar. It also earns income from sale of surplus power, from a job-work conversion contract with Rashtriya Ispat Nigam Limited (RINL) to convert blooms into TMT bars, and supplies rebars to defence (Military Engineer Services) and infrastructure projects. It is diversifying into specialty/value-added steel under the PLI scheme and has floated a wholly owned subsidiary for infra and logistics.
Segments
- Steel Manufacturing
- Power Generation
- Integrated plant divisions
- Sponge iron division, SMS/billet unit and rolling mill under one integrated steel plant
- Captive power plant capacity
- 60 MW
- Plant location
- Vizianagaram district, Andhra Pradesh (near Visakhapatnam)
- Land bank at Vizag
- ~400 acres
- RINL bloom-to-TMT conversion contract
- 1.20 lakh MTPA (120,000 tonnes/year)
- Wholly owned subsidiary
- SEIL Infra Logistics Ltd (incorporated 2025, infra & logistics)
Guidance record · Q4 FY26
what the last two calls moved 14 tracked 2 delivered 6 missed 6 open- EBITDA per ton delivered said Q1 FY26 Promised: ₹7,500 Q4 FY26: Q4 EBITDA was ₹50.1 crores on 49,760 tons of rebar sales, resulting in a calculated EBITDA per ton of ₹10,068, exceeding the ₹7,500 target.
- Re-Bar mill utilization missed said Q1 FY26 Promised: 85-90% after December 2025 Q4 FY26: The deadline of 'after December 2025' has passed. New guidance for FY27 is 70-75% utilization, which is below the original 85-90% target. The RINL contract was not mentioned as a driver.
- Rebar Mill Capacity Utilization open said Q4 FY26 Promised: 70-75% Q4 FY26: With capital repairs and ability to source external billets, management expects utilization to reach 70-75% in FY27.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 10.0%, net profit up 50.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 261 | 328 | 291 | 300 | 232 −11% | 240 −27% | 287 −1% | 270 −10% |
| EBITDA | 27 | 39 | 33 | 31 | 27 +0% | 22 −44% | 50 +52% | 34 +10% |
| Net profit | 3 | 16 | 5 | 10 | 2 −33% | 2 −87% | 12 +140% | 15 +50% |
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 +27.5% 1Y
1Y: ₹9.52 on 10 Sept 2025 → ₹12.14. High ₹13.39 (19 Jun 2026), low ₹7.03 (23 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +7.0%
- 28 May
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.
Financials, as filed
Revenue fell 8.5% a year over 3 years, FY23 to FY26. Operating margin widened to 12.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.4k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.1k Cr |
| Operating profit | ₹97 Cr | ₹96 Cr | ₹124 Cr | ₹130 Cr |
| Operating margin | 7.0% | 8.8% | 10.8% | 12.3% |
| Interest | ₹106 Cr | ₹77 Cr | ₹74 Cr | ₹70 Cr |
| Depreciation | ₹24 Cr | ₹21 Cr | ₹24 Cr | ₹28 Cr |
| Net profit | ₹-59 Cr | ₹11 Cr | ₹27 Cr | ₹26 Cr |
| Net margin | -4.3% | 1.0% | 2.4% | 2.5% |
| Cash from operations | ₹138 Cr | ₹-48 Cr | ₹97 Cr | ₹-38 Cr |
| Free cash flow | ₹124 Cr | ₹-97 Cr | ₹82 Cr | ₹-30 Cr |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹80 Cr | ₹88 Cr | ₹104 Cr | ₹120 Cr | ₹125 Cr | ₹125 Cr |
| Reserves | ₹222 Cr | ₹403 Cr | ₹413 Cr | ₹542 Cr | ₹626 Cr | ₹643 Cr |
| Borrowings | ₹438 Cr | ₹458 Cr | ₹359 Cr | ₹382 Cr | ₹358 Cr | ₹418 Cr |
| Other liabilities | ₹249 Cr | ₹168 Cr | ₹256 Cr | ₹224 Cr | ₹275 Cr | ₹190 Cr |
| Total liabilities | ₹989 Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.4k Cr |
| Fixed assets | ₹612 Cr | ₹596 Cr | ₹579 Cr | ₹570 Cr | ₹602 Cr | ₹590 Cr |
| Capital work in progress | ₹6 Cr | ₹7 Cr | ₹13 Cr | ₹30 Cr | ₹3 Cr | ₹6 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹371 Cr | ₹514 Cr | ₹540 Cr | ₹668 Cr | ₹778 Cr | ₹779 Cr |
| Total assets | ₹989 Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.4k 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 Jun 2026
Since Jun 2025, promoters trimmed −3.24 pp while the public added +2.61 pp. The shareholder count shrank 7% to 2,88,478.
- Promoters
- 49.7%
- FIIs
- 0.7%
- DIIs
- 1.9%
- Government
- 0.2%
- Public
- 47.4%
Since Jun 2025
- Promoters −3.24 pp
- Public +2.61 pp
- DIIs +0.37 pp
How it drifted, 12 quarters
Over this window the public went from 39.1% to 47.4% — +8.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.9%, FIIs 4.0%, DIIs 0.7%, Government 0.3%, Public 39.1%.Dec '23: Promoters 55.9%, FIIs 3.9%, DIIs 0.7%, Government 0.3%, Public 39.3%.Mar '24: Promoters 55.4%, FIIs 1.5%, DIIs 1.3%, Government 0.3%, Public 41.6%.Jun '24: Promoters 49.6%, FIIs 0.7%, DIIs 1.3%, Government 0.3%, Public 48.2%.Sep '24: Promoters 52.9%, FIIs 0.7%, DIIs 1.3%, Government 0.3%, Public 44.9%.Dec '24: Promoters 52.9%, FIIs 0.7%, DIIs 1.3%, Government 0.3%, Public 44.9%.Mar '25: Promoters 52.9%, FIIs 0.7%, DIIs 1.3%, Government 0.3%, Public 44.9%.Jun '25: Promoters 52.9%, FIIs 0.4%, DIIs 1.6%, Government 0.3%, Public 44.8%.Sep '25: Promoters 50.8%, FIIs 0.3%, DIIs 2.6%, Government 0.3%, Public 46.1%.Dec '25: Promoters 50.8%, FIIs 0.3%, DIIs 2.6%, Government 0.3%, Public 46.1%.Mar '26: Promoters 50.8%, FIIs 0.3%, DIIs 2.6%, Government 0.3%, Public 46.1%.Jun '26: Promoters 49.7%, FIIs 0.7%, DIIs 1.9%, Government 0.2%, Public 47.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Gunakala Vijayalakshmi newly disclosed 2.22% held
The same filing shows 4 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Steel Exchange India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Umashiv Garments Private Ltd | 19.30% | −0.43 pp |
| Vizag Profiles Private Limited | 19.20% | −0.43 pp |
| Vishwa Samudra Holdings Private Limited | 4.74% | −0.11 pp |
| Suresh Kumar Bandi | 3.23% | −0.07 pp |
| Gunakala Vijayalakshmi | 2.22% | newly disclosed |
| Bavineni Suresh | 1.90% | unchanged |
| Grandhi Rajesh | 1.45% | unchanged |
| Kolluri Impex Private Limited | 1.43% | unchanged |
| Bandi Ramesh Kumar | 1.26% | unchanged |
| Bandi Jaya Padmavathi | 1.04% | unchanged |
| Neo Special Credit Opportunities Fund AIF | 1.04% | unchanged |
| Dhatre Udyog Limited | 1.01% | 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.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Steel Exchange India Limited
Guides on how to read this kind of business and the numbers that matter.