Board approved Q2 results and conversion of ~8.04 crore warrants into equity shares
Board approved conversion of ~8.04 crore warrants into equity shares of face value Rs. 1/- each for non-promoter holders M/s India Coke and Power and M/s IMR Steel at Rs. 9.45/- per share (premium Rs. 8.45/-); paid-up capital rose from ~Rs.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 34,315.75 | 23,176.30 | +48.1% | 26,971.39 | +27.2% |
| Total income | 34,335.13 | 23,291.16 | +47.4% | 27,070.92 | +26.8% |
| Profit before tax | 1,762.34 | 211.28 | +734% | 1,502.56 | +17.3% |
| Profit after tax | 1,762.34 | 211.28 | +734% | 1,502.56 | +17.3% |
| Total comprehensive income | 1,762.34 | 211.28 | +734% | 1,502.56 | +17.3% |
| Basic EPS | 0.14 | 0.02 | +600% | 0.12 | +16.7% |
- Profit after tax YoY growth
- +734%
- Period
- 30.09.2026 (Unaudited)
Also decided at the meeting
- Approved conversion of 8,04,23,279 warrants into equity shares of Rs. 1/- each at Rs. 9.45/- per share (premium Rs. 8.45/-) and allotment to India Coke and Power Pvt Ltd and IMR Steel Pvt Ltd (non-promoter).
- Post allotment, paid-up share capital increased from Rs. 1,27,55,18,412/- to Rs. 1,35,59,41,691/-; 23,70,37,021 warrants remain outstanding for conversion.
Auditor's review
Conclusion: Unmodified
Notes to the results
- Company availed a Working Capital Term Loan of ₹1,119.00 lakhs under ECLGS from Kotak Mahindra Bank, sanctioned 20th July 2026, at 9% p.a. for 5 years incl. 1-year moratorium.
- 3,828 14.06% NCDs of ₹10,00,000 each held by Kotak Credit Opportunities Fund stated at reduced face value of ₹3,87,345 each as on 30.09.2026 after part payment.
- Further investment of ₹5 lakhs in wholly owned subsidiary SEIL Infra Logistics Limited, which had not commenced commercial operations.
- Provisions for taxes, actuarial valuation on employee benefits, bonus etc. shall be provided at the year end.
Two items took up most of the board meeting: the September quarter results and the conversion of a large block of warrants into equity shares.
Warrant conversion and allotment
- ~8.04 crore warrants were converted into equity shares of face value Rs. 1/- each and allotted to two non-promoter warrant holders.
- The conversion is at an issue price of Rs. 9.45/- per equity share, including a premium of Rs. 8.45/- per share, on receipt of the balance 75% of the issue price.
- M/s India Coke and Power Private Limited converted 6,63,13,932 warrants; 9,24,16,218 of its warrants remain to be converted.
- M/s IMR Steel Private Limited converted 1,41,09,347 warrants; 14,46,20,803 of its warrants remain to be converted.
- Together the two holders were issued and allotted ~31.75 crore warrants; after this round 23,70,37,021 remain outstanding for conversion.
- The new shares will be issued in dematerialised form and rank pari passu with the existing equity shares.
Effect on share capital
Following the allotment, the issued, subscribed and paid-up share capital rose from ~Rs. 127.55 crore to ~Rs. 135.59 crore, comprising ~135.59 crore equity shares of face value Rs. 1/- each.
Results snapshot (standalone, Rs. in lakhs)
- 'Revenue from operations' for the quarter ended 30.09.2026 was 34,315.75, against 23,176.30 in the quarter ended 30.09.2025.
- 'Total income' for the quarter was 34,335.13.
- 'Net Profit / (Loss) for the period' was 1,762.34 for the quarter, against 211.28 a year earlier, and 3,264.91 for the half year, against 1,234.16.
- Basic and diluted earnings per share (not annualised) were 0.14 each for the quarter, against 0.02 each a year earlier.
- The segment breakup covers Steel, Power and Logistics; 'Profit / (Loss) before tax' for the quarter was 1,762.34.
Auditor's review
The limited review reports on both the standalone and consolidated results carry an unmodified conclusion - the auditors state that nothing came to their attention that would suggest the statements contain a material misstatement.
Other points from the results
- Debt equity ratio was 0.27 times, operating EBITDA margin 10% and net profit margin 5% for the quarter.
- The company availed a Working Capital Term Loan of ₹1,119.00 lakhs under ECLGS from Kotak Mahindra Bank at 9% p.a. for a 5-year tenure, including a 1-year principal moratorium, secured by a second charge.
- The cash flow statement shows net cash flow from operating activities of (11,937.71) lakhs for the period ended 30.09.2026.
What the numbers show
The quarter's profit is higher than the same quarter a year earlier on both 'Revenue from operations' and 'Net Profit / (Loss) for the period'. The warrant conversion adds shares to the equity base, and a further 23,70,37,021 warrants are still to be converted when requests come from those holders.
Also from Steel Exchange India
Monitoring agency report: nil deviation on Rs. 341.58 crore warrant proceeds
4 Nov 2026
Board approves allotment of 8,04,23,279 equity shares on warrant conversion
4 Nov 2026
Board approved conversion of ~8.04 crore warrants and September quarter results
4 Nov 2026
More numbers
- Warrants converted into equity shares8,04,23,279
- Issue price per equity share on conversionRs. 9.45/-
- Premium per equity share on conversionRs. 8.45/-
- Total warrants issued and allotted to both holders31,74,60,300
- Balance warrants remaining for conversion23,70,37,021
- Paid-up share capital after allotmentRs. 1,35,59,41,691/-
- Total income, latest quarter34,335.13 (₹. In Lakhs)
- Total income, year-ago quarter23,291.16 (₹. In Lakhs)
- Total income, previous quarter27,070.92 (₹. In Lakhs)
- Total comprehensive income, latest quarter1,762.34 (₹. In Lakhs)
- Total comprehensive income, year-ago quarter211.28 (₹. In Lakhs)
- Total comprehensive income, previous quarter1,502.56 (₹. In Lakhs)
- Profit after tax, latest quarter1,762.34 (₹. In Lakhs)
- Profit after tax, year-ago quarter211.28 (₹. In Lakhs)
- Profit after tax, previous quarter1,502.56 (₹. In Lakhs)
- Revenue from operations, latest quarter34,315.75 (₹. In Lakhs)
- Revenue from operations, year-ago quarter23,176.30 (₹. In Lakhs)
- Revenue from operations, previous quarter26,971.39 (₹. In Lakhs)
- Profit before tax, latest quarter1,762.34 (₹. In Lakhs)
- Profit before tax, year-ago quarter211.28 (₹. In Lakhs)
- Profit before tax, previous quarter1,502.56 (₹. In Lakhs)
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