S A L Steel Limited

BSE: 532604 NSE: SALSTEEL
S A L Steel Limited - metals and minerals in Ahmedabad, Gujarat, India. FY 2026 financials & compliance.
CIN L29199GJ2003PLC043148 Incorporated 06 November 2003 ROC Ahmedabad HQ Ahmedabad, Gujarat, India
Active Listed - NSE: SALSTEEL · BSE: 532604 Public Limited Company metals and minerals
Data last updated
Market Cap
₹1,118 Cr
SALSTEEL · NSE
Share Price
₹78.26
+1.35% today
Revenue
₹207 Cr
FY 2025-26 · -61.9% YoY
EBITDA
₹14.51 Cr
Margin 7.0%
Net Profit
−₹16.45 Cr
FY 2025-26 · -624.7% YoY
Debt / Equity
2.84
Interest cover 556.4x
Authorised capital
₹145 Cr
Registered with MCA
Paid-up capital
₹144.77 Cr
Issued & subscribed

About S A L Steel Limited

Data last updated:

S A L Steel Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the steel manufacturing and processing segment of the metals and mining sector. It was incorporated on 06 November 2003 and has been in existence for over 23 years.

Its director Mahesh Kumar Agarwal is #579 among India's richest people (2026).

The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L29199GJ2003PLC043148. Its GSTIN is 24AAHCS8284J1ZU (Gujarat). It is a listed company as per MCA records. Its shares are listed on BSE: 532604 and NSE: SALSTEEL.

The company has an authorised share capital of ₹145 Cr and a paid-up capital of ₹144.77 Cr. It was formerly known as S a L Steel Private Limited. It is led by directors including Mahesh Kumar Agarwal (Managing Director) and Kaustubh Agarwal (Managing Director).

Its last annual general meeting (AGM) was held on 26 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Ahmedabad, Gujarat.

As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹207.4 Cr, a decline of 61.9% compared to the previous year. For the same year it recorded a net loss of ₹16.45 Cr (net margin -7.9%) and EBITDA of ₹14.51 Cr (EBITDA margin 7%). The net worth stands at ₹146.62 Cr (up 278.6% YoY). Total assets are valued at ₹534.69 Cr (up 146% YoY).

The company has about 343 employees on its provident fund (EPFO) records.

The company is associated with 1 brand: SAL Steel. As per MCA filings, the company has open charges of ₹374.56 Cr and satisfied charges of ₹451.76 Cr on record. Court records list 69 cases involving the company, including 24 filed by the company and 45 filed against it; 7 cases are pending. The company has 17 deals on record (16 market trades, 1 ipo); the latest was in December 2023. Its 7 peer companies in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products) are compared by revenue, 3 larger and 4 smaller; the largest is Omega Bright Steel Private Limited with revenue of ₹546.04 Cr.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website salsteel.co.in.

Company details

CIN L29199GJ2003PLC043148
Registration Number 043148
Incorporation Date 06 November 2003
ROC Ahmedabad
Listing Status Listed - Listed on NSE (SALSTEEL); Listed on BSE (532604)
Company Status Active
Date of Last AGM 26 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant

CIN history

S A L Steel has one previous CIN (Corporate Identification Number): U29199GJ2003PLC043148. The current CIN is L29199GJ2003PLC043148, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L29199GJ2003PLC043148Current
U29199GJ2003PLC043148Previous
Key People
Mahesh Kumar Agarwal Managing Director Kaustubh Agarwal Managing Director Anil Kumar Singh Whole-Time Director

Recognitions & Rankings of S A L Steel

India's Richest People 2026 edition · 1 director · Source: Hurun India

Contact details

S A L Steel Limited's registered office is in Ahmedabad, Gujarat. Its website is salsteel.co.in. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Website
    salsteel.co.in
  • Registered Address
    604 Zion Z1 Near Avalon Hotel, Sindhubhawan Road, Ahmedabad, Gujarat, India – 380059
  • Industry
    Metals and Minerals, Steel Manufacturing & Processing

To see the full contact details of S A L Steel Limited, buy the company report.

Comprehensive company report
S A L Steel Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included

Brands

S A L Steel operates one associated brand: SAL Steel. Each brand links to its own profile.

BrandDescriptionWebsite
SAL Steel
Steel, steel products, and ferro alloys are manufactured.salsteel.co.in

Business activity

The main business activity of S A L Steel is manufacturing. In detail, this covers metal and metal products.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
CManufacturingC7Metal and metal products

To see the full business activity and turnover split of S A L Steel Limited, buy the company report.

Financials of S A L Steel Limited

FY 2025-26 filings available

S A L Steel Limited reported revenue of ₹207.4 Cr (down 61.9% YoY) for FY 2025-26.

Financial Highlights

FY 2025-26 · Standalone
Revenue
₹207 Cr
-61.9% YoY
EBITDA
₹14.51 Cr
-23.9% YoY
Profit After Tax
−₹16.45 Cr
-624.7% YoY
Net Worth
₹147 Cr
+278.6% YoY
Total Assets
₹535 Cr
+146.0% YoY
Total Debt
₹349 Cr
+96.7% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue207544577496505301408
Revenue growth-61.9%-5.6%+16.3%-1.9%+67.9%-26.2%-
EBITDA14.5119.0721.408.47(3.66)(0.29)(18.20)
EBITDA margin+7.0%+3.5%+3.7%+1.7%-0.7%-0.1%-4.5%
Profit before tax(0.40)(7.30)0.635.5116.2512.4217.07
Net profit(16.45)(2.27)0.463.5311.5511.5615.88
Net profit margin-7.9%-0.4%+0.1%+0.7%+2.3%+3.8%+3.9%
EPS (₹)(0.02)(0.76)0.060.421.361.361.87
Balance sheet
Total assets535217169169165176179
Net worth14738.7342.0341.5337.8426.1714.56
Total debt349178125125124146161
Cash & bank0.470.190.940.901.641.320.62
Net working capital22580.6540.2544.4327.9929.7926.67
Cash flow
Cash from operations(84.31)(21.07)26.228.3622.3523.5053.66
Cash from investing(175)(18.21)(13.46)(2.12)0.08(0.83)(35.23)
Cash from financing25938.86(12.73)(6.97)(22.12)(21.96)(18.07)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue87.3711.972.2065.73128117194124
Revenue growth (YoY)-31.6%-89.8%-98.9%-46.8%+15.3%---
Other income0.000.0016.090.000.000.000.000.00
Total expenses73.824.892.2352.76133117186118
EBITDA13.557.08(0.03)12.97(5.31)(0.15)7.935.87
EBITDA margin+15.5%+59.3%-1.4%+19.7%-4.2%-0.1%+4.1%+4.8%
Depreciation2.772.792.692.702.692.842.582.55
Interest6.254.575.675.144.935.104.873.22
Profit before tax4.53(0.28)7.705.13(12.93)(8.09)0.480.10
Tax1.440.751.071.40(3.26)(2.12)1.160.04

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 30 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue87.3711.972.2065.73128117194124
Revenue growth (YoY)-31.6%-89.8%-98.9%-46.8%+15.3%---
Other income0.000.0016.090.000.000.000.000.00
Total expenses73.824.892.2352.76133117186118
EBITDA13.557.08(0.03)12.97(5.31)(0.15)7.935.87
EBITDA margin+15.5%+59.3%-1.4%+19.7%-4.2%-0.1%+4.1%+4.8%
Depreciation2.772.792.692.702.692.842.582.55
Interest6.254.575.675.144.935.104.873.22
Profit before tax4.53(0.28)7.705.13(12.93)(8.09)0.480.10
Tax1.440.751.071.40(3.26)(2.12)1.160.04
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue207544577496505301408
Revenue growth-61.9%-5.6%+16.3%-1.9%+67.9%-26.2%-
Other income16.260.871.5814.4029.2621.9744.30
Total expenses193525555487509301426
Employee cost7.0012.1014.0618.7317.1115.4010.09
EBITDA14.5119.0721.408.47(3.66)(0.29)(18.20)
EBITDA margin+7.0%+3.5%+3.7%+1.7%-0.7%-0.1%-4.5%
Depreciation10.8610.579.629.549.169.027.52
Interest20.3116.6712.737.820.190.241.51
Profit before tax(0.40)(7.30)0.635.5116.2512.4217.07
Tax(0.04)(0.88)0.171.984.700.861.19
Net profit(16.45)(2.27)0.463.5311.5511.5615.88
Net profit margin-7.9%-0.4%+0.1%+0.7%+2.3%+3.8%+3.9%
EPS (₹)(0.02)(0.76)0.060.421.361.361.87
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital14584.9784.9784.9784.9784.9784.97
Reserves & surplus1.85(49.24)(42.94)(43.44)(47.13)(58.80)(70.41)
Shareholders' funds (net worth)14738.7342.0341.5337.8426.1714.56
Secured loans1831780.000.000.00124146
Unsecured loans1660.0012512512422.1114.95
Total debt349178125125124146161
Total liabilities535217169169165176179
Assets
Gross block401400381365365366320
Net block142151143136146155118
Capital work in progress1741.011.013.191.011.0146.06
Investments0.000.000.000.000.000.000.00
Inventories23399.9549.5158.6748.6732.1719.76
Sundry debtors1.7167.8166.2569.9254.9185.89120
Cash & bank balances0.470.190.940.901.641.320.62
Loans & advances58.6616.1119.804.4729.2711.531.90
Total current assets294184136134134131142
Total current liabilities69.0210396.2589.53106101115
Net working capital22580.6540.2544.4327.9929.7926.67
Total assets535217169169165176179
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash0.510.930.901.641.320.620.26
Net cash from operating activities(84.31)(21.07)26.228.3622.3523.5053.66
Net cash from investing activities(175)(18.21)(13.46)(2.12)0.08(0.83)(35.23)
Net cash from financing activities25938.86(12.73)(6.97)(22.12)(21.96)(18.07)
Net change in cash0.30(0.42)0.03(0.74)0.320.710.36
Closing cash0.470.190.940.901.641.320.62
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-61.9%-5.6%+16.3%-1.9%+67.9%-26.2%-
EBITDA growth-23.9%-10.9%+152.7%+331.4%-1162.1%+98.4%-
PBT growth+94.5%--88.6%-66.1%+30.8%-27.2%+9998.0%
Net income growth-624.7%-593.5%-87.0%-69.4%-0.1%-27.2%-
Revenue CAGR (3Y)-25.2%+2.5%+24.2%+6.7%-4.2%-12.3%+4.2%
EBITDA CAGR (3Y)+19.7%----30.0%--
Profitability & leverage
Net income margin-0.2%-1.2%+0.1%+0.7%+2.3%+3.8%+3.9%
Return on capital employed0.0%0.0%+5.4%+5.4%+6.3%+4.5%+8.1%
Return on net worth0.0%0.0%+0.4%+2.9%+9.5%+9.5%+26.3%
Debt / equity2.843.752.993.144.227.5324.83
Long-term debt / equity1.351.550.000.001.946.6222.97
Interest cover556.44196.12108.06-730.84-1.48-2.58-5.87
Efficiency & per share
Fixed asset turnover0.521.391.541.361.380.881.27
Inventory turnover1.247.2810.669.2412.5011.5915.85
Debtors turnover5.978.128.477.947.182.933.87
EPS (₹)(0.02)(0.76)0.060.421.361.361.87
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)10.134.204.954.894.453.081.71

To see the full year-wise statements and ratios of S A L Steel Limited, buy the company report.

Board of directors of S A L Steel Limited

S A L Steel has 7 current directors and 29 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Nipa Jairaj Shah
Also directs: Shah Alloys Limited
Director12 Nov 20241 Years 11 MonthsCurrent
Bipinbhai Amulakhbhai Gosalia
Also directs: Shah Alloys Limited
Director24 Feb 20242 Years 8 MonthsCurrent
Rajesh MangalDirector14 Feb 20260 Years 8 MonthsCurrent
Anil Kumar SinghWhole-Time Director14 Feb 20260 Years 8 MonthsCurrent
Mahesh Kumar Agarwal
Also directs: Sree Metaliks Ltd., Sree Metaliks Bio Energy Limited, Lawrence Merchants Pvt Ltd and 1 more
Managing Director23 Dec 20250 Years 10 MonthsCurrent
Kaustubh Agarwal
Also directs: Sree Metaliks Ltd., Sree Metaliks Bio Energy Limited, Elite Metaliks Private Limited
Managing Director23 Dec 20250 Years 10 MonthsCurrent
Showing 6 of 7 current directors. View all directors

Peer comparison

S A L Steel Limited is compared with the 7 companies closest to it by revenue in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products), from the latest filed financials of each company.

CompanyRevenueNet profitMarginGrowth (1 yr)EmployeesLocation
Omega Bright Steel Private Limited₹546.04 Cr (FY 2024)-1.0%New Delhi, Delhi, India
Sudhesh Industries Private Limited₹545.8 Cr (FY 2025)15.0%Bahraich, Uttar Pradesh, India
Chandi Steel Industries Ltd₹545.58 Cr (FY 2025)-4.0%Kolkata, West Bengal, India
Kairali Steels and Alloys Private Limited₹540.51 Cr (FY 2025)2.0%Kozhikode, Kerala, India
Drolia Electrosteels Private Limited₹539.86 Cr (FY 2025)-10.0%Mumbai, Maharashtra, India
Regency Ispat Private Limited₹539.53 Cr (FY 2025)-4.0%Ulhasnagar, Maharashtra, India
H M Steels Limited₹539.3 Cr (FY 2025)-11.0%Punjab, India
S A L Steel Limitedthis company₹207.4 Cr (FY 2026)-₹16.45 Cr-7.9%-61.9%343Ahmedabad, Gujarat, India

To see the full peer comparison of S A L Steel Limited, buy the company report.

Auditor

S A L Steel Limited is audited by Parikh & Majmudar for the financial year 2023.

Auditor firmFinancial yearFirm registration number
Parikh & MajmudarFY 2023107525W

Shareholding

Shareholding for the quarter ended Sep 2026: promoters hold 71.00%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 29.00%.

Promoters: 71.00%Retail & Others: 29.00%
Sep 2026
QUARTER
71.00% Promoters
29.00% Retail & Others
Promoter holding - history
Now 71.00% · Sep 2026High 71.00% · Jun 2026Low 50.60% · Dec 2025
49%54.8%60.5%66.3%72%Dec 2025Mar 2026Jun 2026Sep 2026Dec 2025: 50.60%Mar 2026: 61.50%Jun 2026: 71.00%Sep 2026: 71.00%71.00%50.60%71.00%
Shareholding trend - last 6 quarters
Sep 2026Jun 2026Mar 2026Dec 2025
Promoters71.00%71.00%61.50%50.60%
Public29.00%29.00%38.50%49.40%

Charges & borrowings

Open charges
₹374.56 Cr
Satisfied charges
₹451.76 Cr
Breakdown by lending institutions
Others₹224.00 Cr
Yes Bank Limited₹150.00 Cr
Hdfc Bank Limited₹0.43 Cr
Union Bank of India₹0.12 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
28 Mar 2026101270691Yes Bank Limited₹150 CrOpen
27 Mar 2026101276070Others₹50 CrOpen
24 Mar 2026101270295Hdfc Bank Limited₹43.18 LakhOpen
05 Sep 2024100994027Others₹49 CrOpen
16 Sep 2022100608048Others₹125 CrOpen

To see the full charge records of S A L Steel Limited, buy the company report.

Total charge records: 18 View all charges

Deals & funding

S A L Steel Limited has 17 deals on record (16 market trades, 1 ipo); the latest was in December 2023.

Total deals
17
Market trades
16
IPO
1

Deals on record (5 of 17)

WhenDealAmountParties
Dec 2023Market trade₹3.96 CrBuyer: Multiplier Share and Stock Advisors Private Limited , NK Securities Research Private Limited
Seller: Multiplier Share and Stock Advisors Private Limited , NK Securities Research Private Limited
Jan 2023Market trade₹98.6 LakhBuyer: Shree Naman Securities & Finance Private Limited
Seller: Shree Naman Securities & Finance Private Limited
Jan 2023Market trade₹4.44 CrBuyer: BP Equities Private Limited , 2 individuals
Seller: BP Equities Private Limited , 2 individuals
Aug 2021Market trade₹76.2 LakhSeller: Alpha Leon Enterprises LLP
Dec 2009Market trade₹1.49 CrBuyer: JMP Securities Private Limited

To see the full deal history of S A L Steel Limited, buy the company report.

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

MSME payment delays

No delayed payments to MSME suppliers are on our record for S A L Steel Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.

Employees & EPFO

S A L Steel Limited has a workforce of 343 employees on its EPFO records as of Apr 07, 2024, across 1 active EPFO establishment.

Employee count
343
Active EPFO establishments
1
Employee growth
-13.82%

GST

S A L Steel has 1 GST registration: 1 active.

Total GSTINs
1
Active
1
GSTINStateStatusRegistered on
24AAHCS8284J1ZUGujaratActive01 Jul 2017

To see the full GST registrations and return filing status of S A L Steel Limited, buy the company report.

Recent activity

S A L Steel Limited has 53 board changes on record since 2003: 32 appointments and 21 cessations. The latest: Anil Kumar Singh was appointed as Whole-Time Director on 14 Feb 2026.

Filing
S A L Steel Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Charges
A charge with Others of Rs. 125.00 Cr registered on 16 Sep 2022 with Charge ID 100608048 was modified on 30 Mar 2026.
Charges
A charge with Yes Bank Limited amounted to Rs. 150.00 Cr with Charge ID 101270691 was registered on 28 Mar 2026.
Charges
A charge with Others amounted to Rs. 50.00 Cr with Charge ID 101276070 was registered on 27 Mar 2026.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.43 Cr with Charge ID 101270295 was registered on 24 Mar 2026.
Charges
A charge registered on 20 Jan 2012 via Charge ID 10333322 with Hdfc Bank Limited was fully satisfied on 02 Mar 2026.
Charges
A charge registered on 15 Sep 2011 via Charge ID 10310289 with Srei Equipment Finance Private Limited was fully satisfied on 02 Mar 2026.
Appointed
Anil Kumar Singh was appointed as Whole-Time Director.
Appointed
Rajesh Mangal was appointed as Director.
Charges
A charge with Others of Rs. 49.00 Cr registered on 05 Sep 2024 with Charge ID 100994027 was modified on 22 Jan 2026.
Appointed
Hiren Shirishchandra Mahadevia was appointed as Director.
Appointed
Kaustubh Agarwal was appointed as Managing Director.

79 earlier events are in the company report.

News

SAL Steel to hold board meeting
02 Feb 2025 · India Infoline

Frequently asked questions

S A L Steel is an active public limited company based in Ahmedabad, Gujarat, India. The company works in steel manufacturing and processing, within the metals and minerals industry. It was incorporated on 06 November 2003 (23+ years old) and is registered under CIN L29199GJ2003PLC043148. Listed on BSE: 532604 and NSE: SALSTEEL.

S A L Steel reported revenue of ₹207.4 Cr for FY 2025-26 (down 61.9% YoY) based on standalone financials.

S A L Steel has 7 current directors:

The latest financial statements of S A L Steel on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 26 September 2025. Year-wise statements from 2015 are in the company report.

The GSTIN of S A L Steel is 24AAHCS8284J1ZU, registered in Gujarat.

The CIN (Corporate Identification Number) of S A L Steel is L29199GJ2003PLC043148. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. S A L Steel is a listed company as per MCA records. Its shares are listed on both BSE (code: 532604) and NSE (symbol: SALSTEEL).

S A L Steel has 69 court cases on record: 24 filed by the company and 45 filed against it. 7 are pending. Most are in the district courts.

S A L Steel was incorporated on 06 November 2003, making it 23+ years old. It is registered with the Registrar of Companies, Ahmedabad.

S A L Steel has 17 deals on record (16 market trades, 1 ipo); the latest was in December 2023.

The peers of S A L Steel by revenue are Omega Bright Steel Private Limited, Sudhesh Industries Private Limited, Chandi Steel Industries Ltd, Kairali Steels and Alloys Private Limited, Drolia Electrosteels Private Limited and 2 more, all in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products).