Steel Exchange India Q2 Profit Hits Rs 17.62 Crore

Revenue stood at Rs 343.16 crore, while 8.04 crore warrants were converted to equity shares.

Reader Takeaway: Strong profit growth and successful warrant conversion signal improved liquidity and bolstered capital structure for the company.

What just happened

Steel Exchange India Limited (SEIL) announced its financial results for the quarter ending September 30, 2026. The company posted a net profit of Rs 17.62 crore, significantly higher than the Rs 2.11 crore reported in the same quarter last year. Revenue from operations also saw growth, reaching Rs 343.16 crore against Rs 231.76 crore previously. Alongside the results, the company finalized the conversion of 8,04,23,279 warrants into equity shares for two non-promoter entities, India Coke and Power Private Limited and IMR Steel Private Limited, at Rs 9.45 per share.

Why this matters

The increase in paid-up equity capital to Rs 135.59 crore following the warrant conversion reflects active capital management. The asset coverage ratio for non-convertible debentures has improved to 3.49 times, up from 2.91 times in March 2026, indicating a better security buffer for debenture holders. Furthermore, the company successfully secured a working capital term loan of Rs 11.19 crore via Kotak Mahindra Bank under the ECLGS framework.

Segment Performance

The steel segment remains the company's core engine, contributing Rs 338.68 crore in revenue with a segment result of Rs 30.56 crore. The power segment recorded a minor loss of Rs 0.34 crore on Rs 28.89 crore in revenue, while the logistics vertical remained profitable with a segment result of Rs 1.52 crore on Rs 1.58 crore in revenue.

What to track next

Investors should monitor the company’s ability to maintain these margins amidst fluctuating raw material costs in the steel sector and observe how the newly injected capital influences the operational efficiency of the power and logistics segments.