Interim report
Page 1
ANo.CA-17(44)/2025-26 SAIL 29"'October, 2025 The General Manager (MO) The Assistant. Vice President Bombay Stock Exchange National Stock Exchange of India Ltd. Through BSE Listing Centre Through Neaps Sub: Unaudited Financial Results for the Quarter/Half Year ended 30"* Septemben 2025. Dear Sir, The Board of Directors at its meeting held today i.e. 29-'^ October, 2025, inter-alia, considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company-for the Quarter /Half year ended 30^"^ September, 2025. A copy of the following is enclosed pursuant to SEBI (LODR) Regulations, 2015: • Unaudited Standalone and Consolidated Financial Results for the Quarter /Half Year ended 30^"^ September, 2025 along Segment Information, Statement of Assets and Liabilities and Cash Flow Statement. • Limited Review Report on Standalone and Consolidated Financial Results for the Quarter/Half Year ended SO^** September, 2025. " • Security cover available in case of non-convertible debt securities. • Press Release. The Board Meeting commenced at 1500 hours and concluded at 1620 hours. The above are also being uploaded on the website of the Company at www.sail.co.in. Thanking you. Yours faithfully. For Steel Authority of India Limited (M B Balakrishnan) ED (F&A) & Company Secretary End. As above. . iFTIrT WT, 110003, : 011-24367481-86 : 011-24367015 www.sail.co.in Steel Authority of India Limited, Ispat Bhawan, Lodhi Rpad, New Delhi 110003, Phone : 011-24367481-86 Fax:011-2436 7015 Website: www.saii.co.in SAIL PAN No. AAACS7062F SAIL Corporate Identity Number : L27109DL1973GOI006454 ??■ ^ ^ There's a little bit of SAIL In everybody's life
Page 2
1 J N Gupta & Co. 2 SPARK & 3 Vinod Singhal & Co. 4 Mis A P T & Co. LLP LLP Associates LLP LLP Chartered Chartered Chartered Chartered Accountants; Accountants, Accountants, Accountants, A-2/36, Third Floor; E-732, Nakul Path, 520, 5th Floor Golden A- 301 Shree Nand Safdarjung Enclave; Opposite Jyoti Trade Centre, Near Rani Niwas, Opp Ara New Delhi-110029 NagarThana, Dronacharya Public Mills, Veer Kunwar Laikothi, Jaipur- School, New Singh Colony, Airport 302015 Rajendra Nagar, Road, Hinoo, Ranchi- (Rajasthan) Raipur - 492001 834002 (Chattishgarh) Independent Auditor's Review Report on Standalone Unaudited Quarteriy Financial Results and Year to Date Results of the Company pursuant to the Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63 of the SEBi (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Steel Authority of India Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Steel Authority of India Limited {'the Company') for the quarter ended 30 September 2025 and the year to date results for the period 01 April 2025 to 30 September 2025, being submitted by the Company pursuant to the requirements of Regulation 33, Regulation' 52 and Regulation 54 read with Regulation 63 of the SEBI (Listing Obligatioris and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. The Statement, which Is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance, with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial Information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be Identified in an audit. Accordingly, we do not express an audit opinion. 4. (a) As referred in note 5 to the accompanying Statement, the constitutional validity of the Entry Tax Act has been upheld by the Hon'ble Supreme Court and the matters relating to levy of entry tax are now pending before regular benches of the High Court. Pending decision by the other Courts, the management is of the view that no adjustment is required in the accompanying standalone unaudited financial results of the Company for the disputed entry tax demand amounting to ?108.28 Crores as on 30 September 2025 (Previous year ?105.13 Crores as on 31st March 2025). However, In the absence of sufficient appropriate evidence to 006569C/ WinOR92 Acco! s^'isdAcc^ m N500086 ^c/Accci1
Page 3
support the management's view, we are of the opinion that a provision for entry tax liability should be recognized in the standalone unaudited financial results. (b) As referred in Note 6 to the accompanying statement, the Company has accounted for ?344.75 crore refundable by Damodar Valley Corporation (DVC) pursuant to the tariff order of Jharkhand State Electricity Regulatory Commission (JSERC) dated 10th December, 2024, which follows the directions of the Appellate Tribunal for Electricity (APTEL). The refund which is to be adjusted in 24 equal monthly instalments in the power bills has commenced from January 2025. As per the communication from DVC, the total refund amount of ?344.75 crore includes ?175.82 crore towards principal and ?168.93 crore towards interest. Management is of the view that APTEL has still not issued final orders, as such JSERC tariff orders may still be subject to change due to the outcome of ongoing legal case pending before APTEL. However, the Company has adjusted the entire refund amount, including interest, against the total advance amount appearing in the books. This is not in compliance with the requirements of Ind AS 109, which require application of the Effective Interest Method and recognition of interest income separately in the Statement of Profit and Loss. Although the Company has now disclosed a reduced balance of ?432.34 crore (?216.87 crore shown in Other Current Asset, ?172.38 crore shown in Other Current Financial Asset and ?43.09 crore shown in Other Non-Current Financial Asset) as advance paid to DVC for the period from FY 2012-13 to FY 2016-17, our qualification continues in respect of the originally reported amount of f448.03 crore, as management has not provided sufficient appropriate audit evidence demonstrating the basis for its recoverability. The said amount is not under any legal or regulatory dispute, and the underlying uncertainty regarding its recoverability remains unresolved. In our opinion, the amount should have been provided for in the unaudited standalone financial statements for the quarter and half year ended 30th September, 2025. Had the aforesaid matters been appropriately accounted for, the interest component embedded in the refund instalments would have been recognized as income as per Ind AS 109, resulting in a higher profit and higher equity for the period. Further, advances aggregating ?448.03 crore should have been provided for, which would have resulted in a decrease in current assets, a reduction in profit, and a corresponding reduction in equity as at 30th September 2025. (c) As referred in Note 7 to the accompanying Ind AS financial statements, the Company has disclosed a demand of ?1,146.44 crores raised by the Water Resources Department, Government of Jharkhand (including interest and penalty) towards revised water charges for industrial use from Tenu Ghat dam, as a contingent liability. The said demand arises pursuant to Notification No. 272 & 275 dated April 1, 2011, and a subsequent Notification No. 2/PMC/Jalapurtl-175/2007-30 dated January 17, 2023. Although the Company had initially obtained interim relief through a writ petition which has been disposed of and the challenge to the notification has been dismissed by the Single Bench of Hon'ble Jharkhand High Court. The Company has preferred an appeal before the Division Bench, which is pending as on the reporting date. However, the Company has commenced payment of the entire amount as billed by the Water Resources Department from February 2025 onwards. Additionally, the Company has bifurcated the amount demanded by the Water Resources Department into 60 instalments of ?18 crores each and has commenced payment thereof, over and above the amount already billed. In our view, in accordance with the principles laid down under Indian Accounting Standard (Ind AS) 37 - Provisions, Contingent Liabilities and Contingent Assets, considering the legal developments and present status of the matter, a provision ought to have been recognised in respect of the said demand. Against the demand of ?1,146.44 crores, the Company has paid and recorded f72 crore (?18 crore per month for the last four months) under Other Current Asset, which, in our view, should have been provided for in accordance with Ind AS 37. Consequently, the non- recognition of such provisions has resulted in understatement of liabilities and overstatement of profit, and equity for the quarter and half year ended 30th September, 2025. Had the aforesaid item been recognised, the profit for the quarter would have been reduced, and total liabilities as at 30th September, 2025 would have increased by ?1,146.44 crore. o c 006569C/t^ Winnfi92, ^ <y Accci Sretf AcGO^ 00146 N500088 2
Page 4
Had the impact of the above qualifications been considered, "Reserves excluding revaluation reserve" as at 31 March 2025 and 30 September 2025 v\/ould have reduced by ,274.20 crore. Our audit report on the financial results of the Company for the quarter and year ended 31 March 2025 dated 28 May 2025, review report for the quarter ended 30 June 2025 dated 25 July 2025 and for the quarter and year to date ended 30 September 2024 dated 07 November 2024 were also qualified in respect of matter 4(a) & 4(b). 5. Based on our review conducted as above and the consideration of the review reports of the branch auditors referred to in paragraph 7 below, except for the effects of the matters described in paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared In accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to the following: (a) Note 3 to the accompanying statement, which describes that the revenue from operations include sales to Government agencies aggregating to ?2505.40 crore and ?4840.05 crore for the quarter and year to date period ended 30 September 2025 respectively (cumulative upto 30 September 2025 of ?13882.85 crore) which is recognized based on provisional prices as per the terms of sales with such Government agencies. (b) Note 4 to the accompanying statement, wherein the Company has recognised subgrade iron ore fines inventory amounting to ? 3,836.86 crores (39.89 million Tonnes) as at 30th September 2025, of which inventory amounting to ? 1,195.05 crores (12.34 million Tonnes) is lying at the Topailore lease as per the latest drone survey report. The Company continues to carry such inventory at net realizable value, based on the average selling price of similar grade fines declared by Indian Bureau of Mines (IBM), adjusted for estimated selling expenses. However, the Company is yet to receive the necessary dispatch permission from the relevant authority for the Topailore lease, and no alternate arrangements for disposal or internal consumption are presently available. (c) Note 8 (I) to the accompanying statement, which describes the exceptional item of ?338.44 crore, pertaining to an increase in Gratuity Liability. (d) Note 9 to the accompanying statement, regarding suspension of certain officers and employees of the Company basis directions from the Ministry of Steel, Government of India and related investigation to be conducted by external investigative agencies on certain matters relating to policy/pricing decisions of the Company. In view of the management, basis their internal assessment, the matter is not likely to have a material impact on the operations of the Company and/or these financial statements. (e) The Company does not currently have the requisite number of Independent Directors. Consequently, the composition of the Board of Directors is not fully aligned with the provisions of Sections 149 of the Companies Act, 2013, as well as Regulations 17 read with Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Accordingly, the Company has not complied with the provisions relating to the constitution of the Board as mandated under the aforesaid Act and Regulations. Our conclusion is not modified in respect of these above matters. //<r//- ( 006569C/UV,\Winn892, Acco N500088 3
Page 5
7. We did not review the financial results of 09 (Nine) branches/units/marketing regions included in the Unaudited Standalone Financial Statement, whose interim financial information reflects total assets of f 49,679.51 crore as at 30 September 2025 and total revenues of ? 10,981.68 crore and ? 21,561.74 crore, total net profit after tax of ? 157.54 crore and ? 296.95 crore, and total comprehensive Income of? 130.63 crore and ? 182.44 crore for the quarter and half year ended on 30 September 2025 respectively and cash flows (net) of ? 1.25 crore for the half year ended on 30 September 2025, as considered in the Unaudited Standalone Financial Statement. These interim financial results have been reviewed by the branch auditors, whose reports have been furnished to us by the management, and our opinion, in so far as It relates to the amounts and disclosures included in respect of these branches/units/marketing regions, is based solely on the review report of such branch auditors. Our conclusion is not modified in respect of this matter. For APT & Co LLP Chartered Accountants Firm Registration No. 014621C/N500088 OA. Ashish Goyal Partner M.No.534775 UDIN: 25534775BMJNDA9797 For J N Gupta & Co. LLP Chartered Accountants Firm Registration No. 006569C/W100892 9V35 OA. Ankit Kumar Sharma Partner M.No. 427408 UDIN: 25427408BMIZNW5302 006569C/ WinOR92 For SPARK & Associates Chartered Accountants LLP Chartered Accountants Firm Registration No. 005313C/C400311 CA. Nilesh Gupta Partner M.No.406020 UDIN: 25406020BMUHWI11 For Vinod Singhal & Co. LLP Chartered Accountants Firm Registration No. 005826C/C400276 CA. Vinod Kumar Singhal Partner M.No. 074391 UDIN: 25074391BMUJBY1813 CA Sfec/Acco^ Date: 29^*^ October 2025 Place: New Delhi 4
Page 6
STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973Gai006454 REGISTERED OFFICE: ISPAT BKAWAN, LODI ROAD, NEWDE1.KI -110 003 Tel: 1-91 11*24367461, Fax:i-91* 11 24367015, E*mall: lnvestor.relation@ssll.In, Website: www.saII.co.ln Statement of Standalone Unaudited Financial Results for the Quarter and Half Year ended 30th September 2025 f crores unless stated otherwise STANDALONE Si. No Quarter ended Half Year ended Year ended Particulars 30th September 30th June 30th September 30th September 30th September 31st March 2025 2025 2024 2025 2024 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income (a) Revenue from operations 26703.94 25921.46 24574.70 52625.40 48672.48 102478.19 (hi Other inrnmp 303.03 160.86 269.49 463.69 469.64 1134.41 Total Income fa+bl 27006.97 26082.32 24944.19 53089.29 49142.12 103612.60 2 Expenses a) Cost of materials consumed 10373.41 10742.66 12242.59 21116.07 25916.19 48952.89 b) Purchase.of stock-in-trade 1652.09 2,005.47 - 3657.56 1856.98 c) Changes In inventories of fnished goods, work-in-progress and by-products 1347-33 (398.67) (678.93: 948.66 (2297.28) 92.13 d) Employee benefits expense 2938.76 2944.03 2871.66 5882.79 5649.84 11658.54 e) Finance costs 484.28 594.60 757.52 1078.88 1448.97 2792.77 f) Depreciation and amortisation expenses 1453,02 1441.03 1303.67 2894.05 2705,76 5649,57 o1 Other exnsnses 7866.75 7863.44 7.335 13 157.30.19 1428(1 (17 29288.26 Total Exoenses fa+b+c+d+e+f+ol 26115.64 25192.56 23831.64 51308.20 47703.55 100291.14 3 Profit before Exceptional items and Tax (1-2) 891.33 889.76 1112.55 1781.09 1433.57 3321.46 4 Add /(Less); Exceptional Hems (refer noted) (338.44) . . (338.44) (311.76) (312,64) 5 Profit before Tax (3+4) 552.89 889.76 1112.55 1442.65 1126.81 3008.82 6 Tax expense a) Current tax 196.83 283.50 313.14 480.33 317.43 816.15 h) npferrfifl tax (70.7.3) (79.2?) (34.11) (149.95) (34 8?) 45.71 Total tax exoense (a+b) 126.10 204.28 279.03 330.38 282.61 860.86 7 Net Profit for the oeriod (5-6) 426.79 685.48 833.52 1112,27 844.20 2147.96 8 Other Comprehensive Income (OCi) A (i) Items that will not be reciasslfied to profit or loss (27.93) (152,67) 0.32 (180.60) (86.26) (325.87) (ii) Income tax relating to items that will not be reciasslfied to nrnft nr Ins.s 10.62 35.05 0.64 45.67 22.98 84.57 9 Total Comorehensive Income for the oeriod (7+S) 409.48 567.86 834.48 977.34 778.92 1906.66 10 Pairi-iin Fniriiv Share Canital (fana vsliie nf ? 10/- each) 4130.53 4130.63 4130.53 ■ 4130.53 4130.53 4130.53 11 Reserves exolurfina revaliiatinn reserve 51842.34 52093.74 50365.88 61842.34 50365.88 51525.88 12 Earnings per equity share (of ?10/- each] (nol annualised) 1. Basic (?) 1.03 1.66 2.02 2.69 2.04 5.20 ?. niltrteri(?1 . 1.03 1.66 2n? 2.69 2.04 5.20 13 Debt Eotjifv Ratio 0.60 0,64 0.76 0.60 0.76 0.66 14 Deht Service CoveraoB Ratio (niimher of times) 4.82 2.74 3.69 3.48 3.23 2.68 15 Interest Service Coverane Ratio (number of times) 2.55 2.04 2.27 2.25 1.82 1.95 Note: Refer accompanying notes to the financial results. 001452 N500088 ^c/AccO 5
Page 7
STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973G01006454 registered OFFICE: ISPAT BHAWAN, LQD! ROaD, NEW DELHI-110 003 Tel-+91 11-24367481, Fax:+91- 11 24367015, E-mail: lnvestor.relatlon@sall.in, Website: www.sail.co.ln 1 ! 1 1 ' 1 1 STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES 1 { { ? crores unless stated otherwise Particulars STANDALONE Quarter ended Half Year ended Year ended 30°" September 2025 30"^ June 2025 30*" September 2024 30°" September 2025 30" September 2024 31" March 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Segment revenue from operations - - Btiilai Steel Plant 7723.20 7448.88 8575.23 15172.08 16509.86 33432.83 • Durgapur Steel Plant 2769.99 2657.35 2963.07 5427.34 6113.27 12206.13 - Rourkela Steel Plant 6252.34 5967.48 5538.77 12219.82 12122.28 24091.09 - Bokaro Steel Plant 6146.96 6315.19 5374.06 12482.15 10297.37 22646.09 - IISCO Steel Plant 3218.12 2889.89 3279.29 6108.01 6348.30 12591.49 -Alloy Steels Plant 346.41 311.85 312.68 658.26 617.41 1253.20 - Salem Steel Plant 523.08 497.47 481.20 1020.55 1047.20 1955.91 - Visvesvaraya iron & Steel Plant 53.61 56.44 56.04 110.05 104.53 200.27 - Others 1801.93 2170.71 323.59 3972.64 762.56 3276.27 1 otal segment revenue 28835.64 28315.26 •26903.93 57150.90 53922.78 111653.28 Less: inter-seqment revenue 2131.70 2393.80 2229.23 4525.50 5250.30 9175.09 Net revenue trom operations 26703.94 25921.46 24674.70 52625.40 48672.48 102478.19 Segment results (Profit/(Loss) before - Bhilai Steel Plant 506.37 760.90 1890.11 1267.27 2209.89 4090.65 - Durgapur Steel Plant 89.17 70.62 136.36 159.79 280.42 536.27 - Rourkela Steel Plant 448.18 258.45 (104.98) 706.63 265.08 828.52 -Bokaro Steel Plant 170.58 269.40 39.90 439.98 8.72 125.52 - IISCO Steel Plant 156.89 228.09 187.75 384.98 146.72 696.33 - Alloy Steels Plant 2.69 (3.40) (4.23) . (0.71) (16.53) (16.41) -Salem Steel Plant 177.721 (64.99) (79.23) (142.71) (141.24) (306.06) - Visvesvaraya Iron & Steel Plant f9.211 (10.57) (11.37) (19.78) (23.83) (37.95) - Others 88.66 (24.14) 15.74 54.52 158.31 197.36 1otal 1375.61 1484.36 1870.07 2859.97 2887.54 6114.23 Less; Finance costs 484.28 594.60 757.52 1078.88 1448.97 2792.77 338.44 • - 338.44 311.76 312.64 Profit before 1 a* 552.89 889.76 1112.55 1442.65 1126.81 3008.82 Segment Assets - Bhilai Steel Plant 32082.11 32366.34 36099.48 32082.11 36099.48 32435.38 - Durgapur Steel Plant 9484.45 9404.86 9019.35 9484.46 9019.35 9343.71 - Rourkela Steel Plant 28074.13 28257.09 28538.36 28074.13 28538.36 27841.54 - Bokaro Steel Plant 26233.93 26341.79 25974.76 26233.93 25974.76 26435.81 -IISCOSteel Plant 15936.63 15896.44 15920.29 15936.63 15920.29 15615.43 - Alloy Steels Plant 775.41 759.06 880.90 775.41 680.90 749.15 - Salem Steel Plant 2549.78 2709.97 2620.18 2549.78 2620.18 2666.02 - Visvesvaraya Iron & Steel Plant 253.83 241.91 212.63 253.83 212.63 239.64 - Others 13694.11 13691.73 14923.53 13694.11 14923.53 15409.12 Unallocated Assets 2575.47 2280.98 2436.70 2575.47 2436.70 2182.25 lota! 131659.86 131950.17 136426.18 131659.86 136426.18 132918.05 Segment Liabilities - Bhilai Steel Plant 7198.78 6794.56 7989.62 7198.78 7989.62 7221.00 - Durgapur Steel Plant 3724.12 3685.67 3233.54 3724.12 3233.54 3767.64 - Kourkela Steel Plant 9577.51 9222.20 8480.94 9577.51 8480.94 8958.82 - Bokaro Steel Plant 7890.20 7771.84 6464.25 7890.20 - 6464.25 7254.43 -IISCO Steel Plant 1655.92 1669.05 1487.37 1655.92 1467.37 1576.86 • Alloy Steels Plant 375.81 349.49 324.03" 375.81 324.03 389.85 - Salem Steel Plant 482.14 524.96 481.25 482.14 481.25 546.10 - Visvesvaraya Iron & Steel Plant 131.98 133.18 129.05 131.98 129.05 129.10 -Others 11370.26 10124.97 11111.17 11370.26 11111.17 11082.08 Unallocated Liabilities 33280.27 35449.98 42248.55 33280.27 42248.55 36355.76 Total 75686.99 75725.90 . 81929.77 75686.99 81929.77 77261.64 Note: Ooeratino Seoments have been identified in line with the Ind AS 108 - Ooeratina Seaments. 006569C/ ^ec/Acco:i FRN; 0014621 N500 §5c/Acc5^ 6
Page 8
STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973GOI006454 REGISTERED OFFICE: ISPAT BHAWAN, LODI ROAD, NEW DELHI -110 003 Tel:+91 11-24367481, Fax:+91- 11 24367015,E-mail:lnvestor.relation@sall.ln,Website:www.sail.co.in STANDALONE STATEMENT OF ASSETS AND LIABILITIES (? crore) STANDALONE ' As at As at Particulars 30.09.2025 31.03.2025 Unaudited Audited ASSETS (1) Non-current assets (a) Property, plant and equipment 64134.28 65022.90 (b) Capital work-in-progress 8841.64 7206.21 (c) Right of use assets 6868.73 6838.60 (d) Investment property 0.94 0.96 (e) Other intangible assets 1406,49 1425.69 (f) Inventories 4567.43 4591.88 (g) Financial assets (i) Investments 1809.19 1758.93 (ii) Loans" 1050.36 950.85 (iii) Other financial assets 519.78 622.47 (h)Non-Current tax assets (net) 800.51 451.35 (i) Other non-current assets 2508.36 2354.92 Total non-current assets 92507.71 91224.77 (2) Current assets (a) Inventories 27788.42 29072.36 (b) Financial assets (i) Trade receivables 5203.21 7557.15 (ii) Cash and cash equivalents 235.75 285.62 (iii) Bank balances other than (ii) above 668.86 619.40 (iv) Loans 23.17 22.60 (v) Other financial assets 1290.92 1221.31 (c) Income tax assets - - (d) Other current assets 3939.21 2910.94 39149.54 41689.38 Assets classified as held for sale 2.61 3.90 Total current assets 39152.15 41693.28 TOTAL ASSETS 131659.86 132918.05 EQUITY AND LIABILITIES (1) Equity (a) Equity share capital 4130.53 4130.53 (b) Other equity 51842.34 51525.88 Total equity 55972.87 55656.41 (2) Non-current liabilities. (a) Financial liabilities (i) Borrowings 8107.07 10100.95 (ia) Lease liabilities 6691.81 5553.42 (ii) Other financial liabilities 1433.78 1438.42 (b) Provisions 6232.03 6094.62 (c) Deferred tax liabilities (net) 6303.54 6422.33 (d) Other non-current liabilities 488.87 493.13 Total non-current liabilities 29257.10 31102.87 (3) Current liabilities (a) Financial liabilities (i) Borrowings 18320.14 19710.16 (ia) Lease liabilities 544.16 569.40 (ii) Trade payables (a) total outstanding dues of micro and small enterprises 624.05 637.65 (b) total outstanding dues of creditors other than micro and small enterprises 10122.72 9860.90 (iii) Other financial liabilities 10552.24 9649.37 (b) Other current liabilities 4139.78 •4195.07 (c) Provisions 1575.33 1387.24 (d) Current tax liabilities (net) 551.47 147.98 Total current^l^h^\ 46158.77 Xq-C^ALEQUl/^DDAS^LITI^^lX //o'/r:r7r3i659>k6 132918.0f 5l 005313C/ ^^\cM311 0014621C/ N500088 7
Page 9
STEEL AUTHOarrY OF INDIA LIHITED STANDALONE STATEMENT OF CASH FLOWS (? crore) Half year ended 30*^ September 2025 Unaudited Half year ended 30'" September 2024 Unaudited A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments for: Depreciation and amortisation expenses (Gain)/Loss on disposal of fixed assets (net) Interest income Dividend income Finance costs (Gain)/Loss on sale of non-current Investments Allowance for doubtful debts, loans and advances Other allowances Unclaimed balances and excess allowances written back Operating Profit before working capital changes Changes in assets and liabilities: Trade receivables Loans, other financial assets and other assets Trade payable Otherfinanciai liabilities and other liabilities Provisions Inventories. Cash flows from operating activities post working capital changes income tax paid (net) Net cash generated/(used} in operating activities (A) B CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant & equipment (including capital work- in-progress) and intangibles Proceeds from sale/disposal of property, plant & equipment (Purchase)/Sale of current and non-current investments Movement in fixed deposits (net) Interest received Dividend received Net cash used In investing activities (B) C CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term borrowings Repayment of long-term borrowings ProcGeds/(repayment) of short-term borrowings (net) Lease liabilities Finance cost paid Dividend paid Net cash generated in financing activities (C) D Net change in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year* Cash and cash equivalents at the end of the year* 1442.65 2894.05 61.05 (176.40) (108.82) 1078.88 (0.21) (0.95) 112.47 (73.81) 5228.91 2364.84 (1156.51) 248.22 310.69 127.06 1207.46 8330.67 (349.17) 7981.50 (4021.39) 422.42 0.16 (49.46) 98.13 108.82 (3441.32) (356.59) (3059.67) (401.14) (772.65) (4590.05) (49.87) 285.62 235.75 1125.81 2705.75 43.23 (135.62) (135.58) 1448.97 (0.06) 6.72 25.52 (95.22) 4990.53 1333.68 1055.94 (5907.20) (1460.32) 154.85 (938.59) (771.11) (365.59) (1136.70) (2683.58) 281.87 (2.91) (77.45) 68.09 135.58 (2278.41) 289.39 (341.67) 5054.72 (430.87) (1128.82) 3442.75 27.64 13.73 41.37 * Includes balance with banks in current accounts, cheques in hand and stamps in hand. The Statement of Cash Flows has been prepared using the Indirect Method as set out in Ind AS-7 The accompanying notes are an integral part of these standalone financial statements. 006569C/ 0014621C/ N50008S fc^Acco 8
Page 10
Notes to Standalone Financial Results: 1. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meetings held on 29^^ October, 2025. 2. The financial results have been reviewed by the -Statutory Auditors as required under Regulation 33, 52 and 54 read with regulation 63 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (as amended). 3. As per the ternis of sales with certain Goveniment agencies, the invoicing to tliese agencies are done at provisional prices, till a final price is subsequently agi'eed. The revenue recognized on aforementioned provisional prices basis is as under: ? in crore Quarter ended HalfYear ended Cumulative till Quarter ended HalfYear ended Cumulative till 3C September, 2025 3C^ September, 2024 $ $ $ 2505.40 4840.05 13882.85 3850.59 5950.96 23368.89 $ includes ?1636.94 crore recognized during tlie Quarter ended 30th September, 2024 towards rail price revision for the Financial Year 2022-23, as per the recommendation of tlie Office of tlie Cliief Adviser (Cost), Ministry of Finance dated 27th August, 2024. 4. The inventory of sub-grade iron ore fines (SGFs) generated at the captive mines of the Company were not assigned any value in the books of accounts of the Company till tlie financial year ended 31st March 2019, since, the Government of India Notification dated 19^^ September 2012 proliibited all captive miners fi-om selling such sub-grade fines. Following the Government of India Order no.F.No.l6/30/2019-M.VI dated 16th September 2019 allowing sale of sub-grade iron ore fines, the inventories of sub-grade fines held by the Company gained economic value. In tliis regard, the Company also obtained opinions from the Additional Solicitor General of India as well as the Expert Advisoiy Committee (EAC) of Institute of Chartered Accountants of India (ICAI). Based on the aforesaid opinions, the Company recognized tliese inventories as by-product inventory as at 31st Mai'ch 2020. Since, these inventories were generated over many year, maldng it impracticable to ascertain the actual valuation, the Company assigned a valuation to such inventories basis average selling price of similar sub-grade fines over the last 36 months as declared by Indian Bureau of Mines (IBM), a Government of India organisation and as adjusted for royalty and other selling costs. The Company has obtained all clearances including em'ironmental clearance and clearance from Director General of Mines Safety, Govenunent of hidia. Further, procedural clearances have been obtained from the State Govenunent of Odisha. In the State of Jharkliand, the Company is canying Subgrade Iron ore Fines inventory of 32.45 Million Tons (as on 31st March 2025: 32.63 Million Tons) valuing ^3143.03 crore (as on 31st March 2025 valuing ^ 3161.07 crore) up to 30^ September, 2025 at GUA Mines. The evacuation of dumped fines from Duarguibuiu lease of Gua Mine has started in FY 2023-24 for captive use, and for Topilore lease, the necessary pennissions for dispatch is awaited. Further, total dispatch of 62895T and 288556T has been made in FY 2023- 24 and FY2024t25 respectively from Gua for captive consumption. In FY 2025-26, quantity of 186163Thasbeen dispatched during the current half yeai* ended 30^ Septemba, 2025. With respect to sale, the delay is procedural and the management expects to receive the clearances in due course. 006569C/ X FRNj> 'y-V 0014621C\ uuTibiin. <;$^|ySj;^00088 9
Page 11
The management lias been able to sell off such inventories in the state of Odisha. Wliile, on an overall basis during the cuiTent and the previous years, there has been movement of 3.09 million tomies in the volume of such inventories, there is significant market demand for sub-grade fines and tlie recent sales price trends are indicative of considerable margins over and above the carrying value of such inventories. The management also has plans to set up beneficiation plant in future that will consume significant volume of sub-grade fines annually. Accordingly, in view of themanagement, there is no adjustment required in the carrying value of these inventories at this stage. Considering the substantial volume of inventories, the quantity estimated to be sold / consumedwithin the next one year has been recognized as current and the balance has been classified as non- current inventory. As at 30^^ September, 2025, the Company is carrying sub-grade iron-ore fines inventoiy of 39.89 Mt (as at 31st March 2025: 40.22 Mt) valuing ^3836.86 crore (as at 31st March 2025 valuing ?3867.41 crore) wliich includes 37.74 Mt valued at ?3652.26 crore classified as non-cunent inventory and 2.15 Mt valued at ? 184.60 crore classified as cument inventory at its various mines. Likewise, the Company ^ ,, , , i . - at its Barsua and Dalli Mines is caiiyiiig inventoiy of tailmgs of 11.42 Mt (as at 31st March 2025: 11.50 Mt) valuing ?538.32 crore (as at 31st March 2025 valuing ?541.65 crore) wliich includes 10.37 Mt valued at ?488.41 crore classified as non-current inventory and 1.05 Mt valued at X49.91 crore classified as current inventory. - at its Bliilai and Rourkela Steel Plants is carrying inventory of extractable iron and steel scrap embedded in BF Slag and LD Slag of 0.44 Mt (as at 31st Mai-ch 2025: 0.45 Mt) valuing ^445.23 crore (as at 31st March 2025 valuing ?448.68 crore) wliich includes 0.39 Mt valued at ^388.76 crore classified as non-cuiTent inventory and 0.05 Mt valued at ?56.47 crore classified as current inventoiy. - at its Chandrapur FeiTO Alloys Plant is carrying inventoiy of Granulated high manganese . ore (HMnO) slag and slag fines of 0.84 Mt (as at 31st March 2025: 0.83 MT) valuing ?49.20 crore (as at 31st Mai'ch 2025 valuing ?43.29 crore) wliich mcludes 0.19 Mt valued at ?38.00 crore classified as non-cun-ent inventory and 0.65 Mt valued at ?11.20 crore classified as current inventory. The Company is fonnulathig a detailed plan for disposal / consumption of these inventories. Considering tlie market volatility, steel market dynamics, possibility of future additions to steel and pellet making capacity in tlie country which may augment the demand of these materials, thecanying value of the non-cun-ent inventories need not be adjusted for any unforeseeable changes inthe futui'e prices. Accordingly, in view of the management, tlie carrying values of tlieaforementioned inventories are tlie best estimates basis tlie infonnation available at tliis stage. 5. The Nine Judge Constitutional Bench of Hon'ble Supreme Court, vide its judgment dated lltliNovember, 2016, upheld the Constitutional validity of Entry Tax legislations passed by various States. However, the Bench directed tliat certain other matters raised by the petitioner, such as matter relating to Entiy tax amounting to ?108.28 crore on goods entering into the local aiea ofJharkliand from other states etc. may be detennined by regular benches hearing tlie matters. As on 30th Sept, 2025,tlie matter are pending before Regular Benches of Hon'ble Iffigh Court. Pendingdecision by tlie Hon'ble High Court Jliarkhand, the disputed Entry Tax amountkg to ? 108.28 crore have been treated by tlie Company as Contingent Liability as on 30tli Sept, 2025 (As at 31st March, 2025 ? 105.13 crore). 006569C/ [(A 00146210/ N500088 l^CAcc-Ci 10
Page 12
6. Hon'ble Supreme Court dismissed tlie SLP by the Company (pertaining to Bokaro Steel Plant) in respect of dispute with Damodar Valley Coiporation (DVC) related to provisional tariff petition of electricity charges for 2009-2014 vide order dated 18th January, 2017, keeping the question of law open. The Order of Central Electricity Regulatory Commission (CERC) dt.7/8/2013 related to Tariff of 2009-2014 against Petition No.275/GT/2012 has been challenged before Appellate Tribunal for Electricity (APTEL) (Appeal No.18 of 2014) in which tlie Company has also inteiwened and the order of APTEL is pending. Further, in respect of the civil appeal filed by Damodar Valley Corporation (DVC) pei-taining to tariff of Financial Year 2004-05 to 2008-09 against tlie order of the Appellate Tribunal for Electricity (APTEL), the Hon'ble Supreme Court of India dismissed the appeal vide its Order dated 3rd December, 2018, wliich could also have an effect on future tariff orders in view of consideration of certain parameters for fixation of tariff. Accordingly, State Electricity Regulatoiy Commission (SERC) will finalise the retail tariff as directed by APTEL, tire financial implication of wliich can only be ascertained after tlie Tariff fixation by SERC. For the State of Jharkhand where the dispute of ?587.72 crore arises, DVC has filed its Retail Tariff Application in November, 2020 along with application for Annual Revenue Requirement before the Jliarkliand State Electricity Regulatory Commission (JSERC) for the period of 2006-07 to 2011-12 and also seeking adjustment of Revenue Gap/Surplus in the period of 2012- 13 to 2014-15. The Company has also filed tlieir objections on ^Stli December, 2020 to the aforesaid Application of DVC. JSERC fmalised the Category-wise Retail Supply Tariff of DVC for the period fi-om FY 2006-07 to FY 2011-12 vide order dated 31st October, 2023. DVC prefemed an appeal before Hon'ble APTEL against the order of the JSERC regarding the consideration of non- tariff income in totality in the tariff order. APTEL vide it's order dated 5th Febmaiy 2024 in Appeal No. 845 of 2023 & lA No. 2377 of 2023 allowed the appeal of DVC with request to the commission to undertake the exercise witli utmost expedition, and pass an order afi*esh at the earliest. Tlie Commission in light of tlie Order of Hon'ble APTEL, passed the remand Order dated 23.07.2024. M/s DVC being aggrieved by the remand Order dated 23.07.2024 in tlie matter of deterniiiiation of ARR and category-wise tariff for the period FY 2006-07 to FY 2011-12 challenged it in Appeal No. 332 of 2024 & lA No. 1282 of 2024 before tlie Hon'ble APTEL. Tlie gi'ound raised by petitioner was limited to the incorrect ti-eatment of non-tariff income by JSERC in its tariff order. Hon'ble APTEL vide its interim order dated 15tli Oct 2024 in lA No.- 1282 of 2024 stayed the impugned tariff order to the extent that it considers entire balance Non-Tariff hicome, otlier than Delayed Payment Sui-charge, as Non-Tariff Income for distribution business and JSERC was directed, to calculate category wise tariff for the period under consideration. Steel Autlioiity of India Limited (SAIL) filed Civil Appeals before the Supreme Court, vide Civil Appeal Diary No(s). 60807/2024 against this interim order of Hon'ble APTEL in LA No.- 1282 of 2024, however Supreme Court vide its order dated 27tli Jan. 2025 stated that it was not inclined to interfere with the impugned judgment passed by the Appellate Tribunal. In line with direction of Hon'ble APTEL, the JSERC has re-computed the ARR and category-wise tariff for the period FY 2006-07 to FY 2011-12 and issued the tariff order dated 10th Dec. 2024. JSERC has mentioned in tliis order that re-computed ARR and category wise tariff are subject to final outcome-of Appeal No 332 of 2024. The JSERC under the heading directive in its tariff order dated 10th Dec. 2024 has mentioned that "in accordance witli Hon'ble APTEL judgement datedlO.05.2010, which has been upheld by the Hon'ble Supreme Court vide its Order dated 03.12.2018 hereby dmects petitioner-DVC to report the principal amoimt to be refunded or to be recovered post implementation of the instant Tariff Order witliin 30 days. On the basis of Interim order of JSERC dated 10th Dec 2024, for the period FY 2006 to 2012, DVC \'ide it's letter No Coml/An-ear/JH/2006-12/330058 dated 01st Feb 2025 and letter dated 30th April 2025 has agreed for refund of total amount of ?344.75 Crore after adjustment of old dues, delayed payment surcharge, excess payment (if any) shortfall in SD (if any) and carrying cost to the 006569 % C0562( C40Q ®dAcco^ N500088 11
Page 13
Company. M/s DVC has started to refund the amount of ^344.75 crore tlu'ougli making adjustment in the power bill firom January 2025 onward in 24 months equal instahnents. The amount of t 587.72 crores paid to DVC retained as advance in the books of accounts has now been adjusted for tlie refluidable amount of X 344.75 Crores. Tlie monthly instalment received has been adjusted as deduction to the total receivable amount. Further, X 50 crore advance, and liability of ? 76.10 crore kept in books of accounts related to that period has also been adjusted with the total advance amount of ^587.72 crore. The claims receivable from M/s DVC is X 215.47 crore (upto 31®' March 2025 - X 306.29 crore) as on 30'^ September, 2025. After consideration of the above amount, the net advance with M/s DVC is ?216.87 crore (up to March 2025, ? 216.87) and same has treated as contingent liability. For the period fi'om I st April, 2017 onwards, full invoice value is being paid to M/s DVC and considered accordingly in the Statement of Profit & Loss of tlie Company. 7. Writ Petition No. 3427 of 2011 was filed by the company for quasliing the Notification no. 272 & 275 dated 1st April, 2011 under wliich the water rates for tlie industrial use fi'om Tenu Ghat dam was enliaiiced unilaterally fi*om X 4.50 per thousand gallons to X 26.40 per thousand gallons. The Single Member Bench of Hon'ble Jharldiand High Court vide its order dated IStli October, 2011, restrained the govermneiit of Jliai-khand fi'om dismpting water supply of the petitioner as well as adopts any coercive measures in lieu of realization of the amount at the escalated rate of ? 26.40 per tliousand gallons provided the petitioner continues to deposit the water charges on tlie old rate. However, writ Petition No. 3427 of 2011 was disposed of by the Single Member Bench of Hon'ble Jliarkliand High Court, Ranchi, on 28th June, 2024. Moreover, challenge to tlie Notification N0.2/PMC/ Jalapurti-175/2007-272 & 275 dated 1st April, 2011 was dismissed by the Single Member Bench of Hon'ble Jliarkliand High C0U1I. The company had filed an appeal vide LPA No. 540/2024 against the aforementioned judgement of single member bench which is pending before the Divisional Bench of Hon'ble Jliarkliand High Court. SAIL/BSL have prefeiTed to appeal against the said judgement vide LPA No.540/2024. hi tlie meantime, Water Resource Department (WRD), Government of Jliarkhand issued a fi*esh notification no. 2/PMC/Jalpurti-175/2007-30 dated 17.01.2023 revising tlie rate of water charges. The Company has challenged tlie said notification vide WPC No. 5966/2024 and the said writ has been tagged with the LPA No. 540/2024 vide order dated 18.11.2024 for subsequent hearings. The next date fixed by Hon'ble Court in LPA No. 540/2024 is on 04.11.2025. Meanwhile, the WRD of Govennnent of Jliaiidiand has revised tlie pending bill amount to X 1146.44 crore, after catagorisation of bill in two categories viz.. Industrial use and Municipal use (including interest/penalty). The Company started to pay an additional amount of ? 18 crore per month along with the nioiithly bill fr'om June' 2025 under protest to avoid any coercive action of stoppuig water supply by WRD, Government of Jharkliaiid. An amount of ? 72 crore has been kept as advance under protest as on 30'^^ September, 2025. As the matter is sub judice before the Division Bench of Hon'ble High Court of Jliarkliand, the revised amount of ?1146.44 crore after categorisation viz.. Industrial use and Municipal use demanded by the water resources department (including mterest/penalty) has been treated by tlie company as contingent liability as on 30th September, 2025 (? 1905.52 crore as on 31st March, 2025). Exceptional Items includes : (I) For the cuiTent half year ended 30^^ September, 2025; ^338.44 crore pertaining to increase in Gratuity limit fi'om Rs. 20 laklis to Rs. 25 laklis as a result of increase in DA above 50% of Basic Pay as calculated by actuary based on internal assessment of tlie company. 006569C/ ;^sCha/-/'g. 00146210/ 12
Page 14
(II) For the previous half year ended 30^^ September, 2024: ^309.34 crore relating to perquisites and allowances payable to Executive Employees of the Company from 26 November, 2008 to 4 October, 2009 (11 months) pursuant to Government of India/Ministi-y of Steel letter dated 30th July, 2024 basis the Hon'ble Kolkata High Court's • order dated 13'^ December, 2023 and ^2.42 crore towards settlement of contractual disputes (?0.27 crore in CMC and ?2.15 crore in ISP) under Vivad se Vishwas Scheme 11. 9. Ministry of Steel, Govermnent of India, vide its letters dated 19^ January 2024 in exercise of tlie powers conferred by sub-rule (1) of Rule 20 of tlie Conduct, Discipline and Appeal Rules, 1977 of the Company had placed two directors of the Company on suspension with immediate effect and further complying with tlie Ministry of Steel, Government of India, letter dated 19*^^ January, 2024 the Company has placed some Below Board Level Officials of the Company, on suspension with immediate effect, basis a preliminary enquiiy done by tlie Central Vigilance Officer on complaints received with respect to certain policy/pricing decisions of the Company. Now, pursuant to Govermnent of India/Ministry of Steel orders dated 28^ June, 2024, the suspension of the directors has been revoked witli immediate effect. Furtlier, the Company has also vide its order dated 28^ June, 2024, in exercise of tlie powers conferred by sub-iule (5) of Rule 20 of tlie Conduct, Discipline and Appeal Rules, 1977 of the Company, revoked the suspension of all employees mentioned above with immediate effect. In view of the management, on tlie basis of tlieir internal assessment, tlie matter is not likely to have a material impact on tlie operations of the company and/or tliese financial results. 10. Pursuant to the SEBI Circular having reference number SEBI/HO/DDHS/DDHS- RACPODl/P/CIR/2023/172 dated October 19, 2023, with respect to the framework for fund raising by issuance of debt secuiities by Large Corporates, the company has been identified as a 'Large Corporate' as per tlie criteria mentioned in the circular and will comply with tlie requirements of the said circular. 11. The Auditors, in their Audit Report on tlie Standalone Financial Statements for the Year ended 31 st Mai'ch, 2025, have brought out that (i) As referred in note 47.2(a)(i) to the accompanying standalone financial statements, the constitutional validity of the Entry Tax Act has been upheld by tlie Hon'ble Supreme Court and the matters relating to levy of entry tax are now pending before regular benches of the High Court. Pending decision by the H'ble High Court of Jliarkliand, the management is of the view that no adjustment is required in the accompanying standalone financial statements of tlie Company for tlie disputed entry tax demand in Jliarkliand state amounting ioK 105.13 crore as on 31 March 2025. However, in the absence of sufficient appropriate evidence to support the management's view, we are of the opinion that a provision for entry tax liability should be recognised in the standalone financial statements. (ii) As refemed in note 47.2(b) to the accompanying standalone financial statements, the Company has accounted for ^344.75 crore refundable by Daniodar Valley Corporation (DVC) pursuant to the tariff order of Jliarkliand State Electricity Regulatory Commission (JSERC) dated 10th December, 2024, which follows tlie dfrections of the Appellate Tribunal for Electricity (APTEL). The refund which is to be adjusted in 24 equal montlily instalments in the power bills has commenced from January 2025. As per the communication fi'om DVC, the total refund amount of ^344.75 crore includes ?175.82 crore towards principal and ?168.93 crore towards interest. Management is of the view that APTEL has still not issued final orders, as such JSERC tariff orders may still be subject to change due to the outcome of ongoing legal case pending before APTEL. However, the Company has adjusted the entire refund amount. 006569C/ C40031 ?cfAcco^ \V\ 0014621''s^.\nS00038/,(S' P9| 13
Page 15
including interest, against the total advance amount appealing in the books. This is not in compliance witli the requirements of Ind AS 109, which require application of the Effective Interest Metliod and recognition of interest income separately in tlie Standalone Statement of Profit and Loss. The Company continues to carry an amount of ?448.03 crore (?216.87 crore shown in Other Current Asset, ^132.09 crore shown in Other Current Financial Asset and, ?99.07 crore shown in Other Non Current Financial Asset) as advance paid to DVC for the period fi-om FY 2012- 13 to FY 2016-17. Tlie said amount is not under any legal or regulatory dispute, and management has not provided sufficient appropriate audit evidence demonstrating the basis for its continued recoverability. In our opinion, the amount should have been provided for in the standalone financial statements for the year ended 31st March, 2025. Had the aforesaid matters been appropriately accounted for, the interest component embedded in the refund instalments would have been recognized as income as per hid AS 109, resulting in a lower loss and liigher equity for the year. Further, advances aggregating ?448.03 crore should have been provided for, which would have resulted in a decrease in cuirent assets, an increase in the loss, and a corresponding reduction in equity as at 31st March, 2025. In respect of items (i) and (ii), the Company's position has been clarified in notes 5 and 6 above. 12. The figures for the previous periods have been re-grouped, wherever necessary, so as to confonn to the cuiTent periods classification. Place: New Delhi Dated: 29"^ October, 2025 For and on behalf of Board of Directors (Dr. Ash Direct' aiar Panda) .(Fm^ce) 006569C/ s^dAcco^ Q\ 00146210/N500088 14
Page 16
STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973GOI006454 REGISTERED OFFICE; ISPAT BHAWAN, LODI ROAD, NEW DELHI - 110 003 Tel:+91 11-24367481, Fax:+91- 11 24367015, E-mail: investor.relation@sail.In, Website: www.saii.co.in Compliance under regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) for the half year ended 30^*^ September'2025. SI. No. Particulars Quarter ended 30'^' September, 2025 Quarter ended 30'^ June, 2025 Quarter ended 30'^ September, 2024 Half Year ended 30*^ September, 2025 Half Year ended 30"^ September, 2024 Year ended 31®' March, 2025 1 Debt-Equity Ratio (Total borrowings/ Total equity) 0.60 0.64 0.76 0.60 0.76 0.66 2 Debt Service Coverage Ratio (Earning available for debt service/ Debt service cost) 4.82 2.74 3.69 3.48 3.23 2.68 3 Interest Service Coverage ratio (EBIT/ Total finance costs) 2.55 2.04 2.27 2.25 1.82 1.95 4 Debenture Redemption Reserve (? in crore) 2.06 2.06 115.82 2.06 115.82 2.06 5 Net Worth (? in crore) 55972.87 56224.27 54496.41 55972.87 54496.41 55656.41 6 Net Profit/(Loss) after tax (? in crore) 426.79 685.48 833.52 1112.27 -844.20 2147.96 7 Earnings per share (not annuallsed) 1.03 1.66 2.02 2.69 2.04 5.20 8 Current ratio (Current Assets/ Current Liabilities) . 0.84 0.88 0.88 0.84 0.88 0.90 9 Long term debt to working capital (Non-Current Borrowings including Current maturities of long term debt and lease liabilities/ working capital) # _# # # # # 10 Bad debt to Account receivable ratio (Bad debts written off/ Accounts Receivable) - - - - - I 7(0065690/ ^<?c/Acco^ 001'«021 15
Page 17
STEEL AUTHORITY OF INDIA LIMITED CIN: L271G9DL1973GOI006454 REGISTERED OFFICE: ISPAT BHAWAN, LCD! ROAD, NEW DELHI - 110 003 Tel:+91 11-24367481, Fax:+91- 11 24367015, E-mail: investor.reIatlon@sail.in, Webslte:.www.sa|l.co.in Compliance under regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) for the half year ended 30^^ September'2025. SI. No. Particulars Quarter ended 30"^ September, 2025 Quarter ended 30"^ June, 2025. Quarter ended 30"^ September, 2024 Half Year ended 30*^ September, 2025 Half Year ended SO"' September, 2024 Year ended 31®' March, 2025 11 Current liabliity ratio (Current liabilities/ total liabilities) 0.61 0.60 0.64 0.61 0.64 0.60 12 Total debts to total assets (Total Debts/ Total Assets) 0.26 0.27 0.30 0.26 0.30 0.28 13 Debtors turnover (no. of days) (Average trade receivables/ Revenue from operations * no. of days) 19 24 27 22 29 28 14 Inventory Turnover (no. of days) (Average inventories/ (Revenue from operations) * no. of days) 113 117 146 115 142 126 15 Operating margin (%) (Profit before depreciation, interest, tax and exceptional items/ Revenue from operations) 10.59 11.29 12.86 10.93 11.49 11.48 16 - Net Profit Margin (%) (Net Profit after tax/ Revenue from operations) 1.60 2.64 3.38 2.11 1.73 2.10 17. Outstanding redeemable Preference shares (Quantity & Value) NIL #Working capital is negative 006569C/ iStfAcco^ 00145J\J \ * V, N500083 16
Page 18
STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973GOI006454 REGISTERED OFFICE: (SPAT BHAWAN. LCD! ROAD, NEW DELHI - 110 003 Tel:+91 11-24367481, Fax:+91- 11 24367015, E-mail: investor.relation@sail.in, Website: www.sail.co.in Compliance under regulation 54 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) for the half year ended 30*^ September'2025. SI. No. Particulars Quarter ended 30'^ September, 2025 Quarter ended 30^'' June, 2025 Quarter ended SO"' September, 2024 Half Year ended 30'" September, 2025 Half Year ended 30'" September, 2024 Year ended 31®' March, 2025 1. Securities Cover (number of times) [Value of assets having exclusive charge/(Outstanding value of corresponding debt + Interest Accrued)] 817.24 841.50 11.50 817.24 11.50 871.66 2. The Company has maintained security cover of 100% or higher in respect of its secured listed non-convertible debt securities as per the terms of offer document/ Information Memorandum and/or Debenture Trust Deed, sufficient to discharge the principal amount and the interest thereon at all times for the secured listed non convertible debt securities. Further, security has been created on specified assets of the Company through Equitable mortgage as perthe terms of respective Debenture Trust Deeds for all secured listed non-convertible debt securities issued by the Company. The Company is also in compliance with all the covenants, In respect of all listed non-convertible debt securities issued by the Company. LIST OF BONDS OUTSTANDING AS ON 30^^? SEPTEMBER, 2025 SI. Series ISIN NO Date of Amount Interest Tenure Redemption No allotment (Rs./Ors) Rate (%) (Years) Date 1 AK-XII 1NE114A07638 26-Oct-09 14 8.80 16 26-Oct-25 TOTAL BONDS 14 065690/ 100892 FRN O05&vp«ir / QAQQ<rii /;'i Sfec/Acco^ 17
Page 19
1 J N Gupta & Co. 2 SPARK & 3 Vinod Singhal & Co. 4 Wl/s A P T & Co. LLP LLP Associates LLP LLP Chartered Chartered Chartered Chartered Accountants, Accountants, Accountants, Accountants, A-2/36, Third Floor, E-732, Nakui Path, 520, 5th Floor A- 301 Shree Nand Safdarjung Enclave, Opposite Jyoti Golden Trade Rani Niwas, Opp Ara New Delhi-110029 Nagar Thana, Centre, Near Mills, Veer Kunwar Laikothi, Jaipur- Dronacharya Public Singh Colony, Airport 302015 School, New Road, Hinoo, Ranchi- (Rajasthan) Rajendra Nagar, 834002 Raipur-492001 (Chattishgarh) Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 and Regulation 52 read with regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Steel Authority of India Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial resuits ('the Statement') of Steel Authority of India Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), its associate and joint venture (refer Annexure 1 for the list of subsidiaries, associate and joint ventures included in the Statement) for the quarter ended 30 September 2025 and the consolidated year to date results for the period 01 April 2025 to 30 September 2025, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 read with regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance With the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52 read with regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the SEBI Circular CIR/GFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the Listing Regulation, to the extent applicable. Wtnf)ft92 ^Acco^5 charter QOSSZSW/ C\\ C4C0276 0014621C N500088 18
Page 20
4. a) As referred in note 4{c) to the accompanying Statement, the constitutional validity of the Entry Tax Act has been upheld by the Hon'ble Supreme Court and the matters relating to levy of entry tax are now pending before regular benches of-the High Court. Pending decision by the other Courts, the management is of the view that no adjustment is required in the accompanying consolidated unaudited financial results of the Company for the disputed entry tax demand amounting to f 108.28 Crores as on 30 September 2025 (Previous year ?106.13 Crores as on 31st March 2025). However, in the absence of sufficient appropriate evidence to support the management's view, we are of the opinion that a provision for entry tax liability should be recognized in the consolidated unaudited financial results. b) As referred in note 4(d) to the accompanying Statement, the Company has accounted for ?344.75 crore refundable by Damodar Valley Corporation (DVC) pursuant to the tariff order of Jharkhand State Electricity Regulatory Commission (JSERC) dated 10th December, 2024, which follows the directions of the Appellate Tribunal for Electricity (APTEL). The refund which is to be adjusted in 24 equal monthly instalments in the power bills has commenced from January 2025. As per the communication from DVC, the total refund amount of ?344.75 crore includes ?175.82 crore towards principal and ?168.93 crore towards interest. Management is of the view that APTEL has still not issued final orders, as such JSERC tariff orders may still be subject to change due to the outcome of ongoing legal case pending before APTEL. However, the Company has adjusted the entire refund amount, including interest, against the total advance amount appearing in the books. This is not in compliance with the requirements of Ind AS 109, which require application of the Effective Interest Method and recognition of interest income separately in the Statement of Profit and Loss. Although the Company has now disclosed a reduced balance of ?432.34 crore (?216.87 crore shown in Other Current Asset, ?172.38 crore shown in Other Current Financial Asset and ?43.09 crore shown in Other Non-Current Financial Asset) as advance paid to DVC for the period from FY 2012-13 to FY 2016-17, our qualification continues in respect of the originally reported amount of ?448.03 crore, as management has not provided sufficient appropriate audit evidence demonstrating the basis for its recoverability. The said amount is not under any legal or regulatory dispute, and the underlying uncertainty regarding its recoverability remains unresolved. In our opinion, the amount should have been provided for In the unaudited consolidated financial statements for the quarter and half year ended 30th September, 2025. Had the aforesaid matters been appropriately accounted for, the interest component embedded in the refund instalments would have been recognized as income as per Ind AS 109, resulting in a higher profit and higher equity for the period. Further, advances aggregating ?448.03 crore should have been provided for, which would have resulted in a decrease in current assets, a reduction In profit, and a corresponding reduction in equity as at 30th September 2025. c) As referred in Note 4(e) to the accompanying Ind AS financial statements, the Company has disclosed a demand of ?1,146.44 crores raised by the Water Resources Department, Government of Jharkhand (including interest and penalty) towards revised water charges for industrial use from Tenu Ghat dam, as a contingent liability. The said demand arises pursuant to Notification No. 272 & 275 dated April 1, 2011, and a subsequent Notification No. 2/PMC/Jalapurti-175/2007-30 dated January 17, 2023. Although the Company had Initially obtained interim relief through a writ petition which has been disposed of and the challenge to the notification has been dismissed by the Single Bench of Hon'ble Jharkhand High Court. The Company has preferred an appeal before the Division Bench, which Is pending as on the reporting date. However, the Company has commenced payment of the entire amount as billed by the Water Resources Department from February 2025 onwards. Additionally, the Company has bifurcated the amount demanded by the Water Resources Department into 60 instalments of f 18 crores & C056 C400 ^etfAcoo has 0014621 N500088 19
Page 21
commenced payment thereof, over and above the amount already billed. In our view, in accordance with the principles laid down under Indian Accounting Standard (Ind AS) 37 - Provisions, Contingent Liabilities and Contingent Assets, considering the legal developments and present status of the matter, a provision ought to have been recognised in respect of the said demand. Against the demand of ?1,146.44 crores, the Company has paid and recorded ?72 crore (?18 crore per month for the last four months) under Other Current Asset, which, in our view, should have been provided for in accordance with Ind AS 37. Consequently, the non-recognition of such provisions has resulted in understatement of iiabiilties and overstatement of profit, and equity for the quarter and half year ended 30th September, 2025. Had the aforesaid item been recognised, the profit for the period would have been reduced, and total liabilities as at 30th September, 2025 would have increased by ?1,146.44 crore. Had the impact of the above qualifications been considered, "Reserves excluding revaluation reserve" as at 31 March 2025 and 30 September 2025 would have reduced by ?1,274.20 crores. Our audit report on the financial results of the Company for the quarter and year ended 31 March 2025 dated 28 May 2025, review report for the quarter ended 30 June 2025 dated 25 July 2025 and for the quarter and year to date ended 30 September 2024 dated 07 November 2024 were also qualified in respect of matter 4(a) & 4(b). 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of the branch auditors and other auditors referred to in paragraph 7 and 8 below, except for the effects of the matters described in paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared In accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBi (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to the following: a) Note 4(a) to the accompanying Statement, which describes that the revenue from operations include sales to Government agencies aggregating to f 2505.40 crore and f 4840.05 crore for the quarter and six -month period ended 30 September 2025 respectively (cumulative upto 30 September 2025 of ? 13882.85 crores) which is recognized based on provisional prices as per the terms of sales with such Government agencies. b) Note 4(b) to the accompanying Statement, wherein the Company has recognised subgrade iron ore fines inventory amounting to f 3,836.86 crores (39.89 million Tonnes) as at 30th September 2025, of which inventory amounting to f 1,195.05 crores (12.34 million Tonnes) is lying at the Topailore lease as per the latest drone survey report. The Company continues to carry such Inventory at net realizable value, based on the average selling price of similar grade fines declared by Indian Bureau of Mines (IBM), adjusted for estimated selling expenses. However, the Company is yet to receive the necessary dispatch permission from the relevant authority for the Topailore lease, and no alternate arrangements for disposal or internal consumption are presently available. c) Note 4(f)(1) to the accompanying Statement, which describes the exceptional item of ?338.44 crore, pertaining to an increase In Gratuity Liability. d) 0065690/ Note 4(g) to the accompanying Statement, regarding suspension of certain officers and employees of the Company in the previous year and its subsequent revocation basis directions from the Ministry of Steel, Govem^eatgt.India. The matter is pendin investigation by external investigative agenci decisions 10 Jan Company as per directions view of the manage C40tS76 edAcco relating to policy/pri ndia vide its order ternal assessme 0014621 N500088 20
Page 22
7. matter is not likely to have a material Impact on the operations of the Company and/or these financial results. e) The Company does not currently have the requisite number of Independent Directors. Consequently, the composition of the Board of Directors is not fully aligned with the provisions of Sections 149 of the Companies Act, 2013, as well as Regulations 17 read with Schedule 11 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Accordingly, the Company has not complied with the provisions relating to the constitution of the Board as mandated under the aforesaid Act and Regulations. Our conclusion is not modified in respect of these matters. We did not review the financial results of 09 (Nine) branches/units/marketing regions included in the Unaudited Consolidated Financial Statement, whose Interim financial Information reflects total assets of ? 49,679.51 crore as at 30 September 2025 and total revenues of ? 10,981.68 crore and f 21,561.74 crore, total net profit after tax of ? 157.54 crore and ? 296.95 crore, and total comprehensive Income of ? 130.63 crore and ? 182.44 crore for the quarter and half year ended on 30 September 2025 respectively and cash flows (net) of ? 1.25 crore for the half year ended on 30 September 2025, as considered In the Unaudited Consolidated Financial Statement. These interim financial results have been reviewed by the branch auditors, whose reports have been furnished to us by the management, and our opinion. In so far as it relates to the amounts and disclosures included in respect of these branches/units/marketing regions, is based solely on the review report of such branch auditors. We did not review financial information of 01 subsidiary included In the Unaudited Consolidated Financial Statement, whose interim financial Information reflects total assets of ? 255.84 crore as at 30 September 2025, and total revenues of f 27.90 crore and f 67.86 crore, total net profit/(loss) after tax of ? 3.74 crore and ? 7.38 crore, total comprehensive income/(loss) of ? 3.74 crore and ? 7.38 crore, for the quarter and half year ended on 30 September 2025, respectively, and cash Inflow (net) of ? 4.68 crore for the period ended 30 September 2025 as considered in the Unaudited Consolidated Financial Statement. The Unaudited Consolidated Financial Statement also includes the Group's share of net profit after tax of f 57.36 crore and ? 108.97 crore and total comprehensive Income of f57.08 crore and f 108.41 crore, for the quarter and half year ended on 30 September 2025, respectively, as considered in the Unaudited Consolidated Financial Statement, in respect of 02 joint ventures, whose financial results have not been reviewed by us. These interim financial results have been reviewed by other auditors and branch auditors whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures Included in respect of these subsidiaries and joint ventures is based solely on the review reports of such other auditors and branch auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified In respect of this matter with respect to our reliance on the work done by and the reports of the other auditors. 8. The Unaudited Consolidated Financial Statement Includes the interim financial information of 01 subsidiary, which have not been reviewed by their auditors, whose interim financial information reflect total assets of ? 0.04 crore as at 30 September 2025, and total revenues of ? NIL and f NIL, total net profit/(loss) after tax of ? 0.00 crore and f 0.00 crore, total comprehensive profit/(loss) of ? 0.00 crore and ? 0.00 crore for the quarter and half year ended 30 September 2025 respectively, cash inflow (net) of ? 0.02 crore for the period ended 30 September 2025 as considered in the Unaudited Consolidated Financial Statement. The Unaudited Consolidated Financial Statement also includes the Group's share of net profit/(loss) after tax of ^ 40.82 crore and ? 62.31 crore, and total comprehensive income/(loss) of f 79.97 crore and ? 101.36 crore for the quarter and half year ended on 30 September 2025 respectively, in respect of 01 associate and 09 joint ventures, based on their interim financial information, which have not been reviewed by their auditors, and have been furnished to us by the Holding Company's management. Our conclusi. included i such W.100692 Ohaitb 00 tatement, in so far as e subsidiaries, assocj, iwed financial infer 0 the amounts and discio ventures, are base g to the informat 00146210/ N500068 21
Page 23
explanations given to us by the management, these unreviewed interim financial information are not rnaterial to the Group. Our conclusion is not modified in respect of this matter m\h respect to our reiiance on the financiai information certified by the Board of Directors. 9. The unaudited consolidated-financiai results do not include the Group's share of net profit/(ioss) after tax and total comprehensive income/{[oss) for the quarter and half year ended on 30 September 2025, in respect of 3 joint ventures, since the same is not available as per the Management and out of above 3 joint ventures, 2 are under closure. According to the information and explanations given to us by the management, these interim financiai results are not material and significant to the Group. Our conclusion on the Statement is not modified in respect of the above matter. For APT & Co LLP Chartered Accountants Firm Registration No. 014621C/N500088 00146210/ OA. Ashish Goyai Partner M.No. 534775 UDIN: 25534775BMJNDB4151 For J N Gupta & Co. LLP Chartered Accountants Firm Registration No. 006569CA/V100892 CA. Ankit Ktfmar Sharma Partner M.No. 427408 UDIN: 25427408BMiZNX5017 yAcco'^ For SPARK & Associates Chartered Accountants LLP Chartered Accountants Firm Registration No. 005313C/C400311 CA. Niiesh Gupta Partner M.No.406020 UDIN: 25406020BMUHWH4 Date: 29'^ October 2025 Place: New Delhi C400311 For Vinod Singhal & Co. LLP Chartered Accountants Firm Registration No. 005826C/C400.276 CA. Vinod Kumar Singhai Partner M.No. 074391 UDIN: 25074391BMUJB Acco'il^j 22
Page 24
Annexure 1 List of entities included in the Statement Subsidiaries Associate Joint Ventures SAIL Refractory Company Limited Chhattisgarh Mega Steel Limited Aimora Magnesite Ltd NTPC-SAIL Power Company Private Limited international Coal Ventures Private Limited Bastar Railway Private Limited SAIL RITES Bengai Wagon industry Private Limited GEDCOL SAIL Power Corporation Limited mjunction Services Limited Bokaro Power Supply Company Private Limited Bhilai Jaypee Cement Limited SAIL Kobe Iron India Private Limited SAIL Bansai Service Centre Limited Prime Gold - SAIL JVC Limited SAIL SCL Kerala Limited* VSL SAIL JVC Romelt SAIL (India) Limited* *Company under liquidation 006569C/ Wtnnfi92 ft/AcoC 0014621C/ N500088 ?^i/Acco> 23
Page 25
STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973GOI006454 REGISTERED OFRCE: 15PAT BHAWAH, LODI ROAD, NEW DELHI • 110 O03 Tel: +91 11-243674S1. Fax: +91- 11 24367015, E-malt: 1nvestor.relatlon@sall.ln, Website: www.saiI.eo.ln Statement of Consolidated Unaudited Financial Results for the Quarter and Half Year ended 30th September, 2025 ? crores unless stated otherwise CONSOLIDATED Quarter ended Half Year ended Year ended SI. No Particulars 30th September 2025 30(h June 2025 30th September 2024 30th September 2025 3Dth September 2024 31st March 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income (a) Revenue from operations 26704.17 25921.76 24675.20 52625.93 48573.01 102479.06 (bi Other innnme. 205.87 162.14 166.98 368.01 343.97 876.03 Total Income l8+bl 26910.04 26063.90 24842.18 52993.94 49016.98 103354.09 2 Expenses a) Cost of materials consumed 10394.37 10768.14 12267.34 21182.51 25963.50 49051.46 b) Purchase of stock-in-trade 1652.09 2,005-47 - 3,657.56 - 1,858.98 c) Changes In inventories of finished goods, work-in-progress, bv-products & stock-in-trade 1335.71 (403.77) (676.34) 931.94 (2296,16) 88-75 d) Employee benefits expense 2942.51 2947,75 2876.56 5890.26 5659.20 11674,95 e) Finance costs 484.28 594.60 757.65 1078.88 1449.10 2793.17 f) Depreciation and amortisation expenses 1453.48 1441,49 1303.93 2894.97 2706-24 5650,68 ni Other exDen.ses 7851. ?n 7835.61 7294,93 15686.71 14?nR.79 29160,71 Total Expenses fa+b+c+d+e+f+ol 26113.64 26189.19 23824.07 51302.83 47695.67 100276.70 3 Profit before Exceptional items, share of net Profit of investment accounted for usino eoiiitv method and Tax M-21 796.40 894.71 1018.11 1691.11 1321.31 3077.39 4 Share of Profit In investments accounted for using equity method 98.18 73.10 155.23 171,28 261-88 486,78 5 Profit before Exceptional Items and Tax (3+4) 894.58 967.81 1173.34 1862.39 1583.19 3584.17 6 Add / (Less): Exceptional Items (refer note 4[fii (338.44) . . (338.44) (311.76) 1312.64) 7 Profit before Tax (5+6) 556.14 967.81 1173.34 1.523.95 1271.43 3251.53 8 Tax expense a) Current tax 198.05 284.72 315.58 482.77 320.55 821.32 htnpfprrpdfax (fiOfia) (61 49) (.39,39) (12? 1?) (28.05) 5841 Total tax exoense (a+b) 137.42 223.23 276.19 360-65 292.50 879.73 9 Net Profit for the oeriod (7-81 418.72 744-58 897.15 1163.30 978.93 2371.80 10 Profit for the period attributable to: a) Owners of the parent 418.72 744.58 897.15 1163.30 978.93 2371,82 b1 Non-nontmflino irifirpst . . . (tin?) 11 Other Comprehensive Income (OCl) A (1) Items that will not be redasslfied to profit or loss (li) income tax relating to Items that will not be reclasslfled to (27,93) (152.67) 0.32 (180.60) (88.26) (326-11) profit or loss 10.62 35,05 0.64 45.67 22.93 84.63 B (I) Items that will be reclassifed to profit or loss (II) Income tax relating to Items that will be reclasslfled to profit or loss 38.87 (0.38) (16.261 36.49 (13.63) 54.84 12 Total Comorehenslve Income for the oeriod (9+11) 440.28 626.58 881.85 1066.86 900.02 2185.16 13 Total comprehensive Income for the period attributable to: a) Owners of the parent 440.28 626.58 881.85 1066.86 900.02 2185.18 b) Non-controliino Interpsf . . . . . (0.021 14 Pald-uo Eouifv Shars Canilal ffncp valiip of f lOA'pstih) 4130.53 4130.53 4130,53 4130.53 4130.53 4130.53 15 Rpsprvps excludino revaluation reservs 54147.29 55401.67 53457.67 54147.29 53457,57 54775.07 16 Eamings per equity share (of ?10/- each) (not annualised) 1. Basic (?) .. 1.01 1,80 2,17 2.82 2.37 5.74 2. Diluted (?) 1.01 1.80 2.17 2.82 2.37 5.74 Note: Refer accompanying notes to the financial results. 06569C/ ^edAcco^" \Q\ 001462 24
Page 26
STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973G01006454 REGISTERED OFFICE: ISPAT BHAWAN, LODl ROAD, NEW DELHI ■ 110 003 Tel;+91 11-24367481, Fax:+91- 11 24367015, E-mail: investor.r6lation(gsall.in, Website: www.sall.co.ln 1 ' 1 1 1 1 t CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES 1 { 1 1 ^ crores unless stated otherwise Particulars CONSOLIDATED Quarter ended Half Year ended Year ended 30"^ September 2025 30°'June 2025 so"" September 2024 30" September ■ 2025 "30" September 2024 31" March 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Segment revenue trom operations -Bhilai Steel Plant 7723.20 7448.88 8575.23 15172.08 16509.86 33432.83 -Durgapur Steel Plant 2769.99 2657.35 2963.07 5427.34 6113.27 12206.13 - Kourkeia Steel Plant 6252.34 5967,48 5538.77 12219.82 12122.28 24091.09 • Bokaro Steel Plant 5146.96 6315.19 5374.06 12462.15 10297.37 22646.09 - IISCO Steel Plant 3218.12 2889.89 3279.29 8108.01 6348.30 12591.49 - Alloy Steels Plant 346.41 311.85 312.68 658.26 617.41 1253.20 - Salem Steel Plant 623.08 497.47 481.20 1020.55 1047.20 1955.91 - Visvesvaraya iron & Steel Plant 63.61 56.44 56.04 110.05 104.53 200.27 - Others 1802.16 2171.01 324.09 3973.17 763.09 3277.14 I otal segment revenue 28835.87 28315.56 26904.43 57151.43 53923.31 111654.15 Less: Inter-segment revenue 2131.70 2393.80 2229.23 4525.50 5250.30 9175.09 Net revenue trom operations 26704.17 25921.76 24675.20 52625.93 48673.01 102479.06 Segment results (Profit / (Loss) before Interest, exceptional Items - Bhilai Steel Plant 506.37 760.90 1690.11 1267.27 2209.89 4090.65 - Durgapur Steel Plant 89.17 70.62 136.36 159.79 280.42 536.27 r Rourtiela Steel Plant 448.18 258.45 (104.96) 706.63 265.08 828.52 - Bokaro Steel Plant 170.58 269.40 39.90 439.98 8.72 125.52 - IISCO Steel Plant 156.89 228.09 187.75 384.98 148.72 696.33 - Alloy Steels Plant 2.69 (3.40 (4.23) (0.71) (16.53) (18.41) - Salem Steel Plant (77.72) (64.99) (79.23) (142.71) (141.24) (306.06) - Visvesvaraya Iron & Steel Plant (9.21) (10.57) (11.37) (19.78) (23.83) (37.95) - Others 91.91 53.91 76.66 145.82 303.06 440.47 lotal 1378.88 1562.41 1930.99 2941.27 3032.29 6357.34 Less: hinance costs 434.28 594.60 757.65 1078.88 1449.10 2793.17 Less: Exceptional items 338.44 - - 338.44 311.76 312.64 Profit before lax 556.14 967.81 1173.34 1523.95 1271.43 3251.53 Segment Assets - Bhilai Steel Plant 32082.11 32366.34 36099.48 32082.11 36099.48 32435.38 - Durgapur Steel Plant 9484.46 9404.86 9019.35 9484.46 9019.35 9343.71 - Kourkeia Steel Plant 28074.13 28257.09 28538.36 28074.13 28538.36 27841.54 - Bokaro Steel Plant 26233.93 26341.79 25974.76 26233.93 25974.76 26435,81 -IISCO Steel Plant 15936.63 15896.44 15920.29 15936.63 15920.29 - 15615.43 - Alloy Steels Plant 775.41 759.06 680.90 775.41 680.90 749.15 - Salem Steel Plant 2549.78 2709.97 2620.18 2549.78 2620.18 2666.02 - Visvesvaraya Iron & Steel Plant 253.83 241.91 212.63 253.83 212.63 239.64 - Others 16197.45 17216.56 18239.48 16197.45 18239.48 18862.01 Unallocated Assets 2575.47 2280.98 2436.70 2575.47 2436.70 2182.25 lotal 134163.20 135475.00 139742.13 134163.20 139742.13 136370.94 Segment Liabilities - Bhilal Steel Plant 7198.78 6794.56 7989.62 7198.78 7989.62 7221.00 - Durgapur Steel Plant 3724.12 3685.67 3233.54 3724.12 3233,54 3767.64 - Rourkela Steel Plant 9577.51 9222.20 8480.94 9577.51 8480.94 8958.82 - Bokaro Steel Plant 7890.20 7771.84 6464.25 7890.20 6464.25 7254.43 -IISCO Steel Plant 1655.92 1569.05 1467.37 1655.92 1467.37 1576.86 -AlloySteels Plant 375.81 349.49 324.03 375.81 324.03 369.85 -Salem Steel Plant 482.14 524.95 481.25 482.14 481.25 546.10 - Visvesvaraya iron & Steel Plant 131.98 133.18 129.05 131.98 129.05 129.10 - Others 11558.65 10341.87 11335.33 11568.65 11335.33 11285.78 Unallocated Liabilities 33280.27 35449.98 42248.55 33280.27 42248.55 36355.76 Total 75885.38 75942.80 82153.93 75885.38 82153.93 77465.34 Note: Ooeratlno Reoments have been IrtRnflfiRd in line with the Inri AS 108 - Ooeratina Seoments. 006569 001462 N500088 25
Page 27
STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973G01006454 REGISTERED OFFICE: ISPAT BHAWAN, LODI ROAD, NEW DELHI -110 003 Tel:+91 11-24367481, Fsx:+91- 11 24367015, E-mail: investor.relatlon@$alMn, Website; www.sail.co.in CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES crore) Particulars ASSETS (1) Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Right of use assets (d) Investment property (e) Other intangible assets (f) Investments accounted for using the equity method (g) Inventories (h) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (i) Non-Current tax assets (net) (j) Other non-current assets Total non-current assets (2) Current assets (a) Inventories (b) Financial assets (i) Trade receivables (II) Cash and cash equivalents (III) Bank balances other than (11) above (Iv) Loans (v) Other financial assets (c) Current tax assets (d) Other current assets Assets classified as held for sale Total current assets TOTAL ASSETS CONSOLIDATED As at 30.09.2025 Unaudited EQUITY AND LIABILITIES (1) Equity (a) Equity share capital (b) Other equity (c) Non-controlling interest Total equity (2) Non-current liabilities (a) Financial [labilities (I) Borrowings (la) Lease liabilities (ii) Trade payables (a) total outstanding dues of micro and small enterprises (b) total outstanding dues of creditors other than micro and small enterprises (II) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Other non-current liabilities Total non-current liabilities (3) Current liabilities (a) Financial liabilities (i) Borrowings (la) Lease liabilities (ii) Trade payables (a) total outstanding dues of micro and small enterprises (b) total outstanding dues of creditors other than micro and small enterprises (iii) Otherfinancial liabilities (b) Other current liabilities (c) Provisions (d) Currenttax liabilities (net) Totalj 54171.90 8841.64 6868.73 0.94 1406.51 3679.25 4567.43 422.52 1050,43 563.40 801.18 2509.41 94883.34 27874,91 5186.08 245.41 715.46 23.17 1291.38 3939.84 39277.25 2.61 39279.86 134163.20 As at 31.03.2025 Audited 65061.37 7205.21 6838.60 0,95 1425.71 4503.25 4591.88 372.33 950.93 623.13 452.14 2355.95 94482.46 29151.45 7609.94 291.58 675,30 22.60 1221.76 2911.95 41884.58 3.90 41888.48 136370.94 4130.53 54775,08 JO^ 4130.53 54147.28 0.01 58277.82 58905.60 8107.07 6591.81 10100.95 6553.42 5.93 1469.24 6244.02 6451.87 488.87 5,93 1472.57 6106.43 5542.82 493.13 29458.81 31275.25 18320.14 544.16 19710.17 569.40 624.05 637.65 10098.94 9866.34 10568.06 9671.15 4139.95 4195.35 1579.80 1391.05 551.47 147.98 46190.09 136370.94 00146 N500088 26
Page 28
STEEL AUTHORTIY OF INDIA LIMITED CONSOUDATED STATEMENT OF CASH FLOtfS (? crore) Half year ended Half year ended 30*'' September 2025 BO*** September 2024 Unaudited Unaudited A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 1523.95 1271.43 Adjustments for: Depreciation and amortisation expenses 2894.97 2706.24 (Gain)/Loss on disposal of fixed assets (net) • 61.05 43.23 Interest income (178.82) (138.39) Dividend income (8.82) (6.82) Finance costs 1078.88 1449.10 (Gain)/loss on sale of non-current investments (0.21) (0.06) Allowance for doubtful debts, loans and advances (0.77) 6.72 Other allowances 112.67 26.46 Share of profit from joint ventures (171.28) (261.88) Unclaimed balances and excess allowances written back (73.81) (95.22) Operating Profit before working capital changes 5237.81 5000.81 Changes in assets and liabilities: Trade receivables 2434.58 1336.47 Loans, other financiai assets and other assets (1199.11) 1037.67 Trade payable 219.00 (5907.18) Other financial liabilities and other liabilities 307.04 (1456.00) Provisions 127.90 154.07 Inventories 1199.86 (942.22) Cash flows from operating activities post working capital changes 8327.08 (776.38) Income tax paid (net) (351.48) (367.78) Net cash generate.d/(used) in operating activities (A) 7975.60 (1144.16) B CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant & equipment (including f3927 Sfii ni \ capital work'nn-progress) and intangibles Proceeds from sale/disposal of property, plant & equipment 422.42 281.87 (Purchase)/Sale of current and non-current investments ■ 0.22 (2.99) Movement in fixed deposits (net) (40.16) (82.46) Interest received 100.55 70.86 Dividend received 8.82 6.82 Net cash used in investing activities (B) (3430.71) (2306.91) 0 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term borrowings . 289.39 Repayment of long-term borrowings (356.59) (341.67) Proceeds/(repayment) of short-term borrowings (net) (3059.68) 5062.18 Lease liabilities (401.14) (430.87) Finance cost paid (772.65) (1128.95) Dividend paid - - Net cash generated in financing activities (C) (4590.06) 3450.08 D Net change in cash and cash equivalents (A+B+C) (45.17) (0.99) Cash and cash equivalents at the beginning of the year* 291.58 69.38 Cash and cash equivalents at the end of the year* 246.41 68.39 * Includes balance with banks in current accounts^ cheques in hand, term deposits and stamps in hand. The Statement of Cash Flows has been prepared using the Indirect Method as set out in Ind AS-7 The accompanying notes are an Integral part of these consolidated financiai statements. 006569C/ Acco^ 27
Page 29
Notes to Consolidated Financial Results: 1. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meetings held on 29*** October, 2025. 2. The financial results have been reviewed by the Statutory Auditors as required under Regulation 33, 52 and 54 read with regulation 63 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (as amended). 3. The consolidated financial results include the share of net profit after tax and total comprehensive income of 1 (one) subsidiary, 1 (one) associate and 9 (Nine) jointly controlled entities which have not been audited by their auditors and does not include tlie share of net profit / (loss) after tax and share of total comprehensive income of 3 (thi-ee) jointly controlled entities which are not available. (List attached at Annexure-A) These financial results are not material and impact not significant to the Consolidated Unaudited Financial Results. 4. In respect of Steel Authority of Lidia Limited (the Parent or Company) : a) As per tlie terms of sales with certain Government agencies, the invoicing to these agencies are done at provisional prices, till a final price is subsequently agreed. The revenue recognized on aforementioned provisional prices basis is as under: ^ in crore Quarter ended HalfYear ended Cumulative till Quarter ended HalfYear ended Cumulative till 30^'^ September, 2025 3( September, 2024 $ $ $ 2505.40 4840.05 13882.85 3850.59 5950.96 23368.89 b) $ includes ^1636.94 crore recognized during the Quarter ended 30th September, 2024 towards rail price revision for the Financial Year 2022-23, as per the recommendation of the Office of the Chief Adviser (Cost), Ministry of Finance dated 27th August, 2024. The inventory of sub-grade iron ore fines (SGFs) generated at the captive mines of the Company were not assigned any value in the books of accounts of the Company till the financial year ended 31st March 2019, since, the Government of India Notification dated 19^'^ September 2012 proliibited all captive miners fi'om selling such sub-grade fines." Following the Government of India Order no.F.No.l6/30/2019-M.VI dated 16th September 2019 allowmg sale of sub-gi'ade hon ore fines, the inventories of sub-grade fines held by tlie Company gained economic value. In this regard, the Company also obtained opinions from tlie Additional Solicitor General of India as well as the Expert Advisory Committee (EAC) of Institute of Chartered Accountants of India (ICAI). Based on the aforesaid, opinions, the Company recognized these inventories as by-product inventory as at 31st March 2020. Smce, these inventories were generated over many year, making it unpracticable to ascertain the actual valuation, tlie Company assigned a valuation to such inventories basis average selling price of similar sub-gmde fines over tiie last 36 months as declared by Indian Bureau of Mines (IBM), a Government of India organisation and as adjusted for royalty and other selling costs. The Company has obtained all clearances including environmental cleara clearance om Duecto 06569C/ iieral of Mi / Goven' ances Ok 0014621C/ N500088 28
Page 30
have been obtained from the State Government of Odisha. In the State of Jharkhand, the Company is carrying Subgrade Iron ore Fines inventory of 32.45 Million Tons (as on 31st March 2025: 32.63 Million Tons) valuing ?3143.03 crore (as on 31st March 2025 valuing ^ 3161.07 crore) up to 30^ September, 2025 at QUA Mines. The evacuation of dumped fmes from Duarguiburu lease of Qua Mine has started in FY 2023-24 for captive use, and for Topilore lease, the necessary permissions for dispatch is awaited. Further, total dispatch of 62895T and 288556T has been made in FY 2023-24 and FY2024-25 respectively from Qua for captive consumption. In FY 2025-26, quantity of 186163T has been dispatched during tlie current half year ended 30^ September, 2025. With respect to sale, the delay is procedural and the management expects to receive the clearances in due course. Hie management has been able to sell off such inventories in the state of Odisha. While, on an overall basis during tlie current and the previous years, tliere has been movement of 3.09 million tomies in the volume of such inventories, tliere is significant mai'ket demand for sub- grade fines and the recent sales price trends are indicative of considerable margins over and above the carrying value of such inventories. The management also has plans to set up beneficiation plant in future that will consume significant volume of sub-grade fines annually. Accordingly, in view of the management, there is no adjustment required in the canying value of these inventories at this stage. Considering tlie substantial volume of inventoiies, the quantity estimated to be sold / consumed within the next one year has been recognized as current and the balance has been classified as non-current inventory. As at 30^^ September, 2025, the Company is carrying sub-grade iron-ore fines inventory of 39.89 Mt (as at 31st March 2025; 40.22 Mt) valuing ^3836.86 crore (as at 3Ist Mai'ch 2025 valuing ^3867.41 crore) which includes 37.74 Mt valued at ^3652.26 crore classified as non- current inventory and 2.15 Mt valued at ^184.60 crore classified as cun*ent inventoiy at its various mines. Likewise, the Company - at its Barsua and Dalli Mines is carrying inventory of tailings of 11.42 Mt (as at 31st March 2025: 11.50 Mt) valuing ?538.32 crore (as at 31st March 2025 valuing ,?541.65 crore) wliich includes 10.37 Mt valued at ?488.41 crore classified as non-current inventory and 1.05 Mt valued at ?49.91 crore classified as current inventory. - at its Bhilai and Rourkela Steel Plants is carrying inventory of extractable iron and steel scrap embedded in BF Slag and LD Slag of 0.44 Mt (as at 31st March 2025: 0.45 Mt) valuing ?445.23 crore (as at 31st March 2025 valuing ?448.68 crore) wliich includes 0.39 Mt valued at ^388.76 crore classified as non-current inventory and 0.05 Mt valued at ^56.47 crore classified as current inventory. - at its Chandrapur Ferro Alloys Plant is caitying iiiventory of Granulated liigh manganese ore (HMnO) slag and slag fines of 0.84 Mt (as at 31st March 2025: 0.83 MT) valuing ?49.20 crore (as at 31st March 2025 valuing ?43.29 crore) wliich includes 0.19 Mt valued at ?38.00 crore classified as non-cuiTent inventory and 0.65 Mt valued at ^11.20 crore classified as current inventoiy. The Company is fomiulating a detailed plan for disposal / consumption of these inventories. Considering the market volatility, steel market dynamics, possibility of future additions to steel and pellet making capacity in the country wliich may augment tlie demand of these materials, the carrying value of the non-current inventories need not be adjusted for any unforeseeable changes in the future prices. Accordingly, in view of the management, tlie canying values of the aforementione 006569C/ tories ai-e th .nates basis OOS£ ation available at this stage. Ok 0014621C/ / c. oooea ' 29
Page 31
c) The Nine Judge Constitutional Bench of Hon'ble Supreme Court, vide its judgment dated 11th November, 2016, upheld the Constitutional validity of Entry Tax legislations passed by various States. However, tlie Bench directed that certain otlier matters raised by tlie petitioner, such as matter relating to Entry tax amounting to ?108.28 crore on goods entering into the local area of Jharkhand from other states etc. may be determined by regulai* benches hearing the matters. As on 30th Sept, 2025,the matter are pending before Regular Benches of Hon'ble High Court. Pending decision by the Hon'ble High Court JharMiand, tlie disputed Entry Tax amounting to ? 108.28 crore have been treated by the Company .as Contingent Liability as on 30th Sept, 2025 (As at 31 st March, 2025 t 105.13 crore). d) Hon'ble Supreme Court dismissed the SLP by the Company (pertaining to Bokaro Steel Plant) in respect of dispute with Damodar Valley Corporation (DVC) related to provisional tariff petition of electricity charges for 2009-2014 vide order dated 18th January, 2017, keeping the question of law open. The Order of Central Electricity Regulatoiy Commission (CERC) dt.7/8/2013 related to Tariff of 2009-2014 against Petition No.275/GT/2012 has been challenged before Appellate Tribunal for Electricity (APTEL) (Appeal No. 18 of 2014) in wliich tlie Company has also intervened and tlie order of APTEL is pending. Further, in respect of the civil appeal filed by Damodar Valley Corporation (DVC) pertaining to tariff of Financial Year 2004-05 to 2008-09 against the order of the Appellate Tribunal for Electricity (APTEL), the Hon'ble Supreme Court of India dismissed tlie appeal vide its Order dated 3rd December, 2018, which could also have an effect on future tariff orders in view of consideration of certain parameters for fixation of tariff. Accordingly, State Electricity Regulatoiy Commission (SERC) will finalise the retail tariff as directed by APTEL, tlie financial implication of wliich can only be ascertained after the Tariff fixation by SERC. For the State of Jhai-khand where the dispute of ^587.72 crore arises, DVC has filed its Retail Tariff Application in November, 2020 along witli application for Annual Revenue Requirement before tlie Jharkliand State Electricity Regulatoiy Commission (JSERC) for the period of 2006-07 to 2011-12 and also seeking adjustment of Revenue Gap/Surplus in the period of 2012-13 to 2014-15. The Company has also filed tlieir objections on 28tli December, 2020 to the aforesaid Application of DVC. JSERC finalised the Category-wise Retail Supply Tariff of DVC for the period fiom FY 2006-07 to FY 2011-12 vide order dated 31st October, 2023. DVC prefeiTed an appeal before Hon'ble APTEL against the order of tlie JSERC regarding the consideration of non-tariff income in totality in tlie tariff order. APTEL vide it's order dated 5tli February 2024 in Appeal No. 845 of 2023 & lA No. 2377 of 2023 allowed tlie appeal of DVC with request to the commission to undertake the exercise with utmost expedition, and pass an order afiresh at the earliest. The Commission in light of the Order of Hon'ble APTEL, passed,tlie remand Order dated 23.07.2024. M/s DVC being aggiieved by the remand Order dated 23.07.2024 in the matter of determination of ARR and categoiy-wise tariff for tlie period FY 2006-07 to FY 2011-12 challenged it in Appeal No. 332 of 2024 & lA No. 1282 of 2024 before the Hon'ble APTEL. The ground raised by petitioner was limited to tlie incon'ect treatment of non-tariff income by JSERC in its tariff order. Hon'ble APTEL vide its interim order dated 15th Oct 2024 in lA No.- 1282 of 2024 stayed the impugned tariff order to the extent that it considers entire balance Non-Tariff Income, other tliaii Delayed Payment Surcharge, as Non-Tariff Income for distribution business and JSERC was directed, to calculate category wise tariff for the period under consideration. Steel AutJiority of India Limited (SAIL) filed Civil Appeals before the Supreme Court, vide . Civil Appeal Diary No(s). 60807/2024 against tliis interim order of Hon'ble APTEL in LA No.- 1282 of 2024, however Supreme Court vide its order dated 27tli Jan. 2025 stated that it was not inclined to interfere witli the impugned judgment passed by the Appellate Tribunal. In line ivitli direction.of Hon'ble APTEL, the JSERC has re-computed the ARR and category- wise tariff for the period FY 2006-07 to FY 2011-12 and issued the tariff order dated 10th Dec. 2024. JSE 006569C/ 10089 as mentioned i er that re-computed ARR and categoiy wise tariff are 00146210/W50008830
Page 32
e) subject to final outcome of Appeal No 332 of 2024. The JSERC under the heading directive in its tariff order dated 10th Dec. 2024 has mentioned that "in accordance with Hon'ble APTEL judgement datedlO.05.2010, which has been upheld by tlie Hon'ble Supreme Court vide its Order dated 03.12.2018 hereby directs petitioner-DVC to report the principal amount to be refunded or to be recovered post implementation of the instant Tariff Order within 30 days. On the basis of Interim order of JSERC dated 10th Dec 2024, for the period FY 2006 to 2012, DVC vide it's letter No Coml/Arrear/JH/2006-12/330058 dated 01st Feb 2025 and letter dated 30th April 2025 has agreed for refund of total amount of ^344.75 Crore after adjustment of old dues, delayed payment surcharge, excess payment (if any) shortfall m SD (if any) and canying cost to the Company. M/s DVC has staifed to refond the amount of ?344.75 crore tlirough making adjustment m the power bill horn January 2025 onward in 24 months equal instalments. The amount of ? 587.72 crores paid to DVC retained as advance in the books of accounts has now been adjusted for the refundable amount of ? 344.75 Crores. The monthly mstahnent received has been adjusted as deduction to the total receivable amount. Further, ^50 crore advance, and liability of ^76.10 crore kept in books of accounts related to that period has also been adjusted witli the total advance amoimt of ^587.72 crore. The claims receivable from M/s DVC is ? 215.47 crore (upto 3D^ March 2025 - ? 306.29 crore) as on 30^^ September, 2025. After consideration of the above amount, tlienet advance with M/s DVC is ?216.87 crore (up to March 2025, ? 216.87) and same has treated as contingent liability. For the period fi'om 1st April, 2017 onwards, full invoice value is being paid to M/s DVC and considered accordingly in the Statement of Profit & Loss of the Company. Writ Petition No. 3427 of 2011 was filed by the company for quasliing tlie Notification no. 272 & 275 dated 1st April, 2011 under which the water rates for tlie industrial use from Tenu Ghat dam was enlianced miilaterally from ? 4.50 per thousand gallons to ? 26.40 per tliousand gallons. The Single Member Bench of Hon'ble Jliarkhand High Court vide its order dated 18tli October, 2011, restramed tlie govermnent of Jharkliand fi-om disrupting water supply of the petitioner as well as adopts any coercive measures in lieu of realization of the amount at tlie escalated rate of ? 26.40 per thousand gallons provided the petitioner continues to deposit the water charges on the old rate. However, wiit Petition No. 3427 of 2011 was disposed of by tlie Single Member Bench of Hon'ble Jharkliand High Couit, Ranchi, on28tli Jmie, 2024. Moreover, challenge to the Notification-No.2/PMC/ Jalapuiti-175/2007-272 & 275 dated 1st April, 2011 was dismissed by the Single Member Bench of Hon'ble Jharldiand High Court. The company had filed an appeal vide LPA No. 540/2024 against the aforementioned judgement of single member bench which is pending before the Divisional Bench of Hon'ble Jharkliand High Court. SAIL/BSL have preferred to appeal against the said judgement vide LPA No.540/2024. In the meantime. Water Resource Department (WRD), Govermnent of Jharkliand issued a fresh notification no. 2/PMC/Jalpurti-175/2007-30 dated 17.01.2023 revising the rate of water charges. The Company has challenged the said notification vide WPC No. 5966/2024 and the said writ has been tagged with the LPA No. 540/2024 vide order dated 18.11.2024 for subsequent hearings. The next date fixed by Hon'ble Court in LPA No. 540/2024 is on 04.11.2025. Meanwhile, the WRD of Government of Jliarkliand has revised the pending bill amount to t 1146.44 crore, after catagorisation of bill in two categories viz., hidustrial use and Municipal use (including interest/penalty). The Company started to pay an additional amount of? 18 crore per month along witli the montlily bill from June' 2025 under protest to avoid any coercive action of stopping water supply by WRD, Go^'ernment of Jliai-khand. An amount of ? 72 crore has been kept as advance under protest as on 30^ September, 2025. As the matter is sub judice before the Division Bench of 1146.44 croEgfafter categoris 'We High Court of Jliarkliand, the revised amount of ? ustrial use<0i5^^taicipal use deiiimded by the water 6569C/ 0nR92 S^?cfAcco^ 001462'JC/ Nsoooas/^ 31
Page 33
resources depai-tment (including interest/penalty) has been treated by the company as contingent liability as on 30th September, 2025 (? 1905.52 crore as on 31st March, 2025). f) Exceptional Items includes : (I) For the current half year ended 30^ September, 2025: ^338.44 crore pertaining to increase in Gratuity limit Eom Rs. 20 laklis to Rs. 25 lakhs as a result of increase in DA above 50% of Basic Pay as calculated by actuary based on internal assessment of tlie company. (II) For the previous half year ended 30^"^ September, 2024: ?309.34 crore relatmg to perquisites and allowances payable to Executive Employees of the Company from 26 November, 2008 to 4 October, 2009 (11 months) pursuant to Government of India/Ministry of Steel letter dated 30th July, 2024 basis tire Hon'ble IColkata High Court's order dated 13"^ December, 2023 and ?2.42 crore towards settlement of contractual disputes (^0.27 crore in CMC and ?2.15 crore in ISP) under Vivad se Vishwas Scheme 11. g) Ministiy of Steel, Govermnent of India, vide its letters dated 19th January 2024 in exercise of the powers conferred, by sub-rule (1) of Rule 20 of the Conduct, Discipline and Appeal Rules, 1977 of the Company had placed two directors of the Company on suspension with immediate effect and further complying with tlie Ministry of Steel, Government of India, letter dated 19tli January, 2024 the Company has placed some Below Board Level Officials of the Company, on suspension witli immediate effect, basis a prelhninary enquiry done by the Central Vigilance Officer on complaints received witli respect to certain policy/pricing decisions of the Company. Now, pursuant to Govennnent of India/Ministry of Steel orders dated 28tli June, 2024, the suspension of the directors has been revoked with immediate effect. Further, the Company has also vide its order dated 28tli June, 2024, in exercise of the powers conferred by sub-rule (5) of Rule 20 of tlie Conduct, Discipline and Appeal Rules, 1977 of the Company, revoked tlie suspension of all employees mentioned above with immediate effect, hi view of tlie management, on the basis of their internal assessment, the matter is not likely to have a material impact on the operations of the company and/or these financial results h) Pui'suant to the SEBI Circulai- having reference number SEBI/HO/DDHS/DDHS- RACPODl/P/CIR/2023/172 dated October 19, 2023, with respect to the framework for fund raising by issuance of debt securities by Large Corporates, the company has been identified as a 'Large Corporate' as per the criteria mentioned in the circular and will comply with tlie requirements of the said circular. i) The Auditors, in their Audit Report on the Consolidated Financial Statements for the Year ended 31st March, 2025, have brought out tliat (i) As refen-ed in note 47.2(a)(i) to the accompanying Consolidated financial statements, the constitutional validity of tlie Entry Tax Act has been upheld by tlie Hon'ble Supreme Couit and the matters relating to levy of entiy tax are now pending before regular benches of the High Court. Pending decision by the H'ble High Court of Jharkhand, the management is of the view tliat no adjustment is required in tlie accompanying Consolidated financial statements of die Company for the disputed entiy tax demand in Jharkhand state amounting to ? 105.13 crore as on 31 March 2025. However, hi the absence of sufficient appropriate evidence to support the managenienfs view, we are of tlie opinion that a provision for entry tax liability should be recognised m the Consolidated financial statements. 006569C/ 10089 32
Page 34
(ii) As referred in note 47.2(b) to the accompanying Consolidated financial statements, the Company has accounted for ^344.75 crore refundable by Damodar Valley Corporation (DVC) pursuant to the tariff order of Jlwkliand State Electricity Regulatory Commission (JSERC) dated 10th December, 2024, which follows the directions of the Appellate Tribunal for Electricity (APTEL). The refund wliich is to be adjusted"in 24 equal monthly instalments in the power bills has commenced fi'om January 2025. As per the communication fi-om DVC, the total refund amormt of ?344.75 crore includes ?175.82 crore towai'ds principal and ^168.93 crore towards interest. Management is of the view that APTEL has still not issued final orders, as such JSERC tariff orders may still be subject to change due to the outcome of ongoing legal case pending before APTEL. However, the Company has adjusted the entire refund amount, including interest, against tlie total ad"vance amount appearing in the books. Tliis is not in compliance with the requirements of Ind AS 109, which require application of the Effective hiterest Metliod and recognition of interest income separately in the Consolidated Statement of Profit and Loss. The Company continues to carry an amount of ?448.03 crore (^216.87 crore sho"wn in Other Cun*ent Asset, ^132.09 crore shown in Other Current Financial Asset and, ?99.07 crore shown in Other Non Cun'ent Financial Asset) as advance paid to DVC for the period fi'om FY 2012- 13 to FY 2016-17. The said amount is not under any legal or regulatory dispute, and management has not provided sufficient appropriate audit evidence demonstrating the basis for its continued recoverability. In our opinion, the amount should have been provided for in the Consolidated financial statements for the year ended 31st March, 2025. Had the aforesaid matters been appropriately accounted for, tlie interest component embedded in the refund instalments would have been recognized as income as per Ind AS 109, resulting in a lower loss and liigher equity for tlie year. Further, advances aggregating ^448.03 crore should have been provided for, which would have resulted in a decrease in cuirent assets, an mcrease in the loss, and a coiresponding reduction in equity as at 31st March, 2025. In respect of items (i) and (ii), tlie Company's position has been clarified in notes 4(c) and 4(d) above. 5. The figures for tlie previous periods have been re-gi*ouped, wherever necessary, so as to conform to the cun-ent periods classification. Place: New Delhi Dated: 29^ October, 2025 For and on behalf ofiiBoard of Directors (Dr. Aslibk^iMiar Panda) D irecto^ (Fiiiance) W/SAIL 006569C/ 10089 001462 N5000 33
Page 35
Annexure-A Subsidiaries - Limited Reviewed 1 SAIL Refractory Company Limited Subsidiaries - Not Reviewed 1 Chattisgarh Mega Steel Limited Associate - Not Reviewed 1 Almora Magnesite Limited Joint Ventures- Limited Re\iewed 1 NTPC-SAIL Power Co. Limited 2 Bastar railway Pvt. Limited Joint Ventures- Not Reviewed 1 mjunction Services limited 2 SATL-RTTES Bengal Wagon Industry Private Limited 3 SAIL-Bansal Service Centre Limited 4 GBDCOL SAIL Power Corporation Limited 5 SAIL-Kobe Iron India Pvt. Limited 6 Bokaro Power Supply Co. Private Limited 7 Bhilai Jaypee Cement Limited 8 Prime Gold-SAIL JVC Limited 9 International Coal Ventures Private Limited Not Available 1 VSL SAIL JVC Limited 2 SAIL-SCL Kerala Limited 3 Romelt SAIL (India) Limited 006569C/ 00892 0056 Ok N50006S Si9CfAcC.5 34
Page 36
A Great Place To . Work. ^ SAIL STEEL AUTHORITY OF INDIA LIMITED CIN; L27109DL1973G0100i5454 REGISTERED OFFICE: ISPAT BHAWAN, LODI ROAD, NEW DELHI -110 003 Tel:+91 11-24367481, Fax:+91- 11 24367016, E-mall: lnvestor.relation@sail.in, Website: www.sall.co.ln Compliance under regulation 52 (7) & 52(7A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) for the half year ended 30^ September, 2025. Pursuant to regulation 52(7) & 52(7A) of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements), Regulations, 2015, statement on utilization of proceeds of Non-Convertible Securities (Nil Report) for the half year ended 30 September, 2025 Is detailed below; A. Statement of utilisation of Issue proceeds: NIL Nam ISIN Mode of Fund Type Listed Date of Amount Fund Any If 9 Is yes, specify Remar e of Raising (Public of at raising Raised Utilized Deviation the purpose for ks, If Issue Issue/ Private Instru funds (Yes/No) which funds were any r Placement) ment utilized 1 2 3 4 5 6 7 8 9 10 11 SAIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL B. Statement of deviation/variation in use of Issue proceeds: NIL Particulars Name of Listed Entity ISIN Mode of Fund raising Type of Instrument Date of Raising Fund Amount raised Report Filed Is there a deviationA/ariation in use of funds raised? Whether any approval Is required to vary the objects of the issue stated in the prospectus/offer document? If yes, details of the approval so required Date of approval Explanation for the deviation/variation Comments of the audit committee after review Comments of the auditors, if any Objects for which funds have been raised and where there has been a deviationA/ariation, in the following table: Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised. b. Deviation in the amount of funds actually utilized as against what was originally disclosed. Remarks SAIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL ISIN Original Object Modified Object, if any Original allocation Modified' allocation, if anv Funds Utilized Amount of deviation/variation for the Quarter Remarks, if any NIL NIL NIL NIL NIL NIL NIL NIL Dated : 29*" October, 2025 Place: New Delhi I steel Authority of India Limited, Ispat SAIL PAN No. AAACS7062F ■ ^ -f^f^rl^WANA SINGH KUMAR AGARWAL I General Manager (Finance) W/Cliief Gef'egl ManageqF^)3TefTR5T acfftp LIMITED STEEL AUTHORITY OF INDIA LIMITEO SAIL Corporate Identity Number: L27109DL1973GOI006454 57 ^ 13)05"!) ^ 5?r §3fr I" ^ There's a little bit of SAIL in everybody's life 35
Page 37
B. STATEMENT ON DEVIATION OR VARIATION FOR PROCEEDS OF PUBLIC ISSUE. RIGHTS ISSUE. PREFERENTIAL ISSUE, QUALIFIED INSTITUTIONS PLACEMENT ETC. - Not Applicable C. FORMAT FOR DISCLOSING OUTSTADING DEFAULT ON LOANS AND DEBT SECURITIES S. No. Particulars In EVR crore 1. Loans/ revolving facilities like cash credit from banks/ financial institutions A Total amount outstanding as on date 10,501.23 B Of the total amount outstanding, amount of default as on date Nil 2. Unlisted debt securities i.e. NCDs and NCRPS A ■ Total amount outstanding as on date B Of die total amount outstanding, Mount of default as on date Nil 3. Total financial indebtedness of the listed entity including short-term and long-term debt 26,427.21 Dated :29'^ October 2025 Place: New Delhi ANA SINGH (f^) / General Manager (Finance) >4^ el 1ef1%^ STEELAUTHORITY OF INDIA LIMITED WT. cfr^ ^ 1^^-110003 Ispat.Bhav/an, Lodi Road.. New De!hi-1100p3 tfcFT -^h'^/.PAWAN.KUMARA" ' (%)/ChiefGeneral Manaop STE: - - -^RITVOF INDIA l .- ISPAT ;-s'av...„dht Roatf, New Delhi-r. -"AL 36
Page 38
f-*- SPARK & Associates Chartered Accountants LLP SECURITY COVER CERTIFICATE Date: 29^^0ctober, 2025 Cert.Ref: CPC/IDBI/02/25-26 To. IDBI Trusteeship Services Limited Universal Insurance Building, Ground Floor, Sir P M Road, Fort, Mumbai-400 001 1. This certificate is issued in accordance with the terms of our engagement with IDBi Trusteeship Services Limited acting as Debenture Trustee of M/s Steel Authority of India Limited ("the Company") having its office situated at Ispat Bhawan, LodhI Road, New Delhi -110003 2. We S P A R K & Associates Chartered Accountants LLP, Chartered Accountants, have been requested by the Debenture Trustee to examine the documents and details provided to us by the Company for issuing Security Cover Certificate as per the requirements of SEBi/HO/DDHS-PoD1/P/CiR/2025/109 dated March 31,2023 read with guidelines under sub regulation 56(1)(d) of SEBi LODR Regulations 2015 in respect of its listed non-convertible debt securities as at September 30, 2025. This Report is required by the Debenture Trustee to ensure compliance with the SEBI Regulations. Management's responsibility 3. The preparation of the Statement is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation, and maintenance of internal control relevant to the preparation presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 4. The Management of the Company is also responsible for ensuring that the Company complies with all the relevant requirements of the SEBI Regulations, the Circular and the loan documents including the Debenture Trust Deed and for providing all relevant information to its lenders and for complying with all the covenants as prescribed in the respective loan documents and the Debenture Trust Deed in respect of the Debentures. 5. The Management is also responsible to ensure that Security Cover Ratio as on September 30, 2025 is in compliance with SEBl/HO/DDHS-PoD1/P/CiR/2025/109 dated March 31, 2023 with the minimum- Security cover requirement as per the Debenture Trust Deed as given in Annexure 1 attached to this certificate. 0731-4230240 infG@ca-spark.com 51, SPARK House, Scheme No. 53, Vljay Nagar, Near Medanta Hospital, INDORE - 452011 (MP) 37
Page 39
SPARK & Associates Chartered Accountants LLP independent Auditor's responsibility 6. It Is our responsibility to provide reasonable assurance that the details as referred to in the Statement enclosed herewith have been correctly extracted from the unaudited/audited financial statements and other records produced before us and for the same we have performed following procedures:- Read the unaudited standalone financial statements of the Company for the year ended 30'*' September, 2025; Read the debenture trust deeds of the outstanding debentures covered by this certificate as at September, 2025; Verified the details of assets made available as security for the debentures and other borrowings of the Company; Verified the arithmetic accuracy of working for security coverage ratio and traced the figures in the working with reference to financial statement as at SO"' September, 2025; Obtained such other documents, records and information from the Company and the Debenture Trustee as we deemed relevant for our engagement; Made such enquiries with the management and executives of the Company as we deemed fit to enable us to present true and correct facts; 7. We have conducted our examination of the Statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 8. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. 9. Our scope of work did not involve us performing audit tests for the purposes of expressing an opinion on the fairness or accuracy of any of the financial information or the financial results of the Company taken as a whole. We have not performed an audit, the objective of which would be the expression of an opinion on the financial results, specified elements, accounts or items thereof, for the purpose of this ■ report. Accordingly, we do not express such opinion. 10. This Certificate is being issued for the secured NCDs (List as per Annexure 1). 11. Based on verification of documents and information and procedures conducted as above and compliances made by the Company, we hereby certify that details as regards security coverage as at 30^^ September 2025 referred to in the Statement A is true and correct and that the Company has complied with all covenants and terms of Issue of the debentures. 12. There are no significant deviations in security cover ratio compared to the security cover ratio for the period ended 30th June 2025. I 38
Page 40
SPARK & Associates Chartered Accountants LLP 13. This certificate is provided to IDBI Trusteeship Services Limited acting as Debenture Trustee of the Company to enable them to comply with relevant provisions of SEBI (Debenture Trustee) Regulations, 1993 read with the circulars and guidelines and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and it should not be used for any other purpose without our prior written consent. We neither accept nor assume any duty or Liability for any other purpose or to any other party to whom our certificate is shown or into whose hands it may come without our prior consent in writing. For SPAR K & Associates Chartered Accountants LLP Chartered Accountants Firm Registration Number - pQ^yi 3C/C4QQ311 005313C/ C400311 CANIlesh Gupta Partner Membership No.- 406020 Date: 29^'' October, 2025 Place: New Delhi . /roUDIN: 2S1i06o206HOHW3^AA53 Enclosure: 1. Statement A (Security Cover working on a standalone basis) 2. Annexure -1 List of NCDs as on 30/09/2025 39
Page 41
Format of certificate for Security cover from the Statutory Auditor IDBfTrusieeship Seivices Limited Humbal. Based on exemination of books of acoounts and other retevant records/documents of ("the Com pany"), we hereby certifythat: a) Security Coverfor listed debt securities: I.The financial information as on 30-0S«2025 has been extracted from (he books of accounts for the quarter ended 3(H)9'2029 and other relevant records ofthe listed entity; ii. The assets of the listed entity provide coverage of 617.24 times of the interest and principal amount, which is in accordance with the terme of issue / debenture trust deed (cdlcubtion as per statement of asset cover ratio forthe Secured debt securities • table* I) uld^id 37k feppra ^ Securities and Exchange Board of India Column A Column B CoUimn c' Column oii Column(iN Column yiv Column qV Colum„ hvI Column CoUimn i Column K Column L Column M Column N Column 0 PartltulAr* EncUnlve ChAfge Cucluslve ChArge Peri^Poesu ChtrgA Part* PadM Ch trge P<r^ Pa>«u Charge AaMta ngt aflarad aa Sacutlty CllmlnaUen (amountIn negadva} (TMalCtoH) Ratatadto only dieaa Rama Bovetfld bythia eartifieata Docrtpiiea«fMOM rwwMeb thU PabtCorwhklithiaMitlfUaU b«tngImuaS OeM OAMfftf which btfn(ltwcd A*A«taAbMAd hyp«il paasu ««bthaUeffQfwIudM tf*m fsfwMenthla b ImigtiA eharf*) «tlM« wttn Olh«e en erhteh ChefaUpaiVPeMu c h a rge {eaet iidi ngItem* cpvMeS InceUimnFt •lehiaAre pUtiMh patair ehaiga) HarkMValo»f«r JbeetechargedM gMtuaMbaab earrya>g /beak veluelor eaciuaha charga eaaMa where mcfkal value b oM eeeerttfneWe creppOcaWe <Fof Ef. ewK Bplanea. DSU mwhet «elue H iMteppUccWe) MertcelVahipfer Paffppaaa chcTfeAeaeta Ceiryfeigvalue/beekvaluefeepail IMceuchtfCa ceecta aihereniaikai vetueb AcrtaaeertplrtpSIa«a•ppOeebb (For Eg. BankBeUiKe. D9RA madcei vetue la netapaUccWa] VekM(«KH*M*l« BookVatue BookValoe Yes/No BookVetue BockValue ASSETS hoMfty, Mm Property Ptont & Equipment 12.373.05 7.65843 Yes 44.102.90 64.134.25 12.37345 12,373.05 Capwai 8.M1.64 5.541.64 A>e«o( 6.555.73 6.565.73 lnlvWSI«A«»M 1.4D6.49 1.406,49 hUf^lbUAaMa OenltHinn K HwMcnMma 1.510.13 1.510.13 lmm 1.0S0.36 1.050.36 HwafitonM 5.520.99 21.967.43 27,785.42 TrM 5.203.21 5.203.21 CMhMCMh EffiWUen 235.75 235.73 SMblmee M CeanEduMwo 665.86 668.56 13.651.99 13.651.99 Tnu 12.373.05 13.479.32 1.05.807.49 1.31.659.56 1247S.0S 40
Page 42
DAMaaeueiiuM eeraflckta pwtskia 1S.14 15.14 Mdrtf not to be tilled OtharDaR 13.479J2 12,932.75 26.412.07 BVTvntiSt BMft Mr Olfms TrsOe 10.746.77 10.746.77 lc«*« 7,235.97 7.23537 PreaasfOta 7.007.36 7.607.36 omm 79.442.55 79.44235 roM 15.14 13.479.32 1.10.165.40 1.31,659.06 Ce*«f«ABo^ C«*R«ana>lMt Exclusive SecurityCover Ratio Rarl>Ra8au Seeurtty Cover Ratio 017.24 II fh^colcrmn et assets havtngexctuslve chargeandoutstandfngbook value of aUcerrespondingdebtotherthsn ectumn C. mpJs column sfiahinefude debtlort^leb ttifsce/tffleetelslssuedhayinganyporlpassuchargo •HentlonYes, elseNo. Iv This column sheOInclude a}book vatue of assetshaving parl^ssacharge b) ourstandlngbook value ofdebtforwhkh this certificate la Issuedandc). otherdebtsharing part' passu charge alongvrtth debtforwhich certfficatais Issued. V JAfiCoFt/mti shallIftcludebook o/fllfoIAeraueb having parl passu charge andoutstenifingbeokvelue cfcotrespcndIhgdebL vi This column shallIncludeall those assetswhich ore notchargedandahall irKlude ahunsecured berrowlrigs IncludingsubordinateddcbtandshaftInclude ontf choso erepald-for. Assetswtilch ere consfderodetMarketValue like Lend, Bunding, ftesidentiol/Commercial fteaf Bswe to be statedetMarkatVeluo. Other assets having charge ro be stared arbook value/CarryingValue. 41
Page 43
Bond outscandlng as on 30.09.202$ Tranehtt Series Date of AUetment Maturity Date Aniour)t <Ra.lncre.) ISIN NO 1 XXIV ISSUE (f-SERIES) AK-XII 2e.T0.2009 26.10^26 14.00 INEl14A07e3E TOTAL 14.00 ForSP ARK&Associates Chartered Accountants LLP Chartered Accountants FRN - 005313C/C400311 CANilesh Gupta Partner Memborshfp Number- 406020 Date: 29/10/2025 Place: New Delhiriace. new uenii UDIN:25M0i02o6HU HVwo ^S3 005313C/ C400311 e." "K 42
Page 44
Press Release SAIL declares financial results for HI FY'26: delivers strong physical and financial performance New Delhi, 29^^ October, 2025: The .stte owned Maharatna, Steel Authority of India Limited (SAIL) today announced its financial results for the half year ended 30^'' September 2025 (HI FY'26), showcasing resilient operationaLperformance and improved profitability. Key highlights: • Steady production maintained at 9.5 million tonnes of crude steel. • Sales Volume grows by 16.7% as the company increases outreach to retail and other consumers. • Revenue from operations crosses Rs.52,60,0 crore -driven by higher sales volume despite challenges on the pricing front. • Profit After Tax (PAT) soars by --32%, highlighting operational efficiency and cost optimization. • Debt falls to Rs.26427 crore as thrust to move towards March '23 level in full harness. Performance of HI FY 26 (Standalone) at a glance: Unit HI 24-25 HI 25-26 Crude Steel Production Million Tonne 9.46 9.50 ^ Sales Volume Million Tonne 8.11 9.46 Revenue from Operations Rs. Crore ^48,672 52,625 Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) Rs. Crore 5,593 5,754 Profit Before Exceptional Items and Tax Rs. Crore 1,439 1,781 Exceptional Items Rs. Crore (312) (338) Profit Before (PBT) . Rs, Crore 1,127 1,443 ; Profit After Tax (PAT) Rs. Crore 844 1,112 Speaking on this occasion, CMD, SAIL said: HI FY'26 performance demonstrates SAIL's consistency across both operational and financial metrics. The Company has maintained high capacity utilisation for a steady production. With steely resolve and collective team efforts, we have achieved significant increase in sales volume despite the volatility in global steel markets. Coupled with the drive towards efficiency improvement and cost rationalisation, this translated into robust financial performance. As India moves towards becoming a low-carbon economy, SAIL remains committed to contribute to this transition while ensuring sustainable profitability through product diversification, customer-centric strategies, digitalisation and envisaged expansion to supplement the ongoing efforts. 43
Page 45
STEEL AUTHORITY OF INDIA LIMITED CIN: L27109DL1973GOI006454 REGISTERED OFFICE: ISPAT BHAWAN, LOP! ROAD, NEW DELHI. 110 003 Tel: +91 11.24367481, Fax: +91- 11 24367015, E-mail: investor.reiatlon@sail.ln, Website: www.sail.eo.in Extract of Standalone Unaudited Financial Results for the Quarter and Half Year ended 30th September 2025 7 crores unless staled otherwise SI. No Particulars STANDALONE Quarter ended Half Year ended Year ended 30tti September 2025 30th June 2025 30th September 2024 30th September 2025 30th September 2024 31st March 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Total income from operations - 26703.94 25921.46 24674.70 52625.40 48672.48 102478.19 2 Net Proft / (Loss) for the penod (before tax and exceptional items) 891.33 889.76 1112.55 1781.09 1438.57 3321.46 3 Net Profit / (Loss) for the period before tax (after exceptional Items) 552.89 889.76 1112.55 1442,65 1126.81 3008.82 4 Net Profit / (Loss) for the period after tax 426.79 685.48 833.52 1112.27 844-20 2147.96 5 Total Comprehensive Income for the period [comprising Profit / (Loss) for the period (after tax) and other Comprehensive Income (after taxll 409.48 567.86 834.48 977.34 778.92 1906.66 6 Paid-up Equity Share Capital (face value of 710/- each) 4130.53 4130,53 4130.53 4130.53 4130.53 4130.53 7 Reserves (excluding revaluation reserve) 51842.34 62093.74 50365.88 51842.34 50365,88 51625.88 s Securities Premium Account 235.10 235,10 235.10 235.10 235.10 235.10 9 Net Worth 55972.87 56224.27 54496,41 55972.87 54496.41 55656.41 10 Paid up Debt Capital/Outstanding Debt 33663.18 36074.92 41249.89 33663.18 41249,89 36933.93 11 Debt Equity Ratio 0.60 0.64 0.76 0.60 0.76 0.66 12 Earnings per equity share (of "^lO/- each) (not annuallsed) 1. Basic (?) 7. Diluted (?) 1.03 1.03 1.66 1.66 2.02 2.02 2.69 2.69 2.04 2.04 5,20 5.20 13 Debenture Redemption Reserve 2,06 2.06 116.82 2.06 115-82 2.06 14 Debt Service Coverage Ratio (number of times) 4.82 2.74 3.69 3.48 3.23 2.68 15 Interest Service Coverage Ratio (number of times) 2,55 2.04 2.27 2,25 1.82 1.95 Extract of Consolidated Unudlted Financial Results for the Quarter and Half Year ended on 30th September 2025 f crores unless stated otherwise SI. No Particulars CONSOLIDATED Quarter ended Half Year ended Year ended 30th September 2025 30th June 2025 30th September 2024 30th September 2025 30th September 2024 3ist March 2025 Unaudited Unaudited Unaudited Unaudited Uneudlted Audited 1 Total income from operations 26704.17 25921.76 24675.20 52625.93 48673.01 102479.06 2 Net Profit / (Loss) for the period (before tax and exceptional items) 894.58 967.81 1173.34 1862.39 1583.19 3564.17 3 Net Profit / (Loss) for the period before tax (after exceptional items) 556.14 967.81 1173.34 1623.95 1271.43 3251.53 4 Net Profit / (Loss) for the period after tax 418.72 744.58 897.15 1163.30 978.93 2371.80 5 Total Comprehensive Income for the period [comprising Profit / (Loss) for the period (after tax) and other Comprehensive Income (aftertax)! 440,28 626.58 861.85 1086.66 900.02 2185.16 6 Paid-up Equity Share Capital (face value of ?10/- each) 4130.53 4130.53 4130.53 4130.53 4130.63 4130.53 7 Reserves (excluding revaluation reserve) 54147.29 55401.67 53457.67 54147.29 53457.67 54775.07 e Earnings per equity share (of ?10/- each) (not annuallsed) 1. Basic (?) 7. Diliitfif! <?! 1.01 1.01 1.80 1,80 2.17 2.17 2.82 2.82 2.37 2.37 5.74 5.74 1)The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 29 October 2025. 2) The above is an extract of the detailed format of unaudited Financial Results for the Quarter and Half Year ended 30th September 2025, filed with the Stock Exchanges under regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Thefuii format of these Financiai Results are available on the Stock Exchange websites of NSE and BSE atwww.nselndia.com and www.bselndia.com respectively and under the Investor Relations section on the Company's website www.sail.co.in. For and on behalf of sard of Directors (Dr. Place: New Delhi Dated; 29 October 2025 'anda) (Finance) 44