BSE Metal Sector Regulatory Filings — June 15, 2026

Strategic alliance with Jabil to build GW-scale AI data center infrastructure manufacturing platform, targeting a global market opportunity exceeding USD 3 trillion over 7 years. Union Budget 2026 tax holiday for data centers until 2047 boosts export competitiveness.

Secured ₹673.32 crore order from SAIL's IISCO Steel Plant for 4.08 MTPA crude steel expansion, with execution timeline of 30-33 months providing long-term revenue visibility.

FY26 Total Income surged to ₹1,085.8 Cr from ₹646.0 Cr in FY25 (+68% YoY), Net Profit more than doubled to ₹53.5 Cr, and EBITDA stood at ₹108.9 Cr, indicating strong operational leverage.

Alliance will deploy multi-GW of high-density AI Rack manufacturing capacity in India, leveraging Adani's green energy portfolio and Jabil's manufacturing expertise—a unique competitive moat.

Order comprises two packages (Coke Oven BOP ₹296.77 Cr and Sinter Plant BOP ₹376.56 Cr), diversifying revenue streams within the steel value chain.

Jabil's recent acquisitions of Hanley Energy Group and Mikros Technologies enhance power management and thermal solutions, strengthening the alliance's technological edge.

FY25 to FY26 growth trajectory (Total Income from ₹646.0 Cr to ₹1,085.8 Cr) suggests a strong order execution cycle, with potential for further margin expansion.

No insider trading activity reported, but the strategic alliance signals strong management conviction in the AI hardware manufacturing opportunity. [NEUTRAL/BULLISH]

No insider trading activity reported, but the order win and financial performance reinforce management's execution credibility. [NEUTRAL/BULLISH]

The alliance targets a multi-GW AI rack manufacturing capacity, but scaling such a complex, high-tech manufacturing platform in India involves significant execution, supply chain, and technology risks.

The USD 3 trillion+ market opportunity is over a 7-year horizon; any slowdown in global AI infrastructure spending or geopolitical disruptions could impact the platform's utilization.

The ₹673.32 crore order is from a single client (SAIL), and the two packages are part of one project, creating revenue concentration risk.

The 30-33 month execution timeline exposes the project to cost overruns, commodity price volatility, and labor availability issues.

While the Budget 2026 tax holiday is favorable, any changes in data center or manufacturing policies could alter the investment thesis.

FY26 EBITDA of ₹108.9 Cr on Total Income of ₹1,085.8 Cr implies a ~10% margin; any cost escalation or delay could compress margins.

Global players like Foxconn, Quanta, and Wistron are also expanding AI hardware manufacturing; Adani-Jabil will face intense competition for market share.

While the SAIL order provides 30-33 months of visibility, the company needs to consistently win new orders to sustain the FY26 growth trajectory.

The alliance positions Adani to capture a slice of the USD 3 trillion+ global AI infrastructure market, with India as an export hub—a potential multi-bagger growth catalyst.

The SAIL order is part of a 4.08 MTPA crude steel expansion; with India's steel demand growing, SEPC could win additional orders from other steel majors.

The Union Budget 2026 tax holiday for data centers until 2047 provides a 21-year competitive advantage, significantly improving the ROI for the manufacturing platform.

With Total Income up 68% YoY and Net Profit more than doubling, SEPC is in a strong financial position to bid for larger, more complex EPC projects.

Jabil's expertise in power management (Hanley Energy) and thermal solutions (Mikros Technologies) combined with Adani's green energy portfolio creates a vertically integrated, cost-competitive offering.

The ₹673.32 crore order adds to SEPC's order book, and with the company's strong FY26 performance, it may attract higher valuations from investors.

Being among the first to set up GW-scale AI rack manufacturing in India could allow Adani to secure long-term contracts with hyperscalers before competitors enter.

The order reinforces SEPC's presence in the industrial EPC segment, which is benefiting from India's capex cycle in steel, power, and infrastructure.

Adani Enterprises' foray into AI hardware manufacturing signals a convergence of metal/mining expertise with high-tech manufacturing, potentially redefining the sector's growth narrative beyond commodities.

SEPC's order from SAIL's IISCO Steel Plant underscores a robust steel capacity expansion cycle in India, driven by domestic demand and government infrastructure spending.

Both filings benefit from government policies—the Budget 2026 tax holiday for data centers (Adani) and the broader push for steel self-sufficiency (SEPC)—creating a favorable regulatory environment.

SEPC's Total Income grew 68% YoY while Net Profit more than doubled, indicating operating leverage; however, the EBITDA margin of ~10% suggests room for improvement as scale increases.

Adani's opportunity is multi-year (7-year market horizon), while SEPC's order provides 30-33 months of visibility—investors can balance long-term optionality with near-term earnings growth.

Monitor for further announcements on the alliance's manufacturing capacity, location, and potential customer agreements with hyperscalers. [No date]

Watch for additional order wins from SAIL or other steel companies, which could further boost the order book and revenue visibility. [No date]

Track Jabil's integration of Hanley Energy and Mikros Technologies, as their capabilities are critical to the alliance's competitive edge. [No date]

Monitor the execution progress of the SAIL order (Coke Oven BOP and Sinter Plant BOP) for any cost or timeline deviations. [30-33 months from start]

Watch for any insider trading activity (promoter buying/selling) following the alliance announcement, which could signal management's conviction level. [No date]

Q1 FY27 earnings call will be key to assess order execution pace and margin trends; watch for any guidance on new order inflows. [Expected Aug-Sep 2026]

Monitor global AI infrastructure spending trends and any policy changes in key export markets (US, EU) that could impact demand. [Ongoing]

Watch for any dividend or buyback announcements given the strong FY26 cash flow generation, which would signal management's confidence. [No date]