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BSE Metal Sector Regulatory Filings — July 24, 2026

India BSE METAL

By Gunpowder Editorial ·

5 high priority 19 medium priority 24 total filings analysed

Executive Summary

The BSE METAL index saw a flurry of filings on July 24, 2026, dominated by Q1 FY27 results from Hindustan Zinc, Jindal Steel, and SAIL, alongside routine governance updates. Hindustan Zinc stood out with record net profit and EBITDA, driven by surging zinc and silver prices, while Jindal Steel reported revenue growth but profit declines due to cost pressures.

SAIL posted a strong profit jump but faces governance issues and regulatory investigations. Adani Enterprises denied airline launch rumors. Key themes include margin divergence across the sector, with zinc producers benefiting from commodity tailwinds and steel players facing cost headwinds. Insider activity was absent, but capital allocation was positive with Hindustan Zinc declaring a hefty dividend. Forward-looking events include board meetings for NALCO, Vedanta, and APL Apollo, and a critical tax hearing for Tata Steel. Overall, the sector shows mixed signals with pockets of strength in zinc and weakness in steel margins.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Company update · Corporate governance

Tracking the trend? Catch up on the prior BSE Metal Sector Regulatory Filings digest from July 17, 2026.

Investment Signals (12)

  • Hindustan Zinc ↓ (BULLISH)
    ▲

    Revenue surged 77% YoY, net profit up 145% YoY to record ₹5,469 Cr, operating margin expanded 1400 bps YoY to 52%, debt-equity improved from 1.19 to 0.31. Interim dividend of ₹11/sh (550% of face value) declared.

  • Hindustan Zinc ↓ (BULLISH)
    ▲

    EBITDA margin improved ~900 bps YoY to ~59%, highest-ever quarterly EBITDA of ₹8,074 Cr (up 109% YoY). Zinc LME price up 31% YoY, silver LBMA up 117% YoY.

  • Hindustan Zinc ↓ (BULLISH)
    ▲

    Silver production contributed ~46% to overall profitability; lowest zinc cost of production at $851/tonne (excluding royalty). Secured mining lease for REE & Yttrium block.

  • Jindal Steel ↓ (BEARISH)
    ▲

    Standalone revenue grew 23% YoY to ₹15,275 Cr, but net profit fell 33% YoY to ₹1,086 Cr due to 35% rise in total expenses. Consolidated net profit down 44% YoY.

  • Jindal Steel ↓ (BEARISH)
    ▲

    Consolidated finance cost nearly doubled YoY to ₹548 Cr, net debt-to-EBITDA at 1.71x. Production down 10% QoQ, sales down 15% QoQ.

  • Jindal Steel ↓ (BULLISH)
    ▲

    CARE upgraded long-term rating to AA+/stable; share of flats in sales mix improved to 49% from 43% YoY. Coal dispatch started from Utkal B1 mine.

  • SAIL (BULLISH)
    ▲

    Net profit surged 138.7% YoY to ₹1,636 Cr on 1.2% revenue growth to ₹26,246 Cr. EBITDA improved to ₹4,356 Cr from ₹2,925 Cr YoY.

  • SAIL (BEARISH)
    ▲

    Board lacks requisite independent directors and woman director, non-compliant with Companies Act and SEBI LODR. Investigation ongoing into policy/pricing decisions.

  • Tata Steel ↓ (BEARISH)
    ▲

    Material tax litigation of ₹25,186 Cr loan waiver reassessment restored by Bombay HC, hearing on Aug 19, 2026. Company to challenge constitutional validity of retrospective amendment.

  • APL Apollo Tubes ↓ (NEUTRAL)
    ▲

    Q1 FY27 results expected on Aug 1, 2026; conference call on Aug 3. No insider activity, but trading window closed since July 1.

  • Vedanta ↓ (BULLISH)
    ▲

    Board meeting on July 30, 2026 for Q1 results; earnings call same day. HZL subsidiary's strong performance bodes well.

  • Jindal Stainless ↓ (BULLISH)
    ▲

    Won six awards at NAMC including Gold Medal for Hisar unit (4th consecutive year). No financial impact but positive recognition.

Risk Flags (8)

  • Hindustan Zinc↓ [HIGH RISK]
    ▼

    Ongoing regulatory investigations related to short seller report, ED search in June 2026, SEBI warning letter for non-compliances (though no financial penalties).

  • Jindal Steel↓ [HIGH RISK]
    ▼

    Net profit declined 33% YoY (standalone) and 44% YoY (consolidated) despite revenue growth, driven by cost inflation and higher finance costs.

  • Jindal Steel↓ [MEDIUM RISK]
    ▼

    Production and sales declined 10% and 15% QoQ respectively; India remained net steel importer for second consecutive quarter, finished steel consumption down 7% QoQ.

  • SAIL [HIGH RISK]
    ▼

    Corporate governance non-compliance – board lacks independent directors and woman director; investigation by external agencies into policy/pricing decisions following officer suspensions.

  • SAIL [MEDIUM RISK]
    ▼

    Debt-to-equity ratio increased to 0.54 from 0.51 QoQ; borrowings rose to ₹29,811 Cr from ₹28,741 Cr.

  • Tata Steel↓ [HIGH RISK]
    ▼

    Tax litigation of ₹25,186 Cr could materially impact financials if decided against the company; hearing on Aug 19, 2026.

  • Adani Enterprises↓ [LOW RISK]
    ▼

    Repeated denials of airline launch rumors (two filings on same day) may indicate persistent market speculation or potential distraction.

  • Jindal Steel↓ [MEDIUM RISK]
    ▼

    Leadership churn – new MD, CFO, COO, Head of HR appointed; while experienced, changes may cause short-term execution risk.

Opportunities (8)

  • Hindustan Zinc↓ (OPPORTUNITY)
    ◆

    Record profitability driven by commodity super-cycle; interim dividend yield of ~5% (₹11/sh on face value ₹2) attractive; debt-equity at 0.31 provides balance sheet strength for further payouts.

  • Hindustan Zinc↓ (OPPORTUNITY)
    ◆

    Silver production contributed 46% to profits; with silver prices up 117% YoY, further upside if silver rally continues. Lowest cost of production enhances margin resilience.

  • Jindal Steel↓ (OPPORTUNITY)
    ◆

    CARE rating upgrade to AA+/stable reflects improving credit profile; flats mix shift to 49% from 43% YoY indicates value-added product strategy. Coal dispatch from Utkal B1 mine could reduce costs.

  • SAIL (OPPORTUNITY)
    ◆

    Strong 138.7% PAT growth despite flat revenue suggests operational leverage; EBITDA margin improvement from ~11% to ~16.7% (estimated) shows cost control. Turnaround potential if governance issues resolved.

  • Vedanta↓ (OPPORTUNITY)
    ◆

    HZL subsidiary's stellar results (77% revenue growth, 145% PAT growth) will likely boost Vedanta's consolidated Q1 numbers; earnings call on July 30 provides catalyst.

  • APL Apollo Tubes↓ (OPPORTUNITY)
    ◆

    Q1 results on Aug 1; company has strong track record in value-added steel tubes. Conference call on Aug 3 may provide positive guidance.

  • Jindal Stainless↓ (OPPORTUNITY)
    ◆

    Awards for manufacturing excellence signal operational strength; company is a leader in stainless steel with potential to benefit from infrastructure and capex cycle.

  • NALCO (OPPORTUNITY)
    ◆

    Board meeting on July 31 to consider final dividend; with strong aluminum prices, dividend could be attractive.

Sector Themes (6)

  • Commodity Price Divergence
    ◆

    Zinc/silver prices surged (LME zinc +31% YoY, silver +117% YoY), benefiting Hindustan Zinc, while steel players face cost inflation and price pressure. Jindal Steel's expenses rose 35% YoY vs revenue growth of 23%, squeezing margins.

  • Mixed Earnings Season
    ◆

    Among reporting companies, Hindustan Zinc (positive), SAIL (positive but governance issues), and Jindal Steel (revenue up, profit down) show divergent performance. Revenue growth ranges from 1.2% (SAIL) to 77% (HZL), while profit growth ranges from -44% to +145%.

  • Governance and Regulatory Scrutiny
    ◆

    Multiple companies face regulatory issues – HZL (SEBI warning, ED search), SAIL (board non-compliance, investigation), Tata Steel (tax litigation). This is a sector-wide risk theme.

  • Capital Allocation Focus
    ◆

    Hindustan Zinc declared interim dividend of ₹11/sh (550% payout), while SAIL and Jindal Steel did not announce dividends. NALCO's upcoming board may recommend final dividend. Shareholder returns are uneven.

  • Leadership Changes
    ◆

    Jindal Steel appointed new MD, CFO, COO, and HR head, signaling a management overhaul. Hindustan Zinc also appointed new CEO and CFO. This could drive strategic shifts but also execution risk.

  • Domestic Demand vs Global Headwinds
    ◆

    Indian steel consumption grew ~8% in Q1 FY27, but global steel production declined 1.5%. India remained net steel importer for second consecutive quarter, indicating supply-demand imbalance.

Watch List (8)

  • Tata Steel↓
    👁

    Tax litigation hearing on Aug 19, 2026 – outcome could have material financial impact; watch for pre-hearing developments.

  • Vedanta↓
    👁

    Q1 FY27 results and earnings call on July 30, 2026 – HZL's strong performance will be key; watch for guidance on debt reduction and dividend.

  • APL Apollo Tubes↓
    👁

    Q1 results on Aug 1, 2026 and conference call on Aug 3 – watch for volume growth and margin trends.

  • NALCO
    👁

    Board meeting on July 31, 2026 for final dividend recommendation – watch for dividend yield and any production updates.

  • SAIL
    👁

    Governance compliance – monitor for appointment of independent directors and woman director; investigation outcome could impact stock.

  • Jindal Steel↓
    👁

    New management team execution – watch for strategic direction under new MD and CFO; Q2 production/sales trends.

  • Hindustan Zinc↓
    👁

    Regulatory investigations – any updates on SEBI/ED probes could impact sentiment despite strong financials.

  • Adani Enterprises↓
    👁

    Persistent airline rumors – monitor for any further denials or actual announcements; could indicate diversification plans.

Filing Analyses (24)
Adani Enterprises Limited Company Update neutral materiality 3/10

24-07-2026

Adani Enterprises Limited has issued a categorical denial of media reports and market speculation that it is planning to launch an airline. The company states that the reports are entirely baseless and factually incorrect, and that it is not evaluating any proposal to enter the airline business.

Adani Enterprises Limited Market Update neutral materiality 5/10

24-07-2026

Adani Enterprises Limited has issued a formal denial of media reports and market speculation that it is planning to launch an airline. The company categorically states that the reports are baseless and factually incorrect, and that it is not evaluating any proposal to enter the airline business.

  • · The denial was filed with both BSE and NSE on July 24, 2026.
  • · The company's registered office is in Ahmedabad, Gujarat.
  • · The filing was signed by Jatin Jalundhwala, Company Secretary & Joint President (Legal).
Hindustan Zinc Limited Corporate Governance positive materiality 9/10

24-07-2026

Hindustan Zinc reported consolidated revenue from operations of ₹13,747 Cr for Q1 FY27, up 77% YoY from ₹7,771 Cr in Q1 FY26. Net profit surged to ₹5,469 Cr from ₹2,234 Cr YoY, a 145% increase. However, sequentially, revenue grew only 1.5% from ₹13,544 Cr in Q4 FY26, and net profit rose 8.7% from ₹5,033 Cr. The company declared an interim dividend of ₹11 per share (₹4,648 Cr). The auditors noted ongoing regulatory investigations related to a short seller report, with no material impact on the financials.

  • · Operating margin improved to 52% in Q1 FY27 from 38% in Q1 FY26 and 49% in Q4 FY26.
  • · Net profit margin increased to 40% from 29% YoY and 37% sequentially.
  • · Debt-equity ratio improved to 0.31 from 1.19 a year ago and 0.36 in Q4 FY26.
  • · Interest Service Coverage Ratio surged to 53.02 times from 16.25 times YoY.
  • · Segment revenue: Zinc, Lead and Silver contributed ₹12,985 Cr (up 72% YoY), Wind Energy ₹48 Cr (down 2% YoY).
  • · Segment profit: Zinc, Lead and Silver ₹7,173 Cr (up 142% YoY), Wind Energy ₹27 Cr (down 7% YoY).
  • · Auditors drew attention to ongoing regulatory investigations related to a short seller report; no modification to opinion.
  • · The company declared an interim dividend of ₹11 per share (₹4,648 Cr) for FY27.
National Aluminium Company Limited Corporate Governance neutral materiality 3/10

24-07-2026

National Aluminium Company Limited (NALCO) has informed the stock exchanges that its Board of Directors will meet on July 31, 2026, to consider recommending a final dividend for FY 2025-26, subject to shareholder approval at the upcoming Annual General Meeting. The filing is a routine regulatory disclosure under SEBI LODR Regulations and does not contain any financial results or performance data.

  • · Board meeting scheduled for July 31, 2026.
  • · Final dividend recommendation for FY 2025-26 will be considered.
  • · Dividend is subject to shareholder approval at the Annual General Meeting.
  • · No dividend amount or financial figures disclosed in this filing.
Hindustan Zinc Limited Market Update mixed materiality 8/10

24-07-2026

Hindustan Zinc reported a strong Q1 FY27 with consolidated revenue from operations up 77% YoY to ₹13,747 Cr and net profit up 145% YoY to ₹5,469 Cr, driven by higher zinc, lead, and silver prices. However, the quarter was marked by ongoing regulatory investigations, including an ED search in June 2026 and SEBI observations on related party transactions, though no financial penalties were imposed. The company also declared an interim dividend of ₹11 per share.

  • · Consolidated operating margin improved to 52% from 38% YoY.
  • · Consolidated net profit margin improved to 40% from 29% YoY.
  • · Debt-equity ratio improved to 0.31 from 1.19 YoY.
  • · ED conducted search at HZL premises from June 1-3, 2026; company cooperated.
  • · SEBI communicated observations on related party transactions; corrective measures taken.
  • · Interim dividend of ₹11 per share declared for FY27.
Hindustan Zinc Limited Market Notice positive materiality 9/10

24-07-2026

Hindustan Zinc reported record quarterly net profit of ₹5,469 crore for Q1 FY27, up 145% YoY, and highest-ever quarterly EBITDA of ₹8,074 crore, up 109% YoY, driven by higher metal prices, increased production, and lower costs. However, silver production remained flat YoY at 149 tonnes, and refined lead production declined 2% YoY. The company also announced leadership changes, appointing Mr. Amarendu Prakash as CEO and Mr. Amit Gupta as CFO.

  • · EBITDA margin improved to c.59% from 50% in Q1 FY26, up c.900 bps YoY.
  • · Effective tax rate for the quarter was 25.23%.
  • · Zinc LME price averaged $3,466/MT in Q1 FY27, up 31% YoY; Silver LBMA price averaged $73.2/oz, up 117% YoY.
  • · USD-INR average rate was 94.58, up 11% YoY.
  • · Total borrowings outstanding as on June 30, 2026 was ₹7,320 crore, against gross investments and cash of ₹12,892 crore.
  • · Company has AAA credit rating from CRISIL.
  • · Rampura Agucha Mine became India's first mine to receive Zinc Mark certification.
  • · Included in Dow Jones Best-in-Class (DJBIC) Index (Emerging markets) for the first time.
  • · Featured in TIME's World's Most Sustainable Companies 2026 List.
  • · Deployed India's first 250 metric tonne capacity electric crane at Zinc Smelter Debari.
  • · Earnings conference call scheduled for July 24, 2026 at 16:00 hours IST.
Hindustan Zinc Limited Market Notice neutral materiality 5/10

24-07-2026

Hindustan Zinc Limited announced the appointment of Mr. Amarendu Prakash as CEO & Whole-time Director, effective August 1, 2026, subject to shareholder approval. Mr. Prakash, a former Chairman & Managing Director of SAIL, brings over three decades of experience in the steel industry. The board meeting was held on July 24, 2026, and the company also disclosed the revised list of Key Managerial Personnel authorized for materiality determinations.

  • · Mr. Prakash will also be a member of the Sustainability & ESG Committee, Stakeholders Relationship Committee, Committee of Directors, and Project Committee.
  • · The board meeting commenced at 12:00 Noon and concluded at 2:05 p.m. IST.
  • · Mr. Prakash is not related to any director and is not debarred from holding office by SEBI or any other authority.
Hindustan Zinc Limited Market Update neutral materiality 3/10

24-07-2026

Hindustan Zinc Limited disclosed that its Audit and Risk Management Committee and Board noted an administrative warning letter from SEBI regarding certain non-compliances. The company characterized the non-compliances as inadvertent and confirmed that corrective measures have been taken, with the Board expressing satisfaction. No financial penalties or material financial impact were disclosed.

  • · The warning letter from SEBI was dated April 30, 2026, and was placed before the Committee and Board on July 24, 2026.
  • · The Board meeting commenced at 12:00 Noon and concluded at 02:05 p.m. IST.
  • · The company reaffirmed its commitment to maintaining high standards of corporate governance and regulatory compliance.
Hindustan Zinc Limited Market Notice positive materiality 9/10

24-07-2026

Hindustan Zinc Limited reported a strong Q1 FY27 with revenue of ₹13,747 crore (up 77% YoY), EBITDA of ₹8,074 crore (up 109% YoY), and record net profit of ₹5,469 crore (up 145% YoY). The company achieved highest-ever first-quarter mined metal production of 268 KT and refined metal production of 260 KT (up 4% YoY). However, the filing notes that silver production of 149 MT contributed c.46% towards overall profitability, and the company declared a dividend of ₹11 per share (550% of face value) with a payout of ₹4,648 crore. The presentation also highlights sustainability initiatives and a multi-metal ecosystem strategy.

  • · Silver production of 149 MT contributed c.46% towards overall profitability.
  • · Lowest zinc cost of production at $851 per tonne (excluding royalty, lowest since underground transition).
  • · Secured mining lease for REE & Yttrium block in Gundlupet, Karnataka.
  • · Dividend of ₹11 per share (550% of face value) with payout of ₹4,648 crore.
  • · Contribution to National Exchequer of c.₹6,450 crore and to Rajasthan Exchequer of c.₹1,700 crore in Q1 FY27.
  • · Ranked 1st in Metals & Mining sector in S&P Global CSA 2025 for 3rd consecutive year.
  • · Asia's first low-carbon 'green' zinc producer and first Indian company to join ICMM.
  • · India's only integrated primary zinc and lead producer with c.74% domestic market share and consistent AAA rating by CRISIL.
  • · Sustainability targets include 50% reduction in Scope 1&2 emissions by 2030 and net zero by 2050.
  • · Deployed India's first 250 MT electric crane at Zinc Smelter Debari.
  • · Rampura Agucha mine became first Indian mine to receive the Zinc Mark certification.
  • · Included in Dow Jones Best-in-Class Index (DJBIC) for emerging markets for the first time.
  • · MoUs with Advantek Associates LLP and Aero Eagle Automobiles Pvt Ltd for green hydrogen and clean energy solutions.
  • · Partnership with TERI for 250-hectare natural forest development at Chanderiya Lead Zinc Smelter.
  • · Planned 530 MW round-the-clock renewable energy PDA.
  • · Progressing India's first 10 MTPA tailing reprocessing plant.
  • · CSR initiatives benefitted c.2.6 million lives across 4,149 villages in 38 districts across 3 states.
APL Apollo Tubes Limited Corporate Governance neutral materiality 3/10

24-07-2026

APL Apollo Tubes Limited has informed the stock exchanges that a Board Meeting will be held on August 1, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. The trading window for designated persons has been closed since July 1, 2026, and will reopen on August 4, 2026. No financial results or performance data are disclosed in this filing.

  • · Board meeting scheduled for Saturday, August 1, 2026.
  • · Trading window closed from July 1, 2026, reopening on August 4, 2026.
  • · Meeting agenda includes approval of unaudited standalone and consolidated financial results for Q1 FY27 (quarter ended June 30, 2026).
Vedanta Limited Market Update positive materiality 8/10

24-07-2026

Hindustan Zinc Limited (HZL), a subsidiary of Vedanta Limited, reported consolidated financial results for Q1 FY27 (ended June 30, 2026). Revenue from operations surged 77% YoY to ₹13,747 Cr, driven by strong performance in the Zinc, Lead and Silver segment. Net profit more than doubled to ₹5,469 Cr from ₹2,234 Cr in the same quarter last year. However, the company continues to face ongoing regulatory investigations related to a short seller report, as highlighted in the auditor's report.

  • · The company's Zinc, Lead and Silver segment revenue grew to ₹12,985 Cr in Q1 FY27 from ₹7,542 Cr in Q1 FY26.
  • · Silver segment revenue alone was ₹3,839 Cr in Q1 FY27, up from ₹1,426 Cr in the same quarter last year.
  • · Wind Energy segment revenue remained nearly flat at ₹48 Cr (Q1 FY27) vs ₹49 Cr (Q1 FY26).
  • · The auditor's report notes ongoing regulatory investigations related to a short seller report from the previous year; management has provided requested details/records.
  • · The Board also approved the appointment of a CEO and Whole Time Director for HZL.
  • · Basic EPS for Q1 FY27 was ₹12.94, compared to ₹5.29 in Q1 FY26.
Vedanta Limited Corporate Governance neutral materiality 3/10

24-07-2026

Vedanta Limited has announced a Board Meeting on July 30, 2026, to consider the unaudited financial results for the first quarter ended June 30, 2026. The trading window for designated persons will remain closed from July 1, 2026, to August 1, 2026. An earnings conference call is scheduled for July 30, 2026, from 5:00 PM to 6:30 PM IST to discuss the results.

  • · Board meeting date: July 30, 2026
  • · Trading window closure: July 1, 2026 to August 1, 2026 (both days inclusive)
  • · Earnings conference call on July 30, 2026 from 5:00 PM to 6:30 PM IST
  • · Universal dial-in numbers: +91 22 6280 1114 and +91 22 7115 8015
  • · India National Toll Free: 1 800 120 1221
  • · International toll-free numbers provided for Canada, Hong Kong, Japan, Netherlands, Singapore, South Korea, UK, and USA
  • · Call recording will be available on the company website on July 30, 2026
JSW Steel Limited Corporate Governance neutral materiality 3/10

24-07-2026

JSW Steel Limited held its 32nd Annual General Meeting on July 24, 2026, via video conferencing, where shareholders considered and adopted the audited financial statements for FY2025-26, declared a dividend, and re-appointed Mr. Sajjan Jindal as a director. The meeting also approved the appointment of Mr. Devopam Bajpai as an Independent Director and the re-appointment of Ms. Fiona Jane Mary Paulus as an Independent Director, along with resolutions for issuing securities to Qualified Institutional Buyers and undertaking material related party transactions with JSW JFE Steel Limited. The filing does not disclose financial performance figures or voting outcomes, so no period-over-period comparisons or quantitative performance data are available.

  • · The AGM was conducted virtually from 11:00 AM to 12:43 PM IST.
  • · Remote e-voting was open from July 21 to July 23, 2026, with a cut-off date of July 17, 2026.
  • · Mr. Devopam Bajpai was appointed as an Independent Director effective July 2, 2026.
  • · Ms. Fiona Jane Mary Paulus was re-appointed as an Independent Director via a special resolution.
  • · Shareholders approved material related party transactions with JSW JFE Steel Limited (joint venture) and between JSW Steel Global Trade Pte. Limited and JSW JFE Steel Limited.
  • · Consent was granted for the issue of specified securities to Qualified Institutional Buyers.
  • · The filing does not include voting results or financial performance data.
Vedanta Limited Analyst/Investor Meet neutral materiality 5/10

24-07-2026

Vedanta Limited has announced that its Board of Directors will meet on July 30, 2026 to consider the unaudited financial results for the first quarter ended June 30, 2026. The trading window for designated persons remains closed from July 1, 2026 to August 1, 2026. An earnings conference call will be held on July 30, 2026 from 5:00 PM to 6:30 PM IST to discuss the results and performance.

  • · Trading window closure: July 1, 2026 to August 1, 2026 (both days inclusive)
  • · Conference call dial-in numbers provided for India (toll-free), Canada, Hong Kong, Japan, Netherlands, Singapore, South Korea, UK, and USA
  • · Online registration link available for dial-in from other countries
  • · Call recording will be available on the company website on July 30, 2026
JINDAL STEEL LIMITED Market Notice neutral materiality 6/10

24-07-2026

Jindal Steel Limited's Board of Directors approved the unaudited financial results for Q1 FY27 (ended June 30, 2026) and made several key leadership appointments. Mr. Vidya Rattan Sharma was appointed as Additional Director and Managing Director for a two-year term, and Mr. Sandeep Modi was appointed as Chief Financial Officer, succeeding interim CFO Sunil Agrawal. The company also appointed a new Chief Operating Officer, Head of HR, and proposed a change in statutory auditors, subject to shareholder approval.

  • · The Board meeting commenced at 1:30 PM and concluded at 5:50 PM on July 24, 2026.
  • · Mr. Vidya Rattan Sharma previously served as Managing Director of Jindal Steel from 2019 to 2022.
  • · New CFO Sandeep Modi was previously CFO of Hindustan Zinc Limited and has experience with the Vedanta Group.
  • · New COO Rajiv Kumar previously served as CEO of Vedanta Aluminium and spent over three decades at Tata Steel.
  • · New Head of HR Sukhjit S. Pasricha was Group CHRO at IndiGo and has ~30 years of experience.
  • · The appointment of S S Kothari Mehta & Co. LLP as statutory auditors is subject to shareholder approval at the 47th AGM.
  • · Mr. Sunil Agrawal will step down as interim CFO but continue overseeing the Finance function.
  • · The unaudited financial results and a press release were also approved and filed with the exchanges.
Tata Steel Limited Market Update negative materiality 8/10

24-07-2026

Tata Steel has provided an update on a material tax litigation concerning a ₹25,185.51 crore loan waiver reassessment for AY2019-20. The Bombay High Court had previously set aside the reassessment notice on technical grounds, but following a retrospective amendment in the Finance Act 2026, the writ petition has been restored and is now listed for hearing on August 19, 2026. The company maintains it has a strong case on merits and will challenge the constitutional validity of the retrospective amendment.

  • · The writ petition (no. 1561 of 2025) was restored by the Bombay High Court on July 20, 2026, and is listed for hearing on August 19, 2026.
  • · The company has been granted liberty to amend the writ petition to challenge the constitutional validity of the retrospective amendment in the Finance Act, 2026.
  • · The tax department has been directed to file its counter affidavit after the amendment.
  • · The company continues to believe it has a strong case on merits apart from other technical infirmities in the order.
JINDAL STEEL LIMITED Corporate Governance neutral materiality 6/10

24-07-2026

Jindal Steel Limited's Board of Directors approved the unaudited financial results for Q1 FY27 (ended June 30, 2026) and announced several key leadership changes. Mr. Vidya Rattan Sharma was appointed as Additional Director and Managing Director for a two-year term, Mr. Sandeep Modi as CFO (replacing interim CFO Mr. Sunil Agrawal), Mr. Rajiv Kumar as COO, and Mr. Sukhjit S. Pasricha as Head of HR. The Board also recommended S S Kothari Mehta & Co. LLP as the new statutory auditors for a five-year term, subject to shareholder approval. No financial figures or performance comparisons were disclosed in this filing.

  • · Board meeting commenced at 01:30 PM and concluded at 05:50 PM on July 24, 2026.
  • · Mr. Vidya Rattan Sharma previously served as Managing Director of Jindal Steel from 2019 to 2022 and as Deputy Managing Director & CEO from 2010 to 2014.
  • · Mr. Sandeep Modi, the new CFO, is a Chartered Accountant with nearly two decades of experience, most recently as CFO of Hindustan Zinc Limited.
  • · Mr. Rajiv Kumar, the new COO, has over 35 years of experience in the steel sector, including roles at Vedanta Aluminium and Tata Steel.
  • · Mr. Sukhjit S. Pasricha, the new Head of HR, has ~30 years of experience, previously serving as Group CHRO at IndiGo.
  • · Mr. Sunil Agrawal will step down as interim CFO but will continue overseeing the Finance function.
  • · S S Kothari Mehta & Co. LLP is proposed as the new statutory auditor for a five-year term, subject to shareholder approval at the 47th AGM.
  • · Mr. Sandeep Modi is also authorized to determine materiality of events for stock exchange intimation.
JINDAL STEEL LIMITED Market Update mixed materiality 8/10

24-07-2026

Jindal Steel Limited reported a mixed set of results for Q1 FY27. On a standalone basis, revenue from operations grew 23% YoY to ₹15,275.48 Cr, but net profit fell 33% YoY to ₹1,085.97 Cr, impacted by higher costs and lower other income. On a consolidated basis, revenue rose 26% YoY to ₹15,482.13 Cr, while net profit declined 44% YoY to ₹843.80 Cr, reflecting margin pressure.

  • · Standalone profit before exceptional items and tax fell 33% YoY to ₹1,473.59 Cr from ₹2,196.57 Cr.
  • · Standalone total expenses rose 35% YoY to ₹13,818.18 Cr, outpacing revenue growth.
  • · Consolidated finance cost nearly doubled YoY to ₹548.21 Cr from ₹296.61 Cr.
  • · Consolidated depreciation and amortisation increased 28% YoY to ₹926.42 Cr.
  • · Standalone other income dropped sharply to ₹16.29 Cr from ₹264.68 Cr in the preceding quarter (Q4 FY26).
  • · Consolidated EPS (basic) fell to ₹8.30 from ₹14.73 in the same quarter last year.
APL Apollo Tubes Limited Analyst/Investor Meet neutral materiality 1/10

24-07-2026

APL Apollo Tubes Limited has informed the stock exchanges that a conference call to discuss Q1FY27 financial results will be held on August 3, 2026, at 11:30 AM IST. The call will be hosted by Antique Stock Broking Limited and will feature senior management including Chairman & Managing Director Sanjay Gupta and CFO Chetan Khandelwal. No financial results or performance data are disclosed in this filing.

  • · Conference call scheduled for Monday, 3rd August 2026 at 11:30 AM IST.
  • · Management participants include Chairman & MD, Director, Director (Operations), Chief Strategy Officer, and CFO.
  • · Dial-in details provided for India (universal access) and multiple international toll-free numbers across 16 countries.
  • · The call is hosted by Antique Stock Broking Limited.
JINDAL STEEL LIMITED Market Notice neutral materiality 7/10

24-07-2026

Jindal Steel Limited's Board of Directors approved the unaudited financial results for Q1 FY27 (quarter ended June 30, 2026) and announced several key leadership changes. Mr. Vidya Rattan Sharma was appointed as Additional Director and Managing Director for a two-year term, and Mr. Sandeep Modi (ex-CFO of Hindustan Zinc) was appointed as the new Chief Financial Officer. The company also appointed a new COO, Head of HR, and proposed a change in statutory auditors, subject to shareholder approval.

  • · The Board meeting commenced at 01:30 P.M. and concluded at 05:50 P.M. on July 24, 2026.
  • · Mr. Vidya Rattan Sharma previously served as Managing Director of Jindal Steel from 2019 to 2022 and brings four decades of international leadership experience.
  • · Mr. Sandeep Modi, a Chartered Accountant, joins from Hindustan Zinc Ltd where he was CFO, and has nearly two decades of experience with the Vedanta Group.
  • · Mr. Rajiv Kumar, the new COO, has over 35 years of experience, previously serving as CEO of Vedanta Aluminium and Vice President - Operations at Tata Steel's Kalinganagar plant.
  • · Mr. Sukhjit S. Pasricha, the new Head of HR, has ~30 years of experience, most recently as Group CHRO at IndiGo.
  • · Mr. Sunil Agrawal will step down as Interim CFO but will continue overseeing the Finance function.
  • · S S Kothari Mehta & Co. LLP is proposed to replace Lodha & Co. LLP as Statutory Auditors for a 5-year term, subject to shareholder approval at the 47th AGM.
  • · Mr. Sandeep Modi is also authorized to determine the materiality of events for stock exchange intimations.
Steel Authority of India Limited Corporate Governance mixed materiality 8/10

24-07-2026

Steel Authority of India Limited (SAIL) reported a strong 138.7% YoY increase in net profit to ₹1,636.00 crore for Q1 FY26 (quarter ended June 30, 2026), driven by a 1.2% rise in revenue from operations to ₹26,245.64 crore. However, the company faces significant corporate governance issues, including a non-compliant Board lacking the requisite number of Independent Directors and a Woman Director, and an ongoing investigation by external agencies into policy/pricing decisions following the suspension of certain officers. Exceptional items of ₹144.01 crore related to voluntary retirement costs weighed on profitability.

  • · The Board of Directors lacks the requisite number of Independent Directors and Non-Executive Directors, and there is no Woman Director on the Board, leading to non-compliance with Sections 149, 177, 178 of the Companies Act and SEBI LODR Regulations 17, 18, 19.
  • · An investigation by external agencies is ongoing regarding policy/pricing decisions, following the suspension of certain officers and employees based on directions from the Ministry of Steel.
  • · Revenue from operations includes ₹2,138.77 crore from sales to Government agencies at provisional prices for the quarter, with cumulative such revenue up to ₹20,561.95 crore.
  • · Exceptional items of ₹144.01 crore were recorded for Voluntary Retirement of Employees.
  • · The principal auditors did not review the financial results of 9 branches/units, which contributed total revenues of ₹10,305.93 crore and net profit of ₹766.24 crore.
  • · Segment-wise, Rourkela Steel Plant reported the highest segment profit of ₹857.84 crore, while Salem Steel Plant and Visvesvaraya Iron & Steel Plant reported losses of ₹66.07 crore and ₹2.51 crore respectively.
Steel Authority of India Limited Market Notice mixed materiality 8/10

24-07-2026

Steel Authority of India Limited (SAIL) reported its Q1 FY27 financial results, with turnover of Rs. 26010 crore and a Profit After Tax (PAT) of Rs. 1636 crore. While EBITDA improved significantly to Rs. 4356 crore from Rs. 2925 crore in Q1 FY26, the company's crude steel production declined slightly to 4.757 MT from 4.9 MT in the previous quarter. The global steel production environment remains challenging, with a 1.5% decline in the first five months of the year, though domestic steel consumption grew by approximately 8% in Q1 FY27.

  • · The company's net worth increased to Rs. 59720 crore as of June 2026 from Rs. 58195 crore in March 2026.
  • · Borrowings (Non Ind AS) increased to Rs. 29811 crore in June 2026 from Rs. 28741 crore in March 2026.
  • · The Debt to Equity ratio (IndAS) stood at 0.54 as of June 2026, up from 0.51 in March 2026.
  • · The company's Interest Coverage Ratio was 4.80 for Q1 FY27.
  • · The company's EBITDA per tonne was Rs. 10464 for Q1 FY27.
  • · Global crude steel production declined by 1.5% in Jan-May 2026 vs CPLY, with China's production down 3.8%.
  • · Indian crude steel production grew 3% YoY in Q1 FY27, while finished steel consumption grew ~8%.
  • · The company's product mix for Q1 FY27 was 52.7% Flats, 34.8% Longs, and 12.5% Semis.
  • · The company's techno-economic parameters for FY27 include a Coke Rate of 420 kg/thm and a Specific Energy Consumption of 6.20 GCal/tcs.
JINDAL STEEL LIMITED Market Notice mixed materiality 8/10

24-07-2026

Jindal Steel Limited reported Q1FY27 consolidated gross revenue of INR 17,834 Cr, adjusted EBITDA of INR 2,667 Cr, and profit after tax of INR 844 Cr. Production declined 10% QoQ to 2.40 MT while sales fell 15% QoQ to 2.23 MT, though both were up 14% and 17% YoY respectively. The company's net debt-to-EBITDA stood at 1.71x and liquidity was strong at INR 6,080 Cr. However, India remained a net steel importer for the second consecutive quarter, and finished steel consumption declined 7% QoQ.

  • · CARE ratings upgraded long-term credit rating from AA/stable to AA+/stable.
  • · Coal dispatch started from Utkal B1 mine.
  • · Share of flats in total sales volume increased from 43% in Q1FY26 to 49% in Q1FY27.
  • · Domestic sales in Q1FY27 were 2.03 MT (up 15% YoY, down 19% QoQ).
  • · Exports in Q1FY27 were 0.21 MT (up 60% YoY, down 59% QoQ).
  • · India's crude steel production declined 6% QoQ to 42.0 MT in Q1FY27.
  • · India's finished steel imports rose 10% QoQ and 49% YoY to 2.1 MT in Q1FY27.
  • · Net imports in Q1FY27 were 0.5 MT, second consecutive quarter of net import position.
  • · HRC domestic price (Mumbai) was INR 58,627/t in Q1FY27, up INR 6,896 YoY and INR 4,869 QoQ.
  • · PHCC Australia coking coal price was USD 261/t in Q1FY27, up USD 62 YoY and USD 8 QoQ.
  • · TMT domestic price (Mumbai) was INR 57,115/t in Q1FY27, up INR 1,754 YoY but down INR 92 QoQ.
  • · Iron ore fines (62 Fe) price was INR 5,354/t, up INR 235 YoY but down INR 519 QoQ.
  • · Iron ore lumps (63 Fe) price was INR 7,412/t, up INR 77 YoY but down INR 546 QoQ.
  • · TMT shifted to a discount to HRC towards the end of the quarter due to seasonal weakness.
  • · Raigarh avoided ~40 tCO₂e in Q1FY27 through LNG powered vehicles.
  • · Electric billet-transport pilot between Angul and Patratu avoided ~240 litres of diesel and up to 600 kg CO₂ per trip.
Jindal Stainless Limited Market Notice positive materiality 3/10

24-07-2026

Jindal Stainless won six awards at the 12th National Awards for Manufacturing Competitiveness (NAMC), including a Gold Medal and AatmaNirbhar Nation Builder Award for its Hisar unit (fourth consecutive year) and a Silver Medal for its Mundra unit. The recognitions highlight the company's commitment to manufacturing excellence through digitalisation, innovation, and employee-led initiatives. No financial or operational declines were reported in this filing.

  • · The Hisar unit was also adjudged 2nd Runner-Up in the overall NAMC rankings.
  • · The rigorous assessment for the awards was conducted from April 6 to 8, 2026.
  • · The awards ceremony was held at ITC Maratha, Mumbai, on July 17, 2026.
  • · The NAMC awards are instituted by the International Research Institute for Manufacturing (IRIM) since 2013.
  • · Jindal Stainless had an annual turnover of INR 42,955 crore (USD 4.86 billion) in FY26.
  • · The company is ramping up facilities to reach 4.2 million tonnes of annual melt capacity in FY27.
  • · Jindal Stainless operates 16 manufacturing and processing facilities in India, Spain, and Indonesia, with a network in 12 countries.
  • · The company manufactures stainless steel using electric arc furnace, reducing greenhouse gas emissions.

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