Submission of Annual Report 2025-26 including notice of 23rd Annual General Meeting of the Company

[Type here] Date: 01.09.2026 Department of Corporate Service, Manager, BSE Limited Listing Department, Phiroze Jeejeebhoy Tower, National Stock Exchange of India Limited Dalal Street, Exchange Plaza, Plot No C/1, G-Block, Mumbai – 400001 Bandra – Kurla Complex, Bandra (E), Mumbai – 400051 BSE Scrip Code: 532604 NSE Symbol – SALSTEEL Dear Sir(s), Sub: Submission of Annual Report 2025-26 including Notice of the 23rd Annual General Meeting of the Company Pursuant to Regulation 34(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015, please find enclosed herewith Annual Report of the Company for the year ended on 31st March, 2026 (2025-26) including Notice of the 23rd Annual General Meeting (“23rd AGM”). This will also be available on the website of the Company at www.salsteel.co.in. You are requested to take the same on record and acknowledge the receipt of the same. Thanking You. Yours faithfully, For & on behalf of SAL Steel Limited Devilal J Shah Company Secretary & Compliance Officer ICSI Mem. No. – A58287 Encl.: As mentioned above SAL STEEL LIMITED ANNUAL REPORT 2025-26 CORPORATE INFORMATION BOARD OF DIRECTORS Shri Mahesh Kumar Agarwal (DIN: 00168517) Chairman and MD (Appointed w.e.f 23.12.2025) Shri Kaustubh Agarwal (DIN: 08110836) Managing Director (Appointed w.e.f 23.12.2025) Shri Rajesh Mangal (DIN: 10562605) Non -Executive Director (Appointed w.e.f. 14.02.2026) Smt. Anil Kumar Singh (DIN: 11535361) Whole Time Director (Appointed w.e.f 14.02.2026) Shri Hiren S Mahadevia (DIN:00156429) Independent Director (Appointed w.e.f 23.12.2025) Shri Bipin A. Gosalia (DIN: 10521360) Independent Director Smt. Nipa Jairaj Shah (DIN:10833814) Independent Director (Appointed w.e.f 27.09.2025) Shri Mitesh V Jariwala (DIN:09396683) Independent Director (Resigned w.e.f 16.05.2026) Smt. Monika Goyal (DIN:11881952) Independent Director (Appointed w.e.f 14.08.2026) CHIEF FINANCIAL OFFICER STATUTORY AUDITORS Shri Anil Kumar Singh (Appointed w.e.f 01.07.2026) M/s. Parikh & Majmudar, Chartered Accountants, Shri Babulal M. Singhal (Resigned w.e.f 06.04.2026) 303, “B” Wing, GCP Business Center, Opp. Memnagar Fire Station, COMPANY SECRETARY AND COMPLIANCE OFFICER Nr. Vijay Cross Roads, Ahmedabad – 380 009 Shri Devilal J Shah, (Appointed w.e.f. 14.02.2026) SECRETARIAL AUDITORS Ms. Radhika P. Soni (Resigned w.e.f.14.02.2026) Kamlesh M. Shah & Co., AUDIT COMMITTEE Practicing Company Secretaries 801-A, 8th Floor, Mahalaya Complex, Shri. Hiren S Mahadevia, Chairman (Appointed w.e.f 24.12.25) Opp. Hotel President, B/h. Fairdeal House, Swastik Cross Roads, Shri Bipin A. Gosalia, Member , Off C. G. Road, Navrangpura, Ahmedabad 380 009 Gujarat Shri Rajesh Mangal, Member (Appointed w.e.f 18.05.2026) Smt. Shefali M. Patel, Member REGISTRAR AND SHARE TRANSFER AGENTS Kfin Technologies Limited Selenium Building, Tower-B, NOMINATION AND REMUNERATION COMMITTEE Plot No 31 & 32, Financial District, Shri. Hiren S Mahadevia, Chairman(Appointed w.e.f 24.12.25) Nanakramguda, Serilingampally, Shri Bipin A. Gosalia, Member , Hyderabad, Rangareddy, Telangana India - 500 032 Shri Rajesh Mangal, Member (Appointed w.e.f 18.05.2026) Whatsapp no.: (91) 910 009 4099 Toll Free no.: 1800-309-4001 STAKEHOLDERS’ RELATIONSHIP COMMITTEE E-mail: einward.ris@kfintech.com Shri. Hiren S Mahadevia, Chairman(Appointed w.e.f 24.12.25) Website: www.kfintech.com Shri Bipin A. Gosalia, Member Investor Support Centre Link: Smt. Nipa Jiaraj Shah, Member (Appointed w.e.f 27.09.2025) https://ris.kfintech.com/clientservices/isc CORPORATE SOCIAL RESPONSIBILITY COMMITTEE BANKERS TO THE COMPANY Shri Hiren S Mahadevia, Chairman (Appointed w.e.f 24.12.25) Kotak Mahindra Bank Yes Bank Limited Shri Bipin A Gosalia, Member CSB Bank Limited Shri Mahesh Kumar Agarwal (Appointed w.e.f.23.12.25) CORPORATE IDENTIFICATION NUMBER REGISTERED OFFICE CIN: L29199GJ2003PLC043148 604, Zion Z1, Near Avalon Hotel, Sindhubhawan Road, Bodakdev, Ahmedabad-380059 CONTENTS PAGE Notice 2 PLANT Directors’ Report 14 Survey No. 245, Village Bharapar, Corporate Governance Report 35 Tal. Gandhidham, Dist.: Kutch, Gujarat Management Discussion & Analysis Report 55 Independent Auditors’ Report 61 CORPORATE OFFICE Balance Sheet 72 4th Floor, B-wing, Milestone Experion Center, Sector 15, Part 2 , Gurgaon-122001 Statement of Profit & Loss 73 Cash Flow Statements 74 Notes forming part of Financial Statements 77 23rd ANNUAL REPORT 2025-26 1 NOTICE NOTICE is hereby given that the 23rd Annual General Meeting of the members of S.A.L. STEEL LIMITED will be held on Friday, September 25, 2026 at 12:30 P.M. IST through Video Conferencing (“VC”) /Other Audio-Visual Means (“OAVM”) to transact the following businesses: ORDINARY BUSINESS: 1. To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended 31st March, 2026, together with the Reports of the Board of Directors and the Auditors thereon and, in this regard, to consider and if thought fit, to pass the following resolution as an Ordinary Resolution: “RESOLVED THAT the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2026, together with the Reports of the Board of Directors and Auditors thereon, as circulated to the Members be and are hereby received, considered and adopted.” 2. To appoint Shri Mahesh Kumar Agarwal (DIN: 00168517) , who retires by rotation as a Director and being eligible, offers himself for re-appointment, and in this regard, to consider and if thought fit, to pass the following resolution as an Ordinary Resolution: “RESOLVED THAT in accordance with the provisions of Section 152 and other applicable provisions of the Companies Act, 2013 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), and based on the recommendation of the Nomination and Remuneration Committee, Shri Mahesh Kumar Agarwal (DIN: 00168517), who retires by rotation as a Director at this 23rd Annual General Meeting, and being eligible, offers himself for re-appointment, be and is hereby re-appointed as a Director of the Company, who shall be liable to retire by rotation.” SPECIAL BUSINESS: 3. To ratify the remuneration payable to, Cost Auditors of the Company for the financial year ending 31st March, 2027 To consider and if thought fit, to pass, with or without modification(s), following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Section 148(3) and rule 6(2) of the Companies (Cost Records and Audit Rules) 2014 and other applicable provision of the Companies Act, 2013 read with rules made thereunder if any (Including any statutory modification(s) or re-enactment thereof for the time being in force), M/s. Ashish Bhavsar & Associates, Cost Accountants (ICAI Registration No.: 22464) appointed by the Board on the recommendation of the Audit Committee of the Company to conduct the audit of the cost records of the Company for the financial year ending 31st March, 2027 at such remuneration as may be mutually agreed between the Cost Auditor and Board of Directors of the company and out of pocket expenses that may be incurred during the course of audit.” 4. To approve regularization of Mrs. Monika Goyal (DIN: 11881952), as an additional director in the capacity of non-executive independent Woman director, To consider and if thought fit, to pass the following resolution as Special Resolution: “RESOLVED THAT in pursuant to the provisions of Section 149, 152, 160 read with Schedule IV and other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualification of Directors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), Mrs. Monika Goyal (DIN: 11881952), who was appointed as an additional director in the capacity of Non- Executive Independent Woman Director by the Board of Directors of the company w.e.f 14.08.2026 a [Showing first 8,000 characters — download PDF for full document]