Bajaj Steel September-quarter profit falls 64% as revenue drops

Bajaj Steel Industries Limited reported consolidated net profit of Rs 7.70 crore for the quarter ended September 30, 2026, down 64% from Rs 21.28 crore a year earlier, as revenue from operations fell 11% to Rs 155.21 crore. Profit before tax declined to Rs 8.88 crore from Rs 28.28 crore.

Why did Bajaj Steel’s September-quarter profit fall?

Bajaj Steel’s September-quarter profit fell because income declined while several cost lines increased. Revenue from operations decreased by Rs 19.41 crore from Rs 174.62 crore in the quarter ended September 30, 2025, while total income, including other income, fell by Rs 18.00 crore to Rs 158.17 crore.

Profit before tax was Rs 8.88 crore in the September 2026 quarter, compared with Rs 28.28 crore in the corresponding prior-year quarter. Current tax expense declined to Rs 1.18 crore from Rs 7.00 crore, but net profit after tax still decreased by Rs 13.58 crore to Rs 7.70 crore.

The fall in profit was steeper than the decline in income. Total income fell about 10% year on year, while net profit fell 64%, based on the reported figures. The results show no exceptional items for either September quarter, leaving the stated profit-before-tax comparison to reflect the reported income and expense lines before tax.

How did Bajaj Steel’s revenue and expenses change?

Bajaj Steel reported revenue from operations of Rs 155.21 crore in the September 2026 quarter, against Rs 174.62 crore a year earlier. Revenue was higher than the Rs 120.35 crore shown for the quarter ended June 30, 2025, which is the immediately preceding quarterly comparator displayed in the filing.

Cost of materials consumed rose to Rs 101.77 crore from Rs 90.88 crore despite the revenue decline. Employee benefit expenses increased to Rs 24.49 crore from Rs 22.54 crore, while depreciation and amortisation expense rose to Rs 5.02 crore from Rs 3.73 crore.

Finance cost increased to Rs 1.50 crore from Rs 1.33 crore. Other expenses declined to Rs 34.11 crore from Rs 37.41 crore, while changes in inventories of finished goods, work in progress and stock in trade were negative Rs 17.59 crore, compared with negative Rs 7.99 crore in the prior-year quarter.

Bajaj Steel identified Multiple Engineering Products as its only reportable segment. The filing therefore provides no separate revenue, profit or asset data for different operating businesses in the September 2026 quarter.

What do Bajaj Steel’s half-year results show?

Bajaj Steel’s consolidated net profit for the half year ended September 30, 2026 was Rs 7.43 crore, down 74% from Rs 28.57 crore in the half year ended September 30, 2025. Revenue from operations declined by Rs 6.59 crore to Rs 275.56 crore, a substantially smaller reduction than the movement in profit.

Profit before tax for the half year fell to Rs 9.75 crore from Rs 38.20 crore. Total income decreased to Rs 279.97 crore from Rs 285.10 crore, while total expenses increased to Rs 270.21 crore from Rs 246.90 crore, reducing the surplus before tax.

Material consumption increased to Rs 172.72 crore from Rs 150.82 crore during the six-month period. Employee benefit expenses rose to Rs 45.27 crore from Rs 42.90 crore and finance cost increased to Rs 2.99 crore from Rs 2.62 crore, while other expenses decreased to Rs 58.55 crore from Rs 60.10 crore.

What changed in Bajaj Steel’s cash flow and balance sheet?

Bajaj Steel generated net cash from operating activities of Rs 9.40 crore in the half year ended September 30, 2026, compared with Rs 51.88 crore in the corresponding 2025 period. Cash generated from operations before interest paid and direct taxes paid or adjusted was Rs 16.84 crore, against Rs 64.44 crore a year earlier.

Investing activities used Rs 10.10 crore, compared with Rs 19.64 crore in the prior-year half year. The filing records Rs 13.40 crore of fixed-asset purchases and Rs 3.19 crore of interest and dividend received in the 2026 period; fixed-asset purchases were Rs 21.72 crore in the comparable period.

Net cash from financing activities was an inflow of Rs 2.02 crore, compared with an outflow of Rs 16.45 crore in the prior-year period. Cash and cash equivalents increased by Rs 1.33 crore during the half year to Rs 102.65 crore at September 30, 2026, from Rs 101.32 crore at the beginning of the year.

Total consolidated assets stood at Rs 755.33 crore at September 30, 2026, compared with Rs 699.14 crore at March 31, 2026. Inventories increased to Rs 218.40 crore from Rs 177.11 crore, trade receivables decreased to Rs 51.27 crore from Rs 57.14 crore, and total equity rose to Rs 429.78 crore from Rs 423.97 crore.

How was Bajaj Steel’s September 2026 result reviewed?

Bajaj Steel’s unaudited consolidated results were reviewed by its audit committee and approved by its board on November 6, 2026. The consolidated statements include Bajaj Coneagle LLC, Bajaj Steel Industries (U) Ltd., Bajaj Services Ltda and Bajaj Continental Ltda.

B. Chhawchharia & Co. stated that nothing had come to its attention in its review to indicate that the results had not disclosed the required information or contained a material misstatement. The auditor said it had not reviewed the subsidiaries’ interim financial results and relied on results reviewed by management for the amounts and disclosures relating to those entities.

Basic and diluted earnings per share were Rs 3.70 for the September 2026 quarter, compared with Rs 10.23 a year earlier. For the half year ended September 30, 2026, earnings per share were Rs 3.57 against Rs 13.79 in the corresponding prior-year period; the filing states that these figures are not annualised.

Conclusion

Bajaj Steel’s September-quarter results show that the contraction in consolidated earnings was much larger than the reduction in revenue. Revenue from operations declined 11% to Rs 155.21 crore and net profit fell 64% to Rs 7.70 crore, while the half-year figures show expenses rising despite a relatively limited decline in total income.

The next reported accounts will show the effect of year-end items that Bajaj Steel said had not been considered in these results, including deferred tax and actuarial valuation of employee benefits. The filing also identifies Multiple Engineering Products as the sole reportable segment, so future consolidated disclosures remain the stated basis for tracking business performance.