Steel Exchange India Limited, a prominent integrated steel producer in South India and maker of the well-recognized ‘SIMHADRI TMT’ rebars, has reported a remarkable 296% year-on-year rise in net profit for the first quarter of FY26. This growth comes on the back of strong operational performance and increasing demand across key infrastructure sectors.
In the first quarter of FY26, SIMHADRI TMT rebars achieved a significant milestone by securing approvals for use in two prominent port infrastructure projects in Andhra Pradesh. These include the Machilipatnam Port project, led by Megha Engineering, and the Mulapeta Port project, undertaken by the Vishwa Samudra joint venture. These approvals mark a strong endorsement of the quality and reliability of SIMHADRI TMT rebars in large-scale infrastructure developments.
Demonstrating a strategic focus on long-term growth, the company established a new wholly-owned subsidiary—SEIL Infra Logistics Ltd—on June 29, 2025. The creation of this entity is part of a broader initiative to unlock value from non-core assets while simultaneously strengthening the company’s presence in the infrastructure and logistics sectors.
The launch of SEIL Infra Logistics Ltd is expected to enhance operational efficiency and open up new revenue streams. By concentrating on logistics and infra development, the subsidiary will support core business functions while enabling better utilization of underleveraged assets within the company’s portfolio.
Another key development in Q1 FY26 was the awarding of a significant billet conversion contract to SEIL by Rashtriya Ispat Nigam Limited (RINL). Under this contract, SEIL will produce Vizag Steel TMT rebars from billets, with the total order valued at up to ₹210 crore. The contract covers billet conversion for up to 1.2 lakh tonnes per annum, reflecting SEIL’s strong capabilities in steel processing and manufacturing.
Overall, the quarter was marked by meaningful progress on both the operational and strategic fronts. With major project approvals, the formation of a focused infrastructure subsidiary, and a substantial new order from RINL, the company has laid a solid foundation for future growth and value creation in the remaining quarters of FY26.
Commenting on the results, Suresh Kumar Bandi, Joint Managing Director, said, “Our Q1 performance underscores strong demand for SIMHADRI TMT and the benefits of operational discipline. Securing prestigious project approvals in Andhra Pradesh highlights the trust we’ve built in our brand. The launch of our logistics subsidiary marks a strategic step towards long-term value creation. We are confident of building on this momentum through the remainder of the fiscal year.”
Founded in 1999, Steel Exchange India Ltd (SEIL) is part of the Vizag Profiles Group and has evolved from a trading platform into one of the region’s most reliable steel manufacturers. The company operates a fully integrated steel plant and captive power unit in Vizianagaram district near Visakhapatnam, with facilities for sponge iron, billet production, rolling, and power generation, ensuring seamless end-to-end steel manufacturing.
In alignment with India’s ‘Atmanirbhar Bharat’ mission, SEIL is actively expanding into the production of specialty steels under the PLI scheme, aiming to reduce import dependency and enhance its portfolio of value-added products. For FY25, SEIL posted total income of ₹1,163.37 crore, EBITDA of ₹143.60 crore, and net profit of ₹25.93 crore.
