Electrosteel Castings Limited’s Board of Directors approved the unaudited consolidated financial results for Q3 2026 and the first nine months of FY26. Sunil Katial has been re-appointed as Whole-time Director and Chief Executive Officer for a 5-year term starting April 1, 2026, with remuneration approved for 3 years, subject to shareholder approval. Additionally, the board approved entering a power purchase agreement for green energy.
Financial Performance Approved
The Board of Directors has approved the unaudited consolidated financial results for the quarter and nine months ended December 31, 2025. The results were reviewed in compliance with applicable regulations.
CEO Re-appointment
Sunil Katial has been re-appointed as the Whole-time Director and Chief Executive Officer of the Company, effective April 1, 2026. His new term extends for five consecutive years, with his remuneration approved for three consecutive years, pending shareholder approval at the upcoming General Meeting. Mr. Katial, aged 69, has extensive experience, including over 47 years in the steel and power industry.
Details of CEO’s Re-appointment:
- Reason for change: Re-appointment of current CEO.
- Appointment Date: Effective April 1, 2026.
- Term of Appointment: Five consecutive years for the role, three consecutive years for the approved remuneration.
- Brief Profile: B Tech (Electrical Engineering) from Punjab Engineering College, Chandigarh, with extensive experience.
Green Energy Initiative
The Board has also agreed to enter into a Power Purchase Agreement to procure green power for the Srikalahasthi Works (SW) via an Interstate Group Captive Power Purchase (GCPP) model. This involves investing approximately ₹7.00 Crores to subscribe to 26% of the equity share capital of a Special Purpose Vehicle (SPV), with the remainder held by a Developer. This is aimed at ensuring compliance with Group Captive regulations. The SPV is yet to be incorporated.
Source: BSE
