ESL Steel Ltd (Electrosteel Steels Ltd.) - Unlisted Shares
Fundamentals
- Current Price
- ₹0
- Market Cap
- 0
- ISIN
- INE481K01021
- Face Value
- ₹10
- P/E Ratio
- 0
- EPS
- ₹-5.23 Cr
- P/B Ratio
- 0
- Book Value
- 30.11
- Debt / Equity Ratio
- 0.43
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue from Operations | 8,508.12 | 7,977.58 | 6,595.87 | 4,771.43 | 4,377.51 |
| Growth % | 6.65% | 20.95% | 38.24% | 9.00% | - |
| Operating Expenses | 8,347.40 | 7,703.25 | 6,033.64 | 3,921.75 | 3,812.31 |
| Growth % | 8.36% | 27.67% | 53.85% | 2.87% | - |
| Operating Profit | 160.72 | 274.33 | 562.23 | 849.68 | 565.20 |
| Op. Profit Margin % | 1.89% | 3.44% | 8.52% | 17.81% | 12.91% |
| Other Income | 110.52 | 74.70 | 203.97 | 127.81 | 103.64 |
| Finance Costs | 431.61 | 376.05 | 338.22 | 376.53 | 384.14 |
| Depreciation | 463.01 | 443.75 | 345.30 | 346.43 | 306.52 |
| exceptional items | -25.79 | - | -58.48 | -276.34 | - |
| Profit Before Tax | -649.18 | -470.77 | 24.20 | -21.81 | -21.81 |
| Tax | 318.4 | 87.13 | 118.80 | -2,753.83 | - |
| Tax % | 3.74% | 1.09% | 1.80% | -57.71% | - |
| Profit After Tax | -967.57 | -557.91 | -94.59 | 2,732.01 | -21.81 |
| Growth % | 73.43% | 489.80% | -103.46% | -12626.88% | - |
| PAT % | -11.37% | -6.99% | -1.43% | 57.26% | -0.50% |
| Diluted EPS | -5.23 | -3.02 | -0.51 | 14.78 | -0.12 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Equity Capital | 1849.03 | 1849.03 | 1849.03 | 1849.03 | 1849.03 |
| Reserves | 2749.65 | 3718.03 | 4278.70 | 4375.30 | 1643.80 |
| Total Equity | 4,598.68 | 5567.06 | 6127.73 | 6224.33 | 3492.83 |
| Borrowings | 1,488.96 | 1945.49 | 2402.03 | 2862.48 | 3315.82 |
| Provision | 223.34 | 219.38 | 226.62 | 218.69 | 6.72 |
| Other Non-Current Liabilities | 25.03 | 14.68 | 15.27 | 4.78 | 4.52 |
| Total Non current Liabilities | 1,737.33 | 2179.55 | 2643.91 | 3085.95 | 3327.05 |
| Borrowings | 804.33 | 460.42 | 460.42 | - | - |
| Other Current Liabilities | 3,667.61 | 3038.79 | 1918.80 | 2020.26 | 1580.95 |
| Total current Liabilities | 4,471.94 | 3499.21 | 2379.22 | 2020.26 | 1580.95 |
| Equity + Liabilities | 10,807.95 | 11245.82 | 11150.86 | 11330.55 | 8400.83 |
| Fixed Assets (incl. WIP) | 6558.96 | 6252.65 | 5915.74 | 5601.97 | 5893.20 |
| Other Non Current Assets | 2,420.44 | 2695.86 | 2855.88 | 2778.60 | 27.92 |
| Total Non current Assets | 8,979.39 | 8948.51 | 8771.62 | 8380.57 | 5921.12 |
| Trade Receivables | 110.70 | 248.63 | 80.58 | 102.90 | 171.73 |
| Cash & Cash Equivalents | 273.48 | 193.45 | 599.69 | 393.38 | 341.55 |
| Other Current Assets | 1,444.37 | 1855.23 | 1698.97 | 2453.69 | 1966.43 |
| Total current Assets | 1,828.56 | 2297.31 | 2379.24 | 2949.97 | 2479.71 |
| Total Assets | 10,807.95 | 11,245.82 | 11,150.86 | 11,330.55 | 8,400.83 |
Shareholding Pattern
- Vedanta Limited
- 95.5%
- Others
- 4.5%
Strengths & Weaknesses
Strengths
- Improved Efficiency Under Vedanta: ESL's plant utilization rose to 82% in FY24 (from <70% in FY18). Despite commodity price volatility, EBITDA margin recovered to USD 84/tonne in Q1 FY25. Higher domestic steel demand, lower input costs, and a 3.0 MTPA expansion should boost profitability.
- Vedanta’s Strong Support: ESL’s loans have Vedanta’s corporate guarantee, with working capital backed by a letter of comfort. Post ESL-VSL merger, Vedanta’s support remains, though divestment is being explored. Any change in support strategy will impact ratings.
Weaknesses
- Exposure to Demand & Price Risk: ESL's revenue and profitability in FY24 were impacted by fluctuations in construction activity and global steel prices.
- Moderate Financial Risk, Set to Improve: Net leverage rose to ~14x in FY24 (from ~10x in FY23), and interest coverage declined to 0.4x (from 0.8x). However, stable debt, improved operations, and controlled capex should strengthen debt metrics over time.
About ESL Steel Ltd (Electrosteel Steels Ltd.)
ESL Steel Limited, an integrated steel producer, was established in 2006 as a Public Limited Company and operates in Bokaro, Jharkhand, India. In June 2018, Vedanta Limited acquired management control of ESL through the Corporate Insolvency Resolution Process, aimed at resolving non-performing assets in the Indian banking system.
Board of Directors
- Mr. Arun Misra - Non-Executive Director
- Mr. Thomas Mathew T - Non-Executive Independent Director
- Mr. Subodh Kumar Rai - Non-Executive Independent Director
- Ms. Poovannan Sumathi - Non-Executive Woman Director
- Mr. Ashish Kumar Gupta - Chief Executive Officer & Whole Time Director
Senior Management
- Anand Prakash Dubey - CFO
- Manish Kumar Chaudhary - Company secretary