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Steel Exchange India Secures ₹2.10 Billion Conversion Contract from RINL, Bolsters Strategic Alliance

Updated: July 21, 2025 12:49

Image Source: The Hindu Business Line
Steel Exchange India Ltd (SEIL) has been awarded a conversion contract valued at up to ₹2.10 billion by Rashtriya Ispat Nigam Ltd (RINL), marking a significant milestone in its long-standing partnership with the public sector steel major. The contract involves processing semi-finished steel into finished products, reinforcing SEIL’s role in India’s integrated steel supply chain.
 
Key Highlights:
  • The contract covers conversion of billets into TMT rebars under RINL’s specifications, leveraging SEIL’s Simhadri TMT brand and rolling mill infrastructure.
  • Execution will be carried out at SEIL’s integrated steel plant near Visakhapatnam, which includes a 250,000 MTPA steel melt shop and 225,000 MTPA rolling mill.
  • The agreement spans multiple quarters, with phased delivery schedules aligned to RINL’s demand cycles.
Strategic Context:
  • SEIL’s conversion model allows RINL to optimize capacity utilization without expanding its own rolling infrastructure.
  • The deal strengthens SEIL’s revenue visibility and operational throughput, especially amid volatile raw material pricing.
  • SEIL’s backward integration and co-generation power plant (60 MW) provide cost efficiencies and sustainability advantages.
Market Outlook:
  • Analysts expect the contract to contribute 12–15 percent to SEIL’s FY26 topline, with EBITDA margin expansion from fixed-cost absorption.
  • The company’s recent quarterly results showed a 68.9 percent YoY jump in EBITDA and a PAT margin of 4.84 percent, indicating improving profitability.
  • SEIL’s stock remains under radar for value investors, trading near its 52-week low despite operational turnaround.
Sources: Ratestar.in, ET Now, Hindustan Business, Tijori Finance, Steel Exchange India Corporate Filings (July 2025)

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