External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

International Steels Ltd / Equity Bottom-Up

<ul><li>ISL sold 268k tons in FY25 (44k exports, 224k domestic) versus 263k tons in FY24 (68k exports, 195k domestic), reflecting slight overall sales growth. ISL’s market share in flat steel segment increased to 23% in 2025 from 20% last year, up 3%. In ISL’s product mix, 60% of demand is for galvanized steel and 40% for cold rolled steel.</li><li>In FY25, around 60-65% of the market share was with importers, this is expected to reduce after imposition of Anti Dumping Duties on Galvalume products. In previous calls, management shared estimated size of galvalume at 200-250k tons.</li><li>The traders obtained stay order on Anti Dumping duties on galvalume and in previous hearings authorities have allowed trader to release their stock without pay order submission. Today, court ordered traders to furnish Bank Guarantees/Pay orders/Bankable securities, while the stay is in place. The finality of the stay is conditioned on the NTC Tribunal decision, which is expected to conclude by next month, as per management.</li></ul>

ISL sold 268k tons in FY25 (44k exports, 224k domestic) versus 263k tons in FY24 (68k exports, 195k domestic), reflecting slight overall sales growth. ISL’s market share in flat steel segment increased to 23% in 2025 from 20% last year, up 3%. In ISL’s product mix, 60% of demand is for galvanized steel and 40% for cold rolled steel.In FY25, around 60-65% of the market share was with importers, this is expected to reduce after imposition of Anti Dumping Duties on Galvalume products. In previous calls, management shared estimated size of galvalume at 200-250k tons.The traders obtained stay order on Anti Dumping duties on galvalume and in previous hearings authorities have allowed trader to release their stock without pay order submission. Today, court ordered traders to furnish Bank Guarantees/Pay orders/Bankable securities, while the stay is in place. The finality of the stay is conditioned on the NTC Tribunal decision, which is expected to conclude by next month, as per management.

Topline Flash Note: International Steel (ISL) – AGM & CBS Key Takeaways