Electrosteel promoter group adds 3.09 crore shares as Belgrave Investment Fund sells a matching block

Over two sessions at the end of September, members of the Electrosteel Castings promoter family and their investment companies bought stock in size. Seven entities — Mayank Kejriwal, Madhav Kejriwal, Asha Kejriwal, Nityangi Kejriwal Jaiswal, Priya Sakhi Kejriwal Mehta, Wilcox Merchants Pvt Ltd and Tulsi Highrise Pvt Ltd — disclosed market purchases made on September 28 and 29, 2026, itemised at 2.71 crore shares for ₹194.9 crore across their Form C filings. A separate disclosure under Regulation 29(2) of the SEBI SAST Regulations, filed by Wilcox Merchants and others on September 30, puts the promoter group's aggregate acquisition at 3,08,88,721 shares — about 5.0% of the company's 61.82 crore outstanding shares.

The disclosed aggregate equals roughly 5% of the company's share count, bought in two sessions at prices near ₹71–72 — while a single non-promoter fund sold a block of almost the same size.

The deal tape ties the two sides together. On September 28, Mayank Kejriwal bought 83,42,600 shares at ₹71.20, Asha Kejriwal 55,94,400 at ₹71.30 and Wilcox Merchants 48,25,000 at ₹71.40 — the same session in which Belgrave sold 1.88 crore shares at ₹71.28 and a further 1.01 crore at ₹72.33. The dates, prices and sizes line up closely, which suggests much of the promoter purchase was the other side of Belgrave's sale rather than open-market accumulation spread over time. The filings themselves do not state the counterparties.

The seven itemised rows sum to 2,71,42,650 shares for ₹194.94 crore — an implied average near ₹71.8, consistent with the deal-tape prices. The SAST filing's aggregate of 3,08,88,721 shares is about 37 lakh shares larger than the itemised Forms C; the difference sits in the filing's Annexure 2, whose detail is not reproduced in the cover letter. Whether the balance belongs to further group entities will be visible in the September-quarter shareholding pattern.

September 28 saw 1.97 crore shares change hands — against 7.6 lakh the previous session — yet the close barely moved, from ₹72.36 to ₹72.35: the signature of negotiated blocks rather than a market chase. The next day the stock rose +5.8% to ₹76.53 on 2.62 crore shares. Both moves came before any of these disclosures reached the exchange, so they trace to the trades themselves, not the filings. Once the filings landed — Belgrave's mid-session on September 30, the promoter group's after that close — the stock gave back 2.8% and then added 0.2%, closing October 1 at ₹74.54, still 24.7% below its 52-week adjusted high of ₹99 (October 17, 2025) and 23.9% above the March low of ₹60.15.

The buying comes after a difficult year, not a strong one. Per the company's Q1 FY27 press release, FY26 consolidated total income fell 17.6% to ₹6,133 crore (from ₹7,443 crore in FY25) and FY26 EBITDA halved — down 50.5% to ₹574 crore from ₹1,159 crore. The quarterly run shows net profit sliding from ₹89.1 crore in Q1 FY26 to a ₹21.9 crore loss in Q3 FY26 (which carried a ₹38.38 crore exceptional charge), then recovering to ₹48.4 crore in Q1 FY27, with EBITDA at ₹139 crore and the margin at 9.5% — up 302 bps on the preceding quarter, still 300 bps below a year earlier. The promoter purchases were made with the stock about a quarter below its 52-week high and the earnings base rebuilding from that trough — the filings record the transaction, not the reasoning behind it.