Scan Steels Limited, an integrated steel maker with thirty years of experience, reported strong Q4 and full year FY26 results. Million (mn) is used below for conversions. Improved TMT rod realisations, higher volumes and cost optimisation led to margin expansion, with profit after tax margin at 2.8 per cent in Q4FY26 compared with 2 per cent in Q4FY25. Cash flow from operations rose fivefold to Rs. 371 mn in FY26 from Rs. 70 mn in FY25. TMT production increased 11 per cent year on year and 14 per cent quarter on quarter in Q4FY26, while billet production remained broadly stable and sponge iron output grew across the year. TMT sales volumes strengthened on both annual and quarterly bases and captive consumption absorbed sponge iron and billet output in Q4. Realisations per tonne for TMT improved on both comparable periods, although full year realisations were softer. Q4 revenue rose 47 per cent quarter on quarter to Rs. 2,817 mn, supporting sequential and annual growth, while FY26 revenue reached Rs. 8,383 mn, up six per cent year on year. Q4 EBITDA was Rs. 137 mn, up 53 per cent year on year, and FY26 EBITDA was Rs. 491 mn, up eight per cent. Profit after tax more than doubled in Q4 to Rs. 78 mn, with FY26 PAT at Rs. 220 mn. The ongoing capex at Unit II includes the installation of two 20-tonne furnaces, one 12-tonne furnace and a concast facility, which will add 100,000 tpa of billet capacity and raise Unit II TMT production to 200,000 tpa from 100,000 tpa. The project is expected to be commissioned by December 2026 and involves estimated capex of Rs. 600 mn funded from internal accruals. At Unit I the planned pipe mill and hot-dip galvanising line will target infrastructure demand with a finished product capacity of 0.25 mn tonnes and capex of Rs. 1,000 mn, expected to commence commercial production in Q2 of FY28. Management said these steps will strengthen integration, expand value-added capabilities and support medium term growth.