Outcome of the Board Meeting held today i.e. Tuesday, May 26, 2026 attached
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On the reaction day the stock moved 3.1 pts less than Nifty Microcap 250 and 2.0 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Board approved the audited financial results for Q4 and year ended March 31, 2026. Total income declined to Rs. 7,581.11 lakhs from Rs. 8,983.12 lakhs in the previous year, representing a revenue decline of approximately 15.6%. The company reported a net loss of Rs. 9,544.14 lakhs, significantly worsening from a loss of Rs. 7,264.03 lakhs in FY 2024-25. The company's net worth has been completely eroded, standing at negative Rs. 35,900.70 lakhs. Additionally, the Board re-appointed M/S D.C. Chhajed & Associates as Internal Auditor for FY 2026-27.
The stock faces extreme risk as the auditor has raised a going concern doubt due to eroded net worth, loans of Rs. 58,114.41 lakhs classified as NPA, and current liabilities far exceeding current assets. Shareholders should be aware of the qualified audit opinion and potential liquidation risk.