Audited Financial Results for the 4th quarter and year ended 31st March, 2026 and outcome of Board Meeting held on 29th May, 2026
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Bihar Sponge Iron Limited reported audited results for FY26 with standalone net revenue of Rs 24,547.73 lakhs, down 23% from Rs 31,941.64 lakhs in FY25. Despite lower revenue, profit after tax grew 9% to Rs 1,132.28 lakhs (vs Rs 1,039.43 lakhs). However, the auditor issued a QUALIFIED OPINION due to multiple unresolved matters: (1) Rs 215.28 lakhs penalty from South East Coalfields Ltd not provided pending court case, (2) promoter loan one-time settlement not quantified, (3) Rs 9,148.07 lakhs interest on soft loan from Jharkhand government not provided awaiting waiver, and (4) recoverability of dues from plant operator Vanraj Steels unclear. The company's net worth is NEGATIVE at Rs (3,401.95) lakhs. An NCLT case has been filed by Agarwal Coal Corporation for Rs 1,721.98 lakhs, which the company disputes. After adjusting for audit qualifications, the company would report a net loss of Rs 8,230.12 lakhs instead of profit.
The qualified audit opinion and negative net worth raise serious going concern doubts. Shareholders should note that reported profits appear inflated as the company has not provided for disputed liabilities totaling over Rs 9,000 lakhs. The NCLT case and negative cash flow from operations add further risk.