Audited Financial Results for the 4th Quarter and Year Ended 31st March, 2026
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Bihar Sponge Iron Limited reported Total Income of Rs. 27,294.29 Lakhs for FY26, down 22% from Rs. 34,932.25 Lakhs in FY25, indicating a significant revenue decline. Net Profit improved marginally to Rs. 1,132.28 Lakhs from Rs. 1,039.43 Lakhs in the prior year. The auditor issued a Qualified Opinion citing four key issues: (1) Rs. 215.28 Lakhs penalty from SECL for short coal lifting not provided as company filed writ petition; (2) Rs. 9,148.07 Lakhs interest on Jharkhand govt soft loan not provided pending waiver; (3) promoter loan settlement amounts unquantified; (4) recoverability uncertainty of dues from plant operator Vanraj Steels Private Limited (VSPL) who abandoned operations in February 2026. The company faces an NCLT case filed by Agarwal Coal Corporation relating to VSPL's operational debt. Shareholder funds remain deeply negative at Rs. (3,401.95) Lakhs.
The qualified audit opinion and negative net worth signal significant financial distress. Revenue decline of 22% combined with ongoing legal disputes and VSPL's abandonment of the plant creates uncertainty around recoverability of dues and future operations. Shareholders face high risk as the company continues to operate under going concern challenges.