Change in Directors
Price
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Awaiting price reaction for this filing.
Bihar Sponge Iron's board approved unaudited Q1 FY26 results showing net revenue of Rs 7,749.98 lakhs, down about 25% from Rs 10,385.48 lakhs in Q1 FY25, with profit before tax falling to Rs 211.70 lakhs (from Rs 368.72 lakhs). EPS dropped to Rs 0.23 from Rs 0.41. The auditor (Doogar & Associates) issued a qualified review report, flagging non-provisioning of a Rs 215.28 lakh coal penalty, undisclosed promoter loan settlement, and only partial provision (Rs 2,746.19 lakhs out of Rs 8,272.61 lakhs) of government soft loan interest. Mrs. Kumkum Modi (wife of Chairman Umesh Kumar Modi) was re-appointed as a Non-Executive Non-Independent Director from October 1, 2025, requiring shareholder approval under SEBI's age-75 rule. The company also appointed a new secretarial auditor for five years and re-appointed its cost and internal auditors for FY26.
Weak quarterly performance, declining revenues, and a qualified auditor opinion with several unresolved legal/regulatory issues may weigh on sentiment. The promoter family retaining board influence is a governance factor for minority shareholders to watch, though it requires shareholder approval at the upcoming AGM.