Results for the quarter ended 30th June, 2025.
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Bihar Sponge Iron Ltd posted Q1 FY26 net revenue of Rs. 7,749.98 lakhs, down sharply from Rs. 10,385.48 lakhs in Q1 FY25 (a fall of about 25% YoY) and Rs. 9,849.49 lakhs in Q4 FY25. Profit after tax came in at Rs. 211.70 lakhs versus Rs. 368.72 lakhs a year ago, a drop of roughly 43%. Basic EPS stood at Rs. 0.23 (vs Rs. 0.41). The auditor (Doogar & Associates) issued a qualified conclusion, flagging Rs. 215.28 lakhs penalty from South East Coalfields kept unprovided, unquantified promoter company loans pending one-time settlement, and only partial provisioning of Rs. 2,746.19 lakhs out of Rs. 8,272.61 lakhs interest owed to the Jharkhand government on a soft loan (Rs. 5,526+ lakhs not provided, subject to waiver). Other equity remained deeply negative at Rs. (17,561.96) lakhs.
Sharp YoY fall in both revenue and profits, combined with a qualified auditor report, large unprovided interest, negative net worth and pending litigations, is a negative signal for shareholders — it raises concerns about the company's financial health and may weigh on the stock. Investors should watch for outcomes of the SECL penalty case, promoter loan settlement, and the Jharkhand soft loan waiver request.