Results for the Quarter ended 30th June, 2025 and change in management etc.
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Bihar Sponge Iron reported Q1 FY26 net revenue of Rs 7,750 lakhs, down about 25% from Rs 10,385 lakhs in the same quarter last year. Profit before tax fell to Rs 211.70 lakhs (from Rs 368.72 lakhs YoY), with EPS at Rs 0.23 versus Rs 0.41. The company's other equity remains deeply negative at Rs (17,561.96) lakhs as of March 31, 2025. The statutory auditor issued a qualified review, flagging an unprovided Rs 215.28 lakh penalty from South East Coalfields, undisclosed promoter loan settlements, and only partial provisioning (Rs 2,746 lakhs of Rs 8,273 lakhs) for Jharkhand government soft loan interest. The board also approved the re-appointment of Mrs. Kumkum Modi (wife of Chairman Umesh Kumar Modi) as Non-Executive Director, along with new 5-year appointment of secretarial auditor and re-appointments of cost and internal auditors.
Weak quarterly performance with declining revenue and profits, combined with negative net worth and unresolved coal penalty and government loan issues, point to ongoing financial stress. The promoter-family director re-appointment is procedural but reinforces the controlling family's grip on the board amid these challenges.