Un-Audited Financial Results for the 1st quarter ended 30th June, 2025 and outcome of Board Meeting held on 12th August, 2025
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Bihar Sponge Iron reported Q1 FY26 net revenue of Rs 7,749.98 lakhs, down about 25% from Rs 10,385.48 lakhs in Q1 FY25. Profit after tax fell to Rs 211.70 lakhs from Rs 368.72 lakhs, a drop of roughly 43% year-on-year, with EPS at Rs 0.23 versus Rs 0.41. The company's other equity remains deeply negative at minus Rs 17,561.96 lakhs as of March 2025, indicating accumulated losses far exceeding share capital. The statutory auditor (Doogar & Associates) issued a qualified review report, flagging an unprovided Rs 215.28 lakh penalty from South East Coalfields, promoter company loans whose one-time settlement amount is undisclosed, and Rs 5,526 lakhs of interest on a Jharkhand government soft loan not provided pending waiver approval. The board also re-appointed Mrs. Kumkum Modi (part of the promoter family) as a non-executive director and re-appointed cost and internal auditors.
Shareholders should note the clear decline in revenue and profits, the auditor's qualified conclusion, the large negative net worth, and several unresolved contingent liabilities — all of which point to ongoing financial stress despite the quarterly profit. Near-term stock sentiment is likely cautious given the qualification and unresolved legal/regulatory exposures.