Unaudited financial results quarter ended 31-12-2025
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Bihar Sponge Iron reported Q3 FY26 net revenue of Rs 8,730.22 lakhs, up about 64% year-on-year from Rs 5,330.17 lakhs, with profit after tax of Rs 620.85 lakhs versus Rs 188.96 lakhs in the year-ago quarter. For nine months FY26, net revenue rose modestly to Rs 22,855.77 lakhs (from Rs 22,092.15 lakhs) while PAT improved to Rs 1,007.31 lakhs from Rs 703.61 lakhs. The board separately disclosed that M/s Vanraj Steels, which operates the company's plant under a facility user agreement, abruptly shut operations on 6 February 2026 without prior notice. The auditor (Doogar & Associates) issued a qualified review report flagging three unresolved matters: an SECL coal penalty of Rs 215.28 lakhs now back in dispute, Rs 11,672.65 lakhs of Jharkhand government soft loan interest only partly provided pending waiver, and undisclosed promoter company loans under negotiation for one-time settlement. Other equity remains deeply negative at Rs (47,561.96) lakhs, reflecting large accumulated losses.
The strong Q3 jump in revenue and profit is positive on the surface, but the sudden Vanraj plant shutdown threatens near-term production and earnings since Vanraj runs the manufacturing facilities. Combined with deeply negative net worth, a qualified auditor report, and large unresolved liabilities, this filing carries meaningful going-concern overhang for shareholders despite the headline profit improvement.