Unaudited Financial Results quarter ended 31-12-2025
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Bihar Sponge Iron Ltd reported a strong Q3 with net revenue of Rs. 8,730.22 lakhs, up about 64% year-on-year from Rs. 5,330.17 lakhs. Profit after tax for the quarter jumped to Rs. 620.85 lakhs from Rs. 188.96 lakhs a year earlier. For the nine months, net revenue rose modestly to Rs. 22,855.77 lakhs while PAT grew around 43% to Rs. 1,007.31 lakhs, lifting EPS to Rs. 1.42. However, the auditor issued a qualified conclusion citing three unresolved issues: an Rs. 215.28 lakh coal penalty dispute with South East Coalfields, a massive Rs. 11,672.65 lakhs in unprovided interest on a Jharkhand government soft loan (only Rs. 2,746 lakhs booked), and undisclosed promoter loans pending one-time settlement. Separately, the company disclosed that Vanraj Steels, which operates its manufacturing facility under a usage-rights agreement, abruptly shut down the plant on February 6, 2026 without notice, raising serious operational uncertainty.
Despite the headline profit growth, shareholders should be cautious. The company carries negative other equity of around Rs. 47,562 lakhs (heavy accumulated losses), contingent liabilities from litigation, an undisclosed promoter loan quantum, and now the loss of its sole plant operator — all of which raise going-concern and operational continuity risks despite the improved quarterly numbers.