Board Meeting outcome Dated 12.08.2025 commenced at 02:30 PM and concluded at 05:00 PM
Awaiting price reaction for this filing.
Mideast Integrated Steels' board met on August 12, 2025 (2:30 PM to 5:00 PM) and approved the unaudited standalone and consolidated financial results for Q1 FY26 (quarter ended June 30, 2025). On a standalone basis, the company posted revenue of Rs 141.67 Mn (vs nil a year ago) and a net loss of Rs 164.48 Mn, with EPS of Rs -1.19. On a consolidated basis, revenue jumped to Rs 2,098.81 Mn (from Rs 1,459.62 Mn YoY) and the company swung to a net profit of Rs 405.89 Mn (vs a Rs 316.02 Mn loss) with EPS of Rs 2.94. The board also appointed Ms. Yachika Goel as Company Secretary cum Compliance Officer and Nodal Officer, appointed Prasanta Das & Co. as Internal Auditor for FY 2025-26, approved the FY25 Annual Report and Board's Report, and fixed the 32nd AGM. The Stakeholder Relationship Committee was reconstituted.
The auditor flagged serious concerns including doubt over going concern (negative net worth expected after provisions), Rs 1,562 Cr of fixed assets without insurance, unpaid GST returns since November 2020, and the unresolved Rs 924.75 Cr Supreme Court mining compensation liability. Shareholders should weigh the consolidated profit turnaround against these deep governance and solvency risks.