Outcome of Board Meeting
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Board approved unaudited standalone and consolidated financial results for Q2 FY26 (quarter ended September 30, 2025). Standalone revenue from operations for the quarter collapsed to just ₹9.53 lakhs as the company shut down its Vizianagaram manufacturing plant in February 2025 due to ageing, obsolete equipment. The company swung to a standalone loss of ₹68.08 lakhs in Q2 and a loss of ₹10.84 lakhs for H1 FY26, versus a profit of ₹157.64 lakhs in H1 FY25. During the period, the company sold old plant and machinery as scrap, generating ₹712.98 lakhs, and used proceeds (along with other funds) to repay ₹815.70 lakhs of borrowings. A provision of ₹130.42 lakhs was made for expected credit loss on overdue trade receivables. The management plans to pivot to real estate by monetising the factory land and other land at Kakinada. The statutory auditor issued a qualified conclusion on both standalone and consolidated results because trade receivables, advances and trade payables remain subject to confirmation and reconciliation.
Negative for shareholders in the near term — the core steel manufacturing business is shut, the company is loss-making, and the auditor has flagged pending confirmations. The real estate pivot and debt repayment are positives, but execution risk on land monetisation remains high.