Outcome of Board meeting dated 30.05.2026
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Awaiting price reaction for this filing.
Earthstahl & Alloys reported a significant deterioration in financial performance for FY26, with revenue from operations declining ~15% to Rs 6,159 Lacs from Rs 7,228 Lacs in FY25. The company swung from a profit of Rs 53 Lacs to a net loss of Rs 490 Lacs, driven largely by adverse market conditions. The company has been operating only one of its two submerged arc furnaces since November 2025. Despite the losses, the statutory auditor (O.P. Bagla & Co. LLP) issued an unmodified (clean) opinion on the financial results. Prior period figures have been restated/regrouped for comparability. Operating cash flow turned positive at Rs 448 Lacs in FY26 compared to a negative Rs 130 Lacs in FY25, helped by inventory liquidation of Rs 565 Lacs.
The stock faces significant headwinds with a near-tripling of losses and revenue decline. However, the clean audit opinion and return to positive operating cash flow provide some stability. The ongoing partial furnace operation and macro headwinds remain key risks for investors.