Outcome of the Board meeting of the Company for the quarter and year ended 31 03 2025 held on 21 05 2025
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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India Steel Works Ltd reported audited FY25 results with total income of just Rs. 112.75 lakhs, down sharply from Rs. 726.02 lakhs in FY24 (around 85% decline). The company posted a net loss of Rs. 1,339.35 lakhs for the full year (Q4 FY25 loss of Rs. 330.16 lakhs), while net worth slipped to Rs. 2,637.22 lakhs with other equity turning negative at Rs. (1,343.59) lakhs. The statutory auditor issued an Adverse Opinion and flagged a material going concern uncertainty, noting that operations have ceased, Kotak Mahindra Bank has taken possession of the factory, and the company is unable to discharge its liabilities. Major audit qualifications include inventory worth Rs. 13,534.32 lakhs not valued at net realisable value, an insurance claim receivable of Rs. 1,997.69 lakhs that may be overstated, and lack of physical verification or impairment assessment. Total financial indebtedness stood at Rs. 1,272 lakhs, with defaults of Rs. 48.53 lakhs on bank cash credit and Rs. 64.19 lakhs on unlisted debt securities. The board also appointed CS Mayur More as Secretarial Auditor for a five-year term from FY26 to FY30.
This is a deeply negative filing — an adverse audit opinion combined with going concern doubts means shareholders face significant risk of value erosion; the stock is likely to see downward pressure given ceased operations, a bank-taken factory, and unrecovered insurance claims.