Please find enclosed Annual Report for the FY 2024-25
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India Steel Works Limited (BSE: 513361) has submitted its Annual Report for FY 2024-25 along with the notice for its 38th AGM to be held on August 16, 2025 via video conferencing. The numbers paint a grim picture: gross revenue collapsed to just ₹0.75 lakh from ₹81.60 lakh in the previous year, and EBITDA swung to a deeply negative ₹(457.96) lakh. The company says it is undergoing a strategic shift from steel into real estate, has tied up with Lloyds Realty Developers to develop its Khopoli factory land, and is seeking shareholder approval to rename itself India Homes Limited. Multiple special resolutions are on the AGM agenda, including raising overall borrowing limits to ₹500 crore, raising loans of up to ₹300 crore with an option to convert them into equity shares, and approval for material related party transactions worth up to ₹50 crore each with several promoter-group companies. The company is also proposing to revoke earlier EGM resolutions from December 2024 related to preferential equity issuances.
For shareholders, this signals a major business turnaround attempt but comes with significant risks: existing equity holders face substantial dilution if the ₹300 crore convertible loans are triggered, the borrowing limit is being raised fivefold to ₹500 crore, and large related-party transactions with promoter entities could raise governance concerns. The near-zero revenue and deep EBITDA loss suggest the pivot is happening from a position of financial weakness.