The Board of Directors at the meeting held today i.e. Thursday, November 13, 2025 inter alia considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company ....
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Inducto Steel reported Q2 FY26 standalone revenue from operations of ₹2,172.32 lakhs, sharply lower than ₹4,614.86 lakhs in Q2 FY25, while H1 FY26 revenue fell to ₹6,757.64 lakhs from ₹8,479.58 lakhs a year earlier. The company continued to post losses, but they narrowed materially — Q2 FY26 loss after tax was ₹(74.54) lakhs versus ₹(226.60) lakhs in Q2 FY25, and H1 FY26 loss was ₹(99.30) lakhs versus ₹(318.36) lakhs in H1 FY25. Total assets expanded sharply from ₹5,661 lakhs (March 2025) to ₹14,554.50 lakhs, driven mainly by a jump in inventories (₹1,363 → ₹8,636 lakhs) and matching trade payables, suggesting bulk raw material (uncut ships) purchases on credit. The auditor (S.N. Shah & Associates) flagged an Emphasis of Matter on the treatment of Letter of Credit charges in inventory cost, and an Other Matter highlighting ₹21.70 crores stuck in two partnership firms where recoverability is at risk. LLB & Co resigned as joint auditor effective August 13, 2025, leaving S.N. Shah as sole reviewer.
Losses have narrowed year-on-year, which is mildly positive, but the company remains loss-making with negative operating cash flow of ₹(164.71) lakhs in H1 and persistent auditor concerns over partnership-firm investments and inventory valuation. The sharp balance-sheet expansion via inventory and trade payables increases working-capital and execution risk; shareholders should watch for recovery of the partnership advances and any further auditor qualifications.