Consideration and Approval of Un-audited Financial Results for the First Quarter Ended 30th June 2025.
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On the reaction day the stock moved 2.8 pts more than Nifty Microcap 250 and 2.9 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Modern Steels Ltd, which has no manufacturing operations after selling its assets under a slump sale at Mandi Gobindgarh, reported Q1 FY26 total income of Rs 47 lakh (up from Rs 22 lakh in Q1 FY25) — entirely from 'Other Income' / commission activities, with no revenue from operations. Total expenses were Rs 24 lakh, yielding a profit before tax of Rs 23 lakh, a turnaround from a Rs 3 lakh loss in the year-ago quarter. Net profit stood at Rs 23 lakh with EPS of Rs 0.16 (vs Rs -0.02 earlier). The statutory auditors (APT & Co LLP) issued an unmodified limited review report. Notably, the financial statements are prepared on a going concern basis, with management citing future plans to start commercial activity. Additionally, CS Ananya Modi was appointed as Company Secretary w.e.f. 1 August 2025.
The numbers are nominal (Rs 47 lakh income, Rs 23 lakh profit), reflecting a near-dormant company with no operating business. The going concern disclosure is the key risk — shareholders should watch whether management's plans to restart commercial activity materialise, as the company currently has no core revenue stream.