Pursuant to Regulation 30 read with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, we wish to inform you that the Board of Directors in their ....
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Modern Steels Limited's board approved unaudited results for Q2 and H1 FY26. The company swung back to profit: Q2 PAT of Rs 8 lacs (vs loss of Rs 4 lacs in Q2 FY25), and H1 PAT of Rs 31 lacs (vs loss of Rs 7 lacs in H1 FY25). Total income rose to Rs 31 lacs in Q2 from Rs 22 lacs YoY, and to Rs 78 lacs in H1 from Rs 44 lacs. However, the company has no manufacturing operations as it already sold its plant assets under a slump sale at Mandi Gobindgarh, and is now only earning commission income. Earnings are tiny relative to its Rs 1,440 lacs share capital. The auditor (APT & Co LLP) issued an unmodified limited review report, but flagged that financials are on a going concern basis pending future commercial plans.
Profit turnaround looks positive on paper but is small and comes off a very low base. The fact that the company has no active manufacturing, combined with a negative operating cashflow of Rs 34 lacs in H1 and an explicit going concern note, suggests the core business remains dormant and the stock should be treated as a high-risk turnaround/revival play rather than a steady performer.