Audited Financial Results for the quarter and financial year ended 31.03.2025
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Panchmahal Steel reported FY25 revenue from operations of Rs. 38,310 lakhs, down about 10.4% from Rs. 42,762 lakhs in FY24, mainly due to lower realisations in stainless steel long products. Despite the topline decline, full-year profit after tax rose ~12% to Rs. 333 lakhs (FY24: Rs. 297 lakhs), helped by lower input costs, and EPS stood at Rs. 1.74 vs Rs. 1.56. However, Q4 FY25 swung to a loss with a pre-tax loss of Rs. 270 lakhs and PAT of negative Rs. 203 lakhs (EPS of -Rs. 1.06), sharply weaker than Q3 FY25's PAT of Rs. 166 lakhs. Cash flow from operations turned negative at Rs. -505 lakhs (FY24: Rs. 3,970 lakhs) due to inventory build-up and higher receivables, and short-term borrowings rose ~24% to Rs. 4,966 lakhs. The Board has recommended a 30% dividend (Rs. 3 per share) and the auditor issued an unmodified opinion.
Short-term negative: Q4 loss, declining revenues and negative operating cash flow may pressure the stock. Positive offsets: full-year PAT growth, dividend announcement, and unchanged auditor opinion with no qualifications.