Pursuant to the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Board at its meeting held today i.e. on May 29, 2025, ....
Awaiting price reaction for this filing.
Chase Bright Steel's board approved audited results for FY25 showing a sharp deterioration in performance. Total revenue fell to ₹127.83 Lakhs from ₹276.79 Lakhs in FY24, a drop of about 54%, mainly due to lower other income. The company slipped into a marginal loss with a Profit After Tax of negative ₹0.12 Lakhs versus a profit of ₹52.91 Lakhs last year, and EPS turned to negative ₹0.01 from ₹3.16. The balance sheet reveals deeply negative net worth of negative ₹1,421.30 Lakhs, with accumulated losses of ₹1,588.80 Lakhs against share capital of just ₹167.50 Lakhs, and current liabilities exceeding current assets by ₹1,279.29 Lakhs. The company has no manufacturing facility, most workers have left, and the auditor flagged a material going concern uncertainty while giving an unmodified opinion with an Emphasis of Matter.
This is a serious red flag for shareholders. The company is essentially broke on paper with fully eroded net worth, no manufacturing operations, ongoing losses, negative operating cashflows, and an unresolved CGST tax demand of about ₹2.45 Crores hanging over it. While management says it is still a going concern, the stock carries very high risk of further erosion or regulatory action, and investors should treat this as a distressed micro-cap situation.