Unaudited Financial Results for the quarter ended 31st March, 2026
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On the reaction day the stock moved 1.2 pts less than Nifty Microcap 250 and 1.1 pts less 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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Revenue from operations collapsed to Rs 1,700.64 lakh in FY26 from Rs 5,634.08 lakh in FY25, a drop of about 70%. Crucially, the company recorded zero revenue from operations in Q4 FY26 because no production activity took place during the quarter; the only income came from selling off old stock (as disclosed in the notes). Despite the revenue crash, full-year profit after tax rose to Rs 123.69 lakh from Rs 48.73 lakh (~154% growth), helped by sharply lower input costs (Rs 572 vs Rs 4,594 lakh), reduced finance cost (Rs 18 vs Rs 126 lakh), and gains from clearing inventory. However, Q4 FY26 alone posted a loss of Rs 56.43 lakh. The balance sheet shrank from Rs 1,937 to Rs 1,135 lakh as inventories went to zero and short-term borrowings were fully repaid (from Rs 648.52 to nil). Operating cash flow surged to Rs 1,367 lakh, used mainly to deleverage. The auditor separately flagged that GSTR-3B returns were not filed and related GST liability was not discharged, though the audit opinion remains unmodified.
This looks like a company winding down its manufacturing operations rather than a healthy earnings story — revenue has evaporated, production has stopped, and one-off inventory liquidation is masking the decline. Shareholders should be cautious: the headline PAT growth is not from ongoing business and the GST non-compliance adds regulatory risk. Near-term stock sentiment is likely to be weak given the operational shutdown.