Un-audited Financial Results of the Company for the Third Quarter (Q3) & Nine Months ended on December 31, 2025 along with LRR.
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Scan Steels reported Q3 FY26 standalone revenue of Rs. 19,163 lakhs, up about 10% from Rs. 17,456 lakhs in Q3 FY25, while nine-month revenue rose modestly to Rs. 55,670 lakhs from Rs. 55,127 lakhs. Q3 standalone PAT improved to Rs. 310 lakhs (EPS Rs. 0.59) from Rs. 280 lakhs (EPS Rs. 0.48), but nine-month PAT declined to Rs. 1,289 lakhs from Rs. 1,602 lakhs. Consolidated nine-month PAT was Rs. 1,417 lakhs vs Rs. 1,691 lakhs last year. The auditor issued a clean limited review report with an Emphasis of Matter on pending assessment of the new Labour Codes notified in November 2025. The board also approved joining a 50:50 consortium with Kalinga Allied Industries to acquire Bindals Sponge Industries under an NCLT-approved resolution plan, committing Rs. 20 crore in equity from Scan Steels, with total project cost around Rs. 180 crore.
Near-term results are mixed: quarterly profit growth is positive but nine-month earnings have shrunk despite stable revenue, suggesting margin pressure. The Rs. 20 crore equity commitment plus potential further infusion toward reviving a loss-making, non-operational steel asset signals expansion but also stretches the balance sheet for a small-cap steel company. Shareholders should watch working-capital strain and the timeline for revival of Bindals' 350 TPD plant, expected only from Q4 FY27.