Un-audited Financial Results of the Company for the Third Quarter (Q3) and Nine Months ended on December 31, 2025 & Acquisition of Equity Shares of BINDALS SPONNGE INDUSTRIES LIMITED under ....
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Scan Steels reported standalone Q3 FY26 revenue of Rs. 191.63 crore (up ~9.8% YoY from Rs. 174.56 crore) and net profit of Rs. 3.10 crore vs Rs. 2.80 crore in Q3 FY25. For the nine-month period, however, net profit fell to Rs. 12.89 crore from Rs. 16.02 crore a year earlier despite marginally higher revenue. Consolidated nine-month net profit was Rs. 14.17 crore. In a separate decision, the board approved a 50:50 consortium with Kalinga Allied Industries India Pvt Ltd to acquire and revive Bindals Sponge Industries Ltd, which is under NCLT insolvency since 2018 with zero turnover. Scan Steels will contribute Rs. 20 crore in equity, with the total revival cost estimated at Rs. 180 crore. Bindals owns a 350 TPD DRI kiln and 12 MW captive power plant, with production expected from Q4 FY27. Scan Steels will have management control once the company is reconstituted.
Mixed near-term picture — Q3 showed revenue and profit growth but nine-month earnings declined, suggesting margin pressure. The Bindals acquisition expands the steel footprint at a low entry cost (Rs. 20 crore equity), but execution risk is high given the company's prolonged shutdown and the large additional capital outlay required.