Shah Alloys Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
SHAHALLOYS · price
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Shah Alloys Limited reported a massive revenue decline to Rs 37.27 Crores for FY2026 from Rs 266.52 Crores in FY2025, a drop of over 85%. The company swung to a net profit of Rs 72.60 Crores versus a loss of Rs 27.29 Crores previously, but this turnaround was entirely driven by exceptional items totaling Rs 91.61 Crores from asset sales (16-inch Rolling Mill for Rs 17 Crores, Plant & Machinery for Rs 63 Crores, and disinvestment in associate SAL Steel for Rs 13.98 Crores) plus Rs 7.24 Crores from HDFC Bank debt settlement. The company's Iron and Steel plant was shut down in August 2025 due to persistent losses from technology obsolescence. Operating cash flow was negative at Rs 71.01 Crores, and the auditors issued a qualified opinion on consolidated results with material uncertainty regarding going concern status. The company also appointed G M C A & Co. as internal auditor for FY2026-27.
The stock appears to be a non-operating shell company after major asset sales with no clear business plan. While accounting profits look strong due to one-time gains, the underlying operations are effectively shut down, raising serious going concern issues. Shareholders should be extremely cautious as the company's future remains highly uncertain.