Outcome of Board Meeting held on 26th May, 2026 is enclosed.
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Awaiting price reaction for this filing.
Steelco Gujarat reported FY2026 revenue of ₹5,852.92 lakhs, up ~40% from ₹4,177.30 lakhs in FY2025, driven by higher steel product sales. However, the company posted a net loss of ₹3,727.19 lakhs for FY26 versus a loss of ₹2,053.78 lakhs in FY25 — losses nearly doubled year-on-year. The company issued ₹140 crore in secured non-convertible debentures during the year, which significantly increased borrowings. Net worth collapsed to just ₹271.72 lakhs (from ₹4,004.29 lakhs), largely due to accumulated losses. The auditors (M Sahu & Co.) issued an unmodified (clean) opinion on the financial statements. Post-reporting date, the board approved a rights issue of up to ₹1,489.66 lakhs to raise capital.
The stock carries extreme risk — losses are deepening, equity has turned nearly negative, and debt has surged. The rights issue may dilute shareholders but signals the company urgently needs capital to remain solvent. Any investment would be highly speculative at this stage.