Outcome of Board Meeting held on February 13, 2026
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Awaiting price reaction for this filing.
The Board approved unaudited standalone and consolidated results for Q3 FY26 (Dec 31, 2025) and nine months ended Dec 31, 2025. Standalone net sales fell to Rs. 13,580.45 lakhs from Rs. 16,030.50 lakhs in Q3 FY25, a decline of about 15%. The company reported a standalone loss before tax of Rs. (2,802.18) lakhs in Q3, widening from Rs. (2,688.84) lakhs a year ago; 9M loss widened to Rs. (4,495.38) lakhs from Rs. (3,126.17) lakhs. Finance costs surged to Rs. 1,674.64 lakhs in Q3 (vs Rs. 829.12 lakhs YoY), nearly doubling YoY, highlighting a heavy debt burden. A critical note flags that interest due for Q3 FY26 has not been serviced. The Steel Division posted segment-level losses with deeply negative capital employed of Rs. (13,366) lakhs. The auditor (CNGSN & Associates LLP) issued an unqualified limited review report.
Persistent losses, declining top line, doubled finance costs, and unpaid interest service signal serious financial stress and raise solvency concerns for shareholders. Negative capital employed in the Steel Division points to liabilities exceeding assets in the core business, which is bearish for the stock.