Outcome of the Board Meeting held on May 30, 2025

Qualified audit opinionEmphasis of matterNet loss reportedRevenue declinedResults View source PDF Explain this filing

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Nifty Microcap 250market · in no size index; the smallest one is used+0.1%-6.3% vs market

Iron & Steel Products peers, median of 91sector+0.2%-6.4% vs sector

On the reaction day the stock moved 6.3 pts less than Nifty Microcap 250 and 6.4 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

The Board of Tulsyan NEC approved the audited standalone and consolidated financial results for FY25 (year ended March 31, 2025). Standalone total income fell to Rs. 80,083 lakhs from Rs. 97,353 lakhs in FY24, a drop of around 17.7%, while the net loss widened sharply to Rs. 7,269.61 lakhs (FY24 loss: Rs. 5,017.05 lakhs), translating to a basic EPS of Rs. (44.16). Finance costs surged to Rs. 6,414.63 lakhs from Rs. 3,895.34 lakhs the prior year. On the consolidated basis, total income declined to Rs. 87,178 lakhs with a net loss of Rs. 7,255.89 lakhs. The statutory auditors issued a qualified opinion because balance confirmations were not received for trade receivables older than 180 days (roughly 65% of total receivables by value). The auditors also highlighted an emphasis of matter: the company defaulted on Non-Convertible Debenture repayments from December 2024, with an agreed moratorium running through March 2025, and the power plant was shut for 8 months during the year. The Board also appointed M/s. M. Damodaran & Associates as Secretarial Auditors for FY26–FY30 and reappointed the Internal and Cost Auditors for FY26.

Likely market impact

Shareholders should view this as a negative filing. Losses have deepened, revenue has fallen, finance costs have ballooned, the auditor has qualified the accounts due to unconfirmed receivables, and the company has needed a lender-agreed moratorium on its NCD obligations. These factors raise material concerns about earnings stability and debt-servicing capacity, and the lack of confirmations on large old receivables keeps the risk of further write-offs hanging over the stock.