UnAudited Standalone and Consolidated Financial Results with Limited Review Report for the quarter ended 31st Dec 2025
Awaiting price reaction for this filing.
Mideast Integrated Steels (MESCO STEEL) reported its Q3 FY26 results with standalone revenue from operations at Rs 0.00 Mn (mining operations remain shut since January 2018 due to a Supreme Court order), and total income of just Rs 33.81 Mn from other sources. The company posted a standalone net loss of Rs 106.82 Mn for the quarter and Rs 398.83 Mn for the nine-month period. On a consolidated basis, revenue from operations grew to Rs 1,306.77 Mn (up from Rs 1,152.75 Mn a year ago), but the company still reported a net loss of Rs 330.80 Mn for the quarter and Rs 1,339.30 Mn for nine months. The auditor issued a qualified opinion, flagged a serious going concern doubt, and highlighted that no insurance covers Rs 1,562.02 Cr of fixed assets, GST returns have not been filed since November 2020, and a Supreme Court compensation order of Rs 924.75 Cr remains unprovided for in the books.
This is a high-risk stock with the auditor explicitly stating the company may not be a going concern. Standalone business has effectively no operating revenue, mining remains shut since 2018, and massive contingent liabilities (Supreme Court compensation of Rs 924.75 Cr plus a Rs 718 Cr arbitration award under appeal) could wipe out shareholder value if crystallized. Retail investors should treat this as a deeply distressed, speculative counter.