Please find enclosed herewith a copy of the un-audited financial results accompanied by Limited Review Report for the quarter/nine months ended 31st December, 2025. The Board of Directors ....
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Vallabh Steels reported a net loss of Rs. 29.22 lakhs for Q3 FY26 (Dec 2025), slightly better than Rs. 35.06 lakhs loss in Q3 FY25. For 9M FY26, the net loss stood at Rs. 88.50 lakhs vs Rs. 104.52 lakhs in 9M FY25. Revenue from operations is effectively nil — total income is just Rs. 0.01-0.03 lakhs (only other income), indicating the steel manufacturing business has virtually no operating activity. The statutory auditor issued a qualified review report flagging major issues: no expected credit loss provisioning on trade receivables, unverifiable inventory, no impairment assessment on assets, missing actuarial valuation, and crucially — the company's bank accounts have been classified as NPA (Non-Performing Asset). The auditor was also unable to comment on the going concern status.
This is a deeply distressed company: no operating revenue, continuous losses, NPA-tagged bank accounts, and unresolved audit qualifications cast serious doubt on its ability to continue as a going concern. Shareholders face material risk — the stock is essentially a shell with no clear path to recovery, and NPA status severely limits access to working capital. Existing investors should treat this as a high-risk holding.