Outcome of Board Meeting and submission of Audited Financial Results for the Quarter / Year ended March 31, 2026 as per Regulation 33 of SEBI (LODR) Regulations, 2015. The Board has not ....
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Welcast Steels Limited has reported audited financial results for FY 2025-26, showing a net loss of Rs 530.22 lakhs compared to a loss of Rs 33.74 lakhs in the previous year. Revenue from operations dropped sharply to Rs 2,080.64 lakhs from Rs 8,432.58 lakhs due to the permanent closure of its only manufacturing plant in Bengaluru from December 15, 2025. The company has no plans to resume operations and is currently disposing of remaining inventory. As a result, financial statements were prepared on a non-going concern basis. The Board did not recommend any dividend for FY 2025-26. Statutory auditors Dagliya & Co. issued an unmodified opinion but included an Emphasis of Matter paragraph highlighting the non-going concern basis. An exceptional item of Rs 328.19 lakhs was recorded for plant closure compensation.
This is a highly negative development for shareholders. The company has effectively ceased operations and is in wind-down mode, with no stated plans to resume manufacturing. The stock should be treated as a non-operational, possibly speculative vehicle given the labor disputes pending in courts and the non-going concern accounting basis.