The Board of Directors at their meeting held today approved the Audited Financial Results for the Quarter/Year ended March 31, 2026.
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Welcast Steels Limited reported a total income of Rs 6,096.04 lakhs for FY 2025-26, down from Rs 8,619.07 lakhs in the previous year, representing a significant revenue decline. The company posted a net loss of Rs 530.22 lakhs, a sharp deterioration from the Rs 33.74 lakh loss in FY 2024-25. The company permanently shut down its only manufacturing plant in Bengaluru from December 15, 2025, and has no plans to resume operations. As a result, financial statements were prepared on a non-going concern basis. The auditors issued an unmodified opinion but included an Emphasis of Matter highlighting the non-going concern basis. An exceptional item of Rs 328.19 lakhs related to plant closure compensation was recorded. The board did not recommend any dividend.
Shareholders face extreme risk as the company has ceased all manufacturing operations and is now essentially a dormant entity. The stock is likely to trade at a significant discount to book value given the non-going concern basis of accounting and absence of operational plans.