We submit herewith outcome of Board Meeting held today i.e. August 6, 2025.
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Welcast Steels' board approved unaudited financial results for Q1 FY26 (quarter ended June 30, 2025). Total income fell to Rs. 23.20 crore from Rs. 24.90 crore in the same quarter last year, a decline of about 6.8%. The company reported a loss after tax of Rs. 29.42 lakh, narrower than the Rs. 58.10 lakh loss in Q1 FY25. Statutory auditors gave an unqualified review conclusion. The board also noted the resignation of CEO Mr. V. V. R. Mohana Rao (health reasons, effective July 31, 2025) and appointed Mr. Gangadurai M., a metallurgical engineer with 48 years of foundry experience and former GM at holding company AIA Engineering, as the new CEO effective August 6, 2025. AIA Engineering continues to hold 74.85% of the company. Sales to a single large customer dropped sharply to Rs. 7.75 crore from Rs. 11.73 crore a year ago, highlighting customer concentration risk.
Investors should note that revenue continues to decline and the company remains loss-making, though losses are shrinking. The CEO change to a senior insider from the parent company may bring operational stability but does not signal a near-term turnaround.