Audited Standalone and consolidated financial result for the quarter and financial year ended March 31, 2026
ZENITHSTL · price
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Zenith Steel Pipes reported a 58% revenue decline to Rs 4,997.31 lakhs for FY2025-26, down from Rs 11,909.25 lakhs in the previous year. Despite this, PAT improved significantly to Rs 311.09 lakhs from Rs 22.51 lakhs, boosted by Rs 2,379.28 lakhs in other income including Rs 1,771.45 lakhs from write-back of prior period provisions and Rs 336.04 lakhs forex gains. The company had negative operating cash flows of Rs 94.03 lakhs and cash reserves declined sharply to Rs 72.38 lakhs from Rs 295.61 lakhs. The balance sheet shows severe distress with negative net worth of Rs 24,729.30 lakhs due to accumulated losses. Statutory auditors issued a qualified opinion citing material non-compliance, inability to verify balances, inventory valuation concerns, and significant doubt about the going concern assumption. A fraud of Rs 758 lakhs by a consultant was identified in Q3, with partial recovery of Rs 131.07 lakhs through properties.
The company faces serious financial and regulatory challenges including negative net worth, qualified audit opinion, negative cash flows, and ongoing debt recovery proceedings. While PAT improved on paper due to exceptional items and provision write-backs, the core business is declining and the auditors have raised significant doubts about the company's ability to continue as a going concern.