Outcome of the Board Meeting

Zenith Steel Pipes reported annual revenue of Rs 4,997.31 lakhs for FY2026, down 58% from Rs 11,909.25 lakhs in FY2025. However, profit after tax improved significantly to Rs 311.09 lakhs from Rs 22.51 lakhs (over 1,200% growth), though this is partly due to Rs 1,771.45 lakhs in provisions written back. The company reported an exceptional item of Rs 131.07 lakhs related to recovery of a suspected fraud of Rs 758 lakhs involving a consultant's unauthorized access to bank payments. The company flagged going concern issues as net worth remains deeply negative at Rs -24,729.30 lakhs. The auditors issued a qualified opinion citing non-compliance with deposit rules, unreconciled balances, and uncertainty over the going concern basis of accounting.