This filing is part of the company’s quarterly result. Read the full results article, with every figure explained →
Outcome of Board Meeting held on Wednesday, 13th August, 2025
ZENITHSTL · price
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On the reaction day the stock moved 2.0 pts more than Nifty Microcap 250 and 1.9 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board approved Q1 FY26 (ended June 30, 2025) unaudited standalone and consolidated results, with revenue from operations falling about 33.6% year-on-year to ₹1,891.87 lakhs (from ₹2,850.47 lakhs). The company reported a profit of ₹95.65 lakhs versus a loss of ₹191.74 lakhs a year ago, but the turnaround is largely driven by a one-time provision write-back of ₹622.17 lakhs booked as other income. The statutory auditor issued a qualified conclusion, highlighting that the company's net worth is fully eroded (reserves of negative ₹39,267.66 lakhs), and raised concerns over unreconciled trade balances, frozen bank accounts, and manual inventory valuation. The board also appointed M/s. Varun Kabra & Associates as the new secretarial auditor for five years (FY26–FY30) in place of the outgoing auditor. Major legacy issues continue: a consortium of banks has ₹19,319 lakhs in dues under SARFAESI/DRT proceedings, a ₹16,884.92 lakhs MoU with Tribus Real Estate is pending settlement, and SEBI's civil appeal in the GDR matter remains pending before the Supreme Court.
Despite the headline profit, the core steel pipes business is contracting sharply and the balance sheet remains deeply stressed with negative net worth. The qualified audit opinion, going-concern uncertainty, and dependence on debt restructuring mean the stock carries significant risk; shareholders should weigh the turnaround cautiously as outcomes of DRT and MoU settlements will be critical.
| Q1 FY26 | Q1 FY25 | Change | |
|---|---|---|---|
| Revenue | ₹18.92 Cr | ₹28.50 Cr | −33.6% |
| Operating profit | −₹5.55 Cr | −₹3.75 Cr | loss widened |
| Profit after tax | ₹0.96 Cr | −₹1.92 Cr | turned positive |
| EBITDA margin | -23.5% | -9.3% | −14.2 pp |
From the company's XBRL filing, not from the text above. Operating profit = profit before tax − exceptional items − other income. EBITDA = profit before tax + finance costs + depreciation − other income.