BSE: 500058
BIHAR SPONGE IRON LTD.
Manufactures sponge iron at a single plant in Jharkhand, with the facility currently operated by Amalgam Steel & Power Limited under a Facility User Agreement signed on 23 March 2026. The previous operator, Vanraj Steels Private Limited, abruptly suspended operations in February 2026. Sponge iron is the sole revenue stream, contributing Rs. 245.48 crore in FY26 against Rs. 349.32 crore in FY25. Raw materials (iron ore and coal) account for 81.4% of revenue, with other operating expenses adding a further 16.8%. FY26 EBITDA margin stood at 6.17%, yielding a net profit of Rs. 11.32 crore on total assets of Rs. 92.27 crore. The plant site also includes a railway siding used for material movement. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sponge Iron (100%). Single-product, commodity-exposed sponge iron manufacturer; plant operations run by third party under a Facility User Agreement
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 86 | 463 | 267 | 319 | 245 |
| EBITDA (ex other income) | 3 | 14 | (14) | (15) | (12) |
| margin % | 3.6 | 3.1 | (5.2) | (4.8) | (5.0) |
| Owners' profit | 8 | 12 | 7 | 10 | 11 |
| EPS, as reported (₹) | 0.92 | 1.35 | 0.83 | 1.15 | 1.26 |
| ROE % · ROCE % | (11.0) · (80.0) | (19.2) · 36.0 | (13.4) · 18.8 | (22.9) · 22.1 | (33.3) · 22.1 |
| Debt / equity (x) | 0.00 | (2.15) | (2.13) | (2.42) | (3.28) |
| Cash from operations | 23 | (16) | 19 | 8 | (3) |
| Capex | (21) | (0) | (0) | (2) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 104 | 64 | 53 | 98 | 77 | 64 | 87 | 17 |
| Profit before tax | 4 | 1 | 2 | 3 | 2 | 2 | 6 | 1 |
| Net profit | 4 | 1 | 2 | 3 | 2 | 2 | 6 | 1 |
| EPS (₹) | 0.41 | 0.16 | 0.21 | 0.37 | 0.23 | 0.19 | 0.69 | 0.14 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KIOCL LIMITED | 20,384 | 516.0 | 11.74 | — | 1.0 | 0.6 | — | (2.6) |
| VRAJ IRON AND STEEL LTD | 414 | 11.5 | 0.96 | 7.0 | 7.4 | 8.5 | — | 11.1 |
| VASWANI IND LTD | 134 | 48.2 | — | — | — | — | — | 6.1 |
| BIHAR SPONGE IRON LTD. ◆ | 108 | 9.6 | — | — | (33.3) | 22.1 | — | 12.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.6 | 13.2 | 5 of 22 | 81% |
| ROCE | 22.1 | 8.1 | 2 of 23 | 96% |
| EBITDA margin | 12.1 | 14.0 | 14 of 22 | 38% |
| Revenue growth | (82.8) | 10.1 | 21 of 22 | 5% |
| Profit growth | (62.8) | 34.8 | 19 of 22 | 14% |
| Market cap | 108 | 2150 | 19 of 24 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialization | compliance | minimal | — | — |
| 1 Oct 2026 · Newspaper notice on SEBI special window for physical share transfer | compliance | minimal | — | — |
| 29 Sept 2026 · 44th AGM: All 4 resolutions passed with 99.99% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Filed criminal complaint for Rs 38 crore cheque dishonour by Vanraj Steels | general | medium | — | — |
| 28 Sept 2026 · 44th AGM held via video conferencing; four ordinary resolutions transacted | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · 44th AGM held via video conferencing; four ordinary resolutions transacted | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closure from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 5 Sept 2026 · Bihar Sponge Iron informs shareholders about 44th AGM and Annual Report web link | compliance | minimal | — | — |
| 5 Sept 2026 · AGM notice and remote e-voting details published | compliance | minimal | — | — |
| 3 Sept 2026 · 44th AGM on Sep 28, 2026; book closure Sep 22-28 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.