Sold its steel-making assets at Mandi Gobindgarh (Punjab) under a slump sale and no longer carries out any manufacturing operations. The company now earns only commission income and other income. For FY26, total income stood at Rs 482 lacs versus Rs 549 lacs in FY25, and net profit was Rs 106 lacs versus Rs 444 lacs the prior year. Results are prepared on a going-concern basis while management explores new commercial activities to restart the business. The auditor (APT & Co LLP) issued an unmodified opinion, and deferred tax assets on carried-forward losses were not recognised due to lack of virtual certainty of future taxable income. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Commission and other income. Shell-stage industrial company post slump sale; commission and other income only
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 102 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | 2 | (6) | (1) | (1) | (1) |
| margin % | 1.5 | — | — | — | — |
| Owners' profit | 78 | 14 | 1 | 4 | 1 |
| EPS, as reported (₹) | 56.31 | 10.05 | 0.41 | 3.23 | 0.77 |
| ROE % · ROCE % | (7673.3) · (7758.4) | 107.9 · 109.8 | 4.3 · 4.3 | 24.9 · 24.9 | 5.6 · 5.6 |
| Debt / equity (x) | 0.00 | 0.10 | 0.02 | 0.01 | 0.01 |
| Cash from operations | (3) | 0 | 0 | 4 | 0 |
| Capex | (47) | 0 | 0 | 0 | 0 |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | 5 | 0 | 0 | 0 | 1 |
| Net profit | (0) | (0) | (0) | 5 | 0 | 0 | 0 | 1 |
| EPS (₹) | (0.02) | (0.03) | (0.02) | 3.30 | 0.16 | 0.06 | 0.06 | 0.48 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Modern Steels reports no August physical share transfer requests | compliance | minimal | — | — |
| 8 Sept 2026 · Notice on special window for re-lodging physical share transfer requests | compliance | minimal | — | — |
| 2 Sept 2026 · Modern Steels sends 52nd AGM notice links to shareholders without registered email | compliance | minimal | — | — |
| 1 Sept 2026 · Notice of 52nd AGM on 26 September 2026 via video conferencing | compliance | minimal | — | — |
| 31 Aug 2026 · FY26 annual report and 52nd AGM notice filed; director and auditor changes proposed | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Notice of 52nd AGM on 26 September 2026 with director appointments | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 11 Aug 2026 · Modern Steels appoints Sanjeev Sharma and Associates as statutory auditor | management changes | medium | — | — |
| 11 Aug 2026 · Modern Steels board re-appoints MD, names new statutory auditor; Q1 profit rises | management changes | medium | — | — |
| 11 Aug 2026 · Modern Steels Q1 FY27 PAT up 57 percent at Rs 36 lakh | results | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| RATNAMANI MET & TUB LTD. |
| 19,815 |
| 45.8 |
| 4.71 |
| 23.1 |
| 12.7 |
| 15.6 |
| 14.4 |
| 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.3 | 16.2 | 68 of 118 | 42% |
| P/B | 1.1 | 1.7 | 28 of 99 | 71% |
| ROCE | 5.6 | 8.7 | 75 of 120 | 38% |
| ROE | 5.6 | 8.6 | 69 of 114 | 40% |
| Debt / Equity | 0.0 | 0.1 | 33 of 114 | 72% |
| Profit growth | (85.4) | 29.3 | 96 of 105 | 9% |
| Market cap | 21 | 247 | 98 of 120 | 19% |
| 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 |
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.
