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Dossier · MODERN STEELS LTD. · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
MODERN STEELS LTD. BSE: 513303
Industrials › Capital Goods › Industrial Products › Iron & Steel Products
MODERN STEELS LTD.
StateQ4 FY26 filed
Last close · 28 Oct 2026₹12.50
Market cap₹0.0k cr
TTM P/E · P/B · EV/EBITDA16.4 · 0.95 · 16.8
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
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · standalone
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
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · MODERN STEELS LTD. · 29 October 2026Page 2 of 3
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
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
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
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. %
WELSPUN CORP LIMITED
67,533
29.2
7.18
28.8
17.2
14.9
21.1
18.5
APL APOLLO TUBES LTD
60,250
49.0
11.38
31.4
22.7
26.1
22.1
8.0
SHYAM METALICS AND ENGY L
31,861
28.4
2.58
12.9
8.6
11.4
24.1
14.9
RATNAMANI MET & TUB LTD.
16,161
37.3
3.84
18.9
12.7
15.6
14.4
18.5
JINDAL SAW LIMITED
15,396
23.5
1.25
8.5
7.5
6.8
10.9
9.4
USHA MARTIN LTD.
14,152
27.9
4.29
18.6
14.1
17.7
12.0
21.0
GALLANTT ISPAT LIMITED
13,005
29.9
3.92
17.3
14.6
16.8
34.4
17.8
GODAWARI POW & ISP LTD
12,751
14.9
2.18
9.7
13.7
17.0
5.7
21.0
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
16.4
15.4
55 of 105
48%
P/B
0.9
1.5
31 of 101
69%
ROCE
5.6
9.1
74 of 115
36%
ROE
5.6
8.6
63 of 103
39%
Debt / Equity
0.0
0.2
20 of 101
81%
Profit growth
(85.4)
29.3
96 of 105
9%
Market cap
18
216
101 of 122
17%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · MODERN STEELS LTD. · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
21 Oct 2026 · Modern Steels Q2 FY26 results: net profit jumps 4.5x YoY to Rs 36 lakh
compliance
minimal
—
—
19 Oct 2026 · Modern Steels Q2 FY26-27 PAT up to 36L; no manufacturing ops continue
results
high
—
—
19 Oct 2026 · Modern Steels Q2 FY27: Net profit Rs 36L vs Rs 8L on Rs 63L income
results
high
—
—
12 Oct 2026 · Board to consider Q2 FY27 results on 19 Oct 2026
results
low
—
—
9 Oct 2026 · RTA compliance certificate for Q2 FY27 under SEBI Reg 74(5)
compliance
minimal
—
—
7 Oct 2026 · Nil report on re-lodgement of physical share transfer requests for Sep 2026
28 Sept 2026 · 52nd AGM results: all 6 resolutions passed with 99.99 percent approval
compliance
minimal
—
—
26 Sept 2026 · Shareholders approve auditor, CMD and director changes at AGM
management changes
high
—
—
26 Sept 2026 · 52nd AGM proceedings with 6 resolutions including CMD re-appointment
board shareholder meetings
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Estimate years marked E
More audited years; no estimates
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
