Classified under Iron & Steel Products within the Capital Goods sector, the company is named for pre-coated steels but currently reports zero revenue from operations. In FY26, total income of Rs 368 lakhs came entirely from 'other income', with no business sales recorded across any quarter or nine-month period reported. Total expenses of Rs 428 lakhs in FY26 — driven by employee benefit costs and other overheads — exceeded that other income, producing a net loss of Rs 60 lakhs (unchanged from FY25). The balance sheet has shrunk sharply, with total assets falling from Rs 544 lakhs to Rs 177 lakhs, and net worth is negative at Rs (274) lakhs as of March 31, 2026. The statutory auditor V. Parekh & Associates has flagged a 'Material Uncertainty Related to Going Concern' in successive results, citing the negative net worth and the company's dependence on pending indirect tax refund litigation and future financing to meet obligations. No segment-level breakdown of operating activity is available because the company is not currently generating operating revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Other income. Dormant shell with negative net worth, classified under Iron & Steel Products
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (1) | (1) | (1) | (1) | (4) |
| margin % | — | — | — | — | — |
| Owners' profit | (1) | (1) | (1) | (1) | (1) |
| EPS, as reported (₹) | 1.21 | (1.28) | (1.40) | 1.47 | 1.40 |
| ROE % · ROCE % | 113.6 · (15.2) | 54.6 · (19.1) | 37.4 · (26.1) | 27.8 · (36.6) | 21.9 · 22.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 0 | (0) | (0) | 0 | (0) |
| Capex | 0 | 0 | 0 | 0 | 0 |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| Net profit | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| EPS (₹) | (0.39) | 0.39 | 0.36 | 0.29 | 0.39 | 0.43 | 0.29 | 0.34 |
| 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 % |
|---|---|---|---|---|
| 5 Sept 2026 · Newspaper ad published for 18th AGM and e-voting notice | compliance | minimal | — | — |
| 4 Sept 2026 · Letter to Members on Annual Report 2025-26 Web-Link | compliance | minimal | — | — |
| 4 Sept 2026 · Notice of 18th AGM and Annual Report FY 2025-26 | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · 18th AGM on 30 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Newspaper notice for 18th AGM on September 30, 2026 via video conferencing | compliance | minimal | — | — |
| 3 Sept 2026 · Clarification on Increase in Share Volume | regulatory legal | low | — | — |
| 3 Sept 2026 · BSE seeks clarification on significant price movement | regulatory legal | high | — | — |
| 5 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results filed with BSE | compliance | minimal | — | — |
| 4 Aug 2026 · Q1 FY27 loss at Rs 14 lakh, no revenue; going concern flag | results | high | — | — |
| 4 Aug 2026 · Q1 FY27 Results: Loss of Rs 14L; Going Concern Doubt Flagged | results | high | — | — |
| 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 |
| 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) | 9.3 | 16.2 | 30 of 118 | 75% |
| ROCE | 22.8 | 8.7 | 10 of 120 | 92% |
| ROE | 21.9 | 8.6 | 11 of 114 | 91% |
| Debt / Equity | 0.0 | 0.1 | 11 of 114 | 79% |
| Profit growth | (16.7) | 29.3 | 78 of 105 | 26% |
| Market cap | 6 | 247 | 113 of 120 | 6% |
| 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.
