ZENITH STEEL PIP IND LTD

Manufactures steel pipes and related iron & steel products in the industrial and capital goods space, classified under Iron & Steel Products. FY26 revenue from operations fell 58% to Rs 4,997.31 lakhs from Rs 11,909.25 lakhs in FY25. Reported profit after tax improved to Rs 311.09 lakhs from Rs 22.51 lakhs, supported by Rs 2,379.28 lakhs in other income that included Rs 1,771.45 lakhs from write-back of old provisions and Rs 131.07 lakhs from partial recovery of a suspected Rs 758 lakh fraud involving a consultant. Capex was minimal at 0.4% of revenue. The balance sheet is under severe stress with net worth negative at Rs (24,729.30) lakhs on accumulated losses, bank accounts frozen, and lenders having initiated SARFAESI action to recover dues of Rs 19,319 lakhs. Statutory auditors issued a qualified opinion citing non-compliance with deposit rules, unreconciled balances, inventory valuation concerns, and material uncertainty about the company's ability to continue as a going concern.