Financial Results Summary
Quarter Ended September 30, 2026 (Unaudited):
- Net Revenue from Operations: ₹0.00 (nil)
- Other Income: ₹1.16 lakh
- Total Income: ₹1.16 lakh
- Total Expenses: ₹11.90 lakh
- Loss Before Tax: ₹(10.74) lakh
- Loss for the Period: ₹(10.74) lakh
- Other Comprehensive Income: ₹0.02 lakh
- Loss After Comprehensive Income: ₹(10.73) lakh
- Basic EPS: ₹(1.19)
- Diluted EPS: ₹(1.19)
Half Year Ended September 30, 2026 (Unaudited):
- Net Revenue from Operations: ₹0.00 (nil)
- Other Income: ₹7.56 lakh
- Total Income: ₹7.56 lakh
- Total Expenses: ₹15.81 lakh
- Loss Before Tax: ₹(8.26) lakh
- Loss for the Period: ₹(8.26) lakh
- Other Comprehensive Income: ₹0.05 lakh
- Loss After Comprehensive Income: ₹(8.25) lakh
- Basic EPS: ₹(0.92)
- Diluted EPS: ₹(0.92)
Comparative Figures (Quarter Ended September 30, 2025):
- Net Revenue from Operations: ₹63.76 lakh
- Other Income: ₹7.23 lakh
- Total Income: ₹71.01 lakh
- Total Expenses: ₹69.26 lakh
- Profit Before Tax: ₹1.75 lakh
- Profit for the Period: ₹1.75 lakh
- Basic EPS: ₹0.19
- Diluted EPS: ₹0.19
Balance Sheet Position (as at September 30, 2026)
- Total Assets: ₹87.88 lakh
- Property, Plant and Equipment: ₹43.32 lakh
- Capital Work in Progress: ₹41.12 lakh
- Other Intangible Assets: ₹0.16 lakh
- Current Assets: ₹43.56 lakh
- Inventories: ₹0.00
- Trade Receivables: ₹17.63 lakh
- Cash and Cash Equivalents: ₹34.16 lakh
- Other Bank Balances: ₹0.86 lakh
- Other Financial Assets: ₹0.85 lakh
- Other Current Assets: ₹5.94 lakh
- Shareholder's Funds: ₹(42.27) lakh
- Share Capital: ₹90.21 lakh
- Other Equity: ₹(132.48) lakh
- Non-Current Liabilities: ₹90.86 lakh
- Borrowings: ₹83.98 lakh
- Provisions: ₹0.11 lakh
- Other Non-Current Liabilities: ₹6.77 lakh
- Current Liabilities: ₹39.29 lakh
- Borrowings: ₹27.46 lakh
- Trade Payables: ₹8.79 lakh
- Other Financial Liabilities: ₹0.59 lakh
- Other Current Liabilities: ₹0.99 lakh
- Provisions: ₹1.47 lakh
Cash Flow Statement (Six Months Ended September 30, 2026)
- Cash Used in Operating Activities: ₹(0.83) lakh
- Cash from Investing Activities: ₹1.27 lakh
- Cash Used in Financing Activities: ₹(0.26) lakh
- Net Increase in Cash: ₹0.19 lakh
- Cash at Beginning of Period: ₹0.67 lakh
- Cash at End of Period: ₹0.86 lakh
Management Changes
1. Resignation of Mr. Sachin as Chief Financial Officer (KMP) effective 1st November 2026 (previously informed to BSE on 29th October 2026).
2. Appointment of Mr. Chirag Goel as Chief Financial Officer (KMP) effective 13th November 2026. Mr. Goel is a qualified Chartered Accountant (ICAI) with approximately 2.5 years of professional experience, previously serving as Manager-Accounts with the company since 1st January 2026.
3. Resignation of Mr. Aditya Kumar Modi (DIN: 09303804) from the post of Whole Time Director (KMP) and Director of the company effective 1st December 2026 due to personal reasons.
4. Appointment of Mr. Raj Kumar Sharma (DIN: 07741845) as Director and Whole Time Director (KMP) effective 1st December 2026, subject to shareholder approval via Postal Ballot. Mr. Sharma holds a Master's Degree in Social Work with approximately 43 years of experience in industrial relations, human resource management, and general administration, currently serving as Senior General Manager with the company.
5. Appointment of Mr. Raj Kumar Sharma as Occupier of the company's plant at Umesh Nagar, Chandil, Jharkhand effective 1st December 2026.
6. Reconstitution of Committees including Audit Committee, Stakeholders' Relationship Committee, and Share Transfer Committee effective 1st December 2026.
Operational Highlights
- The company executed a Facility User Agreement with Amalgam Steel & Power Limited dated 23 March 2026.
- The plant is under revamping and major maintenance, resulting in zero revenue from operations during the quarter and half year ended 30th September 2026.
- Previous operator Vanraj Steels Private Limited abruptly abandoned the plant in February 2026, after which the company regained access and discovered inventory discrepancies.
- Inventory identified and sold: ₹0.64 lakh
- Inventory not physically available (written off): ₹3.42 lakh
- Waste material with ineligible realizable value was written off and classified under "Other Expenses".
Audit Qualifications
Statutory auditors Doogar & Associates issued a qualified review report highlighting:
1. Coal Penalty Provision: No provision made for penalty of ₹2.15 crore recovered by South East Coalfields Ltd. for short lifting of coal. The matter has undergone multiple legal proceedings with the latest writ petition dismissed on 27th October 2025. Company plans to file an appeal. Amount included in long-term loans and advances.
2. Promoter Loans Settlement: Company approached promoters for one-time settlement of loans, to be subsequent to settlement with Government of Jharkhand. Amount neither quantified nor disclosed.
3. Government Soft Loan Interest: Interest on Soft Loan from Government of Jharkhand under Jharkhand Industrial Rehabilitation Scheme 2003 amounts to ₹123.62 crore as of 30.09.2026. Only ₹27.46 crore provided in books (until 10th August 2013). Company has approached lender for waiver of entire interest amount.
4. Recoverability from Operator: Uncertainty regarding recoverability of dues from Vanraj Steels Private Limited under Facility User Agreement. Company has initiated legal remedies but auditors unable to comment on potential adjustments to carrying value.
Additional Notes
- Deferred Tax Assets not recognized on conservative basis.
- Previous period figures regrouped/recast where necessary.
- Financial results reviewed by Audit Committee and approved by Board of Directors on 13.11.2026.
- Board meeting commenced at 12:30 PM and concluded at 14:40 PM on 13.11.2026.