Key Quantitative Figures - Financial Results (Year Ended 31 March 2026)

  • Total Income: ₹47.32 Lakhs (Previous Year: ₹2,875.14 Lakhs)
  • Revenue from Operations: ₹23.01 Lakhs (Previous Year: ₹2,822.47 Lakhs)
  • Other Income: ₹24.31 Lakhs (Previous Year: ₹52.67 Lakhs)
  • Total Expenses: ₹261.18 Lakhs (Previous Year: ₹333.19 Lakhs)
  • Loss from Operations before tax: ₹(213.87) Lakhs (Previous Year: Profit of ₹2,541.95 Lakhs)
  • Total Tax Expense: ₹(834.91) Lakhs (Deferred Tax) (Previous Year: ₹0.04 Lakhs)
  • Net Profit/(Loss) for the year: ₹621.04 Lakhs Profit (Previous Year: ₹2,541.91 Lakhs Profit). This profit is primarily due to a significant deferred tax credit of ₹834.91 Lakhs.
  • Total Comprehensive Income for the year: ₹624.38 Lakhs (Previous Year: ₹2,542.09 Lakhs)
  • Basic/Diluted EPS (₹): 32.69 (Previous Year: 133.78)
  • Paid-up Equity Share Capital: ₹190.00 Lakhs (unchanged)

Key Quantitative Figures - Financial Results (Quarter Ended 31 March 2026)

  • Total Income: ₹9.31 Lakhs
  • Loss from Operations before tax: ₹(73.60) Lakhs
  • Net Profit/(Loss) for the quarter: ₹769.77 Lakhs Profit (driven by a deferred tax credit of ₹843.37 Lakhs)
  • Basic/Diluted EPS (₹) for the quarter: 40.51

Key Quantitative Figures - Balance Sheet (As at 31 March 2026)

  • Total Assets: ₹3,397.90 Lakhs (Previous Year: ₹3,141.58 Lakhs)
  • Non-Current Assets: ₹847.12 Lakhs (incl. Deferred Tax Assets of ₹834.24 Lakhs)
  • Current Assets: ₹2,550.78 Lakhs
  • Trade Receivables: ₹1,891.00 Lakhs (Previous Year: ₹2,056.00 Lakhs)
  • Cash and Cash Equivalents: ₹12.00 Lakhs
  • Other Bank Balances: ₹51.89 Lakhs
  • Total Equity: ₹3,328.76 Lakhs (Previous Year: ₹2,705.72 Lakhs)
  • Total Liabilities: ₹69.13 Lakhs (Previous Year: ₹435.86 Lakhs)

Dates of Action

  • Board Meeting Date: 28 May 2026 (commenced 4:00 PM, concluded 8:00 PM)
  • Financial Period: Quarter and Year ended 31 March 2026
  • Appointment Effective Date: 28 May 2026

Parties Involved

  • Statutory Auditor: SCAN & Co. (formerly M.S. Singhatwadia & Co.), Chartered Accountants (ICAI Firm Registration No. 113954W)
  • Appointee: Mr. Harsh Saxena (appointed as Company Secretary & Compliance Officer)
  • Director Signing: Mr. Rajesh Soni (DIN: 00574384)
  • Counterparties in Business: Euroasia Holdings Private Limited, AMNS Khopoli Limited, ArcelorMittal Nippon Steel India Limited, Nippon Steel Trading Corporation, Japan.

Key Auditor Findings

Key Audit Matters:

1. Assessment of Contingent Liability: The group has exposures to litigations. Significant management judgment is required to assess the probability of a material outflow. The auditor found management's assessment and disclosures reasonable.

2. Recognition of Business Auxiliary Services (BAS) Income: Income from facilitating steel imports under a sub-agreement with Euroasia Holdings is recognized only upon written confirmation of delivery and service fulfillment. An outstanding receivable of ₹18,66,99,949 remains as of 31 March 2026, recoverability of which is contingent on future confirmations and settlements. The company received ₹1,65,00,000 against this receivable during the year.

Emphasis of Matter:

  • Employee bonus for FY26 (amount not specified) has been accrued but remains unpaid as of 31 March 2026.
  • Ex-gratia of ₹29,588 payable to employees for FY26 has been accrued but remains unpaid as of 31 March 2026.
  • No provision for doubtful debts was created during FY26, as management considers all outstanding debts recoverable.
  • A CSR provision of ₹17,00,000 for FY26 remains unspent as of 31 March 2026 and is carried as a liability.

The auditor's opinion is not modified in respect of these matters.

Capital Structure Impact

No change in paid-up equity share capital reported. The capital structure remains unchanged at ₹190.00 Lakhs.

Financial Impact

Financial impact of the net loss for the year and the significant deferred tax asset recognition is quantified in the financial results. The contingent nature of the large BAS receivable (₹18.67 crore) represents a potential future cash inflow but is subject to uncertainty.