Financial Performance Highlights

Standalone Operations (₹ in Millions)

  • Total Revenue: ₹547.89 (FY25: ₹470.55)
  • Profit/(Loss) Before Depreciation, Interest & Tax (PBDIT): (₹109.59) (FY25: (₹858.54))
  • Finance Cost: ₹0.15 (FY25: ₹0.17)
  • Depreciation: ₹375.04 (FY25: ₹356.57)
  • Profit/(Loss) Before Tax: (₹484.78) (FY25: (₹1,215.28))
  • Profit/(Loss) After Tax: (₹662.79) (FY25: (₹1,480.85))
  • Profit Carried to Balance Sheet: (₹2,540.80) (FY25: (₹3,199.74))

Consolidated Operations (₹ in Millions)

  • Total Revenue: ₹5,677.59 (FY25: ₹6,213.17)
  • Profit/(Loss) Before Tax: (₹1,309.27) (FY25: (₹2,414.07))
  • Profit/(Loss) After Tax: (₹1,685.46) (FY25: (₹2,391.51))

Annual General Meeting Details

Date: August 29, 2026\

Time: 12:30 PM\

Venue: Through Video Conferencing/Audio-Visual Means (Deemed venue: Registered Office at New Delhi)

Ordinary Business

1. Adoption of audited standalone and consolidated financial statements for FY ended March 31, 2026

2. Appointment of Ms. Natasha Sinha (DIN: 00812380) as Executive Director

3. Appointment of Mr. Asit Kumar Ray (DIN: 11385159) as Executive Director

Special Business

4. Appointment of Mrs. Rita Singh (DIN: 00082263) as Whole-Time Executive Director (Special Resolution)

5. Approval for related party transactions with specified entities with annual limits of ₹250 crores each for Maithan Ispat Limited, Mesco Steels Limited, and Mesco Kalinga Steels Limited (Special Resolution)

6. Approval for borrowing limits up to ₹1,000 crores (Special Resolution)

7. Approval for creating mortgages/charges on company assets for securing borrowings (Special Resolution)

Capital Structure

Authorized Share Capital: ₹1,800.00 million (180,000,000 equity shares of ₹10 each)\

Issued, Subscribed and Paid-up Capital: ₹1,378.75 million (137,875,000 equity shares of ₹10 each)\

No change in share capital during the year

Subsidiary Information

Maithan Ispat Limited (99.60% owned)\

Financial Performance (₹ in Millions):

  • Total Assets: ₹7,661.56 (FY25: ₹8,454.78)
  • Total Liabilities: ₹7,661.56 (FY25: ₹8,454.78)
  • Gross Turnover: ₹5,129.70 (FY25: ₹5,742.62)
  • Profit/(Loss) Before Tax: (₹824.48) (FY25: (₹1,193.47))
  • Profit/(Loss) After Tax: (₹1,022.67) (FY25: (₹910.67))

Auditor Qualifications

Statutory Auditors (Ashok Shyam & Associates) issued qualified opinion with following key issues:

1. Fixed assets worth ₹1,174.435 crores carrying no insurance cover

2. Receivables of ₹116.98 crores with impairment concerns, including ₹98.02 crores from OMC

3. Non-provision of Supreme Court compensation liability of ₹924.75 crores for excess iron ore production (2000-01 to 2010-11)

4. Advances received from customers of ₹315.81 crores treatable as deposits under Companies Act

5. Lack of supporting documents for unbilled revenue of ₹2.62 crores

6. Non-receipt of balance confirmations for unsecured loans of ₹44.52 crores

7. Related party transactions without impairment assessment

Emphasis of Matter

Auditors highlighted:

1. Arbitration matter with SREI Equipment Finance Limited regarding loan of ₹7.92 crores

2. Arbitration award of ₹718 crores plus interest under dispute (appeal pending in Bombay High Court)

3. Tax and regulatory dues of ₹70.23 crores, mostly disputed

4. GST returns not filed since November 2020 for Odisha state

5. Unpaid dividend of ₹2.50 crores for FY 2013-14 not transferred to IEPF

Other Material Information

  • No dividend recommended for FY 2025-26
  • CSR provisions not applicable as company doesn't meet threshold criteria
  • No fraud reported by auditors under section 143(12) of Companies Act, 2013
  • Company has not accepted any public deposits
  • Related party transactions conducted at arm's length basis