Welcast Steels Ltd Reports Audited Financial Results for FY 2025-26; Operates on Non-Going Concern Basis
Welcast Steels Ltd announced the approval of its Audited Financial Results for the Quarter/Year ended March 31, 2026. The company's Board of Directors formally approved the results, which included an unmodified Auditors' Report issued by Dagliya & Co., Chartered Accountants, for the year ended March 31, 2026.The Board also approved the proposal to convene the 54th Annual General Meeting (AGM) on Thursday, September 10, 2026, at 11:00 a.m. through Video Conferencing/Other Audio Visual means. Furthermore, the Board confirmed that it did not recommend any dividend for the Financial Year 2025-26.
Operational Status and Financial Reporting
The company issued a significant update regarding its operational status, stating that the sole manufacturing plant located at Plot No. 15, Phase I, Peenya Industrial Area, Bangalore, was permanently closed effective December 15, 2025. Following the cessation of manufacturing activities, the Factory Licence and sanctioned power facilities were surrendered. Since the company has no plans to recommence operations in the foreseeable future, the financial statements were prepared on a non-going concern basis.Management noted that all non-financial assets were measured at the lower of carrying value and fair value less costs to sell, and the opening balance of deferred tax assets was written off and charged to the Statement of Profit and Loss under tax expense for the quarter and the year.
The company also reported that revenue from customers individually contributing 10% or more of the total revenue from the sale of grinding media amounted to ?1,631.78 lakhs in the current period, compared to ?1,829.32 lakhs in the previous year.
Financial Highlights
The Audited Statement of Financial Results for the Quarter and Year ended March 31, 2026, presented the following financial data, with all figures in lakhs:Statement of Audited Financial Results (in lakhs)
| Particulars | Quarter ended 31.03.2026 Audited | Year ended 31.03.2026 Audited |
|---|---|---|
| Revenue from operations | 0.00 | 4581.69 |
| Other Operational Income | 291.81 | 315.66 |
| Total Revenue from operations | 291.81 | 4897.35 |
| Other Income | 81.83 | 198.69 |
| Total Income | 373.64 | 8619.07 |
| Cost of material consumed | 0.00 | 258048 |
| Changes in inventories of finished goods work-in. progress | 93.08 | 33379 |
| Employee benefits expense | 6.59 | 706.87 |
| Finance costs | 0.44 | 718 |
| Depreciation & amortisation expenses | 13.72 | 6202 |
| Other expenses | 52.78 | 1565.00 |
| Total Expenses | 166.61 | 8654.42 |
| Profit / (Loss) before tax | 207.03 | (169.30) |
| Less: Extra ordinary items | 328.19 | |
| Profit / (Loss) before tax | 207.03 | (487.49) |
| Total Tax expenses | 68.94 | 42.73 |
| Profit / (Loss) for the period | 137.81 | (530.60) |
| Total Comprehensive Income / (Loss) | 137.81 | (42.90) |
The audited financial results provided the following comprehensive operational details:
Statement of Cash Flows for the Year Ended March 31, 2026 (in lakhs)
| Particulars | For the year ended 31 March, 2026 |
|---|---|
| Cash generated from operations | 294.99 |
| Net cash generated by operating activities (A) | 283.98 |
| Net cash (used in)/ generated from investing activities. (B) | (451.50) |
| Net cash (used in) / generated from financing activities (C) | (0.33) |
| Net increase / (Decrease) in cash and cash equivalents (A+B+C) | (167.85) |
| Cash and cash equivalents at the end of the year | 77.01 |
For the full details, investors may refer to the statements of assets, liabilities, and cash flows available to the company.
Stock Price Movement
At 14:59, Welcast Steels Ltd shares are ticking up sharply to ₹749.90, marking a gain of 6.82% for the day. The stock traded across a wide band throughout the session, moving from a low of ₹717.95 all the way up to ₹774.90.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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