Q1 results approved with unmodified limited review; fire at Furnace-4 of Ferro plant under assessment
Board approved unaudited standalone and consolidated results for the quarter ended June 30, 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,04,054.81 | 1,00,813.91 | +3.2% | 1,18,824.33 | −12.4% |
| Total income | 1,05,006.91 | 1,02,575.76 | +2.4% | 1,20,331.33 | −12.7% |
| Profit before tax | 6,632.66 | 4,315.32 | +53.7% | 9,314.65 | −28.8% |
| Profit after tax | 4,785.33 | 3,198.75 | +49.6% | 7,146.43 | −33% |
| Total comprehensive income | 4,774.77 | 3,228.33 | +47.9% | 7,192.33 | −33.6% |
| Basic EPS | 7.01 | 4.67 | +50.1% | 10.37 | −32.4% |
- Profit after tax YoY change
- +49.6%
- Period
- June 30, 2026 Unaudited
Auditor's review
Conclusion: Unmodified
Notes to the results
- Post quarter, IPO of 1,00,03,990 equity shares at ₹ 405 per share completed; fresh issue ₹ 35,499.99 lakhs and OFS ₹ 5,000.00 lakhs; shares listed on NSE and BSE on October 01, 2026.
- Exceptional item of 52.68 lakhs in quarter ended March 31, 2026 is interim insurance settlement for May 27, 2024 Gauribidanur furnace fire (estimated loss Rs. 443.69 lakhs).
- Fire on October 8, 2026 at Furnace-4 of Ferro Plant, Chikantapur, Ballari; damage being assessed; assets insured, impact to be recognised after assessment.
- Figures for quarters ended March 31, 2026 and June 30, 2025 approved by Board but not subjected to review by statutory auditor.
What the board approved
The board of directors met on October 19, 2026, from 16:18 hrs IST to 16:45 hrs IST, and approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, together with the limited review reports of the statutory auditors, Singhi & Co.
Auditor's conclusion
The auditors state that nothing has come to their attention that causes them to believe the statements contain any material misstatement or omit information required to be disclosed. This is a review, not an audit, and no audit opinion is expressed. The comparative figures for the quarter ended June 30, 2025 and the preceding quarter ended March 31, 2026 were approved by the board but were not subjected to review by the auditors.
Points noted in the consolidated review
- Interim financials of one subsidiary were reviewed by another auditor; that entity shows total revenue of Rs. Nil, net loss after tax of Rs. 98.70 lakhs and total comprehensive loss of Rs. 98.70 lakhs.
- Three subsidiaries were not reviewed, with total revenue of Rs. 14,287.96 lakhs, net profit after tax of Rs. 669.52 lakhs and total comprehensive income of Rs. 671.89 lakhs; management states this is not material to the group.
- The auditors' conclusion is not modified on either count.
Standalone results, quarter ended June 30, 2026 (Rs. in lakhs, with the year-ago quarter in brackets):
- Revenue from operations: 87,559.52 (85,892.93)
- Total income: 87,989.50 (86,627.57)
- Profit before tax: 5,842.70 (3,661.38)
- Profit for the period: 4,406.37 (2,754.49)
- Basic and diluted earnings per share: 6.44 (4.02)
Consolidated results, quarter ended June 30, 2026 (Rs. in lakhs, with the year-ago quarter in brackets):
- Revenue from operations: 1,04,054.81 (1,00,813.91)
- Total income: 1,05,006.91 (1,02,575.76)
- Profit before tax: 6,632.66 (4,315.32)
- Profit for the period: 4,785.33 (3,198.75)
- Basic and diluted earnings per share: 7.01 (4.67)
Fire at the Ferro plant
- The incident took place at about 01:27 AM on October 8, 2026 at Furnace-4 of the company's Ferro Plant at Chikantapur, Ballari, Karnataka.
- The fire was brought under control and extinguished by plant management and security personnel; the cause is under investigation by the concerned authorities.
- The company is assessing the extent of damage or loss and its consequential impact, if any, on the plant's operations and financial results.
- The plant's assets are insured and losses, if any, are expected to be covered under the policies, subject to their terms; any financial implications and insurance recoveries will be recognised and disclosed when the assessment and claim settlement are completed.
Earlier fire and insurance claim
- A fire on 27 May 2024 at the Gauribidanur plant damaged a furnace forming part of property, plant and equipment; the estimated loss was Rs. 443.69 lakhs.
- The furnace was recommissioned and became operational on 07 July 2024 after a complete overhaul.
- During the financial year 2025-26, the company received an interim insurance settlement of Rs. 52.68 lakhs; the balance claim is under review with the insurer.
- Management expects to recover the full eligible loss, but as the final settlement is pending, no further insurance claim receivable or related income has been recognised in the statements beyond the amount received.
Other note
- After the quarter end, an initial public offering of ~1 crore equity shares of face value Rs. 10 each was completed at an issue price of Rs. 405 per share (including a share premium of Rs. 395 per share, with a discount of Rs. 38 per share to employees), and the shares were listed on NSE and BSE on October 01, 2026. The issue comprised a fresh issue of ~87.69 lakh equity shares aggregating Rs. 35,499.99 lakhs and an offer for sale of ~12.35 lakh equity shares by selling shareholders aggregating Rs. 5,000.00 lakhs.
What a reader can take away
The results are interim and reviewed, not audited. The review carries no modification or adverse remark. The update also records two fire-related items: the recent one at Furnace-4, whose damage and financial effect are still being assessed, and the 2024 fire, where part of the insurance claim has been received and the balance is pending with the insurer.
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More numbers
- Standalone Revenue from operations (Rs. lakhs)87,559.52
- Standalone Profit for the period (Rs. lakhs)4,406.37
- Standalone basic and diluted earnings per share6.44
- IPO issue price per equity share₹ 405
- Fresh issue of equity shares in IPO87,69,423
- Offer for sale of equity shares in IPO12,34,567
- Total income, latest quarter1,05,006.91 (₹ Lakhs)
- Total income, year-ago quarter1,02,575.76 (₹ Lakhs)
- Total income, previous quarter1,20,331.33 (₹ Lakhs)
- Total comprehensive income, latest quarter4,774.77 (₹ Lakhs)
- Total comprehensive income, year-ago quarter3,228.33 (₹ Lakhs)
- Total comprehensive income, previous quarter7,192.33 (₹ Lakhs)
- Profit after tax, latest quarter4,785.33 (₹ Lakhs)
- Profit after tax, year-ago quarter3,198.75 (₹ Lakhs)
- Profit after tax, previous quarter7,146.43 (₹ Lakhs)
- Revenue from operations, latest quarter1,04,054.81 (₹ Lakhs)
- Revenue from operations, year-ago quarter1,00,813.91 (₹ Lakhs)
- Revenue from operations, previous quarter1,18,824.33 (₹ Lakhs)
- Profit before tax, latest quarter6,632.66 (₹ Lakhs)
- Profit before tax, year-ago quarter4,315.32 (₹ Lakhs)
- Profit before tax, previous quarter9,314.65 (₹ Lakhs)
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