MSModern Steels513303Quarterly results

Board approves September quarter results; auditor review finds no material misstatement

Board approved the standalone un-audited results for the quarter and half year ended 30 September 2026; no other decision was part of this outcome.

By ScoutQuest · Mon 19 Oct 2026, 4:07 PM IST · 2 min read

Total income

Latest 63; Year ago 31 (+103%); Prev qtr 58 (+8.6%)

Profit after tax

Latest 36; Year ago 8 (+350%); Prev qtr 36 (0%)

Period

Quarter Ended 30.09.26

What the board approved

The board of Modern Steels Ltd met on 19 October 2026 and approved the standalone un-audited financial results for the quarter and half year ended 30 September 2026, together with the Limited Review Report of the statutory auditors. The Audit Committee reviewed and recommended the results before the board approved them.

Results at a glance (standalone, un-audited, amounts in Rs lacs)

• Total Income: Rs 63 lacs for the quarter ended 30 September 2026, and Rs 121 lacs for the half year.
• Net Profit for the period: Rs 36 lacs for the quarter and Rs 72 lacs for the half year.
• Basic and Diluted EPS: Rs 0.26 for the quarter.
• The audited year ended 31 March 2026 had shown Total Income of Rs 201 lacs.

Balance sheet position as at 30 September 2026 (Rs lacs)

• Total Assets: Rs 2,038 lacs, matched by total equity and liabilities of the same amount, so the balance sheet tallies.
• Paid-up equity share capital: Rs 1,440 lacs, which is the largest single block on the liabilities side, far larger than the income generated in the period.

Auditor's review conclusion

The Limited Review Report by Sanjeev Sharma & Associates, Chartered Accountants, states that nothing has come to their attention that causes them to believe the statement fails to disclose information required under the listing regulations, or that it contains any material misstatement. A review is narrower in scope than an audit, and the report does not express an audit opinion.

What the notes say about the business

• The company states it does not have any manufacturing operations, having already sold its assets under slump sale at Mandi Gobindgarh (Punjab).
• The financial statements are prepared on a going concern basis, considering management's future plans to start commercial activity; the company has engaged in certain activities and received commission income from them.
• A deferred tax asset arising from carry-forward losses and unabsorbed depreciation has not been recognised, as there is no convincing evidence yet that sufficient future taxable income would be available to realise it.

How a retail investor might read this

• The reported profit is earned from commission-type activity rather than from making and selling steel, as the notes describe.
• The auditor's conclusion is clean and unmodified, and the figures were reviewed by the Audit Committee before board approval, which is the standard sequence for a quarterly results update.
• The notes carry two forward-looking elements worth noting: the accounts assume the company will continue as a going concern on the strength of planned commercial activity, and the tax asset on past losses is only recognised once future taxable profits become probable.

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