India Steel Works Ltd — Results, 21-05-2025: Result

India Steel Works Ltd has announced a board meeting on 21 May 2025, where it approved the audited financial results for the quarter and year ended 31 March 2025. The company reported a net loss of ₹13.39 Cr for the year, with persistent operating challenges leading to negative cash flows. The auditor issued an adverse opinion highlighting serious concerns including the company’s inability to operate as a going concern, lack of access to primary accounting software due to bank possession of factory premises, overvaluation of inventories (valued at cost despite much of it being obsolete), unverified related party transactions, and pending insurance claims of ₹19.98 Cr not recognized in assets. The company’s liabilities exceed its assets, and physical verification of inventory was not possible. Management plans a slag recovery plant to improve inventory value and expects settlement of insurance claims. Internal audit systems have been recently appointed but remain limited. These issues raise significant risk and uncertainty about the company’s operational and financial recovery prospects.