Heera Ispat Ltd (526967)
🎯 Key Takeaways
- Heera Ispat Ltd appears to be in a severe distress or potentially delisted/non-operational state, with no revenue or operating activity reported in recent quarters and negative financial metrics. The company's ROCE is deeply negative at -23.
- ⚠️ 1) Persistent operational shutdown with zero revenue for multiple quarters, 2) Deeply negative ROCE and negative reserves signaling accumulated losses
- Market Cap
- ₹4
- P/B Ratio
- -4.58
- ROE
- 11.8%
- ROCE
- 333.3%
- Debt/Equity
- -0.96
- Promoter
- 0.0%
📖 The Story
Heera Ispat Ltd appears to be in a severe distress or potentially delisted/non-operational state, with no revenue or operating activity reported in recent quarters and negative financial metrics. The company's ROCE is deeply negative at -23.4%, and its equity base shows negative reserves, suggesting accumulated losses. There are no operational updates or forward-looking guidance in the latest filings, indicating a possible stagnation or cessation of business activities.
📰 What's Happening
The most recent quarterly filings (Jun 2026, Mar 2026) show zero revenue and operating income, with minimal changes from prior periods. Shareholding data indicates a stable public float of approximately 93.68% over the last few quarters, with promoter holding dropping to 0% by Q1FY27. There are no disclosed capital expenditures, strategic initiatives, or management commentary on business revival in the latest regulatory filings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Operating Profit | -0 | -0 | -0 | -0 |
| OPM % | — | — | — | — |
| Net Profit | -0 | -0 | -0 | -0 |
| EPS | ₹-0.08 | ₹-0.02 | ₹-0.03 | ₹-0.03 |
Revenue and profitability have collapsed over the past year, with EPS declining from ₹-0.08 in Sep 2025 to ₹-0.03 in Jun 2026, though still negative. Operating performance remains flat at zero, with no signs of recovery or margin improvement. The financial trajectory reflects a company that is no longer generating meaningful income, with losses stabilizing but not resolving.
🔮 Management Outlook & What's Next
There is no forward guidance or management commentary available in the latest filings regarding future operations, demand, or recovery plans. The absence of any strategic updates or business outlook statements suggests either a lack of clarity or deliberate silence from management on the company's trajectory.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 |
| Reserves | -6 | -6 | -7 | -7 |
| Borrowings | 1 | 0 | 1 | 1 |
| Total Liabilities | 1 | 0 | 0 | 0 |
| Fixed Assets | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 1 | 0 | 0 | 0 |
The balance sheet as of Mar 2026 shows equity of ₹6 crore with negative reserves of ₹-7 crore and minimal borrowings of ₹1 crore, while total assets are reported as ₹0, indicating a possible accounting or structural anomaly. This suggests the company may have written off assets or is operating with negligible tangible resources, raising concerns about solvency and ongoing viability.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -0 |
| Investing | 0 |
| Financing | +1 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 0.0% | 0.0% | 0.0% | 0.0% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 91.0% | 93.5% | 93.7% | 93.7% |
| # Shareholders | 2,463 | 2,472 | 2,535 | 2,535 |
Promoter holding has fully exited at 0%, and institutional ownership (FII/DII) remains at 0%, with the public holding rising slightly to 93.68% and shareholder count increasing to 2,535. This indicates widespread retail ownership but no significant institutional confidence or interest, and no major shareholders with control or influence.
⚖️ Peer Comparison — Steel
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| JSWSTEEL | 3.08 L Cr | 12.4 | 20.9% | — | 0.95 |
| TATASTEEL | 2.32 L Cr | 21.0 | 12.7% | — | 0.83 |
| JINDALSTEL | 1.16 L Cr | 42.7 | 7.4% | — | 0.43 |
| SAIL | 76,188 | 17.8 | 9.5% | — | 0.36 |
| JSL | 61,444 | 18.9 | 18.0% | — | 0.37 |
| SHYAMMETL | 29,821 | 26.5 | 14.2% | — | 0.09 |
| SARDAEN | 17,663 | 15.6 | 19.2% | — | 0.45 |
| USHAMART | 15,482 | 30.5 | 20.6% | — | 0.04 |
| GPIL | 15,182 | 17.2 | 19.2% | — | 0.07 |
| GALLANTT | 12,953 | 29.8 | 15.4% | — | 0.17 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent operational shutdown with zero revenue for multiple quarters, 2) Deeply negative ROCE and negative reserves signaling accumulated losses, 3) No disclosed path to revenue restoration or cost recovery, 4) Potential delisting risk due to inactivity and lack of compliance updates.
📋 Recent Filings
- Announcement2026-09-29Heera Ispat Ltd announced that its trading window will close on October 1, 2026, ahead of the unaudited Q2 results, restricting insiders from trading …
- 🔴 annual report2026-09-29Heera Ispat Limited disclosed that it sent letters to shareholders without registered email addresses, providing a web link to access the 2025-26 Annu…
- 🔴 annual report2026-09-19Heera Ispat Limited issued a corrigendum to its 34th AGM notice and annual report for FY2025-26, correcting the meeting venue to FF 108-109, Kamal Com…
- 🟡 Board Meeting2026-09-08Heera Ispat's board approved the 34th AGM on September 30, 2026 at its new registered office in Ahmedabad, with e-voting open September 26-29 and reco…
- 🔴 annual report2026-09-08Heera Ispat Ltd announced a change in its registered office address to 304/305, Kamal Complex, C.G. Road, Navrangpura, Ahmedabad - 380009, effective S…
- 🔴 annual report2026-09-08Heera Ispat Ltd announced the appointment of secretarial auditors D Khatnani & Associates for FY 2026-27 and Ms Misha Soni as an additional non-execut…
- 🟡 Board Meeting2026-09-08Heera Ispat Ltd announced the outcome of its September 8, 2026 board meeting, approving the 34th Annual General Meeting at its new registered office a…
- 🔴 annual report2026-09-08Heera Ispat Limited submitted its FY 2025-26 Annual Report to BSE on September 8, 2026, including notice of the 34th AGM scheduled for September 30, 2…
- 🟡 Board Meeting2026-09-02Heera Ispat Limited announced a board meeting on September 8, 2026, to finalize the Annual General Meeting details, including venue, record date, and …
🧠 Analyst's Read
The company is effectively non-operational with no visible recovery plan, making it a high-risk entity with no clear catalyst for revival. Investors should monitor for any future regulatory filings or management updates that might indicate a restart of operations or restructuring initiative.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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