Shah Alloys Limited (SHAHALLOYS) — Board Meeting

📢 Key Event
Board approved audited FY2025-26 financial results and appointed M/s G M C A & Co. as internal auditor

🔄 What Changed
Material uncertainty around going concern due to plant shutdown; exceptional gains from asset sales and liability waiver

💡 Investor Takeaway
The company posted a net loss despite asset sale gains, with no clarity on recovery from operational shutdown.

Shah Alloys Limited announced the outcome of its May 30, 2026 board meeting, approving audited standalone and consolidated financial results for FY2025-26, which include a qualified audit opinion due to material uncertainty around going concern following the August 2025 shutdown of its loss-making Santej iron and steel plant in Gujarat. The results reflect significant exceptional gains from asset sales and disinvestments, including ₹1,691.53 crores from a Rolling Mill sale, ₹5,347.68 crores from plant and machinery, and ₹1,398.41 crores from SAL Steel share disinvestment, alongside a ₹723.77 crore liability waiver from HDFC Bank. Despite these gains, the company reported a ₹19.38 crore net loss after tax and negative earnings per share of [amount context mismatch], with auditors unable to confirm going concern status. The appointment of M/s G M C A & Co. as internal auditor was also ratified.

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