Mideast Integrated Steels Ltd

Financial snapshot

• Standalone revenue 547.89 mn; PBT -484.78 mn; PAT -662.79 mn.
• Consolidated revenue 5,677.59 mn; PBT -1,309.27 mn; PAT -1,685.46 mn.
• Dividend for 2025-26 not declared.

Subsidiary performance

• Maithan Ispat Limited revenue 512.97 crores; PAT -1,022.67 mn; PBT -824.48 mn.
• MISL holds 99.60% equity in Maithan Ispat Limited.

Related party transactions

• Maithan Ispat Limited, Mesco Steels Limited, Mesco Kalinga Steels Limited up to Rs 250 cr each.
• Leasing/office sharing and services with Mesco Hotels Limited and Mesco Kalinga Steels Limited.
• Board and audit committee authorized to finalize agreements and schedules.

Capital structure & dividends

• Equity share capital ₹1,378.75 mn; 13.7875 crore shares.
• Promoters hold 53.59%; IEPF 10.20%.
• Borrowings ₹445.21 mn non-current; ₹7.10 mn current.
• Board-approved limit to borrow up to ₹1,000 crore.

Governance & leadership

• Dushyant Kumar Singh died on 9 July 2025.
• Rita Singh appointed Chairperson and Whole-time Director.
• Natasha Sinha appointed Executive Director; Asit Kumar Ray appointed Additional Director.

Audit & risk

• Statutory auditor Ashok Shyam & Associates; report carries qualifications.
• Arbitration award Rs 718 crore; no provision; matter sub-judice.
• Going concern risk flagged; potential negative net worth.

Contingent liabilities & commitments

• Contingent liabilities include central excise, sales tax, income tax and GST; large disclosed.
• Guarantee to subsidiary: Rs 7,829.50 mn.
• Capital commitments: Rs 105.34 mn remaining.
• Unpaid dividend of Rs 2.5 crore not yet transferred to IEPF.

AGM and closure details

• AGM to be held on August 29, 2026 via VC/OAVM.
• Book closure from August 23 to August 29, 2026 (inclusive).
• Cut-off date for determining e-voting eligibility: August 22, 2026.

AGM details

• Date/time: 29 August 2026, 12:30 PM IST.
• Mode: VC/OAVM.
• Venue: deemed at the registered office, New Delhi.
• Record closure: 23-29 Aug 2026; e-voting cut-off: 24 Aug 2026.

Key resolutions

• Adoption of standalone and consolidated financial statements for year ended 31 March 2026.
• Natasha Sinha appointed Executive Director.
• Asit Kumar Ray appointed Executive Director.
• Rita Singh appointed Whole-Time Executive Director.
• Related party transactions approved up to Rs 250 crore per annum.
• Borrowing power up to Rs 1000 crore, or higher of paid-up capital and free reserves.
• Authority to transfer/lease/mortgage assets to secure borrowings; board to finalize agreements.

Material related party transactions

• Maithan Ispat Limited (subsidiary) to purchase/supply raw materials and related goods.
• Rita Singh and Natasha Sinha to engage in RPTs with Mesco Steels Limited and related promoters.
• Leasing/sublease of offices and vehicle/hospitality services involving key directors.
• Maximum annual value for RPTs disclosed as Rs 250 crore.

Other approvals

• Board authorized to execute agreements and necessary actions for listed transactions.

Dematerialisation confirmations

• Securities dematerialised have been listed on the stock exchange where the earlier issues are listed.
• Physical certificates received for dematerialisation were mutilated and cancelled, and the depository's name substituted within 15 days.
• Period covered: quarter ended 30 June 2026.

Transfer summary

• Inter-se transfer of MISL shares between Mesco Steels Limited and Mesco Mining Limited.
• Date of transfer: 03 July 2026; shares: 1,70,00,000; 12.33% stake.
• Mode: off-market inter-se transfer; ISIN: INE170N01016.
• Acquirer: Mesco Mining Limited; Seller: Mesco Steels Limited.
• Acquisition is an inter-se transfer between unlisted entities.
• Total stake transferred represents 12.33% of MISL paid-up equity.

Regulatory filings

• Disclosures filed under SEBI SAST and PIT regulations within timelines.
• Acquisition disclosed by Mesco Mining Limited; disposal by Mesco Steels Limited.
• Acquisition date: 03 July 2026; principal shares: 1,70,00,000.
• ISIN: INE170N01016 referenced.

Financial highlights

• Consolidated revenue from operations: Rs 6,275.06 Mn.
• Consolidated total income: Rs 6,213.17 Mn.
• Consolidated total expenses: Rs 6,952.92 Mn.
• Consolidated profit before tax: Rs negative 1,309.27 Mn.
• Consolidated total comprehensive loss: Rs 1,680.49 Mn.
• Standalone total income: Rs 547.89 Mn.
• Standalone net loss after tax: Rs 662.79 Mn.
• Standalone total comprehensive income: Rs 143.10 Mn.
• Paid-up equity share capital: Rs 1,378.75 Mn.
• Standalone PPE: Rs 7,429.61 Mn; Consolidated PPE: Rs 11,292.35 Mn.
• Standalone CWIP: Rs 181.52 Mn; Consolidated CWIP: Rs 558.92 Mn.
• Standalone cash at year-end: Rs 23.01 Mn; Consolidated cash at year-end: Rs 733.15 Mn.
• Standalone current assets: Rs 13,530.14 Mn; Consolidated current assets: Rs 19,307.49 Mn.
• Standalone total equity: Rs 6,239.86 Mn; Consolidated total equity: Rs 4,146.20 Mn.

Audit qualifications & risk

• Auditors issued a qualified opinion on standalone and consolidated financials.
• Fixed assets worth Rs 1,174.435 Cr lack insurance coverage.
• Receivables Rs 116.98 Cr with unmoved debtors; impairment testing not performed.
• Advances from customers Rs 315.81 Cr largely unmoved beyond 365 days.
• Unbilled revenue Rs 2.62 Cr with no supporting documents.
• Unsecured loans from promoters/others Rs 44.52 Cr; confirmations pending.
• Fixed deposits copies not provided; bank confirmations pending.
• Going concern doubt due to negative net worth after liabilities.
• Subsidiary Maithan Ispat: ECB restatement could raise liability Rs 73.31 Cr.
• Tax & regulatory dues Rs 70.23 Cr; GST filings pending; disputes noted.
• Unpaid dividend Rs 2.50 Cr from 2013-14; not transferred.
• Related-party inter-company receivables Rs 206.85 Cr; impairment testing not performed.

Capex, working capital & liquidity

• Standalone CWIP Rs 181.52 Mn; PPE Rs 7,429.61 Mn.
• Consolidated CWIP Rs 558.92 Mn; PPE Rs 11,292.35 Mn.
• Standalone cash and cash equivalents year-end: Rs 23.01 Mn; Consolidated: Rs 733.15 Mn.
• Standalone current assets: Rs 13,530.14 Mn; Consolidated current assets: Rs 19,307.49 Mn.
• Operating cash flow: Standalone Rs 11.72 Mn; Consolidated Rs 2.96 Mn.
• Financing cash outflow: Standalone Rs 26.04 Mn; Consolidated Rs 5.89 Mn.
• Capital structure shows high borrowings in consolidated books; liquidity headroom unclear.

Business model & segments

• MISL operates in steel production with mining-related exposures; includes De-Maithan Ispat Limited.
• Revenue represents operations and other income; audit notes reference significant contingent liabilities.
• Management commentary on future earnings not disclosed; no numeric guidance provided.

Mideast Integrated Steels Limited – Trading Window Closure from July 01, 2026 till completion of 48 hours after the declaration of Un-audited Financial Results for the quarter ended June 30, 2026