Integrated Filing — IndAS



General information about company
Scrip Code 513436
NSE Symbol SHAHALLOYS
MSEI Symbol NOTLISTED
ISIN INE640C01011
Name of company SHAH ALLOYS LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-Apr-2024
Date of end of financial year 31-Mar-2025
Date of board meeting when results were approved 30-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 22-May-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment INGOTS OF IRON AND STEEL AND OTHER PRIMARY FORMS
Start date and time of board meeting 30-May-2025   20:00:00
End date and time of board meeting 30-May-2025   21:00:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification



Financial Results Ind-AS
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Part I Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 297600000 2665200000
Other income 6100000 7600000
Total income 303700000 2672800000
2 Expenses
(a) Cost of materials consumed 178700000 1472100000
(b) Purchases of stock-in-trade 0 0
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade -22500000 470500000
(d) Employee benefit expense 29700000 147600000
(e) Finance costs 11200000 44800000
(f) Depreciation, depletion and amortisation expense 23000000 91900000
(f) Other Expenses
1 Consumption of Stores and Spares 75400000 247500000
2 Power Cost 23900000 359900000
3 Other Expenditure 16200000 69700000
Total other expenses 115500000 677100000
Total expenses 335600000 2904000000
3 Total profit before exceptional items and tax -31900000 -231200000
4 Exceptional items 0 0
5 Total profit before tax -31900000 -231200000
6 Tax expense
7 Current tax 0 0
8 Deferred tax -8300000 -56900000
9 Total tax expenses -8300000 -56900000
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0 0
11 Net Profit Loss for the period from continuing operations -23600000 -174300000
12 Profit (loss) from discontinued operations before tax 0 0
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax 0 0
15 Share of profit (loss) of associates and joint ventures accounted for using equity method -21300000 -22900000
16 Total profit (loss) for period -44900000 -197200000
17 Other comprehensive income net of taxes 12500000 8000000
18 Total Comprehensive Income for the period -32400000 -189200000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 198000000 198000000
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 0
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -2.27 -9.96
Diluted earnings (loss) per share from continuing operations -2.27 -9.96
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -2.27 -9.96
Diluted earnings (loss) per share from continuing and discontinued operations -2.27 -9.96
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results



Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities
Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-Apr-2024
Date of end of reporting period 31-Mar-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 570700000
Capital work-in-progress 90100000
Investment property 48100000
Goodwill 0
Other intangible assets 0
Intangible assets under development
Biological assets other than bearer plants
Investments accounted for using equity method
Non-current financial assets
Non-current investments 0
Trade receivables, non-current
Loans, non-current 0
Other non-current financial assets 80300000
Total non-current financial assets 80300000
Deferred tax assets (net) 779900000
Other non-current assets 26800000
Total non-current assets 1595900000
2 Current assets
Inventories 301000000
Current financial asset
Current investments 0
Trade receivables, current 12400000
Cash and cash equivalents 26400000
Bank balance other than cash and cash equivalents 0
Loans, current 0
Other current financial assets 0
Total current financial assets 38800000
Current tax assets (net) 0
Other current assets 11000000
Total current assets 350800000
3 Non-current assets classified as held for sale 0
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 1946700000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 198000000
Other equity -274900000
Total equity attributable to owners of parent -76900000
Non controlling interest
Total equity -76900000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 36800000
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 15600000
Total Trade payable 15600000
Other non-current financial liabilities
Total non-current financial liabilities 52400000
Provisions, non-current 12700000
Deferred tax liabilities (net)
Deferred government grants, Non-current
Other non-current liabilities
Total non-current liabilities 65100000
Current liabilities
Current financial liabilities
Borrowings, current 752400000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 763600000
Total Trade payable 763600000
Other current financial liabilities 226600000
Total current financial liabilities 1742600000
Other current liabilities 192600000
Provisions, current 23300000
Current tax liabilities (Net)
Deferred government grants, Current
Total current liabilities 1958500000
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 2023600000
Total equity and liabilites 1946700000
Disclosure of notes on assets and liabilities



Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-Jan-2025 01-Apr-2024
Date of end of reporting period 31-Mar-2025 31-Mar-2025
Whether accounts are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments Textual Information(2)



Text Block
Textual Information(2) The Company s Operation falls under single Segment Namely IRON and STEEL Hence Segment information required as per Indian Accounting Standard108 are not applicable. All assets are located in the Company s Country domicile.



Other Comprehensive Income
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss -12500000 -8000000
5 Total Other comprehensive income 12500000 8000000



Cash flow statement, indirect
Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2024
B Date of end of reporting period 31-Mar-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax -231200000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 44800000
Adjustments for decrease (increase) in inventories 519400000
Adjustments for decrease (increase) in trade receivables, current 63200000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets 0
Adjustments for decrease (increase) in other non-current assets 0
Adjustments for other financial assets, non-current 0
Adjustments for other financial assets, current 0
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current -537700000
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities 0
Adjustments for increase (decrease) in other non-current liabilities 0
Adjustments for depreciation and amortisation expense 91900000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current 0
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current 0
Adjustments for other financial liabilities, non-current 0
Adjustments for unrealised foreign exchange losses gains 0
Adjustments for dividend income 0
Adjustments for interest income 5500000
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) 0
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow 0
Other adjustments to reconcile profit (loss) 0
Other adjustments for non-cash items 0
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 176100000
Net cash flows from (used in) operations -55100000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) 0
Other inflows (outflows) of cash 10100000
Net cash flows from (used in) operating activities -45000000
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0
Cash flows used in obtaining control of subsidiaries or other businesses 0
Other cash receipts from sales of equity or debt instruments of other entities 0
Other cash payments to acquire equity or debt instruments of other entities 0
Other cash receipts from sales of interests in joint ventures 0
Other cash payments to acquire interests in joint ventures 0
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0
Proceeds from sales of property, plant and equipment 9500000
Purchase of property, plant and equipment 1800000
Proceeds from sales of investment property 0
Purchase of investment property 0
Proceeds from sales of intangible assets 0
Purchase of intangible assets 0
Proceeds from sales of intangible assets under development 0
Purchase of intangible assets under development 0
Proceeds from sales of goodwill 0
Purchase of goodwill 0
Proceeds from biological assets other than bearer plants 0
Purchase of biological assets other than bearer plants 0
Proceeds from government grants 0
Proceeds from sales of other long-term assets 0
Purchase of other long-term assets 0
Cash advances and loans made to other parties 0
Cash receipts from repayment of advances and loans made to other parties 0
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0
Dividends received 0
Interest received 5500000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) investing activities 13200000
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0
Payments from changes in ownership interests in subsidiaries 0
Proceeds from issuing shares 0
Proceeds from issuing other equity instruments 0
Payments to acquire or redeem entity's shares 0
Payments of other equity instruments 0
Proceeds from exercise of stock options 0
Proceeds from issuing debentures notes bonds etc 0
Proceeds from borrowings 100800000
Repayments of borrowings 0
Payments of lease liabilities 0
Dividends paid 0
Interest paid 44800000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities 56000000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 24200000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0
Net increase (decrease) in cash and cash equivalents 24200000
Cash and cash equivalents cash flow statement at beginning of period 2200000
Cash and cash equivalents cash flow statement at end of period 26400000





Details of Impact of Audit Qualification
Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 PARIKH & MAJUMDAR CHARTERED ACCOUNTANTS Yes 31-Oct-2027


Financial details
Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 2672800000 2672800000
2 Total Expenditure 2847100000 2951800000
3 Net Profit/(Loss) -174300000 -279000000
4 Earnings Per Share -9.96 -15.25
5 Total Assets 1946700000 1946700000
6 Total Liabilities 2023600000 2128300000
7 Net Worth -76900000 -181600000


Audit qualification
Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Since how long continuing Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)
2 Textual Information(6) Qualified opinion Since how long continuing Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)
3 Textual Information(11) Qualified opinion Since how long continuing Textual Information(12) Textual Information(13) Textual Information(14) Textual Information(15)
4 Textual Information(16) Qualified opinion Repetitive Textual Information(17) Textual Information(18) Textual Information(19) Textual Information(20)


Text Block
Textual Information(1) For the Year ended on 31st March 2025, the company has continued its practice of not making any provision of interest on loans from banks. Had the company made the provision of interest on loans from banks for the year ended on 31st March, 2025 the Loss for the year would have been higher by Rs 146.61 lakhs and current liabilities would have been higher to that extent.
Textual Information(2) For the Year ended on 31st March 2025 the company has continued its practice of not making any provision of interest on loans from banks. Had the company made the provision of interest on loans from banks for the year ended on 31st March 2025 the Loss for the year would have been higher by Rs 146.61 lakhs and current liabilities would have been higher to that extent.
Textual Information(3) Not Quantifiable
Textual Information(4) On account of non payment of principle and interest to the banks debts were declared NPA by the Banks. Since company wants to settle the dues amicably with banks it did not provide for interest
Textual Information(5) No Further Coments
Textual Information(6) The Company has not assessed the impact of Effective Interest Method to the finance cost as per the requirement of lnd AS 109 Financial Instruments and hence the effect of the same if any on the financial results is not identifiable therefore, we are unable to comment upon its impact on the financial results for the Year ended 31st March 2025.
Textual Information(7) The Company has not assessed the impact of Effective Interest Method to the finance cost as per the requirement of lnd AS 109 Financial Instruments and hence the effect of the same if any on the financial results is not identifiable therefore we are unable to comment upon its impact on the financial results for the Year ended 31st March 2025.
Textual Information(8) Not Quantifiable
Textual Information(9) The Management expects that the impact of Effective Interest Method to the Finance Cost as per the requirement of IND AS 109 on the Financial Results will not be material enough and hence the management has not given effect of the same in the Standalone Financial Results.
Textual Information(10) No Further Coments
Textual Information(11) The Company has not evaluated the provisioning requirement of a loss allowance on its financial assets so as to give impact of impairment if any as per the expected credit loss method as per the requirement of lnd AS 109 Financial Instruments and hence the effect of the same if any on the Financial Results is not identifiable therefore. We are unable to comment upon its impact on the financial results for the year ended on 31st March 2025
Textual Information(12) The Company has not evaluated the provisioning requirement of a loss allowance on its financial assets so as to give impact of impairment if any as per the expected credit loss method as per the requirement of lnd AS 109 Financial Instruments and hence the effect of the same if any on the Financial Results is not identifiable therefore. We are unable to comment upon its impact on the financial results for the year ended on 31st March 2025
Textual Information(13) Not Quantifiable
Textual Information(14) The Management expects that the loss of allowance if any as per expected Credit loss method on the Financial assets will not be material enough and hence the management has not given effect of the same in the Standalone Financial Results.
Textual Information(15) No Further Coments
Textual Information(16) For the year ended on 31st March 2025 the company has not made Impairment of entire Capital Work in Progress. Had the Company made the Impairment of entire Capital Work in Progress for the year ended on 31st March 2025 the Loss for the year would have been Higher by Rs 900.50 lakhs and Capital Work in Progress would have been lower to that extent
Textual Information(17) For the year ended on 31st March,2025 the company has not made Impairment of entire Capital Work in Progress. Had the Company made the Impairment of entire Capital Work in Progress for the year ended on 31st March, 2025 the Loss for the year would have been Higher by Rs 900.50 lakhs and Capital Work in Progress would have been lower to that extent.
Textual Information(18) Not Quantificable
Textual Information(19) Nothing Further to add
Textual Information(20) No Further Coments


Signatories detail
Name of CEO / Managing director Shri Rajendrakumar Shah
Name of CFO Shri Ashok Sharma
Name of audit committee chairman Shri Ambalal C. Patel
Name of statutory auditor Shri Satwik Durkal
Name of other signatory, if any, with designation
Place Ahmedabad
Date 30-May-2025