News Earnings Mideast Integrated Steels Limited Reports Q3 FY26 Financial Results with Continued LossesMideast Integrated Steels Limited Reports Q3 FY26 Financial Results with Continued Losses
Mideast Integrated Steels Limited reported Q3 FY26 results showing total income of ₹33.81 million but continued losses of ₹106.82 million after tax. The company faces ongoing challenges from a ₹9,247.50 million Supreme Court penalty for Forest Conservation Act violations, resulting in suspended mining operations since 2018. Despite depositing over ₹513 crores toward the penalty, operations remain halted while legal proceedings continue.
*this image is generated using AI for illustrative purposes only.
Mideast Integrated Steels Limited has announced its unaudited financial results for the quarter ended December 31, 2025, marking another challenging period for the steel company. The results were published in newspapers as required under Regulation 47 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.
Financial Performance Overview
The company's financial performance for Q3 FY26 showed mixed signals with improved revenue but continued losses. The detailed financial metrics reveal the ongoing operational challenges faced by the organization.
| Metric | Q3 FY26 | Q3 FY25 | 9M FY26 | 9M FY25 |
|---|---|---|---|---|
| Total Income from Operations (₹ million) | 33.81 | 2.68 | 488.12 | 1,340.58 |
| Net Loss Before Tax (₹ million) | (106.82) | (128.68) | (398.83) | (359.54) |
| Net Loss After Tax (₹ million) | (106.82) | (128.68) | (398.83) | (330.81) |
| Basic EPS (₹) | (0.77) | (0.93) | (2.89) | (2.40) |
Operational Challenges and Legal Issues
The company continues to grapple with significant legal and operational challenges stemming from a Supreme Court judgment. In August 2017, the Honorable Supreme Court imposed a penalty of ₹9,247.50 million on the company for violations of the Forest Conservation Act, 1980. The company has not paid this penalty, resulting in the suspension of its iron ore mining operations since January 1, 2018.
Despite these challenges, the company received some relief through a Supreme Court order dated January 15, 2020, which permitted the sale of previously extracted iron ore. The proceeds from these sales must be deposited with the State Government as part payment toward the compensation demand.
Deposit Status and Compliance
The company has made substantial deposits toward the Supreme Court-mandated compensation:
| Payment Details | Amount (₹ crores) |
|---|---|
| Deposited till March 31, 2024 | 415.79 (including GST) |
| Deposited by OMC for FY 2024-25 | 53.86 (including GST) |
| Recovered by OMC for Q2 FY 2025-26 | 44.17 (including GST) |
Corporate Governance and Compliance
The financial results were reviewed and recommended by the Audit Committee before being approved by the Board of Directors at their meeting held on February 13, 2026. Company Secretary and Compliance Officer Yachika Goel signed the regulatory filing, ensuring compliance with listing obligations.
The company maintains its registered office at H-1, Zamrudpur Community Centre, Kailash Colony, New Delhi, and operates under CIN: L74899DL1992PLC050216. The equity share capital remains unchanged at ₹1,378.75 million with a face value of ₹10 per share.
Additional Legal Matters
Beyond the Supreme Court penalty, the company faces an arbitration award of ₹718 crores received in June 2019. The company has appealed this award, and the appeal has been admitted in the High Court. Management remains confident about winning the appeal and has not made any provision for this amount in the books of accounts.
The company's financial results demonstrate the ongoing impact of regulatory and legal challenges on its operations, with mining activities remaining suspended while legal proceedings continue.
20
