Welcast Steels News

Welcast Steels Reports Q3 FY26 Loss of ₹315.73 Lakhs

Welcast Steels Limited posted a net loss of ₹315.73 lakhs for Q3 FY26, with revenue dropping to ₹256.60 lakhs. The company permanently closed its Bangalore factory in December 2025.

Welcast Steels Reports Loss and Announces Permanent Factory Closure

Welcast Steels Limited reported a net loss of Rs 625.56 lakhs for the quarter ended September 30, 2025, compared to a loss of Rs 679 lakhs in the previous quarter. Revenue from operations declined to Rs 2,065.01 lakhs from Rs 2,276.74 lakhs in the prior quarter. The company's Board decided to permanently close its industrial establishment at Plot No. 15, Phase 1, Peenya Industrial Area, Bangalore with effect from December 15, 2025. The Board is currently deciding the future course of the company's activities. Due to the closure decision, the financial results were not prepared on a going concern basis. The company recorded exceptional expenses of Rs 209.24 lakhs related to closure compensation, gratuity, and leave encashment liabilities. Welcast Steels manufactures alloy steel cast grinding media and operates solely in India.

Welcast Steels to Permanently Close Bengaluru Manufacturing Plant in December 2025

Welcast Steels Limited announced the permanent closure of its manufacturing facility in Bengaluru's Peenya Industrial Area, effective December 15, 2025, following a 60-day notice period. The Board of Directors approved the closure during their meeting on October 15, 2025. The company cited several factors for the decision: the plant's outdated technology leading to high production costs, unviable operations, consistent decrease in capacity utilization over recent years, and economic unfeasibility of modernizing the facility due to high investment requirements and space constraints. The company manufactures hi-chrome grinding media used in cement, mining, and thermal power plants. The facility, established in 1972, contributed approximately 84.50 crores in turnover (100% of company revenue) and the company's net worth stands at around 39.72 crores during the last financial year.

Welcast Steels Reports Loss and CEO Change in Latest Quarter

Welcast Steels Limited approved unaudited financial results for the quarter ended June 30, 2025, reporting a net loss of ₹29.42 lakhs compared to a loss of ₹58.10 lakhs in the same quarter last year. Revenue from operations decreased to ₹2,278.46 lakhs from ₹2,436.88 lakhs year-over-year. The company announced leadership changes with V.V.R. Mohana Rao resigning as CEO due to health reasons effective July 31, 2025, and Gangadurai M. being appointed as the new CEO effective August 6, 2025. Gangadurai M. holds a B.E. in Metallurgy Engineering and MBA with 48 years of foundry experience, previously serving as General Manager - Operation at AIA Engineering Ltd. The company manufactures alloy steel cast grinding media and operates solely in India. AIA Engineering Limited holds 74.85% of the company's share capital.

Welcast Steels CEO V. V. R. Mohana Rao Resigns

Welcast Steels Limited announced the resignation of V. V. R. Mohana Rao from his position as Chief Executive Officer. The company submitted the resignation letter to BSE Limited on July 31st, 2025, following a previous communication dated July 28th, 2025. The resignation was disclosed in compliance with SEBI listing regulations.