What caused the dramatic swing in Q4 results?

Step Two recorded an exceptional charge of ₹25.02 lacs for a fraudulent bank withdrawal that occurred in 1997-98. Management has now concluded the amount is unrecoverable, 28 years after the event.

Is the profit decline solely due to the fraud write-off?

No. Total income fell 35% year-on-year to ₹392.36 lacs from ₹604.72 lacs. The ₹25.02 lacs charge contributed to the Q4 loss, but the broader income collapse is the primary issue.

How did the company's business mix change?

Q4 included a new sale-of-products line worth ₹254.36 lacs, which the company did not report the prior year. This indicates a shift in its investment-holding model.

What is the scale of Step Two Corporation?

Step Two is a nano-cap with a market capitalisation of approximately ₹25 crore. Its annual income of ₹392.36 lacs is a small fraction of that valuation.

Earnings · Finance - NBFC · Micro cap

Step Two’s full-year loss balloons to ₹191.81 lacs as old fraud hits the books

A 28-year-old bank fraud write-off and a 35% income collapse turned a small Q4 profit into a ₹136 lacs loss. The full-year deterioration is stark.

— 1 earlier story on Step Two Corporation Ltd. →

STEP2COR By Tipsheet Editorial 25 May 2026 · 5:00 PM IST Verify on BSE · NSE

Mkt cap₹16.22 cr

ROE0.00%

Debt / eq.0.00

₹191.81 lacs FY26 net loss, up from a ₹2.39 lacs loss in FY25.

What's new

Full-year net loss widened to ₹191.81 lacs from ₹2.39 lacs in FY25.
Q4 loss hit ₹136.32 lacs, reversing a ₹215.66 lacs profit in the year-ago quarter.
The company booked a ₹25.02 lacs write-off for a 1997-98 bank fraud, now deemed unrecoverable.

Why this matters

Step Two is a nano-cap holding company, and the results reveal a business under pressure. The fraud charge is small, but the 35% drop in total income points to a core operation that is shrinking. The swing from a Q4 profit to a deep loss shows how thin the company's earnings are.

What we're watching

Whether the new ₹254.36 lacs product-sales line can stabilize income.
If the income decline continues in H1 FY27.
Any further legacy issues from the company's long history.

The full read

Step Two Corporation is a ₹25 crore nano-cap investment holding company. Its full-year net loss of ₹191.81 lacs is a severe deterioration from the ₹2.39 lacs loss in FY25. The Q4 loss of ₹136.32 lacs reversed a profit of ₹215.66 lacs in the year-ago quarter. An exceptional charge of ₹25.02 lacs for a 1997-98 bank fraud triggered part of that swing. The deeper problem is the 35% collapse in total income to ₹392.36 lacs from ₹604.72 lacs, which happened even with a new ₹254.36 lacs product-sales line. The fraud is a one-off. The income decline is not.

Questions answered

What caused the dramatic swing in Q4 results?: Step Two recorded an exceptional charge of ₹25.02 lacs for a fraudulent bank withdrawal that occurred in 1997-98. Management has now concluded the amount is unrecoverable, 28 years after the event.
Is the profit decline solely due to the fraud write-off?: No. Total income fell 35% year-on-year to ₹392.36 lacs from ₹604.72 lacs. The ₹25.02 lacs charge contributed to the Q4 loss, but the broader income collapse is the primary issue.
How did the company's business mix change?: Q4 included a new sale-of-products line worth ₹254.36 lacs, which the company did not report the prior year. This indicates a shift in its investment-holding model.
What is the scale of Step Two Corporation?: Step Two is a nano-cap with a market capitalisation of approximately ₹25 crore. Its annual income of ₹392.36 lacs is a small fraction of that valuation.

Mentioned: Step Two Corporation Ltd · ₹25.02 lacs fraud write-off (1997-98) · Q4 loss of ₹136.32 lacs

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

All notes on STEP2COR →

25 May 2026 · 5:00 PM IST Step Two’s full-year loss balloons to ₹191.81 lacs as old fraud hits the books
54d ago Step Two's loss jumps to ₹191.81 lacs as it tries selling products