| Scrip Code | 500390 |
|---|---|
| NSE Symbol | RELINFRA |
| MSEI Symbol | NOTLISTED |
| ISIN | INE036A01016 |
| Name of company | RELIANCE INFRASTRUCTURE LIMITED |
| Type of company | Main Board |
| Class of security | Equity |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 23-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 17-05-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| 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 | Multi segment |
| Description of single segment | |
| Start date and time of board meeting | 23-05-2026 16:36:00 |
| End date and time of board meeting | 23-05-2026 17:55:00 |
| 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 |
| 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 | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | 4,00,128.00 | 20,44,053.00 | |
| Other income | 15,306.00 | 42,150.00 | |
| Total income | 4,15,434.00 | 20,86,203.00 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 9,398.00 | 38,537.00 |
| (b) | Purchases of stock-in-trade | 0.00 | 0.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 |
| (d) | Employee benefit expense | 32,095.00 | 1,24,517.00 |
| (e) | Finance costs | 34,790.00 | 1,66,044.00 |
| (f) | Depreciation, depletion and amortisation expense | 34,971.00 | 1,46,586.00 |
| (f) | Other Expenses | ||
| 1 | Cost of Power Purchase | 3,28,568.00 | 13,85,711.00 |
| 2 | Construction Material Consumed and Sub-Contracting Charges | 5,399.00 | 23,993.00 |
| 3 | Late Payment Surcharge | 39,956.00 | 1,64,702.00 |
| 4 | Other Expenses | 56,810.00 | 2,06,237.00 |
| Total other expenses | 4,30,733.00 | 17,80,643.00 | |
| Total expenses | 5,41,987.00 | 22,56,327.00 | |
| 3 | Total profit before exceptional items and tax | (1,26,553.00) | (1,70,124.00) |
| 4 | Exceptional items | (49,610.00) | 1,03,347.00 |
| 5 | Total profit before tax | (1,76,163.00) | (66,777.00) |
| 6 | Tax expense | ||
| 7 | Current tax | (64,061.00) | (63,522.00) |
| 8 | Deferred tax | 2,931.00 | 860.00 |
| 9 | Total tax expenses | (61,130.00) | (62,662.00) |
| 10 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 2,91,698.00 | 4,96,400.00 |
| 11 | Net Profit Loss for the period from continuing operations | 1,76,665.00 | 4,92,285.00 |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 14 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 15 | Share of profit (loss) of associates and joint ventures accounted for using equity method | (12,650.00) | (8,452.00) |
| 16 | Total profit (loss) for period | 1,64,015.00 | 4,83,833.00 |
| 17 | Other comprehensive income net of taxes | (180.00) | (542.00) |
| 18 | Total Comprehensive Income for the period | 1,63,835.00 | 4,83,291.00 |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | 91,807.00 | 2,90,022.80 | |
| Total profit or loss, attributable to non-controlling interests | 72,208.00 | 1,93,810.00 | |
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | (180.00) | (512.00) | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | 0.00 | (30.00) | |
| 21 | Details of equity share capital | ||
| Paid-up equity share capital | 40,867.00 | 40,867.00 | |
| Face value of equity share capital | 10 | 10 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | 0.00 | |
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | 22.47 | 71.44 | |
| Diluted earnings (loss) per share from continuing operations | 22.44 | 71.41 | |
| 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 | 22.47 | 71.44 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | 22.44 | 71.41 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | ||
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| Particulars | Year ended (dd-mm-yyyy) | |
|---|---|---|
| Date of start of reporting period | 01-04-2025 | |
| Date of end of reporting period | 31-03-2026 | |
| Whether results are audited or unaudited | Audited | |
| Nature of report standalone or consolidated | Consolidated | |
| Assets | ||
| 1 | Non-current assets | |
| Property, plant and equipment | 10,17,674.00 | |
| Capital work-in-progress | 84,157.00 | |
| Investment property | 0.00 | |
| Goodwill | 7,675.00 | |
| Other intangible assets | 7,42,583.00 | |
| Intangible assets under development | 39,858.00 | |
| Biological assets other than bearer plants | 0.00 | |
| Investments accounted for using equity method | 0.00 | |
| Non-current financial assets | ||
| Non-current investments | 10,17,103.00 | |
| Trade receivables, non-current | 6,871.00 | |
| Loans, non-current | 33.00 | |
| Other non-current financial assets | ||
| 1 | Other Financial Assets | 34,364.00 |
| Total of other non-current financial assets | 34,364.00 | |
| Total non-current financial assets | 10,58,371.00 | |
| Deferred tax assets (net) | 26.00 | |
| Other non-current assets | ||
| 1 | Right Of Use Assets | 13,248.00 |
| 2 | Non-Current Tax Assets (net) | 4,130.00 |
| 3 | Other Non - current Assets | 8,519.00 |
| Total of other non-current assets | 25,897.00 | |
| Total non-current assets | 29,76,241.00 | |
| 2 | Current assets | |
| Inventories | 15,223.00 | |
| Current financial asset | ||
| Current investments | 14,833.00 | |
| Trade receivables, current | 1,18,156.00 | |
| Cash and cash equivalents | 1,70,898.00 | |
| Bank balance other than cash and cash equivalents | 49,467.00 | |
| Loans, current | 24,162.00 | |
| Other current financial assets | ||
| Total of other current financial assets | 68,051.00 | |
| Total current financial assets | 4,45,567.00 | |
| Current tax assets (net) | 0.00 | |
| Other current assets | ||
| 1 | Other Current Assets | 63,972.00 |
| Total of other current assets | 63,972.00 | |
| Total current assets | 5,24,762.00 | |
| 3 | Non-current assets classified as held for sale | 1,42,182.00 |
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | 34,72,839.00 |
| Total assets | 71,16,024.00 | |
| Equity and liabilities | ||
| 1 | Equity | |
| Equity attributable to owners of parent | ||
| Equity share capital | 40,867.00 | |
| Other equity | 17,46,385.00 | |
| Total equity attributable to owners of parent | 17,87,252.00 | |
| Non controlling interest | 11,21,558.00 | |
| Total equity | 29,08,810.00 | |
| 2 | Liabilities | |
| Non-current liabilities | ||
| Non-current financial liabilities | ||
| Borrowings, non-current | 1,37,201.00 | |
| Trade payables, non-current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 0.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 1,774.00 | |
| Total Trade payable | 1,774.00 | |
| Other non-current financial liabilities | ||
| 1 | Other Financial Liabilities | 5,27,122.00 |
| 2 | Lease Liabilities | 11,158.00 |
| Total of other non-current financial liabilities | 5,38,280.00 | |
| Total non-current financial liabilities | 6,77,255.00 | |
| Provisions, non-current | 55,485.00 | |
| Deferred tax liabilities (net) | 25,639.00 | |
| Deferred government grants, Non-current | ||
| Other non-current liabilities | ||
| 1 | Other Non - current Liabilities | 2,40,731.00 |
| Total of other non-current liabilities | 2,40,731.00 | |
| Total non-current liabilities | 9,99,110.00 | |
| Current liabilities | ||
| Current financial liabilities | ||
| Borrowings, current | 3,43,182.00 | |
| Trade payables, current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 8,295.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 17,14,942.00 | |
| Total Trade payable | 17,23,237.00 | |
| Other current financial liabilities | ||
| 1 | Other Financial Liabilities | 5,20,653.00 |
| 2 | Lease Liabilities | 2,131.00 |
| Total of other current financial liabilities | 5,22,784.00 | |
| Total current financial liabilities | 25,89,203.00 | |
| Other current liabilities | 2,36,428.00 | |
| 1 | Other Current Liabilities | 2,36,428.00 |
| Total of other current liabilities | 2,36,428.00 | |
| Provisions, current | 2,15,558.00 | |
| Current tax liabilities (Net) | 6,868.00 | |
| Deferred government grants, Current | 0.00 | |
| Total current liabilities | 30,48,057.00 | |
| 3 | Liabilities directly associated with assets in disposal group classified as held for sale | 1,60,047.00 |
| 4 | Regulatory deferral account credit balances and related deferred tax liability | 0.00 |
| Total liabilities | 42,07,214.00 | |
| Total equity and liabilites | 71,16,024.00 | |
| Disclosure of notes on assets and liabilities | ||
| 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 | 01-01-2026 | 01-04-2025 | |||||
| Date of end of reporting period | 31-03-2026 | 31-03-2026 | |||||
| Whether results 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) | |||||||
| 1 | Power Business | 6,38,964.00 | 23,25,355.00 | ||||
| 2 | Engineering and Construction Business | 6,283.00 | 23,722.00 | ||||
| 3 | Infrastructure Business | 34,869.00 | 1,42,892.00 | ||||
| 4 | Others | 11,710.00 | 48,484.00 | ||||
| Total Segment Revenue | 6,91,826.00 | 25,40,453.00 | |||||
| Less: Inter segment revenue | 0.00 | 0.00 | |||||
| Revenue from operations | 6,91,826.00 | 25,40,453.00 | |||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| 1 | Power Business | 2,25,574.00 | 6,38,752.00 | ||||
| 2 | Engineering and Construction Business | 1,444.00 | 313.00 | ||||
| 3 | Infrastructure Business | 6,155.00 | 14,487.00 | ||||
| 4 | Others | 1,047.00 | 4,142.00 | ||||
| Total Profit before tax | 2,34,220.00 | 6,57,694.00 | |||||
| i. Finance cost | 34,790.00 | 1,66,044.00 | |||||
| ii. Other Unallocable Expenditure net off Unallocable income | 83,895.00 | 62,027.00 | |||||
| Profit before tax | 1,15,535.00 | 4,29,623.00 | |||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| 1 | Power Business | 46,17,958.00 | 46,17,958.00 | ||||
| 2 | Engineering and Construction Business | 2,95,329.00 | 2,95,329.00 | ||||
| 3 | Infrastructure Business | 9,12,065.00 | 9,12,065.00 | ||||
| 4 | Others | 37,425.00 | 37,425.00 | ||||
| Total Segment Asset | 58,62,777.00 | 58,62,777.00 | |||||
| Un-allocable Assets | 12,53,247.00 | 12,53,247.00 | |||||
| Net Segment Asset | 71,16,024.00 | 71,16,024.00 | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| 1 | Power Business | 22,00,925.00 | 22,00,925.00 | ||||
| 2 | Engineering and Construction Business | 2,12,501.00 | 2,12,501.00 | ||||
| 3 | Infrastructure Business | 5,33,689.00 | 5,33,689.00 | ||||
| 4 | Others | 21,374.00 | 21,374.00 | ||||
| Total Segment Liabilities | 29,68,489.00 | 29,68,489.00 | |||||
| Un-allocable Liabilities | 23,60,283.00 | 23,60,283.00 | |||||
| Net Segment Liabilities | 53,28,772.00 | 53,28,772.00 | |||||
| Disclosure of notes on segments | |||||||
| 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 | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| 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 | ||
| 1 | Remeasurement of net defined plans: Gains/(Loss) | 624.00 | 149.00 |
| 2 | Net Movement in Regulatory Deferral Account balances related to OCI | (636.00) | (409.00) |
| Total Amount of items that will not be reclassified to profit and loss | (12.00) | (260.00) | |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 6.00 | 16.00 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| 1 | Foreign Currency Translation Loss | (162.00) | (266.00) |
| Total Amount of items that will be reclassified to profit and loss | (162.00) | (266.00) | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | 0.00 | 0.00 |
| 5 | Total Other comprehensive income | (180.00) | (542.00) |
| Particulars | Year ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|
| A | Date of start of reporting period | 01-04-2025 | ||||
| B | Date of end of reporting period | 31-03-2026 | ||||
| C | Whether results are audited or unaudited | Audited | ||||
| D | Nature of report standalone or consolidated | Consolidated | ||||
| Statement of cash flows | ||||||
| Cash flows from used in operating activities | ||||||
| Profit before tax | (66,777.00) | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | 1,66,044.00 | |||||
| Adjustments for decrease (increase) in inventories | 2,623.00 | |||||
| Adjustments for decrease (increase) in trade receivables, current | (4,81,242.00) | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | 0.00 | |||||
| Adjustments for decrease (increase) in other non-current assets | 0.00 | |||||
| Adjustments for other financial assets, non-current | 0.00 | |||||
| Adjustments for other financial assets, current | 0.00 | |||||
| Adjustments for other bank balances | 0.00 | |||||
| Adjustments for increase (decrease) in trade payables, current | (65,676.00) | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |||||
| Adjustments for increase (decrease) in other current liabilities | 0.00 | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 1,46,586.00 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |||||
| Adjustments for provisions, current | (268.00) | |||||
| Adjustments for provisions, non-current | (6,459.00) | |||||
| Adjustments for other financial liabilities, current | 0.00 | |||||
| Adjustments for other financial liabilities, non-current | 0.00 | |||||
| Adjustments for unrealised foreign exchange losses gains | 16,954.00 | |||||
| Adjustments for dividend income | 0.00 | |||||
| Adjustments for interest income | 21,954.00 | |||||
| Adjustments for share-based payments | 661.00 | |||||
| Adjustments for fair value losses (gains) | 0.00 | |||||
| Adjustments for undistributed profits of associates | 0.00 | |||||
| Other adjustments for which cash effects are investing or financing cash flow | 0.00 | |||||
| Other adjustments to reconcile profit (loss) | 4,96,400.00 | |||||
| Other adjustments for non-cash items | 0.00 | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | 2,53,669.00 | |||||
| Net cash flows from (used in) operations | 1,86,892.00 | |||||
| Dividends received | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | (10,085.00) | |||||
| Other inflows (outflows) of cash | 39,206.00 | |||||
| Net cash flows from (used in) operating activities | 2,36,183.00 | |||||
| Cash flows from used in investing activities | ||||||
| Cash flows from losing control of subsidiaries or other businesses | 0.00 | |||||
| Cash flows used in obtaining control of subsidiaries or other businesses | 0.00 | |||||
| Other cash receipts from sales of equity or debt instruments of other entities | 0.00 | |||||
| Other cash payments to acquire equity or debt instruments of other entities | 0.00 | |||||
| Other cash receipts from sales of interests in joint ventures | 0.00 | |||||
| Other cash payments to acquire interests in joint ventures | 0.00 | |||||
| Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Cash payment for investment in partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Proceeds from sales of property, plant and equipment | 14,294.00 | |||||
| Purchase of property, plant and equipment | 1,69,330.00 | |||||
| Proceeds from sales of investment property | 0.00 | |||||
| Purchase of investment property | 0.00 | |||||
| Proceeds from sales of intangible assets | 0.00 | |||||
| Purchase of intangible assets | 0.00 | |||||
| Proceeds from sales of intangible assets under development | 0.00 | |||||
| Purchase of intangible assets under development | 0.00 | |||||
| Proceeds from sales of goodwill | 0.00 | |||||
| Purchase of goodwill | 0.00 | |||||
| Proceeds from biological assets other than bearer plants | 0.00 | |||||
| Purchase of biological assets other than bearer plants | 0.00 | |||||
| Proceeds from government grants | 0.00 | |||||
| Proceeds from sales of other long-term assets | 0.00 | |||||
| Purchase of other long-term assets | 0.00 | |||||
| Cash advances and loans made to other parties | 0.00 | |||||
| Cash receipts from repayment of advances and loans made to other parties | 0.00 | |||||
| Cash payments for future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Cash receipts from future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Dividends received | 0.00 | |||||
| Interest received | 25,894.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 1,805.00 | |||||
| Net cash flows from (used in) investing activities | (1,27,337.00) | |||||
| Cash flows from used in financing activities | ||||||
| Proceeds from changes in ownership interests in subsidiaries | 0.00 | |||||
| Payments from changes in ownership interests in subsidiaries | 0.00 | |||||
| Proceeds from issuing shares | 22,500.00 | |||||
| Proceeds from issuing other equity instruments | 0.00 | |||||
| Payments to acquire or redeem entity's shares | 0.00 | |||||
| Payments of other equity instruments | 0.00 | |||||
| Proceeds from exercise of stock options | 0.00 | |||||
| Proceeds from issuing debentures notes bonds etc | 0.00 | |||||
| Proceeds from borrowings | 0.00 | |||||
| Repayments of borrowings | 99,820.00 | |||||
| Payments of lease liabilities | 2,856.00 | |||||
| Dividends paid | 2,186.00 | |||||
| Interest paid | 73,852.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | (21,243.00) | |||||
| Net cash flows from (used in) financing activities | (1,77,457.00) | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (68,611.00) | |||||
| Effect of exchange rate changes on cash and cash equivalents | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 0.00 | |||||
| Net increase (decrease) in cash and cash equivalents | (68,611.00) | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 2,40,374.00 | |||||
| Cash and cash equivalents cash flow statement at end of period | 1,71,763.00 | |||||
| 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 | Disclaimer of 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 | Chaturvedi and Shah LLP | Yes | 30-06-2026 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 25,82,603.00 | 25,82,603.00 |
| 2 | Total Expenditure | 21,52,980.00 | 21,52,980.00 |
| 3 | Net Profit/(Loss) | 2,90,003.00 | 2,90,003.00 |
| 4 | Earnings Per Share | 71.44 | 71.44 |
| 5 | Total Assets | 71,16,024.00 | 71,16,024.00 |
| 6 | Total Liabilities | 53,28,772.00 | 53,28,772.00 |
| 7 | Net Worth | 17,87,553.00 | 17,87,553.00 |
| 8 | Total Equity | 29,08,810.00 | 29,08,810.00 |
| 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) | Disclaimer of opinion | Repetitive | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| 2 | Textual Information(6) | Disclaimer of opinion | Whether appeared first time | Textual Information(7) | Textual Information(8) | Textual Information(9) | Textual Information(10) |
| 3 | Textual Information(11) | Qualified opinion | Whether appeared first time | Textual Information(12) | Textual Information(13) | Textual Information(14) | Textual Information(15) |
| Textual Information(1) | We refer to Note 20 to the consolidated financial results regarding the Holding Companys exposure to the Economic Rights of shareholding in Odisha Discoms and in shares and securities in certain unlisted entities as on March 31, 2026, aggregating to Rs. 4705.74 Crore, acquired by the Holding Company pursuant to Consent Terms/Settlement Agreement in the previous year We were unable to determine the overall recovery of the aforesaid Economic Rights. Accordingly, we are unable to determine the consequential implications arising therefrom in the consolidated financial results of the Holding Company. |
|---|---|
| Textual Information(2) | Not Applicable |
| Textual Information(3) | Not Determinable |
| Textual Information(4) | The management conducted a fair valuation of these economic rights, by an independent external valuation expert. The determination of the fair value involves the application of judgement and estimates, particularly in relation to key assumptions used in the valuation process. Based on the outcome of this assessment, the Holding Company is positive of recovering its entire fair value of investments in economic rights. |
| Textual Information(5) | Impact is not determinable. |
| Textual Information(6) | We draw attention to Note 24 to the consolidated financial results regarding the ongoing proceedings by the Enforcement Directorate (ED), the Show Cause Notice (SCN) issued by the Securities and Exchange Board of India (SEBI) and notice from the Serious Fraud Investigation Office (SFIO) and Note 25 regarding filing of ADT-4 and tendering our resignation as the Statutory Auditors with effect from the handover of the statutory audit report for the financial year ended March 31, 2026, basis our review of the SCN herein and the allegations therein of suspected fraud with regards to the manner of utilisation of funds through CLE Private Limited (CLE) and its alleged relationship with the Holding Company among other matters. In connection to this matter, we filed ADT-4 under section 143(12) of the Act and relevant rules, with MCA on January 19, 2026. The outcome of the proceedings is presently uncertain and cannot be determined at this stage. Accordingly, we are unable to determine the consequential implications arising therefrom in the consolidated financial results. |
| Textual Information(7) | Not Applicable |
| Textual Information(8) | Not Determinable |
| Textual Information(9) | The Holding Company has filed a Writ Petition before the Bombay High Court (BHC) assailing the actions of ED. The matter is pending. The provisional attachment orders with regard to 37 immovable properties have been confirmed by the Adjudicating Authority under PMLA for a period of 365 days and the Holding Company is in the process of filing an Appeal challenging the same. Further, the adjudication proceedings in respect of the provisional attachment orders related to shareholding in its subsidiaries and the marking of lien on the bank account of the Holding Company are underway before the authorities. Separately, the Holding Company has received a SCN dated September 30, 2025 on October 06, 2025 from the SEBI alleging violation of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 read with SEBI Act, 1992. The Holding Company has filed application for settlement with SEBI and the adjudication process arising of the SCN is pending. On November 19, 2025, a communication has been received from the SFIO seeking various information pertaining to the affairs and operations of the Holding Company. The Holding Company has filed a Writ Petition before the BHC seeking disclosure of the order passed by the Ministry of Corporate Affairs basis which information is sought from the Holding Company by SFIO. In such proceedings, the BHC vide order dated December 24, 2025 extended the time granted to the Holding Company to submit complete details pursuant to the communication received from SFIO and expressly restrained SFIO from taking any coercive action in the event of non-compliance. The matter is pending. The requisite disclosures to the stock exchanges in accordance with Regulation 30 of the SEBI (LODR) Regulations, 2015 have been intimated to the Stock Exchanges by the Holding Company in this regard and pending final outcomes of these proceedings, and given the current stage of the matters, no adjustment has been made in the Consolidated audited financial results as on date. |
| Textual Information(10) | Impact is not determinable. |
| Textual Information(11) | We draw attention to Note No. 12(a), to the consolidated financial results in respect of Mumbai Metro One Private Limited (MMOPL), wherein the management of MMOPL has represented that the financial statements have been prepared on a Going Concern basis, notwithstanding the fact that the MMOPL has incurred net loss of Rs. 1,276.68 crore during the year ended March 31, 2026 and the MMOPLs net worth is negative aggregate Rs. 3,956.66 crore and its current liabilities exceed its current assets by Rs. 5,895. 59 crore as at March 31, 2026. Majority of lenders, had filed applications with the National Company Law Tribunal (NCLT) under section 7 of the Insolvency Bankruptcy Code, 2016 for recovery of debts in the earlier year and the consortium of lenders have initiated recovery proceedings before Debt Recovery Tribunal (DRT), Delhi Bench under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Further, pending final outcome of significant litigations under various laws the impact of which is unascertainable. As informed, discussions with lenders for restructuring of borrowings are ongoing, necessary approval and binding agreement or definitive outcome has been reached as at the date of this report. The MMOPLs ability to continue as a going concern is dependent upon successful restructuring of borrowings, infusion of funds and generation of adequate future cash flows. In absence of support letters from shareholders and sufficient cash flow for immediate twelve months the management plan to assess the going concern of the entity is not adequate. This situation indicates that a material uncertainty exists that may cast significant doubt on the MMOPLs ability to continue as a going concern. This has been referred by MMOPL auditors as a Qualification in their audit report. As a result of the matters described in paragraph 1 to 3 above we were not able to obtain sufficient appropriate evidence to provide a basis of our Opinion on the consolidated financial results. |
| Textual Information(12) | Not Applicable |
| Textual Information(13) | Not Determinable |
| Textual Information(14) | The going concern basis of accounting is appropriate having regard to the continued operations of the metro project, ongoing discussions with lenders for resolution of debt, and managements assessment of the future business prospects and expected cash flows of the MMOPL. MMOPL is in the process of reconciliation of balances with National Asset Reconstruction Company Limited (NARCL) and India Infrastructure Finance Company (UK) Limited (IIFCL UK). The differences between the balances as per lenders confirmations and the books of account of the MMOPL primarily relate to certain unilateral debits/claims by the lenders, which are disputed by the MMOPL. |
| Textual Information(15) | Impact is not determinable. |
| Name of CEO / Managing director | Vijesh Thota |
|---|---|
| Name of CFO | Asheesh Chaturvedi |
| Name of audit committee chairman | Manjari Kacker |
| Name of statutory auditor | Gaurav Jain |
| Name of other signatory, if any, with designation | |
| Place | Mumbai |
| Date | 23-05-2026 |