| Scrip Code | 532654 |
|---|---|
| NSE Symbol | MCLEODRUSS |
| MSEI Symbol | NOTLISTED |
| ISIN | INE942G01012 |
| Name of company | McLEOD RUSSEL INDIA 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 | 29-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 25-05-2026 |
| 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 | Geographical |
| Description of single segment | |
| Start date and time of board meeting | 29-05-2026 15:15:00 |
| End date and time of board meeting | 29-05-2026 21:20:00 |
| 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 | 13,035.00 | 1,15,439.00 | |
| Other income | 446.00 | 734.00 | |
| Total income | 13,481.00 | 1,16,173.00 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 731.00 | 2,462.00 |
| (b) | Purchases of stock-in-trade | 759.00 | 3,594.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 4,778.00 | 46.00 |
| (d) | Employee benefit expense | 13,750.00 | 74,346.00 |
| (e) | Finance costs | 1,046.00 | 14,674.00 |
| (f) | Depreciation, depletion and amortisation expense | 1,602.00 | 6,107.00 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 6,945.00 | 37,581.00 |
| Total other expenses | 6,945.00 | 37,581.00 | |
| Total expenses | 29,611.00 | 1,38,810.00 | |
| 3 | Total profit before exceptional items and tax | (16,130.00) | (22,637.00) |
| 4 | Exceptional items | (14,695.00) | (14,695.00) |
| 5 | Total profit before tax | (30,825.00) | (37,332.00) |
| 6 | Tax expense | ||
| 7 | Current tax | 46.00 | 331.00 |
| 8 | Deferred tax | (23,604.00) | (25,313.00) |
| 9 | Total tax expenses | (23,558.00) | (24,982.00) |
| 10 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0.00 | 0.00 |
| 11 | Net Profit Loss for the period from continuing operations | (7,267.00) | (12,350.00) |
| 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 | 0.00 | 0.00 |
| 16 | Total profit (loss) for period | (7,267.00) | (12,350.00) |
| 17 | Other comprehensive income net of taxes | (11.00) | 1,637.00 |
| 18 | Total Comprehensive Income for the period | (7,278.00) | (10,713.00) |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | (7,266.00) | (12,350.00) | |
| Total profit or loss, attributable to non-controlling interests | 0.00 | 0.00 | |
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | (7,277.00) | (10,713.00) | |
| 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 | 5,223.00 | 5,223.00 | |
| Face value of equity share capital | 5 | 5 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | (33,168.00) | |
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -6.95 | -11.82 | |
| Diluted earnings (loss) per share from continuing operations | -6.95 | -11.82 | |
| 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 | -6.95 | -11.82 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -6.95 | -11.82 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | As per Notes attached in our letter dated 29th May, 2026, relating to Outcome of Board Meeting. |
|---|
| 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 | 1,02,497.00 | ||
| Capital work-in-progress | 3,835.00 | ||
| Investment property | |||
| Goodwill | 20,287.00 | ||
| Other intangible assets | 1.00 | ||
| Intangible assets under development | 138.00 | ||
| Biological assets other than bearer plants | |||
| Investments accounted for using equity method | |||
| Non-current financial assets | |||
| Non-current investments | 471.00 | ||
| Trade receivables, non-current | |||
| Loans, non-current | 41,753.00 | ||
| Other non-current financial assets | |||
| 1 | Other Financial Assets | 3,994.00 | |
| Total of other non-current financial assets | 3,994.00 | ||
| Total non-current financial assets | 46,218.00 | ||
| Deferred tax assets (net) | 28,860.00 | ||
| Other non-current assets | |||
| 1 | Other Non-current Assets | 1,267.00 | |
| Total of other non-current assets | 1,267.00 | ||
| Total non-current assets | 2,03,103.00 | ||
| 2 | Current assets | ||
| Inventories | 11,998.00 | ||
| Current financial asset | |||
| Current investments | 4,364.00 | ||
| Trade receivables, current | 3,774.00 | ||
| Cash and cash equivalents | 1,606.00 | ||
| Bank balance other than cash and cash equivalents | 99.00 | ||
| Loans, current | 860.00 | ||
| Other current financial assets | |||
| Total of other current financial assets | 1,120.00 | ||
| Total current financial assets | 11,823.00 | ||
| Current tax assets (net) | 2,541.00 | ||
| Other current assets | |||
| 1 | Other Current Assets | 5,559.00 | |
| 2 | Biological Assets other than Bearer Plants | 305.00 | |
| Total of other current assets | 5,864.00 | ||
| Total current assets | 32,226.00 | ||
| 3 | Non-current assets classified as held for sale | ||
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | ||
| Total assets | 2,35,329.00 | ||
| Equity and liabilities | |||
| 1 | Equity | ||
| Equity attributable to owners of parent | |||
| Equity share capital | 5,223.00 | ||
| Other equity | (10,272.00) | ||
| Total equity attributable to owners of parent | (5,049.00) | ||
| Non controlling interest | |||
| Total equity | (5,049.00) | ||
| 2 | Liabilities | ||
| Non-current liabilities | |||
| Non-current financial liabilities | |||
| Borrowings, non-current | 63,966.00 | ||
| Trade payables, non-current | |||
| (A) Total outstanding dues of micro enterprises and small enterprises | |||
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | |||
| Total Trade payable | |||
| Other non-current financial liabilities | |||
| 1 | Lease Liabilities | 9.00 | |
| Total of other non-current financial liabilities | 9.00 | ||
| Total non-current financial liabilities | 63,975.00 | ||
| Provisions, non-current | 10,614.00 | ||
| Deferred tax liabilities (net) | |||
| Deferred government grants, Non-current | |||
| Other non-current liabilities | |||
| 1 | Other Non-current Liabilities | 24,970.00 | |
| Total of other non-current liabilities | 24,970.00 | ||
| Total non-current liabilities | 99,559.00 | ||
| Current liabilities | |||
| Current financial liabilities | |||
| Borrowings, current | 85,564.00 | ||
| Trade payables, current | |||
| (A) Total outstanding dues of micro enterprises and small enterprises | 2,181.00 | ||
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 7,737.00 | ||
| Total Trade payable | 9,918.00 | ||
| Other current financial liabilities | |||
| 1 | Lease Liabilities | 1.00 | |
| 2 | Other Financial Liabilities | 16,798.00 | |
| Total of other current financial liabilities | 16,799.00 | ||
| Total current financial liabilities | 1,12,281.00 | ||
| Other current liabilities | 16,097.00 | ||
| 1 | Other Current Liabilities | 16,097.00 | |
| Total of other current liabilities | 16,097.00 | ||
| Provisions, current | 8,873.00 | ||
| Current tax liabilities (Net) | 3,568.00 | ||
| Deferred government grants, Current | |||
| Total current liabilities | 1,40,819.00 | ||
| 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 | 2,40,378.00 | ||
| Total equity and liabilites | 2,35,329.00 | ||
| Disclosure of notes on assets and liabilities | Textual Information(1) | ||
| Textual Information(1) | As per Notes attached in our letter dated 29th May, 2026, relating to Outcome of Board Meeting. |
|---|
| 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 | India | 8,431.00 | 97,439.00 | ||||
| 2 | Uganda | 3,349.00 | 13,183.00 | ||||
| 3 | UK | 0.00 | 0.00 | ||||
| 4 | Others | 1,255.00 | 4,817.00 | ||||
| Total Segment Revenue | 13,035.00 | 1,15,439.00 | |||||
| Less: Inter segment revenue | |||||||
| Revenue from operations | 13,035.00 | 1,15,439.00 | |||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| 1 | India | (30,486.00) | (36,250.00) | ||||
| 2 | Uganda | (13.00) | (476.00) | ||||
| 3 | UK | (257.00) | (628.00) | ||||
| 4 | Others | (68.00) | 22.00 | ||||
| Total Profit before tax | (30,824.00) | (37,332.00) | |||||
| i. Finance cost | |||||||
| ii. Other Unallocable Expenditure net off Unallocable income | |||||||
| Profit before tax | (30,824.00) | (37,332.00) | |||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| 1 | India | 2,05,981.00 | 2,05,981.00 | ||||
| 2 | Uganda | 24,158.00 | 24,158.00 | ||||
| 3 | UK | 3,141.00 | 3,141.00 | ||||
| 4 | Others | 1,947.00 | 1,947.00 | ||||
| Total Segment Asset | 2,35,227.00 | 2,35,227.00 | |||||
| Un-allocable Assets | 0.00 | 0.00 | |||||
| Net Segment Asset | 2,35,227.00 | 2,35,227.00 | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| 1 | India | 2,18,099.00 | 2,18,099.00 | ||||
| 2 | Uganda | 20,963.00 | 20,963.00 | ||||
| 3 | UK | 1,091.00 | 1,091.00 | ||||
| 4 | Others | 124.00 | 124.00 | ||||
| Total Segment Liabilities | 2,40,277.00 | 2,40,277.00 | |||||
| Un-allocable Liabilities | 0.00 | 0.00 | |||||
| Net Segment Liabilities | 2,40,277.00 | 2,40,277.00 | |||||
| Disclosure of notes on segments | Textual Information(2) | ||||||
| Textual Information(2) | As per Notes attached in our letter dated 29th May, 2026, relating to Outcome of Board Meeting. |
|---|
| 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 | Remeasurements of post-employment defined benefit plans | 1,840.00 | 2,741.00 |
| 2 | Change in Fair Value of Equity instruments through other comprehensive income | (1,259.00) | (1,001.00) |
| Total Amount of items that will not be reclassified to profit and loss | 581.00 | 1,740.00 | |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 622.00 | 910.00 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| 1 | Exchange differences on translation of foreign operations | 30.00 | 807.00 |
| Total Amount of items that will be reclassified to profit and loss | 30.00 | 807.00 | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | 0.00 | 0.00 |
| 5 | Total Other comprehensive income | (11.00) | 1,637.00 |
| 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 | (37,332.00) | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | 14,674.00 | |||||
| Adjustments for decrease (increase) in inventories | (1,357.00) | |||||
| Adjustments for decrease (increase) in trade receivables, current | 740.00 | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | 915.00 | |||||
| Adjustments for decrease (increase) in other non-current assets | 210.00 | |||||
| Adjustments for other financial assets, non-current | 0.00 | |||||
| Adjustments for other financial assets, current | 1,836.00 | |||||
| Adjustments for other bank balances | 0.00 | |||||
| Adjustments for increase (decrease) in trade payables, current | 247.00 | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |||||
| Adjustments for increase (decrease) in other current liabilities | 4,877.00 | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 6,107.00 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |||||
| Adjustments for provisions, current | 669.00 | |||||
| Adjustments for provisions, non-current | (2,118.00) | |||||
| Adjustments for other financial liabilities, current | 0.00 | |||||
| Adjustments for other financial liabilities, non-current | 0.00 | |||||
| Adjustments for unrealised foreign exchange losses gains | (2.00) | |||||
| Adjustments for dividend income | 0.00 | |||||
| Adjustments for interest income | 0.00 | |||||
| Adjustments for share-based payments | 0.00 | |||||
| Adjustments for fair value losses (gains) | (66.00) | |||||
| 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) | 181.00 | |||||
| Other adjustments for non-cash items | 14,695.00 | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | 41,608.00 | |||||
| Net cash flows from (used in) operations | 4,276.00 | |||||
| Dividends received | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Interest received | (272.00) | |||||
| Income taxes paid (refund) | (1,330.00) | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) operating activities | 5,334.00 | |||||
| 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 | (56.00) | |||||
| Purchase of property, plant and equipment | 1,460.00 | |||||
| Proceeds from sales of investment property | (380.00) | |||||
| 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 | 272.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 270.00 | |||||
| Net cash flows from (used in) investing activities | (1,354.00) | |||||
| 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 | 0.00 | |||||
| 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 | 1,617.00 | |||||
| Payments of lease liabilities | 0.00 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 1,656.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) financing activities | (3,273.00) | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 707.00 | |||||
| Effect of exchange rate changes on cash and cash equivalents | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 46.00 | |||||
| Net increase (decrease) in cash and cash equivalents | 753.00 | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 853.00 | |||||
| Cash and cash equivalents cash flow statement at end of period | 1,606.00 | |||||
| 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 | Adverse 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 | M/S LODHA & CO. LLP | Yes | 31-03-2027 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 1,16,173.00 | 1,16,173.00 |
| 2 | Total Expenditure | 1,38,810.00 | 3,25,316.00 |
| 3 | Net Profit/(Loss) | (12,350.00) | (2,27,613.00) |
| 4 | Earnings Per Share | -11.82 | -217.9 |
| 5 | Total Assets | 2,35,329.00 | 1,65,151.00 |
| 6 | Total Liabilities | 2,40,378.00 | 3,85,463.00 |
| 7 | Net Worth | (5,049.00) | (2,20,312.00) |
| 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) | Adverse opinion | Repetitive | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| 2 | Textual Information(6) | Adverse opinion | Repetitive | Textual Information(7) | Textual Information(8) | Textual Information(9) | Textual Information(10) |
| 3 | Textual Information(11) | Adverse opinion | Repetitive | Textual Information(12) | Textual Information(13) | Textual Information(14) | Textual Information(15) |
| 4 | Textual Information(16) | Adverse opinion | Repetitive | Textual Information(17) | Textual Information(18) | Textual Information(19) | Textual Information(20) |
| 5 | Textual Information(21) | Adverse opinion | Repetitive | Textual Information(22) | Textual Information(23) | Textual Information(24) | Textual Information(25) |
| 6 | Textual Information(26) | Adverse opinion | Repetitive | Textual Information(27) | Textual Information(28) | Textual Information(29) | Textual Information(30) |
| 7 | Textual Information(31) | Adverse opinion | Repetitive | Textual Information(32) | Textual Information(33) | Textual Information(34) | Textual Information(35) |
| 8 | Textual Information(36) | Adverse opinion | Repetitive | Textual Information(37) | Textual Information(38) | Textual Information(39) | Textual Information(40) |
| 9 | Textual Information(41) | Adverse opinion | Repetitive | Textual Information(42) | Textual Information(43) | Textual Information(44) | Textual Information(45) |
| 10 | Textual Information(46) | Adverse opinion | Whether appeared first time | Textual Information(47) | Textual Information(48) | Textual Information(49) | Textual Information(50) |
| 11 | Textual Information(51) | Adverse opinion | Whether appeared first time | Textual Information(52) | Textual Information(53) | Textual Information(54) | Textual Information(55) |
| Textual Information(1) | Note 4 dealing with Inter Corporate Deposits (ICDs) aggregating to Rs. 2,86,050 lakhs (including interest accrued till March 31, 2019) as on March 31, 2026 given to promoter group and certain other entities by the Parent which are doubtful of recovery and considering recoverability etc. are prejudicial to the interest of the company. Provision of Rs. 2,44,629 lakhs (including Rs. 1,43,590 lakhs made during the year) has been made thereagainst leaving a balance of Rs. 41,421 lakhs which remain unprovided as on this date. In absence of ascertainment of the shortfall and provision against the remaining amount, the loss for the period is understated to that extent. Impact in this respect as stated in the said note have not been ascertained by the management and recognised in these consolidated financial results. |
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| Textual Information(2) | In respect of Inter-Corporate Deposits (ICDs) given to Promoter group and certain other entities (borrowing companies), the amount outstanding aggregates to Rs. 2,76,109 lakhs as at March 31, 2026. Further, interest of Rs. 9,941 lakhs on these amounts accrued upto March 31, 2019 are also outstanding as on this date. Interest on such ICDs considering the waiver sought by borrower companies in earlier years and uncertainties with respect to the recovery etc. and determination of amount thereof, have not been accrued since April 01, 2019. These borrowing companies in turn advanced the amount so taken by them to Promoter Group and other entities mainly to provide financial support to an another promoter group company against which Corporate Insolvency and Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code, 2016 (IBC) was subsequently initiated. In terms of the Resolution Plan as approved by the Honble National Company Law Tribunal (NCLT), Kolkata pursuant to the said proceedings, the amounts so advanced to the said company has become irrecoverable affecting the recoverability of the ICDs given by the Parent. The Parent is in the process of taking legal and other steps for recovery of the amounts given as ICDs and has filed legal suit before Honble Calcutta High Court for recovery from certain promoter group entities. n nPending outcome of the steps being taken, without prejudice to the parents legal right to recover the amounts given by it., considering the possibilities of recovery etc., further provision of Rs. 1,43,590 lakhs (other than Rs. 1 01,039 lakhs provided in earlier years) has been made and shown under Exceptional Items. Amount finally recoverable in respect of these ICDs as such are currently not determinable and consequential adjustments will be given effect to on final determination on case to case basis. n |
| Textual Information(3) | Not applicable |
| Textual Information(4) | Pending outcome of the legal and other steps taken for recovery and those contemplated to be taken as such impact in this respect are currently not determinable and consequential adjustments will therefore be given effect to on final determination on case to case basis. |
| Textual Information(5) | In absence of ascertainment and provision against the remaining amount, the loss for the period is understated to that extent. |
| Textual Information(6) | Note 9(a) regarding non-recognition of Interest on loans, Inter Corporate Deposits and other amounts taken by the parent and thereby the loss for the period is understated to the extent indicated in said note. |
| Textual Information(7) | This includes the amount to be converted to Equity Share Capital in terms of sanction letter issued by NARCL as dealt with in Note no. 5(a). The parents management in terms of the sanction letter issued by NARCL as dealt with in Note no. 5(a) is of the opinion that certain amount of ICDs taken will be converted to Equity Share Capital for which necessary steps for approval of lenders, shareholders etc. are being taken. Necessary adjustments in this respect will be given effect to on confirmation from respective parties and resolution to the effect by the shareholders of the Parent. |
| Textual Information(8) | Not applicable |
| Textual Information(9) | Not applicable |
| Textual Information(10) | Not applicable |
| Textual Information(11) | Note no. 9(a) regarding non-determination of interest and other consequential adjustments/disclosures in absence of relevant terms and conditions in respect of certain advances and liabilities being so claimed by customers as stated therein. Further, as stated in Note 9(a) and 5(b) penal/compound interest and other adjustments in this respect are currently not determinable. Pending final determination of amount with respect to these, adjustments and impacts arising therefrom have not been ascertained and as such cannot be commented upon by us |
| Textual Information(12) | Not quantified |
| Textual Information(13) | Not Quantifiable |
| Textual Information(14) | The Parent submits that pending resolution by the lender bank with respect to the borrowings of the parent as dealt with in Note 5(d) of the consolidated financial results and consequential adjustment in this respect, Interest on borrowings from the bank and ICDs have been continued to be provided on simple interest basis based on the rates specified in term sheet or otherwise stipulated/ advised from time to time and penal/ compound interest if any has not been considered. The amount payable to the lender in respect of outstanding amounts of borrowing including interest thereagainst is subject to confirmation and determination and consequential reconciliation and resolution to be arrived at as dealt with in Note 5(d) and will accordingly be dealt with on determination thereof. n nInterest if any on outstanding advances aggregating to Rs. 3,550 lakhs and Rs. 500 lakhs included other liabilities as stated in Note 9(a), pending recognition as Inter Corporate Deposits and finalisation of terms and conditions thereof has not been recognised. n nPenal interest / compound interest as stated in Note 5(d) has not yet been confirmed by lenders. Further, the amount of interest would be finalised as agreed upon by the lenders and creditors and amount payable will then be ascertained and given effect to in the accounts. n n |
| Textual Information(15) | Pending final determination of amount with respect to these, adjustments and impacts arising therefrom have not been ascertained and as such cannot be commented upon by us. |
| Textual Information(16) | Note 10 regarding non reconciliation/disclosure by the Parent of certain debit and credit balances with individual details and confirmations etc. including borrowings and interest thereupon as dealt with in Note 5(d) and 9(a). Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us |
| Textual Information(17) | Not quantified |
| Textual Information(18) | Not quantifiable |
| Textual Information(19) | The Parent submits that it has 33 tea estates/ factories and 2 offices and therefore it is practically not feasible to reconcile the entire balances and such reconciliation is an ongoing process. Impact will thus become ascertainable only upon reconciliations and confirmations. However, during the year certain account balances which were under reconciliation have been reconciled and required adjustments thereof have been given effect to in this year. n nDetails covering 5(d) and 9(a) has been dealt with in Qualification 3 n n |
| Textual Information(20) | Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us. |
| Textual Information(21) | Note 9(c) regarding non-determination and recognition of amount payable in respect of lease rent for office premises of the Parent. Pending final determination of amount payable, adjustments and impacts arising therefrom as stated in the said note have not been ascertained and as such cannot be commented upon by us. |
| Textual Information(22) | Not quantified |
| Textual Information(23) | Not quantifiable |
| Textual Information(24) | Lease Agreement in respect of premises having registered and corporate office of the parent got expired on August 31, 2022 and terms thereof are yet to be finalised with the lessor. Pending this, the amount of rent payable by the parent including the adjustments towards the cost of maintenance etc. of the premises currently being undertaken by the parent being non-determinable as such has not been recognised in these consolidated financial results. |
| Textual Information(25) | Pending final determination of amount payable, adjustments and impacts arising therefrom as stated in the said note have not been ascertained and as such cannot be commented upon by us |
| Textual Information(26) | Note 7 regarding non-determination of fair value of the Property, Plant and Equipment, Capital Work in Progress of the Parent and Goodwill on consolidation and impairment if any to be recognized thereagainst for the reasons stated in the said note. Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us. |
| Textual Information(27) | Not quantified |
| Textual Information(28) | nNot quantifiable |
| Textual Information(29) | As stated in Note 6, the Parent has been incurring significant amount of losses and its current liabilities have become in excess of the current assets. Considering these indicators and circumstances stated herein above in Note 6, fair Value of Property, Plant and Equipment and Capital Work in progress (CGU) are required to be assessed for testing of Impairment thereagainst. Further, Borelli Tea Holdings Limited (BTHL) has substantial investment in its wholly owned subsidiary Mcleod Russel Uganda Limited (MRUL) which has undergone financial restructuring with respect to it's borrowings from banks which are also required to be tested for impairment as on March 31, 2026. Subsequent to the balance sheet date, resolution with respect to parents borrowing as stated in Note 5 above have been progressing and thereby valuers have been appointed for assessment of value in use and fair value of assets, which is pending as on this date. However, considering the restructuring of debt by NARCL and JCAF as dealt with in Note 5 in view of the management the intrinsic value of the parent has improved, no impairment against the value of the asset requiring any adjustment is envisaged as on March 31, 2026. Impairment if any in the value of CGU and Goodwill arising on consolidation as such, will be considered on determination. n n |
| Textual Information(30) | Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us. |
| Textual Information(31) | Note 9(b) dealing with statutory liabilities outstanding as at the end of the period and non-determination of adjustments to be given effect to in this respect if any including interest as stated in the said note. Pending final determination of amount, adjustments and impacts arising therefrom as stated in the said note have not been ascertained and as such cannot be commented upon by us. |
| Textual Information(32) | Not quantified |
| Textual Information(33) | Not quantifiable |
| Textual Information(34) | The Parent has statutory liabilities aggregating to Rs. 21,382 lakhs as on March 31, 2026. In respect of demand of Rs. 19,111 lakhs pertaining to the arrear of Provident Fund dues, Assam Tea Employees Provident Fund Organisation vide their letter dated March 12, 2026 has granted approval for repayment of dues for the period upto January 31, 2026 over a period of three years. The amount of interest, penalty etc. in respect of above statutory dues have currently not been recognised in these financial results as the management is contemplating to seek waiver of such levies. Considering this and pending reconciliation of the amounts including those as demanded by the authorities with the books of accounts of the respective tea estates, adjustments/ impact arising in this respect are currently not ascertainable. |
| Textual Information(35) | Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us. |
| Textual Information(36) | As stated in Note 8, the predecessor auditor pertaining to the financial year ended March 31, 2019 in respect of the loans included under Qualification 1 above have reported that it includes amounts given to group companies whereby applicability of Section 185 of the Companies Act, 2013 could not be ascertained and commented upon by them. They were not able to ascertain if the aforesaid promoter companies could, in substance, be deemed to be related parties to the Group in accordance with paragraph 10 of Ind AS-24 Related Party Disclosures. Further, certain ICDs as reported were in the nature of book entries and/or are prejudicial to the interest of the Parent. Moreover, in case of advance of Rs. 1,400 lakhs to a body corporate which had subsequently been fully provided for, appropriate audit evidences as stated were not made available. These amounts are outstanding as on this date and status thereof have remained unchanged and uncertainty and related concerns including utilisation thereof and being prejudicial to the interest of the company are valid for periods subsequent to March 31, 2019 including current period also. The matter as reported is under examination and pending before regulatory authorities. Pending final outcome of the matter under examination we are unable to ascertain the impact of non-compliances and comment on the same. |
| Textual Information(37) | Not quantified |
| Textual Information(38) | Not quantifiable |
| Textual Information(39) | The matter as reported is pending before regulatory authorities. |
| Textual Information(40) | Pending final outcome of the matter under examination we are unable to ascertain the impact of non-compliances and comment on the same. |
| Textual Information(41) | Note 11 regarding recognition of deferred tax assets by the Parent including those arising due to provision against Inter Corporate Deposits, given the uncertainty with respect to availability thereof and consequential impact to that extent on the loss for the period; |
| Textual Information(42) | Consequent to the restructuring of the Parents debt as stated in Note 5, rationale for recognition of Deferred Tax Assets (DTA) has been reviewed during the year. Realisation of DTA is dependent upon generation of future taxable profit against which those temporary differences and carry forward of tax losses become deductible. Considering the resolution of the companys debt as dealt with in Note 5 and expected improvement in operational and financial performance and growth in volume of business of the company, Deferred Tax Assets of Rs. 28,757 lakhs has been recognised in these consolidated financial results based on parent managements assumption for reasonable certainty of realisation thereof against the expected taxable income and reversal of Deferred Tax Liabilities (DTL). |
| Textual Information(43) | Not Applicable |
| Textual Information(44) | Not Applicable |
| Textual Information(45) | Not Applicable |
| Textual Information(46) | Note 5(a) to (c) regarding adjustment of Rs. 1,28,895 lakhs being given effect to in exceptional items pursuant to the letter issued by NARCL sanctioning the resolution of the borrowing assigned to them and by JCAF approving the One Time Settlement of the amount payable in respect of borrowing from them which is subject to execution of MRA by NARCL and fulfilment of conditions precedent to the implementation of the restructuring. |
| Textual Information(47) | nResolution with NARCL is subject to entering into Master Restructuring Agreement (MRA) which is pending execution as on this date and the said resolution and OTS with JCAF is subject to fulfilment of the conditions precedent as specified in the sanction letters issued by the respective parties. In the event there being default in making payments and fulfilling the conditions including those relating to regulatory compliances and other approvals etc., the restructuring as dealt herein above shall stand revoked and outstanding amount will required to be restored and will be considered as payable as per the original terms thereof. n nThe parents management is confident of timely repayment of sustainable amount and compliances with respect to the conditionalities as stipulated thereagainst. In the event of the managements expectation and estimation in this respect, not turning out to be feasible in future, possible consequential impact thereof as such are presently not ascertainable n |
| Textual Information(48) | Not Applicable |
| Textual Information(49) | Not Applicable |
| Textual Information(50) | Not Applicable |
| Textual Information(51) | Note no. 9(e) regarding non recognition and ascertainment of the impact of labour code as notified vide notification dated November 21, 2025 by Government of India. Implication in this respect are currently under evaluation and impact thereof has not been ascertained by the management and as such cannot be commented upon by us. |
| Textual Information(52) | Not quantified |
| Textual Information(53) | Not quantifiable |
| Textual Information(54) | Not Applicable |
| Textual Information(55) | The Government of India vide notification dated November 21, 2025 has notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the Labour Code) consolidating and replacing the then existing multiple labour legislations in the country. In accordance with the requirements of Ind AS 19, Employee Benefits, changes to employee benefit resulting from legislative amendments constitute a plan amendment, necessitating the immediate recognition of any variation in the costs upon such notification. However, implication of the Labour Code including on account of past service costs and other costs are currently under evaluation and adjustments in this respect as such has being non determined has not been given effect to in these financial results. The developments and further clarifications in this respect will continue to be monitored and consequential adjustments will be given effect to on determination. |
| Name of CEO / Managing director | MR. ADITYA KHAITAN |
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| Name of CFO | MR. PRADIP BHAR |
| Name of audit committee chairman | MR. AMAR NATH DHAR |
| Name of statutory auditor | MR. VIKRAM MATTA, PARTNER LODHA & CO. LLP, CHARTERED ACCOUNTANTS |
| Name of other signatory, if any, with designation | |
| Place | KOLKATA |
| Date | 29-05-2026 |