Integrated Filing — IndAS

General information about company

Scrip Code	526608
NSE Symbol	ELECTHERM
MSEI Symbol	NOTLISTED
ISIN	INE822G01016
Name of company	ELECTROTHERM (INDIA) LIMITED
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-04-2026
Date of end of financial year	31-03-2027
Date of board meeting when results were approved	14-08-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	05-08-2026
Description of presentation currency	INR
Level of rounding used in financial results	Lakhs
Reporting Type	Quarterly
Reporting Quarter	First quarter
Nature of report standalone or consolidated	Standalone
Whether results are audited or unaudited for the quarter ended	Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended
Segment Reporting	Multi segment
Description of single segment
Start date and time of board meeting	14-08-2026 11:00:00
End date and time of board meeting	14-08-2026 15:15:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification	Not applicable
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter?	No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity?	Yes

Financial Results Ind-AS

Amount in (Lakhs)

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	01-04-2026	01-04-2026
B	Date of end of reporting period	30-06-2026	30-06-2026
C	Whether results are audited or unaudited	Unaudited	Unaudited
D	Nature of report standalone or consolidated	Standalone	Standalone
1	Income
	Revenue from operations	91,338.00	91,338.00
	Other income	150.00	150.00
	Total income	91,488.00	91,488.00
2	Expenses
(a)	Cost of materials consumed	71,374.00	71,374.00
(b)	Purchases of stock-in-trade	0.00	0.00
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(6,329.00)	(6,329.00)
(d)	Employee benefit expense	5,637.00	5,637.00
(e)	Finance costs	397.00	397.00
(f)	Depreciation, depletion and amortisation expense	1,113.00	1,113.00
(f)	Other Expenses
1	Other Expenses	18,417.00	18,417.00
	Total other expenses	18,417.00	18,417.00
	Total expenses	90,609.00	90,609.00
3	Total profit before exceptional items and tax	879.00	879.00
4	Exceptional items	0.00	0.00
5	Total profit before tax	879.00	879.00
6	Tax expense
7	Current tax	0.00	0.00
8	Deferred tax	193.00	193.00
9	Total tax expenses	193.00	193.00
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	686.00	686.00
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	686.00	686.00
17	Other comprehensive income net of taxes	14.00	14.00
18	Total Comprehensive Income for the period	700.00	700.00
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent
	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	1,274.00	1,274.00
	Face value of equity share capital	10	10
27	Details of debt securities
22	Reserves excluding revaluation reserve
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	5.39	5.39
	Diluted earnings (loss) per share from continuing operations	5.39	5.39
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	5.39	5.39
	Diluted earnings (loss) per share from continuing and discontinued operations	5.39	5.39
24	Debt equity ratio	0	0
25	Debt service coverage ratio	0	0
26	Interest service coverage ratio	0	0
27	Disclosure of notes on financial results		Textual Information(1)

Disclosure of notes on financial results

Textual Information(1)	1. The above Standalone Financial Results of Electrotherm (India) Limited (the “Company”) were reviewed and recommended by the Audit Committee meeting held on August 13, 2026 and approved by the Board of Directors at their meeting held on August 14, 2026. 2. The figures of the last quarter ended on March 31, 2026 are the balancing figure between audited figures in respect of the full financial year ended on March 31, 2026 and the unaudited published year to date figures upto December 31, 2025, being the date of the end of third quarter, which were subjected to limited review. 3. As per Ind AS 108 Operating Segments, if a financial report contains both consolidated financial statements and the standalone financial statements of the Parent Company, segment information may be presented based on the consolidated financial statements. Thus, disclosure required by Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on segment information is given in consolidated financial results. 4. (a) The Company defaulted in the payment of loan installments amounting to Rs. 40.00 crore and the related interest of Rs. 6.46 crore due to Invent Assets Securitization and Reconstruction Private Limited (“Invent ARC”) from the quarter ended September 30, 2025 onwards till June 30, 2026. The company is in negotiation with Invent ARC for resedulement of the default principal and interest amount and the company is hopeful that there will be no further liability toward the loan. (b) The Company has requested Edelweiss Asset Reconstruction Company Ltd. (“Edelweiss ARC”) to grant extended time for payment of the outstanding amount of the last installment due in the month of March 2026 aggregating to Rs. 15.79 Crores due to temporary liquidity constraints. The request is presently under consideration for revised terms by Edelweiss ARC and accordingly, the said amount has not been considered as a default. (c)With regard to both the loan, as per the terms of the said settlement, in the event of default, the settlement is deemed to be withdrawn, and all dues and liabilities under the original loan agreement are liable to be reinstated. However, based on the discussion with Asset Reconstruction Companies (ARCs), it is hopeful that no further liability will arise under the original loan terms. The impact of debt reduction resulting from the settlement with ARCs will be accounted for upon final compliance with all terms and conditions of the respective settlement agreements. (d) Indian Overseas Bank had classified the loan account of the Company as a Non-Performing Asset (NPA) in August 2011 for a defaulted amount of Rs 189.96 crore. This loan was subsequently assigned to Rare Asset Reconstruction Limited (Rare ARC). However, as of the date of this report, the Company has not entered into any settlement agreement with Rare ARC. The Hon’ble Debt Recovery Tribunal (DRT), Ahmedabad, has passed a judgment against the Company and the guarantors for the recovery of dues, along with future interest at the rate of 12.75% per annum with monthly rests. The Company has not provided for interest expenses on the said loan for the quarter ended June 30, 2026, amounting to Rs 40.46 Crore. As a result, the net profit for the quarter is overstated by Rs 40.46 Crore. Consequently, the total liability towards Rare ARC and the retained earnings/(loss) as on June 30, 2026, are understated by Rs 1106.59 Crore. The Statutory Auditor has expressed a qualification in their audit report with respect to the non-provision of interest on the said loan.

Textual Information(1)

1. The above Standalone Financial Results of Electrotherm (India) Limited (the “Company”) were reviewed and recommended by the Audit Committee meeting held on August 13, 2026 and approved by the Board of Directors at their meeting held on August 14, 2026. 2. The figures of the last quarter ended on March 31, 2026 are the balancing figure between audited figures in respect of the full financial year ended on March 31, 2026 and the unaudited published year to date figures upto December 31, 2025, being the date of the end of third quarter, which were subjected to limited review. 3. As per Ind AS 108 Operating Segments, if a financial report contains both consolidated financial statements and the standalone financial statements of the Parent Company, segment information may be presented based on the consolidated financial statements. Thus, disclosure required by Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on segment information is given in consolidated financial results. 4. (a) The Company defaulted in the payment of loan installments amounting to Rs. 40.00 crore and the related interest of Rs. 6.46 crore due to Invent Assets Securitization and Reconstruction Private Limited (“Invent ARC”) from the quarter ended September 30, 2025 onwards till June 30, 2026. The company is in negotiation with Invent ARC for resedulement of the default principal and interest amount and the company is hopeful that there will be no further liability toward the loan. (b) The Company has requested Edelweiss Asset Reconstruction Company Ltd. (“Edelweiss ARC”) to grant extended time for payment of the outstanding amount of the last installment due in the month of March 2026 aggregating to Rs. 15.79 Crores due to temporary liquidity constraints. The request is presently under consideration for revised terms by Edelweiss ARC and accordingly, the said amount has not been considered as a default. (c)With regard to both the loan, as per the terms of the said settlement, in the event of default, the settlement is deemed to be withdrawn, and all dues and liabilities under the original loan agreement are liable to be reinstated. However, based on the discussion with Asset Reconstruction Companies (ARCs), it is hopeful that no further liability will arise under the original loan terms. The impact of debt reduction resulting from the settlement with ARCs will be accounted for upon final compliance with all terms and conditions of the respective settlement agreements. (d) Indian Overseas Bank had classified the loan account of the Company as a Non-Performing Asset (NPA) in August 2011 for a defaulted amount of Rs 189.96 crore. This loan was subsequently assigned to Rare Asset Reconstruction Limited (Rare ARC). However, as of the date of this report, the Company has not entered into any settlement agreement with Rare ARC. The Hon’ble Debt Recovery Tribunal (DRT), Ahmedabad, has passed a judgment against the Company and the guarantors for the recovery of dues, along with future interest at the rate of 12.75% per annum with monthly rests. The Company has not provided for interest expenses on the said loan for the quarter ended June 30, 2026, amounting to Rs 40.46 Crore. As a result, the net profit for the quarter is overstated by Rs 40.46 Crore. Consequently, the total liability towards Rare ARC and the retained earnings/(loss) as on June 30, 2026, are understated by Rs 1106.59 Crore. The Statutory Auditor has expressed a qualification in their audit report with respect to the non-provision of interest on the said loan.

Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

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		01-04-2026	01-04-2026
Date of end of reporting period		30-06-2026	30-06-2026
Whether results are audited or unaudited		Unaudited	Unaudited
Nature of report standalone or consolidated		Standalone	Standalone
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
1	Not Applicable	0.00	0.00
	Total Segment Revenue	0.00	0.00
	Less: Inter segment revenue	0.00	0.00
	Revenue from operations	0.00	0.00
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
1	Not Applicable	0.00	0.00
	Total Profit before tax	0.00	0.00
	i. Finance cost	0.00	0.00
	ii. Other Unallocable Expenditure net off Unallocable income	0.00	0.00
	Profit before tax	0.00	0.00
3	(Segment Asset - Segment Liabilities)
	Segment Asset
1	Not Applicable	0.00	0.00
	Total Segment Asset	0.00	0.00
	Un-allocable Assets	0.00	0.00
	Net Segment Asset	0.00	0.00
4	Segment Liabilities
	Segment Liabilities
1	Not Applicable	0.00	0.00
	Total Segment Liabilities	0.00	0.00
	Un-allocable Liabilities	0.00	0.00
	Net Segment Liabilities	0.00	0.00
	Disclosure of notes on segments	Textual Information(2)

Text Block

Textual Information(2)	5. The Company has filed Company Petition No. 21 of 2025 under Section 55(3) of the Act, before the Hon’ble National Company Law Tribunal (“NCLT”), Ahmedabad Bench, on March 11, 2025, for approving issuance of 6% Non-Cumulative Redeemable Preference Shares (“NCRPS”) of 10/- (Rupees Ten Only) each, to the existing NCRPS holders, of amount equivalent to the amount of Unredeemed Preference Shares of Rs. 12,00,00,000/- (Rupees Twelve Crore Only) on the same terms of existing 6% NCRPS, in lieu of the unredeemed preference shares. The Hon’ble NCLT, Ahmedabad Bench, vide Order dated July 21, 2026, has, inter alia, allowed the Company Petition No. 21 of 2025 and permitted the Company, to issue and allot 1,09,50,000 (One Crore Nine Lakhs and Fifty Thousand) 6% Non-Cumulative Redeemable Preference Shares (“NCRPS”) of Rs. 10/- each to the existing five (5) preference shareholders (except one non-consenting preference shareholder) on the same terms and conditions as the original issue, redeemable not earlier than two (2) years and not later than twenty (20) years from the date of such allotment, under Section 55(3) of the Act and redeem 10,50,000 6% NCRPS to a non-consenting preference shareholder. Further, upon issuance and allotment of such NCRPS, the existing unredeemed preference shares corresponding thereto stands deemed to have been redeemed in accordance with Section 55(3) of the Act. The necessary accounting effect of the same will be given on the date of allotment of such NCRPS and payment of redemption amount to the one non-consenting preference shareholder. 6. Directorate of Enforcement, Zonal Office, Ahmedabad (ED) conducted search in Janaury, 2025 in relation to the complaint by Bank of India, freezed bank accounts of the Company and Mr. Shailesh Bhandari, order of the Hon’ble Gujarat High Court for permission to operate the bank accounts and release of seized Car on submission of Fixed Deposit Receipt (FDR) in favour of ED during the pendency of investigation and now the ED has filed complaint under section 44(1)(b) read with Section 45(1) under the provisions of Prevention of Money Laundering Act, 2002 (“PMLA”) before the Hon’ble Special Court for PMLA Cases at Ahmedabad (“Court”) against the Company, Mr. Shailesh Bhandari, Promoter & Executive Vice Chairman and Mr. Mukesh Bhandari, Promoter & Ex – Chairman and based on the notices issued under section 223 of the Bharatiya Nagarik Suraksha Sanhita 2023 (“BNSS”) for hearing on cognizance, the Hon’ble Court has provided the copy of said compliant on August 3, 2026 to the Company and Mr. Shailesh Bhandari. The Company and Mr. Shailesh Bhandari had already challenged the action of freezing of bank accounts before the Hon’ble Gujarat High Court / Hon’ble PMLA Appellate Tribunal, New Delhi and quashing of Enforcement Case Information Report (ECIR) registered by ED before Hon’ble Gujarat High Court, which are pending for further hearings. 7. Few accounts of “Trade Receivables,” “Trade Payable”, “Advances from Customer’, Advances Recoverable in Cash or Kind”, “Advances to suppliers and other parties”, including very old balances, are subject to confirmation/reconciliation. The balance with revenue authorities are subject to final assessment order and/or submission of returns. 8. There are pending enquiries / notices / summons / litigation / recovery / fraud proceedings against the company and directors of the company before Debts Recovery Tribunal, Central Bureau of Investigation, Directorate of Enforcement, Regional Director of Ministry of Corporate Affairs, Direct Tax, Indirect Tax Department (Ahmedabad and Mumbai) and various courts. 9. Figure of previous period’s have been regrouped, wherever considered necessary to make them comparable to current period figure.

Textual Information(2)

5. The Company has filed Company Petition No. 21 of 2025 under Section 55(3) of the Act, before the Hon’ble National Company Law Tribunal (“NCLT”), Ahmedabad Bench, on March 11, 2025, for approving issuance of 6% Non-Cumulative Redeemable Preference Shares (“NCRPS”) of 10/- (Rupees Ten Only) each, to the existing NCRPS holders, of amount equivalent to the amount of Unredeemed Preference Shares of Rs. 12,00,00,000/- (Rupees Twelve Crore Only) on the same terms of existing 6% NCRPS, in lieu of the unredeemed preference shares. The Hon’ble NCLT, Ahmedabad Bench, vide Order dated July 21, 2026, has, inter alia, allowed the Company Petition No. 21 of 2025 and permitted the Company, to issue and allot 1,09,50,000 (One Crore Nine Lakhs and Fifty Thousand) 6% Non-Cumulative Redeemable Preference Shares (“NCRPS”) of Rs. 10/- each to the existing five (5) preference shareholders (except one non-consenting preference shareholder) on the same terms and conditions as the original issue, redeemable not earlier than two (2) years and not later than twenty (20) years from the date of such allotment, under Section 55(3) of the Act and redeem 10,50,000 6% NCRPS to a non-consenting preference shareholder. Further, upon issuance and allotment of such NCRPS, the existing unredeemed preference shares corresponding thereto stands deemed to have been redeemed in accordance with Section 55(3) of the Act. The necessary accounting effect of the same will be given on the date of allotment of such NCRPS and payment of redemption amount to the one non-consenting preference shareholder. 6. Directorate of Enforcement, Zonal Office, Ahmedabad (ED) conducted search in Janaury, 2025 in relation to the complaint by Bank of India, freezed bank accounts of the Company and Mr. Shailesh Bhandari, order of the Hon’ble Gujarat High Court for permission to operate the bank accounts and release of seized Car on submission of Fixed Deposit Receipt (FDR) in favour of ED during the pendency of investigation and now the ED has filed complaint under section 44(1)(b) read with Section 45(1) under the provisions of Prevention of Money Laundering Act, 2002 (“PMLA”) before the Hon’ble Special Court for PMLA Cases at Ahmedabad (“Court”) against the Company, Mr. Shailesh Bhandari, Promoter & Executive Vice Chairman and Mr. Mukesh Bhandari, Promoter & Ex – Chairman and based on the notices issued under section 223 of the Bharatiya Nagarik Suraksha Sanhita 2023 (“BNSS”) for hearing on cognizance, the Hon’ble Court has provided the copy of said compliant on August 3, 2026 to the Company and Mr. Shailesh Bhandari. The Company and Mr. Shailesh Bhandari had already challenged the action of freezing of bank accounts before the Hon’ble Gujarat High Court / Hon’ble PMLA Appellate Tribunal, New Delhi and quashing of Enforcement Case Information Report (ECIR) registered by ED before Hon’ble Gujarat High Court, which are pending for further hearings. 7. Few accounts of “Trade Receivables,” “Trade Payable”, “Advances from Customer’, Advances Recoverable in Cash or Kind”, “Advances to suppliers and other parties”, including very old balances, are subject to confirmation/reconciliation. The balance with revenue authorities are subject to final assessment order and/or submission of returns. 8. There are pending enquiries / notices / summons / litigation / recovery / fraud proceedings against the company and directors of the company before Debts Recovery Tribunal, Central Bureau of Investigation, Directorate of Enforcement, Regional Director of Ministry of Corporate Affairs, Direct Tax, Indirect Tax Department (Ahmedabad and Mumbai) and various courts. 9. Figure of previous period’s have been regrouped, wherever considered necessary to make them comparable to current period figure.

Other Comprehensive Income

Amount in (Lakhs)

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	01-04-2026	01-04-2026
B	Date of end of reporting period	30-06-2026	30-06-2026
C	Whether results are audited or unaudited	Unaudited	Unaudited
D	Nature of report standalone or consolidated	Standalone	Standalone
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Remeasurement Gain/(Loss) on Defined Benefit Plans	14.00	14.00
	Total Amount of items that will not be reclassified to profit and loss	14.00
2	Income tax relating to items that will not be reclassified to profit or loss	0.00	0.00
3	Amount of items that will be reclassified to profit and loss
	Total Amount of items that will be reclassified to profit and loss
4	Income tax relating to items that will be reclassified to profit or loss	0.00	0.00
5	Total Other comprehensive income	14.00	14.00

Format for Disclosing Outstanding Default on Loans and Debt Securities

Amount in (Lakhs)

2.	Unlisted debt securities i.e. NCDs and NCRPS
Sr. No.	Particulars	Amount	Remarks
1.	Loans / revolving facilities like cash credit from banks / financial institutions
A	Total amount outstanding as on date	98,620.00	1) The amount is as at 30th June, 2026 as per books of the Company on provisional basis and is subject to confirmation from lenders. 2) The Company has defaulted in repayment of loans to Assets Reconstruction Companies (ARCs) as certain banks have assigned their loans / debts to ARCs. The Company has entered into settlement with ARCs for payment of outstanding loans / debts on certain terms and conditions. The total amount outstanding shown at Sr. No.1A is the outstanding amount as per the Books of Accounts of the Company on provisional basis (excluding uncharged interest) after deduction of settlement amount already paid upto the date of default i.e. 30th June, 2026 and are subject to confirmation from ARCs.
B	Of the total amount outstanding, amount of default as on date	22,842.00
A	Total amount outstanding as on date	0.00
B	Of the total amount outstanding, amount of default as on date	0.00
3.	Total financial indebtedness of the listed entity including short-term and long-term debt	1,00,069.00	1) The amount of outstanding borrowings from financial institutions / ARCs shown at Sr. No. 3 does not include the interest of unsettled lender – Rare Asset Reconstruction Limited (being assignee of Indian Overseas Bank) not provided in the books of accounts, after the loan account has been classified as Non-Performing Assets (NPA) by such lender.