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CASTINGS LIMITEDMain BoardEquity2025-04-012026-03-312025-11-102025-11-03INRLakhsQuarterlySecond quarterSingle segmentThe company operates mainly in one business segment viz. Pipes and all other activities revolve around the main business.2025-11-1011:30:002025-11-1015:00:00trueCash Flow IndirectNot applicabletruetrueNANAfalsetrue2025-08-06www.electrosteel.comfalsefalseNot Applicable2025-07-012025-09-30UnauditedStandalone119232200009095510001283277100064332490001526000-9009400011425690003402530003753500003610155000118130080001019763000010197630003255900022726900025982800007599350000000759935000-223400075770100061818400011.231.23001.231.230.00330.04030.041. The above Unaudited Standalone Financial Results for the quarter and six months ended September 30, 2025 including Statement of Assets and Liabilities as at September 30, 2025 (Enclosed as "Annexure I") and Statement of Cash Flow for the six months ended September 30, 2025 (Enclosed as "Annexure II") (hereinafter referred to as “Financial Results”) attached herewith have been prepared in accordance with the Indian Accounting Standards ('Ind AS')-34 "Interim Financial Reporting" as prescribed under section 133 of the Companies Act 2013 and compiled keeping in view the provision of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). These financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 10, 2025 and have been subjected to Limited Review by the Statutory Auditors. <BR> <BR> 2. The Company operates mainly in one business segment viz. Pipes and fittings and all other activities revolve around the main business. <BR> <BR> 3. In pursuance of the Order dated September 24, 2014 passed by the Hon’ble Supreme Court of India ('the Order'), followed by the Ordinance promulgated by the Government of India, Ministry of Law & Justice ('legislative department') dated October 21, 2014 ('Ordinance') for implementing the Order, allotment of Parbatpur coal block ('coal block'/'mine') to the Company, which was under advanced stage of implementation, had been cancelled w.e.f. April 01, 2015. In terms of the Ordinance, the Company was allowed to continue the operations in the said coal block till March 31, 2015. Accordingly, the said coal block had been handed over to Bharat Coking Coal Limited ('BCCL') as per the direction from Ministry of Coal ('Ministry'), with effect from April 01, 2015 and the same was thereafter allotted to Steel Authority of India Limited ('SAIL') and an initial compensation of Rs. 8432.32 lakh was awarded, of which Rs. 8312.14 lakhs was received by the Company. The company also came to understand that SAIL subsequently handed over back the said coal block to the custody of BCCL. <BR> <BR> Following a petition filed by the Company, challenging the method and amount of compensation determined, the Hon’ble High Court of Delhi pronounced its judgement on March 09, 2017 laying down the principles of determination of revised compensation. Accordingly, based on the said judgement, the Company claimed Rs.154944.48 lakhs towards compensation against the said coal block, acceptance whereof is awaited. The then Nominated Authority, for deciding the amount of compensation, had passed an order, after the above judgement, revising the compensation by a small amount. However, upon an appeal being made by the Company, the said order was set aside by the Hon'ble High Court, with a direction to the Nominated Authority to reconsider the same. The Nominated Authority thereafter passed an order dated November 11, 2019 awarding an additional compensation of Rs. 180.00 lakhs, with a further direction to determine the value of certain assets forming part of the mine infrastructure, liable for compensation in terms of the Ordinance to the Company. Subsequently, the Nominated Authority, appointed a valuer to determine the value of those specified assets and thereafter an another valuer was also appointed for cross verification of certain back-up documents, details and indirect costs related thereto, so that to arrive at the correct valuation for compensation against those assets. Moreover, the Company had also earlier approached the Nominated Authority/Ministry to reconsider the compensation, determined by the previous officer holding charge of office of Nominated Authority, for land and some other major assets and the final compensation thereof is yet to be decided. <BR> In the meantime, JSW Steel Limited ('JSW') had been declared as successful bidder for Parbatpur Coal Block in "16th Tranche of Auction Under Coal Mines (Special Provisions) Act, 2015” and vesting order dated June 08, 2023 was issued by the Ministry in their favour. JSW, as being claimed by them, took over the physical possession of said coal block and requested the Company to initiate negotiations for utilization of movable property/ assets used in coal mining. Pursuant to this, the Company has submitted that the matter is still sub-judice and pending decision thereof, it is premature to initiate such negotiations at this stage. <BR> On July 15, 2025, the Nominated Authority has passed a Provisional Compensation Order of even date ('Provisional Order') declaring additional compensation of Rs. 47610.62 lakhs against Shaft and Incline and some other Mine Infrastructure and Rs. 2260.31 lakhs against Land aggregating to Rs. 49870.93 lakhs in favour of the Company. Comments/ objections sought by the Nominated Authority from the Company, SAIL and JSW in respect of the Provisional Order have been submitted for their consideration and final order in this respect is awaited as on this date. <BR> Meanwhile, as stated above, the Company’s petition before Hon’ble High Court of Delhi, filed in earlier years for determination of the amount of the compensation for the coal block, pertaining to mine infrastructure and land etc., in terms of Coal Mines (Special Provisions) Act, 2015 read with judgement dated March 09, 2017 pronounced by the Hon’ble High Court at Delhi, is also being actively pursued and the same is pending adjudication as on this date. <BR> <BR> Pending finalisation of the matter as above, no adjustment for the amount of the compensation has been given effect to and various balances pertaining to said mine, as appearing in the books of accounts, have been dealt with as follows: <BR> (i) Rs.128884.11 lakhs incurred pertaining to the coal block till March 31, 2015 after setting off income, stocks etc. there against as per the accounting policy then followed by the Company has been continued to be shown as freehold land, capital work in progress, other fixed assets and other respective heads of account; <BR> (ii) Interest and other finance cost for the year ended March 31, 2016 against the fund borrowed and other expenses directly attributable in this respect amounting to Rs. 9514.74 lakhs have been considered as other recoverable under current assets; and <BR> (iii) Compensation of Rs. 8312.34 lakhs have so far been received. Further net realisations/claims against sale of assets, advances, etc. in this respect aggregates to Rs. 2090.04 lakhs. Bank guarantee amounting to Rs. 920.00 lakhs has been given against the compensation received. <BR> <BR> Necessary disclosures and adjustments arising with respect to above, pending determination of the claim will be given effect to on the finalisation and acceptance of the amount thereof. <BR> <BR> 4. (a) The Company holds 19796000 equity shares of Rs. 10/- each in ESL Steel Limited ('ESL') out of which 17334999 equity shares of Rs. 10/- each amounting to Rs. 4059.85 lakhs were pledged with the consortium of lenders of ESL ('lenders'). The notices issued by the lenders for invocation of pledge of company’s investment was set aside by the Hon'ble High Court at Kolkata in the earlier year and the company’s plea for release of such pledge is pending before the said Hon'ble High Court. <BR> <BR> (b) Further in the earlier years, certain land amounting to Rs. 29493.58 lakhs of the company, situated at Elavur, Tamil Naidu, were mortgaged to another lender SREI Infrastructure Finance Limited ('SREI') of ESL and SREI had subsequently assigned it’s right in the said property to an Asset Reconstruction Company ('ARC') although the claims of the said lender were fully discharged by ESL as per the Resolution Plan approved by Hon'ble National Company Law Tribunal ('NCLT'), Kolkata. Subsequently, the ARC had issued SARAFESI Notice and taken the symbolic possession of the said land. The Company had disputed the alleged assignment of the loan by the lender and as directed by the Hon’ble Supreme Court had filed an application before the Debt Recovery Tribunal ('DRT'), Chennai for setting aside the SARAFESI actions and release of the title deeds of the land which vide order dated April 08, 2022 (uploaded on April 27, 2022) had been dismissed by DRT. On filing the appeal before the Debt Recovery Appellate Tribunal ('DRAT') against the order of DRT, DRAT has directed the Company to deposit 50% of the SARAFESI demand i.e. Rs. 29355.04 lakhs against which revision application under Article 227 of the Indian Constitution and a Writ Application under Article 226 of Indian Constitution has been filed before Hon'ble Madras High Court and the matter is pending before the said court. <BR> <BR> Earlier, the ARC had also filed an application before the Hon'ble NCLT, Cuttack for initiation of Corporate Insolvency and Resolution Process ('CIRP') against the Company which had been decided in the favour of the Company vide NCLT order dated June 24, 2022 (‘the Order’). The said order on being challenged by ARC has been upheld by Hon'ble National Company Law Tribunal ('NCLAT') vide it’s order dated January 24, 2024 and thereby the order dismissing the application of ARC by NCLT as above stands valid and effective. The judgement of NCLAT has been challenged before Hon’ble Supreme Court of India which is yet to be decided by the said court. <BR> <BR> (c) Pending finalization of the matter, these assets have been carried forward at their respective book value. <BR> 5. During the period, the State Government of West Bengal (‘State Government’) has notified the enactment of the Revocation of West Bengal Incentive Schemes and Obligations in the nature of Grants and Incentive Act, 2025 (‘the Revocation Act’) rescinding, revoking and discontinuing all West Bengal Incentive Schemes including West Bengal Incentive Scheme, 2000 (‘WBIS 2000’) (‘the Scheme’) retrospectively from the date of implementation of the respective scheme. <BR> <BR> The company is entitled to receive incentive in the form of Industrial Promotion Assistance under WBIS 2000 for the period starting from April 01, 2004 till March 31, 2019 in respect of company’s manufacturing units at Khardah and Haldia and the same as required in terms of WBIS 2000 have been granted to the company. Accordingly, the benefits under the said scheme has accrued to and vested in the company before the enactment of the Revocation Act and Rs. 4680.58 lakhs out of the amount accrued in this respect till June 30, 2017 (pending determination of the amount pertaining to GST Regime for the remaining period till March 31, 2019) is outstanding as on September 30, 2025. The Hon’ble High Court of Calcutta on a petition filed by the company for the claim upto March 31, 2015 vide it’s order dated April 08, 2024 has directed the State Government to pay the amount remaining unpaid under the Scheme and pending receipt of the claim despite the direction of the Hon’ble High Court, the company has filed contempt petition before the said court on August 23, 2024. An another petition claiming the incentive for the remaining period upto June 30, 2017 has also been filed before the said court. During the quarter, the company based on the legal advice has filed a writ petition before the Hon’ble Calcutta High Court challenging the constitutional validity and retrospective applicability of the Revocation Act. The decisions with respect to these petitions are pending adjudication as on this date. Accordingly, the amount of claim accrued in earlier years and outstanding as above being considered good and recoverable has been so carried forward as on September 30, 2025. <BR> 6. During the quarter, the company under The West Bengal Sales Tax (Settlement of Dispute) Act, 1999 as amended by the West Bengal Sales Tax (Settlement of Dispute) (Amendment) Act, 2025 (‘SOD’), has availed the settlement in terms of the SOD in respect of demands of Rs. 2762.77 lakhs for Entry Tax (excluding interest and late fee) against the company pertaining to the period from April 01, 2012 to June 30, 2017 and Rs. 2072.38 lakhs has been paid in full and final settlement of these demands. Consequent to this, Rs. 6362.00 lakhs being the resultant additional amount of provision made in earlier years has been written back and included under Other Income. <BR> 7. The Company pursuant to Share Purchase Agreement (‘SPA’) entered into with TIS Group S.P.A. has acquired 3000000 equity shares of EURO 1 each of T.I.S. Service S.P.A ("TIS") representing 100% shareholding of TIS at an aggregate consideration of EURO 11500000 equivalent to Rs 11470.16 lakhs. The entire consideration has been remitted on July 29, 2025 and therefore TIS has become a wholly owned subsidiary of the company. <BR> 8. Previous periods' figures have been regrouped/rearranged wherever necessary. <BR> 2025-04-012025-09-30UnauditedStandalone25944288000114750100027091789000148875780004855000-151025900023108450006661090007410560007802085000249022690002189520000021895200003188130002503630005691760000162034400000001620344000-33172000158717200061818400012.622.62002.622.620.00330.02540.0429Short term borrowings + Long term borrowings + Amortization/ Equity Share Capital + Other EquityProfit after tax+Depreciation+Interest+/-Deffered Tax/ Total Principal (net of fresh borrowings) and Interest Payments during the periodEarnings before interest and tax/Interest ExpenseOther Expenses3610155000Other Expenses7802085000296411000001184994200000321451000002247267000464571000041669800028617860003743055000882460004380000047934861000198961970001635290000149648230006831350003978061000191395400010119650002418722800000440834250000092018286000618184000564752350005709341900057093419000165086000000025939510004244811000494194000293896300002659190007943887000172595090001288820004179187000430806900040156610002558323900010977170002934240006600000269809800000034924867000920182860001. Other intangible asset includes Right of use assets of Rs. 2879.63 lakhs <BR> 2.Other non current financial liabilities includes non current lease liabilities of Rs. 1021.74 lakhs <BR> 3. Other non current liabilities includes non current tax liabilities (net) of Rs. 2272.23 lakhs <BR> 4. Other current financial liabilities includes current lease liabilities of of Rs. 242.09 lakhs666109000-1057496000245312300003448820000000-92619500000074105600000000-178597000039803600000000-6129650000103188100032214010000003528080000286859300001191910000014229289000000011078000068297300000000000000004092200000000441670000013416467000-254447500000000000194287900011554620001419800086545800064924800000-741487000-4173690000-4173690001100504000683135000Remeasurements of the defined benefit plans-2985000Equity instruments through other comprehensive income0-2985000Remeasurements of the defined benefit plans-5970000Equity instruments through other comprehensive income-28704000-34674000-751000-150200000-2234000-33172000Electrosteel Castings Limited******Electrosteel Europe SA******SubsidiarySale of goods or services9500000000Approved301947300040445790004321042000Electrosteel Castings Limited******Electrosteel Castings (UK) Limited******SubsidiarySale of goods or services3000000000Approved605196000669408000779516000Electrosteel Castings Limited******Electrosteel USA, LLC******SubsidiarySale of goods or services2000000000Approved418984000755279000757080000Electrosteel Castings Limited******Electrosteel Castings Gulf FZE******SubsidiarySale of goods or services400000000Approved103214000167259000104301000Electrosteel Castings Limited******Electrosteel Bahrain Trading WLL******SubsidiarySale of goods or services1500000000Approved682489000654524000602835000Electrosteel Castings Limited******Electrosteel Doha for Trading LLC******SubsidiarySale of goods or services500000000Approved38490000-102706000-137308000Electrosteel Castings Limited******Singardo International Pte Ltd.******SubsidiarySale of goods or services455000000Approved11449500012171700086805000Electrosteel Castings Limited******Mr. Umang Kejriwal******KMP - Managing DirectorRemuneration50797000Approved15350000124210001130000Electrosteel Castings Limited******Mr. Mayank Kejriwal******KMP - Joint Managing DirectorRemuneration50683000Approved15370000125940001130000Electrosteel Castings Limited******Mr. Uddhav Kejriwal******KMP - Wholetime DirectorRemuneration21143000Approved1041600013348000773000Electrosteel Castings Limited******Mr. Sunil Katial******KMP - Chief Executive Officer & Wholetime DirectorRemuneration30757000Approved164550001411000963000Electrosteel Castings Limited******Mr. Ashutosh Agarwal******KMP - Wholetime Director & Chief Financial OfficerRemuneration20147000Approved11266000896000858000Electrosteel Castings Limited******Ms.Priya Manjari Todi******KMP - Wholetime DirectorRemuneration18568000Approved10051000910000953000Electrosteel Castings Limited******Ms. Radha Kejriwal Agarwal******KMP - Wholetime DirectorRemuneration4711000Approved2727000254000253000Electrosteel Castings Limited******Mr. Madhav Kejriwal******KMP - Wholetime DirectorRemuneration17497000Approved9804000887000924000Electrosteel Castings Limited******Ms. Nityangi Kejriwal Jaiswal******KMP - Wholetime DirectorRemuneration17497000Approved9804000861000897000Electrosteel Castings Limited******Mr. Indranil Mitra******KMP - Company SecretoryRemuneration4500000Approved2128000275000210000Electrosteel Castings Limited******Dr. Mohua Banerjee******Independent DirectorRemuneration1500000Approved2900009000000Electrosteel Castings Limited******Mr. Vyas Mitre Ralli******Independent DirectorRemuneration1500000Approved2900009000000Electrosteel Castings Limited******Mr. Amrendra Prasad Verma******Independent DirectorRemuneration1500000Approved2700009000000Electrosteel Castings Limited******Mr Rajkumar Khanna******Independent DirectorRemuneration1500000Approved3100009000000Electrosteel Castings Limited******Mr. Bal Kishan Choudhury******Independent DirectorRemuneration1500000Approved1900009000000Electrosteel Castings Limited******Mr Virendra Sinha******Independent DirectorRemuneration1500000Approved1700009000000Electrosteel Castings Limited******Mr. Jinendra Kumar Jain******Independent DirectorRemuneration1500000Approved3700009000000Electrosteel Castings Limited******Mr. Ajay Kumar******Independent DirectorRemuneration1500000Approved700009000000Electrosteel Castings Limited******Ms. Sangeeta Singh******Independent DirectorRemuneration1500000Approved15000010350000Electrosteel Castings Limited******Wilcox Merchants Pvt. 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