5328872026-01-012026-03-315328872026-03-315328872025-03-315328872025-04-012026-03-315328872026-01-012026-03-31in-capmkt:OtherExpenses1Member5328872025-04-012026-03-31in-capmkt:OtherExpenses1Member5328872026-03-31OtherNoncurrentFinancialAssetsDomain15328872026-03-31OtherNoncurrentAssetsDomain15328872026-03-31OtherCurrentFinancialAssetsDomain15328872026-03-31OtherCurrentAssetsDomain15328872026-03-31OtherNoncurrentFinancialLiabilitiesDomain15328872026-03-31OtherCurrentFinancialLiabilitiesDomain15328872026-03-31OtherCurrentLiabilitiesDomain15328872026-01-012026-03-31AuditorDomain15328872026-01-012026-03-31in-capmkt:AuditedMember5328872026-03-31in-capmkt:AuditedMember5328872026-01-012026-03-31in-capmkt:AdjustedMember5328872026-03-31in-capmkt:AdjustedMember5328872026-01-012026-03-31AuditQualification15328872026-01-012026-03-31AuditQualification25328872026-01-012026-03-31AuditQualification3iso4217:INRiso4217:INRxbrli:shares532887NEUEONNOTLISTEDINE333I01044Neueon Corporation LimitedMain BoardEquity2025-04-012026-03-312026-05-012026-04-27INRLakhsQuarterlyFourth quarterSingle segmentManufacturing2026-05-0114:00:002026-05-0116:30:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated61711000669000623800005408000150040009300016920004000019742470001996448000-1934068000-129879000-20639470000000-20639470000000-20639470000-206394700000005654460001-36.5-36.500-36.5-36.52025-04-012026-03-31AuditedConsolidated159731000141900016115000054080001072830009300070830007200060180100019913450002713085000-2551935000-709877000-32618120000000-32618120000000-32618120000-3261812000000056544600011636742000-5.77-5.7700-5.77-5.77Other Expenses1974247000Other Expenses1991345000804202000000000000250000002500000008067020000016901960001413400000017043300000151332000185566200000266236400056544600016367420002202188000220218800000000000004197620000187500018750002820500044984200010334000000460176000004601760002662364000Other non-current financial assets0Other non-current assets0Other current financial assets0Other current assets151332000Other non-current financial liabilities0Other current financial liabilities28205000Other current liabilities10334000710004969800016520890000-250000000-6890000-1470210000-32526000060180100070987700000-239110007141200000000000002878301000-38351100000000-3835110000000000000000000000005887764000000000689000005888453000000-55890540000000-1111630000007100000-5700288000-195346000184093000-112530002538700014134000000000AuditedQualified opinionM/s. ASKM & Co.true2027-03-3116115100016115100034229620003422962000-3261812000-32618120005.775.772662364000266236400046017600046017600022021880002202188000 A. Non-Conduct of Asset Impairment Test (Ind AS 36 - Impairment of Assets) <br></br> As required under Ind AS 36, the Company has not performed impairment testing of Property, Plant and Equipment (PPE), investments, and other financial assets despite the presence of impairment indicators such as: <br></br> <br></br> The Company has recognized impairment loss in respect of fixed assets amounting to Rs.58,748.44 lakhs However, the impairment assessment has not been supported by adequate documentation and appropriate determination of recoverable amount as required under Ind AS 36 Impairment of Assets. <br></br> In the absence of sufficient and appropriate audit evidence regarding the assumptions used in estimating future cash flows and discount rates, we are unable to determine whether any adjustment is necessary to the carrying value of such assets. Accordingly, our opinion is qualified in respect of this matter. <br></br> <br></br> In the absence of an impairment assessment or external valuation, we are unable to determine the potential adjustments, if any, required to the carrying value of these assets.Qualified opinionWhether appeared first timeNot quantified After the take over of the company through CIRP, an independent valuation of Land, Building, and Plant & Machinery was carried out by a qualified valuer dated 11.07.2025 by the new management. Based on the said valuation, the impairment loss of Rs. 58,748.44 lakhs has been recognized in the financial statements. The management believes that the valuation report provides a reasonable basis for determining the recoverable amount of the assets. Further, the Company is in the process of strengthening the supporting documentation and assumptions in line with the requirements of Ind AS 36.After the take over of the company through CIRP, an independent valuation of Land, Building, and Plant & Machinery was carried out by a qualified valuer dated 11.07.2025 by the new management. Based on the said valuation, the impairment loss of Rs. 58,748.44 lakhs has been recognized in the financial statements. The management believes that the valuation report provides a reasonable basis for determining the recoverable amount of the assets. Further, the Company is in the process of strengthening the supporting documentation and assumptions in line with the requirements of Ind AS 36.Refer to Basis for Qualified Opinion in the Auditor's Report. B. Investment in Unquoted Equities (Ind AS 109 - Financial Instruments) <br></br> <br></br> The parent Company had made investment in its subsidiary amounting to Rs.13,993.47 Lakhs since 2007 has been carry forward at cost, However, the current fair value of these investments has not been ascertained by the management, no valuation study has been conducted to assess potential impairment, Consequently, recoverability of this investment is uncertain. <br></br> <br></br> We did not audit the financial statements of Digitech Systems Pvt Ltd, which reflects total assets of Rs. 9.43 Lakhs as of March 31, 2026, and a net loss after tax Nil. These financial statements have not been reviewed or audited by us, and we have relied solely on management representations. Our opinion is qualified in respect of this matter. <br></br> <br></br> We have audited the financial statements of the three wholly owned subsidiaries included in the consolidated financial statements, namely Neueon Enterprises Limited, Neueon Global Limited and Neueon Power Limited, which have been considered in the preparation of the consolidated financial statements. <br></br> <br></br> Our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the aforesaid financial statements audited by us.Qualified opinionWhether appeared first timeNot quantifiedPursuant to the CIRP and change in management, the investment in the subsidiary amounting to Rs. 13,993.47 lakhs continues to be carried at cost. The subsidiary has not undertaken any business operations for the past several years and audited financial statements have not been received for several years. <br></br> <br></br> Considering the uncertainty in recoverability, the new management is in the process of disinvestment of the said investment and has accordingly created a provision in the financial statements.Pursuant to the CIRP and change in management, the investment in the subsidiary amounting to Rs. 13,993.47 lakhs continues to be carried at cost. The subsidiary has not undertaken any business operations for the past several years and audited financial statements have not been received for several years. <br></br> <br></br> Considering the uncertainty in recoverability, the new management is in the process of disinvestment of the said investment and has accordingly created a provision in the financial statements.Refer to Basis for Qualified Opinion in the Auditor's Report.The Company has not established a formal system for periodic impairment testing of assets, particularly in relation to Property, Plant and Equipment, and other financial assets as required under Ind AS 36. This indicates a material weakness in internal controls over assessment of impairment of assets.Qualified opinionWhether appeared first timeNot quantifiedThe company is establishing a robust internal control framework and periodic review cycles now that the new Board and New Management are operational.The company is establishing a robust internal control framework and periodic review cycles now that the new Board and New Management are operational.Refer to Basis for Qualified Opinion in the Auditor's Report.Sudheer RayachotiV. Naveen BabuPURUSOTHAMA REDDY MARRIKUNTAA S K M & Co.Hyderabad2026-05-01