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CASTINGS LIMITEDMain BoardEquity2025-04-012026-03-312026-05-182026-05-11INRLakhsQuarterlyFourth quarterSingle segmentThe company operates mainly in one business segment viz. Pipes and all other activities revolve around the main business.2026-05-1811:30:002026-05-1815:10:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2025-05-10www.electrosteel.comfalsefalseNot Applicable2026-01-012026-03-31AuditedStandalone119654010003195190001228492000067904750002500036857000910335000274005000375500000397451600012361713000-767930000-7679300052025000-21922000301030000-1068960000000-10689600021029000-858670006181840001-0.17-0.1700-0.17-0.17Notes <BR> 1) The above Audited Standalone Financial Results for the quarter and year ended March 31, 2026 includes Statement of Assets and Liabilities as on March 31, 2026 (Enclosed as "Annexure I") and Cash Flows for the year ended March 31, 2026 (Enclosed as "Annexure II") (hereinafter referred to as “Financial Results”) attached herewith which have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under section 133 of 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 May 18, 2026 and have been subject to Audit by the Statutory Auditors. <BR> 2) The Company operates mainly in one business segment viz. Pipes and fittings and all other activities revolve around the main business. <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 (subsequently promulgated into Coal Mines (Special Provisions) Act, 2015 i.e. 'CMSP Act'), 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 lakhs was awarded, of which Rs. 8312.14 lakhs was received by the Company. SAIL subsequently surrendered the coal block and handed over the said coal block back to the custody of BCCL. <BR> <BR> Following a petition filed by the Company, challenging the method and amount of compensation being 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 CMSP Act 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 amount 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 sub-judice and pending decision thereof, it is premature to initiate such negotiations at this stage. <BR> On July 15, 2025, the Nominated Authority (‘NA’) has passed a Provisional Compensation Order of even date ('Provisional Order') declaring additional compensation of Rs. 47610.62 lakhs against shaft and incline and certain 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. Subsequently, after considering the comments/objections so received, NA passed a compensation order dated November 19, 2025 (‘Compensation Order’) and determined that Rs. 25304.42 lakhs is payable as compensation towards ‘hard cost’ of shafts and inclines and certain other mine infrastructure. JSW has been directed to deposit the amount of Rs. 19675.74 lakhs being the aggregate amount of the compensation as above. The compensation towards soft costs of shaft and incline and land is pending determination as on this date and will therefore be decided by NA in due course of time. It has further been directed that the differential cost for preparation of updated Geological Report may be mutually settled between the company and JSW after verification from CMPDIL. At present, JSW has since submitted a bank guarantee of the amount, directed to be deposited as above, to the NA. The CMSP Act also provides for negotiation and decide mutually between the Company and JSW, the compensation amount towards the cost of movable assets not declared as mine infrastructure. <BR> JSW meanwhile filed two petitions, seeking ‘stay’ and challenging the Compensation Order before the Tribunal, under the CMSP Act, at Ranchi (“Tribunal”). The Tribunal denied JSW’s petition seeking ‘stay’ of the Compensation Order, vide an order dated January 21, 2026. Thereafter, on a petition being filed against the said denial, the Hon’ble Jharkhand High Court, vide order dated January 21, 2026 granted conditional stay against the Compensation Order, subject to JSW depositing 50% of the amount i.e. 9837.87 lakhs as directed by NA and the same has been deposited by JSW. <BR> <BR> On an application filed before the Tribunal vide order dated March 19, 2026, has allowed the withdrawal of the amount so deposited on submission of unconditional and irrecoverable Bank Guarantee (“BG”) of an equivalent amount. Pending decision on the matter, the amount so received on submitting the BG have been recognised and disclosed as “Receipt against claim for Coal Mines” under Financial Liabilities. <BR> Moreover, the Company’s petition before Hon’ble High Court of Delhi, filed in earlier year, for declaration of certain assets as mine infrastructure and determination of the amount of the compensation for the coal block, pertaining to mine infrastructure and land etc., so as to arrive at the total amount of compensation against entire coal block in terms of the CMSP Act 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> (iv) Rs. 9837.87 lakhs received against Bank Guarantee have been disclosed as “Receipt against claim for Coal Mines” under Financial Liabilities. <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> 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 Nadu, were mortgaged to an another lender of ESL viz SREI Infrastructure Finance Limited ('SREI') and SREI had subsequently assigned it’s right against the said Land 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 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 Appellate Tribunal (‘NCLAT’) vide its order dated January 24, 2024. The Judgement of NCLAT was challenged before Hon’ble Supreme Court of India. Hon’ble Supreme Court vide its Judgement dated January 6, 2026 confirmed that the Company is not a guarantor for financial facilities availed by ESL. Hence, no CIRP Proceedings can be initiated against the Company. However, Hon’ble Supreme Court has also held that the approval and / or implementation of the Resolution Plan of Vedanta Limited for ESL does not result in extinguishment of the entire debt so as to bar any claim against the Third-Party Security Providers. The Company is contemplating legal option of filing a Review Application before Hon’ble Supreme Court of India. <BR> <BR> (c) Pending finalization of the matter, these assets have been carried forward at their respective book value. <BR> 5) During the year, 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 and vested to 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 March 31, 2026. 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 year, 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 March 31, 2026. <BR> 6) During the quarter ended September 30, 2025, 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 for the year ended March 31, 2026. <BR> 7) 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 In 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. Consequently, the potential impact on the employee benefit and expenses on account of past service costs in respect of Gratuity and Leave Encashment amounting to Rs. 3838.26 lakhs as evaluated and determined by an independent actuary or otherwise as estimated has been recognised and disclosed as exceptional items in these financial results. The Comany continues to monitor the provision of the Labour Code and development thereof, including related Central and State rules as and when notified, and implications as relevent to the company are given effect to in the respective period. <BR> 8) Subsequent to the Balance Sheet date, the Board of Directors at its meeting held on May 18, 2026 has recommended a final dividend of Re.0.90 per equity share to be paid on fully paid up equity shares in respect of financial year ended March 31, 2026. The equity dividend is subject to approval by the shareholders at the ensuing Annual General Meeting and has not been included as a liability in these financial results. The estimated amount of final dividend to be paid thereof amounts to Rs.5563.66 lakhs. <BR> 9) The figures for the quarters ended March 31, 2026 and March 31, 2025 are the balancing figures between the audited figures in respect of the full financial year and the year to date figure upto the quarter ended December 31 of the respective years which were subject to limited review by the Statutory Auditors. <BR> 10) Previous periods' figures have been regrouped/rearranged wherever necessary.2025-04-012026-03-31AuditedStandalone5032539100019545630005227995400027357765000595500094281200041410570001267206000149399500014837581000500463710002233583000-383826000184975700031821900021814100053636000001313397000000013133970001452700013279240006181840001562159870002.122.12002.122.12Other Expenses3974516000Other Expenses1483758100029352370000118493880000033981000000224726700046461800004348900002854932000375444000001971550004774043000016005034000531304700012229342000168890500038284000001961538000215756720000101442000038595126000863355560006181840005621598700056834171000568341710001986476000000571524700077017230006530210002922777000024282100011520342000100345200001600830004093981000425406400018075430001609612700015891660002957500000017981043000002950138500086335556000Notes <BR> Other Intangible assets includes Right-of-use assets of Rs 3047.19 lacs.Other financial assets2854932000Non-current tax assets (Net)156447000Other non-current assets40708000Other financial assets1961538000Other current assets1014420000Lease liabilities118118000Other financial liabilities5597129000Other non-current liabilities35554000Non-current Tax Liabilities (Net)207267000Lease liabilities31517000Other financial liabilities1776026000Other current liabilities158916600012672060002833667000516533700003152480000000-62206000000149399500000000-13498800007362230000848300000-1637210000-90248200009160663000110104200000004466130000105638070000119191000000000021706500012105400003550782200039713354000000000000000000097920500003703172000-1708540000000000001675000000781272500046400000865458000121728300000-8266866000588401000058840100011005040001688905000Remeasurements of the defined benefit plans28103000Equity instruments through other comprehensive income028103000Remeasurements of the defined benefit plans57718000Equity instruments through other comprehensive income-28657000290610007074000145340002102900014527000Electrosteel Castings Limited******Electrosteel Europe SA******SubsidiarySale of goods or services9500000000NIL197067500043210420003948108000Electrosteel Castings Limited******Electrosteel Castings (UK) Limited******SubsidiarySale of goods or services3000000000NIL11350090007795160001155267000Electrosteel Castings Limited******Electrosteel USA, LLC******SubsidiarySale of goods or services2000000000NIL336125000757080000666162000Electrosteel Castings Limited******Electrosteel Castings Gulf FZE******SubsidiarySale of goods or services500000000NIL382330000104301000209667000Electrosteel Castings Limited******Electrosteel Bahrain Trading WLL******SubsidiarySale of goods or services1500000000NIL705536000602835000523628000Electrosteel Castings Limited******Electrosteel Doha for Trading LLC******SubsidiarySale of goods or services500000000NIL66146000-137308000-112403000Electrosteel Castings Limited******Singardo International Pte Ltd.******SubsidiarySale of goods or services455000000NIL1203300008680500095652000Electrosteel Castings Limited******T.I.S. Polska Sp. z o.o.******SubsidiarySale of goods or services400000000NIL44669000045735000Electrosteel Castings Limited******Mr. Umang Kejriwal******KMP - Managing DirectorRemuneration50797000NIL1491600011300001678000Electrosteel Castings Limited******Mr. Mayank Kejriwal******KMP - Joint Managing DirectorRemuneration50683000NIL1565600011300001493000Electrosteel Castings Limited******Mr. Uddhav Kejriwal******KMP - Wholetime DirectorRemuneration21143000NIL10063000773000772000Electrosteel Castings Limited******Mr. Sunil Katial******KMP - Chief Executive Officer & Wholetime DirectorRemuneration30757000NIL155710009630001302000Electrosteel Castings Limited******Mr. Ashutosh Agarwal******KMP - Wholetime Director & Chief Financial OfficerRemuneration20147000NIL9408000858000567000Electrosteel Castings Limited******Ms.Priya Manjari Todi******KMP - Wholetime DirectorRemuneration18568000NIL8906000953000951000Electrosteel Castings Limited******Ms. Radha Kejriwal Agarwal******KMP - Wholetime DirectorRemuneration4711000NIL2240000253000253000Electrosteel Castings Limited******Mr. Madhav Kejriwal******KMP - Wholetime DirectorRemuneration17497000NIL8650000924000923000Electrosteel Castings Limited******Ms. Nityangi Kejriwal Jaiswal******KMP - Wholetime DirectorRemuneration17497000NIL8650000897000896000Electrosteel Castings Limited******Mr. Indranil Mitra******KMP - Company SecretoryRemuneration4500000NIL2270000210000221000Electrosteel Castings Limited******Dr. Mohua Banerjee******Independent DirectorRemuneration1500000NIL9900000630000Electrosteel Castings Limited******Mr. Vyas Mitre Ralli******Independent DirectorRemuneration1500000NIL9700000630000Electrosteel Castings Limited******Mr. Amrendra Prasad Verma******Independent DirectorRemuneration1500000NIL9500000630000Electrosteel Castings Limited******Mr Rajkumar Khanna******Independent DirectorRemuneration1500000NIL10100000630000Electrosteel Castings Limited******Mr. Bal Kishan Choudhury******Independent DirectorRemuneration1500000NIL8700000630000Electrosteel Castings Limited******Mr Virendra Sinha******Independent DirectorRemuneration1500000NIL8500000630000Electrosteel Castings Limited******Mr. Jinendra Kumar Jain******Independent DirectorRemuneration1500000NIL10500000630000Electrosteel Castings Limited******Mr. Ajay Kumar******Independent DirectorRemuneration1500000NIL000Electrosteel Castings Limited******Ms. Sangeeta Singh******Independent DirectorRemuneration1500000NIL8500000630000Electrosteel Castings Limited******Mr. Bikramjit Ghosh******Independent DirectorRemuneration1500000NIL8500000630000Electrosteel Castings Limited******Wilcox Merchants Pvt. Ltd.******Relative of KMP is a Director and Member of the Related partyAny other transactionRent Paid10000000NIL415400000Electrosteel Castings Limited******Tulsi Highrise Private Limited******KMP is Director and Member of the Related PartyAny other transactionRent Paid12000000NIL603200000Electrosteel Castings Limited******Sri Gopal Investments Ventures Ltd******KMP is Director and Member of the Related PartyAny other transactionRent Paid2541000NIL000Electrosteel Castings Limited******Sree Khemisati Constructions Private Limited******KMP is Director of the Related PartyAny other transactionRent Paid7000000NIL351000000Electrosteel Castings Limited******Badrinath Industries Limited******KMP is Director of the Related PartyAny other transactionRent Paid3200000NIL000Electrosteel Castings Limited******Global Exports Ltd.******KMP is Director of the Related PartyAny other transactionRent Paid3500000NIL164600000Electrosteel Castings Limited******Sree Khemisati Constructions Private Limited******KMP is Director of the Related PartyAny other transactionService Charges Paid47500000NIL223530000346000Electrosteel Castings Limited******Global Exports Ltd.******KMP is Director of the Related PartyAny other transactionService Charges Paid11000000NIL450000000Electrosteel Castings Limited******Sri Gopal Investments Ventures Ltd******KMP is Director and Member of the Related PartyAny other transactionService Charges Paid500000NIL000Electrosteel Castings Limited******EVE Technologies Pvt. Ltd******Relative of KMP is a Director and Member of the Related partyAny other transactionService Charges Paid1500000NIL107000194000310000Electrosteel Castings Limited******TIS Engineering D.O.O******SubsidiaryAny other transactionService Charges Paid12375000NIL1019300009173000Electrosteel Castings Limited******Electrosteel USA, LLC******SubsidiaryAny other transactionService Charges Paid15000000NIL795000003675000Electrosteel Castings Limited******T.I.S. Services SPA******SubsidiaryLoan430000000NIL0409220000434890000Electrosteel Castings Limited******T.I.S. Services SPA******SubsidiaryInterest received20000000NIL7905000226000010166000Electrosteel Castings Limited******Electrosteel Europe SA******SubsidiaryAny other transactionReimbursement of expenses paid50000000NIL591400005914000Electrosteel Castings Limited******Electrosteel Bahrain Trading WLL******SubsidiaryAny other transactionReimbursement of expenses paid2000000NIL7690000769000Electrosteel Castings Limited******Singardo International Pte Ltd.******SubsidiaryAny other transactionReimbursement of expenses paid3900000NIL000Electrosteel Castings Limited******Electrosteel Europe SA******SubsidiaryAny other transactionCorporate Guarantee350000000NIL000Electrosteel Castings Limited******Electrosteel Algeria SPA******SubsidiaryAny other transactionStandby Letter of Credit(SBLC)120000000NIL02425400018966000Electrosteel Castings Limited******Electrosteel USA, LLC******SubsidiaryAny other transactionStandby Letter of Credit(SBLC)675000000NIL0617365000663810000Electrosteel Castings Limited******Electrosteel Castings Gulf FZE******SubsidiaryAny other transactionStandby Letter of Credit(SBLC)100000000NIL000Electrosteel Castings Limited******Electrosteel Castings Gulf FZE******SubsidiaryAny other transactionCommission Paid50000000NIL67600016650002486000Electrosteel Castings Limited******Electrosteel USA, LLC******SubsidiaryAny other transactionCommission Paid10000000NIL000Electrosteel Castings Limited******Electrosteel Algeria SPA******SubsidiaryAny other transactionCommission Paid8000000NIL34400047730000Electrosteel Castings Limited******Electrosteel Vietnam Company Limited******SubsidiaryAny other transactionCommission Paid10000000NIL649400006494000Electrosteel Castings Limited******Tulsi Highrise Private Limited******KMP is Director and Member of the Related PartyAny other transactionSecurity Deposit0NIL02850000028500000Electrosteel Castings Limited******Wilcox Merchants Pvt. Ltd.******Relative of KMP is a Director and Member of the Related partyAny other transactionSecurity Deposit0NIL02725000027250000Electrosteel Castings Limited******Electrosteel Thermal Coal Ltd******KMP is a member of the Related partyAny other transactionSecurity Deposit1000000NIL01926200019262000Electrosteel Castings Limited******Global Exports Ltd.******KMP is Director of the Related PartyAny other transactionSecurity Deposit0NIL015000001500000Electrosteel Castings Limited******Badrinath Industries Limited******KMP is Director of the Related PartyAny other transactionSecurity Deposit0NIL03000030000Electrosteel Castings Limited******Ms. Priya Sakhi Kejriwal Mehta******Relative of KMPAny other transactionOther Expenses1500000NIL000Electrosteel Castings Limited******Electrosteel Doha for Trading LLC******SubsidiaryDividend received100000000NIL000Electrosteel Castings Limited******Electrosteel Castings Gulf FZE******SubsidiaryDividend received100000000NIL000Electrosteel Doha for Trading LLC******Electrosteel Castings Gulf FZE******SubsidiaryPurchase of goods or services50000000NIL000Electrosteel Doha for Trading LLC******Electrosteel Bahrain Trading WLL******SubsidiaryPurchase of goods or services20000000NIL240380006587000-1683000Electrosteel Doha for Trading LLC******Electrosteel Europe SA******SubsidiaryInterest received3000000NIL1577000779000830000Electrosteel Doha for Trading LLC******Electrosteel Europe SA******SubsidiaryLoan0NIL08899500094872000Electrosteel Bahrain Trading WLL******Electrosteel Castings Gulf FZE******SubsidiarySale of goods or services20000000NIL5900028280000Electrosteel Bahrain Trading WLL******Electrosteel Castings (UK) Limited******SubsidiarySale of goods or services60000000NIL013820000Electrosteel Bahrain Trading WLL******Electrosteel Castings Gulf FZE******SubsidiaryInterest paid4000000NIL000Electrosteel Bahrain Trading WLL******Electrosteel Castings Gulf FZE******SubsidiaryLoan100000000NIL000Electrosteel Bahrain Trading WLL******TIS Engineering DOO******SubsidiaryAny other transactionOther Expenses3239000NIL3239000013730004977000000AuditedQualified opinionLodha & Co LLPtrue2027-03-3152279954000522799540005004637100050046371000132792400013279240002.122.12863355560008633555600086335556000863355560005683417100056834171000Note no. 3 regarding cancellation of the coal block allotted to the company in earlier year and adjustments to be given effect to in respect of the claims made by the company, amount determined, awarded/received so far in this respect and required disclosures/ adjustments in terms of Ind AS with respect to the carrying amounts of the property, plant and equipment, capital work in progress, inventory and balances lying under other heads of account and carried forward pending finalisation of the amount of claim in this respect as stated in the said note; <br></br> <br></br> Pending finalization of the matters dealt with in (a) and (b) above, required disclosures, adjustments and impacts thereof are presently not ascertainable and as such cannot be commented upon by us.Qualified opinionRepetitiveNot ApplicableNot ApplicableIn pursuance of the Order dated September 24, 2014 passed by the Honble 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 (subsequently promulgated into Coal Mines (Special Provisions) Act, 2015 i.e. 'CMSP Act'), 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 lakhs was awarded, of which Rs. 8312.14 lakhs was received by the Company. SAIL subsequently surrendered the coal block and handed over the said coal block back to the custody of BCCL. <br></br> <br></br> Following a petition filed by the Company, challenging the method and amount of compensation being determined, the Honble 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 CMSP Act 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 amount thereof is yet to be decided. <br></br> <br></br> <br></br> <br></br> <br></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 sub-judice and pending decision thereof, it is premature to initiate such negotiations at this stage. <br></br> <br></br> <br></br> On July 15, 2025, the Nominated Authority (NA) has passed a Provisional Compensation Order of even date ('Provisional Order') declaring additional compensation of Rs. 47610.62 lakhs against shaft and incline and certain 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. Subsequently, after considering the comments/objections so received, NA passed a compensation order dated November 19, 2025 (Compensation Order) and determined that Rs. 25304.42 lakhs is payable as compensation towards hard cost of shafts and inclines and certain other mine infrastructure. JSW has been directed to deposit the amount of Rs. 19675.74 lakhs being the aggregate amount of the compensation as above. The compensation towards soft costs of shaft and incline and land is pending determination as on this date and will therefore be decided by NA in due course of time. It has further been directed that the differential cost for preparation of updated Geological Report may be mutually settled between the company and JSW after verification from CMPDIL. At present, JSW has since submitted a bank guarantee of the amount, directed to be deposited as above, to the NA. The CMSP Act also provides for negotiation and decide mutually between the Company and JSW, the compensation amount towards the cost of movable assets not declared as mine infrastructure. <br></br> <br></br> <br></br> JSW meanwhile filed two petitions, seeking stay and challenging the Compensation Order before the Tribunal, under the CMSP Act, at Ranchi (Tribunal). The Tribunal denied JSWs petition seeking stay of the Compensation Order, vide an order dated January 21, 2026. Thereafter, on a petition being filed against the said denial, the Honble Jharkhand High Court, vide order dated January 21, 2026 granted conditional stay against the Compensation Order, subject to JSW depositing 50% of the amount i.e. 9837.87 lakhs as directed by NA and the same has been deposited by JSW. <br></br> <br></br> <br></br> On an application filed before the Tribunal vide order dated March 19, 2026, has allowed the withdrawal of the amount so deposited on submission of unconditional and irrecoverable Bank Guarantee (BG) of an equivalent amount. Pending decision on the matter, the amount so received on submitting the BG have been recognised and disclosed as Receipt against claim for Coal Mines under Financial Liabilities. <br></br> <br></br> <br></br> Moreover, the Companys petition before Honble High Court of Delhi, filed in earlier year, for declaration of certain assets as mine infrastructure and determination of the amount of the compensation for the coal block, pertaining to mine infrastructure and land etc., so as to arrive at the total amount of compensation against entire coal block in terms of the CMSP Act read with judgement dated March 09, 2017 pronounced by the Honble High Court at Delhi, is also being actively pursued and the same is pending adjudication as on this date. <br></br> <br></br> <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></br> <br></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></br> <br></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></br> <br></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> <br></br> (iv) Rs. 9837.87 lakhs received against Bank Guarantee have been disclosed as Receipt against claim for Coal Mines under Financial Liabilities. <br></br> <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> As stated herein above the impact with respect to above and consequential adjustments cannot be ascertained and as such cannot be commented upon by usNote No. 4(a) in respect of companys investment in the equity shares of ESL Steel Limited (ESL), the pledge of which was invoked by the lenders of ESL, and which was set aside by Honble High court at Kolkata and the matter is currently pending before the said court. Further, as stated in Note no. 4(b) dealing with mortgage of Land at Elavur plant in favour of one of the lenders of ESL which had assigned their rights to another party and thereby symbolic possession of the said land was taken by the said party. The matter has been disputed by the company and as stated in the said note is currently sub-judice and pending final adjudication. <br></br> <br></br> Pending finalization of the matters dealt with in (a) and (b) above, required disclosures, adjustments and impacts thereof are presently not ascertainable and as such cannot be commented upon by us.Qualified opinionRepetitiveNot ApplicableNot ApplicableInvestment in ESL include 17334999 equity shares of Rs. 10 each in ESL amounting to Rs. 4059.85 lakhs as on March 31, 2026 which were pledged with the consortium of lenders of ESL (lenders) and the said pledge was not released by the lenders even after the settlement of their debt as per the approved resolution plan as above. The notices issued by the lenders for invocation of pledge of companys investment was set aside by the Hon'ble High Court at Kolkata in the earlier year and the companys plea for release of such pledge is pending before the said Hon'ble High Court. <br></br> <br></br> in the earlier years, certain land amounting to Rs. 29493.58 lakhs of the company, situated at Elavur, Tamil Nadu, were mortgaged to an another lender of ESL viz SREI Infrastructure Finance Limited ('SREI') and SREI had subsequently assigned its right against the said Land 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 Honble 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> <br></br> Earlier, the ARC had also filed an application before Honble 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 Honble National Company Law Appellate Tribunal (NCLAT) vide its order dated January 24, 2024. The Judgement of NCLAT was challenged before Honble Supreme Court of India. Honble Supreme Court vide its Judgement dated January 6, 2026 confirmed that the Company is not a guarantor for financial facilities availed by ESL. Hence, no CIRP Proceedings can be initiated against the Company. However, Honble Supreme Court has also held that the approval and / or implementation of the Resolution Plan of Vedanta Limited for ESL does not result in extinguishment of the entire debt so as to bar any claim against the Third-Party Security Providers. The Company is contemplating legal option of filing a Review Application before Honble Supreme Court of India. <br></br> As stated herein above the impact with respect to above and consequential adjustments cannot be ascertained and as such cannot be commented upon by usSUNIL KATIALASHUTOSH AGARWALJINENDRA KUMAR JAINR P SINGHKOLKATA2026-05-18