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iso4217:INRiso4217:INRxbrli:shares

500128

ELECTCAST

INE086A01029

ELECTROSTEEL CASTINGS LIMITED

Main Board

Equity

2025-04-01

2026-03-31

2026-05-18

2026-05-11

INR

Lakhs

Quarterly

Fourth quarter

Single segment

The company operates mainly in one business segment viz. Pipes and all other activities revolve around the main business.

2026-05-18

11:30:00

2026-05-18

15:10:00

true

Cash Flow Indirect

Statement on impact of audit qualification

2026-01-01

2026-03-31

Audited

Consolidated

14927354000

374763000

15302117000

7309655000

276925000

590928000

1585038000

322226000

443798000

4546915000

15075485000

226632000

136805000

-70065000

66740000

159892000

220625000

380517000

159807000

85000

380432000

85000

618184000

0.26

Notes 1) (a) The above Audited Consolidated Financial Results for the quarter and year ended March 31, 2026 includes Statement of Asset and Liabilities as at March 31, 2026 (enclosed as "Annexure I") and Statement of Cash Flow for the year ended March 31, 2026 (enclosed as "Annexure II") (hereinafter referred to as "Consolidated Financial Results") attached herewith which have been preapred in accordance with the Indian Accounting Standard ("Ind AS") 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 consolidated 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 Parent's Statutory Auditors. (b) The consolidated financial results for the quarter and year ended March 31, 2026 include the figures of the Electrosteel Castings Limited ('the parent') together with its subsidiaries namely Electrosteel Trading S.A.U Spain, Electrosteel Castings Gulf FZE, Electrosteel Doha for Trading LLC, Electrosteel Brasil Ltd. Tubes e Conexoes Duties, Electrosteel Bahrain Holding Company W.L.L, Electrosteel Bahrain Trading WLL (subsidiary of Electrosteel Bahrain Holding Company W.L.L), Electrosteel Europe S.A, Electrosteel Castings (UK) Limited, Electrosteel USA, LLC, WaterFab LLC (wholly owned subsidiary of Electrosteel USA LLC), Electrosteel Algeria SPA, Singardo International Pte. Limited, Electrosteel Vietnam Company Limited (wholly owned subsidiary of Singardo International Pte. Limited), T.I.S. Service S.p.A ("TIS") and it's wholly owned subsidiaries (w.e.f. July 29, 2025) i.e. T.I.S. Polska S.P. Z.O.O, Poland, T.I.S. Turkey Water Technologies San.Ve Tic. A. Turkey, T.I.S. Engineering D.O.O., Croatia and T.I.S. Nuoval S.r.l. (w.e.f. November 04, 2025). 2) The group operates mainly in one business segment viz. Pipes and fittings and all other activities revolve around the main business. 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 Parent, 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 Parent 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 Parent. SAIL subsequently surrendered the coal block and handed over the said coal block back to the custody of BCCL. Following a petition filed by the Parent, 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 Parent 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 Parent, 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 Parent. 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 Parent 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. 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 Parent to initiate negotiations for utilization of movable property/ assets used in coal mining. Pursuant to this, the Parent has submitted that the matter is sub-judice and pending decision thereof, it is premature to initiate such negotiations at this stage. 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 Parent. Comments/ objections sought by the Nominated Authority from the Parent, 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 Parent 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 Parent and JSW, the compensation amount towards the cost of movable assets not declared as mine infrastructure. 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. 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. Moreover, the Parent’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. 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 mines, as appearing in the books of account, have been dealt with as follows: (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 Parent has been continued to be shown as freehold land, capital work in progress, other fixed assets and other respective heads of account; (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 (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. (iv) Rs. 9837.87 lakhs received against Bank Guarantee have been disclosed as “Receipt against claim for Coal Mines” under Financial Liabilities. 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. 4) (a) The Parent 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 parent’s investment was set aside by the Hon'ble High Court at Kolkata in the earlier year and the parent’s plea for release of such pledge is pending before the said Hon'ble High Court. (b) Further in the earlier years, certain land amounting to Rs. 29493.58 lakhs of the parent, 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 Parent 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 Parent 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. Earlier, the ARC had also filed an application before Hon’ble NCLT, Cuttack for initiation of Corporate Insolvency and Resolution Process (‘CIRP’) against the Parent which had been decided in the favour of the Parent 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 Parent is not a guarantor for financial facilities availed by ESL. Hence, no CIRP Proceedings can be initiated against the Parent. 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 Parent is contemplating legal option of filing a Review Application before Hon’ble Supreme Court of India. (c) Pending finalization of the matter, these assets have been carried forward at their respective book value. 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. The parent 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 parent’s manufacturing units at Khardah and Haldia and the same as required in terms of WBIS 2000 have been granted to the parent. Accordingly, the benefits under the said scheme has accrued and vested to the parent 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 parent 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 parent 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 parent 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. 6) During the quarter ended September 30, 2025, the parent 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 parent 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. 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 Ind AS 19, ‘Employee Benefits’, changes to employee benefit resulting from legislative amendments constitute a plan amendment, necessitating the immediate recognition of any variation in the costs upon such notification. Consequently, the potential impact on the employee benefit and expenses of the parent 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 consolidated financial results. The Parent continues to monitor the provision of the Labour codes and developement thereof, including related Central and State rules as and when notified, and implications as relevant to the Parent are given effect to in the respective period. 8) The Parent 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. Services 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 Group. For the purpose of consolidation as required in terms of the Ind AS 103 'Business Combination', the parent has carried out fair valuation of the assets and liabilities taken as per the consolidated financial statements of TIS as on July 29, 2025 ('the acquisition date') as reviewed by the statutory auditors of TIS. The said valuation has been carried out by an Independent Valuer ('final valuation report') appointed in this respect and the values of the assets and liabilities so arrived at have been taken into consideration for giving effect to the said acquisition as on the said date. Further, TIS has acquired a subsidiary T.I.S. Nuoval S.r.l. with effect from November 04, 2025 and thereby it has become the step down subsidiary of the Parent. As required in terms of Ind AS 110 ‘Consolidated Financial Statements’ for arriving at the assets and liabilities of TIS as on March 31, 2026 and results of the operations for the period subsequent to the acquisition date till the year ended on March 31, 2026, has been considered for the purpose of consolidated financial results of the Group. Accordingly, figures for the quarters and year ended March 31, 2026 are not comparable with the figures of the previous periods. 9) Subsequent to the Balance Sheet date, the Board of Directors of the parent 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 consolidated financial results. The estimated amount of final dividend to be paid thereof amounts to Rs. 5563.66 lakhs. 10) 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. 11) Previous periods' figures have been regrouped/rearranged wherever necessary.

2025-04-01

2026-03-31

Audited

Consolidated

59180244000

2145737000

61325981000

28747319000

1641164000

1375784000

5952427000

1437417000

1725594000

17873783000

58753488000

2572493000

-383826000

2188667000

448611000

125303000

573914000

1614753000

624886000

2239639000

1614359000

394000

2239245000

394000

618184000

58615040000

2.61

Other Expenses

4546915000

Other Expenses

17873783000

31240809000

11856875000

21603000

855540000

464725000

50061000

2876793000

3391579000

232503000

47598909000

23981900000

5313047000

10706042000

2944145000

382840000

2019103000

21365177000

1668419000

47015496000

94614405000

618184000

58615040000

59233224000

10401000

59243625000

2536978000

5951566000

8488544000

695956000

2474213000

242821000

11901534000

12589758000

160083000

5364316000

5524399000

2068670000

20182827000

2517782000

680959000

87678000

23469246000

35370780000

94614405000

Notes Other Intangible assets includes Right-of-use assets of Rs 6844.55 lacs.

Other financial assets

2876793000

Non Current Tax Assets (Net)

188028000

Other non-current assets

44475000

Other financial assets

2019103000

Other current assets

1668419000

Lease liabilities

354437000

Other financial liabilities

5597129000

Other non-current liabilities

35554000

Non-current Tax Liabilities (Net)

207267000

Lease liabilities

129415000

Other financial liabilities

1939255000

Other current liabilities

2517782000

1437417000

2064037000

5477516000

502480000

672359000

1725594000

-134988000

740139000

-1092400000

9911876000

12100543000

634223000

11466320000

1191910000

243381000

1300908000

35507822000

39713354000

991883000

4104123000

-1358963000

1675000000

8305036000

144513000

865458000

1361291000

-2377000

-9003675000

1103682000

1840463000

2944145000

Remeasurements of the defined benefit plans

28103000

Equity instruments through other comprehensive income

-22000

28081000

Remeasurements of the defined benefit plans

57718000

Equity instruments through other comprehensive income

-28669000

29049000

7074000

14534000

Foreign currency translation differences

199618000

Foreign currency translation differences

610371000

220625000

624886000

Audited

Qualified opinion

Lodha & Co LLP

true

2027-03-31

61325981000

58753488000

2239639000

2.61

94614405000

59243625000

Sub Para (a): Note no. 3 regarding cancellation of coal block allotted to the parent in earlier year and adjustments to be given effect to in respect of the claims made by the parent, 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 due to the reasons stated therein. Pending finalization of the matters dealt with in above impacts thereof are presently not ascertainable and as such cannot be commented upon by us

Qualified opinion

Repetitive

Not Applicable

In 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 Parent, 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 Parent 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 Parent. SAIL subsequently surrendered the coal block and handed over the said coal block back to the custody of BCCL. Following a petition filed by the Parent, 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 Parent 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 Parent, 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 Parent. 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 Parent 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. 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 Parent to initiate negotiations for utilization of movable property/ assets used in coal mining. Pursuant to this, the Parent has submitted that the matter is sub-judice and pending decision thereof, it is premature to initiate such negotiations at this stage. 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 Parent. Comments/ objections sought by the Nominated Authority from the Parent, 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 Parent 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 Parent and JSW, the compensation amount towards the cost of movable assets not declared as mine infrastructure. 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. 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. Moreover, the Parents 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. 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 mines, as appearing in the books of account, have been dealt with as follows: (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 Parent has been continued to be shown as freehold land, capital work in progress, other fixed assets and other respective heads of account; (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 (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. (iv) Rs. 9837.87 lakhs received against Bank Guarantee have been disclosed as Receipt against claim for Coal Mines under Financial Liabilities. 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.

As stated herein above the impact with respect to above and consequential adjustments cannot be ascertained and as such cannot be commented upon by us

Note no. 4(a) in respect of parents 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 who 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 parent and the matter is pending before DRAT and Honble Madras High Court as stated in the said note is currently sub-judice and pending final adjudication. Pending finalization of the matters dealt with in above impacts thereof are presently not ascertainable and as such cannot be commented upon by us

Qualified opinion

Repetitive

Not Applicable

Investment 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 parents investment was set aside by the Hon'ble High Court at Kolkata in the earlier year and the parents plea for release of such pledge is pending before the said Hon'ble High Court. In the earlier years, certain land amounting to Rs. 29493.58 lakhs of the parent, 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 Parent 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 Parent 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. Earlier, the ARC had also filed an application before Honble NCLT, Cuttack for initiation of Corporate Insolvency and Resolution Process (CIRP) against the Parent which had been decided in the favour of the Parent 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 Parent is not a guarantor for financial facilities availed by ESL. Hence, no CIRP Proceedings can be initiated against the Parent. 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 Parent is contemplating legal option of filing a Review Application before Honble Supreme Court of India.

As stated herein above the impact with respect to above and consequential adjustments cannot be ascertained and as such cannot be commented upon by us

SUNIL KATIAL

ASHUTOSH AGARWAL

JINENDRA KUMAR JAIN

R P SINGH

KOLKATA

2026-05-18