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(INDIA) LIMITEDMain BoardEquity2025-04-012026-03-312026-05-212026-05-12INRCroresQuarterlyFourth quarterMulti segment2026-05-2111:00:002026-05-2116:00:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2026-01-09www.electrotherm.comfalsetrue2026-01-012026-03-31AuditedStandalone1139990000019700000114196000007993100000050120000056660000038500000110500000209060000011300500000119100000573000001764000000428000004280000001336000000000133600000263000001599000001274000001010.4910.490010.4910.490001. The above Standalone Financial Results of Electrotherm (India) Limited (the “Company”) were reviewed and recommended by the Audit Committee meeting held on May 20, 2026 and approved by the Board of Directors at their meeting held on May 21, 2026. <BR> 2. The figures of the last quarter are the balancing figure between audited figures in respect of the financial year ended March 31, 2026 and March 31, 2025 and the unaudited published year to date figures upto December 31, 2025 and December 31, 2024 respectively, being the date of the end of third quarter of the respective financial year, which were subjected to limited review. <BR> 3. As per Ind AS 108 "Operating Segments", if a financial report contains both consolidated financial statements and the standalone financial statements of the Parent Company, segment information may be presented based on the consolidated financial statements. Thus, disclosure required by Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on segment information is given in consolidated financial results. <BR> 4. (a) The Company defaulted in the payment of loan installments amounting to Rs 24.00 crore and the related interest of Rs 4.68 crore due to Invent Assets Securitization and Reconstruction Private Limited (“Invent ARC”) from the quarter ended September 30, 2025 onwards till March 31, 2026. <BR> (b) The Company has requested Edelweiss Asset Reconstruction Company Ltd. (“Edelweiss ARC”) to grant extended time for payment of the outstanding amount of the last instalment due in the month of March 2026 aggregating to Rs. 15.79 Crores due to temporary liquidity constraints. The request is presently under consideration for revised terms by Edelweiss ARC and accordingly, the said amount has not been considered as a default. <BR> With regard to both the loan, as per the terms of the said settlement, in the event of default, the settlement is deemed to be withdrawn, and all dues and liabilities under the original loan agreement are liable to be reinstated. However, based on the discussion with Asset Reconstruction Companies (ARCs), it is hopeful that no further liability will arise under the original loan terms. The impact of debt reduction resulting from the settlement with ARCs will be accounted for upon final compliance with all terms and conditions of the respective settlement agreements. <BR> (c) Indian Overseas Bank had classified the loan account of the Company as a Non-Performing Asset (NPA) in August 2011 for a defaulted amount of Rs 189.96 crore. This loan was subsequently assigned to Rare Asset Reconstruction Limited ("Rare ARC"). However, as of the date of this report, the Company has not entered into any settlement agreement with Rare ARC. The Hon’ble Debt Recovery Tribunal (DRT), Ahmedabad, has passed a judgment against the Company and the guarantors for the recovery of dues, along with future interest at the rate of 12.75% per annum with monthly rests. The Company has not provided for interest expenses on the said loan for the quarter and year ended March 31, 2026, amounting to Rs 39.20 crore and Rs 149.61 Crore respectively. As a result, the net profit for the quarter is overstated by Rs 39.20 Crore and net loss for the year ended March 31, 2026, is understated by Rs 149.61 Crore. Consequently, the total liability towards Rare ARC and the retained earnings/(loss) as on March 31, 2026, are understated by Rs 1066.12 crore. The Statutory Auditor has expressed a qualification in their audit report with respect to the non-provision of interest on the said loan. <BR> (d) The Company had made full payment of the settlement amount along with interest, in accordance with the agreed settlement terms, to Rare Asset Reconstruction Ltd. (assignee of Dena Bank merged with Bank of Baroda) and during the Quarter and year ended as on March 31, 2026 the company have received No Dues Certificates from the said lender. As a result of this settlement, the Company's liabilities have been reduced by Rs 23.45 crore. Of this amount: Rs 20.02 crore, pertaining to the principal loan amount, has been recognized in the Capital Reserve, and Rs 3.43 crore, pertaining to unpaid interest and Funded Interest Term Loan (FITL), has been recognized under Exceptional Items in the Statement of Profit and Loss. <BR> 5. The Government of India, vide notification dated November 21, 2025, has notified four Labour Codes, thereby consolidating 29 existing labour laws into a unified framework. The Labour Codes, inter alia, introduce changes including a uniform definition of wages and modifications to employee benefits such as leave and gratuity. <BR> Accordingly, during the quarter and nine months ended December 31, 2025, the Company had recognised an estimated incremental liability of Rs 9.35 Crore towards gratuity and compensated absences under Employee Benefit Expense, based on best estimates and available information relating to changes in the wage definition under the New Labour Codes. The said amount has been regrouped and disclosed as an Exceptional Item in the financial results for the quarter and nine months ended December 31, 2025. Subsequently, based on refinement of assumptions in accordance with the New Labour Codes and applicable rules and actuarial valuation, the liability has been revised to Rs 7.05 Crore for the year ended March 31, 2026, and the excess provision of Rs 2.30 Crore has been reversed and is shown as Exceptional Item in the financial results for the quarter ended March 31, 2026. <BR> The Company continues to monitor the finalisation of State Rules and clarifications issued by the Government on various aspects of the New Labour Codes. Any further financial impact arising from such developments will be evaluated and accounted for in the period in which such developments are notified, as considered necessary. <BR> 6. (a) The Income-tax Department has raised demands under Section 147 read with Section 144B of the Income-tax Act, 1961 for Assessment Year 2017-18 aggregating to Rs. 72.69 Crore, primarily relating to disallowance of professional fees, addition on account of unaccounted money and gain on waiver of loan liability. <BR> (b) The Income-tax Department has raised demands under Section 147 of the Income-tax Act, 1961 for Assessment Year 2019-20 aggregating to Rs. 3.95 Crore, primarily relating to disallowance on account of some purchase transactions. <BR> For both the above order the Company has filed a rectification application under Section 154 of the Income-tax Act, 1961 and has also preferred an appeal before the National Faceless Appeal Centre (NFAC). Based on the assessment of the facts of the case and legal advice obtained, the management believes that it has adequate grounds to succeed in the appeal and accordingly, no provision has been considered necessary in the standalone financial results for the year ended March 31, 2026 in respect of the aforesaid demand. <BR> 7. Few accounts of “Trade Receivables,” “Trade Payable”, “Advances from Customer’, "Advances Recoverable in Cash or Kind”, “Advances to suppliers and other parties”, including very old balances, are subject to confirmation/reconciliation. The balance with revenue authorities are subject to final assessment order and/or submission of returns. <BR> 8. There are pending enquiries / notices / summons / litigation / recovery / fraud proceedings against the company and directors of the company before Debts Recovery Tribunal, Central Bureau of Investigation, Directorate of Enforcement, Regional Director of Ministry of Corporate Affairs, Direct Tax, Indirect Tax Department (Ahmedabad and Mumbai) and various courts. <BR> 9. Figure of previous period’s have been regrouped, wherever considered necessary to make them comparable to current period figure. <BR> 2025-04-012026-03-31AuditedStandalone3692090000044500000369654000002680190000019000002970000002183100000241300000432800000720550000037163500000-198100000-36200000-2343000000-72500000-725000000-1618000000000-1618000005400000-15640000012740000010-3130600000-12.7-12.700-12.7-12.7000Other Expenses2090600000Other Expenses7205500000621000000013845000000048600000000999000000041500000051490000039390000028270000088346000005706300000600000247630000033570000057390000001210000033986000001137000001861600000110802000000019914800000127400000-1218000000-1090600000-109060000000001630000016300000384900000004012000009970600000990100000380930000047994000002716000001504160000052836000002790000000020604200000002100540000019914800000Other non-current financial assets415000000Other non-current assets282700000Other current financial assets12100000Other current assets1861600000Other non-current lease liabilities16300000Other current financial liabilities271600000Other current liabilities5283600000Not Applicable0Not Applicable0000000Not Applicable0Not Applicable000000000Not Applicable0000Not Applicable0000203300000219400000-468000000-62000000040000000231000000026270000000432800000-49700000074700000-145000000-282000000000001516000000037390000003504700000000-460000003509300000000000003500000984200000000000000000000000489000000-60800000-992600000000000000199200000019800000025710000000-2268900000247800000024780000087900000335700000Remeasurement Gain/(Loss) on Defined Benefit Plans2630000026300000Remeasurement Gain/(Loss) on Defined Benefit Plans540000054000000000263000005400000Electrotherm (India) Limited******Jinhua Indus Enterprises Ltd.******Wholly Owned SubsidiaryAdvance0095000009500000Electrotherm (India) Limited******Shree Ram Electro Cast Limited******Subsidiary CompanyAdvance001790000017900000Electrotherm (India) Limited******Hans Ispat 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Limited******Etain Renewables Limited******Enterprises owned or significantly influenced by Key Managerial Personnel or other relarivesAdvance00400000400000Electrotherm (India) Limited******EIL Software Services Private Limited******Enterprises owned or significantly influenced by Key Managerial Personnel or other relarivesAny other transactionShort Term Borrowings001750000017500000Electrotherm (India) Limited******Bhandari Charitable Trust******Enterprises owned or significantly influenced by Key Managerial Personnel or other relarivesAny other transactionTrade Receivables002200000022000000Electrotherm (India) Limited******Prandev Tech Limited (Formerly known as Electrotherm Tech Limited)******Enterprises owned or significantly influenced by Key Managerial Personnel or other relarivesAny other transactionTrade Receivables003460000034600000Electrotherm (India) Limited******Prandev Tech Limited (Formerly known as Electrotherm Tech Limited)******Enterprises owned or significantly 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Lease Liabilities0180000001700000Electrotherm (India) Limited******Shailesh Bhandari******Executive Vice ChairmanAny other transactionInterest Expenses on Lease Liabilities010000000Electrotherm (India) Limited******Mukesh Bhandari******Promoter & Brother of Executive Vice ChairmanAny other transactionInterest Expenses on Lease/Lease Liabilities0026000002600000Electrotherm (India) Limited******Shailesh Bhandari******Executive Vice ChairmanAny other transactionRent Expenses0300000100000-100000Electrotherm (India) Limited******Mukesh Bhandari******Promoter & Brother of Executive Vice ChairmanAny other transactionShort Term Borrowings0024000002400000Electrotherm (India) Limited******Amit Kumar Patwarika******Chief Financial OfficerRemuneration02700000200000200000Electrotherm (India) Limited******Amit Kumar Patwarika******Chief Financial OfficerAny other transactionAdvance Given030000000600000Electrotherm (India) Limited******Amit Kumar Patwarika******Chief Financial OfficerAny other transactionAdvance Repaid0240000000Electrotherm (India) Limited******Harish Mukati******Chief Executive Officer - Steel DivisionRemuneration04700000400000400000Electrotherm (India) Limited******Fageshkumar R. Soni******Company SecretaryRemuneration01300000200000200000Electrotherm (India) Limited******Dinesh Shankar Mukati******Independent DirectorAny other transactionSitting Fees070000000Electrotherm (India) Limited******Pratap Mohan******Independent DirectorAny other transactionSitting Fees070000000Electrotherm (India) Limited******Nivedita Ravindra Sarda******Independent DirectorAny other transactionSitting Fees060000000Electrotherm (India) Limited******Jyoti Bhandari******Wife of Brother of Executive Vice ChairmanAny other transactionShort Term Borrowings0015000001500000Electrotherm (India) Limited******Jyoti Bhandari******Wife of Brother of Executive Vice ChairmanAny other transactionLease Liabilities00500000500000Electrotherm (India) Limited******Rakesh Bhandari******Brother of Executive Vice ChairmanAny other transactionShort Term Borrowings00200000200000Electrotherm (India) Limited******Bhaskarpara Coal Company Limited******Joint Venture CompanyAny other transactionImpairment /Provision (Investment)002130000021300000Electrotherm (India) Limited******Alwar Trading & Investment Co.******Enterprises owned or significantly influenced by Key Managerial Personnel or other relarivesAny other transactionRent Expenses090000063000002800000Electrotherm (India) Limited******Sun Residency Private Limited******Enterprises owned or significantly influenced by Key Managerial Personnel or other relarivesAny other transactionRent Expenses03000002400000100000Electrotherm (India) Limited******ARVINDBHAI STEEL PRIVATE LIMITED******Enterprises owned or significantly influenced by Key Managerial Personnel or other relarivesPurchase of goods or services01603500000183000000220900000Electrotherm (India) Limited******ARVINDBHAI STEEL PRIVATE LIMITED******Enterprises owned or significantly influenced by Key Managerial Personnel or other relarivesSale of goods or services0191200000-500000-14600000Electrotherm (India) Limited******House of Amit Zaveri (OPC) Private Ltd.******Enterprises owned or significantly influenced by Key Managerial Personnel or other relarivesAny other transactionSales Return/Debit Note0-1000000300000200000Electrotherm (India) Limited******PRAGNYA MOHAN FOUNDATION******Enterprises owned or significantly influenced by Key Managerial Personnel or other relarivesAny other transactionDonation010000000Electrotherm (India) Limited******Harish Mukati******Chief Executive Officer - Steel DivisionAdvance00200000020000002002400000AuditedQualified opinionHitesh Prakash Shah & Companytrue2027-08-3136965400000369654000003716350000038659600000-161800000-1657900000-12.7-130.1319914800000199148000002100540000031666600000-1090600000-11751800000Non-provision of interest on Non-Perfoming Assets (NPA) account of Rare Asset Reconstruction Limited (being debt assingee of Indian Overseas Bank) of Rs. 149.61 Crore for the year under consideration and the total amount of such unprovided interest till date is Rs. 1066.12 CroreQualified opinionRepetitiveThe loan account of the Company has been classified as Non-Perfoming Assets (NPA) by Rare Asset Reconstruction Limited ( being debt assignee of Indian Overseas Bank) and said bank / ARC has not charged interest on the said account and therefore provision for interest has not been made in the books of account. The quantification has been done only for the loan which has not been settled. Not ApplicableNot ApplicableNot ApplicableSuraj BhandariAmit Kumar PatwarikaPratap MohanHitesh Prakash Shah & CompanyAhmedabad2026-05-2198572000001) The amount is as at 31st March, 2026 as per books of the Company on provisional basis and is subject to confirmation from lenders. <br></br> 2) The Company has defaulted in repayment of loans to Assets Reconstruction Companies (ARCs) as certain banks have assigned their loans / debts to ARCs. The Company has entered into settlement with ARCs for payment of outstanding loans / debts on certain terms and conditions. The total amount outstanding shown at Sr. No.1A is the outstanding amount as per the Books of Accounts of the Company on provisional basis (excluding uncharged interest) after deduction of settlement amount already paid upto the date of default i.e. 31st March, 2026 and are subject to confirmation from ARCs. 212640000000100021000001) The amount of outstanding borrowings from financial institutions / ARCs shown at Sr. No.3 does not include the interest of unsettled lender Rare Asset Reconstruction Limited (being assignee of Indian Overseas Bank) not provided in the books of accounts, after the loan account has been classified as Non-Performing Assets (NPA) by such lender. <br></br> <br></br>