5266082026-01-012026-03-315266082026-03-315266082025-03-315266082025-04-012026-03-315266082026-01-012026-03-31in-capmkt:OtherExpenses1Member5266082025-04-012026-03-31in-capmkt:OtherExpenses1Member5266082026-03-31OtherNoncurrentFinancialAssetsDomain15266082026-03-31OtherNoncurrentAssetsDomain15266082026-03-31OtherCurrentFinancialAssetsDomain15266082026-03-31OtherCurrentAssetsDomain15266082026-03-31OtherNoncurrentFinancialLiabilitiesDomain15266082026-03-31OtherCurrentFinancialLiabilitiesDomain15266082026-03-31OtherCurrentLiabilitiesDomain15266082026-01-012026-03-31in-capmkt:ReportableSegments1Member5266082026-01-012026-03-31in-capmkt:ReportableSegments2Member5266082026-01-012026-03-31in-capmkt:ReportableSegments3Member5266082026-01-012026-03-31in-capmkt:ReportableSegments4Member5266082025-04-012026-03-31in-capmkt:ReportableSegments1Member5266082025-04-012026-03-31in-capmkt:ReportableSegments2Member5266082025-04-012026-03-31in-capmkt:ReportableSegments3Member5266082025-04-012026-03-31in-capmkt:ReportableSegments4Member5266082026-01-012026-03-31in-capmkt:ReportableSegments1Member5266082026-01-012026-03-31in-capmkt:ReportableSegments2Member5266082026-01-012026-03-31in-capmkt:ReportableSegments3Member5266082026-01-012026-03-31in-capmkt:ReportableSegments4Member5266082025-04-012026-03-31in-capmkt:ReportableSegments1Member5266082025-04-012026-03-31in-capmkt:ReportableSegments2Member5266082025-04-012026-03-31in-capmkt:ReportableSegments3Member5266082025-04-012026-03-31in-capmkt:ReportableSegments4Member5266082026-01-012026-03-31in-capmkt:ReportableSegments1Member5266082026-03-31in-capmkt:ReportableSegments1Member5266082026-01-012026-03-31in-capmkt:ReportableSegments2Member5266082026-03-31in-capmkt:ReportableSegments2Member5266082026-01-012026-03-31in-capmkt:ReportableSegments3Member5266082026-03-31in-capmkt:ReportableSegments3Member5266082026-01-012026-03-31in-capmkt:ReportableSegments4Member5266082026-03-31in-capmkt:ReportableSegments4Member5266082026-01-012026-03-31in-capmkt:ReportableSegments1Member5266082026-03-31in-capmkt:ReportableSegments1Member5266082026-01-012026-03-31in-capmkt:ReportableSegments2Member5266082026-03-31in-capmkt:ReportableSegments2Member5266082026-01-012026-03-31in-capmkt:ReportableSegments3Member5266082026-03-31in-capmkt:ReportableSegments3Member5266082026-01-012026-03-31in-capmkt:ReportableSegments4Member5266082026-03-31in-capmkt:ReportableSegments4Member5266082026-01-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15266082025-04-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15266082026-01-012026-03-31AuditorDomain15266082026-01-012026-03-31in-capmkt:AuditedMember5266082026-03-31in-capmkt:AuditedMember5266082026-01-012026-03-31in-capmkt:AdjustedMember5266082026-03-31in-capmkt:AdjustedMember5266082026-01-012026-03-31AuditQualification1iso4217:INRiso4217:INRxbrli:shares526608ELECTHERMNOTLISTEDINE822G01016ELECTROTHERM (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 qualification2026-01-012026-03-31AuditedConsolidated1139990000025200000114251000007993100000050100000056660000038500000110500000209420000011303900000121200000573000001785000000428000004280000001357000000006000001363000002630000016260000013630000002630000001274000001010.710.70010.710.71. The above Consolidated Financial Results of Electrotherm (India) Limited (holding Company) (the “holding Company” and along with its subsidiary and joint venture the “Group”) 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. (a) The holding 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 Holding 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 above 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 Invent ARC, it is hopeful that no further liability will arise under the original loan terms. The impact of debt reduction resulting from the settlement with Asset Reconstruction Companies (ARCs) will be accounted for upon final compliance with all terms and conditions of the respective settlement agreements. <BR> (c) Hans Ispat Limited, a wholly owned subsidiary of the holding Company, has been in default of its loan repayment obligations since December 2019. Invent Assets Securitisation & Reconstruction Private Limited (Invent ARC), the lender, revoked the earlier settlement agreement on September 16, 2021, due to non-compliance with the agreed terms. Subsequently, Invent ARC has initiated recovery proceedings for an outstanding amount of Rs 122.28 crores before the Hon’ble Debts Recovery Tribunal (DRT), Ahmedabad. The matter is currently pending for adjudication. <BR> (d) As of March 31, 2026, the Group has the following outstanding loan accounts: <BR> • Three loan accounts with banks name Bank of Baroda, State Bank of India and Indian Overseas bank (being Assigned to Rare Asset Reconstruction Limited ("Rare ARC") that have been classified as non-performing assets (NPAs) and for which no settlement agreements have been entered into; and <BR> • One loan account, as referred to in point 3(c) above, with an ARC which was classified as an NPA and for which the previously agreed settlement agreement has been withdrawn/revoked. <BR> In respect of the above loan accounts, provision for interest on term loans and working capital loans from banks and ARCs for the quarter and year ended March 31, 2026, amounting approximately to Rs 50.93 Crores and Rs 194.99 Crores respectively, has not been provided in the books of accounts. As a result, the net profit of the Group for the Quarter ended March 31, 2026 is overstated by Rs 50.93 Crores and net loss of the group for the Year ended March 31, 2026 is understated by Rs 194.99 Crores. Additionally, the loan liabilities from banks and ARCs and the total retained earnings/(losses) as on March 31, 2026, are understated by Rs 1407.64 Crores. The Statutory Auditor has expressed a qualification in their audit report with respect to the non-provision of interest on the said loan. <BR> (e) The holding 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 holding company have received No Dues Certificates from the said lender. As a result of these settlements, the group 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> <BR> 2025-04-012026-03-31AuditedConsolidated3692090000050300000369712000002680190000019000002965000002183100000241300000432800000720910000037166600000-195400000-36200000-2316000000-72500000-725000000-1591000000002500000-1566000005400000-151200000-15660000005400000012740000010-4001300000-12.29-12.2900-12.29-12.29Other Expenses2094200000Other Expenses7209100000621280000013845000000048600000000819000000049300000057490000039390000028830000089030000005709800000600000259080000034000000057390000001500000035203000001278000001865900000112238000000020126800000127400000-1666200000-15388000000-1538800000000016300000163000003849000000040120000010602600000990200000381580000048060000002716000001568020000053052000002790000002126440000021665600000201268000004. 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 group 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 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 group 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> 5. (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 against the holding company, 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 against the holding company, primarily relating to disallowance on account of some purchase transactions. <BR> For both the above order, the holding 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 consolidated financial results for the year ended March 31, 2026 in respect of the aforesaid demand. <BR> 6. Few accounts of “Trade Receivables,” “Trade Payables”, “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> Other non-current financial assets493000000Other non-current assets288300000Other current financial assets15000000Other current assets1865900000Other non-current financial liabilities16300000Other current financial liabilities271600000Other current liabilities5305200000Engineering & Technologies Division4108700000Special Steel Division7282500000Electric Vehicle Division110300000Others0Engineering & Technologies Division12089400000Special Steel Division24656500000Electric Vehicle Division396000000Others011501500000371419000001016000002210000001139990000036920900000Engineering & Technologies Division39000000Special Steel Division130300000Electric Vehicle Division-9900000Others200000Engineering & Technologies Division238100000Special Steel Division-104400000Electric Vehicle Division-88700000Others8000001596000004580000038500000241300000-5730000036200000178400000-231700000Engineering & Technologies Division7208500000Special Steel Division12115700000Electric Vehicle Division317300000Others914000001973290000039390000020126800000Engineering & Technologies Division6686200000Special Steel Division14547300000Electric Vehicle Division143200000Others288900000216656000000216656000007. There are pending enquiries / notices / summons / litigation / recovery / fraud proceedings against the Group and directors of the Group 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> 8. (a) In respect of Joint Venture Bhaskarpara Coal Company Limited, the Ministry of Coal, Government of India has taken action for de-allocation of Coal Block, affecting the going concern of the said company. <BR> (b) In respect of Shree Ram Electro Cast Limited, one of the subsidiary, the State Bank of India has taken action under SARFAESI Act, 2002 and subsequent action of the sale through auction of the hypothecated / mortgaged assets of the Company situated at Honnarhalli Village, Hatchali Post, Siruguppa Taluk, Bellari District. Karnataka in February 2019, affecting the going concern of the said company. <BR> (c) In respect of Hans Ispat Limited, one of the wholly owned subsidiary, Bank of Baroda has taken action under the Recovery of Debts due to Banks and Financial Institutions Act 1993 and subsequent action of the sale through auction of the hypothecated / mortgaged assets of the Company by the Ld. Recovery Officer of the Hon’ble Debts Recovery Tribunal, Ahmedabad, affecting the going concern of the said company. <BR> 9. Figure of previous period's have been regrouped, wherever considered necessary to make them comparable to current period figure.203300000218900000-490000000-59700000004000000225600000026299000000432800000-49700000747000000-145000000-282000000000001541000000037386000003507000000000-460000003511600000000000003500000984200000000000000000000000489000000-63100000-994900000000000000199200000019800000025710000000-2268900000247800000024780000092200000340000000Remeasurement Gain / (Loss) on Defined Benefit Plans2630000026300000Remeasurement Gain / (Loss) on Defined Benefit Plans540000054000000000263000005400000AuditedQualified opinionHitesh Prakash Shah & Companytrue2027-08-3136971200000369712000003716660000039116500000-156600000-2106500000-12.29-165.3520126800000201268000002166560000035742000000-1538800000-15615200000Non-proviion of interest on Non-Perfoming Assets (NPA) accounts of banks of Rs. 194.99 Crore for the year under consideration and the total amount of such unprovided interest till date is Rs. 1407.64 CroreQualified opinionRepetitiveThe loan accounts of the Company and its two subsidiaries i.e. Hans Ispat Limited and Shree Ram Electro Cast Limited has been classified as Non-Perfoming Assets (NPA) by the Bankers and some of the Bankers has not charged interest on the said accounts and therefore provision for interest has not been made in the books of account. The quntification has been done only for the loans which are not been settled. Not ApplicableNot ApplicableNot ApplicableSuraj BhandariAmit Kumar PatwarikaPratap MohanHitesh Prakash Shah & CompanyAhmedabad2026-05-21