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Development Engineers LimitedMain BoardEquity2025-04-012026-03-312026-05-212026-05-16INRLakhsQuarterlyFourth quarterMulti segment2026-05-2109:00:002026-05-2111:40:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated3615733000174990003633232000126721400015509200030681700048522100015904600013882100076498000032771910003560410002274100037878200067324000347080001020320000276750000000027675000014225000290975000280081000-33310001422500006926340001043.990043.992025-04-012026-03-31AuditedConsolidated11419992000166453000115864450004814231000155092000-1790400001855328000561713000534936000286225200010604512000981933000-19444000962489000194520000-37020001908180000771671000000077167100073004000844675000773567000-189600073004000069263400010821122000011.1611.140011.1611.14other expenses578742000Consumption of stores and spare parts186238000other expenses2010786000Consumption of stores and spare parts851466000626089700079864600008737400030461000454080000000071533000715330004800003386120007633411000576015200003833405000392682000450977000053448000473051200011131970001160386100000192372720006926340008211220000890385400051500089043690001334878000000138810000147368800041930001625780000164045900055345200004042800094326700098369500091158500074298000001176130000658040002071000086924440001033290300019237272000Other non-current financial assets71533000Other non-current assets179525000Right of use assets159087000Other current financial assets53448000Other current assets1113197000Other non-current financial liabilities7500000Lease Liabilities131310000Other current financial liabilities200395000Lease Liabilities53427000Trade Credits from Bank & Others657763000Other current liabilities1176130000Piping division3219317000Power Divison212588000Heavy Fabrication200330000Unallocated4930000Piping division10093970000Power Divison588385000Heavy Fabrication804886000Unallocated4126300036371650001152850400021432000108512000361573300011419992000Piping division500911000Power Divison10074000Heavy Fabrication59510000Unallocated-50026000Piping division1528326000Power Divison-92592000Heavy Fabrication188020000Unallocated-1348390005204690001488915000150687000526426000102032000190818000267750000771671000Piping division17725663000Power Divison927453000Heavy Fabrication429738000Unallocated15441800019237272000019237272000Piping division9599099000Power Divison317254000Heavy Fabrication147648000Unallocated2689020001033290300001033290300056171300097960000-13581410000-27957700000229010000-68747500004076750000534936000028147000064608000052803000035287000132640000000-78610000-584334000378155000000182670000019548500000000000517580001836788000000585940000000000006519300000003441800003779000-18706200000020930000000031141890003470990006908400005368990000-1542870002008913000333778000033377800058904000392682000Remeasurement of the net defined benefit liability/asset, net1662600016626000Remeasurement of the net defined benefit liability/asset, net270730002707300042430006872000Exchange differences on translation of foreign operations18420001842000Exchange differences on translation of foreign operations5280300052803000001422500073004000AuditedQualified opinionS.R. Batliboi & Co. LLPtrue2027-07-311158644500011586445000106239590001062395900077167100077167100011.1611.161923727200019237272000103329030001033290300089038540008903854000We have audited the accompanying statement of quarterly and year to date consolidated financial results of DEE Development Engineers Limited (Holding Company) and its subsidiaries (the Holding Company and its subsidiaries together referred to as the Group) for the quarter ended March 31, 2026 and for the year ended March 31, 2026 (Statement), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (Listing Regulations). <br></br> <br></br> In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements/ financial results/financial information of the subsidiaries, the Statement: <br></br> results/financial information of the subsidiaries, the Statement: <br></br> <br></br> i. includes the results of the following entities: <br></br> <br></br> S. No. Name of the Entity Relationship <br></br> 1 DEE Development Engineers Limited Holding Company <br></br> 2 DEE Fabricom India Private Limited Subsidiary Company <br></br> 3 DEE Piping Systems (Thailand) Co. Limited Subsidiary Company <br></br> 4 Malwa Power Private Limited Subsidiary Company <br></br> 5 Atul Krishan Bansal Foundation Subsidiary Company <br></br> 6 Molsieve Designs Limited (w.e.f. May 19, 2025) Subsidiary Company <br></br> <br></br> ii. except for the possible effects of the matter described in the 'Basis for Qualified Opinion' section of our report, are presented in accordance with the requirements of the Listing Regulations in this regard; and <br></br> <br></br> iii. except for possible effects of the matter described in the 'Basis for Qualified Opinion' section of our report, gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter ended March 31, 2026 and for the year ended March 31, 2026. <br></br> Qualified opinionRepetitiveNA <br></br> Not assessable at this point of timeNot assessable at this point of timeThe consolidated financial results include assets of Rs. 4,761.67 lakhs pertaining to Malwa Power Private Limited, a wholly owned subsidiary of the Holding Company. As stated in Note 6 to the consolidated financial results, consequent to the expiry of the Power Purchase Agreement (PPA) on April 27, 2025, management has not carried out an impairment assessment of the said subsidiary. <br></br> In the absence of sufficient appropriate audit evidence regarding the carrying value of these assets, we are unable to determine whether any impairment is required and the consequential impact, if any, on the consolidated financial results. <br></br> <br></br> Note no. 6 <br></br> <br></br> One of the Companys subsidiaries, Malwa Power Private Limited (MPPL), operates a 6 MW biomass power plant in Punjab and had a 20-year Power Purchase Agreement (PPA) with Punjab State Power Corporation Limited (PSPCL), which expired on April 27, 2025. The PPA provided for a possible extension of 10 years by mutual consent. Post expiry, PSPCL offered a tariff of Rs.3.50 per kWh as against the existing Rs.8.59 per kWh. MPPL filed a petition before PSERC seeking continuation at the existing tariff. <br></br> <br></br> PSERC, vide interim order dated April 24, 2025, allowed continuation at a provisional tariff of Rs.3.50 per kWh pending final determination. Subsequently, PSERC, vide order dated September 18, 2025, held that tariff determination is a statutory function and directed both parties to submit detailed proposals. PSPCL challenged this order before APTEL, which, vide interim order dated December 8, 2025, directed continuation of the interim tariff, subject to final outcome. <br></br> <br></br> PSERC, vide final order dated March 27, 2026, determined the tariff for the extended period at Rs.5.22 per kWh, with 5% annual escalation on the variable component, subject to the outcome of the appeal pending before APTEL. The tariff determination and ongoing proceedings have adversely impacted the operational viability of MPPL and created uncertainty over its future cash flows. The consolidated financial statements include assets of Rs. 4,761.67 Lacs relating to MPPL as at March 31, 2026. <br></br> <br></br> Pending final outcome of the appeal before APTEL and evaluation of strategic alternatives, management is unable to assess the consequential impact of the above uncertainties on the carrying value of above assets amounting to 4,761.67 Lacs. <br></br> Krishan Lal BansalBrham Ptakash YadavAshwani Kumar PrabhakarS.R. Batliboi & Co. LLPPalwal2026-05-21