5318452026-01-012026-03-315318452026-03-315318452025-03-315318452025-04-012026-03-315318452026-01-012026-03-31in-capmkt:OtherExpenses1Member5318452025-04-012026-03-31in-capmkt:OtherExpenses1Member5318452026-03-31OtherNoncurrentFinancialAssetsDomain15318452026-03-31OtherNoncurrentAssetsDomain15318452026-03-31OtherCurrentAssetsDomain15318452026-03-31OtherCurrentFinancialLiabilitiesDomain15318452026-03-31OtherCurrentLiabilitiesDomain15318452026-01-012026-03-31AuditorDomain15318452026-01-012026-03-31in-capmkt:AuditedMember5318452026-03-31in-capmkt:AuditedMember5318452026-01-012026-03-31in-capmkt:AdjustedMember5318452026-03-31in-capmkt:AdjustedMember5318452026-01-012026-03-31AuditQualification15318452026-01-012026-03-31AuditQualification25318452026-01-012026-03-31AuditQualification35318452026-01-012026-03-31AuditQualification45318452026-01-012026-03-31AuditQualification5iso4217:INRiso4217:INRxbrli:shares531845ZENITHSTLNAINE318D01020Zenith Steel Pipes & Industries LimitedMain BoardEquity2025-04-012026-03-312026-05-262026-05-19INRLakhsQuarterlyFourth quarterSingle segmentSingle segment2026-05-2617:00:002026-05-2621:30:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated11291800037801000150719000319600000917200015031000598000048020008267700014962200010970001310700014204000000014204000-2860000-286000013918000-7080001321000000001422804000100.10.1000.10.12025-04-012026-03-31AuditedConsolidated5337610002379280007716890002672550001198400019904000510750002480200019219000346028000740267000314220001310700044529000000044529000-6990000-699000043830000-1074000427560000000142280400010-39121230000.310.31000.310.31Other Expenses82677000Other Expenses346028000398989000128970000012670000002000000203730002039300002695830007031290005945100005711950001077700044780001389340007253840009455000419860008362760000015394050001422804000-3912123000-2489319000-248931900037374300000037374300044806000504860000469035000182824200007845210007845210004844620003097225000363276000834100090847000035596890000040287240001539405000Other non-current financial assets20373000Other non-current assets269583000Other current assets41986000Other current financial liabilities484462000Other current liabilities36327600091300018485000-5549000076170000000-1164060000-3212100001921900005695000-961400023960000-1800000090900000000338140000-55076000-10547000000-845000-699000-1040100000000000023350000000000000000000009090000-10432000-11858000000000005089000000913000004176000-180830000-1808300028859000107760007080001074000-708000-1074000AuditedQualified opinionD E V A M & Associates LLPtrue2027-10-3177168900077168900074026700074026700043830000438300000.310.311539405000153940500040287200004028720000-2489319000-2489319000With reference to Note No.20 of the Statement, The Holding Company has not complied with the provisions of Section 74 and other applicable provisions of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 with respect to the, (a) Non-repayment of public deposits and the interest thereon on the respective due dates, (b) Non-maintenance of prescribed liquid assets to the extent required under the said Rules, and (c) Non-compliance with the orders passed by the Company Law Board (CLB) in connection with the above matters. Based on our review, these constitute a material non-compliance with the provisions of the Act and may result in regulatory implications for the Holding Company.Qualified opinionRepetitiveNANo impact on financialsFor qualification on non-compliance of section 74(2) of the Companies Act, 2013: <br></br> The company has taken action on priority to clear the dues of deposit holders who are incapacitated and to comply with the orders of existing authorities. For the rest, the company has already started the process of settling their dues through sale proceeds of the assets sold by MPID court of the other Company who has given NOC for using the amount towards repayment of the Fixed Deposits of the Zenith Birla (India) Limited and during the year the Company has paid Rs.4.25 lakhs to deposit holder with interest and balance will try to complete it in subsequent financial years. <br></br> No further commentWith reference to Note No.15 of the consolidated financial results, balances relating to Trade Payables, Trade Receivables, Loans, Advances, Deposits, intergroup balances, Current Liabilities, Borrowings from others, etc., are subject to reconciliation and confirmation. The management has not sent direct balance confirmations to the respective parties, citing pending reconciliations. In the absence of such confirmations and reconciliations, we are unable to obtain sufficient appropriate audit evidence to verify the accuracy, completeness, and recoverability/payability of these balances as at the reporting date. Consequently, we are unable to determine whether any adjustments are required in respect of the stated balances in the accompanying financial results.Qualified opinionRepetitiveNANo impact on financialsFor qualification on balances of Trade Payables, Trade Receivables, Loans & Advances, Deposits, Borrowings to Others etc: <br></br> Reconciliation of balances of Trade Payables, Trade Receivables, Loans & Advances, Deposits, Borrowings to Others and other parties are an ongoing basis and the figures would be ascertained only when the reconciliations are finalised. Hence at this stage, impact of the same is not ascertainable. Company ensures to pay all MSMEs within the stipulated credit period | except in case of parties where there are certain claims/legal issues. Company is of the view that interest on such outstanding being disputed is not payable and hence not determined on such outstanding. <br></br> No further commentWith reference to Note No.7 to the consolidated financial results, the Group has made a provision of Rs. 41.07 Lakhs in respect of certain current bank accounts which have been non-operating and frozen by regulator/ authorities. In the absence of relevant bank statements and balance confirmations for these accounts, we were unable to obtain sufficient appropriate audit evidence to verify the completeness and accuracy of the balances reported in respect of these accounts. Accordingly, we are unable to determine whether any adjustments may be required to the carrying amount of these balances and the related impact, if any, on the Statement for the quarter and half-year ended 31/03/2026.Qualified opinionRepetitiveNANo impact on financialsFor qualification on accounting on going concern basis: <br></br> On account of strategic understanding with suppliers/ customers, which is continuing, the Company is on revival mode and is operating some of its units. In view of the same going concern concept holds good. <br></br> No further commentWe draw attention to Note No.16 to the Statement, which states that the Group has incurred significant accumulated losses exceeding its share capital and reserves, and its net worth has been fully eroded as at 31/03/2026. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. However, the Statement have been prepared on a going concern basis based on the reasons stated by the management in the said note. Based on our review, the material uncertainty exists, and accordingly, the use of the going concern basis of accounting in the preparation of the Statement is not adequately supported. Qualified opinionRepetitiveNANo impact on financials: For qualification on current Bank accounts: <br></br> The Company has made full provision to the extent it is on knowledge of the same and do not except any further provision to be made and will ensure to make provision if it comes to its knowledge. <br></br> No further commentWe draw attention to Note No.14 to the Statement, which states that the Group has valued its inventories at Rs.594.51 lakhs as at 31/03/2026 using the weighted average cost method. However, we were not provided with adequate information and necessary supporting documentation to verify the basis of valuation, including evidence supporting the quantities, condition, and cost allocation of inventories. Accordingly, we are unable to determine whether any adjustments are necessary in respect of the carrying amount of inventories stated in the Statement. The consequent impact, if any, on the profit/loss and financial position for the quarter and half-year ended 31/03/2026 is also not ascertainable.Qualified opinionRepetitiveNANo impact on financialsFor qualification on valuation of Inventory: <br></br> Currently the Company is calculating the inventory value based on variable cost incurred for the quarter and work in progress is based on work completed. Accordingly, valuation of inventories has been arrived and according to the management they represent a fair value <br></br> No further commentNAB. GirvaneshSadhna Avinash PatilAmit SuranaMinal PoteMumbai2026-05-26