5327082026-01-012026-03-315327082026-03-315327082025-03-315327082025-04-012026-03-315327082026-01-012026-03-31in-capmkt:OtherExpenses1Member5327082025-04-012026-03-31in-capmkt:OtherExpenses1Member5327082026-03-31OtherNoncurrentFinancialAssetsDomain15327082026-03-31OtherCurrentFinancialAssetsDomain15327082026-03-31OtherCurrentAssetsDomain15327082026-03-31OtherNoncurrentFinancialLiabilitiesDomain15327082026-03-31OtherCurrentFinancialLiabilitiesDomain15327082026-03-31OtherCurrentLiabilitiesDomain15327082026-01-012026-03-31in-capmkt:ReportableSegments1Member5327082026-01-012026-03-31in-capmkt:ReportableSegments2Member5327082025-04-012026-03-31in-capmkt:ReportableSegments1Member5327082025-04-012026-03-31in-capmkt:ReportableSegments2Member5327082026-01-012026-03-31in-capmkt:ReportableSegments1Member5327082026-01-012026-03-31in-capmkt:ReportableSegments2Member5327082025-04-012026-03-31in-capmkt:ReportableSegments1Member5327082025-04-012026-03-31in-capmkt:ReportableSegments2Member5327082026-01-012026-03-31in-capmkt:ReportableSegments1Member5327082026-03-31in-capmkt:ReportableSegments1Member5327082026-01-012026-03-31in-capmkt:ReportableSegments2Member5327082026-03-31in-capmkt:ReportableSegments2Member5327082026-01-012026-03-31in-capmkt:ReportableSegments1Member5327082026-03-31in-capmkt:ReportableSegments1Member5327082026-01-012026-03-31in-capmkt:ReportableSegments2Member5327082026-03-31in-capmkt:ReportableSegments2Member5327082026-01-012026-03-31AuditorDomain15327082026-01-012026-03-31in-capmkt:AuditedMember5327082026-03-31in-capmkt:AuditedMember5327082026-01-012026-03-31in-capmkt:AdjustedMember5327082026-03-31in-capmkt:AdjustedMember5327082026-01-012026-03-31AuditQualification15327082026-01-012026-03-31AuditQualification25327082026-01-012026-03-31AuditQualification35327082026-01-012026-03-31AuditQualification45327082026-01-012026-03-31AuditQualification55327082026-01-012026-03-31AuditQualification6iso4217:INRiso4217:INRxbrli:shares532708GVKPILNOTLISTEDINE251H01024GVK POWER & INFRASTRUCTURE LIMITEDMain BoardEquity2025-04-012026-03-312026-05-292026-05-13INRLakhsQuarterlyFourth quarterMulti segment2026-05-2914:00:002026-05-2916:30:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31UnauditedConsolidated01430000014300000000140000001000003910000040600000-263000000-263000003800000038000000-301000000000-301000000-30100000-30000000-10000015792000001-0.02-0.0200-0.02-0.022025-04-012026-03-31AuditedConsolidated805300000665000008718000000002240000031150000022190000037134000004269200000-3397400000-10425600000-138230000003900000039000000-138269000000000-138269000000-13826900000-8395100000-5431800000157920000010-5.32-5.3200-5.32-5.32Other expenses39100000Other expenses37134000001200000116550000000713600000001400000140000036000000191770000003186000001000004571000000029170000003692800000350000083500000377980000056975000001579200000-16148000000-1456880000012389900000-21789000002904500000269500000317400000003174000000410090000020000086000008800000165500000427520000042360000003600000470240000078764000005697500000Other non-current financial assets1400000Other current financial assets2917000000Other current assets83500000Others269500000Other current financial liabilities165500000Other current liabilities423600000Power0others0Power826000000others008260000000207000000805300000Power0others0Power499800000others-36524000000-315260000003115000000103589000000-13823000000Power0others0000Power0others0000-261000000-31470000000919000000000-351100000002219000000-30000000000231000000000104256000003554800000013578900000-2441000000-307000000038000000591000000000125200000000-3470000000000000000000102000000000091300000031186000003198400000000000000448840000000699600000010000000-5178000000-19205000000-19205000002377600000457100000AuditedQualified opinionT R CHADHA & COtrue2028-09-3087180000087180000042692000004269200000-13823000000-13823000000-5.32-5.325697500000569750000078764000007876400000-2178900000-21789000001. We draw attention to note 6 to the consolidated financial results which states that as at March 31, 2026, GVKPIL Group had accumulated losses. The liabilities of the GVKPIL Group, considering the amounts not provided for are much higher than the assets of the group. One of the subsidiary Company where the project has been terminated are following liquidation basis of accounting. The GVKPIL group has delayed/defaulted in repayments of loans and interest thereon and various loan accounts have been classified as non-performing assets by banks/ lenders including recall of loans /filing of cases under the Insolvency and Bankruptcy Code in certain cases. The Resolution Professional (RP) have also been appointed in certain subsidiaries, step down subsidiaries and Joint controlled entity by NCLT. There are various litigations going on in the GVKPIL Group. The GVKPIL Group has also provided guarantees and commitments and/or has undertaken to provide financial assistance on behalf of various entities and as further detailed in notes 8 and 9 (referring to notes on GVK Coal Developers (Singapore) Pte Limited and GVK Energy Limited), uncertainties are being faced by various projects such as delays / non-development of coal mines in an overseas project where the parent Company has provided guarantees and commitments for the borrowings, losses incurred by gas based power plant in the absence of gas and litigations on rights to claim capacity charge, arbitration on delay of commencement of road projects, termination of various projects etc. Various guarantees given by GVKPIL and GVK Energy Limited (GVKEL) on behalf of their subsidiaries, associates and joint controlled entity have been invoked by the lenders. Further, the GVKPIL has been admitted into Corporate Insolvency Resolution Process (CIRP) process vide NCLT order dated July 12, 2024 and order uploaded on the portal on July 15, 2024 (Insolvency Commencement Date). These factors indicate significant doubt on going concern ability of the GVKPIL group. <br></br> Notwithstanding the above, the financial results of the GVKPIL Group have been prepared by the management on going concern basis as management believes that the outcome of the CIRP shall keep the company as going concern Considering the various uncertainties involved as fully described in the Basis of Disclaimer section of our report, the probable impact could be material and pervasive on these consolidated financial results and that may cause significant doubt on companys ability to continue as a going concern. Accordingly, we are unable to comment that the management assumption of preparing these financial results on going concern is appropriate. <br></br> Disclaimer of opinionRepetitiveNot applicableNot applicableManagement believes that the GVKPIL Group would be able to ultimately meet its commitments, reduce debt by stake sale and the entities on whose behalf guarantees/ commitments have been extended would be able to meet their obligations. Further, the Management is confident that aforesaid entities would be able to win litigations, recover claims and will be able to reach an optimal solution with non-controlling shareholders and lenders etc. as required despite current challenges.Not applicable2. We draw attention to Note No 8 to the Consolidated Financial Results regarding GVK Coal Developers (Singapore) Pte. Limited, (GVK Coal Developers) (an associate) in which the GVKPIL Group has investments and has receivables aggregating to Rs.79,048 Lakhs and to whom the holding company along with others jointly and severally had given irrevocable and unconditional guarantee and commitments (CG) for loans up to aggregating to USD 1132.45 Million (Rs. 10,71,913 lakhs as on March 31,2026) of principal amount (GVKPIL itself guaranteed towards the repayment of limits which shall be lower of either 53.9% (including in respect of the Hedging Agreements if any) of all principal amounts outstanding under the finance documents or USD 692.61 Million) taken by the aforesaid associate Company part of which is collateralized by pledge of 155,587,500 (March 31, 2025: 155,587,500), 130,287,382 (March 31, 2026: 130,287,382) and 48,000,000 (March 31, 2025: 48,000,000) shares of GVK Energy Limited, GVK Transportation Private Limited and GVK Airport Developers Limited respectively for securing loan obtained by GVK Coal Developers (Singapore) Pte. Limited and has also undertaken to provide financial assistance of USD 3.11million (Rs.2,944 Lakhs as on March 31,2026) with respect to which there are multiple significant uncertainties including outlook on the sector, non-achieving of financial closure and clearances for the project, concluding an appropriate solution with various stakeholders including lenders, and necessary environmental and regulatory clearances etc. The GVK Coal Developers current liabilities exceeded current assets by USD 3193 million (Rs.30,22,600 Lakhs) as of March, 2026 and accumulated losses as of March, 2026 is USD 1982.10 million (Rs. 18,76,143 Lakhs) based on audited special purpose consolidated financial statements of GVK Coal Developers (Singapore) Pte. Limited. The GVK Coal Developers lenders filed a claim in the High Court of Justice Business and Property Courts of England and Wales Commercial Courts (England Court) on November 09, 2020 and have sought to recover the amounts advanced to GVK Coal Developers. The England court vide its order dated October 19, 2023 has crystalized the amount payable by the defendants (GVKPIL and other guarantors / stakeholders in GVK Coal Developers) at USD 2.19 billion including the amount towards interest. <br></br> As per legal opinion obtained by the Holding company, the order dated 19th October 2023 <br></br> passed by the England court is not speaking order. It has also been opined that the Order <br></br> dated 19.10.2023 cannot be enforced in India and is contrary to the substantive law of India <br></br> and is also in violation of the principles of natural justice. <br></br> As per the GVKPIL management, several attempts were made by the company to have a <br></br> solution with the lenders including an agreement dated March 23, 2017, wherein a non-binding <br></br> framework solution was agreed upon for a settlement. Subsequently also there were several <br></br> efforts to engage with the lenders to arrive at a settlement. <br></br> <br></br> The GVK Coal Developers having failed to repay debt obligation, ICICI bank has invoked CG of GVKPIL on Nov 02, 2020 and demanding to pay the GVK Coal Developers dues. <br></br> <br></br> Further, one of the lenders has filed an application under section 7 of the Insolvency and <br></br> Bankruptcy Code 2016 to initiate Corporate Insolvency Resolution Process (CIRP) against the <br></br> holding company (being guarantor for loan taken by GVK Coal Developers) before National <br></br> Company Law Tribunal (NCLT), Hyderabad on July 14, 2022 and NCLT has admitted the <br></br> Company into CIRP vide Order dated July 12, 2024. Interim Resolution professional (IRP) <br></br> appointed by the Honble NCLT and IRP has taken possession of all assets of GVKPIL.As <br></br> approved by NCLT vide its order dated September 05, 2024, IRP has been confirmed as <br></br> Resolution Professional (RP) of the Company. <br></br> <br></br> RP has received claims to the extent of Rs. 21,79,248 Lakhs from the Financial Creditors (Including claim of Rs. 18,83,145 Lakhs from Financial Creditors of GVK Coal Developers) and RP has admitted the claims to the extent of Rs.15,94,489 Lakhs (Including claim of Rs. 14,89,486 Lakhs from Financial Creditors of GVK Coal Developers) for CIRP purpose as per IBC rules and balance Rs.5,84,760 Lakhs (Including claim of Rs. 3,93,670 Lakhs from Financial Creditors of GVK Coal Developers) claims are not admitted. The Resolution professional has invited Resolution Plans and resolution plans were received from two Prospective Resolution Applicants (PRA). However, Committee of Creditors (CoC) has rejected the two resolution plans as non-compliant. Thereafter, the CoC resolved to re-initiate the CIRP process of the Corporate Debtor based on asset-wise sale approach under Regulations of the CIRP. which will be considered by CoC and actual liability ultimately payable by the Company shall be determined in accordance with the approved resolution plan and applicable orders under the IBC. Therefore, no accounting impact is given in the books of account and no provision has been made against admitted claims in the consolidated financial results. <br></br> <br></br> While the GVKPIL Group has made a provision for impairment in respect of the aforesaid investment and receivables aggregating to Rs.79,048 Lakhs, no provision has been made towards the Corporate Guarantee issued by GVKPIL in respect of which the above-mentioned claims are made by the financial creditors to the extent of Rs. 14,89,486 Lakhs admitted by the RP. Considering the various uncertainties and complexities involved as mentioned above, we are unable to comment on the viability of the GVK Coal project and the additional provision that may be required concerning the aforementioned guarantees and commitments made by the GVKPIL and the resultant impact of the same on these consolidated financial results.. <br></br> Disclaimer of opinionRepetitiveNot applicableNot applicableThe company has already made provision of the entire investment and receivables. It has also engaged with lenders and made several attempts to have an amicable solution. In this regard attention is being drawn to the agreement entered on 23rd March 2017, wherein a non-binding framework solution was arrived at between the lenders and the company. Subsequently the company has also corresponded and followed up with the lenders to arrive at the amicable settlement. The last communication with the lender was on 12th Jan,2021 wherein a revised offer was made. Any further provision cannot be estimated due to significant uncertainties including fluctuating coal prices, concluding an appropriate solution with various stakeholders by GVK Coal and of settlement with lenders which is typical to such negotiations.Not applicable3. As discussed in detailed in Note 9(b) to the consolidated financial results regarding annulment of settlement by Edelweiss and ARCIL with respect to their loans / NCDs to GVKEL and Alaknanda Hydro Power Company Limited (AHPCL), Disclaimer of opinionRepetitiveNot applicableNot applicableManagement confident that the settlement with the lender will be successfully completed. Hence, there is no impact.Not applicableWe draw attention to the following matters disclosed in Note 9(a) to the consolidated financial results regarding GVK Energy Limited (GVKEL), a wholly owned subsidiary of the holding company. The GVKEL has provided Corporate Guarantee to the lenders of GVKPGSL (GVK Power Goindwal sahib ltd -erstwhile subsidiary of GVKEL) with respect to the amount lent by them. Lenders through its security trustee (IDBI Trusteeship services limited) have invoked the corporate Guarantee. Further, during the financial year 2023-24, one of the lenders (IDBI) has filed the case against the GVKEL demanding the amount of Rs.1,494 Crores in the Honble NCLT, Hyderabad and the company has been admitted into Corporate Insolvency Resolution Process (CIRP) process vide NCLT order dated May 06, 2025 and order uploaded on the portal on May 07, 2025 Vide the said Order, a moratorium has been declared under Section 14 of the IBC and IRP has been appointed to carry out functions envisaged under the Code including taking charge of management of GVKEL. <br></br> <br></br> <br></br> Disclaimer of opinionRepetitiveNot applicableNot applicableThe Holding Company lost control over GVKEL and its subsidiaries with effect from 06 May 2025 upon commencement of CIRP of GVKEL. Thereafter, the management and control of GVKEL vested with the IRP/RP under the Insolvency and Bankruptcy Code, 2016. The financial information of GVKEL and its subsidiaries for the period 01 April 2025 to 06 May 2025 has been considered based on management-certified information available with the Holding Company. Since audited/reviewed financial statements/results of GVKEL and its subsidiaries for the said period are not available, the management is unable to determine the impact, if any, of adjustments that may arise on completion of audit/review of such financial information.Not applicable5. Note 13 to the consolidated financial results regarding investigation by various Government agencies on various alleged irregularities relating to conflict of interest, misuse of funds, money laundering and other matters, pending completion of which and non-provision of certain related information sought from the holding company by us including complete copy of the Enforcement Directorate complaint. CBI has filed a charge sheet before the Chief Metropolitan Court, Mumbai on February 09, 2023, laying as allegation under section 120B read with section 420 of IPC against Mumbai International Airport Limited (MIAL), Vice Chairman & erstwhile CFO of the Holding Company and four other GVKPIL group companies apart from others. The Court has granted bail to all the accused. The main issue alleged is siphoning of fund of MIAL eventually causing a loss to Airport Authority of India (AAI). Vide order dated 08.12.2023, fresh cognizance of offences in the chargesheet has been taken and accused persons have been summoned. However, the said order has been currently stayed by the Ld. Sessions Court, Mumbai in revision petitions preferred by various accused persons and therefore, the proceedings are currently stayed in the matter, and matter will resume only once the stay order gets vacated by the Revision Court. The company is of the view that the case will not stand the test of scrutiny of the court and will eventually be dismissed. The company is also of the view that the charges are unsubstantiated, and no offence u/s section 420 IPC is made out as there is no loss to AAI, Government, or any Tax Authorities as alleged. Next date before Sessions Court in the revision petitions is June15,2026. <br></br> <br></br> In addition to the above, the Enforcement Directorate (ED) had also taken up the investigation under the Prevention of Money Laundering Act (PMLA) on the basis of an FIR registered by the CBI. ED had filed a complaint in April 2021 on the same matters against the above-mentioned parties and some of the subsidiaries, joint ventures and step-down subsidiaries of the Company, their directors and officers. ED had filed a complaint before the City Court and Additional Session Judge, Greater Bombay under Section 45 of Prevention of Money Laundering Act, 2002 for commission of offence of Money laundering under section 3, read with section 70, Punishable u/s 4 of the Prevention of Money Laundering Act, 2002. The matter is currently at stage of adjudication of application on behalf of Accused-4 seeking supply of all the unrelied documents and unrelied statement u/s 50 PMLA and is fixed for filing reply of Enforcement Directorate on June 19, 2026. <br></br> <br></br> The Audit Committee of the Holding Company, based on the legal advice received by the Audit committee of Mumbai International Airport Limited (MIAL), have decided not to proceed with any independent investigation on the matters mentioned in the FIR or the complaint filed by ED. Considering the status of the proceedings with cases related to CBI and ED, the implications, if any, that may arise on the GVKPIL group can't be ascertained and the impact if any of the same on the consolidated financial results cannot be commented upon. <br></br> Disclaimer of opinionRepetitiveNot applicableNot applicableInvestigations by various agencies are completed and charge sheet filed. The ultimate outcome is subject to Judicial scrutiny and hence the impact of the same is not ascertainable.Not applicableWe draw attention to Note 12 to the consolidated financial results regarding GVK Perambalur SEZ Private Limited (GVK SEZ), a wholly owned subsidiary company. GVK SEZ has Investment Property having book value of Rs.11,655 Lakh as on 31st March 2026. GVK SEZ stood as a Guarantor and mortgaged its land having book value as mentioned above (admeasuring 2,506.25 Acres) to Syndicate Bank (since merged with Canara Bank) on account of loans taken by the GVKPIL (the Holding Company). GVKPIL has since repaid the loan taken from Canara Bank and the bank has also acknowledged the same. However, Canara bank has not issued a no due certificate and has not returned the original title documents by exercising the right of general lien under section 171 of Indian Contract Act,1872 and has enforced general lien over the title deeds in the name of GVK SEZ for liabilities of GVK Coal (Singapore) PTE Ltd, an associate of GVKPIL. GVKPIL and GVK SEZ have jointly filed writ petition before High Court, Telangana on October 27, 2021, stating that Bank exercising of general lien under section 171 of the Indian Contract Act, 1872 is wholly misconceived and illegal and contrary to the terms of Guarantee extended by the GVK SEZ and the matter is yet to be listed. GVKPIL has obtained independent legal opinion based on which the outcome of the subject matter will be positive and the bank will be directed to release the documents given as security. Further, Enforcement Directorate (ED) had initiated provisional attachment proceedings in respect of the said land property under the Prevention of Money Laundering Act (PMLA). However, Honble High Court of Telangana vide its order dated April 22, 2021 has stayed the proceedings by issuing Show Cause Notice to ED. As on March 31, 2026, the status remains the same. <br></br> The matter is under litigation. Pending these litigations, the recoverability of Investment Property having book value of Rs.11,655 Lakh (March 2025: Rs 11,655 Lakhs) is not determinable. <br></br> <br></br> Disclaimer of opinionRepetitiveNot applicableNot applicableAt present the matter is subject to Judicial scrutiny and hence the impact of the same is not ascertainable. Not applicableNOT APPLICABLESANJEEV KUMAR SINGHNOT APPLICABLESESHU SAMUDRALAP V PRASANNA REDDY, WHOLE-TIME DIRECTORHYDERABAD2026-05-29