5327082026-01-012026-03-315327082026-03-315327082025-03-315327082025-04-012026-03-315327082026-01-012026-03-31in-capmkt:OtherExpenses1Member5327082026-01-012026-03-31in-capmkt:OtherExpenses2Member5327082025-04-012026-03-31in-capmkt:OtherExpenses1Member5327082025-04-012026-03-31in-capmkt:OtherExpenses2Member5327082026-03-31OtherNoncurrentFinancialAssetsDomain15327082026-03-31OtherNoncurrentAssetsDomain15327082026-03-31OtherCurrentFinancialAssetsDomain15327082026-03-31OtherCurrentAssetsDomain15327082026-03-31OtherNoncurrentFinancialLiabilitiesDomain15327082026-03-31OtherCurrentFinancialLiabilitiesDomain15327082026-03-31OtherCurrentLiabilitiesDomain15327082026-01-012026-03-31RelatedPartyTransactionDomain15327082025-12-31RelatedPartyTransactionDomain15327082026-03-31RelatedPartyTransactionDomain15327082026-01-012026-03-31RelatedPartyTransactionDomain25327082025-12-31RelatedPartyTransactionDomain25327082026-03-31RelatedPartyTransactionDomain25327082026-01-012026-03-31RelatedPartyTransactionDomain35327082025-12-31RelatedPartyTransactionDomain35327082026-03-31RelatedPartyTransactionDomain35327082026-01-012026-03-31RelatedPartyTransactionDomain45327082025-12-31RelatedPartyTransactionDomain45327082026-03-31RelatedPartyTransactionDomain45327082026-01-012026-03-31RelatedPartyTransactionDomain55327082025-12-31RelatedPartyTransactionDomain55327082026-03-31RelatedPartyTransactionDomain55327082026-01-012026-03-31AuditorDomain15327082026-01-012026-03-31in-capmkt:AuditedMember5327082026-03-31in-capmkt:AuditedMember5327082026-01-012026-03-31in-capmkt:AdjustedMember5327082026-03-31in-capmkt:AdjustedMember5327082026-01-012026-03-31AuditQualification15327082026-01-012026-03-31AuditQualification25327082026-01-012026-03-31AuditQualification35327082026-01-012026-03-31AuditQualification45327082026-01-012026-03-31AuditQualification5iso4217:INRiso4217:INRxbrli:shares532708GVKPILNOTLISTEDINE251H01024GVK POWER & INFRASTRUCTURE LIMITEDMain BoardEquity2025-04-012026-03-312026-05-292026-05-13INRLakhsQuarterlyFourth quarterSingle segmentManpower & Consultancy Services2026-05-2914:00:002026-05-2916:30:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2026-05-28www.gvk.comfalsefalseNot applicable2026-01-012026-03-31UnauditedStandalone071000007100000000300000010000076000008000000-9000000-9000003800000038000000-47000000000-47000000-4700000157920000010000002025-04-012026-03-31AuditedStandalone03090000030900000000120000005000001041850000010420200000-103893000000-103893000003800000038000000-103931000000000-103931000000-10393100000157920000010-6.58-6.5800-6.58-6.58Other Expenses7600000Impairment of non-current investments/ Deemed investment0Other Expenses2006500000Impairment of non-current investments/ Deemed investment8412000000120000018097000000000140000014000003600000018483000000119600000100000443200000009000005638000003800000060180000024501000001579200000-3425200000-1846000000-18460000000269500000269500000026950000036427000002000007100000730000016550000038155000002111000000402660000042961000002450100000Other1400000Non current tax assets36000000Others900000Other current assets38000000Unearned financial guarantee liability269500000others165500000Other current liabilities2111000000058000000-12000000000-8000000005000008412000000000000000001975200000-7600000010383900000-540000000-2270000022000000-303000000004000000000000000000000000-16020000000002990000001000001898000000000000000000010000000100000001695000000169500000273700000443200000GVK Power & Infrastructure Limited******Crescent EPC Projects and Technical Services Limited******Within GVK GroupAny other transactionLoan returnNA16090000018000000019100000GVK Power & Infrastructure Limited******Alaknanda Hydro Power Company Limited******Within GVK GroupAny other transactionLease rentNA3000003000000GVK Power & Infrastructure Limited******TAJ GVK Hotels & Resorts Limited******Within GVK GroupAny other transactionExpensesNA24000500000476000GVK Power & Infrastructure Limited******Sanjeev Kumar Singh******CFORemunerationNA6000006000000GVK Power & Infrastructure Limited******GVK PERAMBALUR SEZ PRIVATE LIMITED******SubsidiaryAny other transactionLoan givenNA30000026000002300000162124000AuditedQualified opinionT R CHADHA & COtrue2028-09-3030900000309000001042020000010420200000-10389300000-10389300000-6.58-6.582450100000245010000042961000004296100000-1846000000-1846000000We draw attention to note 6 to the standalone financial results which states that as at March 31, 2026, GVKPIL had accumulated losses. The liabilities of the Company, considering the amounts not provided for are much higher than the assets of the Company. One of the subsidiary companies where the project has been terminated is following liquidation basis of accounting. The GVKPIL, its subsidiaries, Associates and Joint controlled entity (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. The GVKPIL 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 Company has provided guarantees and commitments for the borrowings. 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) 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. Notwithstanding the above, the financial results of the GVKPIL have been prepared 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 standalone 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 basis is appropriate.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 applicableWe draw attention to Note No 8 to the standalone Financial Results regarding GVK Coal Developers (Singapore) Pte. Limited, (GVK Coal Developers) (an associate) in which the GVKPIL has investments and has receivables aggregating to Rs.79,048 Lakhs and to whom the 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, 2025: 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.2944 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 USD 1982.10 (Rs 18,76,143 lakhs) (March 31, 2025: USD 1839 million (Rs.15,73,525 Lakhs) is based on audited special purpose consolidated financial statements of GVK Coal Developers (Singapore) Pte. Limited. <br></br> <br></br> 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. As per legal opinion obtained by the company, the order dated 19th October 2023 passed by the England court is not speaking order. It has also been opined that the Order dated 19.10.2023 cannot be enforced in India and is contrary to the substantive law of India and is also in violation of the principles of natural justice. <br></br> <br></br> As per the GVKPIL management, several attempts were made by the company to have a solution with the lenders including an agreement dated March 23, 2017, wherein a non-binding framework solution was agreed upon for a settlement. Subsequently also there were several efforts to engage with the lenders to arrive at a settlement. 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 have filed an application under section 7 of the Insolvency and Bankruptcy Code 2016 to initiate Corporate Insolvency Resolution Process (CIRP) against the company (being guarantor for loan taken by GVK Coal Developers) before National Company Law Tribunal (NCLT), Hyderabad on July 14, 2022 and NCLT has admitted the Company into CIRP vide Order dated July 12, 2024. Interim Resolution professional (IRP) appointed by the Honble NCLT and IRP has taken the possession of all assets of GVKPIL. As approved by NCLT vide its order dated September 05, 2024, IRP has been confirmed as 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 / non-responsive. 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 Committee of Creditors (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 Standalone Financial results. <br></br> <br></br> While the GVKPIL 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 and the final outcome of the CIRP is pending. 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 standalone financial results. <br></br> Disclaimer of opinionRepetitiveNot applicableNot applicableThe Company has already made provision for impairment in respect of its entire investment and receivables in GVK Coal Developers (Singapore) Pte. Limited aggregating to Rs 79,048 lakhs. The qualification relates to corporate guarantee and commitments issued by the Company in respect of borrowings availed by GVK Coal Developers, for which claims have been filed by the lenders and admitted by the Resolution Professional for CIRP purposes. The Company had made several attempts to arrive at an amicable settlement with the lenders, including a non-binding framework solution dated March 23, 2017, followed by subsequent correspondence and revised settlement proposal, the last such communication being dated January 12, 2021. Further, the Company is presently under CIRP pursuant to the order of the Honble NCLT, Hyderabad dated July 12, 2024. The final liability, if any, in respect of admitted claims shall be determined in accordance with the approved resolution plan and / or applicable orders under the IBC. Considering the significant uncertainties involved, including outcome of CIRP, treatment of admitted claims under the resolution plan, settlement with lenders, legal position regarding enforceability of the overseas court order in India, and viability / resolution of the GVK Coal project, the management is unable to estimate the financial impact of the qualification at this stage.Not applicableAs discussed in detailed in Note 9(b) to the standalone 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), non-accounting of estimated increase in liability on account of annulment of settlement terms by Edelweiss (amount not ascertained), invocation and transfer by Edelweiss of 46,60,11,000 Equity shares of AHPCL held by GVKEL of Rs.10 each, recording of exceptional loss of Rs.19,486 lakhs during the year ended March 31, 2023 by GVKEL on account of invocation of pledged shares and transfer by Edelweiss (being difference in face value of pledged shares invoked by Edelweiss and the liability of Edelweiss appearing in books of GVKEL and AHPCL), recording of discharge of liability of Edelweiss pending legal suit before Honble Delhi High Court, wherein GVKEL pleaded that as a consequence of the invocation and transfer of a valuable asset, GVKEL liability towards the loan has been discharged and since the value of share is far in excess of the outstanding loan liability, the excess share to be returned. Next hearing of the case is scheduled on September 07, 2026. <br></br> <br></br> On 9 October 2023, AHPCL, GVKEL and GVKPIL entered into a fresh Rs 33,000 lakh settlement at 12.5% interest but could not comply fully and obtained extensions till 31 July 2024. Of this, Rs 20,000 lakh was arranged by the lead lender and Rs 13,000 lakh paid by the companies. Later, Edelweiss and ARCIL assigned the facilities to Phoenix ARC. Phoenix ARC filed claims for Rs 116,399 Lakh, the RP admitted claims of Rs 1,05,003 lakh against the company, with no provision has been made in the books of account pending resolution plan approval. <br></br> <br></br> Since the GVKEL has been admitted into CIRP, the GVKPIL has impaired value of investments and loans to GVKEL of Rs 84,120 lakhs and 19,690 lakhs respectively during the year ended March 31,2026. <br></br> <br></br> In view of the same, we are unable to comment on the accounting done in this regard in books of account and the ultimate impact of the same including of the invocation of the settlement offer by Edelweiss, invocation of pledged shares of AHCPL by Edelweiss, invocation of corporate guarantee issued by the GVKPIL and GVKEL impact of the proceedings in the NCLT, impact of the assignment of facilities by Edelweiss and ARCIL to Phoenix ARC, the ongoing CIRP process and the additional liability that may arise in this regard if any on the Standalone financial results. <br></br> Disclaimer of opinionRepetitiveNot applicableNot applicableAs givenNot applicable4. Note 13 to the standalone 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 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 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 again 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 has been 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 June 15,2026. <br></br> <br></br> In addition to be 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 un relied documents and un relied 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 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 can't be ascertained and the impact if any of the same on the standalone financial results cannot be commented upon. <br></br> <br></br> Disclaimer of opinionRepetitiveNot applicableNot applicableInvestigations by various agencies are completed and charge sheets filed. The <br></br> ultimate outcome is subject to Judicial scrutiny and hence the impact of the same is <br></br> not ascertainable. <br></br> <br></br> Not applicableWe draw attention to Note 12 to the standalone 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 GVKPIL. 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. The matter is under litigation. Pending these litigations, the recoverability of the investments made by GVKPIL in GVKSEZ of Rs.10,928 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 APPPLICABLESANJEEV KUMAR SINGHNOT APPPLICABLESESHU SAMUDRALAP V PRASANNA REDDY, WHOLE TIME DIRECTORHYDERABAD2026-05-29