5407002026-01-012026-03-315407002026-03-315407002025-03-315407002025-04-012026-03-315407002026-01-012026-03-31in-capmkt:OtherExpenses1Member5407002025-04-012026-03-31in-capmkt:OtherExpenses1Member5407002026-03-31OtherNoncurrentFinancialAssetsDomain15407002026-03-31OtherCurrentFinancialAssetsDomain15407002026-03-31OtherCurrentAssetsDomain15407002026-03-31OtherNoncurrentFinancialLiabilitiesDomain15407002026-03-31OtherCurrentFinancialLiabilitiesDomain15407002026-03-31OtherCurrentLiabilitiesDomain15407002026-01-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15407002025-04-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15407002026-01-012026-03-31AuditorDomain15407002026-01-012026-03-31in-capmkt:AuditedMember5407002026-03-31in-capmkt:AuditedMember5407002026-01-012026-03-31in-capmkt:AdjustedMember5407002026-03-31in-capmkt:AdjustedMember5407002026-01-012026-03-31AuditQualification1iso4217:INRiso4217:INRxbrli:shares540700BRNLNOTLISTEDINE727S01012BHARAT ROAD NETWORK LIMITEDMain BoardEquity2025-04-012026-03-312026-05-302026-05-30INRLakhsQuarterlyFourth quarterSingle segmentSingle Segment operation2026-05-3018:00:002026-05-3020:15:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated489029000-484788000424100000091630002240002203680008757870001105542000-11013010000-1101301000-509200056870005950000-11018960000000-1101896000-108000-1102004000-630382000-471514000-630430000-47151400083950000010-13.13-13.1300-13.13-13.131) The above standalone financial results for the quarter and year ended March 31, 2026 and consolidated financial results for the quarter and year ended March 31, 2026 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 30, 2026. The Statutory Auditors of the Company have audited these financial results. <BR> <BR> 2) The Company is primarily engaged in a single business segment of purchase, own, build, develop, design, operate, transfer road and related services. Hence, segment reporting is not applicable. <BR> <BR> 3) Other Income includes (loss)/gain on account of Investments mandatorily measured at Fair Value Through Profit and Loss (FVTPL). <BR> <BR> 4) The Company had received an amount of Rs.7,000 lakhs from IL&FS group-IL & FS Financial Services Ltd. (IL & FS) in the FY 2016-17. The Company also has a receivable of Rs 11,419 lakhs from IL & FS group -IL & FS Transportation Networks Limited (ITNL). <BR> <BR> Pursuant to the directions passed by Hon’ble National Company Law Appellate Tribunal, at New Delhi for restructuring the IL&FS group, all the entities belonging to the group are treated as a single entity and not restructured separately. Further IL &FS has filed an application before the Hon'ble NCLT, Mumbai seeking direction and relief for mutual discharge of dues and payables among various entities. The application filed by ILFS has been dismissed by NCLT, Mumbai. The above matter remains subjudice before NCLT, kolkata. <BR> <BR> 5) The Company had received an amount of Rs.7,000 lakhs from IL&FS group-IL & FS Financial Services Ltd. (IL & FS) in the FY 2016-17. The Company also has a receivable of Rs 11,419 lakhs from IL & FS group -IL & FS Transportation Networks Limited (ITNL). <BR> <BR> Pursuant to the directions passed by Hon’ble National Company Law Appellate Tribunal, at New Delhi for restructuring the IL&FS group, all the entities belonging to the group are treated as a single entity and not restructured separately. Further IL &FS has filed an application before the Hon'ble NCLT, Mumbai seeking direction and relief for mutual discharge of dues and payables among various entities. The application filed by ILFS has been dismissed by NCLT, Mumbai. The above matter remains subjudice before NCLT, kolkata. <BR> <BR> 6) The Standalone and Consolidated figures for the last quarter for current financial year and the last quarter for previous Financial year are the balancing figures between the audited figures in respect of the full financial year ended March 31, and the published unaudited (with limited review) year to date figures upto the third quarter ended December 31,of the respective Financial Year. <BR> <BR> 7) During the year, Orissa Steel Expressway Pvt. Ltd (OSEPL) has received Rs. 39,167.96 lakhs from NHAI under the Settlement Agreement executed under Vivad se Vishwas scheme on account of compensation against termination claims of the project which has been recognized in Other Equity as capital receipts as the management believes that the same is on account of compensation for cancellation / termination that impairs or destroys the profit making apparatus or source of income i.e. business has ended before it was commenced. <BR> <BR> 8) In case of Subsidiary Company, Guruvayoor Infrastructure Pvt. Ltd. (GIPL), Claims & Counter claims are being pursued before the Arbitral Tribunal both by GIPL & National Highway Authority of India (NHAI) which is still pending adjudication. <BR> <BR> 9) The Officers of the Directorate of Enforcement (ED) conducted search proceedings u/s 17(1) of the Prevention of Money Laundering Act,2002 (PMLA) at the Office Premises of the Subsidiary, Guruvayoor Infrastructure Pvt. Ltd (GIPL) . This was pursuant to the CBI Investigation and FIR being filed alleging criminal conspiracy leading to unlawful gain of Rs. 10,244 Lakhs. Subsequently, CBI has filled chargesheet on March 27, 2024, wherein the alleged undue gain has been quantified at around Rs. 2,447 Lakhs. The ED has passed an order against GIPL, to freeze the movable properties (including Bank balance and fixed deposits) to the tune of Rs. 12,521.42 lakhs. GIPL has preferred an Appeal against the said order of The Adjudicating Authority before the Hon'ble Appellate Tribunal (PMLA). Concurrently, ED has also filed a prosecution complaint before the Hon’ble Additional Special Sessions Court , at Ernakulam. The matter is sub-judice. <BR> <BR> 10) The Subsidiary Company, Guruvayoor Infrastructure Pvt. Ltd. (GIPL) has availed financial assistance from one of the financial institution and is currently in discussion with them regarding the potential restructuring of this financial support. GIPL is hopeful of a positive outcome in this regard. Considering this development, interest amounting to Rs 2,195.39 Lakhs has not been provided from October 01,2024 onwards. <BR> <BR> 11) In case of Solapur Tollways Private Limited (STPL), pursuant to initiation of CIRP, vide NCLT-Kolkata Order dated December 20, 2024, the Company ceases control over STPL. <BR> <BR> 12) Kurukshetra Expressway Private Limited (KEPL), an associate of the Company has been awarded Rs. 86,087 lakhs by Arbitral Tribunal towards the Losses including termination payment (net of counter claims) vide order dated August 16, 2024 . National Highway Authority of India ,( NHAI) has challenged the award before Hon'ble Delhi High Court and the matter is subjudice. <BR> <BR> 13) Mahakaleshwar Tollways Pvt Ltd. (MTPL) an associate of the Company , pursuing claims of Rs. 214,916 lakhs including Termination payment and other damages had filed "Arbitration Petition" before the Madhya Pradesh Arbitration Tribunal – Bhopal on October 30, 2021 under Madhya Pradesh Madhyastham Adhikaran Adhiniyam, 1983 . The matter is subjudice. <BR> <BR> 14) The figures for the corresponding previous period have been regrouped/ reclassified wherever necessary, to make them comparable. <BR> <BR> 2025-04-012026-03-31AuditedConsolidated154301100030885600018518670000004718100023300065605300017396920002443159000-5912920000-5912920002176000112400033000000-5945920000000-594592000249000-594343000-296441000-298151000-296208000-298135000839500000100-7.08-7.0800-7.08-7.08Other Expenses875787000Other Expenses173969200016042000048500025062300047397610000009314370000024466000955903000470330000643314400000120610001259757000224157600013185490002848207000768015000013891100010286600079219270001435507100083950000031867690004026269000131767400053439430001707314000000707734000241504800015935900004008638000263577300059830002718800033171000156636300042353070006585000760598000005002490000901112800014355071000Other non-current assets24466000Other current financial assets2848207000Other current assets102866000Other Financial Liabilities707734000Other Financial Liabilities1566363000Other current liabilities65850002330000-6668070000000000000656053000000000000-11689000000169690000-5241000-59653300002834410000101487000-275357000-12568180000000000007216800000000000000000000249886000003101585000327930300000000000000080000000000-800000000122248500001222485000372720001259757000- Remeasurement of the defined benefit plans-65000-65000- Remeasurement of the defined benefit plans3130003130004300064000-108000249000AuditedQualified opinionS S Kothari Mehta & Co. LLPtrue2028-08-311851867000358079400024431590003000420000-591292000580374000-7.088.1114355071000145319330009011127000993339100040262690003337969000Details of Audit Qualification: <br></br> <br></br> i. The Holding Company has not recognized interest on the financial assistance availed from July 01, 2024 onwards which is not in compliance of Ind AS 1 Presentation of Financial Statements read with Ind AS 109 Financial Instruments. Due to this, loss before tax of the Group for the quarter ended March 31, 2026 has been understated by Rs. 884.96 lakhs and loss before tax of the Group for the year ended March 31, 2026 has been understated by Rs. 4,107.69 lakhs and the current liabilities as at March 31, 2026 has been understated by Rs. 7,027.26 lakhs. <br></br> <br></br> ii. Guruvayoor Infrastructure Private Limited (GIPL), a subsidiary of the Holding Company,has not recognized interest on the financial assistance availed from October 01, 2024 onwards which is not in compliance of Ind AS 1 Presentation of Financial Statements read with Ind AS 109 Financial Instruments. Due to this, loss before tax of the Group for the quarter ended March 31, 2026 has been understated by Rs. 361.22 lakhs and loss before tax of the Group for the year ended March 31, 2026 has been understated by Rs. 1,464.92 lakhs and the current liabilities as at March 31, 2026 has been understated by Rs. 2,195.39 lakhs. <br></br> <br></br> iii. Orissa Steel Expressway Private Limited (OSEPL), a subsidiary of the Holding Company, has recognized an amount of Rs. 17,289.27 lakhs received from NHAI on account of compensation against termination claims of the project in Other Equity instead of recognizing the same in the Statement of Profit and Loss which is not in compliance of Ind AS 109 Financial Instruments. As a result, the loss for the quarter and year ended March 31, 2026 has been overstated by Rs. 17,289.27 lakhs. However, there is no impact in Other Equity. <br></br> <br></br> Qualified opinionRepetitiveFor Audit Qualification(s) where the impact is quantified by the auditor, Management's Views: <br></br> <br></br> i. The Company has availed financial assistance from a financial institution amounting to Rs. 19,357.72 lakhs and the same was repayable on March 31, 2025. Total interest accrued in books of accounts amounts to Rs. 12,015.55 lakhs till June 30, 2024. Interest amounting to Rs. 7,027.26 lakhs have not been provided from July 01, 2024 onwards. Company has defaulted in repayment of principal and interest due on March 31, 2025. Partial payment of Rs. 8,000 lakhs has been done in the month of December 2025 towards Interest by the Company. The Company is currently in discussions for the potential restructuring / resolution of this financial support. The Company is hopeful of a positive outcome in this regard. Considering these, interest has not been recognised from July 01, 2024 onwards and repayments have been put on hold. <br></br> <br></br> ii. The Subsidiary Company, Guruvayoor Infrastructure Pvt. Ltd. (GIPL) has availed financial assistance from one of the financial institution and is currently in discussion with them regarding the potential restructuring of this financial support. GIPL is hopeful of a positive outcome in this regard. Considering this development, interest amounting to Rs 2,195.39 Lakhs has not been provided from October 01,2024 onwards. <br></br> <br></br> iii. During the year, Orissa Steel Expressway Pvt. Ltd (OSEPL) has received Rs. 39,167.96 lakhs from NHAI under the Settlement Agreement executed under Vivad se Vishwas scheme on account of compensation against termination claims of the project which has been recognized in Other Equity as capital receipts as the management believes that the same is on account of compensation for cancellation / termination that impairs or destroys the profit making apparatus or source of income i.e. business has ended before it was commenced. <br></br> NANANAAnirup SenManisha ChandaliaJaydeep ChakrabortyS S Kothari Mehta & Co. LLPRANA SEN, AUDITOR, SSKMINKolkata2026-05-30