5332922026-01-012026-03-315332922026-03-315332922025-03-315332922025-04-012026-03-315332922026-01-012026-03-31in-capmkt:OtherExpenses1Member5332922025-04-012026-03-31in-capmkt:OtherExpenses1Member5332922026-03-31OtherNoncurrentFinancialAssetsDomain15332922026-03-31OtherNoncurrentAssetsDomain15332922026-03-31OtherCurrentFinancialAssetsDomain15332922026-03-31OtherCurrentAssetsDomain15332922026-03-31OtherNoncurrentFinancialLiabilitiesDomain15332922026-03-31OtherNoncurrentLiabilitiesDomain15332922026-03-31OtherCurrentFinancialLiabilitiesDomain15332922026-03-31OtherCurrentLiabilitiesDomain15332922026-01-012026-03-31in-capmkt:ReportableSegments1Member5332922026-01-012026-03-31in-capmkt:ReportableSegments2Member5332922026-01-012026-03-31in-capmkt:ReportableSegments3Member5332922026-01-012026-03-31in-capmkt:ReportableSegments4Member5332922025-04-012026-03-31in-capmkt:ReportableSegments1Member5332922025-04-012026-03-31in-capmkt:ReportableSegments2Member5332922025-04-012026-03-31in-capmkt:ReportableSegments3Member5332922025-04-012026-03-31in-capmkt:ReportableSegments4Member5332922026-01-012026-03-31in-capmkt:ReportableSegments1Member5332922026-01-012026-03-31in-capmkt:ReportableSegments2Member5332922026-01-012026-03-31in-capmkt:ReportableSegments3Member5332922026-01-012026-03-31in-capmkt:ReportableSegments4Member5332922025-04-012026-03-31in-capmkt:ReportableSegments1Member5332922025-04-012026-03-31in-capmkt:ReportableSegments2Member5332922025-04-012026-03-31in-capmkt:ReportableSegments3Member5332922025-04-012026-03-31in-capmkt:ReportableSegments4Member5332922026-01-012026-03-31in-capmkt:ReportableSegments1Member5332922026-03-31in-capmkt:ReportableSegments1Member5332922026-01-012026-03-31in-capmkt:ReportableSegments2Member5332922026-03-31in-capmkt:ReportableSegments2Member5332922026-01-012026-03-31in-capmkt:ReportableSegments3Member5332922026-03-31in-capmkt:ReportableSegments3Member5332922026-01-012026-03-31in-capmkt:ReportableSegments4Member5332922026-03-31in-capmkt:ReportableSegments4Member5332922026-01-012026-03-31in-capmkt:ReportableSegments1Member5332922026-03-31in-capmkt:ReportableSegments1Member5332922026-01-012026-03-31in-capmkt:ReportableSegments2Member5332922026-03-31in-capmkt:ReportableSegments2Member5332922026-01-012026-03-31in-capmkt:ReportableSegments3Member5332922026-03-31in-capmkt:ReportableSegments3Member5332922026-01-012026-03-31in-capmkt:ReportableSegments4Member5332922026-03-31in-capmkt:ReportableSegments4Member5332922026-01-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15332922025-04-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15332922026-01-012026-03-31AuditorDomain15332922026-01-012026-03-31in-capmkt:AuditedMember5332922026-03-31in-capmkt:AuditedMember5332922026-01-012026-03-31in-capmkt:AdjustedMember5332922026-03-31in-capmkt:AdjustedMember5332922026-01-012026-03-31AuditQualification15332922026-01-012026-03-31AuditQualification2iso4217:INRiso4217:INRxbrli:shares533292A2ZINFRANAINE619I01012A2Z INFRA ENGINEERING LIMITEDMain BoardEquity2025-04-012026-03-312026-07-142026-07-02INRLakhsQuarterlyFourth quarterMulti segment2026-07-1418:05:002026-07-1419:00:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated922429000806790001003108000499114000003404530002243900011397000114351000987754000153540005277900068133000-97200022640001292000-300000665410000000665410002110000686510006002300065180005937000092810001761199000100.340.34000.340.342025-04-012026-03-31AuditedConsolidated38643790001630030004027382000178822900000154515400073510000477640004441840003898841000128541000-516760007686500025206000-100200024204000-30000052361000000052361000211000054471000437290008632000430760001139500017611990001000.250.25000.250.25other expenses114351000other expenses444184000277950000552290000356365000190000216600000498000000242877000247857000114594000346759000140111000000803073000352240001223200039082400011469680002388321000081725400032055750000046066850001761199000-1266463000494736000-17450000032023600075110000005093000126040002326250000020128200044651100095108000028830002178012000218089500036851600035004910003370340001443000970000038399380000042864490004606685000Other non-current financial assets242877000Other non-current assets346759000Other current financial assets1146968000Other current assets817254000Other non-current financial liabilities5093000Other non-current liabilities201282000Other current financial liabilities368516000Other current liabilities337034000Segment- ES387677000Segment- FMS446387000Segment-MSW158986000Segment-others0Segment- ES1137107000Segment- FMS2184077000Segment-MSW860673000Segment-others09930500004181857000706210003174780009224290003864379000Segment- ES-31973000Segment- FMS29509000Segment-MSW29006000Segment-others11251000Segment- ES-39607000Segment- FMS112205000Segment-MSW38374000Segment-others910790003779300020205100020879000669620001860000684800015054000128241000Segment- ES2183138000Segment- FMS846561000Segment-MSW358580000Segment-others42261700038108960007957890004606685000Segment- ES1943978000Segment- FMS584116000Segment-MSW942232000Segment-others301086000377141200051503700042864490006696200003078520000-17431600000-1782250000-1804690000-2127560000477640000-924000-202430002899300000083366000000-4013900001407380000-298129000-221264000000-551190000-16614500000000000100085000145940000002406000000000005551500000000833660000011093600000000000115094000015840000629760000050534000-46750000-46750003989900035224000Items that will not be reclassified yo profit and loss (net)21100002110000Items that will not be reclassified yo profit and loss (net)21100002110000000021100002110000AuditedDisclaimer of opinionMRKS & Associatestrue2028-09-30402738200040273820003898841000389884100052361000523610000.250.254606685000460668500042864490004286449000318779000318779000As stated in note 8 to the accompanying Statement, the Holding Company has incurred a net loss after tax of Rs. 279.25 lakhs for the year ended 31st March 2026, and as of that date, the Holding Company’s accumulated losses amount to Rs. 1,07,659.78 lakhs, which have resulted in substantial erosion of its net worth, and the current liabilities exceed current assets by Rs. 6,491.75 lakhs. Also, certain lenders have filed applications with the National Company Law Tribunal (NCLT), Debt Recovery Tribunal (DRT) and other courts for recovery of their dues as detailed in note 8. The Holding Company has also delayed in repayment of borrowings and payment of statutory dues and dues payable to other lenders, as further detailed in note 7. As confirmed by the management, the Holding Company has been in discussions with the lenders regarding settlement of their outstanding borrowings/dues. Further, the expected realisation of the amounts outstanding from certain customers, within the next 12 months, with whom the Holding Company is in discussions is uncertain in the absence of any confirmations from such customers. Such events & conditions and the possible impact of the associated uncertainties on management's assumptions, and other matters as set forth in the note 8, cast significant doubt on the Holding Company's ability to continue as a going concern. In the absence of sufficient appropriate audit evidence to support the management's assessment with respect to settlement of outstanding borrowings/dues and availability of funds, we are unable to comment on the ability of the Holding Company to continue as a going concern. Further, as stated in note 9 to the accompanying Statement, management indicates that a material uncertainty exists that may cast significant doubt on the Tanzania branch's ability to continue as a going concern. Our audit report on the consolidated financial results for the quarter and year ended 31st March 2025 dated 28th May 2025, our review report for the quarter ended 31st Dec 2025 dated 11th Feb 2026 also included a disclaimer of opinion and disclaimer of conclusion, respectively, in respect of this matter.Disclaimer of opinionSince how long continuingNot quantified by the auditor Not ascertainable <br /> The Holding Company has incurred a net loss after tax of Rs. 279.25 lakhs for the year ended March 31, 2026 and has accumulated losses amounting Rs. 1,07,659.78 lakhs as at March 31, 2026. At present, holding company is facing acute liquidity issues on account of delayed realization of trade receivables from the clients. Also, certain lenders have filed an application with the Debt Recovery Tribunal for recovery of its dues for which management believes that no additional liability shall devolve on the Holding Company in addition to the carrying value of such liability as at March 31, 2026. Further, two parties have also filed applications with the National Company Law Tribunal (NCLT) for recovery of their dues. The said outstandings are disputed in nature, and Holding Company is pursuing the same before the NCLT hence at present the said matters are sub-judice. Conditions explained above, indicate existence of uncertainties that may cast significant doubt on the Holding Company’s ability to continue as a going concern due to which the Holding Company may not be able to realise its assets and discharge its liabilities in the normal course of business in future. However, the management is evaluating various options and has entered into one-time settlement agreements with various lenders, including interest and other related terms and conditions apart from further negotiating the terms with the remaining lenders for settlement of its existing debt obligations. Further the management is in discussions with certain customers for an immediate recovery of the amount due from them and believes that the substantial portion of such trade receivables shall be realized within the upcoming year. Management believes that the Holding Company will be able to settle its remaining debts in the due course and in view of the proposed settlement of debt obligations together with the expected increased realisation from the trade receivables, no adjustments are required in the consolidated financial result and accordingly, these have been prepared on a going concern basis. <br /> Included in details of auditor’s qualification (Disclaimer of Opinion) stated above.As stated in note 7 to the accompanying Statement, the Holding Company has outstanding borrowings from certain banks (referred to as ‘the Lenders’) which have been classified as non-performing assets (‘NPA borrowings’), the Holding Company has not recognised interest for the quarter ended 31st March 2026 aggregating to Rs. 255.09 lakhs (accumulated interest as at 31st March 2026 being Rs. 3,935.93 lakhs), payable under the terms of the said agreements, as estimated by the management on the basis of expected re-negotiation with the Lenders. <br /> <br /> Pending confirmations/ reconciliations from the Lenders and in the absence of sufficient appropriate evidence to substantiate management's assessment, we are unable to comment on the adjustments, if any, that may be required to the carrying values of the aforesaid borrowings and dues (including interest) payable to the Lenders in accordance with the terms of loan agreements and Settlement Agreement, and the consequential impact of such adjustments on the accompanying Statement. Our audit report on the consolidated financial results for the quarter and year ended 31st March 2025 dated 28th May 2025, our review report for the quarter ended 31st Dec 2025 dated 11th Feb 2026 also included a disclaimer of opinion and disclaimer of conclusion, respectively, in respect of this matter. <br /> Disclaimer of opinionSince how long continuingNot quantified by the auditorNot ascertainableThe loan accounts of the Holding Company have been classified as Non-Performing Assets by certain banks and no interest has been charged on the said accounts. Further, the Holding Company has also not charged any interest on the said borrowings, therefore provision for interest has not been made in the books of accounts and to that extent interest costs and loan liabilities have been understated. The extent of exact amount is under determination and reconciliation with the bank, however as per the details available, the amount of unaccrued interest, on approximate basis, on the said loans amounts to Rs. 255.09 lakhs, Rs. 1,038.82 lakhs and Rs. 3,935.93 lakhs for the quarter ended March 31, 2026, year ended March 31, 2026 and as at March 31, 2026 respectively (Rs. 272.97 lakhs, Rs. 1,339.08 lakhs and Rs. 3,788.34 lakhs for the quarter ended December 31, 2025, March 31, 2025 and year ended March 31, 2025 respectively). The Holding Company has made one time settlement with certain lenders or already in discussion with the said banks for settlement of their dues.Included in details of auditor’s qualification (Disclaimer of Opinion) stated above.Amit MittalLalit KumarAtima KhannaMRKS & AssociatesGurugram2026-07-14