5266082026-07-012026-09-305266082026-09-305266082026-03-315266082026-04-012026-09-305266082026-07-012026-09-30in-capmkt:OtherExpenses1Member5266082026-04-012026-09-30in-capmkt:OtherExpenses1Member5266082026-09-30OtherNoncurrentFinancialAssetsDomain15266082026-09-30OtherNoncurrentAssetsDomain15266082026-09-30OtherCurrentFinancialAssetsDomain15266082026-09-30OtherCurrentAssetsDomain15266082026-09-30OtherNoncurrentFinancialLiabilitiesDomain15266082026-09-30OtherNoncurrentLiabilitiesDomain15266082026-09-30OtherCurrentFinancialLiabilitiesDomain15266082026-09-30OtherCurrentLiabilitiesDomain15266082026-07-012026-09-30in-capmkt:ReportableSegments1Member5266082026-07-012026-09-30in-capmkt:ReportableSegments2Member5266082026-07-012026-09-30in-capmkt:ReportableSegments3Member5266082026-07-012026-09-30in-capmkt:ReportableSegments4Member5266082026-04-012026-09-30in-capmkt:ReportableSegments1Member5266082026-04-012026-09-30in-capmkt:ReportableSegments2Member5266082026-04-012026-09-30in-capmkt:ReportableSegments3Member5266082026-04-012026-09-30in-capmkt:ReportableSegments4Member5266082026-07-012026-09-30in-capmkt:ReportableSegments1Member5266082026-07-012026-09-30in-capmkt:ReportableSegments2Member5266082026-07-012026-09-30in-capmkt:ReportableSegments3Member5266082026-07-012026-09-30in-capmkt:ReportableSegments4Member5266082026-04-012026-09-30in-capmkt:ReportableSegments1Member5266082026-04-012026-09-30in-capmkt:ReportableSegments2Member5266082026-04-012026-09-30in-capmkt:ReportableSegments3Member5266082026-04-012026-09-30in-capmkt:ReportableSegments4Member5266082026-07-012026-09-30in-capmkt:ReportableSegments1Member5266082026-09-30in-capmkt:ReportableSegments1Member5266082026-07-012026-09-30in-capmkt:ReportableSegments2Member5266082026-09-30in-capmkt:ReportableSegments2Member5266082026-07-012026-09-30in-capmkt:ReportableSegments3Member5266082026-09-30in-capmkt:ReportableSegments3Member5266082026-07-012026-09-30in-capmkt:ReportableSegments4Member5266082026-09-30in-capmkt:ReportableSegments4Member5266082026-07-012026-09-30in-capmkt:ReportableSegments1Member5266082026-09-30in-capmkt:ReportableSegments1Member5266082026-07-012026-09-30in-capmkt:ReportableSegments2Member5266082026-09-30in-capmkt:ReportableSegments2Member5266082026-07-012026-09-30in-capmkt:ReportableSegments3Member5266082026-09-30in-capmkt:ReportableSegments3Member5266082026-07-012026-09-30in-capmkt:ReportableSegments4Member5266082026-09-30in-capmkt:ReportableSegments4Member5266082026-07-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15266082026-04-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss1iso4217:INRxbrli:pureiso4217:INRxbrli:shares526608ELECTHERMNOTLISTEDINE822G01016ELECTROTHERM (INDIA) LIMITEDMain BoardEquity2026-04-012027-03-312026-11-042026-10-24INRCroresQuarterlySecond quarterMulti segment2026-11-0414:45:002026-11-0416:30:00trueCash Flow IndirectNot applicable2026-07-012026-09-30UnauditedConsolidated91243000008900000913320000069248000000-2705000006400000002610000011240000019741000009406900000-2737000000-2737000000-73300000-733000000-200400000000700000-1997000001300000-198400000-19960000001300000012740000010-15.67-15.6700-15.67-15.670001. The above Consolidated Financial Results of Electrotherm (India) Limited (Parent Company) (the “Parent Company” and along with its subsidiary and joint venture the “Group”) were reviewed and recommended by the Audit Committee at their meeting held on November 03, 2026 and approved by the Board of Directors at its meeting held on November 04, 2026. <br /> <br /> 2. (a) The Parent company have defaulted in the payment of loan installments amounting to Rs. 56.00 crore from the quarter ended from September 30, 2025 onwards till September 30, 2026 and the related interest of Rs. 3.81 crore due from March 31, 2026 to September 30, 2026 to Invent Assets Securitization and Reconstruction Private Limited (“Invent ARC”). The Parent company is in negotiation with Invent ARC for rescheduling of the defaulted principal and interest amount. Based on the ongoing discussions, the Parent company managements expects that no further liability towards the loan will arise. <br /> (b) The Parent Company has requested Edelweiss Asset Reconstruction Company Ltd. (“Edelweiss ARC”) to grant extended time for payment of the outstanding amount of the last installment due in the month of March 2026 aggregating to Rs. 15.79 Crores due to temporary liquidity constraints. The request is presently under consideration for revised terms by Edelweiss ARC and accordingly, the said amount has not been considered as a default. <br /> (c) With regard to both the above loan, as per the terms of the said settlement, in the event of default, the settlement is deemed to be withdrawn, and all dues and liabilities under the original loan agreement are liable to be reinstated. However, based on the discussion with Asset Reconstruction Companies (ARCs), it is hopeful that no further liability will arise under the original loan terms. The impact of debt reduction resulting from the settlement with ARCs will be accounted for upon final compliance with all terms and conditions of the respective settlement agreements. <br /> (d) Hans Ispat Limited, a wholly owned subsidiary of the Parent Company, has been in default of its loan repayment obligations since December 2019. Invent Assets Securitisation & Reconstruction Private Limited (Invent ARC), the lender, revoked the earlier settlement agreement on September 16, 2021, due to non-compliance with the agreed terms. Subsequently, Invent ARC has initiated recovery proceedings for an outstanding amount of Rs 122.28 crores before the Hon’ble Debts Recovery Tribunal (DRT), Ahmedabad. The Hon’ble DRT, Ahmedabad has allowed the original application filed by Invent ARC by judgement dated May 22, 2026 against Hans Ispat Ltd. & personal guarantors to the extent of Rs. 110.36 Crores as debt due with simple interest @11% per annum from the date of filing of original application i.e. June 20, 2022 till realization. <br /> (e) As of September 31, 2026, the Group has the following outstanding loan accounts: <br /> • Three loan accounts with banks / ARCs namely Bank of Baroda, State Bank of India and Indian Overseas bank (being Assigned to Rare Asset Reconstruction Limited ("Rare ARC") that have been classified as non-performing assets (NPAs) and for which no settlement agreements have been entered into; and <br /> • One loan account, as referred to in point 2(d) above, with an ARC which was classified as an NPA and for which the previously agreed settlement agreement has been withdrawn/revoked. <br /> In respect of the above loan accounts, provision for interest on term loans and working capital loans from banks and ARCs for the quarter and half year ended September 30, 2026, amounting approximately to Rs 52.42 crore and Rs 103.32 Crore respectively, has not been provided in the books of accounts. As a result, the net loss of the Group for the Quarter ended September 30, 2026 is understated by Rs 52.42 crore and net loss for the half year ended September 30, 2026 is understated by Rs 103.32 crore. Further due to order referred in the Note 2(d), there has been change in the interest rate and therefore there is a reversal of interest of Rs 11.67 Crore for the half year ended September 30, 2026. Additionally, the loan liabilities from banks and ARCs and the total retained earnings/(losses) as on September 30, 2026, are understated by Rs 1499.29 Crores. The Statutory Auditor has expressed a qualification in their limited review report with respect to the non-provision of interest on the said loan. <br /> <br /> 3. The Parent Company has filed Company Petition No. 21 of 2025 under Section 55(3) of the Act, before the Hon’ble National Company Law Tribunal (“NCLT”), Ahmedabad Bench, on March 11, 2025, for approving issuance of 6% Non-Cumulative Redeemable Preference Shares (“NCRPS”) of 10/- (Rupees Ten Only) each, to the existing NCRPS holders, of amount equivalent to the amount of Unredeemed Preference Shares of Rs. 12,00,00,000/- (Rupees Twelve Crore Only) on the same terms of existing 6% NCRPS, in lieu of the unredeemed preference shares. <br /> <br /> The Hon’ble NCLT, Ahmedabad Bench, vide Order dated July 21, 2026, has, inter alia, allowed the Parent Company Petition No. 21 of 2025 and permitted the parent Company, to issue and allot 1,09,50,000 (One Crore Nine Lakhs and Fifty Thousand) 6% Non-Cumulative Redeemable Preference Shares (“NCRPS”) of Rs. 10/- each to the existing five (5) preference shareholders (except one non-consenting preference shareholder) on the same terms and conditions as the original issue, redeemable not earlier than two (2) years and not later than twenty (20) years from the date of such allotment, under Section 55(3) of the Act and redeem 10,50,000 6% NCRPS to a non-consenting preference shareholder. As on August 14, 2026, pursuant to the aforesaid NCLT Order and in accordance with the provisions of Section 55(3) of the Act, the Board of Directors of the Parent Company has allotted of NCRPS to the above said five existing preference shareholders in lieu of the existing unredeemable preference shares aggregating to Rs. 10.95 Crore. Further, an amount of Rs. 1.05 Crore was paid to the non-consenting preference shareholder towards redemption of the 10,50,000 NCRPS. The NCRPS, issued / allotted pursuant to Hon’ble NCLT Order, under Section 55(3) of the Companies Act, 2013, constitute a compound financial instrument, accordingly the liability component has been classified and presented under Long-term Borrowings, while the residual equity component has been classified and presented under Other Equity in the financial statements <br /> 2026-04-012026-09-30UnauditedConsolidated182581000002400000018282100000140622000000-903500000120370000065800000223700000381580000018467700000-1856000000-1856000000-54000000-540000000-1316000000001200000-1304000002700000-127700000-13040000002700000012740000010-10.23-10.2300-10.23-10.23000Other Expenses1974100000Other Expenses3815800000630100000014384000000051800000000839000000047640000056030000044800000039940000091989000007139800000600000227180000016770000081660000001740000032741000001417000002108900000126645000000021863400000127400000-1696700000-15693000000-15693000001250000000017700000302000003850000000004152000001046260000011909000003790600000498150000024240000015686500000696320000036780000000230175000000023432700000218634000004. Directorate of Enforcement, Zonal Office, Ahmedabad (ED) conducted search in January, 2025 in relation to the complaint by Bank of India and have freeze bank accounts of the Parent Company and Mr. Shailesh Bhandari. The Hon’ble Gujarat High Court had granted permission to operate the bank accounts and release of seized Car on submission of Fixed Deposit Receipt (FDR) in favour of ED during the pendency of investigation. Later ED has filed complaint under section 44(1)(b) read with Section 45(1) under the provisions of Prevention of Money Laundering Act, 2002 (“PMLA”) before the Hon’ble Special Court for PMLA Cases at Ahmedabad (“Court”) against the Parent Company, Mr. Shailesh Bhandari, Promoter & Executive Vice Chairman and Mr. Mukesh Bhandari, Promoter & Ex – Chairman. Based on the notices issued under section 223 of the Bharatiya Nagarik Suraksha Sanhita 2023 (“BNSS”) for hearing on cognizance, the Hon’ble Court has provided the copy of said compliant on August 3, 2026 to the Parent Company and Mr. Shailesh Bhandari. The Parent Company and Mr. Shailesh Bhandari had already challenged the action of freezing of bank accounts before the Hon’ble Gujarat High Court / Hon’ble PMLA Appellate Tribunal, New Delhi and quashing of Enforcement Case Information Report (ECIR) registered by ED before Hon’ble Gujarat High Court, which are pending for further hearings. <br /> <br /> In addition to the earlier proceedings relating to the freezing of assets, the Enforcement Directorate (ED), vide its Provisional Attachment Order dated September 25, 2026, issued under Section 5(1) of the Prevention of Money Laundering Act, 2002 (PMLA), has provisionally attached and frozen an amount of Rs. 25.08 Crore lying in two bank accounts of the Parent Company, along with the equity shares of the Parent Company held by Mr. Shailesh Bhandari, Promoter and Executive Vice Chairman, and Mr. Mukesh Bhandari, Promoter and Ex-Chairman. The Company and Mr. Shailesh Bhandari have challenged the action of the ED, including the freezing of the Parent Company's bank account and the equity shares held by the aforesaid promoters, before the Hon'ble Gujarat High Court. The matter is presently pending adjudication and is listed for further hearings before the Hon'ble High Court. <br /> <br /> 5. Few accounts of “Trade Receivables,” “Trade Payables”, “Advances from Customer’, "Advances Recoverable in Cash or Kind”, “Advances to suppliers and other parties”, including very old balances, are subject to confirmation/reconciliation. The balance with revenue authorities are subject to final assessment order and/or submission of returns. <br /> <br /> 6. There are pending enquiries / notices / summons / litigation / recovery / fraud proceedings against the Group and directors of the Group before Debts Recovery Tribunal, Central Bureau of Investigation, Directorate of Enforcement, Regional Director of Ministry of Corporate Affairs, Direct Tax, Indirect Tax Department (Ahmedabad and Mumbai) and various courts. <br /> Other non-current financial assets476400000Other non-current assets399400000Other current financial assets17400000Other current assets2108900000Other non-current financial liabilities17700000Other non-current liabilities0Other current financial liabilities242400000Other current liabilities6963200000Engineering & Technologies Division3637500000Special Steel Division5415700000Electric Vehicle Division108300000Others0Engineering & Technologies Division6520000000Special Steel Division11662300000Electric Vehicle Division185400000Others091615000001836770000037200000109600000912430000018258100000Engineering & Technologies Division238000000Special Steel Division-478200000Electric Vehicle Division-7400000Others100000Engineering & Technologies Division464400000Special Steel Division-559000000Electric Vehicle Division-25400000Others300000-247500000-119700000261000006580000000-273600000-185500000Engineering & Technologies Division9111300000Special Steel Division11894700000Electric Vehicle Division315200000Others942000002141540000044800000021863400000Engineering & Technologies Division8346600000Special Steel Division14675800000Electric Vehicle Division119800000Others290500000234327000000234327000007. (a) In respect of Joint Venture Bhaskarpara Coal Company Limited, the Ministry of Coal, Government of India has taken action for de-allocation of Coal Block, affecting the going concern of the said company. <br /> <br /> (b) In respect of Shree Ram Electro Cast Limited, one of the subsidiary, the State Bank of India has taken action under SARFAESI Act, 2002 and subsequent action of the sale through auction of the hypothecated / mortgaged assets of the Company situated at Honnarhalli Village, Hatchali Post, Siruguppa Taluka, Bellari District. Karnataka in February 2019, affecting the going concern of the said company. <br /> <br /> (c) In respect of Hans Ispat Limited, one of the wholly owned subsidiary, Bank of Baroda has taken action under the Recovery of Debts due to Banks and Financial Institutions Act 1993 and subsequent action of the sale through auction of the hypothecated / mortgaged assets of the Company by the Ld. Recovery Officer of the Hon’ble Debts Recovery Tribunal, Ahmedabad, affecting the going concern of the said company. <br /> <br /> 8. Figure of previous period's have been regrouped, wherever considered necessary to make them comparable to current period figure. <br /> 42800000-14300000003441000000-24270000000100000-2508000001729000000165800000002237000000091600000-53000000-2290000000000001200000058270000039710000000013900000038320000000000120000000049770000000000000000000000019900000024500000-4545000000000000002000000099000000606000000-10500000-101000000-1723000000-172300000340000000167700000Remeasurement Gain / (Loss) on Defined Benefit Plans13000001300000Remeasurement Gain / (Loss) on Defined Benefit Plans27000002700000000013000002700000