5318452026-07-012026-09-305318452026-09-305318452026-03-315318452026-04-012026-09-305318452026-07-012026-09-30in-capmkt:OtherExpenses1Member5318452026-04-012026-09-30in-capmkt:OtherExpenses1Member5318452026-09-30OtherNoncurrentFinancialAssetsDomain15318452026-09-30OtherNoncurrentAssetsDomain15318452026-09-30OtherCurrentAssetsDomain15318452026-09-30OtherCurrentFinancialLiabilitiesDomain15318452026-09-30OtherCurrentLiabilitiesDomain15318452026-07-012026-09-30AuditorDomain15318452026-07-012026-09-30in-capmkt:AuditedMember5318452026-09-30in-capmkt:AuditedMember5318452026-07-012026-09-30in-capmkt:AdjustedMember5318452026-09-30in-capmkt:AdjustedMember5318452026-07-012026-09-30AuditQualification15318452026-07-012026-09-30AuditQualification25318452026-07-012026-09-30AuditQualification35318452026-07-012026-09-30AuditQualification45318452026-07-012026-09-30AuditQualification5iso4217:INRiso4217:INRxbrli:shares531845ZENITHSTLNAINE318D01020Zenith Steel Pipes & Industries LimitedMain BoardEquity2026-04-012027-03-312026-11-042026-10-29INRLakhsQuarterlySecond quarterSingle segmentSingle segment2026-11-0417:00:002026-11-0422:30:00trueCash Flow IndirectStatement on impact of audit qualification2026-07-012026-09-30UnauditedConsolidated12470300033965000158668000794830000-539700011113000617700046960005927700015534900033190000331900000003319000-2440000-24400003075000-22400028510001422804000100.020.02000.020.022026-04-012026-09-30UnauditedConsolidated196477000505980002470750001097880000-185400002234100012285000945100010385600023918100078940000789400000007894000-4380000-43800007456000-20600072500001422804000100.060.06000.060.06Other Expenses59277000Other Expenses103856000391143000128970000012670000002000000203330002035300025812500068378500089798000057653900014022000445700014228400073730200012230007111900089944200015832270001422804000-3904917000-2482113000-24821130003744080003744080003922500050486000464119000182824200007873030007873030004966060003112151000390844000737900090847000360122100040653400001583227000Other non-current financial assets20333000Other non-current assets258125000Other current assets71119000Other current financial liabilities496606000Other current liabilities39084400012285000-30347000-53440000-2859600000002782000027567000-4100094510000-1129000-558000012144000-3350000004980000000000-10656000-2762000000-8231000-438000503100000000000016050000000000000000000004980000109220009815000000000006640000001228500000-116210003225000032250001079600014021000224000206000-224000-206000UnauditedQualified opinionD E V A M & Associates LLPtrue2027-10-31247075000247075000239181000239181000745600074560000.050.051583227000158322700040653390004065339000-2482113000-2482113000For qualification on non-compliance of section 74(2) of the Companies Act, 2013: <br /> The company has taken action on priority to clear the dues of deposit holders who are ‘incapacitated and to comply with the orders of existing authorities. For the rest, the company has already started the process of settling their dues through sale proceeds of the assets sold by MPID court of the other Company who has given NOC for using the amount towards repayment of the Fixed Deposits of the Zenith Birla (India) Limited and during the year the Company has paid Rs.4.25 lakhs to deposit holder with interest and balance will try to complete it in subsequent financial years. <br /> Qualified opinionRepetitiveNANo Impact on financialsFor qualification on non-compliance of section 74(2) of the Companies Act, 2013: <br /> The company has taken action on priority to clear the dues of deposit holders who are ‘incapacitated and to comply with the orders of existing authorities. For the rest, the company has already started the process of settling their dues through sale proceeds of the assets sold by MPID court of the other Company who has given NOC for using the amount towards repayment of the Fixed Deposits of the Zenith Birla (India) Limited and during the year the Company has paid Rs.4.25 lakhs to deposit holder with interest and balance will try to complete it in subsequent financial years. <br /> No further commentFor qualification on valuation of Inventory: <br /> ‘Currently the Company is calculating the inventory value based on variable cost incurred for the quarter and work in progress is based on work completed. Accordingly, valuation of inventories has been arrived and according to the management they represent a fair value. <br /> Qualified opinionRepetitiveNANo Impact on financialsFor qualification on balances of Trade Payables, Trade Receivables, Loans & Advances, Deposits, Borrowings to Others etc: <br /> Reconciliation of balances of Trade Payables, Trade Receivables, Loans & Advances, Deposits, Borrowings to Others and other parties are an ongoing basis and the figures would be ascertained only when the reconciliations are finalised. Hence at this stage, impact of the same is not ascertainable. Company ensures to pay all MSME’s within the stipulated credit period | except in case of parties where there are certain claims/legal issues. Company is of the view that interest on such outstanding being disputed is not payable and hence not determined on such outstanding. <br /> No further commentWith reference to Note No.5 to the Statement, the Group has made a provision of Rs. 40.99 lakhs in respect of certain current bank accounts which have been non-operating and frozen by regulatory authorities. In the absence of relevant bank statements and balance confirmations for these accounts, we were unable to obtain sufficient appropriate audit evidence to verify the completeness and accuracy of the balances reported in respect of these accounts. Accordingly, we are unable to determine whether any adjustments may be required to the carrying amount of these balances and the related impact, if any, on the Statement for the quarter and half-year ended 30/09/2026.Qualified opinionRepetitiveNANo Impact on financialsFor qualification on valuation of Inventory: <br /> ‘Currently the Company is calculating the inventory value based on variable cost incurred for the quarter and work in progress is based on work completed. Accordingly, valuation of inventories has been arrived and according to the management they represent a fair value. <br /> No further commentFor qualification on valuation of Inventory: <br /> ‘Currently the Company is calculating the inventory value based on variable cost incurred for the quarter and work in progress is based on work completed. Accordingly, valuation of inventories has been arrived and according to the management they represent a fair value. <br /> Qualified opinionRepetitiveNANo Impact on financialsFor qualification on valuation of Inventory: <br /> ‘Currently the Company is calculating the inventory value based on variable cost incurred for the quarter and work in progress is based on work completed. Accordingly, valuation of inventories has been arrived and according to the management they represent a fair value. <br /> No further commentFor qualification on valuation of Inventory: <br /> ‘Currently the Company is calculating the inventory value based on variable cost incurred for the quarter and work in progress is based on work completed. Accordingly, valuation of inventories has been arrived and according to the management they represent a fair value. <br /> Qualified opinionRepetitiveNANo Impact on financialsFor qualification on valuation of Inventory: <br /> ‘Currently the Company is calculating the inventory value based on variable cost incurred for the quarter and work in progress is based on work completed. Accordingly, valuation of inventories has been arrived and according to the management they represent a fair value. <br /> No further commentNAB. GirvaneshSadhna Avinash PatilAmit SuranaMinal PoteMumbai2026-11-04