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Arco Leasing Ltd. — Annual Report 2026
May 30, 2026
64188_rns_2026-05-30_930cbef0-b0b3-4018-b5ff-18707fd7627f.pdf
Annual Report
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ARCO LEASING LIMITED
Date: 30th May, 2026
To
Corporate Relations Department
BSE Limited
P. J. Towers, Dalal Street,
Fort, Mumbai-400 001
Dear Sirs/Madam,
Company Scrip ID / Code: ZARCOLEA / 511038
Re: Outcome of the Board Meeting
With reference to the above cited subject, we would like to inform you that a Board Meeting of the Company was held today on Saturday, 30.05.2026 at 5.00 P.M
The Board of Directors of the Company at its meeting, inter alia, has approved the following matters:
- Pursuant to Regulation 33 of the SEBI (Listing Obligation & Disclosure Requirement) Regulation 2015, approved the Audited Standalone and Consolidated financial results of the Company for the Quarter and year ended 31st March, 2026 (Copy of the Financial Result along with audited report and declaration regarding unmodified opinion enclosed herewith).
The board meeting commenced at 05:00 P.M. (IST) and concluded at 7:00 P.M. (IST).
You are requested to take the same on records.
Thanking you,
Yours faithfully,
For Arco Leasing Limited
AKASH
DUBEY
Digitally signed by AKASH DUBEY
Date: 2026.05.30 19:21:33 +05'30'
Akash Dubey
Managing Director
DIN: 08731219
REPLY TO,
PLOT NO. 123, STREET NO. 17
M.I.D.C. (MAROL),
ANDHERI (E), MUMBAI – 400 093
INDIA
CIN: L65910MH1984PLC031957
TEL:(91-22) 6693 6311-3
2821 7222-5
FAX: (91-22) 2836 1760
E-mail: [email protected]
ARCO LEASING LIMITED
Date: 30th May, 2026
To
Corporate Relations Department
BSE Limited
P. J. Towers, Dalal Street, Fort,
Mumbai-400 001
Dear Sirs/Madam,
Company Scrip ID / Code: ZARCOLEA / 511038
Declaration
We hereby declare that the Statutory Auditor M. C. JAIN & Co, Chartered Accountants (Chartered Accountant FRN 304012E) have issued the Auditors’ Report with unmodified Opinion on Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2026.
The above declaration is made in pursuant to Regulation 33 (3) (d) of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended.
Kindly take this declaration on your records.
Thanking you,
Yours faithfully,
For Arco Leasing Limited
AKASH DUBEY
Digitally signed by AKASH DUBEY
Date: 2026.05.30 19:23:14 +03'30'
Akash Dubey
Managing Director
DIN: 08731219
REPLY TO,
PLOT NO. 123, STREET NO. 17
M.I.D.C. (MAROL),
ANDHERI (E), MUMBAI – 400 093
INDIA
CIN: L65910MH1984PLC031957
TEL:(91-22) 6693 6311-3
2821 7222-5
FAX: (91-22) 2836 1760
E-mail: [email protected]
ARCO LEASING LIMITED
Registered Office: Plot No. 123, Street No. 17, MIDC Marol Andheri (East), Mumbai-400093
Tel: +91-22-28217222 . Email Id: [email protected]
CIN: L65910MH1984PLC031957
PART- I
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2026
| Particulars | Standalone | Rs. In Lakhs | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter Ended | Year ended | Quarter Ended | Year ended | ||||||||
| 31.03.2026 | 31.12.2025 | 31.03.2025 | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.12.2025 | 31.03.2025 | 31.03.2026 | 31.03.2025 | 31.03.2025 | |
| Audited | Un-Audited | Audited | Audited | Audited | Audited | Un-Audited | Audited | Audited | Audited | Audited | |
| Income | |||||||||||
| (a) Income from Operations | - | - | - | 7.00 | - | 1.34 | 5.11 | 1.58 | 23.60 | 17.41 | |
| (b) Other Income | 0.27 | 0.30 | 0.39 | 1.17 | 1.41 | 0.27 | 0.30 | 0.39 | 1.17 | 1.41 | |
| Total Income | 0.27 | 0.30 | 0.39 | 8.17 | 1.41 | 1.61 | 5.41 | 1.97 | 24.77 | 18.82 | |
| Employee Benefits Expense | 1.00 | 0.65 | - | 1.65 | - | 1.00 | 0.65 | - | 1.65 | - | |
| Finance Cost | 2.16 | - | - | 2.16 | - | 2.16 | - | - | 2.16 | - | |
| Other Expenses | (1.69) | 52.81 | 5.47 | 60.49 | 12.65 | (0.90) | 52.81 | 5.97 | 61.28 | 13.15 | |
| Total Expenditure | 1.47 | 53.46 | 5.47 | 64.30 | 12.65 | 2.26 | 53.46 | 5.97 | 65.09 | 13.15 | |
| Profit / (loss) before tax | (1.20) | (53.16) | (5.08) | (56.13) | (11.24) | (0.65) | (48.05) | (4.00) | (40.32) | 5.67 | |
| Tax expense | |||||||||||
| (a) Current tax | - | - | - | - | - | 2.41 | (1.29) | (0.28) | (1.43) | (4.26) | |
| (b) Tax for earlier years | - | - | - | - | - | 4.13 | - | - | 4.13 | - | |
| Net Profit / (loss) after tax | (1.20) | (53.16) | (5.08) | (56.13) | (11.24) | 5.89 | (49.34) | (4.28) | (37.62) | 1.41 | |
| Other Comprehensive Income | - | - | - | - | - | - | - | - | - | - | |
| Total Comprehensive Income for the period (Comprising Net Profit / (loss) and Other comprehensive Income for the period) | (1.20) | (53.16) | (5.08) | (56.13) | (11.24) | 5.89 | (49.34) | (4.28) | (37.62) | 1.41 | |
| Paid-up Equity Share Capital (Face Value : Rs 10 per share) | 24.01 | 24.01 | 24.01 | 24.01 | 24.01 | 24.01 | 24.01 | 24.01 | 24.01 | 24.01 | |
| Other Equity (excluding revaluation reserves) | (123.27) | (67.14) | (119.26) | (81.65) | |||||||
| Earnings Per Share (Basic) (Rs)* | (0.50) | (22.14) | (2.11) | (23.38) | (4.68) | 2.45 | (20.55) | (1.78) | (15.67) | 0.59 | |
| Earnings Per Share (Diluted) (Rs)* | (0.50) | (22.14) | (2.11) | (23.38) | (4.68) | 2.45 | (20.55) | (1.78) | (15.67) | 0.59 |
ARCO LEASING LIMITED
Registered Office: Plot No. 123, Street No. 17, MIDC Marol Andheri (East), Mumbai-400093
Tel: +91-22-28217222 . Email Id: [email protected]
CIN: L65910MH1984PLC031957
PART- II
STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2020
| Particulars | Rs. In Lakhs | |||
|---|---|---|---|---|
| Standalone | Consolidated | |||
| Year ended | Year ended | Year ended | Year ended | |
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |
| ASSETS | Audited | Audited | Audited | Audited |
| Non Current Assets | ||||
| Property, Plant and Equipment - Goodwill on consolidation | - | - | 2.73 | 2.73 |
| Financials Assets | 217.19 | 217.19 | - | - |
| Investments | - | - | - | - |
| Other Non Current Assets | - | - | - | - |
| 217.19 | 217.19 | 2.73 | 2.73 | |
| Current Assets | ||||
| Financials Assets | ||||
| Investments | 21.32 | 20.15 | 21.32 | 20.15 |
| Trade Receivables | - | - | - | - |
| Cash and Cash Equivalents | 8.65 | 0.68 | 13.25 | 2.83 |
| Current Tax Assets | - | - | 5.71 | 1.73 |
| Loans | - | - | 211.00 | 236.00 |
| Other Financial Assets | - | - | 8.33 | 32.66 |
| Other Current Assets | 9.03 | 1.85 | - | - |
| 39.00 | 22.68 | 259.61 | 293.37 | |
| TOTAL ASSETS | 256.19 | 239.87 | 262.34 | 296.10 |
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Equity Share Capital | 24.01 | 24.01 | 24.01 | 24.01 |
| Other Equity | (123.27) | (67.14) | (119.26) | (81.65) |
| (99.26) | (43.13) | (95.25) | (57.64) | |
| Liabilities | ||||
| Current Liabilities | ||||
| Financials liabilities | ||||
| Trade Payables | - | 21.07 | 0.70 | 21.27 |
| Other Financial Liabilities | 351.94 | 250.00 | 351.94 | 311.00 |
| Other Current Liabilities | 2.99 | 11.42 | 1.00 | 15.83 |
| Provisions | - | - | 2.00 | 0.86 |
| Current Tax Liabilities (Net) | 0.52 | 0.52 | 1.95 | 4.78 |
| 355.45 | 283.00 | 357.59 | 353.73 | |
| TOTAL EQUITY AND LIABILITIES | 256.19 | 239.87 | 262.34 | 296.10 |
ARCO LEASING LIMITED
Registered Office: Plot No. 123, Street No. 17, MIDC Marol Andheri (East), Mumbai-400093
Tel: +91-22-28217222 . Email Id: [email protected]
CIN: L65910MH1984PLC031957
PART- III
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2026
| Rs. in Lakhs | ||
|---|---|---|
| Standalone | Consolidated | |
| Particulars | Year ended | Year ended |
| 31.03.2026 | 31.03.2026 | |
| Audited | Audited | |
| Cash Flow From Operating Activities | ||
| Profit / (loss) before taxation | (56.13) | (40.32) |
| Adjustment for: | ||
| Net Loss / (Gain) on sale of Investment | - | - |
| Fair Value changes in Non Current Investments | (1.17) | (1.17) |
| Interest income | - | (16.60) |
| Balance Written off | - | (0.06) |
| Operating Cash Flow before working capital changes | (57.30) | (58.15) |
| Adjustment for: | ||
| (Increase)/Decrease in Receivables | - | - |
| (Increase)/Decrease in Current Assets and Financial assets | (7.18) | 49.33 |
| Increase / (Decrease) in Payables and Financial liabilities | (29.49) | 6.69 |
| Cash generated from operations | (93.97) | (2.12) |
| Less: Taxes on Income (Paid) / Refund (Net) | - | (4.06) |
| Net Cash generated from / (used in) Operating Activities | (93.97) | (6.18) |
| Cash Flow From Investing Activities | ||
| Purchase of Investments (Net) | - | - |
| Interest received | - | 16.60 |
| Dividend received | - | - |
| Proceeds from Sale of Investments | - | - |
| Net Cash (used in) / generated from Investing Activities | - | 16.60 |
| Cash Flow From Financing Activities | ||
| Loans taken during the year | 101.94 | - |
| Net Cash generated from Financing Activities | 101.94 | - |
| Net increase / (decrease) in cash and cash equivalents | 7.97 | 10.42 |
| Cash and cash equivalents at the beginning | 0.68 | 2.83 |
| Cash and cash equivalents at the end | 8.65 | 13.25 |
Notes:
(i) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 30, 2026.
(ii) The figures for the previous periods have been regrouped / reclassified wherever necessary.
For and on behalf of the Board of Directors
AKASH
DUBEY
DUBEY
Payable signed by
AKASH DUBEY
Date: 2016.05.30
Tel: (0241 145138)
AKASH DUBEY
Managing Director
DIN: 08731219
Date: 30.05.2026
Place: Mumbai
M. C. JAIN & CO. LLP
Chartered Accountants
Ground Floor, Plot no.1137, MCJC House,
SVS Marg, Dadar West, Mumbai – 400028
Email: [email protected]
INDEPENDENT AUDITOR'S REPORT
Report on the Audit of the Standalone Annual Financial Statements
To,
The Board of Directors of Arco Leasing Limited
Opinion
We have audited the accompanying standalone annual financial results of Arco Leasing Limited (hereinafter referred to as "the Company") for the year ended March 31, 2026, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:
a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the net profit/(loss), other comprehensive income and other financial information of the Company for the year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the "Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.
M. C. JAIN & CO. LLP
Chartered Accountants
Ground Floor, Plot no.1137, MCJC House,
SVS Marg, Dadar West, Mumbai – 400028
Email: [email protected]
Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results
The standalone annual financial results have been prepared on the basis of the standalone annual financial statements. The Company's Management and the Board of Directors are responsible for the preparation and presentation of the standalone annual financial results that give a true and fair view of the net profit/(loss) and other comprehensive income of the Company and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the standalone annual financial results.
M. C. JAIN & CO. LLP
Chartered Accountants
Ground Floor, Plot no.1137, MCJC House,
SVS Marg, Dadar West, Mumbai – 400028
Email: [email protected]
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone annual financial results made by the Management and Board of Directors.
- Conclude on the appropriateness of the Management's and Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
M. C. JAIN & CO. LLP
Chartered Accountants
Ground Floor, Plot no.1137, MCJC House,
SVS Marg, Dadar West, Mumbai – 400028
Email: [email protected]
We also performed procedures in accordance with SEBI Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
Other Matter
The standalone annual financial results include the results for the quarter ended March 31, 2026, being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For M.C.Jain & Co.
Chartered Accountants
VATSAL
HITESH
GOHIL
Digitally signed by
VATSAL HITESH
GOHIL
Date: 2026.05.30
18:53:22 +05'30"
(C.A.Vatsal Gohil)
Partner
Membership no. 146059
Firm Registration no. 304012E
Mumbai, May 30, 2026
UDIN : 26146059UDQJYD1274
M. C. JAIN & CO. LLP
Chartered Accountants
Ground Floor, Plot no.1137, MCJC House,
SVS Marg, Dadar West, Mumbai – 400028
Email: [email protected]
Independent Auditor’s Report
Report on the Audit of Consolidated Annual Financial Statements
To
The Board of Directors of Arco Leasing Limited
Opinion
We have audited the accompanying consolidated annual financial results of Arco Leasing Limited (hereinafter referred to as the "Holding Company") and its subsidiary (Holding Company and its subsidiary together referred to as "the Group"), for the year ended March 31, 2026, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated annual financial results:
a. include the annual financial results of the following entities:
Holding Company: Arco Leasing Limited
Subsidiary: Ansu Trade and Fiscals Private Limited
b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India, of consolidated net profit/(loss) and other comprehensive income and other financial information of the Group for the year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results" section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe
M. C. JAIN & CO. LLP
Chartered Accountants
Ground Floor, Plot no.1137, MCJC House,
SVS Marg, Dadar West, Mumbai – 400028
Email: [email protected]
that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.
Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results
These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/(loss) and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Board of Directors of the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the respective Management and the Board of Directors of the companies included in the Group are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the respective entity or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of each company.
Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
M. C. JAIN & CO. LLP
Chartered Accountants
Ground Floor, Plot no.1137, MCJC House,
SVS Marg, Dadar West, Mumbai – 400028
Email: [email protected]
SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated annual financial results made by the Management and Board of Directors.
- Conclude on the appropriateness of the Management's and Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/information of the entities within the Group to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of all entities included in the consolidated annual financial results.
M. C. JAIN & CO. LLP
Chartered Accountants
Ground Floor, Plot no.1137, MCJC House,
SVS Marg, Dadar West, Mumbai – 400028
Email: [email protected]
We communicate with those charged with governance of the Holding Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with SEBI Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
Other Matter
The consolidated annual financial results include the results for the quarter ended March 31, 2026, being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For M.C. Jain & Co. LLP
Chartered Accountants
VATSAL
HITESH GOHIL
Digitally signed by
VATSAL HITESH GOHIL
Date: 2026.05.30
19:00:18 +05'30'
(C.A.Vatsal Gohil)
Partner
Membership no. 146059
Firm Registration no. 304012E
Mumbai, May 30, 2026
UDIN : 26146059BWKRNS1853