Interim report
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NLC INDIA CREATING WEALTH FOR WELLBEING 70 Years of Energizing the Nation with Sustainability NLC India Limited ( Navratna - Government of India Enterprise ) Registered Office : No.135 , EVR Periyar High Road , Kilpauk , Chennai - 600 010 . Corporate Office : Block - 1 , Neyveli - 607 801 , Cuddalore District , Tamil Nadu . CIN : L93090TN1956GOI003507 , Website : www.nlcindia.in email : cosec@nlcindia.in Phone : 044-28369139 Date : 07.08.2026 Lr . No. NLC / Secy / LODR / 2026 To National Stock Exchange of India Ltd. Exchange Plaza , Plot No. C / 1 , G Block , Bandra - Kurla Complex , Bandra ( E ) , Mumbai - 400 051 . Scrip Symbol : NLCINDIA To BSE Ltd. Phiroze JeeJeebhoy Towers , Dalal Street , Mumbai - 400 001 . Scrip Code : 513683 Sir / Madam , Sub : Regulation 30 , 33 , 51 and 52 of SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 - Outcome of Board Meeting . **** Pursuant to Regulation 30 , 33 , 51 and 52 of SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , we write to inform that the Board of Directors of the Company at its meeting held on Friday , 07 th August , 2026 have , inter - alia , considered and approved the following : 1. Standalone & Consolidated Un - Audited Financial Results of the Company for the Quarter ended June 30 , 2026. The copy of the Un - Audited Financial Results along with the Limited Review Report given by the Joint Statutory Auditors of the Company on the Un - Audited Financial Results and other required disclosures are enclosed herewith as Annexure - I . The Un - Audited Financial Results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company , at their respective meetings held on 07th August , 2026 . 2. Appointment of M / s . Sundaram & Srinivasan , Chartered Accountants , as Tax Auditor of the Company for the Financial Year 2025-26 . We are enclosing herewith the brief details of the aforesaid change as prescribed under SEBI ( LODR ) Regulations read with SEBI circular HO / 49 / 14 / 14 ( 7 ) 2025- CFDPOD2 / 1 / 3762 / 2026 dated January 30 , 2026 as Annexure II . The meeting commenced at 11:45 Hours and ended at 16:00 Hours . The above information will be made available on the Company's website at www.nlcindia.in This is for your information and record . Thanking You , Yours Faithfully , For NLC India Limited Company Secretary & Compliance Officer Encl : as above
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Annexure – II The details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular HO/49/14/14(7)2025- CFDPOD2/I/3762/2026 dated January 30, 2026. 1. Appointment of M/s. Sundaram & Srinivasan, Chartered Accountants, as Tax Auditor of the Company for the Financial Year 2025-26. Sl.No. Particulars Details 1. Reason for Change Appointment 2. Date of Appointment/ Re-Appointment 07.08.2026 3. Term of Appointment/ Re-Appointment Financial Year 2025-26 4. Brief Profile M/s. Sundaram & Srinivasan, Chartered Accountants was established in the year 1943. The no. of partners of the firm are 15 and Head office of the firm is in Chennai with Branches in Madurai, Bangalore, Mumbai and Hyderabad. The Profile of Firm is attached as Annexure – A.
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(\~ 11()'> NLC India Limited fA 1 'C, NLC INDIA .::J <.ti.Juv-> CREATING WEALTH FOR WELLBEING , ('Navratn a' - Governmen t of India Enterpr ise) No-135, EVR Periyar High Road, Kilpauk , Chenn ai- 600 010, Tamil Nadu, India CIN: L93090TN1956GOI003507, Website: www.n lcind ia.in Statement of Unaudit ed Stand alone Financ ial Results for the Quarter Ended June 30, 2026 Quarter ended Quarter ended Quarter ended Particulars 30-06-2026 31-03-2026 30-06-2025 (Unaudited) (Audited) (Unaudited) INCOME Revenue from Operations • 2,871.73 2,918.33 2,495.60 I Other Income 119.74 283 .94 284 .17 II Ill Total Income (1+11) 2,991.47 3,202.27 2,779 .77 IV EXPENS ES Changes in Inventories 196.98 (329 .12) 2 15.07 Employee Benefits Expense 554.84 612.31 557 .56 Finar-ice Costs 127.83 127.98 131.25 Depreciation and Amortization Expenses 336.63 382 .23 34 1.78 Other Expenses 1,291 .94 1,758.23 1,2 15.15 Total Expens es \IV} 2,508.22 2,551.63 2,460 .81 V Profit/ (Loss) before Exceptional Items , Tax & Rate Regulatory 483.25 650 .64 318.96 Acti vity (Il l-IV) VI Net Movement in Regulatory Deferral Account Balances - Income / (Expenses) 65.42 604.92 209.82 VII Profi t/ (Loss) before Exceptional Items & Tax (V+VI} 548.67 1,255.56 528.78 VIII Except iona l Items - Expenses / (Income) - - - IX Profit/ (Loss) before T ax (VII-VIII) 548.67 1,255.56 528 .78 X Tax Expense: (1) Current Tax - Current Year Tax 157.65 148.11 98.50 - Previous Year Tax - 10.94 - - Tax Expenses/ (Sav ings) on Rate Reg ulated Account 21.34 173.99 64 .79 (2) Deferred Tax (after MAT adjustm ent) (4.60) (320.94) (2.68) Total Tax Expenses (X) 174.39 12.10 160.61 XI Profit / (Loss) for the period / year (IX-X) 374.28 1,243.46 368.17 XII Other Comprehensive Income : I (A) (i) Items_ that will not be reclassifie d to Profit or l oss: 82.46 (2.63) (12 .31) (ii) Income tax relating to items that will not be reclassified to (26.90 ) (0.23) 3.80 profit or loss (B) (i) Items that will be reclassi fied to Profit or l oss: 1.69 (6.46) (ii) lne:ome tax relating to items that will be reclassified to profit or loss XIII Total Comprehensive Income for the period / year (Comprising 431.53 1,234.14 359.66 Profi t/(loss) and Other Comprehensi ve Income) (Xl+XII ) XIV Earnings per Equity Share (of Rs: 10 each) - (not annualised) Before adjustment of Net Regulatory Deferral Balances: (1) Basic ( in Rs. ) 2.38 5.86 1.61 (2) Diluted ( in Rs. ) 2.38 5.86 1.61 xv Earn ings per Equity Share (of Rs.10 each) - (not annualised) After adjus tment of Net Regulatory Deferra l Balances: (1) Basic ( in Rs. ) 2.701 8.97 2.66 .. , (2) Diluted ( in Rs. ) 2.70 8.97 2.66 (fCrore ) Year ended 31-03 -2026 (Audited) 10,86 3.92 1,1 71.03 12,034 .95 (73.40) 2,433 .36 513 .90 1,452.88 5,557.96 9,884.70 2,150. 25 888 .56 3,038 .81 - 3,038 .81 669 .93 13.32 272 .71 (442 .22) 5 13 .74 2,525 .07 (9.25) 2.84 (6.4 6) 2,512,2 0 13.77: 13 .77 18.21 18.21 Annexure - I
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<'" 11 f) "> f/tg NLC India Limited ('Navra tn a' - Governm ent of India Enterprise ) . , No-135 , EVR Periyar High Roa d, Kilpauk, Chenna i- 600 010, Ta~1I _ Nadu , India CIN: L93090TN1956GOI003507, Website: www.nlcind1a .m ~ NLCINOIA ,;;, v<.iuv--> CREATING WEALTII FOR wru.BaN G Statement of Unaud ited Standalon e Financial Results for the Quarter End ed June 30, 2026 (r Crore) Quarter ended Quarter ended Quarter ended I Year ended 30-06-2026 31-03-2026 30-06- 2025 31-03- 2026 Particulars (UnauditedL (Aud ited) _(Unaudited) (Audited) 1,386.64 1 XVI Paid up Equity Share Capital 1,386.64 1,386.64 I 1.386.64 {Face Value of Rs.10/- per Share) 10,157 .36 1 XVII Paid up Debt Capital ' 10,539.09 7,544.ao I 10,157.36 \ XVIII Other Equity excluding Revaluation Reserve 1a.J 15.01 I 17,883.54 I 16.438.19 i 17,883.54 I ; Net Worth I 19,270.18 I XIX [Equity Share capital and Other Equity less Asset under 19,701.70 19,270 .18 I 17,824.83 I Development] I I I 0.00 I I xx Debenture Redemption Reserve U.0C I 0.00 I 291.07 1 o.oo I XX! Ca,::ital Redemption Reserve 291.07 291 .07 I 29 1.0 7 XXII '.:lebt Equity Ratio 0.53 1 0.53 0.42 I 0.53 [Pz:d up debt Capital/ Share Holders Equity] Debt Service Coverage Ratio (DSCR) I I XXIII [Earning before Tax, Exceptional, depreciation and interest I 1.11 I 1.10 I 1.62 Interest net of transfer to Capital Work in Progress and Principal 5.19 I Repayme nts of Long term Borrowings) ' Interest Service Coverage Ratio XXIV [::ar.iing before Tax. Exceptional, depreciation and interest/ 7.93 13.80 7.63 9.74 !nterest net of transfer to Capital Work in Progress] ! cu~rent Ratio I XXV [Current Assets / Current Liability] 0.69 0.64 0.82 ' 0.64 1 Long Term Debt to Working Capital Ratio I I XXVI [Len;; term debt including current maturities of Long term I t,:nowi.1gs I Working capital excluding current maturilies of long (3.11) (2. 71) 9.83 (2.71) I te.r. borrowir.g s] I XXVII Bad deb! to Accounts Receivable Ratio •· [Sad deb:/ Average Account Receivables) 0.00 0.00 0.00 0.00 Cu,re:-,t Uab;lity Ratio XXVIII I [Currer! Liability/ Total Liability] I 0.39 0.44 I 0.36 0.44 To;:a! iJebt to Total Asset Ratio ' I XXIX [Paid Up debt capital/ Total Asset] ' ! ; 0.28 0.27 I 0.21 0.27 Deoto; 7urnov er Ratio (annualised) I I XXX I I fRe·,e:1ue from Operation I Average Trade Receivables) 5.77 5.75 4.28 I 4.97 / inve,;,ory T urr.over Ratio (annualised) I XXXI 7.29 1 [Ri; venue from Operation/ Average Inventory) 7.54 I 8.09 I 7.84 I Opera:ing Margin (in %) ' XXXII [Earni,;g before Exceptional, Tax, Interest and other Income / RP.ver.:;e from Operation including Net movement in regulatory I 18.96 3 1.21 I 13.89 20.27 I ce:cir-" ' acco~nt balance s] I I I I Ne: P~ofi: f'llzrg in (in %) ' I ' XXXl/1 (,:>ro:it for t ►,e Period / Revenue from Operation including Net 12.74 ' 35.29 I movemen t in regulatory deferral account balances] 13.6', ! 21.49 • Included Long term debt , short term debt and current matu rities of Long term Debt. •• All debtors secured and unsecured are considered as good. I See acco mpanying notes to Standalone financi als results. I I
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Notes to Standalone Unaudited Financi al Results for the Quarter ended 30t h .June 2026 I. The above Standalone Unaudited Financial Results for the qua11er ended 30th June 2026 have been reviewed by the Audit Committee in its meeting held on 7th Aug 2026 and approved by the Board of Directors in their meeting held on the same date. 2. The Joint Statutory Auditors have carried out a limited review of these Standalone Unaudited Financial Results as required under Regulatio;1s 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. 2015. as amended from time to time. 3. The Standalone Unaudited Financial Results for the qua1·ter ended 30th June 2026. are in compliance with IND AS and other accc unting princ"ples generally accepted in India. 4. The Offer for Sale (OFS) for disinvestment of2.73% Gol equity stake in NLCIL received strong investor response. with the institutional portion being oversubscribed, enabling the Government to mobilize around Rs.1.260 crore whi.e continuin g to retain majo:ity ow,1ership in NLCIL. 5. The Comptroller and Auditor General d" India. upon completion of the supplementar y audit under Section· 143(6)(a) of the Companies Act. 20 13 on the Standalone Finan cial Statements of the Company for the year ended March 31. · 2026, have reported under section l 43(6)(b) that. on the basis of their audit. nothing significa nt has come to their knowledge which would give rise to any comment upon or supplement to Stat utory Auditor~• report. 6. CERC and Regulatory related matters: i . ii. 11 l. CERC notified the Tariff Regulations. 2024 for the 2024-29 period vide order dated 15th March 2024. Pending fi nal tariff orders. thermal bill i;1g is being carried out as per the 2019-24 tariff orders. According!, . income of ~50.86 crore for Q I FY _2026- 27 and ~238.36 crorc cumulatively has been recognized under the regulatory deferral account based on applicable 2024-29 operating norms. For Neyveli Mines. billing is based on CERC's interim lignite price ot·d""r P" d" ~ . ~ ..... n mg final_ t~nff order for 2019~24. For Barsingsar Mines, energy charges are billed prov1s1onally based on the mput ;)rice filed with CERC for 2024- 29. ?uring FY 2022- 23, the Company billed ~386.5 1 crore to D COMs towards income tax reco~erable under C!::R.C Tariff Regu ations in resp-:~t ofVS VS. 2020 payments, of which ~68.39 crore has been received The balance· , r · · _ . . . . • . - 1s unaer .1t1gat1on before various High Coucts. \ 1t ~ matters bei;1g remanded/dire:; eG to CERC for adjudication , including orders ciNed 11th September 2024. 9tr April 2025. 12th November 2025 and 9th March 2026. Accordi•10-ly the Coi" o· a h · d · "' , .,_ ny as retarne regulatory deferral liability of ~413.64 crore. including cumu'ative interest of ~27.13 crore, as at 30111 June 202f .
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iv. As per CERC Tariff Regu lations. 2024-29 . regula tory income orn 5.7 4 crore for QI FY 2026-27 and ~338.55 crorc cumu latively has been recog nized towards sec urity expenses. water charges and cap ital spares. subject to pmdence check by CERC. 7. The Company has maintained the required Security cover as per the ter ms of the offer document/information memoran dum and/or the Debenture tru st deed . . incl uding compliance with all the covenants. in respect of the liste d 11011-conve1t ible debt securities . 8. Figures for the previous periods have been regrouped/re c lassified wherever nece ssary. For NLC India Limited Place: Che nnai Date : 07111 Augu st 2026 IV;( DIREC TOR (FINANC E) & CFO
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Sundaram & Srinivasan Chartered Accountants #23, C.P. Ramasamy Road, Alwarpet, Chennai - 600018 PKF Srldhar & Santhanam LLP Chartered Accountants VII Floor, 91-92 Dr Radhakrishnan Salai Mylapore Chennai - 600004 Independent Auditors' Limited Review Report on Unaudited Standalone Financial Results of NLC INDIA LIMITED for the quarter ended June 30, 2026 pursuant to Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors of NLC INDIA LIMITED Introduction 1. We have reviewed the accompanying statement of Unaudited Standalone Financial Results ('the Statement'} of NLC INDIA LIMITED (herein after referred to as the 'Company'}, for the quarter ended June 30, 2026 (herein after referred to as the 'Statement') being submitted by the Company pursuant to the requirements of Regulations 33 and 52 of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations'). We have initialed the Statement for identification purposes only. Management's Responsibility 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. Scope of Review 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 241 O "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim ncial information . consists of mak'.ng inquir'.es, primarily ~ ~,~! soni~esponsible. for ncial and accounting matters, applying analytical and othe~r, ~v~ew, r edu xs. A review (};( 'ir I ,r r. ~ ~- ..-.)~ ll.. : r,r, I l •• H 'Y • .• ~. .018 r·-1 1 f3 o.. ,-. age o J 'o;, ~ ('f. 'JI\ f/ ~-... . -
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.. is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accord ingly, we do not express an audit opinion. Conclusion 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the branch auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement read with notes thereon, prepared in accordance with applicable Indian Accounting Standards specified under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. Emphasis of Matter We draw attention to Note No. 6(iii) to the Statement, with regard to amount billed on VSVS to DISCOMs and the matter is sub judice, NLCIL has retained the regulatory deferral liab ility for the disputed amount of Rs. 386.51 Crores, along with accrued interest of Rs. 2.07 crore during the quarter, with cumulative interest booking of Rs.27 .13 Crores on the amount already received. Accordingly, a total regulatory deferral liability of Rs. 413.64 Crores has been recognized as of June 30, 2026, in this regard. Our conclusion on the Statement is not modified in respect of the above matter. 6. Other matters a. We did not review the interim financial information of two (2) branches located at Talabira and Barsingsar included in the Statement, whose interim financial information reflects total income of Rs. 932.87 crores and total net profit after tax / total comprehensive income of Rs. 289.44 crores for the quarter ended June 30, 2026, as considered in the Statement. This interim financial information has been reviewed by other auditors whose review report has been furnished to us by the Parent's management, and our conclusions in so far as it relates to the amounts and disclosures included in respect of the branches, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above. b. The comparative financial results of the Company for the correspond ing quarter ended ne 30, 2025 were reviewed by then Joint Statutory Auditors of the Company, one of them the predece ssor auditor who expressed an unmodified usion --- n t ose financial lts on August 07, 2025. ,!}j~F r -\ ~ l, - - ·1° f 0, I Page 2 of3 * 'I._
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c. The Statement include the results for the quarter ended March 31, 2026, being the balancing figures between audited figures in respect of full financial year ended March 31, 2026 and the published year to date unaudited figures up to December 31, 2025, which being reviewed were not subjected to audit. Our conclusion on the Statement is not modified in respect of the above matters. For Sundaram & Srinivasan Chartered Accountants Firm Regn. No. 004207S kshi Sundaram M No.217914 UDIN: 26217914DJYGLE9861 Place: Chennai Date: August 07, 2026 Page 3 of 3 l
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-- NLC India Limited ('Navratn a'. Government of India Enterprise) 1 No-135 , EVR Perlyar High Road, Kllpauk , Chenna l- 600 010 , Ta'°'.'11 Nadu , Ind a CIN : L93090TN19 56GOI003507 , Website: www.nlclndoa.ln Statement of Unaudited consolidat ed Financial R esults for the Quarter Ended June 30, 2026 Particulars INCOME Revenue from Operations 11 Other Income Ill Total Incom e (1+11) IV EXPENSES V VI VII Cost of Fuel Consumed Changes on Inventories Employee Benefits Expense Finance Costs Oepreciabon and Amortization Expenses Other Expenses Total Expenses (IV) Profit/ (Loss) before Exceptional llems, Tax & Rate Regulatory Activity (Ill- IV) Net Movement in Regul atory Deferral Account Balances - Income / (Expenses) Profrt / (Loss) before Exceptional Items & Tax (V+VI) VIII Exceptional Items - Expenses/ (Income) IX Profit / (Loss) before Tax (VII-VIII) X Tax Expense : XI XII XJII ( 1 ) Current Tax - Current Year Tax - Previous Year Tax - Tax Expenses I (Savings) on Rate Regulated Account (2) Deferred Tax (after MAT adjustment) Total Tax Expenses (X) Profit/ (Loss) after Tax before Share of Profit / (Loss) of Associates (IX-X) Share of Profit / (Loss) of Associates & Joint Venlure Profit/ (Loss) lorthe period/ year (Xl+XII) XIV Other Comprehensiv e I ncome : xv (A) (i) Items that wUI not be reclassified to Profit or Loss: (ii) Income tax relating to items that will not be reclass ified to profit or loss (B) (i) llems that will be reclassified to Profrt or Loss: (ii) Income tax relat ing to items that will be reciasSlfied to profit or loss Total Comprehensive Income for the period/ year (Com prising Profit/(Loss) and Other Comprehensive Income) (Xlll +XIV) XVI Profit attributable to: - Owners of the Company - Non Contro lling Interest (NCI) XVII Total Comp rehensive Income attributable to: XVIII XIX - Owners of the Company - Non Controllin g Interest (NCI) Earnings per Equity Share (of Rs.10 each)- (not annualised) Before adjustment of Net Regulatory Deferral Balance s: (1) Basic ( in Rs. ) (2) Diluted ( in Rs. ) Earnings per Equity Share (of Rs.10 each) - (not annualised) Alter adjustment of Net Regulatory Deferral Balances : Quarter ended 30-06-2026 (Unaudited) 4,716.75 151.10 4,867.85 1,042.49 207.07 588.09 382.12 665 .92 1,407 .70 4,293.39 574.46 77.09 651.55 651.55 220.07 20.38 (25.17) 215.28 436.27 0.06 436.33 86.94 (27.26) 1.69 497 .70 484 .27 (47.94) 544.31 (46.61) 3.08 3.08 Quarter ended 31-03-2026 (Audited) 5,042.46 154.76 5,197.22 1,037.14 (352 .47) 649.69 364 .31 694 .77 1,933.70 4,327.14 870 .08 647.51 1,517 .59 1,517.59 208.13 10.97 174.11 (357.01) 36.20 1,481.39 0.06 1.481.45 (2.77) (0.23) (6.46) 1,471 .99 1,393.46 87.99 1,384.04 87.95 6.64 6.64 Quarter ended 30-06-2025 (Unaudited) 3,825.61 290.24 4,115.85 776 .33 252.43 578 .93 298 .79 539.32 1.283. 16 3,728.96 386.89 206.71 593.60 593.60 114.79 64.25 (424 .59) (245 .55) 839.15 0.06 839.21 (1 3.02) 3.80 829.99 797.59 41.62 788.60 41.39 4.72 4.72 (t'Crore ) Year ended 31-03-2026 (Audit ed) 17,489 .53 977 .36 18,466 .89 3,417 .16 (48.42 ) 2.548.65 1,221 .58 2,378 .58 5.983 .70 15,501 .25 2,965 .64 909 .48 3,875 .12 3,875 .12 824.22 (33 .55) 271 .04 (955 .77) 105.94 3,769.18 0.28 3,769.46 (9.73) 2.84 (6.46) 3,756.11 3,522.20 247.26 3.508.99 247.12 20.80 20.80 10.05 (1) Basic ( in Rs. ) -=- 5_75 25.40 L -....l. C::(2.:.) .:...Dl...:lu.:...te...:d...:(_in_ R_s_ . .:_> _______________ 7 ~~-==::::,.;~~----~~L_c: _ _:s~ ,.!.' J_5:,:.':7-?5L ___ _:25.40 10.05 ;~ :.~~tJ r,- ,:; -,
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~z:? f " ~ C: ::J v.lU - ;J NLC India Limited ('Navratna' - Government of India Enterprise) . No-135, EVR Perlyar High Road, Kilpauk , Chennal-600 010, :ra~,I Nadu, India CIN: L93090TN1956G0I003507, Website : www.nlcmd1a.in v~uvv CIIEATIIIG WULlll FOIi WEUJl]IIG Statement of Unaudited Consolidated Financial Results for the Quarter Ended June 30, 2026 (f Crore) Quarter ended Quarter ended Quarter ended Year ended 30-06-2026 31-03-2026 30-06-2025 31-03-2026 Particulars (Unaudited ) (Audited) (Unaudited ) (Audited) Paid up Equity Share Capital 1,386.64 1,386.64 1,386.64 1,386.64 xx (Face Value of Rs.10/- per Share) XXI Paid up Debt Capital ' 28,132.76 27,801.94 23,282.70 27,801 .94 XXII Other Equity excluding Revaluation ·Reserve 20,682.44 20,138 .12 18,124.92 20,138.12 Net Worth 19,511.56 21.524 .76 XXIII [Equity Share capital and Other Equity Excluding Non Controlling 22.069 .07 21 ,524.76 Interest less Asset under Development] XXIV Debenture Redemption Reserve 0.00 0.00 0.00 0.00 XXV Capital Redemption Reserve 291.07 291.07 291 .07 291.07 XXVI Debt Equity Ratio 1.27 1.29 1.19 1.29 (Paid up debt Capital / Share Holders Equity] Debt Service Coverage Ratio (DSCR) XXVII [Earning before Tax, Exceptional, depreciation and interest I 3.55 1.47 1.13 1.75 Interest net of transfer to Capital Work in Progress and Principal Repayments of Long term Borrowings) Interest Service Coverage Ratio XXVIII [Earning before Tax, Exceptional , depreciation and interesU Interest net of transfer to Capital Work in Progress] 4.45 7.07 4.79 6.12 XXIX Current Ratio [Current Assets / Current Liability] 0.81 0.80 0.82 0.80 Long Term Debt to Working Capital Ratio XXX [Long term debt including current maturities of Long term borrowings / Working· capital excluding current maturities of long (15.27) (18.27) 37.72 (18.27) term borrowings) XXXI Bad debt to Accounts Receivable Ratio •• 0.00 I [Bad debt/ Average Account Receivables] 0.00 0.00 0.00 XXX/1 Current Liability Ratio [Current Liability/ Total Liability) 0.23 0.24 0.23 0.24 XXXIII Total Debt to Total Asset Ratio [Paid Up debt capital / Total Asset] 0.43 0.43 0.39 0.43 XXXIV Debtor Turnover Ratio (annualised) (Revenue from Operation/ Average Trade Receivables] 5.63 5.98 4.13 4.64 XXXV Inventory Turnover Ratio (annualised) [Revenue from Operation I Averag e Inventory) 8.65 10.01 8.53 8.34 Operating Margin (in %) XXXVI [Earning before Exceptional, Tax, Interest and other Income/ Revenue from Operation including Net movement in regulatory 18.41 30.35 14.93 22.39 deferral account balances] Net Profit Margin (in%) XXXVII [Profit for the Period / Revenue from Operation including Net 9.10 movement in regulatory deferral account balances] 26.04 20.81 20.49 • Included Long term debt, short term debt and current maturities of Long term Debt . "All debtors secured and unsecured are considered as good . · See accompanying notes to Consolidated financials results. I
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.. C olida tcd Unaudi ted Finan cial Results for the Q ua rter en ded 30111 June 2026 Notes to ons ' . ., 111 26 . b C !'dated Unaudited Financial Results 1or the quarter ended .>0 June 20 ) l. 1 he al ove . o1~so el d b)' the Audit Committee in its meeting held on 71h /\ug 2026 and have Jeen I ev1ew . 1 Id ti e d~te a )roved by the Board of Directors in (l,c ir meet mg 1e. on ,e sam " . . Pl . 1 r ·r ·I eview of 1hcsc Co:1so!ida~ecl 2. '!'he Joim Statutory Auditors have. ca~·- eel 01 ~ ~ 1;~~; 0 ~;s ;3 and 52 of tl1e Securities and ~~ 1 : 1~~~:cd :~ 1 ~~~~:~~~:L~l~~:t~,~-;b~;~goL:::,~~-an~ ~is closure ~equire ments) Regulations. 201 5. as amended from time to time. . 1 fi I ter ended 30th June 2026. are ., The Consolidated Unaudited Financial f?esu ts or t 1e quai cl . i c1 · .>. in compliance with IND /\.Sand other accounting principles generally accepte Ill .n. w.. l.2 - -,o/c r· · I cquit)' stake ;r NLCIL rece111ecl 4 The Offer for Sale (Of-S) for disinvestn1 : Ill o · . I.> 0 11 • .• · . · . . . . 1 . · b · o oversubscnbed. enabling the SlrO!lg in\ ~star response. with the 1nslltut1ona po, lion cme . . , . . ·it Government to mo 1 1ze aroun . - ~ · -b·1· d Rs I 760 "rore whil" cont111u111g _,:_1 reta111 ma_101 •. y ownei'ship in NLCIL. 5. CA.G issues NIL comments for all the ~ubsidiaries for rhe FY 2025-L.6 except NIG EL. \\' OO has received a non-audit certificate 6. The Cc:1~i)tro:ler and Auditor General of India. upon ::ompletion of ,he supplementary audit under Section I 43(6)(a) of the Companies Act. 2013 on the Consolidated Financial Statements of the Company tor the year ended Marc:1 31, 2026. ha,·c reported under seetion 1<+3(6)(b) that. on the basis oi° tneir audit. nothing significanr nas come to their knowledge which would give rise tc fa ny comment upon or supplement to Statutory Au~ itors' rep 011. 7 . . 1 L'?PL (S:.ibsidiary ofNLC IL) Ghatan~p~tr Thermal P•:wer Project {GTPP) Unit-3 (660 1 v1W) successfully achieved Commerciai Operation Da•e (COD) on 13 June 2026. Wirh ,he commissioning ofU nit-3. the entire Ghatampur Thermal Power Project (3 x 660 MW). with a total installed capacity of 1.980 MW. now stands fully commissioned. 8. On compietion of COD of Unit-fl ac i J FPL. d1e Cor ,pany initially rJised provisional 1 j iJi~ at 90% of the tariff claimed in it:--. l. ERC tariff p~tition. as pe,r:t ted under tariff t"e:in:iatiolls. Subsequently. CERC issued a,1 Interim Tai·i I t' Order allo\\'i;,~ billin2: based on ~ ~ ~ [5:5% of the claimed Annual Fixed Charges until the fin:.=.i tariff is derer:nined. Accordingly. revenue has been recognized b ased on the approved interim tariff and the resulting adjustment from the difference betwee!, provisional bil ling and inter;m tariff has been accounted for in the financial statemems amounting to ~ 134.85 crorc. The interim tciriff remains subject to revision upon CERC'<: !inal tariff determination. 9. Advances recoverable from M/s BGR1.SL in l"Cspect nf the NUPPI. project smod at ~1,453.69 crore as on 30 June 2026. including accrued interest and liquidated damages of ~539.78 crore. Based on a prudential assessment of reco,•~rability. the Company has made ;~ 100% 1:rovision for the entire outs1anJ111g amount or ~l.453.69 crcre. The Company continues to pursue recovery of the dues and retains all contractual and !.:gal rights in this regard.
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I 0. CERC and I cgu latoni related matt ers: I. 11. ii:. IV. C[R notified the Tariff Reoulations. 2024 for the 2024-29 period ~idc or?e r dated 15th March 2024. Pendi~g tinal tariff orders. the rmal billing is being earn ed out as per the 2019- 24 tariff ot~~rs. Acco rdingly. income of<5 0.86 crore for QI FY 2026-27 and ~238.36 cro rc cumulativ ely has been recogn ized un~er the regulatory deferral account basc:u on applicable 2024-29 operating norms 111 case of NLCIL. For Neyve li Mines. billing is based on CE RCs inter im lignite price order. pen?ing final tariff order for 2019- 24. For 13arsingsa r Mines. energy charg es are bi! led prcvisiona lly based on the input )!'ice tiled \Vith ('[RC for 2024-29. CJcinJ FY 2022-2 3. NLCIL bi.'.::d ~386.5 1 crure to DISCOMs towa rds income tax recoverable under CER C :~~1riff Rcu.ulati-.:> ns in respec: af YSYS. 2020 payments . of which ~68.39 crorc ias been i~c .;.,, ,.!d. T he balance is under liti gat ion before various High Courts. wi1•1 matte rs beiP!,; rcmanded/dir~ctcd to CERC for adjudication. including orders d:.-.1ed l l tll September 2024. 9t'.: April 202 5. 12th '.\ vember 2025 and 9th f\/arc!·. :?.026. /\cco di ,1gly. the Co1,1pany r.as r.=tai,~ .:d :egul::r.:ory deferral liability of ~<1-'.3.64 crore. including CL?t::u1ative interes t cf 'f.2 7 .1 3 c rore. as at 30th June 2G2c. As per CERC Tariff Regulation<, 2024- 29. regu.ai.ory income er z25.74 cro re !or Ql FY 2026-27 and ~338.55 crore cumulative!~ has been recognized in NLC IL books of account s toward s secL!•·ity expe nses. water charges aPd cap ital spares. s11bject to prudence check by CF :) C. 11 .. lLCIL !- as maintaine d the required :;;rcL•rit~ cov-: · :ts per the ::c:•·:n" of th· offer documep1.'infonn ation memorandum :11~d/cr the Oco.nture trust ~eed. inc ludi!~g comp lia1:cc v,ith all the covenants. in rc:spect or1he Ii . .::.: non-conven ; ,~ debt sc urities. 12. The fol lo\, ing Subsid iaries. Associate c, .11 panies and Joint Venture arc considered in the Cot~solidated l· inanci al Statements: o NLC Tamil Nadu Pm\cr Limited (N :·ru - Subsidiar>' Company - Sln rcholdinn - 89% o Neyvcli Uttar Pradesh Power Ltd. (. UPPL)- Subsicl iaFy Company -Sharehold ing - 51% u fvlN H Shakti Limit ed - Associate c .,.1,pan) - Shar .. l)r Associate - i : % " Coal Ligr.·te U1ja Vikas Private Limned- Share ,:'r.,o' nt Venture - .C: 0% ,. . 'LC '.ndia Rencw ablcs Limited (NI;c., L)- Wholly ::n •ned subsid:a•·:-, o NLC India Green Energy Limited (1 'IGEL) - Wholly owned subs idiary r \ !LC Paj~sthan Power Limited (NR n~.) - Subsict:::li') Compan. -Sh::.;·~holdin g - 74'% c \!IRL Assam Renewabl es Limited '! t\R L) - Sub•;i'.:iiary of NI r' - Shareh old ing - 51% " . I\ RL Rajasthan Rencwables Limit.:,.: 1NRRL) - Sttbsidiary ofNI RL- Shareholding - 74% " '\'.!R'... NC RTC Renewa bles Limited '. \JNRL ) - t1b'-icJiary of N!o:.L- r~hareholc\in~ - 74% 13. ,~igufes fo,· the previo us periods have oc~n re1=rouµ.:cl11 '-'- ;as:c.i fied "' i1-:.. " ,•e, ncces:,ai') . F"'i· !\!LC India U mited Plac e: Ci:ennai .:::::- ~ Date : Ol111 D!RFf' TO R (FIN A 1 i _E) & c-:
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NLC India Limited fNavratna' • Government of lndla Enterprite) No-135, EVR Perty1r High Road, Kilpauk, Chennal-600 010, Tamil Nadu, India CIN: L93090TN1956GOl003507, Website: www.nlclndla.ln Consolidated Segment-wise Revenue, Results, Assets & Liabilities for the Quarter ended June 30, 2026 Particulars 1. Segment Revenue a. Mining b. Power -Thermal c .Power • Renewables Total Less: Inter Segment Revenue Net Sales/income from operations 2. Segment Results Profit(+~Loss(•l before tax and interest from each Segment a. Mining b. Power -Thermal c .Power • Renewables Total Less: Finance Cost Add: Other un-allocable income-net off un-allocable expenditure (Excluding CCI) Total Profit Before Net movement in Regulatory & Tax as per P&L Account Add:- Net movement in regulatory deferral account balances incornef(expenses) Total Profit Before Tax 3. Segment Assets Mining Power • Thermal Power - Renewables Un - allocated Total 4. Segment Liabilities Mining Power -Thermal Power • Renewables Un • allocated Total Note: Mining segment includes both Ugnffe and Coal mining. Place: Chennai Date: 07f08/2026 Quarter ended 30-06-2026 IUnauditedl 2,336.61 3,810.44 220.01 6,367.06 1,650.31 4,716.75 396.18 463.46 104.47 964.11 382.12 (7.47) 574.52 77.09 651.61 8,608.98 42,337.48 9,497.42 5,175.91 65,619.79 6,919.24 24,022.18 5,500.59 7,108.70 43,550.71 31-03-2026 30-06-2025 {Audited\ (Unaudited\ 2,376.91 2,043.40 4,183.60 3,092.65 210.25 179.77 6,770.76 5,315.82 1,728.30 1,490.21 5,042.46 3,825.61 657.59 334.85 184.96 302.88 44.40 93.14 886.95 730.87 364.31 298.79 347.50 (45.13) 870.14 386._95 647.51 206.71 1,517.65 593.66 8,770.75 7,689.97 42,318.21 29,641.23 9,124.43 5,265.51 4,988.87 16,250.57 65,202.26 58,847.28 7,273.04 4,134.63 24,036.84 12,724.70 5,270.87 2,935.65 7,096.76 19,540.74 43,677.50 39,335.72 DR. PRASANNA KU DIRECTOR (FINAN I Year Ended 31-03-2026 {Audited\ 8,795.50 14,442.80 726.06 23,964.36 6,474.83 17,489.53 1,805.68 2,110.61 322.47 4,238.76 1,221.58 (51.26) 2,965.92 909.48 3,875.40 8,770.75 42,318.21 9,124.43 4,988.87 65,202.26 - 7,273.04 24,036.84 5,270.87 7,096.76 43,677.50 ---
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Sundaram & Srinivasan Chartered Accountants #23, C.P. Ramasamy Road, Alwarpet, . Chennai - 600018 PKF Sridhar & Santhanam LLP Chartered Accountants VII Floor, 91-92 Dr Radhakrishnan Salai Mylapore Chennai - 600004 Independent Auditors' Limited Review Report on Unaudited Consolidated Financial Results of NLC _1n~ia Limited for the quarter ended June 30, 2026 pursuant to the Regulations 33 and 52 of the SEBI (Listing ObUgations and Disclosure Requirements) Regulations, 2015 as a~ended. To THE BOARD OF DIRECTORS OF NLC INDIA LIMITED Introduction 1. We have reviewed the accompanying statement of Unaudited Consolidated Financial Results ('the Statement') of NLC India Limited (herein after referred to as 'the Company/ Parent') and its 5 subsidiaries (the Parent and its subsidiaries together referred to as 'the Group'), and its share of the net profit after tax and total comprehensive income of its associate and a joint venture, for the quarter ended June 30, 2026 (herein after referred to as 'the Statement') being submitted by the Parent pursuant to the requirements of Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations') Management's Responsibility 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued there under and other accounting principles generally accepted in India. Our r~sponsibility is to express a conclusion on the Statement based on our review. Scope of Review 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 241 _O "Review of/nterim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing r-:::.-~ f 'r-~)(\ s 4 v,~. '<" "'Y-;t. r✓,,F1, "P' ~/ ~ . ;f ---
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.. ld become aware of all significant and consequently does not enable us to obtain assurance that we wou . . . matters that might be identified in an audit. Accordingly, we do not express an audit opinion. . . CIR/CFD/CMDl/44/2019 dated We also performed procedures in accordance with the Circular No. l f 33(8) of the March 29, 2019, issued by the Securities and Exchange Board of India under Regu a ion Listing Regulations, to the extent applicable. · · · /b nches· 4. The Statement includes the unaudited financial results of the following ent1t1es ra · Name of the Entity/ Branch Nature of Relationship Talabira Project Branch of the Company Barsingsar Project Branch of the Company NLC Tamil Nadu Power Limited Subsidiary Neyveli Uttar Pradesh Power Limited Subsidiary NLC India Renewables Limited Subsidiary NLC India Green Energy Limited Subsidiary NLC Rajasthan Power Limited Subsidiary MNH Shakti Limited Associate Coal Lignite Urja Vikas Private Limited Joint Venture NIRLAssam Renewables Limited Step down Subsidiary NIRL Rajasthan Renewables Limited Step down Subsidiary NIRL NCRTC Renewables Limited Step down Subsidiary Conclusion 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the branch auditors and other auditors referred to in paragraphs 7 to 10 below, nothing has come to our attention that causes us to believe that the accompanying Statement read with notes thereon, prepared in accordance with applicable Indian Accounting Standards specified under Section 133 of the Companies Act, 2013 read with relevant rules issued there under and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Emphasis of Matter 6. We draw attention to Note No. 1 O (iii) to the Statement, with regard to amount billed on VSVS to DISCOMs and the matter is sub judice, NLCIL has retained the regulatory deferral liability for the disputed amount of Rs. 386.51 Crores, along with accrued interest of Rs. 2.07 crore during the quarter, with cumulative 1
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.. interest booking of Rs.27.13 Crores on the amount already received. Accordingly, a total regulatory deferral liability of Rs. 413.64 Crores has been recognized as of June 30 2026, in this regard· Our opinion on the Consolidated financial results is not modified in respect of the above matters. Other Matters 7. We did not review the interim financial information of two (2) branches located at Talabira and Barsingsar included in the Statement, whose interim financial information reflects total income of Rs. 932.87 crores and total net profit after tax/ total comprehensive income of Rs. 289.44 crores for the quarter ended June 30, 2026, as considered in the Statement. This interim financial information has been reviewed by other auditors whose review report has been furnished to us by the Parent's management, and our conclusions in so far as it relates to the amounts and disclosures inclu9ed in respect of the branches, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above .. 8. We did not review the interim financial information of four (4) subsidiaries namely NLC Tamil Nadu Power Limited, Neyveli Uttar Pradesh Power Limited, NLC India Renewables Limited (including three (3) step .down subsidiaries) and NLC India Green Energy Limited included in the Statement, whose interim financial information reflects total income of Rs. 1,955.65 crores and total net profit after tax of Rs. 61. 77 crores and total comprehensive income of Rs. 65.89 crores for the quarter ended June 30, 2026, as considered in the Statement. This interim financial information has been reviewed by other auditors whose review report has been furnished to us by the Parent's management, and our conclusions in so far as it relates to the amounts and disclosures included in respect of the above subsidiaries, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above. 9. The accompanying Statement also includes the Group's share of net profit after tax / total comprehensive income of Rs. 0.04 crores for the quarter ended June 30, 2026, of an associate - MNH Shalcti Limited, as considered in the statement. This interim financial information has been reviewed by another auditor whose review report has been furnished to us, and our conclusions on the Statement, in so far as it relates to the amounts and disclosures included in respect of the associate is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. 10. The accompanying Statement also includes the Group's share of net profit after tax / total comprehensive income of Rs. 0.02 crores for the quarter ended June 30, 2026, of a joint venture - Coal Lignite Urja Vikas Private Limited. This interim financial information has not been reviewed by their auditors and we have relied upon the interim financial information certified by the Parent's management. According to the information and explanations given to us by the Parent's management, the Group's share of net profit after tax/ total comprehensive income is not material to the group. 11. The accompanying Statement includes total income of Rs. Nil and total net profit after tax / total comprehensive income of Rs. Nil for the quarter ended June 30, 2026, of one Indian subsidiary - NLC Rajasthan Power Limited. This interim financial information has not been reviewed by their auditors and ~ ~'<'~~ ,\ t, ~4' /(,~/.. ~ t l 1 it" 1 jl1 C,'ifN'. r,..(Y -=--
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■ we have relied upon the interim financial information certified by the Parent's management. According to the information and explanations given to us by the Parent's management, the net profit after tax is not material to the group. 12. The comparative financial results of the Group for the corresponding quarter ended June 30,2025 were reviewed by the then Joint Statutory Auditors of the Company, one of them was the predecessor auditor who expressed an unmodified conclusion on those financial results on August 07, 2025. 13. The Statement include the results for the quarter ended March 31, 2026, being the balancing figures 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 December 31, 2025, which being reviewed were not subject to audit. Our conclusion on the Statement is not modified in respect of the above matters. For Sundaram & Srinivasan Chartered Accountants . Firm Regn. N7 {) :6::: Sundaram "-- - ,iartner M No.217914 UDIN: 26217914NBJEPZ8780 Place: Chennai Date: August 07, 2026 For PKF Sridhar & Santhanam LLP Chartered Accountants gn. No. 00 ~'-- ---.:,: % , Reg~.~ ~~ ~ OS/S? D ,.... :-1 arasimhan ) Partner \'-\ }\V M No. 206047 _, UDIN: 2620604711UYll1600
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Sundaram & Srinivasan Chartered Accountants, PKF Sridhar & Santhanam LLP Chartered Accountants No.91/92, 7th Floor New No.4, Old. No. 23, C.P. Ramaswamy Road, Alwarpet, Or. Radhakrishnan Salai, Mylapore, Chennai - 600004 Chennai - 600018 To The Board of Directors, NLC India Limited Independent Statutory Auditors' Certificate for security cover and ~o~pl!ance with covenants in respect of listed secured debt securities of NLC India L1m1ted as at June 30,2026 1. This Certificate is issued at the request of the management of M/s. NLC India Limited ("the Company "f'NLCIL") vide our letter of engagement dated July 15, 2026. 2. This is to certify the security coverage ('the Statement of Security Cover') as at June 30 ,2026 and compliance with covenants ('the Statement of Compliance with Covenants') for the period ended June 30,2026 in respect of outstanding secured issuances of rated, non- cumulative, non- convertible, redeemable , taxable bonds in the nature of debentures (NCDs) namely • NLCIL bonds 2019 series-1, amounting to Rs. 1,475 Crores issued on 29/05/2019 with interest at 8.09% p.a; and • NLCIL bonds 2020 series -I amounting to Rs.525 Crore issued on 27/01/2020 with interest at 7 .36% p.a; · aggregated to~ 2027.20 Crore including accrued interest. Management's Responsibility 3. The preparation of the Statement of Security Cover and the Statement of Compliance with Covenants in the format prescribed by SEBI vide its Circular No. SEBI/HO/DDHS -PoD- 1 /P/CI R/2025/117 dated August 13, 2025 ('the SEBI Circular') and SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 (the Regulation) is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement of Security Cover and the Statement of Compliance with Covenants and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 4. The Company's management is also responsible for ensuring that the Company complies with the LODR Regulations, the Circular and other requirements stated in the Information Memorandum of the Secured Bonds. Auditor's Responsibility 5. Pursuant to the management's request, we have examined the accompanying statement of Security Cover and the Statement of Compliance with Covenants prepared based on the criteria mentioned in the Circular referred in Paragraph 3 above. We provide a limited assurance as to whether the statement is free from material misstatement. 6. Our responsibility is .to certify the book values of the assets provided as security in respect of listed ured debt securities of the Company as on June 30,2026 based on the standa Its and compliance with respect to covenants of the listed debt securities for the e 30,2026, as specified in the Circular.
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7. We conducted our examinat ion in accordance with the Guidance Note on Aud it Reports and Cert ificates for Spec ial Purposes and Standards on Auditing issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India. 8. We have complied with the relevant applicable requirements of the Standard on Qual ity Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information , and Other Assurance and Related Services Engagements . 9. A limited assurance engagement includes performing procedures to obtain sufficient appropriate audit evidence on the report ing criteria mentioned in paragraph 3 above . The procedures selected depends on the auditors ' judgement includ ing the assessment of the risks associated with the reporting criteria . The procedures performed vary in nature and timing from and are less extent than for, reasonable assurance . Consequently , the level of assurance is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed . Accordingly , we have performed the following procedures in relation to the Statement of Security Cover and the Statement of Compliance with Covenants : a. Obtained and read Debenture Trust Deeds and Information Memorandums and noted the security cover required to be maintained by the Company . b. Traced and agreed the amount of the Debentures outstanding as on June 30,2026 as mentioned in the Statement of Security Cover to audited books of account mainta ined by the Company. c. Obtained and read the list of Security Cover in respect of Debentures outstanding as per the Statement of Security Cover. Traced the value of assets from the Statement of Security Cover to the books of account of the Company as on June 30,2026 . d. Examined and verified the arithmetical accuracy of the computation of Security Cover in the accompanying Statement of Security Cover. e. Compared the Security Cover maintained by the Company with the Security Cover required to be maintained as per respective Debenture Trust Deeds /Information Memorandums . f. Wrth respect to covenants , the management has represented and confirmed that the company has complied with all the other covenants [including affirmat ive, informative and negative covenants] , as prescribed in the Debenture Trust Deeds, as at June 30,2026 . g. Performed necessary inquiries with the Management and obtained necessary representations . Conclusion 10. Based on our review conducted as above and the information and explanation prov ided to us, nothing has come to our attention that causes us to believe that- (i) (ii) the accompanying Statement of security cover prepared in accordance with the format prescribed in the Circular, has not disclosed the information required to be disclosed , includ ing the manner in which it has to be disclosed , or that it contains any material misstatement; and the accompanying Statement of compliance with covenants contain a - Ill terial misstatement. x-,.\'--'0-~ ~ 4 Q:' . '1-· (./') Firm 1 \l ~ ~ 0039~. . r- o- ,- 1. .y j:7
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Restriction on Use 11. This certificate has been issued on the request of the Management of M/s. NLC India Limited to be submitted to SBICAP Trustee Company Limited (herein referred to as "Debenture trustee") to express the security coverage and Compliance with covenants in respect of the listed debt securities by NLCIL. Our certificate should not be used for any other purpose other than specified above. 12. Accordingly, we do not accept or assume any liability or duty of care for any other purpose or to any other person other than Debenture trustee, to whom this certificate is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. 13. We have no responsibility to update this certificate for events and circumstances occurring after the date of the certificate. For Sundaram & Srinivasan Chartered Accountants, Firm Regn. No 004207S ~ Q ~ a~m ~a~~~ M No. 217914 UDIN: 26217914TYEPUN5435 Place: Chennai Date: August 7, 2026 For PKF Sridhar & Santhanam LLP Chartered Accountants, Fir n. No: 00399 . Narasimhan Partner M No. 206047 CJ.ff~ UDIN: 26206047MHKESR4
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Statement of Compliance with Covenants The listed entity has vide its Board Resolution and information memorandum/ offer document and under various Debenture Trust Deeds, has issued the following listed secured debt securities : ISIN Private Secured/ Value of Bond Placement/Public Unsecured Issue INE589A07037 Private Placement Secured 1475 Crore INE589A07045 525 Crore The company has complied with all the covenant/terms of the issue mentioned in the offer document/ Information Memorandum and/or Debenture Trust Deed for the period ended June 30,2026, for the above mentioned Listed, Secured, Non-convertible debt securities in accordance to the Clause 56(1 )(d) of Regulations read with clause 2.1 of the Chapter VI of the Circular. Further, please find below list of the covenants which the company has failed to comply for the period: Covenants I Document reference I Date of breach I Cure period (if any) NIL
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Sundaram & Srinivasan Chartered Accountants, New No.4, Old. No. 23, C.P. Ramaswamy Road, Alwarpet, Chennai - 600018 To The Board of Directors, NLC India Limited PKF Srldhar & Santhanam LLP Chartered Accountants No.91/92, 7th Floor Or. Radhakrlshnan Salai, Mylapore, Chennai-600004 Independent Statutory Auditors' Certificate for compliance with covenants in respect of listed unsecured debt securities of NLC India Limited as at June 30, 2026. 1. This Certificate is issued at the request of the management of ~/s. NLC India Limited (''the Company "r NLCIL ") vide our letter of engagement dated July 15, 2026. 2. This is to certify the compliance with all the covenants ('the Statement of Compliance with Covenants ') for the period ended June 30, 2026 in respect of outstanding Un-secured issuances of rated , non- cumulative, non- convertible, redeemable , taxable bonds in the nature of debentures (NCDs) namely NLCIL bonds 2021 series-II amounting to Rs.500 Crore issued on 20/12/2021 with interest at 6.85% p.a. aggregated to ~518.11 Crore including accrued interest. Management's Responsibility 3. The preparation of the Statement of Compliance with Covenants in the format prescribed by SEBI vide its Circular No. SEBI/HO/DDHS-PoD-1/P/CIR/2025/117 dated August 13, 2025 ('the SEBI Circular') and SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 (the Regulation) is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement of Compliance with Covenant~ and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 4. The Company's management is also responsible for ensuring that the Company complies with the LODR Regulations, the Circular and other requirements stated in the Information Memorandum of the Un-Secured Bonds. Auditor's Responsibility 5. Pursuant to the management's request, we have examined the covenant compliance based on the criteria mentioned in the Circular referred in Paragraph 3 above. We provide a limited assurance as to whether the Company has complied with the covenants mentioned in the information memorandum. 6. We conducted our examination in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes and Standards on Auditing issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India. 7. We have complied with the relevant applicable requirements of the Standard on Quality --- ntrol (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of H. · nancial Information , and Other Assurance and Related Services Engagements . I;-_ ~ /J:\t~ 01~ F)} -----~- ✓ ... )
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.. C C C C . " c C C (! ..c (.; ; J • 8. A limited assurance engagement includes performing procedures to obtain sufficient appropriate evidence on the reporting criteria mentioned in paragraph 3 above . The procedures selected depends on the auditors' judgement including the assessment of the risks associated with the reporting criteria. The procedures performed vary in nature and timing from and are less extent than for, reasonable assurance . Consequently , the level of assurance is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly , we have performed the following procedures in relation to the Statement of Compliance with Covenants: a. Obtained and read Debenture Trust Deeds and Information Memorandums . b. With respect to compliance with covenants , the management has represented and confirmed that the Company has complied with all the other covenants [including affirmative , informative , and negative covenants] , as prescribed in the Debenture Trust Deeds, for the period ended June 30, 2026. c. Performed necessary inquiries with the Management and obtained necessary representat ions. Conclusion 9. Based on our review conducted as above and the information and explanation provided to us, nothing has come to our attention that causes us to believe that the accompanying Statement of compliance with covenants contain any material misstatement. Restriction on Use 10. This certificate has been issued on the request of the Management of Mis. NLC India Limited to be submitted to IDBI Trusteeship Services Limited (herein referred to as "Debenture trustee ") to express the Compliance with covenants in respect of the listed Unsecured debt securities by NLCIL. Our certificate should not be used for any other purpose other than specified above . 11. Accordingly , we do not accept or assume any liability or duty of care for any other purpose or to any other person other than Debenture Trustee, to whom this certificate is shown or into whose hands it may come save where expressly agreed by our prior consent in writing . 12. We have no responsibility to update this certificate for events and circumstances occurring after the date of the certificate . For Sundaram & Srinivasan Chartered Accountants , Firm Regn. No: 004207S {Yakshl Sundaram ~at~~ M No. 217914 UDIN : 26217914NDIXKA3323 Place.: Chennai Date: August 07, 2026.
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Statement of Compliance with Covenants The listed entity has vide its Board Resolution and information memorandum/ offer document and under various Debenture Trust Deeds, has issued the following listed Un-secured debt securities · ISIN Private Placement/Public Secured/ Value of Bond Issue Unsecured IN E589A08043 . Private Placement Unsecured 500 Crore We certify that the company has complied with all the covenant/terms of the issue mentioned in the offer document/ Information Memorandum and/or Debenture Trust Deed for the period • ended June 30, 2026, for the above mentioned Un-Secured Non-convertible debt securities in accordance to the Clause 56(1)(d} of Regulations read with clause 2.1 of the Chapter VI of the Circular. Further, please find below list of the covenants which the company has failed to comply for the eriod: Covenants Document reference Date of breach Cure eriod if an NIL
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~(\nl')'> €~~ i NLC INDIA.J Other information -Integrated Filing (Financial)-= For the quarter ended 30th June 2026 <t J.J u v v CREATINGWEALTH FORWELLBEING SL.no. Requirement B. Statement on deviation or variation for proceeds of public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement, etc. C. Disclosure of outstanding default on loans and debt securities D. Disclosure of Related party Transactions (applicable only for half-yearly filings i.e 2nd and 4th quarter) E. Statement on impact of Audit Qualifications (For Audit Report with Modified Opinion) submitted along with annual audited financial results - (standalone and consolidated separately) (applicable only for annual filings i.e. 4th quarter) Remarks Not Applicable No Default hence not applicable Not Applicable Not Applicable # Place : Chennai Date : 07th August 2026
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c F IRM PROFILE B USINESS BROCHURE I ntegrity-driven solutions for today’s challenges and tomorrow’s Opportunities 23, C P Ramaswamy Road Alwarpet, Chennai - 600 018 ADD RESS: +9144-2498 8762 | +9144-2498 8463 | +9144-5210 6952 CONTACT NUMBER: www.sundaramandsrinivasan.com W EBSITE & EMAIL: yessendes@sundaramandsrinivasan.com 8 0 years of Audit and more. A Annexure - A
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For over 80 years , Sundaram & Srinivasan has been more than just a chartered accountancy firm. We are your partner in building clarity, compliance, and growth. Since our founding in 1943 , our mission has remained unwavering: transforming knowledge into tangible value for our clients, our people, and the markets we serve. We believe that every financial statement tells a story, and every regulation reflects an opportunity. Whether you are navigating audit requirements, tax regimes, internal risk, or strategic financial decisions, our guiding values of integrity, insight, and innovation ensure you receive not just assurance, but actionable advice. Welcome to a Legacy of Trust . Welcome to Excellence in Service . Welcome to Sundaram & Srinivasan . Page 1 WELCOME 80 years of Audit and more.
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Page 2 CONTENTS TABLE OF About Us About Our Founders Our Vision & Mission Firm’s History Our Accolades Our Partners Our Services Our Strengths Our Industry Portfolio Bank Audit Experience Government Projects Our Clientele The Future Our Branches 03 04 05 06 07 08 10 12 16 20 22 23 26 27 80 years of Audit and more.
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Set up in 1943, Sundaram & Srinivasan has built a l egacy of trust, excellence, and professionalism spanning ove r eight decades. We understand that our success is directly tied to the success of our clients. Committed to delivering expert and professional services, we blend technical, prac tical, and business expertise to address each engagement w ith precision and care. Every client is treated as uniq ue and receives personalized attention from at least one—i f not more—of our experienced professionals. Page 3 ABOUT US At Sundaram & Srinivasan, our mission is to transform knowledge into tangible value for the benefit of our clients, our people, and the capital markets. With a rich legacy and unwavering commitment to this purpose, we deliver top- quality auditing services in full compliance with applicable statutes, along with globally consistent, multidisciplinary financial and accounting solutions grounded in deep industry expertise. Founded by specialists in auditing and taxation, the firm initially operated from its head office in Madras, with branches in Madurai, Dindigul, Bangalore, and Srilanka. Today, our operations are consolidated in Chennai, Madurai and Bangalore and Mumbai, with a growing presence across India, enabling us to continue offering exceptional services to clients across diverse sectors. 80+ 300+ 90%+04 YEARS IN OPERATION EMPLOYEES CLIENT RETENTION RATE LOCATIONS NATIONWIDE 80 years of Audit and more.
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FOUNDERS ABOUT OUR Our founders have set high Values, which determine our inter personal and client relationships. They have defined what we stand for and how we do things, helping us to work together in the most effective and fulfilling way. This has enabled us to create a strong organizational culture consistently through our network. Shri. T.C. Minakshi Sundaram was the visionary founder who built the firm from the ground up, cultivating strong, long-lasting relationships with a diverse and esteemed client base. A founding member of the Southern India Regional Council (SIRC) of the Institute of Chartered Accountants of India(ICAI). Shri. T.C. Minakshi Sundaram served as its Chairman during its early years in 1954-1955. He was a tireless advocate for the advancement of the professional community, particularly championing the inclusion of women in the accounting profession. In recognition of his invaluable contributions, the ICAI instituted an award in his name for the best woman student completing the Final Course. Shri. K.V. Srinivasan, who partnered with Shri. T.C. Minakshi Sundaram in the firm’s early years, played a pivotal role in its growth and success. Later, as Chairman of several prominent industrial groups, his leadership was instrumental in driving these organizations to the forefront of the automobile industry. His visionary guidance continues to inspire both the industry and the firm’s ongoing development. Page 4 Visionaries Who Built Our Legacy SHRI. T.C. MINAKSHI SUNDARAM SHRI. K.V. SRINIVASAN FOUNDER: FOUNDER: 80 years of Audit and more.
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EXCEPTIONAL VALUE TO MARKETS AND CLIENTS Page 5 VISION & MISSION OUR Walking in the footsteps of our founders, we are committed to building and sustaining the trust, respect, and confidence of our clients, regulators, and the stakeholders. These principles form the foundation of our vision to become a globally recognized leader in auditing and financial services. COMMITMENT IN ADHERING TO STATUTES PROFESSIONAL ETHICS AND INTEGRITY 80 years of Audit and more.
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Page 6 & OVERVIEW FIRM’S HISTORY THE BEGINNING OF AN ERA 1943 The Companies Act, 1913 introduced the significance of company audits, laying the foundation for our firm’s existence. This milestone brought the need for financial transparency and accountability, a vision that was shared and brought to life by the founders, T.C. Minakshi Sundaram and K.V. Srinivasan. 1945-1949 BABY STEPS Our journey began in the Mount Road LIC building , serving clients like "Light Leathers," "Handymen," and "Craftsman," who were operating leather factories in Chrompet. 1950-1990 THE GOLDEN ERA A major breakthrough came with the appointment as auditors for the TVS group a professional relationship that has lasted over 50 years, and still continues. This era also saw our expansion to include Murugappa Group, AVM Group, Shriram Group, and Indian Overseas Bank (IOB). 1990-2017 THE MILESTONE AGE Our firm was entrusted with major public sector undertakings under the regime of the Comptroller & Auditor General (C&AG). As the TVS Group diversified into various flagship companies during the era of industrial revolutions, we ranked among the top 10 CA firms in India, as recognized by national publications. 2018 and beyond THE VISIONARY ERA 75 years and counting … A period of foresight and resilience, our firm adapted early to secure internal audits at a time when the focus was primarily on statutory audits. In the wake of auditor rotation and other regulatory changes, our adaptability allowed us to expand our service offerings. This era continues to see our firm scaling new heights by exploring diverse areas and elevating both the quality and scope of our clientele and performance . 80 years of Audit and more.
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Page 7 ACCOLADES OUR MILESTONES & Our values create a sense of identity within us and enc ourage us to strive towards excellence in our workplace. In all these years we have had many prestigious moments and recognitions to add value to our identity. We have won prestigious clients like TVS Motor Company (with a turnover of more than 4000 crores), Sundaram Fasteners (with a turnover of more than 1500 crores) and Murugappa Group (with a turnover of more than 8000 crores). 01 We have handled the, presentation of accounts in US GAAP for TITAN- the 02 foreign collaborators of Wheels India Limited - Management Consultancy 03 We have handled share valuation for the sale of shares held by a Diamond Company, USA in tube investments of India in the year 2004. We are the auditors for Travancore Rubber & Tea Company, Kerala, one of the largest tea and coffee estates in South Asia 04 05 We were ranked 15th at All India Level b.y a National magazine Business Today in 1998. Our Firm We are continuously empanelled for Major 06 was ranked as top 10 CA firms in India – by National Magazine Public Sector Undertakings under C&AG. 80 years of Audit and more.
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Page 8 PARTNERS OUR EXPERT MR. K. SRINIVASAN FCA one of our senior partner has got a very rich experience of around 6 decades in this firm. He handles the Corporate Audits, Bank Audits and also its Taxation. He has handled Large Bank Audits apart from handling other types of Audit. MR. P. MENAKSHI SUNDARAM B.Com, FCA, LLB Aged about 45 years, he has been with our firm for over a 2 decade and handles Regular Statutory and Internal Audits. MR. M. BALASUBRAMANIYAM FCA One of the Senior Partners and has a vast experience of 60 years . He has rich experience in the areas of Statutory Audits of Large Corporate and Taxation. MR. M. PADHMANABHAN B.Com. FCA He is a Partner who is in this firm for more than 5 decades. He is a specialist in the Government and PSU Audits and has handled Audits of Large sized PSU’s in this country. MR. K.S. RAJAGOPALAN B.Com. , FCA H e aged about 70 years also handles Statutory and Internal Audits. He is associated with our firm for more than 4 decades now. MR. C. NARESH B.Com. FCA, DISA Aged around 50 years has joined our office in 1997 and is the Partners who assists Senior Partners in Audits and expert in Taxation of Corporate especially Banks. MRS. S. USHA B.Com. FCA, DISA She has joined our firm in 2006 and is specializing in Large Corporate Audits, Non- Banking Finance Company audits (NBFCs), Internal Audits and System Audits. 80 years of Audit and more.
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Page 9 PARTNERS OUR EXPERT MR. S. RAMKUMAR B.Com. FCA He is in charge of our branch at Mumbai and handles Bank audits, Non-Banking Finance Company Audit (NBFCs), and Internal Audits. He is associated with our firm for more than a decade now. MR. K. SRINIVASAN Bsc (Maths), FCA, ACMA, DISA Joined the Firm as Partner in the year 2021 . He handles Statutory Audit , Internal Audit , Tax advisory services for Corporate clients, Firms etc. He has 20 years of Industry Experience prior to his practice SAI NIRANJAN A M B.COM, ACA Partner since 2025, specializes in Non-Banking Finance Company (NBFCs), manufacturing, and mutual funds audit. Additionally, he holds certification as a fraud examiner. MR.K. ARAVINDAKSHAN FCA FCA, Registered Social Auditor. Who as Joined Our Firm as partner in 2024. Registered Social Auditor has 6+ years of post qualification experience in handling large audits of manufacturing, NBFCs. Hands on with analytics with Python and data modelling. MR.K.S. RADHAKRISHNAN FCA, RVA(SFA), CISA(ISACA) Who as Joined Our Firm as partner in 2024. Having a decade experience in Statutory and Internal Audits, to add further he also has a vast experience in handling valuations for companies under IBBI as a certified Valuer. MR. T. S. DINESH KUMAR B.Com. FCA, DISA He has joined our firm as a partner in 2017 and is specializing in corporate Statutory Audits, Implementation and testing of Internal Control over Financing Reporting, GST and Internal Audits. He is also a expert in Indian Accounting Standards (IND AS) implementation, International Taxation and Transfer Pricing. He also handles Tax Advisory Services and Representations before various tax forums MR. P. VISWANATHAN B.Com. FCA Joined the firm as a partner in the year 2017. He has rich experience in the areas of Statutory Audits of Large Corporate, Indian Accounting Standards (IND AS) and Taxation. 80 years of Audit and more. VIGNESH S B.COM, FCA Partner since 2025, specializes in Non-Banking Finance Company (NBFCs), Banks and Systems Audit. Additionally, he holds certification as python coder and holds expertise in Computer Assisted Audit Techniques (CAATs).
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Page 10 SERVICES OUR 90 CLIENT RETENTION RATE % EXPERT FINANCIAL SERVICES, TAILORED FOR YOUR SUCCES S We offer a wide range of expert services, including auditing, financial consultancy, and regulatory compliance, backed by years of indus try experience. Our solutions are tailored to meet the unique needs of each client, e nsuring precision and reliability. STATUTORY AUDIT An independent audit of financial statements is one of the foundations for the effective operation of the capital markets. Quality of audit is vital for maintaining trust in the financial reporting process and the integrity of financial information. We provide our service as statutory auditors of Government organizations, Banks and private sector and public sector companies in various industries. We help clients strengthen internal systems, maintain investor confidence, and comply with statutory obligations that results in enhanced financial discipline. TAXATION We offer comprehensive t ax advisory and compliance solutions under Income Tax, GST, and other fiscal laws. Our services include tax planning, return filing, assessment representation, and advisory on complex transactions. By ensuring timely compliance and efficient tax structuring, we help our clients minimize tax exposure while remaining fully compliant with statutory requirements. Our clients ranges from individual to big organizations including Banks. SYSTEM AUDIT Syst em audits evaluate the effectiveness and integrity of information systems and technology controls. We review IT policies, data protection mechanisms, cybersecurity practices, and system reliability. Our goal is to ensure that your technology infrastructure supports business needs securely, efficiently, and in compliance with applicable data and IT regulations. We help organizations build digital frameworks that are not only robust but also aligned with modern regulatory and security expectations. Our technology solutions are AI-powered and latest. INTERNAL AUDIT Internal audits focus on improving business controls, risk management, and process efficiency. Our audit team evaluates internal systems to identify inefficiencies, assess risk exposure, and provide recommendations for improvement. Driven by analytics and compliance insights, our internal audit approach promotes accountability and business resilience. This proactive approach helps organizations prevent financial irregularities, comply with internal policies, and drive continuous improvement in governance and operational performance. REPRESENTING CLIENTS BEFORE VARIOUS FORUMS Whether individuals, banks or big corporates, we represent our clients before Income Tax & GST Authorities, Tax tribunals and High Courts. Our experienced professionals handle assessments, appeals, and notices with precision, ensuring that your interests are effectively represented and compliance matters are professionally resolved. (Please check if HC representation is done as generally CA cannot conduct hearing in HC). MANAGEMENT CONSULTANCY Our m anagement consultancy services assist businesses in achieving operational efficiency and sustained growth. We provide strategic insights on corporate governance, cost control, budgeting, and organizati onal restructuring. By analyzing financial data and busi ness processes, we offer actionable recommendations to enhance profitability, streamline decision-making, and align business operations with long-term goals. We also assist in creating SOPs and compliance manuals for large Public Sector undertakings. 80 years of Audit and more.
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Page 11 SERVICES OUR EXPERT FINANCIAL SERVICES, TAILORED FOR YOUR SUCCESS AUDIT & ASSURANCE Statutory Audits Limited Reviews Certifications Process Audit Operational Audit Management Audit IT & IS Audit Assurance Engagements TAXATION Direct Tax & Tax Planning Indirect Tax Litigation International Taxation and Transfer Pricing RISK ADVISORY SERVICES IFCoFR – Design and Documentation Internal Audit SOP Implementation RCM – Design and Implementation Support CONSULTING AND ADVISORY Transaction Advisory Valuation Forensic & Fraud Investigations Due Diligence Mergers & Acquisitions Insolvency and Bankruptcy Feasibility Study & Project Finance OUTSOURCING ENGAGEMENT Company Formation and Registrations Business setup and Due Diligence Virtual CFO Services Audit Closure Support Financial Statement Preparation Support Payroll Processing MIS Services SERVICES THAT MAY BE PROVIDED TO BANKS (NOT AS AUDITORS BUT AS CONSULTANT) Ind AS Implementation Fixed Asset Verification Inventory Verification Cost Reduction Strategies and Advice Compliance Review Agreed Open Procedures Compilation Engagements 80 years of Audit and more.
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Page 12 STRENGTHS OUR DISTINCTIVE STRENGTHS AND STRATEGIC ENGAGEMENTS CAPITAL MARKET EXPERIENCE: Our Capital Markets Assurance Services provides audit assurance on domestic and international deals related to regulatory guidelines that have a direct impact on accounting and financial services. We have facilitated various capital market transactions like Qualified Institutional Placements (QIP), Global Medium Term Notes (GMTN), and Raising of Capital, Public issue of NCD’s JOINT AUDIT EXPERIENCE: Based on the Reserve Bank of India circular, we are carrying out Joint Statutory Audits for all NBFCs and Bank engagements during our present tenure. We have been industry pioneers in joint audits, having carried out joint audits in banks and listed entities even prior to this circular. TECHNOLOGY INTEGRATION: Leveraging tools for data analytics and audit automation to enhance efficiency and precision in engagements. MERGER EXPERIENCE: Successfully handled one of the largest mergers as statutory auditors, demonstrating expertise in complex transactions. CENTRALIZED AUDIT IMPLEMENTATION: Assisted a bank in transitioning from branch- level statutory audits to a centralized branch audit covering 800+ branches, ensuring seamless integration and reporting. BRANCH COVERAGE: Conducted over 100+ branch visits in a single financial year, showcasing our capacity for large-scale operations.
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Page 13 EXPERTISE OUR With the extensive knowledge base and the experience of our leadership team of partners, we have acquired expertise in Banking, Audits and Taxation areas. “We are Transparent in our Communication” AUDITING We have enormous experience 1n auditing various Industries; Banks, PSU's, Insurance companies and other corporate's for decades. This has created a strong and trusted relationship with TVS Group (leading automobile giant with global presence), Murugappa Group, Chettinad Group, Shriram Group, Enfield Madras Fertilizers, BSNL Limited, BEML Limited, NLC India Limited and so on and so forth. We have a team of professionals who are trained are and knowledgeable in the process and intricacies of such huge corporate audits. BANK AUDITS AND TAXATION We have audited several banks and well versed with the banking regulations. The team has great expertise in statutory bank audits and especially the taxation of the banks. We have represented Banks like lndian Overseas Bank, State Bank of India, Union Bank of India, Bank of India and Bharat Overseas Bank and many other banks for taxation matters even up to Income tax Appellate tribunal level. We were appointed by Reserve Bank of India to conduct Special Audit of FCNR (A) Scheme of State Bank of Travancore. Sharing information, insight, and advice frequently & constructively with our clients to manage tough situations with courage and candor. 80 years of Audit and more.
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Page 14 TECHNOLOGY OUR CASE WARE IDEA 12.2, ALTERYX / POWER BI, TABLEAU, PYTHON The Last century has seen a revolution in the information and digital technology. Continuation of this revolution has influenced the businesses including auditing and financial services profession. Technology can aid effective information gathering, allow for critical data comparisons, and enhance contextual analysis. We have expertise and have deployed various advanced analytical softwares i.e Case Ware IDEA 12.2, Alteryx/Power BI, Tableau, Python (Open source) equipped ourselves to meet the changing technical scenario. System audit procedures have been developed and compliance to the regulations are ensured. 80 years of Audit and more.
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Page 15 APPROACH OUR AUDIT FROM COMPLIANCE TO VALUE Basic Compliance Audits: Ensures adherence to statutory requirements, with manual reviews and limited standardization. Control-Focused Audits: Focuses on internal controls, identifying weaknesses and recommending improvements with some standardization. Risk-Based Audits: Targets high-risk areas using a structured approach, with increasing automation and process standardization. Integrated Audits: Combines audits across functions like finance and operations, using data-driven insights for process improvements. Value-Driven Audits: Fully aligned with business goals, driving continuous improvement through advanced automation and analytics. Basic Compliance Control Focused Risk Based Integrated Audits A B Our audit approach is designed to evolve with the organization’s level of maturity in its internal controls, risk management, and governance practices. Organizations typically progress through various stages of audit maturity, starting from basic compliance-focused audits to more integrated, value- added engagements. Our audit methodology will be customized based on your organization’s current maturity level. We will work closely with you to determine which stage your organization is at, and based on that assessment, we will deploy the necessary audit techniques, tools, and resources. As your organization matures, our audit services will evolve to meet new challenges and drive further value. A B Value Driven 80 years of Audit and more.
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AUTOMOTIVE BANKING, FINANCIAL SERVICES AND INSURANCE CHEMICALS ENERGY REAL-ESTATE PAPER & PACKAGING GOVERNMENT / PUBLIC SERVICES HEALTHCARE INDUSTRIAL MANUFACTURING TELECOMMUNICATION S MINING NON PROFIT RETAIL & CONSUMER TECHNOLOGY INVESTMENT MANAGEMENT TRANSPORTATION & LOGISTICS ENGINEERING & CONSTRUCTION TRAVEL, HOSPITALITY AND ENTERTAINMENT PHARMACEUTICALS UTILITIES PLANTATION PUBLISHING SHIPPING EDUCATIONAL INSTITUITIONS TEXTILES Page 16 PORTFOLIO OUR INDUSTRY At Sundaram & Srinivasan, we take pride in serving a prestigious clientele across a wide range of industries, including banking, insurance, manufacturing, and public sector enterprises. Our deep understanding of each sector’s unique challenges and regulatory requirements enables us to deliver tailored solutions that drive success. Whether working with large corporations, financial institutions, or government organizations, we build strong, long-term relationships based on trust, integrity, and exceptional service. Our commitment to excellence ensures that our clients receive the strategic guidance and support needed to navigate complex business environments and achieve sustainable growth. 80 years of Audit and more.
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Telecommunication Statutory audit of Bharat Sanchar Nigam Limited (BSNL), one of the large PSU in the country Automobile TVS Motor Company TVS Mobility Group TVS Automobile Group Sundaram Industries Sundaram Fasteners Brakes India Wheel India Sundaram Brake Linings TVS Eurogrip Ford India Pvt Ltd, TI Clean Mobility (Montra EVs) Plantation New Ambadi Estates Travancore Rubber and Utkal Tubers Publishing K. Krishnamurthy & Co India Thought Publications Non-Banking Finance Company (NBFCs) Sundaram Finance Ltd IIFL Home Finance Limited Tata Motors Finance Limited Shriram Finance Ltd Cholamandalam Investment & Finance Company TVS Credit Services Ford Credit India Pvt Ltd Aptus Value Housing Finance Veritas Finance Pvt Ltd Nissan Renault Financial Services Page 17 INDUSTRY WISE OUR PRESENCE 80 years of Audit and more.
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Insurance New India United India Royal Sundaram Alliance Cholamandalam MS Gen Insurance Galaxy Health Insurance Acko General Insurance. Shipping TVS Lanka Ltd Trading Of Automobile Sundaram Motors IMPAL Madras auto Limited Civil Engineering Coramondal Engineering L&T Valves - Heavy machine components Logistics, Roadways & Freight Southern Roadways TVS Supply Chain Solutions Computer Hardware TVS Electronics Ltd Computer Software SRA Systems Ltd Expleo Solutions Limited Trading VIVEKS Hotel & Hospitality Pandian Hotels Rathna Residency Educational Institutions Lakshmi Vidya Sangham (TVS Schools) Charities AMM, AVM, TVS Charities Engineering Design & Drawing FL. Smidth, INC FL Automation, INC Page 18 INDUSTRY WISE OUR PRESENCE 80 years of Audit and more.
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Audio, Visuals, Sound Recording, Film Distribution Saraswathi Stores Star Vision AVM Ltd Agriculture Trading Enfield Agrobose Limited Mutual Funds Sundaram Mutual Fund Kothari Pioneer Mutual Fund Textiles Sundaram Textiles TVS Sewing Needles Distilleries & Aerated Water Manicka Vinayagar & Company Members Of Stock Exchange (Capital Market) Dealers In Commodities, Derivatives Mahalakshmi Shares Limited Mahalakshmi Commodities Aditya birla Money Limited Cholamandalam Securities Limited Spark Institutional Equities Spark PWM Unifi Capital Edutech - Veranda Learning Solution and subsidiaries and Chrysalis Southern India Chamber of Commerce Bank (Present Engagement as SCAs) CSB Bank Limited Tamilnadu Mercantile Bank LImited Bank of Maharashtra Limited ESAF Small Finance Bank Limited Page 19 INDUSTRY WISE OUR PRESENCE 80 years of Audit and more.
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BANK AUDITS Name of the Bank Statutory Branch Audit Year of Audit Indian Overseas Bank Statutory Branch Audit 1939 To 1969 (31 Years) Union Bank Of India Branch Audit 1970 To 1973 (4 Years) Bank Of Maharashtra Statutory Branch Audit 1982 To 1987 (4 Years) Reserve Bank Of India Statutory Branch Audit 1975 To 1977 (3 Years) Bank Of India Branch Audit 1986 To 1987 (2 Years) Indian Bank Statutory Branch Audit 1989 To 1992 (4 Years) Canara Bank Branch Audit 1993 To 1994 (2 Years) Bharat Overseas Bank Ltd Statutory Branch Audit 1973 To 1977 (5 Years) Bharat Overseas Bank Ltd Statutory Branch Audit 1983 To 1986 (4 Years) Allahabad Bank Statutory Branch Audit 1995 To 1998 (4 Years) State Bank Of India Branch Audit 1999 To 2000 (2 Years) Union Bank Of India Statutory Statutory & Branch Audit 2001 To 2004 (4 Years) State Bank Of Mauritius LTD Statutory Statutory & Branch Audit 2003 To 2004 (2 Years) Page 20 EXPERIENCE IN 80 years of Audit and more.
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BANK AUDITS Name of the Bank Statutory Branch Audit Year of Audit Federal Bank LTD Statutory Statutory & Branch Audit 2004 To 2008 (4 Years) Chennai Central Cooperative Bank Statutory Statutory & Branch Audit 2012 To 2016 (4 Years) Catholic Syrian Bank Statutory Statutory & Branch Audit 2012 To 2016 (4 Years) City Union Bank Statutory Statutory & Branch Audit 2017 To 2021 (4 Years) Reserve Bank Of India Statutory Branch Audit 2017 (1 Years) keb hana bank Foreign Branch Audit 2018 To 2021 (3 Years) lndian Bank Statutory Branch Audit 1989 To 1992 (4 Years) Federal Bank Branch Audit 2018 To 2021 (3 Years) Tamilnadu Mercantil Bank Ltd Statutory Branch Audit 2019 To 2021 (3 Years) Tamilnadu Gramin Bank Ltd Statutory Branch Audit 2020 To 2021 (2 Years) The Karnataka Bank Statutory Statutory Audit 2021 To 2024 (4 Years) Karur Vysya Bank Statutory Statutory & Branch Audit 2021 To 2024 (4 Years) DCB Bank Statutory Statutory Audit 2021 To 2024 (4 Years) Bank Of Maharastra Statutory Statutory & Branch Audit 2022 To 2025 (4 Years) CSB Bank Limited Statutory Statutory & Branch Audit From 2024 Onwards Tamilnad Mercantile Bank Limited Statutory Statutory & Branch Audit From 2024 Onwards ESAF Small Finance Bank Limited Statutory Statutory & Branch Audit From 2025 Onwards Page 21 EXPERIENCE IN
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CORPORATE & PSU AUDIT'S Page 22 AUDIT FOR BEML LIMITED KIOCL LIMITED TAMILNADU STATE MARKETING CORPORATION LIMITED (TASMAC) BHARAT SANCHAR NIGAM LIMITED (BSNL) CHENNAI TELEPHONES LIMITED INDIAN DRUGS & PHARMACEUTICALS LTD. NEYVELI LIGNITE CORPORATION LIMITED(NLC LIMITED LIFE INSURANCE CORPORATION OF INDIA UNITED INDIA INSURANCE COMPANY LIMITED TAMILNADU CIVIL SUPPLIES CORPORATION LTD. STEEL AUTHORITY OF INDIA (SALEM STEELS) LIMITED INDIAN OIL CORPORATION LTD., FOOD CORPORATION OF INDIA PALLAVAN TRANSPORT CORPORATION LI1NITED VIZAG STEEL PLANT MADRAS FERTILIZERS LIMITED NEW INDIA ASSURANCE CO LTD., TAMILNADU SMALL INDUSTRIES LTD., TAMILNADU ROAD DEVELOPMENT CORPORATION LIMITED PARRY ENTERPRISE INDIA LIMITED FORD INDIA PRIVATE LIMITED DELPHI TVS LIMITED 80 years of Audit and more.
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CLIENTELE Page 23 OUR SELECT 80 years of Audit and more.
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CLIENTELE Page 24 OUR SELECT 80 years of Audit and more.
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ECONOMIC Page 25 OUR PROFILE We have not only grown year after year in the trusted relationships, but also in the revenue stream. Our clients profile such as TVS Group (15000cr), Murugappa Group (8000cr), Chettinad Group (500cr), Shriram Group (1000 Cr), Enfield (100cr), Madras Fertilizers, large PSU's, Banks brings us immense strength on the revenue stream. Our economic status has been rising through the years. We estimate it to touch new heights with our relationships spread all over the globe. Process Outsourcing Some of our clients Delphi TVS lndo Japan Lighting Co LTD Same Dutz Fahr LTD Sundaram Fasteners LTD India Nippon Electricals LTD Futura Polysters LTD Grunfros LTD We do all accounting process outsourcing for large multi crore multinationals at both onsite and offshore services. 80 years of Audit and more.
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RESEARCH Page 26 OUR The long tradition of values, extensive documentation and rich experience has given a research blend to our proces ses, as well as the solutions. Our team does an excellent background work with the knowledge base and experience of the leadership team to solve problems with innate and practical solutions . Operating through professionals, senior accounting and consulting practitioners, academics and technology consultants , we analyze and explain the major issues confronti ng businesses today and shaping tomorrow's marketplace 80 years of Audit and more.
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FUTURE THE Page 27 The liberal economy of the country has been giving immense scope for the professionals in new businesses as well as exploration of new areas of services. The trend innovation in technology, methodology, working style and even some of the principles has paved the way for new dimensions in the profession. We are earnestly & continuously evaluating ourselves and attending to the transformation time to time, without compromising the fundamental values set by our founders, to realise our vision of becoming a globally acknowledged Auditing and Financial Services organisation 80 years of Audit and more.
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PRESENCE Page 28 OUR Website : www.sundaramandsrinivasan.com Quick Contact: P. Menakshi Sundaram - Senior Partner: +91-98403 29571 S. Ramkumar - Partner: +91-80561 23182 T.S.Dinesh Kumar - Partner: +91 9944677804 Vignesh Sridhar - Partner: +91-8608099698 Be a Part of Our Success Story and experience the difference of working with a firm that blends decades of exper tise, innovation, and trust. Together, let's build succes s stories that stand the test of time. HEAD OFFICE Sundaram & Srinivasan Chartered Accountants 23, C P Ramaswamy Road Alwarpet, Chennai - 600 018 Tel: +91 44 2498 8762 +91 44 2498 8463 +91 44 5210 6952 Mumbai Duru House, 2nd/ 3rd/ 4th Floors, Juhu Tara Road, Next to JW Marriot, Juhu, Mumbai – 400049 Tel: +91- 86080 99698 Madurai No.23, First Floor, First Street, Visalakshipuram, Madurai - 625014 Mob : +91 - 9944677 804 Bangalore 372, Puttalingaiah Road, Padmanabha Nagar, Bengaluru, Karnataka India- 560070 80 years of Audit and more. Hyderabad Myscape Weave, Survey No 322(P), Puppalaguda Village, Behind Continental Hospital, Financial District, Hyderabad, Telangana
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Exceptional value to Clients and Markets 80 years of Audit and more.