Interim report
Page 1
AIA Engineering Limited November 3, 2026 To, The Manager (Listing), The BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Script Code: 532683 To, The Manager (Listing), National Stock Exchange of India Limited "Exchange Plaza", C-1, Block - G, Bandra-Kurla Complex, Bandra (E) Mumbai - 400 051 Script Code: AIAENG Dear Sir/Madam, Sub: Unaudited Financial Results for the Quarter/Half Year ended September 30, 2026 as per Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith Unaudited Financial Results [Standalone and Consolidated] of the Company for the Quarter/Half Year ended September 30, 2026 alongwith Limited Review Reports [Standalone and Consolidated] taken on record by the Board of Directors of the Company in its meeting held today i.e. November 3, 2026, which was commenced at 11.45 a.m. and concluded at 12.55 p.m. Please take the same on record. $ev@ $ C' /uc osAo\ l 3g241s ii Thanking you. Yours faithfully, For AIA Engineering a. S. N.J theliya Company Secretary Encl: As above CIN: L29259GJ1991PLC015182 An ISO 9001 Certified Company Corporate Office : 11-12, Sigma Corporates, B/h. HOF Showroom, Off S. G. Highway, Sindhu Bhavan Road, Bodakdev, Ahmedabad 380 054. Gujarat, INDIA. Ph.: +91-79-66047800 Fax: +91-79-29900194 Registered Office: 115, G.V.M.M. Estate, Odhav Road, Odhav, Ahmedabad - 382415. Gujarat, INDIA. Ph.: +91-79-22901078 Fax: +91-79-229010771 www.aiaengineering.com, E-mail: ric@aiaengineering.com
Page 2
AIA ENGINEERING LIMITED Regad. Office.: 115, GVMM Estate, Odhav Road, Ahmedabad 382 415; CIN: L29259G41991PLC015182 Ph. 079-22901078; Fax: 079-22901077; E-mail: ric@aiaengineering.com; Website: www.aiaengineering.com STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 (<in lakhs) Sr. Particulars Quarter ended Half year ended Year ended No. 30-Sep-2026 30-Jun-2026 30-Sep-2025 30-Sep-2026 30-Sep-2025 31-Mar-2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income Revenue from sale of products 101,342.90 87,541.12 94,170.90 188,884.02 176,151.85 369,854.03 Other operating revenue 1,906.20 1,473.37 1,808.36 3,379.57 3,101.47 6,431.59 a)Total revenue from operations 103,249.10 89,014.49 95,979.26 192,263.59 179,253.32 376,285.62 b) Other income 8,283.69 10,534.21 9,971.76 18,817.90 21,223.04 61,455.24 Total income (a+b) 111,532.79 99,548.70 105,951.02 211,081.49 200,476.36 437,740.86 2 Expenses a) Cost of materials consumed 46,000.64 44,001.39 41,178.20 90,002.03 78,414.53 163,864.67 b) Changes in inventories of finished goods and work-in-progress 171.59 (6,180.51) (76.95) (6,008.92) (1,194.15) (186.86) c) Employee benefits expense (refer note v) 3,453.24 3,629.08 3,338.56 7,082.32 6,788.62 13,858.26 d) Finance costs 160.19 44.97 769.94 205.16 1,489.10 3,643.49 e) Depreciation and amortisation expense 2,983.80 2,833.82 2,732.68 5,817.62 5,450.10 11,039.09 f) Other expenses Consumption of Stores 7,933.08 7,348.48 7,013.86 15,281.56 13,565.41 27,777.08 Power and fuel 8,238.42 7,500.75 7,555.17 15,739.17 14,248.98 29,386.29 Others 7,620.78 6,635.18 6,897.14 14,255.96 14,064.30 27,458.73 Total expenses (a+b+c+d+e+f) 76,561.74 65,813.16 69,408.60 142,374.90 132,826.89 276,840.75 3 Profit before tax (1-2) 34,971.05 33,735.54 36,542.42 68,706.59 67,649.47 160,900.11 4 Tax expense (i) Current tax 7,785.49 8,181.30 8,476.96 15,966.79 16,062.41 32,371.91 (ii) (Excess) / Short provision for tax of earlier periods . . (1,535.57) (ii) Deferred tax 684.26 263.26 344.57 947.52 462.77 2,364.05 Total tax expense ([i+ii+iii) 8,469.75 8,444.56 8,821.53 16,914.31 16,525.18 33,200.39 s Profit for the period (3-4) 26,501.30 25,290.98 27,720.89 51,792.28 51,124.29 127,699.72 6 Other comprehensive income / (loss]: (i) items that will not be reclassified to statement of profit and loss 1.21 33.00 134.16 34.21 102.45 322.07 (ii) Income tax relating to items that will not be reclassified to statement (0.30) (8.31) (33.77) (8.61) (25.78) (81.06) of profit and loss (iii) Items that will be reclassified to statement of profit and loss 270.38 (918.59) 891.72 (648.21) 1,246.49 871.01 (iv) income tax relating to items that will be reclassified to statement of (68.05) 231.08 (224.43) 163.03 (313.71) (219.21) profit and loss Total other comprehensive income / (loss) (net of tax) (i+ii+ii+iv) 203.24 (662.82) 767.68 (459.58) 1,009.45 892.81 7 Total comprehensive income for the period (5+6] 26,704.54 24,628.16 28,488.57 51,332.70 52,133.74 128,592.53 • Paid-up equity share capital - face value of «2 each 1,866.41 1,866.41 1,866.41 1,866.41 1,866.41 1,866.41 9 Other equity 782,415.83 10 Earnings per equity share (EPS) in < (not annualised) Basic 28.40 27.10 29.70 55.50 54.78 136.84 Diluted 28.40 27.10 29.70 55.50 54.78 136.84 - t:;��Co_ ( s g 5 'e ( /,z; 2 l " u, AME3Aggi'I o [ 49a ) &! 38245 r> -r . 2 $ «6} ob 3. 3 7 h & •T e o
Page 3
NOTES TO UNAUDITED STANDALONE FINANCIAL RESULTS Notes: (i) The above unaudited standalone financial results for the quarter and half year ended 30 September 2026 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors in their respective meetings held on 03 November 2026. These unaudited standalone financial results have been subjected to limited review by the statutory auditors of the Company. The statutory auditors have expressed an unmodified conclusion. (ii) The unaudited standalone financial results are prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34 "Interim Financial Reporting" as prescribed under Section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, as amended. (iii) The Company has only one reportable primary business segment as per IND AS 108- "Operating Segments", i.e., Manufacturing of High Chrome Mill Internals. (Bhadresh K. Shah) Chairman & Managing Director DIN:000S8177 Place: Ahmedabad Date: 03 November 2026 (iv) On 29 July 2025, the Board of Directors of the Company decided to discontinue the manufacturing operations at Nagpur unit. Such closure will not have any adverse effect on the production/business operations and profitability of the Company. (v) Effective 21 November 2025, the Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes referred to as "New Labour Codes", The Company has assessed its employee benefit obligations in accordance with the revised definition of wages and FAQs issued by The Ministry of Labour & Employment. Accordingly, an incremental liability of « 433.35 lakhs towards gratuity has been recognised during the year ended 31 March 2026. (vi) Refer Annexure-I for unaudited Standalone Balance Sheet. (vii) Refer Annexure-I for unaudited Standalone Statement of Cash Flows. By Order of Board of Directors F o , rr@ ln m ln g Limited
Page 4
AIA ENGINEERING LIMITED CIN: L29259GJ1991PLC015182 Annexure - l : Unaudited Standalone Balance Sheet ( in lakhs) As at As at Particulars 30 September 2026 31 March 2026 (Unaudited) (Audited) ASSETS Non-current assets (a) Property, plant and equipment 113,460.49 113,002.77 (b) Right of use asset 6,275.22 6,462.23 (c) Capital work-in-progress 479.48 1,461.56 (d) Goodwill 460.69 460.69 (e) Other intangible assets 524.11 506.03 (f) Financial assets (i) Investments 1,855.89 1,574.59 (ii) Trade receivables 53.05 5.83 (iii) Loans 153.95 224.02 (iv) Other financial assets 1,011.23 1,011.15 (g) Other non-current assets 3,477.90 2,858.31 Total non-current assets 127,752.01 127,567.18 Current assets (a) Inventories 79,852.29 69,433.51 (b) Financial assets (i) Investments 451,307.64 411,761.21 (ii) Trade receivables (net) 186,568.65 185,370.08 (iii) Cash and cash equivalents 6,180.41 5,170.32 (iv) Bank balances other than (iii) above 759.54 740.90 (v) Loans 7,654.40 12,986.09 (vi) Other financial assets 7,535.07 2,441.64 (c) Other current assets 8,116.11 7,514.16 Total current assets 747,974.11 695,417.91 Total assets 875,726.12 822,985.09 EQUITY AND LIABILITIES EQUITY (a) Equity share capital 1,866.41 1,866.41 (b) Other equity 818,817.27 782,415.83 Total Equity 820,683.68 784,282.24 LIABILITIES Non-current liabilities (a) Financial liabilities (i) Lease liabilities 679.02 727.71 (b) Other non-current liabilities 459.01 514.58 (c) Provisions 549.90 559.37 (d) Deferred tax liabilities (net) 15,056.42 14,042.56 Total non-current liabilities 16,744.35 15,844.22 Current liabilities (a) Financial liabilities (i) Borrowings 9,732.65 . (ii) Lease liabilities 191.01 298.96 (iii) Trade payables Total outstanding dues of micro enterprises and small enterprises 3,532.54 3,616.69 Total outstanding dues of creditors other than micro enterprises and small enterprises 13,814.20 11,075.29 (iv) Other financial liabilities 2,586.34 2,860.00 (b) Other current liabilities @'@% 2,871.15 1,244.56 (c) Provisions t' g & 3 328.45 605.30 (d) Current tax liabilities (net) % ' ¥ 5,241.75 3,157.83 ; {/ ·wessaa)9 Total current liabilities '-.� �1415_ ,... 38,298.09 22,858.63 Total liabilities 5) ·'/ > ., 55,042.44 38,702.85 Total equity and liabilities @ ,, / / i 875,726.12 822,985.09
Page 5
AIA ENGINEERING LIMITED CIN : l29259GJ1991PLC015182 Annexure - ll; Unaudited Standalone Statement of Cash Flows ( in lakhs) Particulars Half Year ended Half Year ended Year ended 30 September 2026 30 September 2025 31 March 2026 (Unaudited) (Unaudited) (Audited) A. Cash flow from operating activities: Profit before tax 68,706.59 67,649.47 160,900.11 Add / (less): adjustments Interest income from financial assets measured at FVIOCL (64.75) (516.23) (872.45) Interest income from financial assets measured at amortised cost (575.08) (725.70) (1,405.29) Interest income on refund of income tax (74.36) (654.66) Dividend income . (14,863.89) Gain on sale of current investments measured at FVTPL (806.90) (1,698.17) (6,139.79) Gain on sale of current investments measured at FVTOCl (97.47) (117.35) Financial assets at rPL- net change in fair value (12,539.39) (10,685.95) (19,142.62) Unrealised loss / (gain) on foreign exchange fluctuation (net) 3,711.91 (2,903.14) (7,996.42) Fair value (gain) /loss on interest rate swap 176.82 (183.36) Gain on sale of property, plant and equipment / termination of leases (net) (5.93) (187.40) (174.69) Government grant income (43.22) (90.50) Depreciation and amortisation expense 5,817.62 5,450.10 11,039.09 Finance costs 205.16 1,489.10 3,643.49 Provision for warranties (written back) / made (net) (1.00) 88.07 113.64 Liabilities / provisions no longer required written back (21.92) Allowance for expected credit loss (net) 61.05 515.40 581.10 64,368.59 58,578.01 124,614.49 Changes in working capital: Increase in trade receivable (6,270.59) (10,044.42) (41,078.51) Decrease / (Increase) in loans 5,093.54 (5.86) (43.27) Increase in inventories (10,418.78) (5,724.71) (7,872.03) (Increase) / Decrease in other financial assets (5,015.98) 2,555.46 2,912.46 Decrease in other non current and current assets 2,086.75 4,862.41 3,787.06 (Decrease) / Increase in provisions (251.11) (328.07) 251.68 Increase / (Decrease) in trade payables 2,780.14 (1,536.01) 301.61 (Decrease) / Increase in other financial liabilities (68.91) 285.19 152.09 Increase / (Decrease) in other current liabiliti es 298.10 (74.26) (1,842.16) Cash generated from operations 52,601.75 48,567.74 81,183.42 Income taxes paid (net of refunds) (13,662.11) (12,252.52) (27,464.83) Net cash generated from operating activities (A) 38,939.64 36,315.22 53,718.59 8. Cash flow from Investing activities: Acquisition of property, plant and equipment, capital work-in-progress, (5,650.36) (3,803.27) (9,430.52) leasehold land and other intangibles Proceeds from sale of property, plant and equipment 25.25 237.71 301.49 Government grant received 55.51 111.00 Purchase of investments (net) (29,739.62) (73,837.12) (7,029.06) (investement in) / Redemption of fixed deposits with bank (net) (17.92) 5,378.32 5,361.22 Interest received 1,461.07 1,540.28 2,399.67 Dividend received 14,863.89 Net cash (used in)/ generated from investing activities (8) (33,866.07) (70,484.08) 6,577.69 C. Cash flow from financing activities: Proceeds from / (Repayment) of current borrowings (net) 9,732.65 53,300.00 (48,500.00) Dividends paid (Net of TDS) (13,615.12) (13,604.36) (13,604.36) Finance costs paid (156.07) (1,464.14) (3,427.90) Interest paid on lease liabilities (49.09) (24.96) (60.96) Principal repayment of lease liabilities (190.46) (192.52) (384.03) Net cash (used in) / generated from financing activities (C) (4,278.09) 38,014.02 (65,977.25) 0 . Net Increase / (Decrease) in cash and cash equivalents (A+B+C) 795.48 3,845.16 (5,680.97) ,. Add :Cash and cash equivalents at the beginning of the year 5,170.32 10,053.11 10,053.11 ,. Add: Effects of movements in exchange rates on cash held 214.61 524.18 798.18 G. Cash and cash equivalents at the end of the half year / year (refer note 2 below) 6,180.41 14,422.45 5,170.32 Note 1: The above Standalone Statement of Cash Flows has been prepared under the "Indirect Method" as set out in ind AS-7, "Statement of Cash Flows". Note 2: («in lakhs) Particulars � - As at As at As at t s ° � 30 September 2026 30 September 2025 31 March 2026 ° ¢ (Unaudited) (Unaudited) (Audited) « r t.% Cash and cash equivalents ind " �, rnmo G\ Balances with banks 'f 382415. Ar- 6,075.17 14,394.50 5,061.84 Cash on hand .4 , $ 105.24 27.95 108.48 ', c o 6,180.41 14,422.45 5,170.32
Page 6
BS R & Co. LLP Chartered Accountants 903 Commerce House V Near Vodafone House, Prahaladnagar Corporate Road, Ahmedabad 380 051 India Telephone: +91 (79) 7145 0001 Fax: +91 (79) 7145 0050 Limited Review Report on unaudited standalone financial results of AIA Engineering Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of AIA Engineering Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of AIA Engineering Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its 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, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements} Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review 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. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Ahmedabad 03 November 2026 8SR&Co (partersmp rm win Regustraton No. BA61223) converted into BSR&C.LL (a Limited Liability Partnership with LLP Registration No AA-8181) with effect from October 14, 2013 Rupen Shah Partner Membership No.: 116240 UDIN:26116240APJUFW7485 Registered 0Mc 14th Floor, Central B Wag and North C Wing. Nesco IT Park 4, Ne$co Center, Westen Express +highway Goregaon (East), Mumbai - 40006.3 Page 1 of 1
Page 7
AIA ENGINEERING LIMITED Regd. Office.: 115, GVMM Estate, Odhav Road, Ahmedabad 382 415; CIN: L29259G/1991PLC015182 Ph. 079-22901078; Fax; 079-22901077; E-mail: ric@aiaengineering.com; Website: www.aiaengineering.com STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 (tin lakhs) Sr. No. Particulars Quarter ended Half year ended Year ended 30-Sep-2026 30-Jun-2026 30-Se0-2025 30-Sep-2026 30-Sep-2025 31-Mar-2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income Revenue from sale of products 109,324.53 115,324.40 102,967.48 224,648.93 205,568.80 435,548.28 Other operating revenue 1,952.56 1,477.90 1,808.92 3,430.46 3,102.31 6,438.12 a) Total revenue from operations 111,277.09 116,802.30 104,776.40 228,079.39 208,671.11 441,986.40 b) Other income 7,169.91 11,051.26 9,833.59 18,221.17 20,665.00 47,405.08 Total Income (a+b) 118,447.00 127,853.56 114,609.99 246,300.56 229,336.11 489,391.48 2 Expenses a) Cost of materials consumed 46,917.45 44,981.58 43,790.61 91,899.03 82,374.20 169,129.56 b) Purchases of stock-in-trade 846.75 535.65 2,161.69 1,382.40 4,614.53 10,897.81 c) Changes in inventories of finished goods, work-in-progress and stock (6,743.41) (194.28) (7,234.86) (6,937.69) (9,057.10) (10,497.58) in-trade d) Employee benefits expense (refer note viii) 4,984.36 5,160.56 4,724.95 10,144.92 9,567.05 19,861.65 e) Finance costs 160.64 45.46 770.44 206.10 1,490.04 3,650.72 f) Depreciation and amortisation expense 3,053.62 2,906.09 2,795.12 5,959.71 5,564.65 11,269.43 g) Other expenses Power and fuel 8,250.33 7,510.85 7,881.99 15,761.18 14,915.19 30,116.62 Freight outward expenses 12,019.82 10,511.82 7,840.97 22,531.64 13,664.87 34,342.77 Others 16,696.91 17,502.15 15,922.48 34,199.06 32,266.77 62,506.46 Total expenses (a+b+c+d+e+f+g) 86,186.47 88,959.88 78,653.39 175,146.35 155,400.20 331,277.44 3 Profit before share of profit of joint venture, exceptional item and tax 32,260.53 38,893.68 35,956.60 71,154.21 73,935.91 158,114.04 1-2) 4 Share of profit of joint venture, Net of Tax 690.04 611.19 39.58 1,301.23 610.40 1,391.60 5 Profit before exceptional item and tax (3+4) 32,950.57 39,504.87 35,996.18 72,455.44 74,546.31 159,505.64 6 Exceptional Item (refer note vi) . 328.19 7 Profit before tax (5-6) 32,950.57 39,504.87 35,996.18 72,455.44 74,546.31 159,177.45 8 Tax expense (i) Current tax 8,128.52 8,633.16 8,579.47 16,761.68 16,438.65 33,383.82 (ii) (Excess) / Short provision for tax of earlier periods 0.08 (5.74) 35.04 (5.66) 35.04 (1,496.43) (iii) Deferred tax (121.31) 778.05 (365.97) 656.74 (191.80) 396.92 Total tax expense (i+ii+iii) 8,007.29 9,405.47 8,248.54 17,412.76 16,281.89 32,284.31 9 Profit for the period (7-8) 24,943.28 30,099.40 27,747.64 55,042.68 58,264.42 126,893.14 10 Other comprehensive income / (loss): (i) Items that will not be reclassified to statement of profit and loss 1.21 33.00 131.10 34.21 96.33 321.79 (ii) income tax relating to items that will not be reclassified to statement (0.30) (8.31) (34.54) (8.61) (25.78) (81.06) of profit and loss (iii) Items that will be reclassified to statement of profit and loss 1,129.22 (621.55) 757.64 $507.67 907.77 (2,311.24) (iv) Income tax relating to items that will be reclassified to statement of (68.05) 231.08 (224.43) 163.03 (313.71) (219.21) profit and loss Total other comprehensive income / (loss) (net of tax) (iii+iii+iv) 1,062.08 (365.78) 629.77 696.30 664.61 (2,289.72) 11 Total comprehensive income for the period (9+10) 26,005.36 29,733.62 28,377.41 55,738.98 58,929.03 124,603.42 12 Net profit / (loss) attributable to: a) Owners of the Holding Company 24,973.01 30,111.19 27,744.05 55,084.20 58,246.30 127,015.82 b) Non-Controlling Interest (29.73) (11.79) 3.59 (41.52) 18.12 (122.68) 13 Other comprehensive income / (loss) attributable to: a) Owners of the Holding Company 1,062.00 (367.00) 628.69 695.00 662.91 (2,291.99) b) Non-Controlling Interest 0.08 1.22 1.08 1.30 1.70 2.27 14 Total comprehensive income / (loss) attributable to: a) Owners of the Holding Company 26,035.01 29,744.19 28,372.74 55,779.20 58,909.21 124,723.83 b) Non-Controlling Interest ' • (29.65) (10.57) 4.67 (40.22) 19.82 (120.41) 15 Paid- up equity share capt4.1%@ al e ot2 each 1,866.41 1,866.41 1,866.41 1,866.41 1,866.41 1,866.41 16 Other equity /eR / -o 800,668.42 17 Earning per equity sh4r@{l P ) ia < (no t an us1 ed) ty=S& , Basic z , F !"'a s . 26.76 32.27 29.73 59.03 62.42 136.11 Diluted k G \ J/ 4 ' ] I $2415 26.76 32.27 29.73 59.03 62.42 136.11 Ng 5 t 7 - O '
Page 8
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL RESULTS (CONTINUED) Notes: (i) The above unaudited consolidated financial results for the quarter and half year ended 30 September 2026 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors in their respective meetings held on 03 November 2026. These unaudited consolidated financial results have been subjected to limited review by the statutory auditors of the Holding Company. The statutory auditors have expressed an unmodified conclusion. (ii) The unaudited consolidated financial results are prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards as prescribed under Section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, as amended. (iii) The unaudited consolidated financial results comprise of the results / financial information of the Holding Company, i.e., AIA Engineering Limited, its subsidiaries namely - Welcast Steels Limited - India, AIA CSR Foundation - India, Vega Industries (Middle East) .Z.C. - U.A.E., Vega Industries Limited - U.K., Vega Industries Limited - US.A.("VEGA USA"), Vega Steel Industries (RSA) (PTY.) Limited - South Africa, Wuxi Vega Trade Co., Limited - China, PT. Vega Industries Indonesia ·Indonesia, Vega Industries Chile SPA - Chile, AIA Ghana Limited - Ghana, Vega Industries Australia Pty. Ltd. - Australia, Vega Industries Peru Limited - Peru, Vega Middle East (DFTZ) FZE -U.A.E. and a joint venture namely - Vega MPS Pty. Ltd. - Australia. (iv) The Group has only one reportable primary business segment as per Ind AS 108 - "Operating Segments", i.e., Manufacturing of High Chrome Mill Internals. (v) During the previous year ended 31 March 2026, Vega Industries (Middle East) F.Z.C. - U.A.E. ("VEGA ME") had acquired additional 14% stake (resulting in a cumulative stake of 70%) in Vega MPS Pty. Ltd., Australia (VMPS) on 10 December 2025 for consideration of AUD 5.65 million. (vi) The Board of Directors of Wetcast Steels Limited ("wSL"), a Subsidiary Company, had decided in their meeting dated 15 October 2025 to close down its only factory w.e.f. 15 December 2025. Since labour disputes are pending before various courts and other judicial forums, management intends to maintain the status quo. Accordingly, during the quarter and year ended on 31 March 2026 the financial statements were prepared on a non-going concern basis and the group has provided « 328.19 lakhs towards closure compensation for employees of wSt and the impact is disclosed as an exceptional item. There has been no change in the operational status of the Company during the quarter. Accordingly, the financial information continues to be prepared on a non-going concern basis. (vii) On 29 July 2025, the Board of Directors of the Holding Company decided to discontinue the manufacturing operations at Nagpur unit. Such closure does not have any adverse effect on the production/business operations and profitability of the Holding Company. (viii) Effective 21 November 2025, the Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour code collectively referred to as "New Labour Codes". The Group has assessed the financial implications of these changes mainly due to revision of definition of wages and FAQs issued by The Ministry of Labour & Employment. Accordingly, an incremental liability of 433.73 lakhs towards gratuity has been recognised during the year ended 31 March 2026. (ix) Refer Annexure I for unaudited Consolidated Balance Sheet. () Refer Annexure-I for unaudited Consolidated Statement of Cash Flows Place: Ahmedabad Date: 03 November 2026 By Order of Board of Directors For AI¢ 'ngineering Limited (BhadreshK. Shah) Chairman & Managing Director DIN:00058177
Page 9
AIA ENGINEERING LIMITED CIN: L29259GJ1991PLC015182 Annexure - I : Unaudited Consolidated Balance Sheet ( in lakhs) As at As at Particulars 30 September 2026 31 March 2026 (Unaudited) (Audited) ASSETS Non-current assets (a) Property, plant and equipment 114,794.91 114,345.86 (bl Right of use assets 6,356.18 6,462.23 (c) Capital work-in-progress 609.37 1,589.21 (d) Goodwill 460.69 460.69 (e) Goodwill on consolidation 1,528.79 1,528.79 (f) Other intangible assets 333.57 506.03 (g) Financial assets (i) Investments 15,807.53 14,210.31 (ii) Trade receivables 53.05 5.83 (iii) Loans 154.55 224.02 (iv) Other financial assets 1,026.82 1,029.45 (h) Deferred tax assets 542.71 561.41 (i) Other tax assets (net) 7.54 59.19 (j) Other non-current assets 3,818.70 3,192.11 Total non-current assets 145,494.41 144,175.13 Current assets (a) Inventories 138,112.85 125,626.62 (b) Financial assets (i) Investments 454,353.71 415,997.62 (ii) Trade receivables (net) 96,520.75 116,860.79 (iii) Cash and cash equivalents 28,579.63 21,506.40 (iv) Bank balances other than (iii) above 22,610.60 879.73 (v) Loans 7,759.71 13,085.65 (vi) Other financial assets 1,736.48 1,766.45 (c) Other current assets 15,229.67 13,901.17 Total current assets 764,903.40 709,624.43 Total assets 910,397.81 853,799.56 EQUITY AND LIABILITIES EQUITY (a) Equity share capital 1,866.41 1,866.41 (b) Other equity 841,417.26 800,668.42 Equity attributable to owners of the Company 843,283.67 802,534.83 (c) Non-controlling interest 847.33 887.53 Total equity 844,131.00 803,422.36 LIABILITIES Non-current liabilities (a) Financial liabilities (i) Lease liabilities 679.02 727.71 (b) Other non-current liabilities 459.01 514.58 (c) Provisions 2,040.41 1,586.61 (d) Deferred tax liabilities (net) 11,188.91 10,366.61 Total non-current liabilities 14,367.35 13,195.51 Current liabilities (a) Financial liabilities (i) Borrowings 9,732.65 - (ii) Lease liabilities 191.01 298.96 (iii) Trade payables Total outstanding dues of micro enterprises and small enterprises 3,534.16 3,622.77 Total outstanding dues of creditors other than micro enterprises and small enterprises 19,246.94 18,329.68 (iv) Other financial liabilities .5'e 2,563.04 2,505.60 (b) Other current liabilities ¢ 9,299.64 7,514.53 (c) Provisions ·, G 4%548 354.77 629.26 # (d) Current tax liabilities {net) e Ahmadabad 6,977.25 4,280.89 z : I F 2 z Total current liabilities /urea\P' 51,899.46 37,181.69 Total Liabilities . k n g\ 3 s / ,, 66,266.81 50,377.20 Total equity and liabilities "' • • 1/.,/ 910,397.81 853,799.56 -
Page 10
AIA ENGINEERING LIMITED CINL29259G11991PLC015182 Annexure - II : Unudited Consolidated Statement of Cash Flows (in lakhs) Half year ended Half year ended Year ended Particulars 30 September 2026 30 September 2025 31 March 2026 (Unaudited) (Unaudited) (Audited) A. Cash flow from operating activities: Profit before tax 72,455.44 74,546.31 159,177.45 Add / (less): Adjustments Interest income from financial assets measured at FVTOCI (64.75) (516.23) (872.45) Interest income from financial assets measured at amortised cost (781.16) (1,099.61) (2,286.55) Interest income on refund of income tax . (74.36) (657.43) Gain on sale of current investments measured at FVTPL (826.44) (1,701.93) (6,146.54) Gain on sale of current investments measured at FVTOCI (97.47) (117.35) Financial assets at FVTPL- net change in fair value (12,789.57) (10,834.08) (19,430.38) Unrealised loss / (gain) on foreign exchange fluctuation (net) 12.02 840.13 (974.21) Fair value loss / (gain) on interest rate swap 176.82 (183.36) Gain on sale of property, plant and equipment / termination of leases (net) (12.88) (190.40) (207.14) Government grant income (43.22) (90.50) Depreciation and amortisation expense 5,959.71 5,564.65 11,269.43 Finance costs 206.10 1,490.04 3,650.72 Provision for warranties made (net) 907.69 207.31 422.39 Allowance for expected credit loss (net) 61.05 515.40 887.24 Liabilities / provisions no longer required written back (44.19) Share of profit of joint venture, Net of Tax (1,301.23) (610.40) (1,391.60) Foreign currency fluctuation on translation of foreign operations 1,162.64 (321.48) (3,139.83) 64,847.93 67,992.17 139,865.70 Changes in working capital: Decrease / (increase) in trade receivables 19,120.03 4,687.61 (33,681.42) Decrease /(Increase) in loans 5,087.19 (10.65) (46.80) Increase in inventories (12,486.23) (15,688.18) (23,946.24) Decrease / (Increase) in other financial assets 107.42 (657.20) 552.36 Decrease in other non current and current assets 1,360.20 3,813.77 1,439.52 (Decrease) / Increase in provisions (694.17) (431.55) 163.31 Increase in trade payables 920.99 792.54 2,218.25 Increase / (Decrease) in other financial liabilities 262.58 398.94 (322.99) Increase in other current liabilities 456.62 1,023.32 476.36 Cash generated from operations 78,982.56 61,920.77 86,718.05 Income taxes paid (net of refunds) (13,775.17 (12,075.76) (27,567.88) Net cash generated from operating activities (A] 65,207.39 49,845.01 59,150.17 B. Cash flow from investing activities: Acquisition of property, plant and equipment, capital work-in-progress, leasehold land and other (5,791.62) (4,377.00) (10,414.95) intangibles Proceeds from sale of property, plant and equipment 72.74 241.54 370.81 Government grant received 55.51 111.00 Purchase of investments (net) (28,136.07) (74,212.26) (11,099.55) (Investment in) / Redemption of foxed deposits with bank (net) (21,727.83) (16,897.45) 5,337.26 Interest received 1,508.96 1,549.21 3,274.69 Net cash used in investing activities (B] (54,018.31) (93,695.96) (12,420.74) C. Cash flow from financing activities: Proceeds from / (Repayment of) current borrowings (net) 9,732.65 53,300.00 (48,500.00) Dividends paid (Net f TDS) (13,615.12) (13,604.36) (13,604.36) Finance cost paid (156.96) (1,465.03) (3,435.08) Interest paid on lease liabilities (49.14) (25.01) (61.01) Principal repayment of lease liabilities (122.81) (193.73) (385.20) Net cash (used in) / Generated from financing activities (C) (4,211.38) 38,011.87 (65,985.65) D. Net increase / (decrease) in cash and cash equivalents (A+8+CJ 6,977.70 (5,839.08) (19,256.22) E. Add : Cash and cash equivalents at the beginning of the year 21,506.40 39,710.87 39,710.87 r. Add/(Less) : Effect of movements in exchange rates on cash held 95.53 (745.17) 1,051.75 G. Cash and cash equivalents at the end of the half year/ year (refer note 2 below) 28,579.63 33,126.62 21,506.40 Note 1: The above Consolidated Statement of cash flows has been prepared under the 'Indirect Method' as set out in Ind AS-7, "Statement of Cash Flows". Note 2: (in lakhs) As at As at As at Particulars 30 September 2026 30 September 2025 31 March 2026 A ¢ & Co (Unaudited) (Unaudited) (Audited) Cash and cash equivalents include: he 7 " ' - Balances with banks #te # /\.±€9 28,471.28 33,096.38 21,355.68 Balances with banks in fixed deposit (Orig okAtmyei a dJ nonths) 37.96 Cash on hand z ."" f� 108.35 30.24 112.76 l&. .t , , AHNE0AB8AI + w g j i, f 28,579.63 33,126.62 21,506.40 @ A c @ .4 + /2
Page 11
BS R & Co. LLP Chartered Accountants 903 Commerce House V Near Vodafone House, Prahaladnagar Corporate Road, Ahmedabad 380 051 India Telephone: +91 (79) 7145 0001 Fax. +91 (79) 7145 0050 Limited Review Report on unaudited consolidated financial results of AIA Engineering Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of AIA Engineering Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of AIA Engineering Limited (hereinafter referred to as the Parent"), and its 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 joint ventures for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 (the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent'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, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 241 0 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review 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. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I below. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of the other auditor referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 8SR&Go (pararsmu p fr win Registraton N 8A6 1223) 00 rvrte int0 88R8Co. LLP(a Limited Liability Partnership with LLP Registration No AAB-8181) with effect from October 14 2013 Registered Office 14th Floor, Central B Wag and North C Wing. Ne.tT Pk4, Ne .o Center Western Express Highway. Goregaon (East). Mumbai . 40006.3 Page 1 of 3
Page 12
BS R & Co. LLP Limited Review Report (Continued) AIA Engineering Limited 6. We did not review the interim financial result of 1 subsidiary included in the Statement, whose interim financial result reflects total assets (before consolidation adjustments) of Rs. 3,425.52 lakhs as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 46.37 lakhs and Rs. 168.06 lakhs, total net loss after tax (before consolidation adjustments) of Rs. 51.03 lakhs and Rs. 122.93 lakhs and total comprehensive loss (before consolidation adjustments) of Rs. 51.03 lakhs and Rs. 122.93 lakhs, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 66.21 lakhs for the period from 01 April 2026 to 30 September 2026 as considered in the Statement. This interim financial result has been reviewed by other auditor whose report has been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. 7. The Statement includes the interim financial information of 7 subsidiaries which have not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 145,219.01 lakhs as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 39,445.71 lakhs and Rs. 69,455.12 lakhs, total net profit after tax (before consolidation adjustments) of Rs. 253.59 lakhs and Rs. 1,769.01 lakhs and total comprehensive income (before consolidation adjustments) of Rs. 253.59 lakhs and Rs. 1,769.01 lakhs, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash inflows (net) (before consolidation adjustments) of Rs. 3,314.71 lakhs for the period from 01 April 2026 to 30 September 2026 as considered in the Statement. The Statement also includes the Group's share of net profit after tax (before consolidation adjustments) of Rs. 450.07 lakhs and Rs. 933.96 lakhs and total comprehensive income (before consolidation adjustments) of Rs. 450.07 lakhs and Rs. 933.96 lakhs, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of 1 joint venture, based on its interim financial information which has not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter. For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Ahmedabad 03 November 2026 Rupen Shah Partner Membership No.: 116240 UDIN:26116240HSQOAJ6187 Page 2 of 3
Page 13
BS R & Co. LLP Limited Review Report (Continued) AIA Engineering Limited Annexure I List of entities included in unaudited consolidated financial results. Sr. No Name of component Country Relationship 1 AIA Engineering Limited India Parent 2 Welcast Steels Limited India Subsidiary 3 AIA CSR Foundation India Wholly owned subsidiary 4 Vega Industries (Middle East) U.A.E. Wholly owned subsidiary F.Z.C. 5 Vega Industries Limited U.S.A. Step down subsidiary 6 Vega Industries Australia Pty. Australia Step down subsidiary Limited 7 AIA Ghana Limited Ghana Step down subsidiary 8 Vega Industries Limited U.K. Step down subsidiary 9 Vega Steel Industries (RSA) PTY South Africa Step down subsidiary Limited South Africa 10 PT. Vega Industries Indonesia Indonesia Step down subsidiary 11 Wuxi Vega Trade Co. Limited China Step down subsidiary 12 Vega Industries Chile SPA Chile Step down subsidiary 13 Vega Industries Peru Limited Peru Step down subsidiary 14 Vega Middle East (DFTZ) FZE U.A.E. Step down subsidiary 15 Vega MPS Pty. Limited Australia Joint Venture Page 3 of 3