Interim report
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APM Terminals Pipavav Registered Office Gujarat Pipavav Port Ltd. Post Office – Rampara No. 2 504, 5th Floor, Godrej Two, Via Rajula Pirojshanagar, Vikhroli East, District Amreli Mumbai, Maharashtra Gujarat 365 560 India 400079 India CIN: L63010GJ1992PLC018106 CIN: L63010GJ1992PLC018106 www.pipavav.com T +91-2794-242400 www.apmterminals.com F +91-2794-242413 4th November 2026 National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Scrip Name: GPPL BSE Limited 14th Floor, P J Towers, Dalal Street, Fort, Mumbai 400 001 Scrip Code: 533248 Dear Madam/ Sir, Sub: Decisions taken at the Board meeting held today The Meeting of the Board of Directors of Gujarat Pipavav Port Limited (‘the Company’) commenced today i.e. Wednesday 4th November 2026 at 2.30 PM and concluded at 4.10 PM. The Board of Directors have approved the following matters: 1. Unaudited Standalone & Consolidated Financial Results for the Quarter and Half Year ended 30th September 2026 along with the Limited Review Report by the Statutory Auditors. The Limited Review Report for the Standalone and Consolidated Accounts is Unmodified. The financial results are attached herewith along with the Limited Review report by the Statutory Auditors. 2. Payment of Interim Dividend at Rs. 3.00 per share for the financial year 202 6-27 subject to applicable taxes. Thursday 12th November 2026 shall be the Record Date to determine the Members eligible for receiving the Dividend amount. The dividend amount is likely to be paid to the eligible Members by Wednesday 25th November 2026. This letter may kindly be treated as an intimation under Regulation 30 Schedule III Part A Para A (4) and Regulation 42 (2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The letter is being made available on the Company’s website www.pipavav.com For Gujarat Pipavav Port Limited Manish Agnihotri Company Secretary & Compliance Officer
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MSK A & Associates LLP(Formerly known as M S K A & Associates) Chartered Accountants HO 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E) Mumbai 400063, INDIA Tel: +91 22 6974 0200 Independent Auditor's Review Report on standalone unaudited financial results of Gujarat Pipavav Port Limited for the quarter and year to date pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors of Gujarat Pipavav Port Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results of Gujarat Pipavav Port Limited (hereinafter referred to as 'the Company') for the quarter ended September 30, 2026 and the year to-date results for the period from April 01, 2026 to September 30, 2026 ('the Statement') attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulations'). 2. This Statement, which is the responsibility of the Company's Management and has been 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', prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued thereunder ('Ind AS 34') and other recognised accounting principles generally accepted in India and is in compliance with the 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) 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 specified under section 143(10) of the Act 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 stated in paragraph 3 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 Ind AS 34 and other recognised accounting principles generally accepted in India has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For M S K A & Associates LLP (Formerly known as M S K A & Associates) Chartered Accountants ICAI Firm Registration NoJ»Qg7W/W101187 Udit Brijesh Parikh Partner Membership No.: 151016 UDIN: 26151016ALFIKM8542 Place: Mumbai Date: November 04, 2026 Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LIPIN: ACT-3789 Ahmedabad | Bengaluru I Chandigarh | Chennai | Coimbatore ) Goa I Gurugram I Hyderabad | Kochi I Kolkata I Pune www,mska.in
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(₹ In Million) 3 months ended Preceding 3 months ended Corresponding 3 months ended in the previous year Year to date figure for current period ended on Year to date figure for previous period ended on Year ended 30/09/2026 30/06/2026 30/09/2025 30/09/2026 30/09/2025 31/03/2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income a. Revenue from operations 3,391.52 3,317.67 2,991.49 6,709.19 5,492.78 11,583.78 b. Other Income 211.40 154.53 242.07 365.93 453.10 771.07 Total Income 3,602.92 3,472.20 3,233.56 7,075.12 5,945.88 12,354.85 2 Expenses a. Operating expenses 626.48 436.88 619.60 1,063.36 1,022.85 2,007.68 b. Employee benefits expenses 263.13 255.50 229.12 518.63 453.75 913.27 c. Finance costs 10.42 7.17 14.65 17.59 33.35 68.66 d. Depreciation and amortisation expenses 311.03 314.12 316.46 625.15 631.02 1,258.56 e. Other expenses 383.71 485.46 366.43 869.17 767.05 1,581.19 Total expenses 1,594.77 1,499.13 1,546.26 3,093.90 2,908.02 5,829.36 3 Profit before exceptional items and tax (1 - 2) 2,008.15 1,973.07 1,687.30 3,981.22 3,037.86 6,525.49 4 Exceptional items Gain (Note 4 and 5) - - 431.35 - 431.35 194.93 5 Profit before tax (3 + 4) 2,008.15 1,973.07 2,118.65 3,981.22 3,469.21 6,720.42 6 Income Tax expense a. Current tax expense 533.48 504.15 536.94 1,037.63 883.18 1,741.79 b. (26.35) 0.15 (1.35) (26.20) (4.30) (24.92) Total Income Tax expenses 507.13 504.30 535.59 1,011.43 878.88 1,716.87 7 Net Profit for the period/year (5 - 6) 1,501.02 1,468.77 1,583.06 2,969.79 2,590.33 5,003.55 8 Other comprehensive income, net of income tax a. Items that will not be reclassified subsequently to profit or loss - Re-measurement of post-employment benefit obligations (21.61) - (8.89) (21.61) (8.89) 1.63 - Income Tax relating to item that will not be reclassified subsequently to profit or loss 5.44 - 2.24 5.44 2.24 (0.41) Total other comprehensive income for the period/year, net of income tax (16.17) - (6.65) (16.17) (6.65) 1.22 9 Total comprehensive income for the period/year (7 + 8) 1,484.85 1,468.77 1,576.41 2,953.62 2,583.68 5,004.77 10 Paid-up equity share capital (Face value ₹ 10 per share) 4,834.40 4,834.40 4,834.40 4,834.40 4,834.40 4,834.40 11 16,717.88 12 3.10 3.04 3.27 6.14 5.35 10.35 Basic and diluted earnings per share (EPS) (of ₹ 10/- each) (EPS for respective quarters are not annualised) Sr. No. Particulars Deferred tax expense/(credit) Other Equity GUJARAT PIPAVAV PORT LIMITED Registered Office : Pipavav Port, At Post Rampara-2, Tal. Rajula, Dist. Amreli, Gujarat 365 560. CIN: L63010GJ1992PLC018106 Tel: 02794 242400 Fax: 02794 242413 Website: www.pipavav.com Email: investorrelationinppv@apmterminals.com STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTH ENDED ON 30 SEPTEMBER 2026
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GUJARATPIPAYAVPORTLIMITED STATEMENTOFSTANDALONEUNAUDITEDASSETSANDLIABILITIESASAT30SEPTEMBER2026 ParticularsAsatAsat 30/09/202631/03/2026 (Unaudited)(Audited) AASSETS 1Non-currentassets a.Property,PlantandEquipment12,370.9812.614.79 b.Right-of-useassets255.16307.70 c.Capitalworkinprogress3,588.412,858.91 d.Intangibleassets22.7626.13 f.Investmentaccountedforusingtheequitymethod830.00830.00 g.Financialassets Otherfinancialassets42.9945.12 h.IncomeTaxAssets(net)192.11249.80 i.Othernon-currentassets1.902.83 Totalnon-currentassets17,304.3116,935.28 2Currentassets a.Inventories89.88118.09 b.Financialassets i.Tradereceivables808.51443.22 ii.Cashandcashequivalents121.1993.07 iii.Bankbalancesotherthancashandcashequivalents9,290.466,666.17 iv.Loans3.623.08 v.Otherfinancialassets224.141,790.40 c.Othercurrentassets667.971,466.46 Totalcurrentassets11,205.7710,580.49 TOTALASSETS28,510.0827,515.77 BEQUITYANDLIABILITIES 1Equity a.Equitysharecapital4,834.404,834.40 b.Otherequity17,254.3016,717.88 Totalequity22,088.7021,552.28 2Liabilities INon-currentliabilities a.Financialliabilities i.Leaseliabilities122.68130.34 ii.Otherfinancialliabilities47.0098.52 b.Employeebenefitobligations107.2346.12 c.Deferredtaxliabilities(net)1,182.441,214.07 d.Othernon-currentliabilities253.44306.25 Totalnon-currentliabilities1,712.791,795.30 IICurrentliabilities a.Financialliabilities i.Leaseliabilities171.53238.40 ii.Tradepayables (a)TotaloutstandingduesofMicroEnterprisesandSmallEnterprises5.768.34 (b)TotaloutstandingduesofcreditorsotherthanMicroEnterprisesandSmallEnterprises738.51563.45 iii.Otherfinancialliabilities552.88706.10 b.Employeebenefitobligations100.8185.19 c.Provisions845.88814.65 d.Currenttaxliabilities(net)290.40108.39 e.Othercurrentliabilities2,002.821,643.67 Totalcurrentliabilities4,708.594,168.19 Totalliabilities6,421.385,963.49 TOTALEQUITYANDLIABILITIES28,510.0827,515.77
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GUJARATPIPAVAVPORTLIMITED STATEMENTOFSTANDALONEUNAUDITEDCASHFLOWFORTHESIXMONTHENDEDSEPTEMBER30,2026 (^InMillion) Particulars SixmonthsendedSixmonthsended September30,2026September30,2025 (Unaudited)(Unaudited) Cashflowfromoperatingactivities ProfitbeforeIncometax Adjustmentsfor: Deferredincomerecognised Depreciationandamortisationexpense Financecosts Interestincomeclassifiedasinvestingcashflows Dividendincomeclassifiedasinvestingcashflows LossondisposalofProperty,PlantandEquipment Gainonterminationofleasedasset Sundrybalanceswrittenoff Provisionsfordoubtfuldebtswritten(back)/off Provisionsforinventory Baddebtswrittenoff Netlossonforeigncurrencytransactionsandtranslationsdifferences Provisionforclaims Operatingprofitbeforeworkingcapitalchanges IncreaseinTradereceivables DecreaseinInventories IncreaseinLoans IncreaseinOtherfinancialassets DecreaseinOthernoncurrentassets Decrease/(Increase)inOthercurrentassets IncreaseinTradepayables IncreaseinEmployeebenefitobligations (Decrease)/IncreaseinOtherfinancialliabilities (Decrease)/IncreaseinProvision Increase/(Decrease)inOthercurrentliabilities Cashgeneratedfromoperations Incometaxespaid(netofrefunds) Netcashinflowfromoperatingactivities Cashflowfrominvestingactivities PaymentsforProperty,PlantandEquipment DividendsreceivedfromAssociatecompany Interestreceived PlacementoffixeddepositswithBanks ProceedsfrommaturityoffixeddepositswithBanks Netcashflow(usedin)/generatedfrominvestingactivities Cashflowfromfinancingactivities Interestpaid Repaymentofleaseliability DividendspaidtoCompany'sshareholders UnclaimedDividend Netcashflowusedinfinancingactivities NetIncreaseincashandcashequivalents Cashandcashequivalentsatthebeginningofthefinancialyear Cashandcashequivalentsatendoftheperiod 3,981.22 (23.98) 625.15 16.16 (275.34) (38.00) 0.04 2.28 (1.78) 5.15 9.69 34.19 3,469.21 (24.13) 631.02 33.35 (352.41) (38.00) (5.41) (0.12) (59.23) (1.02) 58.20 8.26 4,334.783,719.72 (369.35) 23.06 (0.54) (15.30) 0.93 668.49 168.61 5.32 (1.10) (2.97) 380.13 (329.38) 5.65 (1.34) (1.38) (300.32) 170.42 9.20 0.23 0.15 (527.02) 857.28(973.79) 5,192.06 (797.93) 2,745.93 (747.10) 4,394.131,998.83 (1,076.31) 38.00 269.04 (9,585.00) 8,929.90 (751.85) 38.00 321.27 (9,483.00) 10,711.56 (1,424.37)835.98 (147.53) (2,414.92) (379.19) (33.35) (130.85) (2,029.10) (1.35) (2,941.64)(2,194.65) 28.12640.16 93.07125.57 121.19765.73 Reconciliationofcashandcashequivalentsasperthecashflowstatement September30,2026September30,2025 Cashandcashequivalentsasperabovecompriseofthefollowing:- Cashandcashequivalents Balanceasperstatementofcashflow 121.19 121.19 765.73 765.73
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GUJARATPIPAVAVPORTLIMITED Notes: 1TheabovestandaloneunauditedfinancialresultsoftheGujaratPipavavPortLimited("TheCompany")arepreparedincomplianceuithIndianAccountingStandards("IndAS")asnotifiedundersection133oftheCompanicsAct.2013 ("theAct")[Companies(IndianAccountingStandards)Rules.2015].asamendedandothergenerallyacceptedaccountingpracticesandprinciplesandguidelinesissuedbytlieSecuritiesandExchangeBoardofIndia(SEBI)underSEBI (ListingObligationsandDisclosureRequirements)Regulations2015asamended. 2TheaboveresultshavebeenreviewedbytheAuditCommitteeandapprovedbytheBoardofDirectorsintheirmeetingsheldon3November2026and4November2026respectively. 3TheCompanyhasonlyonereportablebusinesssegment,whichis"PortServices"andonlyonereportablegeographicalsegment,whichistheportatPipavav.Accordingly,theCompanyisasinglesegmentCompanyinaccordancewith IndianAccountingStandard108"OperatingSegment". 4(i)ThestandalonefinancialresultsfortheyearendedMarch31.2026includedtheimpactofexceptionalitemsamountingtoINR43.29million,pertainingtorestructuringcostsandimpactofNewLabourCodes. (ii)On17May2021.theCompany'sportlocationatPipavavwashitbycyclone"Tauktae".Dueprecautionsweretakentominimisetheimpactofthecycloneontheinfrastructureattheportandtherewasnolossoflife.However,the operationsattheportweredisruptedtill01June2021mainlyduetothelossofgridpowersupply.Further,certainportionoftheproperty,plantandequipmentrequiredrepairs.TheCompanyhasincurredINR847.10milliontowards cycloneexpenditureandhasreceivedaninterimclaimofINR350.00millionupto31March2025.Therewasnoadditionalexpendituretliathasbeenincurredinthepreviousyear,astheentirecyclonerestorationworkhasbeencompleted. TheCompanyreceivedINR143.96millionon24September2025andthebalanceamountofINR282.57millionon23October2025asfill!andfinalsettlement. 5TheCompanyhadmadeanapplicationforapprovalofexpansionplantoGujaratMaritimeBoard(GMB)on01October2012.TheapprovalwasreceivedfromGMBvideletterdated10April2015.Asperoneoftheconditionsofthe approval,theCompanyhadissuedabankguaranteeofINR185.35MillionwhichwasencashedbyGMBon13February2019.Further.GMBalsoaskedtheCompanytopayINR337.59milliontowardsliquidateddamagesalongwith interestthereuponattherateof18%perannum,andGSTontheaforesaidbankguaranteeamountingtoINR33.36millionalongwithinterestthereuponattherateof18%perannum,videtheirletterdated27October2021.TheCompany reviewedthetermsandconditionsofapprovalandbasedonthemanagementassessmentandexternallegalexpertadvice,theManagementbelievesthattheamountofbankguaranteeisrecoverableaswellasnoliquidateddamagesareliable tobepaid,andhadfiledaCommercialSuitbeforetheCommercialCourt.Rajulainthisregard.TheCommercialCourt.Rajulaliasdirectedboththepartiestosettlethematterthrough.Arbitrationprocess.Theproceedingsforappointmentof arbitratorwasinitiatedbytlieCompanybysendinglegalnoticeu/s11ofthe.ArbitrationActon28August2023.ThesaidnoticewasrepliedbyGMBon27September2023statingthatthemattershouldberesolvedasperthedispute resolutionmechanismaspertheconcessionagreement.TheCompanyhasgivenitsconcurrenceforthealternativedisputeresolutionmechanism.TheCompanyhasreceivedaletterfromGMBon12June2024requestingtoappointa representativeoftheCompanyasapartofExpertCommitteetoresolvetheissueaspertheconcessionagreement.Pursuanttoabove,theCompanyhasnominatedit'srepresentativeandintimatedtoGMBvideletterdated08August2024. GujaratMaritimeBoardnominateditsrepresentativeaspartofExpertCommitteeandcommunicatedthesametotheCompanyvideitsletterdated28April2025.Aspartofamicablesettlementofdisputeandtoavoidfurtherlitigationsthe ExpertCommitteehasproposedafinalsettlementofINR188.31million.TheExpertCommitteehasrecommendedthattheproposalcanbesubmittedtotheBoardsofbothpartiesforapprovalTheBoardofGujaratPipavavPortLimited hadacceptedtheproposalofExpertCommittee.Accordingly,theCompanyhasrecognizedINR188.31millionasanexceptionalitemduringthequarter&yearended31March2026.adjustedthereceivableofINR185.35million recoverablefromGMBandrecognisedthebalanceamountpayableofINR2.96millionasaliabilityinthestandalonefinancialresultsforthequarterended31March2026.TheBoardofGMBhasacceptedtherecommendationsofexpert committee.Subsequently,theCompanyvideitsletterdated16June2026.conveyeditsacceptanceandconcurrencewiththeterms&conditionsoftheproposedsettlementbyGMB.Accordingly,thematternowremainspendingonlyforthe executionofsettlementagreement. 6TheCompanyhadenteredintoanagreementwithoneofitscustomersintheyear1998forsettingupthetankfarmsatPort.Asperthetermsofagreement,thecustomerpaidlandpremiumanddevelopmentchargesofINR107.30million. OneoftheconditionsoftheagreementwasthattheCompanyshouldprovidetherailconnectivityatPipavavonorbeforeMarch2000.TheCompanycouldnotmeetthisconditionastherailconnectivitywasestablishedonlybytlieyear 2003.ThecustomerinitiatedthearbitrationproceedingsagainsttheCompanyintheyear2005seekingarefundofINR107.30millionwithinterestthereoninaccordancewithtlieagreement.TheArbitratoron12February2024announced anawardagainsttheCompanytorefundtheprincipalwithinteresttillthedateofpayment.TlieCompanyhadfiledforrectificationoftheawardduetotheapparenterrorsintheclaimamount.Tliearbitratorconvenedthehearingon13May 2024andissuedarevisedorderon18May2024whichhaderrorsintheclaimamountandinconsistencyintheconclusion.Asecondrectificationorderdated19August2024wasissuedwhereinsomeoftheapparenterrorswereaccepted. TlieCompanyhasfiledapetitionunderSection34oftheArbitrationandConciliationAct.1996beforetheHonorableHighCourtofMumbaion14November2024.Thecustomerhasfiledacommercialexecutionapplicationon5 December2024toexecutethearbitrationawardbeforetheHonorableHighCourtofMumbai,towhichtheCompanyhasfiledaninterimapplicationon20December2024seekingastayontheexecutionoftheaward.On1April2025.the HonorableHighCourtofMumbaiallowedtheinterimapplicationandgrantedaconditionalstay,subjecttothesubmissionofabankguaranteeordepositoftheawardamountpayableunderthearbitralawardwiththeRegistrar.The ICompanyhassubmittedtheBankGuaranteeofINR601.36millionwiththeRegistraron2July2025.TheCompanyhascontinuedwiththeaccrualoftheestimatedamountofINR671.64millionincludinginterestcostofINR518.24 Imillion.Thereisnofurtherdevelopmentinthematterduringthereportingperiod. 7UndertheServiceExportsfromIndiaScheme(SEIS),theCompanyhadappliedforDutyCreditScripsinrespectofforeignexchangeearnedfromeligibleMaritimeTransportServices.TlieOfficeoftheAdditionalDirectorGeneralof ForeignTrade.Mumbai,videitsapprovaldated22April2026.approvedtheissuanceofSEISDutyCreditScripsaggregatingtoINR521.70millionpertainingtoFY2017-18(INR223.35million)andFT"2018-19(INR298.35million). Theapprovalhasbeenconsideredanadjustingeventasitprovidesadditionalevidenceofconditionsexistingasatthequarterended31March2026.Accordingly,theDutyCreditScripswererecognisedinthestandalonefinancialresultsfor thequarterended31March2026attheirestimatedrealisablevalueofINR495.62million(95%ofthefacevalue),whichhasbeenincludedunderOtherOperatingRevenuewithinRevenuefromOperationsinthestandalonefinancial results. Duringthepreviousquarter,theCompanytransferredtheaforesaidDutyCreditScripsandrealisedconsiderationofINR502.40million.ThedifferencebetweenthecarryingamountoftheDutyCreditScripsandtheconsiderationreceived, amountingtoINR6.78million,hasbeenrecognisedasOtheroperatingrevenuewithinRevenuefromOperationsinthestandalonefinancialresults. Further,duringthepreviousquarter,on08June2026.tlieCompanyreceivedapprovalforSEISDutyCreditScripspertainingtoFY2015-16(INR138.43million)andFY2016-17(INR180.14million)havinganaggregatefacevalueof INR318.57million.TheDutyCreditScripswererecognisedandtransferredduringthepreviousquarterforanaggregateconsiderationofINR309.49million(97.15%ofthefacevalue)whichhasbeenincludedunderOtherOperating RevenuewithinRevenuefromOperationsinthestandalonefinancialresults. Duringthecurrentquarter,on29July2026.theCompanyreceivedapprovalforSEISDutyCreditScripspertainingtoFt'2019-20(INR5.00million)and(INR6.79million)havinganaggregatefacevalueofINR11.79million.TheDuty CreditScripswererecognisedduringthecurrentquarterattheirestimatedrealisablevalueofINR11.46million(97.15%ofthefacevalue)whichhasbeenincludedunderOtherOperatingRevenuewithinRevenuefromOperationsinthe standalonefinancialresults. 8ShareholdersintheAnnualGeneralMeetingheldon9September2026approvedfinaldividendfortheyearended31March2026ofINR2.417.20million(INR5pershare),whichwaspaidbytheCompanyon16September2026. 9TheBoardofDirectorsoftheCompanyatitsmeetingon4November.2026declaredaninterimdividendofINR3pershareon483.439.910equitysharesoffacevalueofINR10each,aggregatingtoINR1.450.32million,forthefinancial year2026-27. 10TheabovestandaloneunauditedfinancialresultsoftheCompanyareavailableontheCompany'sandstockexchangeswebsites(www.pipavav.com).BSE(www.bseindia.com)andNSE(www.nscindia.com).wherethesharesofthe Companyarelisted. 1IFiguresofpreviousperiod/ycarhavebeenregrouped,wherevernecessary. Place:PipavavPort Date:4November2026 igingDirector :0797*8
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MSKA & Associates LLP(Formerly known as M S K A & Associates) Chartered Accountants HO 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E) Mumbai 400063, INDIA Tel: +91 22 6974 0200 Independent Auditor's Review Report on consolidated unaudited financial results of Gujarat Pipavav Port Limited for the quarter and year to date pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To the Board of Directors of Gujarat Pipavav Port Limited 1. We have reviewed the accompanying Statement of consolidated unaudited financial results of Gujarat Pipavav Port Limited (hereinafter referred to as 'the Company') and its share of the net profit after tax and total comprehensive income of its associate for the quarter ended September 30, 2026 and the year to-date results for the period from April 01, 2026 to September 30, 2026 ('the Statement') attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulations'). 2. This Statement, which is the responsibility of the Company's Management and approved by the Holding 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' prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued thereunder ('Ind AS 34') and other recognised accounting principles generally accepted in India and is in compliance with the 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) 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 specified under section 143(10) of the Act 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 Regulations, to the extent applicable. 4. This Statement includes the results of the Company and the share of net profit of its associate company, Pipavav Railway Corporation Limited. 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 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 Ind AS 34 and other recognised accounting principles generally accepted in India has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 | LIPIN: ACT-3789 Ahmedabad I Bengaluru I Chandigarh I Chennai I Coimbatore I Goa | Gurugram I Hyderabad | Kochi | Kolkata I Pune www.msfca.in
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MSK A & Associates LLP(Formerly known as M S K A & Associates) Chartered Accountants 6. The Statement includes the Company's share of net profit after tax of Rs. 68.18 million and Rs. 80.12 million and total comprehensive income of Rs. 68.18 million and Rs. 80.12 million for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, as considered in the Statement, in respect of one associate, whose interim financial results has not been reviewed by us. These interim financial results has been reviewed by other auditor whose report have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this associate, 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 the above matter with respect to our reliance on the work done by and report of the other auditor. For M S K A & Associates LLP (Formerly known as M S K A & Associates) Chartered Accountants ICAI Firm Registration No.105047W/W101187 Udit Brijesh Parikh Partner Membership No.: 151016 " UDIN: 26151016CLGVJD5234 Place: Mumbai Date: November 04, 2026 Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789 Ahmedabad | Bengaluru | Chandigarh I Chennai I Coimbatore | Goa I Gurugram I Hyderabad I Kochi | Kolkata I Mumbai | Pune www.mska.in
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(₹ In Million) 3 months ended Preceding 3 months ended Corresponding 3 months ended in the previous year Year to date figure for current period ended on Year to date figure for previous period ended on Year ended 30/09/2026 30/06/2026 30/09/2025 30/09/2026 30/09/2025 31/03/2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income a. Revenue from operations 3,391.52 3,317.67 2,991.49 6,709.19 5,492.78 11,583.78 b. Other Income 173.40 154.53 204.07 327.93 415.10 733.07 Total Income 3,564.92 3,472.20 3,195.56 7,037.12 5,907.88 12,316.85 2 Expenses a. Operating expenses 626.48 436.88 619.60 1,063.36 1,022.85 2,007.68 b. Employee benefits expenses 263.13 255.50 229.12 518.63 453.75 913.27 c. Finance costs 10.42 7.17 14.65 17.59 33.35 68.66 d. Depreciation and amortisation expenses 311.03 314.12 316.46 625.15 631.02 1,258.56 e. Other expenses 383.71 485.46 366.43 869.17 767.05 1,581.19 Total expenses 1,594.77 1,499.13 1,546.26 3,093.90 2,908.02 5,829.36 3 1,970.15 1,973.07 1,649.30 3,943.22 2,999.86 6,487.49 4 Share of net profit of associate accounted for using the equity method (net of tax) 68.18 11.94 66.30 80.12 108.29 210.90 5 Profit before exceptional items and tax (3 + 4) 2,038.33 1,985.01 1,715.60 4,023.34 3,108.15 6,698.39 6 Exceptional items Gain (Note 5 and 6) - - 431.35 - 431.35 194.93 7 Profit before tax (5 + 6) 2,038.33 1,985.01 2,146.95 4,023.34 3,539.50 6,893.32 8 Income Tax expense a. Current tax expense 533.48 504.15 536.94 1,037.63 883.18 1,741.79 b. (22.05) 1.86 2.70 (20.19) 5.76 (0.12) Total Income Tax expenses 511.43 506.01 539.64 1,017.44 888.94 1,741.67 9 Net Profit for the period/year (7 - 8) 1,526.90 1,479.00 1,607.31 3,005.90 2,650.56 5,151.65 10 Other comprehensive income, net of income tax Items that will not be reclassified subsequently to profit or loss (i) Re-measurement of post-employment benefit obligations (21.61) - (8.89) (21.61) (8.89) 1.63 (ii) Share of other comprehensive income of associate - - - - - 0.65 (iii) Income Tax relating to item that will not be reclassified subsequently to profit or loss to (i) above 5.44 - 2.24 5.44 2.24 (0.41) (iv) Income Tax relating to item that will not be reclassified subsequently to profit or loss to (ii) above - - - - - (0.19) Total other comprehensive income for the period/year, net of income tax (16.17) - (6.65) (16.17) (6.65) 1.68 11 Total comprehensive income for the period/year (9 + 10) 1,510.73 1,479.00 1,600.66 2,989.73 2,643.91 5,153.33 12 Paid-up equity share capital (Face value ₹ 10 per share) 4,834.40 4,834.40 4,834.40 4,834.40 4,834.40 4,834.40 13 19,049.89 14 Basic and diluted earnings per share (EPS) (of ₹ 10/- each) (EPS for respective quarters are not annualised) 3.16 3.06 3.32 6.22 5.48 10.66 GUJARAT PIPAVAV PORT LIMITED Registered Office : Pipavav Port, At Post Rampara-2, Tal. Rajula, Dist. Amreli, Gujarat 365 560. CIN: L63010GJ1992PLC018106 Tel: 02794 242400 Fax: 02794 242413 Website: www.pipavav.com Email: investorrelationinppv@apmterminals.com STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTH ENDED ON 30 SEPTEMBER 2026 Sr. No. Particulars Profit before share of net profit of investment accounted for using equity method and tax (1-2) Deferred tax expense/(credit) Other Equity
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GUJARATPIPAVAXPORTLIMITED STATEMENTOFCONSOLIDATEDUNAUDITEDASSETSANDLIABILITIESASAT30SEPTEMBER2026 (^InMillion) Particulars AsatAsat 30/09/202631/03/2026 (Unaudited)(Audited) AASSETS 1Non-currentassets a.Property,PlantandEquipment b.Right-of-useassets c.Capitalworkinprogress d.Intangibleassets e.Investmentaccountedforusingtheequitymethod f.Financialassets Otherfinancialassets g.IncomeTaxAssets(net) h.Othernon-currentassets Totalnon-currentassets 2Currentassets a.Inventories b.Financialassets i.Tradereceivables ii.Cashandcashequivalents iii.Bankbalancesotherthancashandcashequivalents iv.Loans v.Otherfinancialassets c.Othercurrentassets Totalcurrentassets 12,370.98 255.16 3,588.41 22.76 3.593.27 42.99 192.11 1.90 12,614.79 307.70 2,858.91 ?613 3.551.15 45.12 249.80 2.83 20,067.5819,656.43 89.88 808.51 121.19 9,290.46 3.62 224.14 667.97 118.09 443.22 93.07 6,666.17 3.08 1,790.40 1,466.46 11,205.7710,580.49 TOTALASSETS31,273.3530,236.92 BEQUITYANDLIABILITIES IEquity a.Equitysharecapital b.Otherequity Totalequity 2Liabilities INon-currentliabilities a.Financialliabilities i.Leaseliabilities ii.Otherfinancialliabilities b.Employeebenefitobligations c.Deferredtaxliabilities(net) d.Othernon-currentliabilities Totalnon-currentliabilities IICurrentliabilities a.Financialliabilities i.Leaseliabilities ii.Tradepayables (a)TotaloutstandingduesofMicroEnterprisesandSmallEnterprises (b)TotaloutstandingduesofcreditorsotherthanMicroEnterprisesandSmallEnterprises iii.Otherfinancialliabilities b.Employeebenefitobligations c.Provisions d.Currenttaxliabilities(net) e.Othercurrentliabilities Totalcurrentliabilities Totalliabilities 4,834.40 19,622.42 4,834.40 19,049.89 24,456.8223,884.29 122.68 47.00 107.23 1,577.59 253.44 130.34 98.52 46.12 1,603.21 306.25 2,107.942,184.44 171.53 5.76 738.51 552.88 100.81 845.88 290.40 2,002.82 238.40 8.34 563.45 706.10 85.19 814.65 108.39 1,643.67 4,708.594,168.19 6,816.536,352.63 TOTALEQUITYANDLIABILITIES31,273.3530,236.92
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GUJARATPIPAVAVPORTLIMITED STATEMENTOFCONSOLIDATEDUNAUDITEDCASHFLOWFORTHESIXMONTHENDEDSEPTEMBER30,2026 (?InMillion) Particulars SixmonthsendedSixmonthsended September30,2026September30,2025 (Unaudited)(Unaudited) Cashflowfromoperatingactivities ProfitbeforeIncometax Adjustmentsfor: Shareofprofitofassociatecompany Deferredincomerecognised Depreciationandamortisationexpense Financecosts Interestincomeclassifiedasinvestingcashflows Lossondisposalofproperty,plantandequipment Gainonterminationofleasedasset Sundrybalanceswiittenoff/(back) Provisionsfordoubtfuldebts Provisionsforinventory Baddebtswrittenoff Netlossonforeigncurrencytransactionsandtranslationsdifferences Provisionforclaims Operatingprofitbeforeworkingcapitalchanges IncreaseinTradereceivables DecreaseinInventories IncreaseinLoans IncreaseinOtherfinancialassets DecreaseinOthernoncurrentassets Decrease/(Increase)inOthercurrentassets IncreaseinTradepayables IncreaseinEmployeebenefitobligations (Decrease)/IncreaseinOtherfinancialliabilities (Decrease)/IncreaseinProvision Increase/(Decrease)inOthercurrentliabilities Cashgeneratedfromoperations Incometaxespaid(netofrefunds) Netcashinflowfromoperatingactivities Cashflowfrominvestingactivities Paymentsforproperty,plantandequipment Interestreceived PlacementoffixeddepositswithBanks ProceedsfrommaturityoffixeddepositswithBanks Netcash(usedin)/generatedfrominvestingactivities Cashflowfromfinancingactivities Interestpaid Repaymentofleaseliability DividendspaidtoCompany'sshareholders UnclaimedDividend Netcashflowusedinfinancingactivities NetIncreaseincashandcashequivalents Cashandcashequivalentsatthebeginningofthefinancialyear Cashandcashequivalentsatendoftheperiod 4,023.34 (42.12) (23.98) 625.15 16.16 (275.34) 0.04 2.28 (1.78) 5.15 9.69 34.19 3,539.50 (70.29) (24.13) 631.02 33.35 (352.41) (5.41) (0.12) (59.23) (1.02) 58.20 8.26 4,372.783,757.72 (369.35) 23.06 (0.54) (15.30) 0.93 668.49 168.61 5.32 (1.10) (2.97) 380.13 (329.38) 5.65 (1.34) (1.38) (300.32) 170.42 9.20 0.23 0.15 (527.02) 857.28(973.79) 5,230.06 (797.93) 2,783.93 (747.10) 4,432.132,036.83 (1,076.31) 269.04 (9,585.00) 8,929.90 (751.85) 321.27 (9,483.00) 10,711.56 (1,462.37)797.98 (147.53) (2,414.92) (379.19) (33.35) (130.85) (2,029.10) (1.35) (2,941.64)(2,194.65) 28.12640.16 93.07125.57 121.19765.73 Reconciliationofcashandcashequivalentsasperthecashflowstatement September30,2026September30,2025 Cashandcashequivalentsasperabovecompriseofthefollowing:- Cashandcashequivalents Balanceasperstatementofcashflow 121.19 121.19 765.73 765.73
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GUJARATPIPAVAVPORTLIMITED Notes: 1TheaboveconsolidatedunauditedfinancialresultsoftheGujaratPipavavPortLimited("TheCompany")arepreparedincompliancewithIndianAccountingStandards("IndAS")asnotifiedundersection133oftheCompaniesAct.2013 ("theAct")[Companies(IndianAccountingStandards)Rules.2015].asamendedandothergenerallyacceptedaccountingpracticesandprinciplesandguidelinesissuedbytheSecuritiesandExchangeBoardofIndia(SEBI)underSEBI (ListingObligationsandDisclosureRequirements)Regulations2015asamended. 2TheaboveresultshavebeenreviewedbytheAuditCommitteeandapprovedbytheBoardofDirectorsintheirmeetingsheldon3November2026and4November2026respectively. 3Theconsolidatedresultsincludesshareofnetprofitofassociate-PipavavRailwayCorporationLimited(PRCL)accountedforusingtheequitymethod. 4TheCompanyhasonlyonereportablebusinesssegmentwhichis"PortServices"andonlyonereportablegeographicalsegment,whichistheportatPipavav.Accordingly.theCompanyisasinglesegmentCompanyinaccordancewith IndianAccountingStandard108"OperatingSegment". 5(i)TheconsolidatedfinancialresultsfortheyearendedMarch31.2026includedtheimpactofexceptionalitemsamountingtoINR43.29million,pertainingtorestructuringcostsandimpactofNewLabourCodes. (ii)On17May2021.theCompany'sportlocationatPipavavwashitbycyclone"Tauktae".Dueprecautionsweretakentominimisetheimpactofthecycloneontheinfrastructureattheportandtherewasnolossoflife.However,the operationsattheportweredisruptedtill01June2021mainlyduetothelossofgridpowersupply.Further,certainportionoftheproperty,plantandequipmentrequiredrepairs.TheCompanyhasincurredINR847.10milliontowards cycloneexpenditureandhasreceivedoninterimclaimofINR350.00millionupto31March2025.Therewasnoadditionalexpenditurethathasbeenincurredinthepreviousyear,astheentirecyclonerestorationworkhasbeencompleted. TheCompanyreceivedINR143.96millionon24September2025andthebalanceamountofINR2X2.57millionon23October2025asfullandfinalsettlement. 6TheCompanyhadmadeanapplicationforapprovalofexpansionplantoGujaratMaritimeBoard(GMB)on01October2012.TheapprovalwasreceivedfromGMBvideletterdated10April2015.Asperoneoftheconditionsofthe approval,theCompanyhadissuedabankguaranteeofINR185.35MillionwhichwasencashedbyGMBon13February2019.Further.GMBalsoaskedtheCompanytopayINR337.59milliontowardsliquidateddamagesalongwith interestthereuponattherateof18%perannum,andGSTontheaforesaidbankguaranteeamountingtoINR33.36millionalongwithinterestthereuponattherateof18%perannum,videtheirletterdated27October2021.TheCompany reviewedthetermsandconditionsofapprovalandbasedonthemanagementassessmentandexternallegalexpertadvice,theManagementbelievesthattheamountofbankguaranteeisrecoverableaswellasnoliquidateddamagesareliable tobepaid,andhadfiledaCommercialSuitbeforetheCommercialCourt.Rajulainthisregard.TheCommercialCourt.RajulahasdirectedboththepartiestosettlethematterthroughArbitrationprocess.Theproceedingsforappointmentof arbitratorwasinitiatedbytheCompanybysendinglegalnoticeu/s11oftheArbitrationActon28August2023.ThesaidnoticewasrepliedbyGMBon27September2023statingthatthemattershouldberesolvedasperthedispute resolutionmechanismaspertheconcessionagreement.TheCompanyhasgivenitsconcurrenceforthealternativedisputeresolutionmechanism.TheCompanyhasreceivedaletterfromGMBon12June2024requestingtoappointa representativeoftheCompanyasapartofExpertCommitteetoresolvetheissueaspertheconcessionagreement.Pursuanttoabove,theCompanyhasnominatedit'srepresentativeandintimatedtoGMBvideletterdated08August2024. GujaratMaritimeBoardnominateditsrepresentativeaspartofExpertCommitteeandcommunicatedthesametotheCompanyvideitsletterdated28April2025.Aspartofamicablesettlementofdisputeandtoavoidfurtherlitigationsthe ExpertCommitteehasproposedafinalsettlementofINR188.31million.TheExpertCommitteehasrecommendedthattheproposalcanbesubmittedtotheBoardsofbothpartiesforapproval.TheBoardofGujaratPipavavPortLimited hadaccepteddieproposalofExpertCommittee.Accordingly,theCompanyhasrecognizedINR188.31millionasanexceptionalitemduringthequarter&yearended31March2026.adjustedthereceivableofINR185.35million recoverablefromGMBandrecognisedthebalanceamountpayableofINR2.96millionasaliabilityintheconsolidatedfinancialresultsforthequarterended31March2026.TheBoardofGMBhasacceptedtherecommendationsofexpert committee.Subsequently,theCompanyvideitsletterdated16June2026.conveyeditsacceptanceandconcurrencewiththeterms&conditionsoftheproposedsettlementbyGMB.Accordingly,thematternowremainspendingonlyforthe executionofsettlementagreement. 7TheCompanyhadenteredintoanagreementwithoneofitscustomersintheyear1998forsettingupthetankfarmsatPort.Asperthetermsofagreement,thecustomerpaidlandpremiumanddevelopmentchargesofINR107.30million. OneoftheconditionsoftheagreementwasthattheCompanyshouldprovidetherailconnectivityatPipavavonorbeforeMarch2000.TheCompanycouldnotmeetthisconditionastherailconnectivitywasestablishedonlybytheyear 2003.ThecustomerinitiatedthearbitrationproceedingsagainsttheCompanyintheyear2005seekingarefundofINR107.30millionwithinterestthereoninaccordancewiththeagreement.TheArbitratoron12February2024announced anawardagainsttheCompanytorefundtheprincipalwithinteresttillthedateofpayment.TheCompanyhadfiledforrectificationoftheawardduetotheapparenterrorsintheclaimamount.Thearbitratorconvenedthehearingon13May 2024andissuedarevisedorderon18May2024whichhaderrorsintheclaimamountandinconsistencyintheconclusion.Asecondrectificationorderdated19August2024wasissuedwhereinsomeoftheapparenterrorswereaccepted. TheCompanyhasfiledapetitionunderSection34oftheArbitrationandConciliationAct1996beforetheHonorableHighCourtofMumbaion14November2024.Thecustomerhasfiledacommercialexecutionapplicationon5 December2024toexecutethearbitrationawardbeforetheHonorableHighCourtofMumbai,towhichtheCompanyhasfiledaninterimapplicationon20December2024seekingastayontheexecutionoftheaward.On1April2025.the HonorableHighCourtofMumbaiallowedtheinterimapplicationandgrantedaconditionalstay,subjecttothesubmissionofabankguaranteeordepositoftheawardamountpayableunderthearbitralawardwiththeRegistrar.The ICompanyhassubmittedtheBankGuaranteeofINR601.36millionwiththeRegistraron2July2025.TheCompanyhascontinuedwiththeaccrualoftheestimatedamountofINR671.64millionincludinginterestcostofINR518.24 million.Thereisnofurtherdevelopmentinthematterduringthereportingperiod. 8UndertheServiceExportsfromIndiaScheme(SEIS),theCompanyhadappliedforDutyCreditScripsinrespectofforeignexchangeearnedfromeligibleMaritimeTransportServices.TheOfficeoftheAdditionalDirectorGeneralof ForeignTrade.Mumbai,videitsapprovaldated22April2026.approvedtheissuanceofSEISDutyCreditScripsaggregatingtoINR521.70millionpertainingtoFY2017-18(INR223.35million)andFY2018-19(INR298.35million). Theapprovalhasbeenconsideredanadjustingeventasitprovidesadditionalevidenceofconditionsexistingasatthequarterended31March2026.Accordingly,theDutyCreditScripswererecognisedintheconsolidatedfinancialresults forthequarterended31March2026attheirestimatedrealisablevalueofINR495.62million(95%ofthefacevalue),whichhasbeenincludedunderOtherOperatingRevenuewithinRevenuefromOperationsintheconsolidatedfinancial results. Duringthepreviousquarter,theCompanytransferredtheaforesaidDutyCreditScripsandrealisedconsiderationofINR502.40million.ThedifferencebetweenthecarryingamountoftheDutyCreditScripsandtheconsiderationreceived. amountingtoINR6.78million,hasbeenrecognisedasOtheroperatingrevenuewithinRevenuefromOperationsintheconsolidatedfinancialresults. Further,duringthepreviousquarter,on08June2026.theCompanyreceivedapprovalforSEISDutyCreditScripspertainingtoFY2015-16(INR138.43million)andFY2016-17(INR180.14million)hatinganaggregatefacevalueof INR318.57million.TheDutyCreditScripswererecognisedandtransferredduringthepreviousquarterforanaggregateconsiderationofINR309.49million(97.15%ofthefacevalue)whichhasbeenincludedunderOtherOperating RevenuewithinRevenuefromOperationsintheconsolidatedfinancialresults. Duringthecurrentquarter,on29July2026.theCompanyreceivedapprovalforSEISDutyCreditScripspertainingtoFY2019-20(INR5.00million)and(INR6.79million)havinganaggregatefacevalueofINR11.79million.TheDuty CreditScripswererecognisedduringthecurrentquarterattheirestimatedrealisablevalueofINR11.46million(97.15%ofthefacevalue)whichhasbeenincludedunderOtherOperatingRevenuewithinRevenuefromOperationsinthe consolidatedfinancialresults. 9ShareholdersintheAnnualGeneralMeetingheldon9September2026approvedfinaldividendfortheyearended31March2026ofINR2.417.20million(INR5pershare),whichwaspaidbytheCompanyonI6September2026. 10TheBoardofDirectorsoftheCompanyatitsmeetingon4November.2026declaredaninterimdividendofINR3pershareon483.439.910equitysharesoffacevalueofINR10each,aggregatingtoINR1.450.32million,forthe financialyear2026-27. 11TheaboveconsolidatedunauditedfinancialresultsoftheCompanyareavailableontheCompany'sandstockexchangeswebsites(www.pipavav.com).BSE(www.bseindia.com)andNSE(www.nseindia.com).wherethesharesofthe Companyarclisted. 12Figuresofpreviousperiod/yearhavebeenregrouped,wherevernecessary. Place:PipavavPort Date:4November2026 ManagingDirector DIN\)797»38 ofBoardofDirectors avPortLinked