Reply to Clarification- Financial results

17.09.2026 Essar Shipping Limited Essar House To 11 K. K. Marg Mahalaxmi The Manager Mumbai- 400 034 Listing Department National Stock Exchange of India Limited Corporate Identification Number Exchange Plaza, 5t Floor, Plot C/1, G Block, L61200GJ2010PLC060285 Bandra- Kurla Complex, Mumbai – 400 051 T + 91 22 6660 1100 NSE Code: ESSARSHPNG F + 91 22 2354 4312 www.essar.com Dear Sir, Subject: NSE Email dated 03.09,2026 With reference to the email received from the Exchange regarding the Outcome of Board Meeting – Financial Results submitted by Essar Shipping Limited (“Company”), wherein the following observations have been raised: Discrepancy 1: Machine Readable Form / Legible copy of Financial Results not submitted Our Response: The Company has submitted the Financial Results along with the Outcome of the Board Meeting to the Exchange. However, due to an inadvertent technical, the Machine Readable copy of the Financial Results may not have been appropriately processed on the Exchange portal. The Company has taken note of the observation and has re-submitted the financials in machine readable form to the Exchange for your records and necessary action. Discrepancy 2: Financial results submitted in XBRL with discrepancies-Figures of Consolidated EPS in XBRL are not matching with PDF Our Response: With respect to the discrepancies observed in the XBRL filing, the same were inadvertent and occurred while preparing the XBRL instance. The Company has reviewed the XBRL filing and has uploaded the revised XBRL for your records. The Company assures the Exchange that due care shall be exercised in future filings to ensure accuracy, consistency and completeness of the information submitted in XBRL and other prescribed formats. In view of the above, we request the Exchange to kindly take the above clarification on record and consider the deficiencies as duly addressed. Essar Shipping Limited Registered Office: EBTSL Premises, ER-2 Building (Admn Bldg), Salaya, 44 KM, P.O. Box No.7, Taluka Khambalia, Devbhumi Dwarka,Gujarat-361305 T +91 2833 661444 F +91 2833661366 Email Id: esl.secretarial@essarshipping.co.in STEEL | ENERGY | INFRASTRUCTURE | SERVICES The Company remains committed to ensuring timely, accurate and compliant disclosures to the Stock Exchanges. Yours Sincerely For Essar Shipping Limited Habib Jan Company Secretary & Compliance Officer M. #: A22801 Encl: A/a Essar Shipping Limited Registered Office: EBTSL Premises, ER-2 Building (Admn Bldg), Salaya, 44 KM, P.O. Box No.7, Taluka Khambalia, Devbhumi Dwarka,Gujarat-361305 T +91 2833 661444 F +91 2833661366 Email Id: esl.secretarial@essarshipping.co.in STEEL | ENERGY | INFRASTRUCTURE | SERVICES Manohar Chowdhry & Associates CHf\RTERED ACCOUNTAf\ITS Independent Auditor's Limited Review Report on the statement of Standalone Unaudited Financial Results of Essar Shipping Limited for the quarter ended June 30, 2026 pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors of Essar Shipping Limited CIN: L61200GJ2010PLC060285 Essar House, 11, Keshavrao Khadye Marg, Mahalaxmi, Mumbai- 400034 Introduction I. We have reviewed the accompanying statement of Standalone Unaudited Financial Results of Essar Shipping Limited ("the Company") for the quarter ended June 30, 2026 together with notes thereon ("the Statement") being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (lnd AS 34) "Interim Financial Reporting" 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 and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to issue a report 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) 2410 - "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 financial information consists of making inquiries, primarily of persons responsible for the 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 an 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. 603, Bhavya Plaza,61 " Floor, 511 ' Road, Chennai • Bengaluru • Mu Gurugram • l<har West, Mumbai- 400052, Maharashtra, India. Visakhapatnam • Coimbatore "'-K..,;u.m-'-Jlll~lfOIY· Mangaluru • Tiruchirapalli • Vijayawada Tel: +91 22 353"12820 Web: www.mca.co.in Manohar Chowdhry & Associates Continuation Sheet ... Conclusion 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Standalone Unaudited Financial Results, prepared in accordance with the recognition and measurement principles laid down in the aforesaid lnd AS 34 specified under Section 133 of the Companies Act 2013, as amended, read with relevant rules issued thereunder 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. Material Uncertainty Related to Going Concern 2. We draw attention to Note No.4 to the Standalone Financial Results, which indicates that as on June 30, 2026, the net worth of the Company is eroded as it is incurring operating losses since last several years. The Company has accumulated losses of 5,972.55 crore as against share capital and reserves of 5218.23 crore. The aforesaid conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. The above factors give rise to a material uncertainty related to the Company's ability to continue as a Going Concern. Further, during the pr·eceeding financial year, the Management had taken several measures to improve liquidity position of the company and address the mismatch between current assets and current liabilities. These initiative include generating cash -flow from TUG operations and obtaining comfort letter from Group Companies confirming deferment of payment of accrued interest for at least 2 years. Due to aforesaid measures, company's current assets exceeds current liabilities by 8.09 crore. In view of these, the Financials have been prepared on a Going Concern basis. We have relied on the management representations, as above, and based on the same, the Standalone Financial Results have been prepared by the management on going concern basis. Our conclusion on the Standalone Financial Results is not modified for the above matters. Emphasis of Matter 3. We draw attention to Note No. 5 of Standalone Financial Results that the Company has received an amount of Rs. 0.93 crores from its subsidiary, which has been recognized as an exceptional gain in the current year, as the same was previously impaired due to non recoverability. 4. We draw attention to Note No. 6 to the Standalone Financial Re [Showing first 8,000 characters — download PDF for full document]