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DIAMOND POWER INFRASTRUCTURE LIMITED July 23, 2026 Corporate Relations Department Listing Department BSE Limited National Stock Exchange of India Limited 2nd Floor, P.J. Towers Exchange Plaza, Plot No. C/1, G- Block, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 522163 NSE: DIACABS Sub: Consolidated Financial Statements for the year ended on March 31, 2026 Dear Sir/ Madam, With reference to the above, we are submitting herewith consolidated Financial Statements for the year ended on March 31, 2026, in accordance with SEBI (LODR) Regulations, 2025 for the information of shareholders and other stakeholders. Thanking you, Yours faithfully, For Diamond Power Infrastructure Limited Jayesh Patel Company Secretary and Compliance Officer ICSI Mem. No.: A14898 Place: Ahmedabad Encl: As above Regd. Office & Factory: Vadadala, Phase – II Savli, Vadodara, Gujarat, India-391520 CIN: L31300GJ1992PLC018198 Email: cs@dicabs.com, Website: www.dicabs.com Tel No.- 02667-251354/251516 Fax No.-02267-251202 INDEPENDENT AUDITOR’S REPORT The Members of DIAMOND POWER INFRASTRUCTURE LIMITED Report on the Audit of Consolidated Financial Statements We have audited the accompanying Consolidated Annual Financial Statements of DIAMOND POWER INFRASTRUCTURE LIMITED (“the Holding Company”) and its Subsidiary DICABS Nextgen Special Alloys Private Limited (“the Subsidiary) (Holding Company and its Subsidiary together referred to as “the Group”) which comprises the Consolidated Balance sheet as at 31st March, 2026, the Consolidated Statement of Profit & Loss (including Consolidated Other Comprehensive Income), the Consolidated Statement of Cash Flows and Consolidated Statement of Changes in Equity for the year then ended, and notes to the Consolidated Financial Statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “Consolidated Financial Statements”) Qualified Opinion In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the report of other auditor on the separate audited financial statements of subsidiary as referred to in the “Other Matter” Section of this Report, subject to the effects of the matter described in the Basis for Qualified Opinion section of this report hereinbelow, the aforesaid Consolidated Financial Statements give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the Consolidated State of Affairs of the Group as at March 31, 2026, their Consolidated Total Comprehensive Income comprising its Consolidated Profit and Consolidated Other Comprehensive Income, Consolidated Changes in Equity and its Consolidated Cash Flows for the year ended on that date. Basis for Qualified Opinion Attention is Invited to Note 4 of the Notes to the Consolidated Financial Statements wherein Management of the Holding Company has disclosed the fact relating to the ongoing exercise relating to updation of the Property Plant & Equipment Register with all necessary details, physical verification and reconciliation with books of accounts including Capital Work-in- Progress and giving appropriate effect to the outcome of the same, including depreciation thereon in case of the Holding Company, for which the task has been allotted to an Independent Agency by the Holding Company. As the end of the year, the Agency has completed primary Physical Verification of the Property, Plant and Equipment and reconciliation of the same with the data available with a cut-off date of 31st March, 2024 as also a preliminary value allocation of costs and accumulated depreciation. However, the determination the final value-in-use of each item of Property, Plant and Equipment as also the estimated remaining useful lives which will enable to calculate prospective depreciation was still under process. The Management of the Holding Company has stated the reasons for delay and also the new developments leading to its expectation of completion of the exercise in the first quarter of next fiscal year. Due to the pendency of the exercise, the Property, Plant & Equipment Block, in case of the Holding Company, is being carried forward with the balances as appearing from the NCLT / RP Period prior to takeover by the new Management while fresh additions made are being added to the respective blocks. Further, the Holding Company has also appropriated and capitalised electricity, manpower and interest costs to CWIP block which are identified and / or worked out as relating to ongoing expansion / commissioning of CWIP as well as proportionate allocation towards estimated capacity utilisation of Property, Plant & Equipment Block. The Depreciation on the unreconciled / pending to be updated values, in case of the Holding Company, which are being carried forward from the NCLT / RP period has been provided only @ 20% of the applicable depreciation on such values citing that the manufacturing operations were not operating at optimum capacity and the same has been considered based on estimates of capacity utilization and normal wear and tear which, in the opinion of the management, is expected to fairly represent the depreciation charge for the year. Depreciation on fresh additions including capitalization of Capital Work-in-Progress commissioned during the year is being provided at appropriate rate. Accordingly, the total depreciation charge for the year amounted to Rs. 2,922.33 lacs in case of the Holding Company which comprised of depreciation of Rs. 1,903.69 on pre-NCLT Property, Plant and Equipment @ 20% and Rs. 1,018.64 lacs on the new additions post takeover by the new management of the Holding Company at regular rates. The Management of Holding Company has stated that upon completion of the exercise as aforesaid in the next fiscal year, once the final value-in-use of each item of Property, Plant and Equipment is crystallised the necessary effect of the same, including impairment, if any, shall be provided in the books in the next fiscal year, considering that it relates to period prior to takeover by new management. Further, as the estimated remaining useful lives are finalised, the exact amount of prospective depreciation charge will also be worked out and provided for from the next fiscal year Since the exercise of updation and reconciliation of Property, Plant & Equipment Register and Capital Work-in-Progress is going on in case of the Holding Company, including working of value-in-use and remaining estimated useful lives of each item of Property, Plant and Equipment, we will be able to verify and opine on the correctness of the values of Property, Plant & Equipment and Capital Work-in-Progress as appearing in the books of the Holding Company as at the end of the year end, as well as for appropriation / capitalization of power, manpower and borrowing costs to Capital Work-in-Progress and on the depreciation provided including the veracity of the management estimate of 20% for calculation of depreciation and appropriation, only upon completion of the exercise as aforesaid. Hence, the Consolidated Net Profit and Other Financial Information of the Group for the year ended March 31, 2026 are subject to the effect of this matter. Our audit report of the Standalone and Consolidated Financial Statements of the Holding Company for the previous year ended March 31, 2025 as well as our limited review reports on the Standalone and Consolidated Financial Results of the Company for the first, second and third quarters of the current financial year were also qualified in respect of this matter. Conduct of Audit We conducted our aud [Showing first 8,000 characters — download PDF for full document]