General Updates

Essar Shipping Limited Essar House 11 K.K.Marg Mahalaxmi Mumbai- 400 034 Corporate Identification Number L61200GJ2010PLC060285 T + 91 22 6660 1100 F + 91 22 2354 4312 www.essar.com Date: August 22, 2026 To, To, The Manager The Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Tower, Exchange Plaza, 5th Floor, Plot C/1, G Block, Dalal Street, Bandra-Kurla Complex, Mumbai-400 001 Mumbai – 400 051 BSE Code: 533704 NSE Code: ESSARSHPNG Dear Sir/Madam, Subject: Revised Outcome of Board Meeting held on Wednesday, August 12, 2026 We, Essar Shipping Limited (the Company), refer to the outcome of the Board Meeting dated 12.08.2026, relating to the Un-Audited Financial Results for the Period Ended 30.06.2026, that was submitted on 12.08.2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It may be noted that, we have identified that due to certain inadvertent clerical errors/ omissions in Excel in the presentation and disclosure of certain items in the Financial Statements were incorrect viz., in the Statement of Un-Audited Consolidated Financial Results, viz., the Earnings per share after exceptional items (EPS): Particulars Inadvertent Error Corrected Figures the Earnings per share after exceptional items (EPS): (a) Basic (in Rs.) *(11.13) *11.13 (b) Diluted (in Rs.) *(11.13) *11.13 Accordingly, we are resubmitting herewith the Outcome of Board Meeting alongwith the revised Unaudited Financial Results for the Quarter Ended 30.06.2026 alongwith Limited Review Reports (the Results), after rectifying the inadvertent excel related clerical errors, which was unintentional and not deliberate. Request you to kindly consider the Resubmission. Inconvenience caused is regretted. 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 STEEL | ENERGY | INFRASTRUCTURE | SERVICES Essar Shipping Limited Essar House 11 K.K.Marg Mahalaxmi Mumbai- 400 034 Corporate Identification Number L61200GJ2010PLC060285 T + 91 22 6660 1100 F + 91 22 2354 4312 www.essar.com This is for your information and records. Yours Faithfully For Essar Shipping Limited Habib Jan Company Secretary & Compliance Officer | A22801 Enclosure: Revised Un-Audited Financial Results for the Quarter Ended 30.06.2026 alongwith the Limited Review Reports submitted by Statutory Auditors i.e., Manohar Chowdhry & Associates, Chartered Accountants; 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 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 th [Showing first 8,000 characters — download PDF for full document]