Panasonic Energy India Co. Ltd.

Board Approval and Auditor Report

The Board of Directors of the Company, at its meeting held on May 29, 2026, considered and approved the Standalone Audited Financial Results along with the Auditor's Report for the quarter and financial year ended March 31, 2026, in accordance with Regulation 33 of the SEBI (LODR) Regulations, 2015.

BSR and Co, the Statutory Auditors of the Company, have issued a modified Opinion (Qualified Opinion) in their Auditor's Report on the Audited Standalone Financial Results for the financial year ended March 31, 2026.

Financial Results (Amount in Lakhs)

Audited Figures (before adjusting for qualifications):

  • Turnover / Total income: ₹27372.18
  • Total Expenditure: ₹26399.67
  • Net Profit/(Loss): ₹348.68
  • Earnings Per Share: ₹4.65
  • Total Assets: ₹14577.53
  • Total Liabilities: ₹4260.79
  • Net Worth: ₹10316.74

Adjusted Figures (after adjusting for qualifications):

All financial figures remain unchanged as the qualification does not impact the numerical values.

Audit Qualification Details

Details of Audit Qualification:

The Company has been unable to comply with the provisions of the Battery Waste Management Rules, 2022 ('BWMR' or the 'Rules'). The Company, through the industry association, has filed representations with the Ministry of Environment, Forest & Climate Change, Government of India regarding the challenges faced by the Industry (including the costs of compliance) in complying with these Rules and has sought revisions to the prescribed Rules including revision for targets and timelines extension.

While the Central Pollution Control Board has notified the rates for environmental compensation for non-fulfilment of targets under these Rules, pending clarification from the Government, the Company has not estimated and recognised any provision for the obligation under the BWMR in these financial results.

Type of Audit Qualification: Qualified Opinion

Frequency of qualification: First time appearance

Management's Views on Impact Estimation

The management is unable to estimate the impact for the following reasons:

1. The Rules in their notification have the cost calculation based on a different chemistry and composition of the batteries (Lithium vs Zinc). This cost is very exorbitant and unrelated.

2. The representation made to the Government through RECEIC on the above and related matter is still ongoing with no resolution.

3. A writ petition filed by the Indian Battery Manufacturer Association (IBMA) and other electronic manufacturers before the honorable Delhi High Court challenging the Battery Waste Management Amendment Rules, 2024, and the Electronic waste rules 2022, particularly in relation to the regulated pricing mechanism for EPR certificates. As at the date of these financial statements, the matter is under consideration by the Hon'ble Delhi High Court.

In view of the pending regulatory representations and the ongoing legal proceedings, there is significant uncertainty regarding the composition, reusability and associated compliance costs. Accordingly, the Company is unable to reliably estimate the expected outflow if any, and no adjustments have been made in these financial statements.

Auditor's Comments

The auditors stated: "In the absence of qualification of provision by the management, we were unable to obtain sufficient and appropriate audit evidence whether any adjustment (including disclosures) pursuant to this matter is necessary to these financial results."

Additional Information

Company Secretary: Srishti Jain

Filing Date: June 13, 2026