Please refer the letter attached

Allcargo Logistics reported standalone revenue of ₹2,058 Cr for FY26, up 5% from ₹1,961 Cr in FY25. However, net profit crashed to ₹5 Cr from ₹76 Cr in FY25 — a 93% decline — largely due to a sharp drop in exceptional items (₹3 Cr gain vs ₹27 Cr gain previously) and higher operating costs. The company swung from profit before tax of ₹21 Cr to a loss of ₹1 Cr. EBITDA margin compressed to around 11% from approximately 13% a year ago. No dividend was paid in FY26 (vs ₹206 Cr paid in FY25). The auditors issued an unmodified opinion but highlighted two emphasis of matter items: the NCLT-approved composite scheme of arrangement (demerger of international supply chain business and merger of subsidiaries) with accounting overriding Ind AS, and an ongoing Income Tax department search from FY25. The prior year figures have been restated to reflect the mergers.