The First Anglo-Maratha War (1775–82) was essentially a stalemate. It concluded with the Treaty of Salbai (1782), which restored the status quo ante bellum. While the Marathas achieved a major tactical victory at the Battle of Wadgaon, the British balanced this by capturing Gwalior. Ultimately, both sides made concessions to ensure 20 years of peace. ANSWER: (C) Neither side won.