(a) Statement of Compliance
These Ind AS Standalone Financial Statements for the year
ended 31 March 2026 have been prepared in accordance
with the Indian Accounting Standards ("Ind AS”) as per
the Companies (Indian Accounting Standards) Rules,
2015 notified under Section 133 of the Companies Act,
2013 ("the Act’’), amendments thereto and other relevant
provisions of the Act.
The Ind AS Standalone Financial Statements were approved
for issue by the Board of Directors of the Company at their
meeting held on 09 April 2026.
(b) Basis of preparation of Ind AS Standalone Financial
Statements
These Ind AS Standalone Financial Statements have
been prepared on historical cost basis, except for certain
financial instruments, which are measured at fair values
at the end of each reporting period, as explained in the
accounting policies below.
The company has considered the amendments to
Schedule III of the Act as amended notified by Ministry
of Corporate Affairs ("MCA”) via notification dated 24
March 2021 in the Ind AS Financial Statement disclosures,
wherever applicable.
Historical cost is generally based on the fair value of the
consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date,
regardless of whether that price is directly observable or
estimated using another valuation technique. In estimating
the fair value of an asset or a liability, the Company takes
into account the characteristics of the asset or liability
if market participants would take those characteristics
into account when pricing the asset or liability at the
measurement date. Fair value for measurement and/or
disclosure purposes in these Ind AS standalone financial
statements is determined on such a basis, except for share
based payment transactions that are within the scope of
Ind AS 102 and leasing transactions that are within the
scope of Ind AS 116.
The accounting policies adopted in the preparation of
the Ind AS Financial Statements are consistent with
those followed in the previous year by the Company.
The financial statements have been prepared on a going
concern basis, as management believes the Company
will continue its operations and meet its obligations in the
foreseeable future.
Fair Value Measurement
In addition, for financial reporting purpose, fair value
measurements are categorised into Level 1, 2 or 3
based on the degree to which the inputs to the fair value
measurements are observable and the significance of the
inputs to the fair value measurements in its entirety, which
are described as follows:
- Level 1 inputs are quoted prices in active markets
for identical assets or liabilities that the entity can
access at the measurement date;
- Level 2 inputs are inputs, other than quoted prices
included within Level 1, that are observable for the
asset or liability, either directly or indirectly; and
- Level 3 inputs are unobservable inputs for the
assets or liability.
Presentation of financial statements
The Balance Sheet and the Statement of Profit and Loss
are prepared and presented in the format prescribed in
the Schedule III to the Act, as amended. The statement of
cash flows has been prepared and presented as per the
requirements of Ind AS 7 "Statement of Cash flows”. The
disclosure requirements with respect to items in the Balance
Sheet and Statement of Profit and Loss, as prescribed in
the Schedule III to the Act as amended, are presented by
way of notes forming part of the financial statements along
with the other notes required to be disclosed under the
notified Accounting Standards. Amounts in the financial
statements are presented in Indian Rupees in Lakh
[1 Lakh = 1,00,000] rounded off to two decimal places as
permitted by Schedule III to the Act as amended. Per share
data are presented in Indian Rupees to two decimals places.
Functional and presentation of currency
The financial statements are presented in Indian Rupees,
which is the Company’s functional and presentation
currency and all amounts are rounded to the nearest
rupees in Lakhs; except when otherwise stated.
Foreign Currency Translation
The financial statements are presented in Indian currency
(INR), which is the Company's presentation currency. It is
necessary for the results and financial position of each
individual entity included in the reporting entity to be
translated into the currency in which the reporting entity
presents its financial statements. As the reporting entity
presents its financial statement in INR, the financial
statements of foreign representative office in Dubai are
also translated into INR.
Foreign currency transactions are translated into
presentation currency using the exchange rates at the
dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions
and from the translation of monetary assets and liabilities
denominated in foreign currencies at the year end exchange
rates are recognised in other comprehensive income.
Non-monetary items that are measured at fair value in the
foreign currency are translated using the exchange rates at
the date when the fair value was determined. Translation
differences on assets and liabilities carried at fair value
are reported as part of the fair value gain or loss. For
example translation differences on non-monetary assets
and liabilities such as equity instruments held at fair value
through profit or loss are recognised in profit or loss as part
of the fair value gain or loss and translation differences or
non-monetary assets such as equity investments classified
as FVTOCI are recognised in other comprehensive income.
The financial statements are translated from functional
currency to presentation currency by using the
following procedures:
(a) assets and liabilities for each balance sheet presented
(i.e. including comparatives) shall be translated at the
closing rate at the date of that balance sheet;
(b) income and expenses for each statement of profit
and loss presented (i.e. including comparatives)
shall be translated at average exchange rates
during the year; and
(c) all resulting exchange differences shall be recognised
in other comprehensive income.
(c) Critical Accounting Judgments and Key Sources of
Estimation Uncertainty
The preparation of the Company’s Ind AS Standalone
Financial Statements requires management to make
judgement, estimates and assumptions that affect
the reported amount of revenue, expenses, assets and
liabilities and the accompanying disclosures. Uncertainty
about these assumptions and estimates could result
in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in next
financial years.
Estimates and underlying assumptions are reviewed on
an on going basis. Revisions to accounting estimates are
recognised in the year in which the estimates are revised
and future periods are affected.
(i) Depreciation / Amortisation and useful lives of
property, plant and equipment: Company depreciates
its tangible assets over the useful life of an Asset
as prescribed under Part C of Schedule II of the Act.
Company remeasures remaining useful life of an
asset at the end of each reporting date.
(ii) Fair value measurement: Fair Value is a price of orderly
transaction between market participants at the
measurement date under current market conditions.
Company determines Fair Value of Quoted Investment
from available market price. When the fair values of
financial assets and financial liabilities recorded in the
balance sheet cannot be measured based on quoted
prices in active markets, their fair value is measured
using appropriate valuation techniques. The inputs
to these models are taken from observable markets
where possible, but where this is not feasible, a
degree of judgement is required in establishing fair
values. Judgements include considerations of inputs
such as liquidity risk, credit risk and volatility.
(iii) Provisions: Provisions are recognized when there is a
present obligation (legal or constructive) as a result
of past event; and it is probable that an outflow of
resources will be required to settle the obligation.
Management estimates it by using its best judgement
of future cash outflow
(iv) Taxes: The Company periodically assesses its
liabilities and contingencies related to income
taxes for all years open to scrutiny based on latest
information available. For matters where it is probable
that an adjustment will be made, the Company
records its best estimates of the tax liability in the
current tax provision. The Management believes that
it has adequately provided for the probable outcome
of these matters.
Deferred tax assets are recognised for unused tax
losses to the extent that it is probable that taxable
profit will be available against which the losses can
be utilised. Significant management judgement is
required to determine the amount of deferred tax
assets that can be recognised, based upon the likely
timing and the level of future taxable profits.
(v) Recognition and measurement of defined
benefit obligations
The obligation arising from defined benefit plan is
determined on the basis of actuarial assumptions. Key
actuarial assumptions include discount rate, trends in
salary escalation and attrition rate. The discount rate
is determined by reference to market yields at the end
of the reporting period on government securities.
(vi) Leases: The Company evaluates if an arrangement
qualifies to be a lease as per the requirements of Ind
AS 116. Identification of a lease requires significant
judgment. The Company uses significant judgement
in assessing the lease term (including anticipated
renewals) and the applicable discount rate. The
Company determines the lease term as the non¬
cancellable period of a lease, together with both
periods covered by an option to extend the lease if
the Company is reasonably certain to exercise that
option; and periods covered by an option to terminate
the lease if the Company is reasonably certain not
to exercise that option. In assessing whether the
Company is reasonably certain to exercise an option
to extend a lease, or not to exercise an option to
terminate a lease, it considers all relevant facts and
circumstances that create an economic incentive
for the Company to exercise the option to extend the
lease, or not to exercise the option to terminate the
lease. The Company revises the lease term if there
is a change in the non-cancellable period of a lease.
The discount rate is generally based on the
incremental borrowing rate specific to the lease being
evaluated or for a portfolio of leases with similar
characteristics."
(vii) Impairment of Goodwill: Goodwill is tested for
impairment on an annual basis and whenever there
is an indication that the recoverable amount of a
cash generating unit (CGUs) is less than its carrying
amount. For the impairment test, goodwill is allocated
to the CGU or groups of CGUs which benefit from the
synergies of the acquisition and which represent the
lowest level at which goodwill is monitored for internal
management purposes.The recoverable amount of
CGUs is determined based on higher of value-in-use
and fair value less cost to sell. Key assumptions in the
cash flow projections are prepared based on current
economic conditions and comprises estimated long
term growth rates, weighted average cost of capital
and estimated operating margins
(d) Current and Non-Current Classification
An asset shall be classified as current when it satisfies any
of the following criteria:—
(a) it is expected to be realised in, or is intended for
sale or consumption in, the company’s normal
operating cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is expected to be realised within twelve months
after the reporting date; or
(d) it is cash or cash equivalent unless it is restricted
from being exchanged or used to settle a liability for
at least twelve months after the reporting date.
All other assets shall be classified as non-current.
A liability shall be classified as current when it satisfies any
of the following criteria:—
(a) it is expected to be settled in the company’s normal
operating cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is due to be settled within twelve months after the
reporting date; or
(d) the company does not have an unconditional right
to defer settlement of the liability for at least twelve
months after the reporting date.
Terms of a liability that could, at the option of the
counterparty, result in its settlement by the issue of equity
instruments do not affect its classification.
All other liabilities shall be classified as non-current.
(e) Property, Plant and Equipment & Intangible Assets and
Depreciation & Amortisation
Property, Plant and Equipment
Property, plant and equipment are stated at cost, less
accumulated depreciation and impairment, if any. Direct
costs in relation to the fixed assets are capitalized until
such assets are ready for use.
(i) Tangible Assets: Depreciation on tangible assets is
provided on the straight-line method over the useful
lives of assets estimated by the Management.
Depreciation for assets purchased during a period is
proportionately charged. The Management estimates
the useful lives and residual values of the fixed assets
as prescribed under Part C of Schedule II of the
Act as follows.
(ii) Improvements on leased premised are depreciated
over the lease period or useful life of the fixtures,
whichever is lower.
(iii) Capital work-in-progress comprises cost of property,
plant and equipment that are not yet ready for their
intended use as at the year end
(f) Financials Instruments
Financial assets and financial liabilities are recognised
when a Company becomes a party to the contractual
provisions of the instruments
Initial Recognition :
Financial assets and financial liabilities are initially
measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss and
ancillary costs related to borrowings) are added to or
deducted from the fair value of the financial assets or
financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of
financial assets or financial liabilities at fair value through
profit or loss are recognised immediately in Statement
of Profit and Loss. Trade receivables that do not contain
a significant financing component are measured at
transaction price.
Financial assets with embedded derivatives are considered
in their entirety when determining whether their cash flows
are solely payment of principal and interest."
(i) Classification & Measurement of Financial Assets
Financial assets are classified as 'Amortised Cost',
'Fair Value through Profit and Loss' (FVTPL) and
'Fair Value through Other Comprehensive Income'
(FVTOCI) in the following categories:
Debt Instruments at amortised cost: Debt instruments
that meet the following conditions are subsequently
measured at amortised cost (except for those
designated at FVTPL on initial recognition)
• The asset is held within a business model whose
objective is to hold asset to collect contractual
cash flows; and
• the contractual terms of the instrument give
rise on specified dates to cash flows that are
solely payments of principal and interest on the
principal amount outstanding
Debt Instruments at FVTOCI: Debt instruments that
meet the following conditions are subsequently
measured at FVTOCI (except for those designated at
FVTPL on initial recognition)
• the asset is held within a business model
whose objective is achieved both by
collecting contractual cash flows and selling
financial assets; and
• the contractual terms of the instrument give
rise on specified dates to cash flows that are
solely payments of principal and interest on the
principal amount outstanding
Debt Instruments at FVTPL: Any debt instrument
which is either initially designated at FVTPL or which
does not meets the criteria for Amortised cost or
FVTOCI is measured at FVTPL.
Effective Interest Rate Method: Interest income
from security deposits and debt instruments is
recognised using the effective interest rate method.
The effective interest rate is the rate that exactly
discounts estimated future cash receipts through the
expected life of the financial asset. When calculating
the effective interest rate, the Company estimates the
expected cash flows by considering all the contractual
terms of the financial instrument (for example,
prepayment, extension, call and similar options) but
does not consider the expected credit losses.
Equity Instruments at FVTOCI: On initial recognition,
the Company can make an irrevocable election
(on an instrument by instrument basis) to present
the subsequent changes in fair value in other
comprehensive income pertaining to investments in
equity instruments. This election is not permitted if
the instrument is held for trading. The cumulative gain
or loss is not reclassified to the Statement of Profit
and Loss on disposal of the investment.
Equity Instruments at amortised cost: The Company’s
investment in its subsidiaries are carried at cost net
of accumulated impairment loss, if any. On disposal
of the Investment, the difference between the net
disposal proceeds and the carrying amount is charged
or credited to the Statement of Profit and Loss.
Financial Assets at FVTPL: Investments in equity
instruments are classified at FVTPL, unless they were
irrevocably elected on initial recognition as FVOCI.
Financial Assets at FVTPL are measured at Fair Value
at the end of each reporting period, with any gains or
losses arising on remeasurement recognised in the
Statement of Profit and Loss.
Dividends are recognised in statement of profit
and loss only when the right to receive payment
is established, it is probable that the economic
benefits associated with the dividend will flow to the
Company, and the amount of the dividend can be
measured reliably.
(ii) Impairment of financial assets
The Company assesses on a forward looking basis
the expected credit losses associated with its assets
carried at amortised cost, FVOCI debt instruments,
and other financial assets. The impairment
methodology applied depends on whether there has
been a significant increase in credit risk. Note 38
details how the Company determines whether there
has been a significant increase in credit risk.
For trade receivables, the Company applies the
simplified approach permitted by Ind AS 109 "Financial
Instruments" which requires expected lifetime
losses to be recognised from initial recognition of
the receivables.
(iii) Derecognition of financial assets
A financial asset is derecognised only when :
• The Company has transferred the rights to
receive cash flows from the financial asset or
• Retains the contractual rights to receive the
cash flows of the financial asset, but assumes
a contractual obligation to pay the cash flows to
one or more recipients.
Where the entity has transferred an asset, the Company
evaluates whether it has transferred substantially all
risks and rewards of ownership of the financial asset.
In such cases, the financial asset is derecognised.
Where the entity has not transferred substantially all
risks and rewards of ownership of the financial asset,
the financial asset is not derecognised.
Where the entity has neither transferred a financial
asset nor retains substantially all risks and rewards of
ownership of the financial asset, the financial asset is
derecognised if the Company has not retained control
of the financial asset. Where the Company retains
control of the financial asset, the asset is continued to
be recognised to the extent of continuing involvement
in the financial asset.
(iv) Financial Liabilities:
Financial liabilities which are held for trading or are
designated at FVTPL are measured at fair value
with changes being recognised in the statement of
Profit and Loss.
Financial liabilities that are not held for trading and
are not designated as at FVTPL, are measured at
amortised cost. The carrying amounts of financial
liabilities that are subsequently measured at
amortised cost are determined based on the effective
interest method.
(v) Derecognition of financial liabilities
Company derecognises financial liabilities when, and
only when, the company's obligations are discharged,
cancelled or have expired. A substantial modification
in the terms of an existing financial liability is
accounted as a discharge of original financial
liability and recognition of new financial liability.
The difference between the carrying amount of the
financial liability derecognised and the consideration
paid and payable is recognised as profit or loss.
(vi) Offsetting financial assets and liabilities
Financial assets and liabilities are offset and the
net amount presented in the statement of financial
position when, and only when, the Company has
a legal right and ability to offset the amounts and
intends either to settle on a net basis or to realize the
asset and settle the liability simultaneously.
(g) Impairment of non-financial assets
Property, plant or equipment and intangible assets with
finite life are evaluated for recoverability whenever there
is any indication that their carrying amount may not be
recoverable. If any such indication exists, the recoverable
amount (i.e. higher of the fair value less cost to sell and
the value in use) is determined on an individual asset basis
unless the asset does not generate cash flows that are
largely independent to those from other assets.
The Carrying Amount of Assets is reviewed at each Balance
Sheet date if there is any indication of impairment based on
internal/external factors. An asset is treated as impaired
when the carrying cost of assets exceeds its recoverable
value. An impairment loss, if any, is charged to Statement
of Profit and Loss in the year in which an asset is identified
as impaired. Reversal of impairment losses recognized
in prior years is recorded when there is an indication that
the impairment losses recognized for the assets no longer
exists or have decreased
(h) Cash and cash equivalents
(i) Cash and cash equivalents in the balance sheet
comprise cash at bank and on hand and short¬
term deposit with original maturity upto three
months, which are subject to insignificant risk of
changes in value.
(ii) For the purpose of presentation in the statement of
cash flows, cash and cash equivalents consists of
cash and short-term deposit, as defined above, as
they are considered as an integral part of Company's
cash management.
(i) Borrowing Cost and Finance Charges
Borrowing cost attributable to acquisition and construction
of qualifying assets are capitalized as a part of the cost
of such assets up to the date when such assets are ready
for its intended use. Other borrowing cost are charged to
the statement of profit and loss in the year in which they
are incurred. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing
of funds and is measured with reference to the effective
interest rate applicable to the respective borrowings.
(j) Leases
The Company assesses whether a contract contains a
lease, at inception of a contract. A contract is, or contains,
a lease if the contract conveys the right to control the use
of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Company
assesses whether: (i) the contract involves the use of an
identified asset (ii) the Company has substantially all of
the economic benefits from use of the asset through the
period of the lease and (iii) the Company has the right to
direct the use of the asset.
At the date of commencement of the lease, the Company
recognizes a right-of-use asset and a corresponding lease
liability for all lease arrangements in which it is a lessee,
except for leases with a term of twelve months or less
(short-term leases) and low value leases. For these short¬
term and low value leases, the Company recognizes the
lease payments as an operating expense on a straight-line
basis over the term of the lease.
Certain lease arrangements includes the options to extend
or terminate the lease before the end of the lease term.
ROU assets and lease liabilities includes these options
when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost,
which comprises the initial amount of the lease liability
adjusted for any lease payments made at or prior to the
commencement date of the lease plus any initial direct
costs less any lease incentives. They are subsequently
measured at cost less accumulated depreciation and
impairment losses.
Right-of-use assets are depreciated on a straight¬
line basis over the lease term. Right of use assets are
evaluated for recoverability whenever events or changes
in circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of impairment
testing, the recoverable amount (i.e. the higher of the fair
value less cost to sell and the value-in-use) is determined
on an individual asset basis unless the asset does not
generate cash flows that are largely independent of those
from other assets.
The lease liability is initially measured at amortized cost
at the present value of the future lease payments. The
lease payments are discounted using the interest rate
implicit in the lease or, if not readily determinable, using
the incremental borrowing rates in the country of domicile
of these leases. Lease liabilities are remeasured with a
corresponding adjustment to the related right of use asset
if the Company changes its assessment if whether it will
exercise an extension or a termination option.
Lease liability and ROU asset have been separately
presented in the Balance Sheet and lease payments have
been classified as financing cash flows.
(k) Employee Benefits
Defined Contribution plan - Retirement benefit in the form
of Provident Fund is a defined contribution scheme. The
Company is statutorily required to contribute a specified
portion of the basic salary of an employee to a provident
fund as a part of retirement benefits to its employees. The
contributions during the year are charged to statement
of profit and loss. The Company recognizes contribution
payable to the Provident Fund scheme as an expenditure
when an employee renders related service.
Defined Benefit Plan - Gratuity, which is in the nature of
Defined Benefit Schemes, are payable only to employees
and accounted for on accrual basis. The Cost of providing
benefits is determined using the projected unit credit
method, with actuarial valuations being carried out at the
end of each annual reporting period. Remeasurement,
comprising actuarial gains and losses are recognised
in other comprehensive income in the period in which
they occur and are not reclassified to the Statement of
Profit and Loss.
The Company has funded its Gratuity liability under group
scheme with an Insurer. The retirement benefit obligation
recognised in the balance sheet represents the present
value of the defined benefit obligations reduced by the fair
value of the scheme assets. Any asset resulting from this
calculation is limited to the present value of any economic
benefits available in the form of refunds from the plans or
reductions in future contributions to the scheme."
Short Term Employee Benefits - The undiscounted amount
of short-term employee benefits expected to be paid in
exchange for the services rendered by employees are
recognized during the year when the employees render
the service. These benefits include incentive and Annual
Leave which are expected to occur within twelve months
after the end of the year in which the employee renders the
related service.
(l) Revenue Recognition
The Company recognizes revenue from contracts with
customers based on a five step model as set out in
Ind AS 115, Revenue from Contracts with Customers,
to determine when to recognize revenue and at what
amount. Revenue is measured based on the consideration
specified in the contract with a customer. Revenue
from contracts with customers is recognised when
services are provided and it is highly probable that a
significant reversal of revenue is not expected to occur.
Revenue is measured at fair value of the consideration
received or receivable. Revenue is recognised
when (or as) the Company satisfies a performance
obligation by transferring a promised service (i.e. an
asset) to a customer. An asset is transferred when
(or as) the customer obtains control of that asset.
When (or as) a performance obligation is satisfied,
the Company recognizes as revenue the amount
of the transaction price (excluding estimates of
variable consideration) that is allocated to that
performance obligation.
The Company applies the five-step approach for
recognition of revenue:
- Identification of contract(s) with customers;
- Identification of the separate performance obligations
in the contract;
- Determination of transaction price;
- Allocation of transaction price to the separate
performance obligations; and
- Recognition of revenue when (or as) each performance
obligation is satisfied.
Income from Distribution and sale of Financial product
includes Distribution income on Mutual Fund, Referral fees,
Consultancy income, Gain/ Loss on sale of Investment
(Structured Product), Commission income and Marketing
Support charges.
1. Income related with Distribution income on Mutual
Fund, PMS, Referral fees, Consultancy, commission
Income and Marketing Support charges is accounted
on accrual basis.
2. Dividend income is accounted for when the right to
receive the payment is established.
3. Difference between the sale price and the carrying
value of investment is recognised as profit or
loss on sale/ redemption on investment on trade
date of transaction. Carrying value of investments
is determined based on first in first out value of
investments sold.
4. Interest income is recognised using the effective
interest method.
(m) Taxes on Income
Current Tax: Provision for Income Tax is determined in
accordance with the provisions of the Income Tax Act, 1961.
Deferred Tax: Deferred tax is provided, on all temporary
differences at the reporting date between the tax base of
assets and liabilities and their carrying amounts for financial
reporting purposes. Deferred tax assets and liabilities are
measured at the tax rates that are expected to be applied to
the temporary differences when they reverse, based on the
laws that have been enacted or substantively enacted at
the reporting date. Tax relating to items recognised directly
in equity or OCI is recognised in equity or OCI and not in the
Statement of Profit and Loss.
Deferred tax assets and liabilities are offset if there is a
legally enforceable right to offset current tax liabilities and
assets, and they relate to income taxes levied by the same
tax authority, but they intend to settle current tax liabilities
and assets on a net basis or their tax assets and liabilities
will be realized simultaneously
A deferred tax asset is recognized to the extent that it is
probable that future taxable profits will be available against
which the temporary difference can be utilised. Deferred
tax assets are reviewed at each reporting date and are
reduced to the extent that it is no longer probable."
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