2.1. Basis for preparation and presentation:

The financial statements comply with Indian Accounting Standards ('Ind AS') notified under Section 133 of
the Companies Act, 2013 (‘Act') read with Companies (Indian Accounting Standards) Rules, 2015, as amended
and other relevant provisions of the Act and Rules thereunder.

The financial statements have been prepared on accrual basis and in accordance with the historical cost
convention except for certain assets and liabilities measured at fair value. The accounting policies are applied
consistently to all the periods presented in the financial statements.

All assets and liabilities have been classified as current or non-current as per the Group's normal operating
cycle, paragraph 66 and 69 of Ind AS 1 and other criteria as set out in the Division II of Schedule III to the Act.

Based on the nature of products and the time between acquisition of assets for processing and their realization
in cash and cash equivalents, the Group has ascertained its operating cycle as 12 months for the purpose of
current or non-current classification of assets and liabilities. Deferred tax assets and liabilities are classified
as non-current assets and liabilities.

The financial statements are presented in Indian Rupee (INR), which is the functional currency of the Group.

All amounts disclosed in the Financial Statements and notes have been rounded off to the nearest lakhs,
unless otherwise stated.

The Financial Statements of the Group for the year ended 31st March, 2026 were approved for issue in
accordance with a resolution of the Board of Directors in its meeting held on 28th May, 2026.

2.2. Use of Judgement and Estimates

The preparation of the financial statements require management to make judgments, estimates and
assumptions that affect the reported amounts of revenue, expenses, assets, liabilities and accompanying
disclosures.

Uncertainty about these assumptions and estimates could result in outcomes that require material adjustments
to the carrying amount of assets or liabilities affected in future periods. The Group continually evaluates these
estimates and assumptions based on the most recently available information.

In particular, information about significant areas of estimates and judgements in applying accounting policies
that have the most significant effect on the amounts recognized in the financial statements are as below:

• Estimates of useful lives and residual value of Property, Plant and Equipment and intangible assets;

• Measurement of Defined Benefit Obligations;

• Measurement and likelihood of occurrence of Provisions and contingencies;

• Recognition of deferred tax assets;

• Measurement of recoverable amounts of cash-generating units;

• Measurement of Right of Use Assets and Lease liabilities;

• Valuation of Inventories;

• Provision for loss allowances;

• Fair value measurement of financial instruments.

Revisions to accounting estimates are recognised prospectively.

2.3. Property, plant and equipment

2.3.1. Property, plant and equipment are stated at cost net of accumulated depreciation and accumulated
impairment losses, if any;

2.3.2. The initial cost of an asset comprises its purchase price or construction cost (including import duties
and non-refundable taxes), any costs directly attributable to bringing the asset into the location and
condition necessary for it to be capable of operating in the manner intended by management, the
initial estimate of any decommissioning obligation, if any, and, borrowing cost for qualifying assets (i.e.
assets that necessarily take a substantial period of time to get ready for their intended use);

2.3.3. Subsequent expenditure is capitalized only if it probable that the future economic benefits associated
with the expenditure will flow to the Group;

2.3.4. Spare parts which meet the definition of Property, Plant and Equipment are capitalized as Property,
Plant and Equipment in case the unit value of the spare part is above the threshold limit. In other
cases, the spare part is inventorised on procurement and charged to Statement of Profit and Loss on
consumption;

2.3.5. An item of property, plant and equipment and any significant part initially recognized separately as
part of property, plant and equipment is derecognized upon disposal; or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset
is included in the Statement of Profit and Loss when the asset is derecognized;

2.3.6. The residual values and useful lives of property, plant and equipment are reviewed at each financial
year end and changes, if any, are accounted in the line with revisions to accounting estimates;

2.3.7. Property, plant and equipment which are not ready for intended use as on date of Balance Sheet are
disclosed as “Capital work - in - progress”;

2.3.8. Depreciation is provided on a pro-rata basis on the straight-line method for plant and machinery and
for all other assets on written down value method (after retaining the estimated residual value up to
5%) based on estimated useful life prescribed under Schedule II to the Act;

2.3.9. Components of the main asset that are significant in value and have different useful lives as compared
to the main asset are depreciated over their estimated useful life. Useful life of such components has
been assessed based on historical experience and internal technical assessment;

2.3.10. Depreciation on spare parts specific to an item of property, plant and equipment is based on life of
the related property, plant and equipment. In other cases, the spare parts are depreciated over their
estimated useful life based on the technical assessment;

2.3.11. The Group has chosen the carrying value of property, Plant and Equipment existing as per previous
GAAP as on date of transition to Ind AS i.e. 1st April, 2016 as deemed cost.

2.4. Biological Assets

2.4.1. Biological assets comprise livestock maintained by the Group. Since such livestock is used solely
for internal consumption and not for commercial sale or production activities, and considering
the immateriality of the value involved, the group measures these biological assets at cost, which
management considers to be a reasonable approximation of fair value less cost to sell.

2.5. Intangible Assets

2.5.1. Intangible assets are recognized only if it is probable that the future economic benefits that are
attributable to the assets will flow to the enterprise and the cost of the assets can be measured
reliably;

2.5.2. Intangible assets are carried at cost net of accumulated amortization and accumulated impairment
losses, if any;

2.5.3. An intangible asset is derecognized on disposal, or when no future economic benefits are expected
from use or disposal. Gains or losses on derecognition are determined by comparing proceeds with
carrying amount. These are included in profit or loss within other gains/(losses);

2.5.4. The estimated useful life is reviewed at each financial year end and changes, if any, are accounted in
the line with revisions to accounting estimates;

2.5.5. Intangible assets are not ready for intended use as on date of Balance Sheet are disclosed as “Intangible
assets under development”;

2.5.6. The intangible assets with a finite useful life are amortized using Written Down Value Method over
their estimated useful lives except in the case ERP software which is amortized over the period of
its useful life on straight line method basis (SLM). The Management's estimate of the useful lives for
various class of intangibles are given below:

2.6. Investment Property

2.6.1. Investment property is property (land or a building — or part of a building — or both) held either to earn
rental income or for capital appreciation or for both, but not for sale in the ordinary course of business,
use in production or supply of goods or services or for administrative purposes. Investment properties
are stated at cost net of accumulated depreciation and accumulated impairment losses, if any;

2.6.2. Any gain or loss on disposal of investment property calculated as the difference between the net
proceeds from disposal and the carrying amount of the Investment Property is recognised in Statement
of Profit and Loss;

2.6.3. Depreciation on building is provided over its useful life using written down value method. These useful
lives determined are in line with the useful lives as prescribed in the Schedule II of the Act.

2.7. Leases

The Group assesses whether a contract is or contains a lease, at the 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 Group assesses whether:

a) the contract involves the use of an identified asset;

b) the Group has substantially all of the economic benefits from use of the asset through the period of the
lease and

c) . the Group has the right to direct the use of the asset.

2.7.1. As a Lessee

The right-of-use asset is a lessee's right to use an asset over the life of a lease. At the date of
commencement of the lease, the Group recognises a right-of-use asset and a corresponding lease
liability for all lease arrangements in which it is a lessee, except for short-term leases and leases of low
value assets. For these, the Group recognises the lease payments as an operating expense.

The right-of-use assets are initially recognised 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, if any. Right-of-use assets are depreciated from the
commencement date on a straight-line basis over the shorter of the lease term and useful life of the
underlying asset.

The lease liability is initially measured 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. The lease liability is subsequently remeasured by increasing the
carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect
the lease payments made.

A lease liability is remeasured upon the occurrence of certain events such as a change in the lease
term or a change in an index or rate used to determine lease payments. The remeasurement normally
also adjusts the leased assets.

2.7.2. As a Lessor

A lessor shall classify each of its leases as either an operating lease or a finance lease.

Finance leases

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental
to ownership of an underlying asset. Group shall recognise assets held under a finance lease in its
balance sheet and present them as a receivable at an amount equal to the net investment in the lease.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards
incidental to ownership of an underlying asset. Group shall recognize lease payments from operating
leases as income on straight line basis over the term of relevant lessee.

2.8. Impairment of Non-financial Assets

2.8.1. Non-financial assets other than inventories, deferred tax assets and non-current assets classified as
held for sale are reviewed at each Balance Sheet date to determine whether there is any indication of
impairment. If any such indication exists or when annual impairment testing for an asset is required, the
Group estimates the asset's recoverable amount. The recoverable amount is the higher of the assets or
Cash Generating Unit's (CGU) fair value less costs of disposal and its value in use. Recoverable amount
is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or group of assets;

2.8.2. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount.

2.9. Inventories

2.9.1. Inventories are valued at lower of cost and net realisable value. The cost of inventories is based on
weighted average basis;

2.9.2. Cost of raw materials and stores and spares includes cost of purchase and other costs incurred in
bringing the inventories to their present location and condition. The aforesaid items are valued at net
realisable value if the finished products in which they are to be incorporated are expected to be sold
at a loss;

2.9.3. Cost of finished goods and work-in-progress include all costs of purchases, conversion costs and other
costs incurred in bringing the inventories to their present location and condition. The net realisable
value is the estimated selling price in the ordinary course of business less the estimated costs of
completion and estimated costs necessary to make the sale.