2.18. Provisions, contingent assets and contingent liabilities

Provisions are recognized only when there is a present
obligation, as a result of past events and when a reliable
estimate of the amount of obligation can be made at
the reporting date. These estimates are reviewed at each
reporting date and adjusted to reflect the current best
estimates. Provisions are discounted to their present
values, where the time value of money is material.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed only
by future events not wholly within the control of the
Company or

• Present obligations arising from past events where it
is not probable that an outflow of resources will be
required to settle the obligation or a reliable estimate
of the amount of the obligation cannot be made.

Contingent assets are neither recognized nor disclosed
except when realisation of income is virtually certain,
related asset is disclosed.

2.19. Leases

Ind AS 116 supersedes Ind AS 17 Leases including its
appendices. The standard sets out the principles for the
recognition, measurement, presentation and disclosure
of leases and requires lessees to recognise most leases on
the balance sheet.

The Company has adopted Ind AS 116 using the modified
retrospective method of adoption under the transitional
provisions of the Standards, with the date of initial
application on 1st April, 2019. The Company also elected to
use the recognition exemptions for lease contracts that, at
the commencement date, have a lease term of 12 months
or less and do not contain a purchase option (short-term
leases), and lease contracts for which the underlying
asset is of low value (low-value assets). Adoption of Ind-
AS 116 doesn't have any material impact on the financial
statements of the Company.

The Company assesses at contract inception whether
a contract is, or contains, a lease. That is, if the contract
conveys the right to control the use of an identified asset
for a period of time in exchange for consideration.

Company as a lessee

The Company applies a single recognition and
measurement approach for all leases, except for short
term leases and leases of low-value assets. The Company
recognises lease liabilities to make lease payments and
right-of-use assets representing the right-to-use the
underlying assets.

Right-of-use assets

The Company recognises right-of-use assets at the
commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use assets are
measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes
the amount of lease liabilities recognised, initial direct
costs incurred, and lease payments made at or before the
commencement date less any lease incentives received.
Right-of-use assets are depreciated on a straight-line
basis over the shorter of the lease term and the estimated
useful lives of the assets.

If ownership of the leased asset transfers to the Company
at the end of the lease term or the reflects the exercise
of a purchase option, depreciation is calculated using the
estimated useful life of the asset.

Lease Liabilities

At the commencement date of the lease, the Company
recognises lease liabilities measured at the present
value of lease payments to be made over the lease term.
The lease payments include fixed payments (including
in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under
residual value guarantees.

In calculating the present value of lease payments, the
Company uses its incremental borrowing rate at the
lease commencement date because the interest rate
implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is

increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the
lease payments (e.g., changes to future payments resulting
from a change in an index or rate used to determine such
lease payments) or a change in the assessment of an
option to purchase the underlying asset.

Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition
exemption to its short-term leases (i.e., those leases
that have a lease term of 12 months or less from the
commencement date and do not contain a purchase
option). It also applies the lease of low-value assets
recognition exemption to leases of offices, godowns,
equipment, etc. that are of low value. Lease payments
on short-term leases and leases of low value assets are
recognised as expense on a straight-line basis over the
lease term.

Company as a lessor

Lessor accounting under Ind AS 116 is substantially
unchanged from Ind AS 17. Lessors will continue to
classify leases as either operating or finance leases using
similar principles as in Ind AS 17. Therefore, Ind AS 116
does not have an impact for leases where the Company
is the lessor. Leases in which the Company does not
transfer substantially all the risks and rewards incidental
to ownership of an asset are classified as operating leases.
Rental income arising is accounted for on a straight-line
basis over the lease terms. Initial direct costs incurred in
negotiating and arranging an operating lease are added
to the carrying amount of the leased asset and recognised
over the lease term on the same basis as rental income.
Contingent rents are recognized as revenue in the period
in which they are earned.

2.20.Financial Instruments

Initial recognition and measurement

The Company recognizes financial assets and financial
liabilities when it becomes a party to the contractual
provisions of the instrument. All financial assets and
liabilities are recognized at fair value on initial recognition,
except for trade receivables which are initially measured
at transaction price. Transaction costs that are directly
attributable to the acquisition or issue of financial

assets and financial liabilities, which are not at fair value
through profit or loss, are added to the fair value on initial
recognition. Regular way purchase and sale of financial
assets are accounted for at trade date

Subsequent measurement of Financial Assets
Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized
cost if it is held within a business model whose objective is
to hold the asset in order to collect contractual cash flows
and the contractual terms of the financial asset give rise
on specified dates to cash flows that are solely payments
of principal and interest on the principal amount
outstanding.

Financial assets carried at fair value through other
comprehensive income (FVOCI)

A financial asset is subsequently measured at fair value
through other comprehensive income if it is held within
a business model whose objective is achieved by both
collecting contractual cash flows and selling financial
assets and the contractual terms of the financial asset
give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount
outstanding. The Company has made an irrevocable
election for its investments, which are classified as
equity instruments to present the subsequent changes
in fair value in other comprehensive income based on its
business model.

Financial assets carried at fair value through profit or
loss (FVTPL)

A financial asset, which is not classified in any of the above
categories are subsequently fair valued through profit
or loss.

Investment in subsidiaries, joint ventures and
associates

Investment in subsidiaries is carried at cost in the separate
financial statements.

Financial liabilities

Financial liabilities are subsequently carried at amortized
cost using the effective interest method, except for
contingent consideration recognized in a business
combination, which is subsequently measured at fair
value through profit or loss.

Derecognition of financial instruments

The Company derecognizes a financial asset when the
contractual rights to the cash flows from the financial asset
expire or it transfers the financial asset and the transfer
qualifies for derecognition under Ind AS 109. A financial
liability (or a part of a financial liability) is derecognized
from the Company's Balance Sheet when the obligation
specified in the contract is discharged or cancelled or
expires.

2.21.Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the
weighted-average number of equity shares outstanding
during the period. The weighted-average number of
equity shares outstanding during the period is adjusted
for events including a bonus issue.

For the purpose of calculating diluted earnings per share,
the net profit or loss for the period attributable to equity
shareholders and the weighted-average number of shares
outstanding during the period are adjusted for the effects
of all dilutive potential equity shares.

2.22.Significant management judgement in applying
accounting policies and estimation uncertainty

The preparation of the Company's financial statements
requires management to make judgments, estimates
and assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities and the related
disclosures.

Significant management judgements
Recognition of deferred tax assets -

At the end of the year the Company has net deferred tax
assets as per the provision of Ind AS - 12 "Income Taxes",
As a prudence policy the said Deferred Tax Assets has not
been recognized which is in accordance with the Ind AS 12

Evaluation of indicators for impairment of assets - The

evaluation of applicability of indicators of impairment of
assets requires assessment of several external and internal
factors which could result in deterioration of recoverable
amount of the assets.

Impairment of financial assets - At each balance sheet
date, based on historical default rates observed over
expected life, the management assesses the expected
credit loss on outstanding financial assets.

Provisions - At each balance sheet date basis the
management judgment, changes in facts and legal
aspects, the Company assesses the requirement of
provisions against the outstanding contingent liabilities.
However, the actual future outcome may be different from
this judgement.

Revenue and inventories - The Company recognizes
revenue using the percentage of completion method.
This requires forecasts to be made of total budgeted
cost with the outcomes of underlying construction
and service contracts, which require assessments and
judgements to be made on changes in work scopes, claims
(compensation, rebates etc.) and other payments to the
extent they are probable and they are capable of being
reliably measured. For the purpose of making estimates
for claims, the Company used the available Contractual
and historical information.

Useful lives of depreciable/ amortisable assets -

Management reviews its estimate of the useful lives of
depreciable/amortisable assets at each reporting date,
based on the expected utility of the assets. Uncertainties
in these estimates relate to technical and economic
obsolescence that may change the utility of assets.

Defined benefit obligation (DBO) - Management's
estimate of the DBO is based on a number of underlying
assumptions such as standard rates of inflation, mortality,
discount rate and anticipation of future salary increases.
Variation in these assumptions may significantly impact
the DBO amount and the annual defined benefit expenses.

Fair value measurements - Management applies
valuation techniques to determine the fair value of
financial instruments (where active market quotes are
not available). This involves developing estimates and
assumptions consistent with how market participants
would price the instrument. The Company used valuation
techniques that are appropriate in the circumstances
and for which sufficient data is available to measure fair
value, maximizing the use of relevant observable inputs

and minimizing the use of unobservable inputs. All assets
and liabilities for which fair value is measured or disclosed
in the financial statements are categorized within the fair
value hierarchy, described as follows, based on the lowest
level input i.e. significant to the fair value measurement as
a whole.;

Level 1. Quoted prices (unadjusted) in active markets for
identical assets and liabilities

Level 2. Input other than quoted prices included within
level 1 that are observable for the assets or liabilities either
directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3. Inputs for the assets and liabilities that are not
based on observable market data (unobservable inputs)

2.23 Cash flow Statements

Cash flows are reported using the indirect method,
whereby profit/(loss) before tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or
accruals of past or future cash receipts or payments and
item of income or expenses associated with investing
or financing cash flows. The cash flows from operating,
investing and financing activities of the Company are
segregated based on the available information.

2.24 Recent accounting pronouncements

Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standard. There
is no such notifications on accounting standard which
would have been applicable to the company from 1st
April 2026.

During the year ended 31st March, 2026, the company has paid the amount of per share dividend as distributions to equity
shareholders was C0.90 per share (Previous year C0.80 per share )as Final Dividend.

At the meeting of the Board of Directors held on 25 May 2026, the Board recommended a dividend of C 1.00 per equity share
aggregating to C1967.96 Lakhs for the financial year ended 31 March 2026, subject to the approval of the shareholders at the
ensuing Annual General Meeting.

c. Aggregate numbers of bonus shares issued, share issued for consideration other than cash and shares brought back during
the period of five years immediately preceding the reporting date: NIL

The Company has borrowings from banks on the basis of security of current assets, the quarterly returns or statements of current
assets filed by the company with banks or financial institutions are as per the books of accounts. The Company has used the
borrowings from banks for the specific purpose for which they were availed

20.1 Outstanding borrowings of C9984.86 Lakhs (Previous Year C16726.20 Lakhs) from HDFC Bank Limited having an effective
rate of interest of 11.20% to 12.25% repayable in 6 years from date of first disbursement in specified monthly instalments
secured against:

¹ Exclusive charge on All those pieces and parcels of land bearing C.T.S. No. 1A/2 (corresponding to Survey No. 173/1 pt) lying
being and situate at Village Anik, Taluka Kurla, within the jurisdiction of the City Survey Office, Chembur in the Registration
Sub-District of Mumbai Suburban, together with the construction thereon, schedule receivables and insurance proceeds,
both present and future.

² Also above borrowings have been secured by way of personal guarantee of Promoters.

20.2 Outstanding total borrowings of C21,830.80 Lakhs (Previous Year 32,698.97 Lakhs) jointly from ICICI Bank Limited
and Standard Chartered Bank having an effective rate of interest of 10.34% repayable in 4 Years in specified quarterly
instalments secured against:

1 All parcel of land bearing CTS No. 1A/2 together with Buildings 3A and 3B situated at Village Anik, Taluka Kurla with
receivables and insurance proceeds.

2 Above borrowings has been secured by way of personal guarantee of Promoters.

20.3 Outstanding total borrowings of C2,812.91 Lakhs (Previous Year NIL Lakhs ) from YES Bank Limited having an effective rate
of interest of 8.92% repayable in 2 Years in specified monthly instalments secured against:

1 Exclusive by way of mortgage of Ajmera Greenfinity (AB Tower) Project land parcel admeasuring ~749 sqmt located at
Wadala, Mumbai including the towers to be constructed thereupon, along with immovable assets, both present and
future with receivables and insurance proceeds.

2 Above borrowings has been secured by way of personal guarantee of Promoters.

20.4 Outstanding total borrowings of C15,238.88 Lakhs (Previous Year NIL Lakhs ) from TATA CAPITAL Housing Finance Limited
having an effective rate of interest of 11.68% repayable in 66 Months from first disbursement in specified monthly
instalments secured against:

1 Exclusive by way of registered mortgage of All that piece and parcel of land admeasuring approx. 8,380 sq. mtrs which is
equivalent to approx. 2.07 acres of land together with the structures thereon (both present and future) in the residential
project "Ajmera Manhattan 4A & 4B", situated on part of larger land admeasuring 97,430 sq. meters or thereabouts and
numbered as Sub-Plot A and comprised in CTS Nos. 1A/2 along with project "Ajmera Manhattan 4A & 4B" and development
right of the project with receivables and insurance proceeds from project.

2 Above borrowings has been secured by way of personal guarantee of Promoters.

20.5 Outstanding total borrowings of C4,973.00 Lakhs (Previous Year NIL Lakhs ) from TATA CAPITAL Housing Finance Limited
having an effective rate of interest of 12.35% repayable in 66 Months from first disbursement in specified monthly
instalments secured against:

1 Exclusive charge by way of registered mortgage of the Project "Vann by Ajmera" (excluding Member's entitlement,
including additional area & Reserved Developer's area) and development rights of the Project being developed on the all
those pieces and parcels of land bearing C.T.S. No. 832/1 corresponding to Plot No. 142/5 of Survey No. 142 admeasuring
5,310 square meters, situate, lying, and being at Village Ambivali, Taluka Andheri, in the Mumbai Suburban Registration
District (including rights, title, interest, claims, benefits, demand under the project documents both Present and future)
with receivables and insurance proceeds from project.

2 Above borrowings has been secured by way of personal guarantee of Promoters.

The above information and that given in note no.21 & 26 -"Trade Payables" regarding Micro and Small enterprises has been
determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon
by the auditors.

44 Capital Management policy

- Safeguard our ability to continue as a going concern, and

- Maintain an optimal capital structure to reduce the cost of capital

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on
the face of balance sheet.

The Company manages its capital structure and makes adjustments to it in the light of changes in economic conditions and
the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may, subject
to relevant permissions and compliances, adjust the amount of dividends paid to shareholders, return capital to shareholders
or issue new shares.

The most recent actuarial valuation of the present value of the defined benefit obligation was carried out at March 31,2026.
The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured
using the projected unit credit method.

The employee's gratuity fund scheme managed by the fund manager is a defined benefit plan. The present value of obligation
is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service
as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final
obligation.

45 Employee Benefit

Defined contribution plans

The Company makes contributions towards a provident fund under a defined contribution retirement benefit plan for
qualifying employees. The Company contribute a specified percentage of payroll cost to fund the benefits.

Defined Benefit Plan

The Company has a funded post-employment defined benefit plan. The scheme provides for lump sum payment to vested
employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days
salary per year of completed service. Vesting occurs upon completion of 5 years of service. The present value of defined
benefit obligation and the related current service cost were measured using the Projected Unit Credit Method, with actuarial
valuation being carried out at each Balance Sheet date.

The following table sets out the funded status of the gratuity plan (a funded, post-employment defined benefit plan) and the
amounts recognised in the Company's financial statements as at March 31,2026.

Types of Risk and its management

The company's activities expose it to market risk, liquidity risk and credit risk. Board of Directors has overall responsibility for
the establishment and oversight of the company risk management framework. This note explains the sources of risk which
the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

1. Credit Risk

The Company measures the expected credit loss of trade receivables based on historical trend, industry practices and the
business environment in which the entity operates. Expected Credit Loss is based on actual credit loss experienced and past
trends based on the historical data.

2. Liquidity Risk

Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The company approach to managing liquidity is to
ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Management monitors rolling forecasts of the company liquidity position and cash and cash equivalents on the basis of
expected cash flows. The company takes into account the liquidity of the market in which the entity operates.

49 Capital and other commitments

Capital and other commitments on account of revenue as well as capital nature is C42616.92 Lakhs (Previous Year C
12962.47 Lakhs)

50 No proceedings have been initiated during the year or are pending against the Company as at March 31,2026 for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

51 The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.

52 There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income
during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

53 The Board of Directors is of the opinion that none of the assets other than Property, Plant and Equipment, Intangible Assets
and non-current investments have realisable value less than their carrying amount in the ordinary course of business.

54 No funds have been advanced or loaned or invested by company to any intermediary and no funds have been received by
the company to act as intermediary.

55 Relationship with Struck off Companies

56 The company has not traded or not invested in Crypto currency or Virtual currency during the financial year.

57 There are no any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the
statutory period.

58 The Company has complied with Companies (Restriction of Number of Layers) Rules, 2017, and there are no downstream
companies beyond the specified layers.

59 The company has borrowings from banks or financial institutions on the basis of security of current assets, the quarterly
returns or statements of current assets filed by the company with banks or financial institutions are as per the books of
accounts.

60 The Company has used the borrowings from banks and financial institutions for the specific purpose for which they were
availed.

61 The balance in debtors, creditors are subject to confirmation and reconciliation, if any. However as per management opinion,
no material impact on financial statements out of such reconciliation is anticipated.

62 On account of Demerger of the Company during FY 2024-25 a land parcel amounting to C2257.00 Lakhs has been transferred
to the wholly owned subsidiaries comapny i.e. Radha Raman Dev Ventures Private Limited. The resulting Company (ARIIL)
issued the Shares in the ratio of 50:1 agrregating to 7,09,698 of C 10 each during the FY 2024-25, which ranks pari-passu with
the existing Shares of the Company (ARIIL).

63 During the year, pursuant to the approval of the shareholders dated 11 December, 2025, the Company sub-divided its equity
shares having a face value of ?10 each into equity shares having a face value of ?2 each in the ratio of 1:5. Consequently, the
number of authorised, issued, subscribed and paid-up equity shares increased five-fold without any change in the aggregate
share capital of the Company. Accordingly, the equity share capital structure as at 31 March 2026 reflects the revised face
value of ?2 per share. The comparative figures for the previous year have been appropriately restated to give effect to the
sub-division of equity shares and to ensure comparability between the reporting periods.

64 On 21 November 2025, the Government of India notified the four Labour Codes, namely the Code on Wages, 2019,
the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working
Conditions Code, 2020, consolidating 29 existing labour laws. The Ministry of Labour & Employment has also issued draft
Central Rules and FAQs to facilitate assessment of the financial impact arising from these regulatory changes.

The Company has evaluated the applicability of the aforesaid Labour Codes in the context of its operations and employee
structure. Based on the assessment of the existing employee compensation structure, the Company does not expect any
material financial impact arising from the implementation of these Codes.

The Company will continue to monitor further developments and assess the impact, if any, in future periods.

65 The Company has used accounting software for maintaining its books of account for the financial year ended March 31,2026
which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, the audit trail feature was not tampered with at any point of time

66 Subsequent events

There are no subsequent events which require disclosure or adjustment subsequent to the Balance Sheet date.

67 Regrouping of Previous Year Figures.

The company has regrouped / rearranged and reclassified previous year figures to conform to current year's
classification.