2.1 Property, Plant and Equipment and Capital Work-in-Progress (Contd.)

Notes:

i) Refer Note 17 and 21 for the details of property, plant and equipment pledged as security against fund and non-fund based credit facilities.

ii) Refer Note 18, 22 and 48 for lease liability created against the right of use assets.

iii) Title deeds of all immovable properties are held in the name of the Company.

iv) The Company has not revalued its property, plant and equipment (including right of use assets).

Estimation of fair value:

The fair value of Land and Godown under Investment Properties has been determined by an external independent registered property valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The current prices in an active market for similar properties has been used to determine fair value of Investment Properties. The fair value measurement of the Investment Properties has been categorised as Level 3 based on the inputs considered in the valuation.

d) As at March 31, 2026 and March 31, 2025, all Title deeds of Immovable Properties classified under Investment Property are in name of the Company.

a) Inventory write downs are accounted considering the nature of inventory, estimated shelf life, price changes, ageing of inventory, provisioning policy, etc. Write down of inventories amounted to H 2,658.15 Lakh (Previous Year H 2,186.71 Lakh). This is included as part of cost of materials consumed and changes in inventories of finished goods, work-inprogress and stock-in-trade in the standalone statement of profit and loss, as the case may be.

b) Refer Note 17 and Note 21 for the details of inventory pledged as security against fund and non-fund based credit facilities.

F) Rights, preferences and restrictions attached to Equity Shares

The Company has only one class of Equity Shares having a par value of H 1/- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, in proportion to the number of equity shares held by them.

G) The Company has reserved 33,57,700 (Previous year: 37,76,400) Equity Shares of face value of H 1/- under Employee Stock Option Plan 2019 [Refer Note 39].

H) The Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year.

I) Information on equity shares allotted without receipt of cash or allotted as bonus shares or shares bought back for a period of five years immediately preceding March 31, 2026: None

J) The Board of Directors in their meeting held on May 12, 2026 proposed a final dividend of H 1 per share (Previous Year -0.50 paisa per share). The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting.

Nature and Purpose of Reserves:

i) Securities Premium

Securities premium represents premium on issue of shares. This is to be utilised in accordance with the provisions of the Companies Act, 2013.

ii) General Reserves

The general reserves is a free reserve, retained from Company's profits. The reserves can be utilised as per the provisions of the Companies Act, 2013.

iii) Share Options Outstanding Account

The share options outstanding account relates to share options granted by the Company to its employees under its employee share option plan.

iv) Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends, or other distributions paid to shareholders.

a) Details of security and repayment terms:

i) Includes foreign currency term loan of Nil (Previous Year: H 4,758.56 Lakh), including current maturities of Nil (Previous Year: H 2,791.27 Lakh), availed from Federal Bank Limited for the Palghar (East) plant. The loan has been fully prepaid during the current year. The loan carried an interest rate of 3-month EURIBOR plus 1.45% - 1.75% . The loan was secured by exclusive charge on land, building, and plant and machinery at Village Vevoor, Palghar (East); lien on fixed deposits of H 1,000 Lakh; and second pari passu charge on the Company's current assets.

ii) The loans from bank were also secured by personal guarantee of Mr. Gagan Harsh Sharma, former Managing Director of the Company.

b) Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

c) The Registration for satisfaction of charges with Registrar of Companies has been done within stipulated timelines.

i) Secured Loans from banks include working capital loans secured by exclusive charge by way of hypothecation of entire current assets of the Company.

ii) First pari passu charge on Plots 10 & 11, Aliyali Village, Palghar (West); Plot 12, Aliyali Village, Palghar (West).

iii) Second charge on factory building and office premises of the Company both present and future.

iv) Exclusive charge on the fixed deposits H 1,200.00 Lakh as margin for pre and post shipment limits along with Non fund based facilities.

v) The loans were also secured by personal guarantee of Mr. Gagan Harsh Shama, former Managing Director of the Company.

vi) The Company has taken working capital loans in previous year, at interest ranging from 5.72% to 6.87% per annum.

vii) Refer Note 17(a) for details of securities and repayment term for Current Maturities of Long term Borrowings outstanding in the previous year.

viii) Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

ix) The Company has not utilised any funds raised on short term basis for long term purpose.

x) The Company has not raised any loans during the year on the pledge of securities held in its subsidiaries.

e) There are no material unsatisfied remaining performance obligation for the year ended March 31, 2026 and March 31, 2025.

f) Revenue from Customer based in Nigeria and Mauritius (Previous Year: Ghana, Nigeria, Mauritius, Kenya) contributed more than 10% out of the Company's total revenue.

g) The amounts receivable from customers become due after expiry of credit period which range between 0 - 240 days. There is no significant financing component in any transactions with the customers.

38 Employee Benefit ObligationA. Defined contribution plan:

The Company's contribution to defined contribution funds comprising of Provident fund, Employees' State Insurance Schemes, Employees' Deposit Linked Insurance Scheme, Labour Welfare Fund and National Pension System (NPS) scheme amounting H 506.79 Lakh (Previous Year H 430.65 Lakh) (net of recoveries) has been charged to the standalone Statement of Profit and Loss.

B. Defined benefit obligation:

The Company provides for gratuity for employees as per the Code on Social Security, 2020. The amount of gratuity payable on retirement/ termination is the employee's last drawn salary per month computed proportionately as per the Code on Social Security, 2020 multiplied for the number of years of service.

The Company makes annual contribution to the group gratuity scheme administered by the Life Insurance Corporation of India through its Gratuity Trust Fund.

Note: The information on the allocation of the funds into major asset classes and the expected return on each class is not readily available.

Provisions were established for defined benefit obligations pertaining to gratuity. The net obligation was accounted as follows:

The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the previous years.

C. Compensated Absences

The Company provides for accumulation of compensated absences by all permanent employees. These employees can carry forward a portion of the unutilised compensated absences and utilise them in future periods or receive cash in lieu thereof as per the Company's policy. The Company records a liability for compensated absences in the period in which the employee renders the services that increases this entitlement. The total liability recorded by the Company towards this obligation was H 195.97 Lakh (Previous Year H 149.32 Lakh).

39 Employee Stock Option Scheme

The members of Nomination and Remuneration Committee of the Company in its Meeting held on March 07, 2020 have approved grant of 27,61,000 Options, on meeting held on April 05, 2021 granted 7,30,000 Options, on meeting held on April 30, 2022 granted 5,72,000 Options, on meeting held on May 11, 2023 granted 11,55,000 Options, on meeting held on May 02, 2024 granted 7,56,000 Options, on meeting held on May 12, 2025 granted 8,62,000 Options, on meeting held on July 29, 2025 granted 2,68,000 Options, on meeting held on November 06, 2025 granted 5,53,000 Options, on meeting held on February 10, 2026 granted 3,38,000 Options out of total 60,00,000 Options under Bliss GVS Pharma Limited - Employee Stock Options Plan 2019 to the eligible employees of the Company at an exercise price of H 43 per option/ per share.

b) Fair Value of Share Options Granted during the current year and previous year:

The fair value of the stock options has been estimated using Black-Scholes model which takes into account as of grant date, the exercise price and expected life of the option, the current market price of underlying stock and its expected volatility, expected dividends on stock and the risk-free interest rate for the expected term of the option. The following assumptions were used for calculation of fair value of options granted.

Fair Value Hierarchy:

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are:

(a) recognised and measured at fair value and

(b) measured at amortised cost and for which fair values are disclosed in the financial statements.

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed in Ind AS 113 - Fair Value Measurement. An explanation of each level follows underneath the table.

Level 1: It includes financial instruments measured using quoted prices. The Company doesn't have investment in equity instruments that have quoted price.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Instruments in level 2 category include foreign currency forward exchange contracts which is fair valued using forward exchange rates at the Balance Sheet date.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. Instruments in level 3 category include security deposits with definite maturity period which is fair valued using discounted cashflow method.

There are no transfers between level 1, level 2 and level 3 during the year.

The carrying amounts of trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, loans, other financial assets (excluding security deposits), borrowings, leases, trade payables and other financial liabilities (excluding Foreign currency forward exchange contract) are considered to be the same as their fair values, due to their short term nature.

Valuation Process

The Company evaluates the fair value of financial assets and financial liabilities on periodic basis using the best and most relevant data available. Also, the Company internally evaluates the valuation process and obtains independent price validation for certain instruments wherever necessary.

41 Financial Risk Management

The Company's business activities are exposed to credit risk, liquidity risk and market risks. Market risks comprises of interest rate risks, currency risk and price risk. The Company's senior management and key management personnel have the ultimate responsibility for managing these risks faced by the Company, to set appropriate risk limits, to control and monitor risks and adherence to these limits. Risk management policies and system are reviewed regularly to reflect changes in market conditions and Company's activities. Further, the Audit Committee undertakes regular review of risk management controls and procedures.

A. Credit Risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed.

The Company periodically assesses the credit worthiness of the counter party, taking into account the financial condition, current economic trends, analysis of historical bad debts and ageing of accounts receivable and grant credit limit accordingly.

The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The carrying amount of financial assets represents the maximum credit exposure.

Investments at amortised cost are strategic investments in associated lines of business activity, the Company closely monitors the performance of these Companies.

Credit risk from transactions with financial institutions is managed by the Company's treasury department. Bank deposits are placed with reputed banks/ financial institutions and hence, there is no significant credit risk on such fixed deposits.

Loans and other deposits are mostly placed with Group companies and government authorities hence the risk of credit loss is negligible. Loans to Group companies are reassessed at every reporting dates.

Trade Receivables:

The Company trades with recognised and credit worthy third parties. It is the Company's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an on-going basis and any significant risk to the Company's exposure, if identified, is further analysed for the purpose of provisioning/ impairment in the books of accounts. The Company has computed credit loss allowances based on expected credit loss model, which excludes transactions with subsidiaries and step down subsidiaries. Also,

the Company does not enter into sales transaction with customers having credit loss history. There are no significant credit risks with related parties of the Company. Some of these receivables credit risk are mitigated by letter of credit/ advances from the customer.

The Company provides for ECL for trade receivables under simplified approach. The Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking information. Receivables are individually tested for impairment wherever there are indicators for non-recoverability.

Movement in allowance of credit loss:

B. Liquidity Risk

Liquidity risk is defined as the risk of possible inability of the Company to meet current or future payment obligations associated with it's financial liabilities due to lack of cash or cash equivalents.

The Company manages its liquidity risk by maintaining adequate reserves, by regularly monitoring the rolling cashflow forecast. Borrowings of the Company are managed through credit facilities agreed with the Banks and realisation of liquid assets.

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.

(i) Interest Rate Risk

Interest rate risk is the risk that the future cash flows of floating interest-bearing borrowings will fluctuate because of fluctuations in the interest rates.

(ii) Currency Risk

Currency risk is the risk that the future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company is exposed to foreign exchange risk arising from foreign currency receivables and payables denominated primarily in USD and EURO.

The Company uses forward exchange contract to mitigate the risk of changes in exchange rates on foreign currency exposures. These derivatives instruments are used only for hedging purposes and not intended for trading or speculative purpose.

The Company is mainly exposed to the price risk due to its investment in mutual funds. In order to manage its price risk arising from investment in mutual funds, the Company diversifies its portfolio based on past performance. The impact of price risk with respect to investment in mutual fund is insignificant.

42 Capital Management a) Risk Management

In the context of Company's capital management, capital includes issued capital, all other equity reserves attributable to the equity Shareholders of the company and debts. The Company's objective while managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide optimum returns to the Shareholders and benefit for other stakeholders, and maintain an optimal structure to reduce the cost of capital. The Company manages its capital structure and makes adjustments in the light of changes in economic environment or its business requirement.

The Company monitors capital using gearing ratio, which is net debt divided by total capital (equity plus net debt).

*Sale of Step-down Subsidiary - Greenlife Bliss Healthcare Ltd, Nigeria:

The Board of Directors in its meeting held on May 12, 2025 has approved the sale of 51% stake in its step-down subsidiary, Greenlife Bliss Healthcare Ltd, Nigeria, held by its subsidiary, Bliss GVS International Pte. Ltd, Singapore, to non-controlling shareholder for a total consideration of USD 13,00,000 w.e.f April 01, 2025.

45 Segment Disclosure

The consolidated financial statements of the Company contains segment information as per Ind AS 108 - Operating Segments, accordingly no separate disclosure on segment information is given in these Standalone financial statements.

48 Leases

Lease contracts in which the Company is the Lessee mainly pertains to buildings, guest house and vehicles. The lease liabilities are measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate. The weighted average incremental borrowing rate used to discount the gross lease liability additions during the current year & previous year was 9% p.a. to 12% p.a. based on lease terms.

The details pertaining to right-of-use assets, additions to right-of-use assets and amortisation on right-of-use assets are provided in Note 2.1 - Property, Plant and Equipment. Cash outflows related to lease activities for the current year amounted to H 591.09 Lakh (Previous Year H 428.45 Lakh).

50 Exceptional Items

Pursuant to the implementation of the New Labour Codes with effect from November 21, 2025, the Company has reassessed its employee benefit obligations and recognised an incremental expense of H 215.55 Lakh for the year ended March 31, 2026, under Exceptional Items as past service cost.

52 Events after the reporting period

There are no material adjusting and non adjusting subsequent events which occurred after the balance sheet date and upto

the date of approval of the standalone financial statements by the Board of Directors.

53 Other Statutory Information:

i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

ii) The Company has not traded or invested in Crypto Currency or Virtual Currency during the year.

iii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

iv) The Company has not entered into any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

v) There are no transaction or outstanding balance with struck-off Companies under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 in the current year and previous year.

vi) The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for which such loans were obtained.

vii) The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other source of funds) to other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the intermediary shall whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or like on or behalf of the Ultimate Beneficiaries.

viii) The Company has not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or like on or behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or like on or behalf of the Ultimate Beneficiaries.

ix) The Company has not entered into any scheme of arrangement which has an accounting impact on the current or previous financial year.

55 The standalone financial statements are approved for issue by the Company's Board of Directors on May 12, 2026. The Shareholders' of the Company have power to amend the financial statements at the ensuing Annual General Meeting.