m. Provisions, Liabilities and Contingencies

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable
that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of
the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using
the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the
effect of the time value of money is material). When discounting is used, the increase in the provision due to the passage of time is
recognised as a finance cost.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is
recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured
reliably.

n. Revenue Recognition

The Company derives revenues primarily from Sale of Polyester Staple Fibre and Retail / Textile and business of Real Estate; its other
operating revenues include Lease Rentals.

Revenue from contracts with customers for sale of goods or services is recognised when the Company satisfies performance obligation
by transferring promised goods or services to the customer at an amount that reflects the consideration which the Company is expected
to be entitled to in exchange for those goods or services.

Revenue recognised represents the transaction price towards satisfaction of a performance obligation allocated to that performance
obligation. The transaction price is the amount of consideration fixed, variable or both, to which an entity expects to be entitled in
exchange for transferring promised goods and services to a customer, excluding amounts collected on behalf of third parties. The trade
discounts, incentives and right of return are estimated and provided for, based on historical, current and forecast information available.
A refund liability is recognised for expected returns in relation to sales made, corresponding assets are recognised for the products
expected to be returned.

The Company does not expect to have any contract where the period between the transfer of the promised goods or services to the
customer and payment by the customer exceed one year. As a consequence, the Company does not adjust any of the transaction prices
for the time value of money.

Sale of Goods

Revenue from sale of goods is recognised at a point in time when the control of the goods is transferred to the customer involving
single performance obligation. The control of goods is transferred to the customer depending upon the incoterms or as agreed with
customer, delivery basis or dispatch, as the case may be (i.e. at the point in time when goods are delivered at the dealer site or when
the customer purchases the goods at the retail outlet). In case of export of goods, the control of goods is transferred on receipt of Bill
of Lading / Mate Receipt.

Sale of Services

Revenue from services, which mainly consists of lease rentals from letting of space, is recognised over time on satisfying performance
obligations as per the terms of agreement, that is, by reference to the period in which services are being rendered. Revenue from
services, if any, involving single performance obligation is recognised at a point in time.

Export Incentives

Revenue from Export Incentives under various schemes of the Government of India is recognised in the year in which the revenue from
related export sales is accounted for. Advance License Benefits on exports are recognised in the year of utilisation of license.

Real Estate Transactions

The Company develops and sells residential and commercial properties. Revenue is recognised when the control over the property is
transferred to the customer. An enforceable right to payment does not arise for performance completed to date and it arises only on
the development of the property is completed. Therefore, revenue is recognised at a point in time when the legal title has passed to the
customer and the development of property is completed, that is, on the receipt of the Occupancy Certificate. The revenue is measured
at the transaction price agreed under the contract. The Company invoices the customers for construction contracts based on achieving
performance related milestones. For other cases, the consideration is due when legal title has been transferred.

Revenue from Sale of land and other rights is generally a single performance obligation and the Company has determined that this is
satisfied at the point in time when control transfers as per the terms of the contract entered into with the buyers, which generally are
with the firmity of the sale contracts / agreements. The determination of transfer of control did not change upon the adoption of Ind
AS 115 "Revenue from Contracts with Customers".

Non-Cash Consideration

Where the Company receives consideration for assignment of Development Rights in a form other than cash, such non-cash consideration
is measured at its fair value at the inception of the contract, in accordance with paragraphs 66 to 69 of Ind AS 115 "Revenue from
Contracts with Customers". Such fair value is recognised as Revenue from Operations, with a corresponding asset recorded under
Inventories, classified as a non-cost based item, representing the right received as consideration. Subsequent measurement of such
asset is governed by Ind AS 2 "Inventories".

Trade Receivables, Contract Assets and Contract Liabilities
Trade Receivables

A receivable is recognised by the Company when the control over the goods and services is transferred to the customer such as when
goods and services are delivered as this represents the point in time at which the right to consideration becomes unconditional, as
only the passage of time is required before payment is due (which is referred to as "Trade Receivable").

A receivable is recognised when the Company's right to an amount of consideration under the contract with the customer that is
unconditional, as only the passage of time is required before payment is due.

Contract Assets

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs
by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is
recognised for the earned consideration that is conditional.

Contract liabilities

A contract liability is the obligation to transfer goods or services to the customer for which the consideration (or the amount is due)
has been received from the customer. If the customer pays the consideration before the transfer of goods or services to the customer, a
contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Company performs
under the contract.

Interest Income and Dividend

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the applicable interest rates.
Interest income is included under the head 'Other Income' in the Statement of Profit and Loss.

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the
amount of income can be measured reliably. Interest income from a financial asset is recognised using the Effective Interest Rate
("EIR"), which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that
asset's net carrying amount on initial recognition.

Dividend Income is recognised when the right to receive the payment is established. Incomes from investments are accounted on an
accrual basis.

o. Lease

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. 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:

• The contract involves the use of an identified asset - this may be specified explicitly or implicitly and should be physically
distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution
right, the asset is not identified.

• The Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of
use; and

• The Company has the right to direct the use of the asset. The Company has the right when it has the decision-making rights that
are most relevant to changing how and for what purpose the asset is used. In rare cases, where the decision about how and for
what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either:

• The Company has the right to operate the asset; or

• The Company designed the asset in a way that predetermined how and for what purpose it will be used.

As a Lessee

The Company recognises a Right-of-Use ("ROU") asset and a lease liability at the lease commencement date. The ROU asset is initially
measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the
commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or
to restore the underlying asset or the site on which it is located, less any lease incentives received.

The ROU asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of
the useful life of the ROU asset or the end of the lease term. The estimated useful lives of ROU assets are determined on the same basis
as those of Property, Plant and Equipment. In addition, the ROU asset is periodically reduced by impairment losses, if any, and adjusted
for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, and the Company's incremental
borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.

Lease payments included in the measurement of the lease liability comprise the following:

• fixed payments, including in-substance fixed payments;

• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement
date;

• amounts expected to be payable under a residual value guarantee; and

• the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional
renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a
lease unless the Company is reasonably certain not to terminate early.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future
lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be
payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension
or termination option.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the ROU asset, or is
recorded in the Statement of Profit and Loss if the carrying amount of the ROU asset has been reduced to zero.

The Company presents ROU assets that meet the definition of investment property are presented within investment property otherwise
under 'Property, Plant and Equipment' and lease liabilities under 'Financial Liabilities' in the Balance Sheet.

Short-term leases and leases of low-value assets

The Company has elected not to recognise ROU assets and lease liabilities for short-term lease of Property, Plant and Equipment that
have a lease term of 12 months or less and leases of low-value assets. The Company recognises the lease payments associated with
these leases as an expense on a straight-line basis over the lease term.

As a Lessor

When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.

To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and
rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an
operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part
of the economic life of the asset. The Company has only operating leases.

When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. It assesses
the lease classification of a sublease with reference to the ROU asset arising from the head lease, not with reference to the underlying
asset. If a head lease is a short-term lease to which the Company applies the exemption described above, then it classifies the sublease
as an operating lease.

The Company recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part
of 'Other Operating Income under Revenue from Operations' in the Statement of Profit and Loss.

p. Employee Benefits

Long Term Post-employment benefits

Contributions to defined contribution schemes are recognised as an expense when employees have rendered service entitling them to
the contributions.

i. Provident and Family Pension Fund

The eligible employees of the Company are entitled to receive post-employment benefits in respect of provident and family
pension fund, in which both the employees and the Company make monthly contributions at a specified percentage of the
employees' eligible salary (currently 12% of employees' eligible salary). The contributions are made to the provident fund and
pension fund set up as irrevocable trust by the Company or to respective Regional Provident Fund Commissioner. The Company
has no further obligation beyond making the contribution, except that any shortfall in the fund assets based on the Government
specified minimum rates of return in respect of provident fund set up by the Company. The Company does not expect a shortfall in

the fund assets in the near term and has consequently classified the scheme as a defined contribution scheme and is committed
to recognise such contributions and shortfall, if any, as an expense in the year it is incurred.

ii. Superannuation

The eligible employees of the Company who have opted for superannuation are entitled to receive post-employment benefits in
respect of superannuation fund in which the Company makes annual contribution at a specified percentage of the employees'
eligible salary (currently 15% of employees' eligible salary). The contributions are made to the Superannuation fund set up as
irrevocable trust by the Company. Superannuation is classified as Defined Contribution Plan as the Company has no further
obligations beyond making the contribution. The Company's contribution to Defined Contribution Plan is charged to Statement
of Profit and Loss as incurred.

For defined benefit retirement plans, 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, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding net interest), is reflected
immediately in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which they occur.
Remeasurement recognised in other comprehensive income is reflected immediately in retained earnings and is not reclassified to
Statement of Profit and Loss. Past service cost is recognised in Statement of Profit and Loss in the period of a plan amendment. Net
interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined
benefit costs are categorised as follows:

• service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);

• net interest expense or income; and

• re-measurement

The Company presents the first two components of defined benefit costs in Statement of Profit and Loss in the line item 'Employee
Benefits Expense'. Curtailment gains and losses are accounted for as past service costs.

The retirement benefit obligation recognised in the balance sheet represents the actual deficit or surplus in the Company's defined
benefit plans. Any surplus 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 plans.

The Company has the following Defined Benefit Plans:

i. Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides
a lump sum payment to vested employees at retirement, death while in employment or on termination of employment, of an
amount equivalent to 15 days or 30 days salary payable for each completed year of service. Vesting occurs upon completion of
five years of service. The Contributions are made to the Gratuity Fund set up as irrevocable trust by the Company.

ii. Other long-term employee benefits - Compensated absences

The Company provides for encashment of leave or leave with pay subject to certain rules. The employees are entitled to
accumulate leave (including those that were considered short-term) subject to certain limits for future encashment or availment.
The Company makes provision for such compensated absences based on an actuarial valuation by an independent actuary at the
year end, which is calculated using Project Unit Credit Method ("PUCM"). Actuarial gains and losses which comprise experience
adjustment and the effect of change in actuarial assumptions are recognised in the Statement of Profit and Loss.

The Company provides long-term benefits such as Retention bonus (i.e. long service award). The Company makes provision for
such long service awards based on an actuarial valuation by an independent actuary, which is calculated using PUCM.

iii. Termination Benefits

The Company provides for compensation payable as part of termination benefits when it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation. Termination benefits falling due more than twelve months
after the balance sheet date are provided on the basis of an actuarial valuation by an independent actuary as at the year-end
using PUCM.

A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the
termination benefit and when the entity recognises any related restructuring costs.

Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future
cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting date.

Short-term Employee Benefits

A liability is recognised for benefits accruing to employees in respect of wages and salaries, performance incentives and similar
benefits other than compensated absences in the period the related service is rendered at the undiscounted amount of the
benefits expected to be paid in exchange for that service.

q. Borrowing Costs

Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs
also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily
take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the
assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in Statement of Profit and Loss
in the period in which they are incurred.

r. Government Grants

Government grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attaching
to them and that the grants will be received.

Government grants are recognised as an income in the Statement of Profit and Loss on a systematic basis over the periods in which
the Company recognizes as expenses the related costs for which the grants are intended to compensate. Specifically, government
grants whose primary condition is that the Company should purchase, construct or otherwise acquire non-current assets are hitherto
recognised as deferred revenue in the Balance Sheet and transferred to Statement of Profit and Loss on a systematic and rational
basis over the useful lives of the related assets; in respect of government grants so received during the year for purchase, construct
or otherwise acquire non-current assets, are deducted from the carrying amount of the asset (in which case the grant is recognised in
profit or loss as a reduction of depreciation charged).

Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate
financial support to the Company with no future related costs are recognised in Statement of Profit and Loss in the period in which
they become receivable.

s. Foreign Currency Transactions

The management of the Company has determined Indian Rupee ("INR" or "'") as the functional currency of the Company. In preparing
the Financial Statements ofthe Company, transactions in currencies other than the Company's functional currency ("foreign currencies")
are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items
denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that
are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non¬
monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

t. Taxationi. Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the
Statement of Profit and Loss because of items of income or expense that are taxable or deductible in other years and items that
are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted by the end of the
reporting period.

ii. Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities and their corresponding
tax bases used in the computation of taxable profit.

Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for
all deductible temporary differences to the extent that it is probable that taxable profits will be available against those deductible
temporary differences which can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference
arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither
the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises
from the initial recognition of goodwill.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled
or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting
period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in
which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and deferred tax liabilities are offset if there is a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets and liabilities relate to the income tax levied by the same taxation authority on either the
same taxable entity or different taxable entities where there is an intention to settle the current tax liabilities and assets on a net or
simultaneous basis.

Current and deferred tax for the year

Current and deferred tax are recognised in Statement of Profit and Loss, except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive
income or directly in equity respectively [Refer Note 25(c) to the standalone financial statements].

u. Segment Reporting

Ind AS 108 establishes standards for the way that public enterprises report information about operating segments and related
disclosures about products, services, geographic areas, and major customers. Based on the 'management approach' as defined in Ind
AS 108, the Company is required to present information in the manner which the Chief Operating Decision Maker ("CODM") evaluates
the Company's performance and allocates resources. The analysis is generally based on an analysis of various performance indicators
by business segments.

The accounting principles used in the preparation of the Financial Statements are consistently applied to record revenue and
expenditure in individual segments and are as set out in the relevant applicable accounting policies above. Revenue and identifiable
operating expenses in relation to segments are categorised based on items that are individually identifiable to that segment.

Segment assets include all operating assets used by the business segments and consist principally of fixed assets, trade receivables
and inventories. Segment liabilities include the operating liabilities that result from the operating activities of the business. Segment
assets and liabilities that cannot be allocated between the segments are shown as part of unallocated corporate assets and liabilities
respectively. Income / Expenses relating to the enterprise as whole and not allocable on a reasonable basis to business segments are
reflected as unallocated corporate income / expenses. Inter-segment transfers are accounted at prevailing market prices.

v. Exceptional Items

An item of income and expense within profit or loss from ordinary activities is of such size, nature or incidence that their disclosures
is relevant to explain the performance of the enterprise for the period, it is treated as an exceptional item and nature and amount of
such item is disclosed separately in Financial Statements.

b. In December 2018, the Shareholders of the PT Five Star Textile Indonesia ("PTFS") passed the resolution for its voluntary liquidation.
Subsequently, as per the procedure, in the year 2019, PTFS surrendered most of business and operating licenses and by August 2019,
also obtained the de-registration of its 3 Branch Tax Identification Numbers. Thereafter, on August 7, 2019, PTFS applied for the
de-registration of the main Tax Identification Number with Tax Office Jakarta and the process of liquidation is not yet complete.

c. i. The Company has carried its investments in equity instruments of Subsidiary and Associates at cost, less provision for

impairment, if any. For other investments in equity instruments, the Company has elected an irrevocable option to designate it
through FVOCI, as the said investments are not held for trading.

ii. The Company did not sell any equity instrument during the year ended March 31, 2026 and the immediately preceding
financial year.

d. On July 18, 2024, the Company executed the Share Purchase, Subscription and Shareholder's Agreement ("SPSSA") along with the
Power Purchase Agreement and Option Agreement ("Transaction Documents") to acquire at least 26% equity stake in one or more
tranches in AMP Energy C & I Twenty Seven Private Limited (a wholly owned subsidiary of AMPIN C & I Private Limited, formerly
known as AMP Energy C & I Private Limited), for setting up captive solar power project in Maharashtra. On November 22, 2024, the
Company completed its part of the transaction by investing a total of ' 4.95 crores in the AMP Energy C & I Twenty Seven Private
Limited by acquisition of total 49,50,000 equity shares of ' 10 each. The Company neither has control nor significant influence over
the investee and accordingly, the latter is not being construed as an Associate in terms of Ind AS 28, "Investments in Associates and
Joint Ventures"; the same is measured at FVOCI.

a. The cost of inventories [Aggregate of amounts of Cost of Materials Consumed (Note 32), Purchases of Stock-in-Trade (Note 33) and
Changes in Inventories of Finished goods, Stock-in-Trade and Work-in-Progress (Note 34)] are recognised as an expense / loss during
the year is ' 1,120.81 crores (March 31, 2025: ' 1,184.46 crores).

b. The write down of inventories to net realisable value and provision for slow moving and obsolete items during the year is ' 0.17 crores
(March 31, 2025: ' 11.46 crores), of which ' Nil (March 31, 2025: ' 8.09 crores) is for Work-in-Progress of Real Estate segment,
' 0.17 crores (March 31, 2025: ' 3.37 crores) is for Polyester and Retail segments.

c. Polyester and Retail inventories are hypothecated against borrowings, details of borrowings and related security have been described
in Note 41.

a. Since the Company calculates impairment under the simplified approach for Trade Receivables, it is not required to separately track
changes in credit risk of Trade Receivables as the impairment amount represents Lifetime Expected Credit Loss. Accordingly, based on
a harmonious reading of Ind AS 109 and the break-up requirements under Schedule III, the disclosure for all such Trade Receivables is
made as shown above.

b. Customer credit risk is managed by the Company and is subject to established policy, procedures and controls relating to customer
credit risk management by establishing credit limits, credit approvals and monitoring the creditworthiness of the customers to which
the Company extends the credit in the normal course of the business. Credit risk on receivables is also mitigated by securing the
same against letters of credit and guarantees of reputed nationalised and private sector banks. The outstanding trade receivables are
regularly monitored and appropriate action is taken for collection of overdue receivables.

In determining the allowances for credit losses of trade receivables, the Company has used a practical expedient by computing the
Expected Credit Loss allowance for Trade Receivables based on a provision matrix. The provision matrix takes into account historical
credit loss experience and is adjusted for forward looking information. The Expected Credit Loss allowance is based on the ageing of
the receivables that are due and rates used in the provision matrix.

Further, credit risk with regard to trade receivable is negligible in case of its residential property sale and lease rental business. The
same is due to the fact that in case of residential property, the Company does not handover possession till entire outstanding amount
is received. Similarly in case of leases, the Company keeps 3 to 6 months rental as deposit from the lessees.

a. Balances with banks in escrow accounts represent amounts held in escrow in accordance with the directions of the Monitoring
Committee for redevelopment of land of Cotton Textile Mill.

b. Bank Deposit held in escrow accounts represent amounts held in escrow in accordance with the directions of the Monitoring Committee
for redevelopment of land of Cotton Textile Mill.

c. Bank Deposit under lien towards Margin Money for Letter of Credit, Security for guarantees issued on behalf of the Company and
security against matured Public Deposits ' 8.21 crores (March 31, 2025: ' 14.62 crores). [Refer Notes 41 and 42]

a. Other Financial Assets to the extent hypothecated against borrowings, details relating to which have been described in Note 41.

b. The Company has entered into foreign exchange forward contracts with the intention of hedging foreign exchange risk of expected
sales and purchases, these contracts are not designated as hedge and are measured at fair value through profit or loss. Derivative
instruments at fair value through profit or loss reflect the negative change in fair value of those foreign exchange forward contracts
that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected
sales and purchases.

c. Deposits under lien towards Margin Money for Letter of Credit, Security for guarantees issued on behalf of the Company and security
against matured Public Deposits ' 33.92 crores (March 31, 2025: ' 22.48 crores). [Refer Notes 41 and 42].

a. Pursuant to the NCLT Order dated November 25, 2024, Macrofil Investments Limited ("Macrofil") was amalgamated with
Nowrosjee Wadia and Sons Limited ("NWS") as per the Scheme of Amalgamation between Macrofil and NWS. Both the
Companies belong to the Promoter Group of the Company and procedural formalities are underway.

b. Pursuant to the Point no. 24 of the FAQs of NSE dated July 9, 2025, the name of Late Dina Neville Wadia has been removed
from the category of Promoter Group in the shareholding pattern of the Company in view of transmission of 6,03,220
equity shares to her legal heir Mr. Nusli Neville Wadia (Promoter). Accordingly, Mr. Nusli Neville Wadia (Promoter) now
holds 6 03 220 equity shares of the Company.

*Pursuant to the effectiveness of Composite Scheme of Arrangement amongst National Peroxide Limited, Naperol Investments
Limited and NPL Chemicals Limited, Naperol Investments Limited was merged with National Peroxide Limited which is now
known as Naperol Investments Limited due to change in the name.

e. Information regarding issue of Equity Shares during last five years

i. No share is allotted pursuant to contracts without payment being received in cash.

ii. No bonus share has been issued.

iii. No share has been bought back.

f. Shares held in Abeyance

Under orders from the Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992, the allotment of 4,640 equity
shares (March 31, 2025: 4,640 shares) of face value of ' 2 each against warrants carrying rights of conversion into equity shares of
the Company has been kept in abeyance in accordance with Section 206A of the Companies Act, 1956, till such time as the title of the
bonafide owner is certified by the concerned Stock Exchanges.

Nature and purpose of reserves

a. Capital Reserve

Capital Reserve represents amounts forfeited on warrants not exercised ' 28.60 crores and ' 0.91 crores due to demerger of Real
Estate Business Undertaking of Scal Services Limited vested in the Company. There is no movement in Capital Reserve during the
current and previous year.

b. Securities Premium

Securities Premium represents premium on issue of shares on conversion of warrants. Securities Premium amounting to ' 7.80 crores
was adjusted in accordance with the Scheme for Amalgamation of subsidiary with the Company, which was effected on April 1, 2016.
There is no movement in securities premium during the current and previous year.

c. Investment Reserve

Investment Reserve represents gain or loss on sale of investments. There is no movement in Investment Reserve during the current
and previous year.

d. General Reserve

The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the
earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013. There
is no movement in General Reserve during the current and previous year.

e. Equity Component of Compound Financial Instruments

Equity Component of Compound Financial Instruments represent residual amount after deducting liability component from the fair
value of the compound financial instrument.

f. Retained Earnings

Retained Earnings are the profits that the Company has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to shareholders.

g. Equity instruments through Other Comprehensive Income

The fair value change in Equity Instruments measured at fair value through Other Comprehensive Income is recognised and reflected
under Equity Instruments through Other Comprehensive Income. On disposal of equity instruments, the cumulative fair value changes
on the said instruments are reclassified to Retained Earnings.

h. Debt instruments through Other Comprehensive Income

The fair value change in Debt Instruments measured at fair value through Other Comprehensive Income is recognised and reflected
under Debt Instruments through Other Comprehensive Income. On disposal of debt instruments, the cumulative fair value changes on
the said instruments are reclassified to the Statement of Profit and Loss.

ii. Rights, preferences and restrictions attached to Preference shares

These shares shall confer the holders thereof, the right to a fixed preferential dividend (Non-cumulative in nature) at a rate of 8%, on
the capital being paid up. These preference shares were to be redeemed any time within 36 months from the date of allotment, that
is, May 1, 2019. However, unlisted 3,88,800, 8% Redeemable Non-Convertible Non-Cumulative Preference Shares of '100 each which
were due for redemption on May 1, 2022, the terms of which are extended for redemption anytime within seven years from May 1, 2022
with the consent of the preference shareholders. There is no change in any other terms and conditions of the said Non-Convertible
Non-Cumulative Preference Shares.

Notes:

a. During the year, the Company executed a deed to assign Development Rights in C Building ("Development Rights") and, as consideration
thereof, has acquired the "Rights to Receive Residential Area" admeasuring 3,500 sq. ft. ("Rights to Receive Residential Area on
Assignment of Development Rights").

In terms of Ind AS 115, the said consideration being non-cash, it is measured at its fair value of ' 18.70 crores and recognised
as Revenue from Operations. The corresponding asset at the said value carried to the Balance Sheet, namely, "Rights to receive
Residential Area on Assignment of Development Rights" and reflected as "Inventories" under Note 11. [Refer Note 11 on Inventories].

Concurrently, the carrying value of ' 17.60 crores of the Development Rights so assigned is derecognised from cost-based Inventories
and accordingly, the effect thereof is routed through Real Estate - Inventories at the year end in Note related to Changes in Inventories
of Finished Goods, Stock-in-Trade and Work-in-Progress [Refer Note 34].

b. Further, the said assignment agreement includes assignment in respect of ownership rights with respect to commercial tenements in
C Building, for which, in return, the Company is entitled to four commercial premises with an equivalent total area of 1,875 square feet.
In terms of Ind AS 16, the said entitlement, being non-cash consideration, is measured at a fair value of ' 13.30 crores. After adjusting
for the carrying value of the transferred tenements amounting to ' 1.03 crores, the net gain on such assignment of ' 12.27 crores is
recognized under "Other Gains - Gain on Sale of Ownership Rights" under Other Income (Refer Note 31). The corresponding asset, titled
"Right to Receive Commercial Area," is recorded under Capital Work-in-Progress (Refer Note 4).

Notes:

i. During the year ended March 31, 2025, the Board of Directors of the Company, at its meeting held on September 13, 2023, approved
the proposal to sell the land parcel of about 22 acres at Worli, Mumbai and additional FSI to Goisu Realty Private Limited, ("the Buyer")
in two Phases ("the Transaction"). Phase I of the transaction was completed during the financial year 2023-24 and the revenue relating
thereto was then recognised.

Phase II of the transaction was completed on August 13, 2024, by execution and registration of the Conveyance Deed for a consideration
of ' 537.78 crores (including ' 96.61 crore as additional consideration towards sale of land in Phase - I).

Land and Land improvements of ' 23.87 crores pertaining to the Phase-II of the Transaction, earlier classified as Assets Held for Sale,
is derecognized on completion of sale of land for the year ended March 31, 2025.

The net effect of the said transaction that is profit on sale of Land at Worli and derecognition of building and other assets is shown
under the Exceptional Items in Notes 39 (a) and (b) above.

ii. On November 21, 2025, the Government of India notified the four Labour Codes - 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 subsequently published draft Central Rules and FAQs to enable assessment
of the financial impact arising from changes in regulations.

The Company has assessed the incremental impact of these changes and based on the best information available as of date, certain
estimates and actuarial assumptions, have made an incremental provision. Considering the materiality and regulatory-driven, non¬
recurring nature of this impact, the Company has presented such incremental impact under "Exceptional items" in the Standalone
Statement of Profit and Loss for the year ended March 31, 2026.

The Company continues to monitor the finalisation of Central and State Rules and clarifications from the Government on other aspects
of Labour Codes and would provide appropriate accounting effect based on such developments, as required.

Accordingly, exceptional items for the year ended March 31, 2026 amounting to ' 1.80 crores include incremental impact due to new
labour codes (Gratuity: ' 1.29 crores; Compensated absences: ' 0.51 crores).

40 Additional Regulatory Information:

Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of Balance Sheet as given in Part I of
Division II of Schedule III to the Companies Act, 2013, are given hereunder to the extent relevant and other than those given elsewhere in
any other notes to the Financial Statements.

The lease agreement between the lessor, Mumbai Port Trust and the Company for the Leasehold Land on which the Building is erected has
expired in 2019 and the renewal is under process. Since the renewal of the agreement is under process, the Leasehold Land is not recognised
as Right-of-Use Assets. Further, the situation of pendency of the renewal of agreement is also faced by many other lessees in the same area.

Note : During the year 2000-01, pursuant to the Scheme of Amalgamation between Scal Investments Limited ("SIL") and the Company,
sanctioned by the jurisdictional court on April 20, 2001, the assets, liabilities and reserves of SIL had been transferred to and vested in
the Company with effect from October 1, 2000. The titles in respect of leasehold building and commercial office at Bengaluru having gross

carrying value of ' 12.94 crores and ' 0.30 crores, respectively, as on March 31, 2026 (March 31, 2025: ' 11.29 crores and ' 0.30 crores)
amalgamated into the Company are still in the process of transfer.

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

d. The Company has a Working Capital limit of ' 500.00 crores (As at March 31, 2025: ' 500.00 crores) for its Polyester Staple Fibre and Retail
division from State Bank of India, comprising of Fund-based limits of ' 50.00 crores (As at March 31, 2025: ' 50.00 crores from State Bank
of India) and non-fund-based limits of ' 450.00 crores (As at March 31, 2025: ' 450.00 crores from State Bank of India). For the said facility,
the Company has submitted stock and debtors statement to the bank on monthly basis. Information Statements of current assets filed by the
Company with the bank are in agreement with the books of account. The Company has not availed its fund based Cash Credit limit against
such stock and debtors at any time during the year.

e. The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a wilful defaulter at any time
during the financial year or after the end of reporting period but before the date when the financial statements are approved.

f. The Company does not have any transaction with struck-off companies.

g. The Company does not have any charge or satisfaction of charge which is yet to be registered with the Registrar of Companies beyond the
statutory period.

h. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013, read with
Companies (Restrictions on number of Layers) Rules, 2017.

i. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (intermediaries),
with the understanding that the intermediary shall;

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
(Ultimate Beneficiaries), or

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

j. The Company has not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that the Company shall;

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries), or

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

k. The Company does not have any transactions which are not recorded in the books of account but 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).

l. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

Notes:

i. The Company's audit under the Goods and Services Tax Act, 2017 has been completed for the financial year 2020-21. The Company
has received a demand order of ' 440.22 crores on multiple issues. Demand primarily arising out of tax on unbilled revenue, Reverse
Charge Mechanism tax liability, ITC reversal on creditors, ITC not reversed on exempted sales and other issues. Demand of ' 440.22
crores consists of tax liability of ' 223.23 crores, interest of ' 194.65 crores and penalty of ' 22.34 crores. Based on the grounds of the
appeals and advice of the independent legal experts, the management believes that the demand raised is likely to be either deleted or
substantially reduced and accordingly, ' 440.22 crores is disclosed as contingent liability.

ii. The Company's audit and assessment under the Goods and Services Tax Act, 2017 was completed for the financial year 2019-20 and
received a demand order of ' 188.84 crores, on multiple issues such as excess Input Tax Credit claimed, tax on unbilled revenue and
other issues, which was subsequently reduced to ' 132.30 crores by way of a Appellate Order. Appellate Order of ' 132.30 crores
consists of tax liability of ' 49.92 crores, interest of ' 77.38 crores and penalty of ' 4.99 crores. The Company will file an Appeal before
the GST Appellate Tribunal before June 30, 2026. Based on the advice of the independent legal experts, the management believes
that the Appellate Order is likely to be either deleted or substantially reduced and accordingly, a sum of ' 1.38 crores is provided and
the balance ' 130.92 crores is disclosed as contingent liability.

iii. The Company's audit under Goods and Services Tax Act, 2017 has been completed for financial year 2018-19. The Company has received
demand order of ' 132.38 crores on multiple issues. Demand primarily arising out of Input Tax Credit mismatch, tax on subvention
income and other issues. Demand of ' 132.38 crores consists of tax liability of ' 59.49 crores, interest of ' 66.94 crores and penalty
of ' 5.95 crores. Based on the grounds of the appeals and advice of the independent legal experts, the management believes that the
demand raised is likely to be either deleted or substantially reduced and accordingly, a sum of ' 2.71 crores is provided and the balance
' 129.67 crores is disclosed as contingent liability.

iv. The Company received an order from Commissioner of Customs (Adjudication), Mumbai demanding IGST (Net of payment) of
' 31.07 crores along with applicable interest (' 0.75 crores already paid), redemption fine of ' 8.50 crores and penalty of ' 3.10
crores totalling to ' 42.67 crores. Demand is arising out of non-compliance of pre-import condition as contemplated in the Customs
Notification to avail IGST exemption. In case of an unfavourable outcome resulting in payment of any such liability, then the IGST paid
on such liability shall be available for future utilisation against output tax liability.

v. On completion of audit by the Department under Goods and Services Tax Act, 2017, for the financial year 2021-22, the Company
has received a demand of ' 43.61 crores (consisting of tax amount of ' 22.44 crores, interest of ' 18.92 crores and penalty of
' 2.25 crores). The demand primarily is raised on alleged disregard of excess ITC claimed, credit notes issued without submission of
E-way Bills, turnover reconciliation mismatch, etc,. Based on advice of the independent legal experts, the management believes that
the demand raised is likely to be either deleted or substantially reduced and is disclosed as contingent liability.

vi. On investigation u/s 67 of CGST/MGST Act 2017, the Company has received a demand of ' 6.14 crores (consisting of tax amount of
' 1.91 crores, interest of ' 2.32 crores and penalty of ' 1.91 crores) for the financial year 2018-19, for the alleged collection of GST
on Infrastructure Charges from flat owners before obtaining occupancy certificate. Based on the grounds of appeal and advice of the
independent legal experts, the management believes that the demand raised is likely to be either deleted or substantially reduced and
is disclosed as contingent liability. [Refer Note 57]

vii. On investigation u/s 67 of CGST/MGST Act 2017, the Company has received a demand of ' 2.54 crores (consisting of tax amount of
' 0.80 crores, interest of ' 0.94 crores and penalty of ' 0.80 crores) for the financial year 2019-20, for the alleged collection of GST on
Infrastructure Charges from flat owners before obtaining occupancy certificate. Based on the advice of the independent legal experts,
the management believes that the demand raised is likely to be either deleted or substantially reduced and is disclosed as contingent
liability. [Refer Note 57]

43. Litigations

a. The Hon'ble Bombay High Court vide its order dated November 20, 2013 permitted the Company to surrender land at one location,
that is, Wadala, as per the application made by the Company under Integrated Development Scheme. As per this order, the total of
66,651 sq. mts. of land was surrendered to MCGM and MHADA at Island City Centre, Wadala. During the year 2013-14, the Union had
filed a writ petition requiring the Company to surrender non-textile mill land. The Hon'ble Bombay High Court directed the Company to
reserve additional 10,000 sq. mts. (Gross carrying value - ' 0.99 crores) of land adjacent to the land to be surrendered. The Company
believes that the said writ petition filed before the Hon'ble Bombay High Court has no impact on the development at ICC towers
since the reserved land of 10,000 sq. mts. is located in different location from the one where construction of the two towers has been
completed and majority of the Occupancy Certificates have been received for same.

b. The Securities and Exchange Board of India ("SEBI") passed an order on October 21, 2022 ("SEBI Order"), making observations, inter
alia, on alleged inflation of revenue and profits by the Company in the Financial Statements for FY 2011-12 to FY 2017-18, and
non-disclosure of material transactions, based on SEBI's interpretation of MoUs executed with Scal Services Limited. The SEBI Order
imposed a penalty of ' 2.25 crores on the Company, restrained it from accessing the securities market for two years, and imposed
penalties and restrictions on three present directors from accessing / being associated with the securities market, including being a
Director or Key Managerial Personnel of any listed entity, for one year. The SEBI Order, however, categorically recorded that there was
no diversion, misutilisation or siphoning of assets, and no unfair gain or loss arising from the alleged violation.

The Company filed an appeal before the Securities Appellate Tribunal ("SAT") and obtained a stay on November 10, 2022. Subsequently,
on January 16, 2026, the SAT, by a majority decision, set aside the SEBI Order. SEBI has since challenged the SAT Order before the
Hon'ble Supreme Court, and the matter is currently at the admission stage.

The Company maintains that the Financial Statements for FY 2011-12 to FY 2017-18 were validly prepared, reviewed by the Audit
Committee, approved by the Board, reported upon without qualification by the Statutory Auditors, and adopted by the Shareholders in
each relevant year, and that all transactions were legitimate and in compliance with applicable law and Accounting Standards.

44 The Company vide notice dated January 8, 2013 notified the closure of its textile mills manufacturing undertaking at Worli, pursuant to
which some of the textile workers accepted alternate employment in the Company and the remaining workers accepted closure of the
undertaking and consequent termination of services under the memorandum of agreement signed by the Company with the workers union.
In accordance with the agreement, the Company has paid / provided to such workers the terminal dues, closure compensation and ex-gratia
compensation. Whilst some workers have accepted lump sum compensation, others have opted for a monthly payment up to age 63 or till
demise, whichever is earlier. At the time of the previous voluntary retirement schemes, the initial cost relating to ex-gratia compensation
was added to the development cost of land. The liability in respect of the monthly payments as actuarially determined is as under:

46 The total managerial remuneration paid to the Manager of the Company is ' 1.38 crores for the year ended March 31, 2026 (March 31,
2025: ' 3.84 crores) which is within the overall limits of the special resolution passed by the shareholders of the Company through Postal
Ballot on April 24, 2025.

Further, the provision of ' 1.62 crores (March 31, 2025: ' 1.62 crores) is made for remuneration payable to Non-executive Directors of the
Company for the year ended March 31, 2026 and the said remuneration is approved by the Board of Directors.

47 Disclosures under Ind AS 115 - Revenue from Contracts with Customers

The Company generates revenue primarily from Sale of Polyester Staple Fibre, Retail and Real Estate Development; its other operating
revenue includes Lease Rentals.

iii. Amounts previously recorded as contract liabilities increased due to invoices raised during the year and decreased due to revenue
recognised during the year on receipt of Occupancy Certificate.

iv. Amounts previously recorded as Trade Receivables increased due to invoices raised during the year and decreased due to
collections during the year.

v. There has been no material impact on the Statement of Cash Flows as the Company continues to collect from its Customers
based on payment plans.

48 Employee BenefitsA. Defined Contribution Plan
Provident Fund and Pension

In accordance with the Employee's Provident Fund and Miscellaneous Provisions Act, 1952 eligible employees of the Company are
entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make
monthly contributions at a specified percentage of the covered employees' salary.

The contributions, as specified under the law, are made to the provident fund set up as an irrevocable trust by the Company,
post contribution of amount specified under the law to Employee Provident Fund Organisation on account of employee pension scheme.

Superannuation Fund

The Company has a superannuation plan for the benefit of some of its employees. Employees who are members of the defined benefit
superannuation plan are entitled to benefits depending on the years of service and salary drawn. Separate irrevocable trusts are
maintained for employees covered and entitled to benefits. The contributions are recognised as an expense as and when incurred and
the Company does not have any further obligations beyond this contribution.

The Company has recognised the following amounts in the Statement of Profit and Loss under Contribution to Provident and Other
Funds as under:

B. Defined benefit plan
Retirement Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for
a lump-sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount
equivalent to 15 to 30 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service.
The Company makes annual contributions to gratuity funds established as trusts or insurance companies. The Company accounts for
the liability for gratuity benefits payable in the future based on an actuarial valuation.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is
unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined 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
defined benefit obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

Qualitative Disclosures

- Characteristics of defined benefit plan

The Company has a defined benefit gratuity plan in India (funded). The Company's defined benefit gratuity plan is a final
salary plan for employees, which requires contributions to be made to a separately administered fund.

The fund is managed by a trust which is governed by the Board of Trustees. The Board of Trustees are responsible for the
administration of the plan assets and for the definition of the investment strategy.

- Risks associated with defined benefit plan

- Gratuity is a defined benefit plan and Company is exposed to the following risks:

Interest rate risk: A fall in the discount rate which is linked to the Government Securities Rate will increase the present
value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of
the assets depending on the duration of asset.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
members. As such, an increase in the salary of the members more than the assumed level will increase the plan’s liability.

Investment Risk: The present value of the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan
asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of
investments in government securities, and other debt instruments.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines
of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does
not have any longevity risk.

- During the year, there were no plan amendments, curtailments and settlements.

- A separate trust fund is created to manage the Gratuity plan and the contributions towards the trust fund is done as guided
by rule 103 of Income Tax Rules, 1962.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is
unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined 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
defined benefit obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

Qualitative Disclosures
- Characteristics of defined benefit plan

The Company has a defined benefit Long Service Benefit plan in India (unfunded). The Company's defined benefit Long
Service Benefit plan is a final salary plan for employees.

Long Service Benefit is paid from Company as and when it becomes due and is paid as per Company scheme for Long
Service Benefit.

- Risks associated with defined benefit plan

- Long Service Benefit is a defined benefit plan and Company is exposed to the following risks:

Interest rate risk: A fall in the discount rate which is linked to the Government Securities Rate will increase the present
value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of
the assets depending on the duration of asset.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
members. As such, an increase in the salary of the members more than the assumed level will increase the plan's liability.

Investment Risk: The present value of the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan
asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of
investments in government securities, and other debt instruments.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Company has to manage pay-out
based on pay as you go basis from own funds.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does
not have any longevity risk.

- During the year, there were no plan amendments, curtailments and settlements.

- Long Service Benefit plan is unfunded.

C. Other long-term benefits

Amount recognised as a liability in respect of compensated leave absences as per the actuarial valuation / management estimate as
at March 31, 2026 is ' 7.17 crores [As at March 31, 2025: ' 6.54 crores].

49 Disclosure Under Micro, Small and Medium Enterprises Development Act, 2006

The amount of dues owed to Micro and Small Enterprises as on March 31, 2026 amounted to ' 18.96 crores (March 31, 2025: ' 6.10 crores).
The information regarding Micro and Small Enterprises has been determined to the extent such parties have been identified on the basis of
information available with the Company.

The Company has sought confirmation from vendors whether they fall in the category of Micro and Small Enterprises. Based on the information
available the required disclosure under Micro and Small Enterprises Development Act, 2006 is given below:

52 Corporate Social Responsibility Statement (CSR)

The Company has met the criteria as specified under sub-section (1) of section 135 of the Companies Act, 2013 read with the Companies
(Corporate Social Responsibility Policy) Rules, 2014, however, during the year, in the absence of average net profits in the immediately three
preceding years, there is no requirement for the Company to spend any amount in terms of sub-section (5) of Section 135 of the Act.

53 Financial Instruments

A. Accounting classification and fair values

Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are
presented below. Financial assets and financial liabilities such as cash and cash equivalents, other bank balances, trade receivables,
loans, trade payables and unpaid dividends of which the carrying amount is a reasonable approximation of fair value due to their
short- term nature are disclosed at carrying value.

' in Prnrps

B. Fair Value Hierarchy

The fair value of financial instruments as referred to in Note (A) above have been classified into three categories depending on the
inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).

Level 1 : quoted prices (unadjusted) in active market for identical assets or liabilities

Level 2 : inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)

Level 3 : inputs for the asset or liability that are not based on observable market data (unobservable inputs)

C. Measurement of Fair Values

Valuation techniques and significant unobservable inputs

The following table show the valuation techniques used in measuring Level 1 and Level 2 fair values, as well as the significant
unobservable inputs used.

Financial instruments are measured at fair value

54 Financial Risk Management

The Company's activities expose it to market risk, credit risk and liquidity risk. The Company's Board of Directors has overall responsibility
for the establishment and oversight of the Company's 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.

i. Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the market
prices. The Company is exposed in the ordinary course of its business to risks related to changes in foreign currency exchange rates and
interest rates.

a. Foreign Currency Exchange Risk

The Company's functional currency is Indian Rupees ("INR"). The Company has exposure to foreign currency by way of trade
payables, receivables and borrowings in the nature of Buyer's Credit and is therefore, exposed to foreign exchange risk. Volatility
in exchange rates affects the Company's revenue from exports markets and the costs of imports, primarily in relation to raw
materials with respect to the US-dollar.

In order to minimize adverse effects on the financial performance of the Company, derivative financial instruments, such as
foreign exchange forward contracts are entered to hedge foreign currency exchange risk. All hedging activities are carried out in
accordance with the Company's internal Forex Risk Management Policy, as approved by the management, and in accordance with
the applicable regulations where the Company operates.

The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at the end of the
reporting period are as follows:

b. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest
rates. The Company's fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as
defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market
interest rates.

There are no loans outstanding as at the end of the year and hence there is no interest rate risk on the future cash outflows.

The Company has investments in the form of Fixed Deposits, Units of Mutual funds, Investments in short-term and long-term
bonds, etc. and movement in market interest rates has an impact on the overall future cashflows of the company. However,
the Company follows 'hold to Maturity' principle for its long-term investments and hence there is no major risk on account of
movement in interest rates.

Interest rate risk exposure

The Company's variable rate borrowing is subject to interest rate. Below is the overall exposure of the borrowings:

Sensitivity

Profit or loss is sensitive to higher / lower interest expense from borrowings as a result of changes in interest rates. If, the
interest rates had been 100 basis points higher / lower and all other variables were held constant on the Variable rate borrowings,
the Company's profit before tax for the year ended March 31, 2026 would (decrease) / increase by ' Nil [for the year ended
March 31, 2025: (decrease) / increase by ' Nil].

c. Price risk
Exposure

The Company is exposed to equity price risks arising from equity investments. Equity investments were held for strategic rather
than trading purposes. However, the company aims to monetize this investment to reduce its overall leverage. Any adverse
movement in the share price has an impact on its profitability and vice versa.

Sensitivity

Following is the sensitivity analysis as a result of the changes in fair value of equity investments measured at FVOCI, determined
based on the exposure to equity price risks at the end of the reporting period:

If equity prices had been 5% higher / lower, other comprehensive income would increase / (decrease) as follows for:

The year ended March 31, 2026: by ' 40.67 crores
The year ended March 31, 2025: by ' 45.87 crores

ii. Credit Risk Management

Credit risk refers to the risk that a counterparty will default on its contractual and performance obligations resulting in financial
loss to the Company. Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness as well
as concentration risks. The Company has adopted a policy of only dealing with reputed nationalised and private sector banks and
creditworthy counterparties and obtaining sufficient collateral viz. security deposit or bank guarantee, where appropriate, as a means
of mitigating the risk of financial loss from defaults.

Company's credit risk arises principally from the trade receivables, loans, investments, cash and cash equivalents, derivative financial
instruments and financial guarantees.

a. Trade Receivables:

Customer credit risk is managed by the Company and is subject to established policy, procedures and controls relating to
customer credit risk management by establishing credit limits, credit approvals and monitoring the creditworthiness of the
customers to which the Company extends the credit in the normal course of the business. Credit risk on receivables is also
mitigated by securing the same against letters of credit and guarantees of reputed nationalised and private sector banks.
The outstanding trade receivables are regularly monitored and appropriate action is taken for collection of overdue receivables.

Refer Note 13 For Reconciliation of Credit Loss Allowance and ECL Provision Matrix.

b. Loans and Investments:

The Company's centralised treasury function manages the financial risks relating to the Business. The treasury function focuses
on capital protection, liquidity and yield maximisation. Investments of surplus funds are made in the form of Fixed Deposits with
reputed Private and Public sector banks. Inter Corporate Deposits are placed with parties of high creditworthiness. Investments
in mutual funds and bonds of only in large fund houses of good repute and creditworthiness.

c. Cash and Cash Equivalents, Derivative Financial Instruments and Financial Guarantees:

Credit risks from balances with banks and financial institutions are managed in accordance with the Company policy. For
derivative financial instruments, the Company attempts to limit the credit risk by only dealing with reputable banks and
financial institutions having high credit-ratings assigned by credit-rating agencies. Surplus funds are invested in fixed deposits
of short-term nature with reputed Private and Public sector banks only. Investments in mutual funds and bonds are made only
in large fund houses of good repute and creditworthiness.

In addition, the Company is exposed to credit risk in relation to financial guarantees given to banks and other counterparties.
The Company's maximum exposure in this respect is the maximum amount the Company would have to pay if the guarantee is
called upon.

iii. Liquidity Risk Management

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in
a situation where business conditions unexpectedly deteriorate and requires financing. The Company requires funds for short
term operational needs as well as for long-term capital expenditure growth projects. The Company generates sufficient cash flow
for operations, which together with the available cash and cash equivalents, marketable securities and short-term and long-term
borrowings provide liquidity. The Company has established an appropriate liquidity risk management framework for the management
of the Company's short, medium and long-term funding and liquidity risk management requirements. The Company manages liquidity
risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and
actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed
repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the Company can be required to pay. The table includes both interest and principal cash flows.

To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the
reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay.

Note:

The figures in bracket in the above table are that of the previous year.

57 An inspection was conducted by the Goods and Services Tax ("GST") authorities under Section 67 of the Central Goods and Services Tax
Act, 2017 at the premises of the Company, in February 2025. The said inspection was carried out to examine the records, returns and
other relevant documents maintained by the Company. The Company fully co-operated with the department and provided all necessary
information and documents as required.

The Department has sought an explanation involving alleged GST liability of ' 153.79 crores including interest and penalties thereon,
however, the Company has received demand order in connection with FY 2018-19 and FY 2019-20 amounting to ' 6.14 crores and ' 2.54
crores, respectively. For the FY 2018-19, the Company has already filed an appeal and for FY 2019-20, the Company will file appeal before
the due date for filing appeal. The Company has paid ' 23.49 crores under protest.

The Company after considering the facts and records available along with opinion from independent experts is of the view that no adjustment
or provision is required in this regard or other disclosure in the standalone financial statements.

58 Proposed Dividend

The Board of Directors of the Company have recommended a dividend of 20% (' 0.40 per equity share of ' 2 each) for the financial year ended
March 31, 2026 (March 31, 2025: ' 1.20/- per equity share) and 8% dividend on Preference Shares of ' 100 each amounting ' 0.31 crores
(March 31, 2025 : ' 0.31 crores).