[d] Terms and Rights attached to equity shares
(i) The Company has only one class of Equity Shares having a par value of ' 1 per share. Each holder of Equity Shares is entitled to one vote per share.
(ii) The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
(iii) In the event of liquidation the equity shareholders are entitled to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their shareholding.
[e] Dividends paid during the year ended March 31,2026 include an amount of ' 0.70 per equity share towards final dividend for the year ended March 31,2025.
Dividends paid during the year ended March 31,2025 include an amount of ' 0.70 per equity share towards final dividend for the year ended March 31,2024.
On May 21,2026, the Board of Directors of the Company have proposed a final dividend of ' 0.70 per share in respect of the year ended March 31, 2026 subject to the approval of shareholders at the Annual General Meeting, and if approved, would result in a cash outflow of approximately ' 376.26 lakhs.
[f] As per the records of the Company, including its register of shareholders / members & other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
[g] The Company during the preceding 5 years:
i. has not allotted shares pursuant to contracts without payment received in cash.
ii. has not issued bonus shares .
iii. has not bought back any shares.
[b] Nature and purpose of reserves
[i] Capital Redemption Reserve
The Company has recognised Capital Redemption Reserve on buyback of equity shares from its retained earnings. The amount in Capital Redemption Reserve is equal to nominal amount of the equity shares bought back.
[ii] Securities Premium
Securities premium account comprises of premium on issue of equity shares. The reserve is utilised in accordance with the specific provision of the Companies Act, 2013.
[iii] General Reserve
The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General Reserve will not be reclassified subsequently to the Standalone statement of profit and loss. Mandatory transfer to general reserve is not required under the Companies Act, 2013.
[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.
[v] Other Comprehensive Income [OCI]
Other comprehensive income represents remeasurements of the defined benefit gratuity plan; comprising of actuarial gains and losses on its net liabilities and fair valuation of equity instruments.
[vi] ESAR Reserve - Refer Note 45
Employee stock options reserve is used to record the share-based payments, expense under the ESAR scheme. The reserve is used for the settlement of ESAR.
15.1 Nature of security and terms of payment for loans
i] Term loans of ' 8,358.03 Lakhs [PY: ' 9,091.45 Lakhs] are primarily secured by hypothecation & mortgage of Property, plant and equipment of Company on first charge basis and collaterally secured by hypothecation of stock & book debts on first charge basis.
ii] Term loan of ' 30.03 Lakhs [PY: ' 42.50 Lakhs] is secured by hypothecation & mortgage of vehicle.
iii] Term Loan carries interest rate in range of 8.25% p.a. to 9.35% p.a. as at March 31,2026 [PY 9.30% p.a. to 9.35% p.a.]
1. Excluding penalty and other levies the quantum of which is presently not determinable.
2. The Company had in earlier year filed complaint against its ex-employees for purported misappropriation within the Company. These employees have levied counter charges/complaint against the management of the Company with various authorities. The Company has suitably replied to those clarifications sought for. The management of the Company does not perceive that any financial/other adjustment is required to be made in the books of accounts of the Company arising out of the said matter.
3. Estimated amount for cases under labour court.
4. Out of the EPCG License issued to the Company as at March 31, 2026 of ' 3,127.45 Lakhs (P.Y. ' 2,955.34 lakhs) (custom duty saved), the Company has utilised licenses to the tune of ' 1,668.92 Lakhs (P.Y. ' 874.12 lakhs) on cumulative basis and licenses amounting to ' 1,458.34 Lakhs (P.Y. ' 2,081.23 lakhs) are yet to be utilised for which are shown under current liabilities. To the extent of pending utilisation, the Company has an export obligation of 6 times amounting to ' 8,750.04 Lakhs (P.Y. ' 12,487.37 lakhs).
5. The Company has received demand notices from the Goods and Services Tax (GST) Department aggregating to ' 21.99 lakhs (P.Y. ' 22.35 Lakhs) for the period July 2017 to May 2022. The Company is in the process of filing, or has filed, appeals against such orders. Based on management's assessment, the Company does not expect any cash outflow in respect of these matters. Accordingly, no provision has been recognized against the aforesaid demand orders.
6. The Company had two parcels of land amounting to INR 304.69 lakhs which were agricultural land. Out of these, one parcel amounting to INR 154.75 lakhs has been converted into non-agricultural land (NA) during the current year. The second parcel is to be converted into non-agricultural land by the Company. The conversion charges and stamp duty (as applicable) is payable at the time of conversion into non-agricultural land.
Note: Future cash outflows, if any, in respect of matters stated above is dependent upon the outcome of appeals or litigations or orders and non-fulfilment of export obligation.
NOTE 38: CORPORATE SOCIAL RESPONSIBILITY [CSR] EXPENDITURE:
As per Section 135 of the Companies Act, 2013 a CSR Committee has been formed by the Company. The funds are utilised during the year on activities which are specified in schedule VII of the Act. The utilisation is done by the way of direct contribution as well as through implementing agency towards various activities. Amount approved by the Board during the year was ' 50.35 lakhs (PY: ' 41.89 lakhs)
The estimate of rate of escalation in salary considered in actuarial valuation takes into account inflation, seniority, promotion and other retirement factors including supply & demand in the employment market. The above information is certified by the actuary.
viii] General descriptions of defined plans - gratuity plan: [Refer note 46(i)]
The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to fifteen days wages for each completed year of service. The same is payable on termination of service or retirement whichever is earlier. The benefit vests after five years or one year (as applicable) of continuous service.
The Company provides for gratuity, a defined benefit retirement plan ("the Gratuity Plan”) covering eligible Indian employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Company.
[x] Weighted average remaining duration of defined benefit obligation - 8.02 years [PY : 7.59 years]
[xi] Other long-term employee benefits:
Compensated absences are payable to employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement. The amount of compensated absences outstanding as at March 31,2025, based on actuarial valuation using the projected accrued benefit method is ' 316.90 Lakhs (PY : ' 301.85 Lakhs) including past service cost of ' 32.52 Lakhs (PY : Nil).
NOTE 40: CAPITAL MANAGEMENT
For the purpose of Company's capital management, capital includes issued capital, all other equity reserves and debts. The primary objective of the Company's capital management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants. The Company monitors capital using gearing ratio, which is net debt divided by total equity. Net debt are non-current and current debts as reduced by cash and cash equivalents, other bank balances and current investments. Equity comprises all components including other comprehensive income.
NOTE 41:
In the earlier years, the Company had filed a complaint against its ex-employees for purported misappropriation of funds. By virtue of the Order of Hon'ble Additional Chief Magistrate received during the F.Y. 2016-17, the Company had received interim custody of certain valuables and amounts (invested in fixed deposits) which were accounted for in the books of account. Further, as per the Order, the Company was allowed to let-out the immovable property involved in the matter on leave and license basis. The valuables and Fixed Deposits have been shown under Other Current Assets. Further, the Company has recorded the corresponding liability and necessary provisions have already been made against the other receivables on a conservative basis. Final adjustments, if any, in respect of amounts recorded in the books and other amounts will be made on the settlement of the litigation. Refer note no. 11.2, 12, 13 and 23.
42.2 Fair Valuation techniques used to determine fair value:
The Company maintains procedures to value financial assets or financial liabilities using the best and most relevant data available. The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The following methods and assumptions were used to estimate the fair values:
i] Fair value of cash and cash equivalents, trade payables, borrowings and other financial assets and liabilities are approximate at their carrying amounts largely due to the short-term maturities of these instruments.
ii] The fair values of trade receivables and non-current loans are calculated based on expected credit loss method and discounted cash flow using a current lending rate respectively. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including credit risk (refer note 42.3 below). The fair values of noncurrent loan are approximate at their carrying amount due to interest bearing features of these instruments.
iii] The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
iv] Fair values of quoted financial instruments are derived from quoted market prices in active markets.
v] Equity Investments in jointly venture entity and subsidiary are stated at cost.
42.3 Fair value hierarchy
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
techniques:
Level 1: Quoted prices / published NAV (unadjusted) in active markets for identical assets or liabilities. It includes fair value of financial instruments traded in active markets and are based on quoted market prices at the balance sheet date and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund operators at the balance sheet date.
Level 2: Inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). It includes fair value of the financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the Company specific estimates. If all significant inputs required to fair value an instrument are observable then instrument is included in level 2.
Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
42.4 Description of the valuation processes used by the Company for fair value measurement categorised within level 3.
At each reporting date, the Company analysis the movements in the values of financial assets and liabilities which are required to be remeasured or re-assessed as per the accounting policies. For this analysis, the Company verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents. The Company also compares the change in the fair value of each financial asset and liability with relevant external sources to determine whether the change is reasonable. The Company also discusses of the major assumptions used in the valuations. For the purpose of fair value disclosures, the Company has determined classes of financial assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
NOTE 43: FINANCIAL RISK MANAGEMENT - OBJECTIVES AND POLICIES
The Company is exposed to market risk, credit risk and liquidity risk. Risk management is carried out by the Company under policies approved by the Board of Directors. This Risk management plan defines how risks associated with the Company will be identified, analysed, and managed. It outlines how risk management activities will be performed, recorded, and monitored by the Company. The basic objective of risk management plan is to implement an integrated risk management approach to ensure all significant areas of risks are identified, understood and effectively managed, to promote a shared vision of risk management and encourage discussion on risks at all levels of the organization to provide a clear understanding of risk/benefit trade-offs, to deploy appropriate risk management methodologies and tools for use in identifying, assessing, managing and reporting on risks, and to determine the appropriate balance between cost and control of risk and deploy appropriate resources to manage/optimize key risks. Activities are developed to provide feedback to management and other interested parties [e.g. Audit committee, Board etc.]. The results of these activities ensure that risk management plan is effective in the long term.
43.1 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 market prices. Market prices comprise of three types of risk: foreign currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and investments. The sensitivity analysis is given relating to the position as at March 31, 2026 and March 31, 2025. The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit obligations, provisions and on the non-financial assets and liabilities. The sensitivity of the relevant statement of profit and loss item is the effect of the assumed changes in the respective market risks. The Company's activities expose it to a variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. This is based on the financial assets and financial liabilities held as at March 31,2026 and March 31,2025.
[a] Foreign exchange risk and sensitivity
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities. The Company transacts business primarily in USD and Euro. The Company has foreign currency trade payables and receivables and is therefore, exposed to foreign exchange risk. The Company regularly reviews and evaluates exchange rate exposure arising from foreign currency transactions and the Company has entered into forward contract and currency swap contracts to mitigate this risk.
[b] Interest rate risk and sensitivity:
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. During the year, the company is having long term borrowings in the form of term loan and short term borrowings in the form of Working Capital Loan & Term Loan. The Company has entered into cross currency swaps due to which there has been savings in the interest amount.
The assumed movement in basis points for interest rate sensitivity analysis is based on the currently observable market environment.
[c] Commodity price risk:
The Company is exposed to fluctuations in prices of key raw materials used in the manufacture of glass bottles. These price movements are influenced by changes in domestic and international market conditions. The Company does not enter into derivative or hedging contracts to manage such commodity price risk. However, the Company has entered into long term contracts for a few of the raw materials and also the Company generally operates on a pricing model that enables it to pass on changes in raw material costs to customers through appropriate revisions in selling prices. Accordingly, the impact of volatility in raw material prices on the Company's profitability is not considered significant. In view of the above, no sensitivity analysis is considered necessary for commodity price risk.
[d] Equity price risk:
The Company has decided to fair value its equity instruments through Other Comprehensive Income and carry investment in jointly controlled entities at Cost. Therefore the Statement of Profit and Loss will not be affected by the equity price risk of those instruments. Accordingly, no sensitivity analysis is required.
43.2 Credit risk
Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities [primarily trade receivables] and from its financing activities, including deposits with banks, foreign exchange transactions and other financial instruments.
[a] Trade Receivables:
The Company extends credit to customers in normal course of business. The Company considers factors such as credit track record in the market and past dealings with the Company for extension of credit to customers. The Company monitors the payment track record of the customers. Outstanding customer receivables are regularly monitored. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. The Company has also taken security deposits in certain cases from its customers, which mitigate the credit risk to some extent. The Company has adopted an Expected Credit Loss Model as per Ind AS 109 "Financial Instruments”, wherein the provision is made for expected losses for non-recovery of receivables and also for loss in value of money due to delayed receipt of money. However, the Company does not expect any material risk on account of non-performance by Company's counterparties.
[b] Financial instruments and cash deposits:
The Company considers factors such as track record, size of the institution, market reputation and service standards to select the banks with which balances are maintained. Credit risk from balances with bank is managed by the Company's finance department. Investment of surplus funds are also managed by finance department. The Company does not maintain significant cash in hand. Excess balance of cash other than those required for its day to day operations is deposited into the bank.
For other financial instruments, the finance department assesses and manage credit risk based on internal assessment. Internal assessment is performed for each class of financial instrument with different characteristics.
43.3 Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company's objective is to, at all times, maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company relies on operating cash flows and short term borrowings in the form of Working Capital Loan to meet its needs for funds. Company has not breached any covenants [where applicable] on any of its borrowing facilities. The Company has access to a sufficient variety of sources of funding as per requirement.
43.4 Competition and price risk
The Company faces competition from local and foreign competitors. Nevertheless, it believes that it has competitive advantage in terms of high quality products, cost advantage and by continuously upgrading its expertise and range of products to meet the needs of its customers.
"Pursuant to ESAR scheme/plan approved by the shareholders of the Company on May 27,2021, the Nomination and Remuneration Committee of the Board of Directors on May 24, 2022 approved for issue of 11,11,000 ESAR's to the employee of the Company. The Members approved ESARs to the employee of the Company, which upon conversion into equity shall not exceed 10 Lakh equity shares from time to time.
As per the Scheme/Plan of the total ESAR's granted shall vest not earlier than minimum of 1 year and not later than a maximum of 5 years from the date of grant of ESARs as may be determined by the Committee and is subject to continued employment of the employee with the Company and upon achievement of prescribed performance conditions as prescribed in the Scheme. The employee pays the exercise price upon exercise of ESAR's.
Pursuant to ESAR scheme/plan approved by the shareholders of the Company on September 19, 2024, the Nomination and Remuneration Committee of the Board of Directors on September 10, 2025 approved for issue of 11,11,000 ESAR's to the employee of the wholly owned subsidiary of the Company. The Members approved ESARs to the employee of the Company, which upon conversion into equity shall not exceed 15 Lakh equity shares from time to time.
As per the Scheme/Plan of the total ESAR's granted shall vest not earlier than minimum of 1 year and not later than a maximum of 5 years from the date of grant of ESARs as may be determined by the Committee and is subject to continued employment of the employee with the Company and upon achievement of prescribed performance conditions as prescribed in the Scheme. The employee pays the exercise price upon exercise of ESAR's.
During the year, the Company has granted 11,11,000 ESAR's under ESAR Plan 2024 at an exercise price of ' 60. The weighted average share price for the year over which stock ESAR's were exercised - NA (March 31,2025 - NA). The weighted average fair value of ESAR's granted is ' 62.50
NOTE 46: OTHER DISCLOSURES
[a] The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
[b] The Company has not traded or invested in crypto currency or virtual currency during the financial year.
[c] There are no loans or advances in the nature of loans granted to Promoters, Directors, KMPs and their related parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are: (a) repayable on demand; or (b) without specifying any terms or period of repayment.
[d] The Company has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.
[e] The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
[f] Utilisation of borrowed funds and share premium:
[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:
[a] 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
[b] Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
[ii] The Company has not received any fund 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:
[a] 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
[b] Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
[g] There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.
[h] The Company does not have any charge which is yet to be registered or satisfied with Registrar of Companies(ROC) beyond the statutory period.
[i] On November 21,2025, the Government of India notified the four new Labour Codes consolidating 29 Labour Laws. Considering the materiality, non-recurring nature of this impact, the Company has presented past service cost under exceptional item in the standalone financial statements for the year ended March 31, 2026. The Company has done the assessment on the new Labour Codes and considered an impact of the changes and accordingly accounted additional expense of ' 183.12 lakhs towards gratuity and leave benefit in the year ended March 31,2026. The Company is monitoring the finalization of Central / State Rules and clarifications from the Government on other aspects of the new Labour Codes and will consider the impact on the standalone financial statements as and when such clarifications are issued / rules are notified.
[l] The Company does not have transactions with the companies struck off under section 248 of Companies Act, 2013 or Section 560 of Companies Act, 1956 for the year ended March 31,2026 and March 31, 2025.
[m] The Company has used the borrowings from banks for the purpose for which it was taken.
[n] The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.
NOTE 47: EVENTS AFTER REPORTING PERIOD
There were no significant events that occurred subsequent to the reporting period which need any adjustment or disclosure in these financial statements.
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