(l) Provisions, Contingent liabilities, Contingent
assets and Commitments:

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

If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to
the liability. When discounting is used, the increase in
the provision due to the passage of time is recognised
as a finance cost.

(m) Financial instruments:

Financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability
or equity instrument of another entity.

(i) Financial assets-

The classification depends on the Company's
business model for managing the financial assets
and the contractual terms of the cash flows.

Initial recognition and measurement

Financial assets are recognized initially at fair
value plus, in the case of financial assets not
recorded at fair value through profit or loss,
transaction costs that are attributable to the
acquisition of the financial asset. Transaction
costs of financial assets carried at fair value
through profit or loss are expensed in the
Statement of Profit and Loss. . Trade receivables
that do not contain a significant financing
component or for which the Group has applied
the practical expedient are measured at the
transaction price determined under Ind AS
115. Refer policy on Revenue from contracts
with customers.

Subsequent measurement

After initial recognition, financial assets (other
than investments in subsidiaries and joint
ventures) are measured either at:

i) fair value (either through other
comprehensive income or through profit
or loss) or,

ii) amortized cost

Measured at amortized cost

Financial assets that are held within a business
model whose objective is to hold financial assets
in order to collect contractual cash flows that
are solely payments of principal and interest, are
subsequently measured at amortized cost using
the effective interest rate ('EIR') method less
impairment, if any, the amortization of EIR and
loss arising from impairment, if any is recognized
in the Statement of Profit and Loss.

Measured at fair value through other
comprehensive income (FVOCI)

Financial assets that are held within a business
model whose objective is achieved by both,
selling financial assets and collecting contractual
cash flows that are solely payments of principal
and interest, are subsequently measured at fair
value through other comprehensive income. Fair
value movements are recognized in the OCI net
of taxes.

Interest income measured using the EIR method
and impairment losses, if any are recognized in
Profit and Loss.

Gains or Losses on De-recognition

In case of investment in equity instruments
classified as the FVOCI, the gains or losses on de¬
recognition are re-classified to retained earnings.

In case of Investments in debt instruments
classified as the FVOCI, the gains or losses on
de-recognition are reclassified to Statement of
Profit and Loss.

Measured at fair value through profit or
loss (FVTPL)

A financial asset not classified as either
amortized cost or FVOCI, is classified as FVTPL.
Such financial assets are measured at fair value
with all changes in fair value, including interest
income and dividend income if any, recognized
as 'other income' in the Statement of Profit
and Loss.

The Company measures all its investments in
equity (other than investments in subsidiaries
and joint ventures) and mutual funds at FVTPL.

Changes in the fair value of financial assets
measured at fair value through profit or loss are
recognized in Statement of Profit and Loss.

Impairment of financial assets

The Company assesses on a forward looking
basis the expected credit losses associated with
its financial assets carried at amortized cost,
FVTPL and FVOCI and debt instruments. The
impairment methodology applied depends on
whether there has been a significant increase
in credit risk.

For trade receivable, contract assets and lease
receivables, the Company applies the simplified
approach permitted by Ind AS - 109 "Financial
Instruments", which requires expected lifetime
losses to be recognised from initial recognition
of such receivables.

De-recognition

A financial asset is de-recognized only when

i) The Company has transferred the rights
to receive cash flows from the financial
asset or

ii) Retains the contractual rights to receive
the cash flows of the financial asset, but
assumes a contractual obligation to pay the
cash flows to one or more recipients.

Where the entity has transferred an asset, the
Company evaluates whether it has transferred
substantially all risks and rewards of ownership
of the financial asset. In such cases, the financial
asset is de-recognized.

Where the entity has not transferred substantially
all risks and rewards of ownership of the financial
asset, the financial asset is not de-recognized.

Where the entity has neither transferred a
financial asset nor retains substantially all risks
and rewards of ownership of the financial
asset, the financial asset is de-recognized if
the Company has not retained control of the
financial asset.

Where the Company retains control of the
financial asset, the asset is continued to
be recognized to the extent of continuing
involvement in the financial asset.

(ii) Financial liabilities-

classification as debt or equity

Financial liabilities and equity instruments issued
by the Company are classified according to the
substance of the contractual arrangements
entered into and the definitions of a financial
liability and an equity instrument.

Initial recognition and measurement

Financial liabilities are initially measured at
fair value.

Subsequent measurement

Financial liabilities other than those measured
at fair value through Statement of Profit and
Loss are subsequently measured at amortized
cost using the effective interest rate method.
The Company measures all debt instruments
at amortised.

Financial liabilities carried at fair value through
profit or loss are measured at fair value with
all changes in fair value recognized in Profit
and Loss.

De-recognition

A financial liability is derecognized when the
obligation specified in the contract is discharged,
cancelled or expires.

Offsetting financial instruments

Financial assets and liabilities are offset and the
net amount is reported in the Balance Sheet
where there is a legally enforceable right to
offset the recognized amounts and there is an
intention to settle on a net basis or realize the
asset and settle the liability simultaneously. The
legally enforceable right must not be contingent
on future events and must be enforceable in
the normal course of business and in the event
of default, insolvency or bankruptcy of the
Company or the counterparts.

(n) Interests in Joint Arrangements:

Under Ind AS 111 "Joint Arrangements", investments
in joint arrangements are classified as either joint
operations or joint ventures. The classification
depends on the contractual rights and obligations of
each investor, rather than the legal structure of the
joint arrangement. The Company has joint operations.

Joint operations

The Company recognises its direct right to the assets,
liabilities, revenues and expenses of joint operations
and its share of any jointly held or incurred assets,
liabilities, revenues and expenses. These have been
incorporated in the Financial Statements under the
appropriate headings.

(o) Segment Reporting:

An operating segment is a component of the Company
that engages in business activities from which it may
earn revenues and incur expenses, whose operating
results are regularly reviewed by the company's Chief
Operating Decision Maker (CODM) to make decisions
for which discrete financial information is available.
Based on the management approach as defined in Ind
AS 108 "Operating Segments", the CODM evaluates
the Company's performance and allocates resources
based on an analysis of various performance indicators
by business segments and geographic segments.

SIGNIFICANT ACCOUNTING JUDGEMENTS,
ESTIMATES AND ASSUMPTIONS:

The preparation of the Company's Financial Statements
requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying

disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in
future periods.

Judgements, Estimates and assumptions

The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the
next financial year, are described below. The Company
based its assumptions and estimates on parameters
available when the financial statements were prepared.
Existing circumstances and assumptions about future
developments, however, may change due to market
changes or circumstances arising that are beyond the
control of the Company. Such changes are reflected in the
assumptions when they occur.

(a) Impairment of non-financial assets

The Company assesses at each reporting date whether
there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment
testing for an asset is required, the Company estimates
the asset's recoverable amount.

(b) Estimation of Defined benefit obligations/
plans

The cost of the defined benefit plan and other post¬
employment benefits and the present value of such
obligation are determined using actuarial valuations.
An actuarial valuation involves making various
assumptions that may differ from actual developments
in the future. These include the determination of the
discount rate, future salary increases, mortality rates
and future pension increases. Due to the complexities
involved in the valuation and its long-term nature,
a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions are
reviewed at each reporting date.

(c) Impairment of financial assets

The impairment provisions for financial assets are
based on assumptions about risk of default and
expected loss rates. The Company uses judgement in
making these assumptions and selecting the inputs
to the impairment calculation, based on Company's
history, existing market conditions as well as forward
looking estimates at the end of each reporting period.

3.1 Application of new and amended standards

(a) Amendments to existing Standards (w.e.f.
1st April, 2023)

The Company has adopted, with effect from 01
April 2023, the following new and revised standards
and interpretations. Their adoption has not had any
significant impact on the amounts reported in the
financial statements.

i) I nd AS 1- Presentation of Financials Statements
- modification relating to disclosure of 'material
accounting policy information' in place of
'significant accounting policies.

ii) Ind AS 8 - Accounting Policies, Change in
Accounting Estimates and Errors - modification
of definition of 'accounting estimate' and
application of changes in accounting estimates.

iii) I nd AS 12 - Income Taxes - The amendment
clarifies application of initial recognition
exemption to transactions such as leases and
decommissioning obligations.

(b) Standards notified but not yet effective

No new standards have been notified during the year
ended MARCH 31, 2026

(a) Non Current Borrowings

Secured term loans from banks / Others:

i. Loans from HDFC bank are bearing interest rates ranging from 8.25% p.a. to 9.50% p.a. The loans are repayable in 48
months to 60 months in equal monthly installments from the respective dates of disbursement of loans after considering
moratorium period. The above loans are secured by hypothecation of assets (i.e. Equipment, Vehicles and plant and
machinery).

ii. Loans from ICICI bank are bearing interest rates at 1 Year MCLR 0.60% currently equal to 8.40% p.a. The loans are
repayable in 16 quarterly installments from the respective dates of disbursement of loans. The above loans are secured by
hypothecation of assets and Debt Service Reserve equivalent to 3 months of debt servicing requirements.

iii. Loan from Tata Capital Financial Services Ltd. bearing interest rate of 9.35% to 11 % p.a. The loans are repayable in
51 equal monthly installments from the respective dates of disbursement of loans. The above loans are secured by
hypothecation of equipments

iv. Loan from Kotak Mahindra Bank Ltd. bearing interest rate of 8.50% to 9.50% p.a. The loans are repayable in 47 equal
monthly installments from the respective dates of disbursement of loans. The above loans are secured by hypothecation
of equipments.

vii. Loan from Bank of Baroda bearing interest rate of 8.80% p.a. The loan is repayable in 60 equal monthly installments
(including 2 months Moratorium) from the respective date of disbursement of loan. The above loan are secured by
hypothecation of equipments.

viii. Loan from Union Bank of India bearing interest rate of 8.95% p.a. The loan is repayable in 60 equal monthly installments
(including moratorium period of 2 months) from the respective date of disbursement of loan. The above loan are secured
by hypothecation of equipments and Personal Guarantee of Mr. Jagdishkumar M Gupta, Mr. Kamal J Gupta, Dr. Nalin
J Gupta.

ix. Loan from Bank of India bearing interest rate of 8.60% p.a. The loan is repayable in 84 equal monthly installments from
the respective date of disbursement of loan. The above loan are secured by hypothecation of equipments

xii. Loan from India Exim Bank of Rs. bearing interest rate of 9.25% p.a. The facility has been availed by way of Capex LC
and shall be repayble in 5 years (including moratorim period of six months). The above loan is secued by hypothecation of
equipments, cash margin of 10%, charge over receivables, Personal Guarantee of Mr. Jagdishkumar M Gupta, Mr. Kamal
Gupta and Dr. Nalin Gupta

xiii. Loan from Indian Bank bearing interest rate of 9.35% p.a. The loan is repayable in 48 equal monthly installments
(Excluding moratorium period of 3 months) from the respective date of disbursement of loan. The above loan are secured
by hypothecation of equipments

(b) Secured Current Borrowings

1. Working capital loans (cash credit ) from banks are under consortium arrangement (refer note No. 17(C) for further details
of Security and other details). The interest rates are ranging from 9.00% p.a. to 12.35 % p.a.

2. (a) Overdraft facilities from banks are secured against fixed deposits p.a.

(b) Overdraft facilities from banks secured other than fixed deposits are secured by Current Assets/receivables/cash flow
of respective projects and Personal Guarantee of Mr. Jagdishkumar M Gupta, Mr Kamal Gupta and Dr. Nalin Gupta.

(c) Interest rates are ranging from 8.1% to 11.1% p.a."

Post Employement obligations

a) Defined benefit plans - Gratuity

The company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of five years are eligible for gratuity. The amount of gratuity payable on retirement/ termination
is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied by number of years
of service.

The gratuity plan is a funded plan and the company makes contributions to recognised funds in India. The company does not
fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of
expected gratuity payments.

b) Defined contribution plans - Provident fund

The company also has defined contribution plans. Contributions are made to provident fund in India for employees at the
rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the
government. The obligation of the company is limited to the amount contributed and it has neither further contractual nor
any contructive obligation. The expense recognised during the period towards defined contribution plan is '1,068.95 Lakh
(March 31, 2025 : '1,080.54 Lakh)

Classification of joint arrangements

The joint arrangements in relation of joint operations mentioned above requires unanimous consent from all the parties for all
relevant activities. The partners/joint operators have direct rights to the assets of the entity and are jointly and severally liable for the
liabilities incurred by the entity. These entities are therefore classified as joint operations and the company recognises its direct right
to the jointly held assets, liabilities, revenues and expenses.

(c) Terms and conditions of transactions with related parties

The transactions with related parties are on arm's length basis. Outstanding balances at the end of the year are unsecured and
free of interest and settlement of which occurs through cash flows. No guarantees have been provided or received for any
related party receivables or payables. This assessment is undertaken each financial year by examining the financial position of
the related party and the market in which it operates.

35. SEGMENT REPORTING

The company's operations predominantly consist of construction activities. Hence there are no reportable segments under Ind AS -
108 " Operating Segment ". The company has engaged in its business only within India and not in any other country. As such there
are no reportable geographical segments.

Revenue arising from contract revenue of four customers aggregated to '3,41,358.59 Lakh (March 31, 2025: four customer
aggregated to '3,50,469.60 Lakh ), exceeds 10% of revenue from operations of the Company.

The fair values of non current borrowings are based on discounted cash flows using a current borrowing rate. They are classified
as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

ii. Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
recognised and measure at fair value. To provide an indication about the reliability of the inputs used in determing fair value,
the company has classified its financial instruments into three levels prescribed under the accounting standard. An explanation
of each level follows underneath the table:

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments
and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is
valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.

Level 2 - The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant
inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3 - If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.

iii. Valuation technique used to determine fair value

Specific Valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable
yield curves

- the fair value of the remaining financial instruments is determined using discounted cash flow analysis

iv. Valuation processes

The finance department of the company includes a team that performs the valuations of financial assets and liabilities required
for financial reporting purposes, including level 3 fair values. This team reports direclty to the chief financial officer (CFO) and
the audit committte. Discussions of valuation processes and results are held between the CFO, AC and the valuation team at
least once every three months, in line with the company's quarterly reporting periods.

37. FINANCIAL RISK MANAGEMENT

The company's activity expose it to market risk, liquidity risk and credit risk. The company's focus is to foresee the unpredictability of
financial risk and to address the issue to minimize the potential adverse effects of its financial performance. In order to minimise any
adverse effects on the financial performance of the company, derivative financial instruments, such as interest rate swaps to hedge
variable interest rate exposures. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact of hedge
accounting in the financial statements.

The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company's financial risk
management policy is set by the company's management.

(A) Credit risk

Credit risk refers to the risk for a counter party default on its contractual obligation resulting a financial loss to the company.
The maximum exposure of the financial assets represents trade receivables, work in progress and other inestments.

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to '1,48,529.21
Lakh and '1,48,856.27 Lakhs as of March 31, 2026 and March 31, 2025, respectively. However the Company has its major
revenue from companies mainly consisting of government promoted entities having strong credit worthiness, Hence the
exposure to credit risk is not material.

Credit risk on cash and cash equivalents is limited as the Company generally invest in deposits with banks and financial
institutions with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include
investment in liquid mutual fund units with high credit rating mutual funds.

(B) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company
manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously
monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Long-term
borrowings generally mature between 1 and 5 years. Liquidity is reviewed on a daily basis based on weekly cash flow forecast.

The Company had a working capital of '1,43,159.31 Lakh as of March 31, 2026 and '1,71,828.67 Lakhs as of March 31,
2025.The Company is confident of managing its financial obligation through short term borrowing and liquidity management.

(C) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market
prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk such as equity price
risk and commodity risk.

(i) Foreign currency risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which
fluctuate due to changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange
rates relates primarily to the external commercial borrowings and foreign receivables.

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk
management policies and standard operating procedures to mitigate the risks.

(ii) Interest rate risk

The company's main interest rate risk arises from borrowings with variable rates, which expose the company to cash flow
interest rate risk. Company's policy is to maintain most of its borrowings at fixed rate using interest rate swaps to achieve
this when necessary. During March 31, 2026 and March 31, 2025, the company's borrowings at variable rate were mainly
denominated in '.

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
interest rate.

The company manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. Under these swaps,
the company agrees with other parties to exchange, at specified intervals (mainly quarterly), the difference between
fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal amounts.
Generally, the company raises long-term borrowings at floating rates and swaps them into fixed rates that are lower than
those available if the company borrowed at fixed rates directly.

(iii) Price risk

Equity instruments/Mutual Funds price risk - The company's exposure to listed equity instruments and mutual funds price
risk arises from investments held by the company and classified in the balance sheet at fair value through profit or loss.

To manage its price risk arising from investments in equity instruments and mutual funds, the company diversifies its
portfolio. Diversification of the portfolio is done in accordance with the limits set by the company.

Profit for the period would increase/decrease as a result of gains/losses on equity instruments/mutual funds classified as
at fair value through profit or loss.

38. CAPITAL MANAGEMENT

The Company's capital management objective is to maximise the total shareholder return by optimising cost of capital through flexible
capital structure that supports growth. Further, the Company ensures optimal credit risk profile to maintain/enhance credit rating.

The Company determines the amount of capital required on the basis of annual operating plan and long-term strategic plans. The
funding requirements are met through internal accruals and long-term/short-term borrowings. The Company monitors the capital
structure on the basis of gearing ratio and maturity profile of the overall debt portfolio of the Company.

For the purpose of capital management, capital includes issued equity capital, securities premium and all other revenue reserves. Net
debt includes all long and short-term borrowings as reduced by cash and cash equivalents and other bank balances.

43 During the reporting periods, the Company does not have any loans or advances in the nature of loans either repayable on
demand or without specifying any terms or period of repayment granted to promoters, directors, KMPs and related parties as
per the definition of Companies Act, 2013.

44 The Company has not identified any transactions or balances in any reporting periods with companies whose name is struck
off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

45 There are no scheme of arrangements which have been approved by the Competent Authority in terms of sections 230 to 237
of the Companies Act, 2013 during the reporting periods.

46 The Company has not advance or loan or invested funds with 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

47 The Company does not have any transaction which is not recorded in the books of accounts which have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

48 The Company has not traded or invested in Crypto currency or Virtual Currency during reporting periods.

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

50 All charges or satisfactions are registered with ROC within the statutoy period.No charges or satisfactions are yet to be registered
beyond the statutory period.

51 No fund has been advanced or loaned or invested (either from borrowed fund or share premium or any other sources or kind
of funds) by the Company to or in any person or entity, including foreign entities ('Intermediaries') with the understanding,
whether recorded in writing or otherwise, that the intermediary shall land or invest in party identified by or on behalf of the
Company ('ultimate beneficieries'). The Company has not received any funds from the party with the understanding that the
Company shall whether, directly or indirectly lend or invest in other person or entities identified by or on behalf of the Company
('ultimate beneficieries') or provide any gurantee, security or the like on behalf of the ultimate beneficiaries.

52 The Code on Social Security, 2020 relating to employee benefits during employment and post- employment benefits has received
presidential assent. However the effective date of the code and final rules are yet to be notified. The Company will assess the
impact once the subject rules are notified and will give appropriate impact in its financial statements in the period in which,
the Code becomes effective.

53 Effective November 21, 2025, the Government of India consolidated 29 existing labour regulations into four Labour codes,
namely, The Code on Wages, 2019, The Industrial Relations Code, 2020, The Code on Social Security, 2020 and the Occupational
Safety, Health and Working Conditions Code, 2020, collectively referred to as the 'New Labour Codes'.""The New Labour
Codes has resulted in a one-time material increase in provision for employee benefits on account of recognition of past service
costs.""Based on the requirements of New Labour Codes and the ICAI clarification, the Company has assessed and accounted
the estimated incremental impact of '1,236.61 lakhs (before tax) as Exceptional items in the financial statement for the year
ended March 31, 2026.

54 The figures for the previous year have been regrouped and rearranged to make them comparable with those of current year.