2.14 Provisions, contingent liabilities and contingent assets
Provisions

Provisions are recognised only when:

• Company has a present obligation (legal or
constructive) as a result of a past event; and

• 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

These are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.

Provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and the
risks specific to the liability. The unwinding of the discount
is recognised as finance cost. A provision for onerous
contracts is measured at the present value of the lower of the
expected cost of terminating the contract and the expected
net cost of continuing with the contract. Before a provision
is established, the Company recognises any impairment
loss on the assets associated with that contract.

Contingent liability

Contingent liability is a possible obligation arising from
past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the
entity or a present obligation that arises from past events
but is not recognized because it is not probable that an
outflow of resources embodying economic benefits will
be required to settle the obligation or the amount of the
obligation cannot be measured with sufficient reliability.
The Company does not recognize a contingent liability but
discloses its existence in the financial statements.

Contingent Assets

Contingent assets are asset is not recognised in
the financial statements since this may result in the
recognition of income that may never be realised. However,
when the realisation of income is virtually certain, then the
related asset is not a contingent asset and is recognized.
Provisions, contingent liabilities and contingent assets
are reviewed at each Balance Sheet date.

2.15 Commitments

Commitments are future liabilities for contractual
expenditure, classified and disclosed as follows:

i. estimated amount of contracts remaining to be
executed on capital account and not provided for;

ii. uncalled liability on shares and other
investments partly paid;

iii. other non-cancellable commitments, if any, to the
extent they are considered material and relevant in
the opinion of management.

iv. Other commitments related to sales/procurements
made in the normal course of business are not
disclosed to avoid excessive details.

v. Commitments under Loan agreement to

disburse Loans, if any

2.16 Statement of Cash Flows

Statement of Cash Flows is prepared segregating the cash
flows into operating, investing and financing activities.
Cash flow from operating activities is reported using
indirect method adjusting the net profit for the effects of:

i. changes during the period in inventories and
operating receivables and payables transactions of a
non-cash nature;

ii. non-cash items such as depreciation, provisions,
deferred taxes, unrealised foreign currency gains and
losses, and undistributed profits of associates and
joint ventures; and

iii. all other items for which the cash effects are investing
or financing cash flows.

Cash and cash equivalents (including bank balances)
shown in the Statement of Cash Flows exclude items
which are not available for general use as on the date
of Balance Sheet.

2.17 Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits with
an original maturity of three months or less, which are
subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and
cash equivalents consist of cash and short term deposits.

2.18 Earnings Per Share
Basic Earnings Per Share

Basic earnings per share is calculated by dividing the net
profit or loss (before Other Comprehensive Income) for the
year attributable to equity shareholders (after deducting
attributable taxes) by the weighted average number of
equity shares outstanding during the year.

Diluted Earnings Per Share

For the purpose of calculating diluted earnings per
share, the net profit or loss (before Other Comprehensive
Income) for the year attributable to equity shareholders
and the weighted average number of shares outstanding
during the year are adjusted for the effects of all dilutive
potential equity shares.

2.19 Dividend on Ordinary Shares

The Company recognises a liability to make cash to equity
holders of the Company when the dividend is authorised
and the distribution is no longer at the discretion of the
Company. As per the corporate laws in India, an interim
dividend is authorised when it is approved by the Board
of Directors and final dividend is authorised when it is
approved by the shareholders. A corresponding amount is
recognised directly in equity.

2.20 Recent Pronouncements:

Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as
issued from time to time.

i. In May 2025, MCA notified amendments to Ind AS 21
- The Effects of Changes in Foreign Exchange Rates,
applicable w.e.f. April 1, 2025. The Company has
reviewed the amendment and has determined that it
does not have any impact in its financial statements.

ii. In August 2025, MCA notified the
following amendments to:

• Ind AS 1, Presentation of Financial Statements,
applicable w.e.f. April 1,2025 - The amendment
relates to classification of liabilities as current
or non-current and non-current liabilities with
covenants. In the context of classifying a
liability as current, it removes the requirement
of existence of a right to defer settlement for
at least 12 months after the reporting date,
and instead requires that the said right should
exist on the reporting date and have substance.
The amendment also introduces guidance on
classification of liabilities with covenants. The
Company has no impact of these amendments
in its classification criteria of current and non¬
current liabilities.

• Ind AS 7, Statement of Cash Flows and Ind AS 107,

Financial Instruments - Disclosures, applicable
w.e.f. April 1,2025 - The amendment in Ind AS 7
requires to inform users of financial statements
of the existence of supplier finance arrangements
and explain the nature of the arrangements,
the carrying amount of liabilities and the range
of payment due dates. Ind AS 107 has been
amended to add supplier finance arrangements
as a factor that may cause concentration of
liquidity risk. The Company has reviewed the
amendment and has determined that it does not
have any impact in its financial statements.

3 Significant accounting judgements and key sources
of estimation uncertainties

The preparation of financial statements in conformity with Ind
AS requires the company's management to make judgements,
estimates and assumptions about the carrying amounts of
assets and liabilities recognised in the financial statements that
are not readily apparent from other sources. The judgements,
estimates and associated assumptions are based on historical
experience and other factors including estimation of effects
of uncertain future events that are considered to be relevant.
Actual results may differ from these estimates.

The estimates and the underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates
(accounted on a prospective basis) and recognized in the
period in which the estimates is revised if the revision affects
only that period, or in the period of the revision and future
periods of the revision affects both current and future periods.

The followings are the critical judgements and estimations that
have been made by the management in the process of applying
the company's accounting policies and that have the most
significant effect on the amounts recognized in the financial
statements and / or key source of estimation uncertainty at
the end of the reporting period that may have a significant risk
of causing a material adjustments to the carrying amounts of
assets and liabilities within the next financial year.

Fair value measurement and valuation processes

Some of the Company's assets are measured at fair value for
financial reporting purposes. The Management determines

the appropriate valuation techniques and inputs for fair value
measurements. In estimating the fair value of an asset, the
company used market observable data to the extent it is
available information about the valuation techniques and
inputs used in determining the fair value of various assets are
disclosed in note 39.

Revenue

Revenue from investment banking services (mainly includes
lead manager's fee, selling commission, underwriting
commission, fees for mergers, acquisitions and advisory
assignments and arranger's fees for mobilising debt funds)
is recognised when the services for the transaction are
determined to be completed or when specific obligation are
determined to be fulfilled as set forth under the terms of the
engagement. The variety and number of the obligations within
the contracts can make it complex and requires management
judgements to determine completion of the performance
condition associated with the revenue.

Taxation

Tax expense is calculated using applicable tax rate and laws
that have been enacted or substantially enacted. In arriving at
taxable profits and all tax bases of assets and liabilities the
company determines the taxability based on tax enactments,
relevant judicial pronouncements and tax expert opinions, and
makes appropriate provisions which includes an estimation of
the likely outcome of any open tax assessments / litigations.
Any difference is recognized on closure of assessment or in the
period in which they are agreed.

Deferred tax is recorded on temporary differences between the
tax bases of assets and liabilities and their carrying amounts,
at the rates that have been enacted or substantively enacted
at the reporting date. The ultimate realisation of deferred tax
assets is dependent upon the generation of future taxable
profits during the periods in which those temporary differences
become deductible. The Company considers the expected
reversal of deferred tax liabilities and projected future taxable
income in making this assessment. The amount of the deferred
tax assets considered realisable, however, could be reduced in
the near term if estimates of future taxable income during the
carry-forward period are reduced.

The Company, during the year ended March 31, 2026, has:

a) Acquired 84,343 equity shares representing 2.98% of the equity share capital of JM Financial Credit Solutions Limited
("JMFCSL") from Moraine Master Fund LP for a total consideration of H 88.99 crore. Post the aforesaid acquisition, JMFCSL
has become the Company's wholly owned subsidiary with 100% control over JMFCSL.

b) Subscribed to 24,25,000 ordinary shares of USD 1/- each of JM Financial Overseas Holdings Private Limited ("Overseas"), a
wholly owned subsidiary of the Company for an aggregate consideration of USD 3.59 million (H 33.70 crore). This additional
investment is made to support the expansion of the overseas businesses, including the incorporation of any new subsidiaries.
The said shares are allotted to the Company on May 12, 2026 post receipt of regulatory approvals. As the regulatory approvals
in respect of this additional investment were pending on the balance sheet date, the same is reflected as share application
money, pending allotment, in the Standalone Balance Sheet as at March 31, 2026.

c) Acquired 3,26,800 equity shares of JM Financial Products Limited ("JMFPL") for a consideration of H 1.65 crore. Consequent
upon the acquisition, shareholding increased from 99.76% to 99.82%

# Denotes amount below H 50,000/-

## Represents initial contribution as a 'Sponsor' towards setting up of JM Financial Mutual Fund.

20.1 Share application money pending allotment represents equity shares to be issued pursuant to Employee Stock Option Scheme.

20.2 Capital reserve and capital redemption reserves represents reserves created pursuant to the business combination
up to year end.

20.3 Securities premium reserve represents premium received on equity shares issued, which can be utilised only in accordance
with the provisions of the Companies Act, 2013 for specified purposes.

20.4 General reserve is created from time to time by transferring profits from retained earnings and can be utilised for purposes
such as dividend payout, bonus issue, etc.

20.5 Statutory reserve is the reserve created by transferring the sum not less than 20% of its net profit after tax in terms of Section
45-IC of The Reserve Bank of India Act, 1934.

20.6 Stock option outstanding relates to the stock options granted by the Company to employees under an Employee Stock
options Plan (refer note 31)

20.7 Retained earnings represents profits that the company earned till date, less any transfers to General Reserve, Statutory
Reserves, Dividends and other distributions paid to the shareholders.

24.1 As reported during the year ended March 2025, the Company had received a favourable order from the Deputy Commissioner
of Income Tax, Government of India under Section 254 read with Section 143(3) of the Income-tax Act, 1961 in respect of
the assessment year 2008-09. Pursuant to this order, the Company received an amount of H 223.32 crore on November 14,
2025, as and by way of income tax refund (including interest of H 112.80 crore), net of certain tax adjustments made by the
Tax authorities.

31 EMPLOYEE STOCK OPTION SCHEME (ESOS)

The Employee Stock Option Scheme ('the Scheme') provides for grant of stock options to the eligible employees and/or directors
("the Employees") of the Company and/or its subsidiaries. The Stock Options are granted at an exercise price, which is either
equal to the fair market price or at a premium, or at a discount to market price as may be determined by the Nomination and
Remuneration Committee of the Board of the Company.

During the financial year 2025-26, the Nomination and Remuneration Committee has granted 2,50,000 options under Series 20
at an exercise price of J 1/- per option (previous year - 12,90,000 options) to the Employees, that will vest and can be exercised
within a specified period.

The discounting rate has been applied to lease liabilities in the range of 9.20% to 9.40%

The Company does not face significant liquidity risk with regards to its lease liabilities as the current assets are sufficient to meet
the obligations related to lease liabilities as and when they fall due.

36 Employee Benefits
Defined contribution plans

The Company operates defined contribution plan (Provident fund) for all qualifying employees of the Company. The employees of
the Company are members of a retirement contribution plan operated by the government. The Company is required to contribute
a specified percentage of payroll cost to the retirement contribution scheme to fund the benefits. The only obligation of the
Company with respect to the plan is to make the specified contributions.

The Company's contribution to Provident Fund & other funds aggregating H 7.36 crore (Previous year H 8.11 crore) has been
recognised in the Statement of Profit and Loss under the head Employee Benefits Expense.

Defined benefit obligation (DBO)

The Company's liabilities under the Payment of Gratuity Act,1972 are determined on the basis of actuarial valuation made at the
end of each financial year using the projected unit credit method.

The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks
pertaining to the plan. The actuarial risks associated are:

Interest Rate Risk:

The risk of government security yields falling due to which the corresponding discount rate used for valuing liabilities falls. Such
a fall in discount rate will result in a larger value placed on the future benefit cash flows whilst computing the liability and thereby
requiring higher accounting provisioning.

Longevity Risks:

Longevity risks arises when the quantum of benefits payable under the plan is based on how long the employee lives post
cessation of service with the company. The gratuity plan provides the benefit in a lump sum form and since the benefit is not
payable as an annuity for the rest of the lives of the employees, there is no longevity risks.

f) On November 21, 2025, the Government of India notified provisions of 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
which consolidate 29 existing labour laws into a unified framework governing employee benefits during employment and
post-employment. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the
financial impact due to the new Labour Codes. The Company has assessed and disclosed the incremental impact of these
changes on the basis of the best information available, consistent with the guidance provided by the Institute of Chartered
Accountants of India. The Labour Codes, amongst other things, introduce changes, including a uniform definition of wages.
These changes have resulted in increase in gratuity liability arising from past service by H 2.69 crore in the Statement of

39 Financial Instruments

a) Capital Management

For the purpose of the Company's capital management, capital includes issued capital and other equity reserves attributable
to the equity shareholders of the Company. The primary objective of the company, when managing capital, is to safeguard
its ability to continue as a going concern and to maintain an optimal capital structure, so as to maximize shareholders'
value. As at March 31, 2026, the Company has only one class of equity shares and has low debt. Consequent to such
capital structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital
structure, the Company allocates its capital for distribution as dividend or reinvestments into business based on its long term
financial plans.

Risk Management Committee and the Asset Liability Management Committee. Risk Management Committee inter alia is
responsible for identifying, reviewing, monitoring and taking measures for risk profile and for risk measurement system
of the Company.

i) Credit risk

Credit Risk refers to risk that a counter party will default on its contractual obligations resulting in financial loss to the
Company. Credit risk arises primarily from financial assets such as trade receivables, investments, other balances with
banks, loans and other receivables.

The Company has adopted a policy of dealing with counter parties that have sufficiently high credit rating. The
Company's exposure and credit ratings of its counter parties are continuously monitored.

Credit risk arising from trade receivables are reviewed periodically and based on past experience and history.
Management is confident of recovering all the dues. Credit risk arises from Investments and other balances with banks
is limited and there is no collateral held against these became the counter parties are bank and recognised financial
institutions with high credit ratings assigned by the credit rating agencies.

Impact on observable and unobservable inputs:

Impact of illiquidity and volatility have been considered on the observable and unobservable inputs used for the purpose
of valuation. Further, necessary and appropriate adjustments have been made by considering credit risk, uncertainties
associated with prevailing economic conditions, timing of the recoveries and the value at which the collaterals are
expected to be recovered for determination of fair value of the financial assets.

(ii) Financial instruments measured at amortised cost:

The carrying amount of financial assets and liabilities measured at amortised cost are reasonable approximation of
their fair values. Carrying amounts of cash and cash equivalents, trade receivables, trade payables as at March 31,2026
approximate the fair value because of their short-term nature. Difference between carrying amounts and fair values of
other financials assets and financial liabilities is not significant in each of the years presented.

d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:

• Credit risk;

• Liquidity risk; and

• Market risk (including currency risk and interest rate risk)

Risk management framework

Risk management forms an integral part of the business. As a financial institution, the Company is exposed to several risks
including market risk, credit risk and liquidity risk. The Company has established a risk management and audit framework
to identify, assess, monitor and manage these risks. This framework is driven by the Board through the Audit Committee,

The key elements in calculation of ECL are as follows:

PD - The Probability of Default is an estimate of the likelihood of default over a given time horizon. A default may only
happen at a certain time over the assessed period, if the facility has not been previously derecognised and is still in the
portfolio. The PD has been determined based on comparative external ratings.

EAD - The Exposure at Default is an estimate of the exposure at a reporting date. It shall include outstanding loan
amount, accrued interest and expected drawdowns on non-discretionary loan commitments.

LGD - The Loss Given Default is an estimate of the loss arising in the case where a default occurs at a given time. It
is based on the difference between the contractual cash flows due and those that the lender would expect to receive,
including from the realisation of any collateral. It is usually expressed as a percentage of the EAD. The LGD is determined
based on valuation of collaterals and other relevant factors.

ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. Liquidity may be affected due to severe liquidity
crunch in the market or due to market disruptions where the Company is unable to access public funds. The Company's
exposure to liquidity risk arises primarily from mismatch of maturities of financial assets and liabilities.

However the Company believes that it has a strong financial position and business is adequately capitalized, have good
credit rating and appropriate credit lines available to address liquidity risks.

The Company attempts to minimize this risk through a mix of strategies such as short-term funding. The Company also
monitors liquidity risk through adequate bank sanction limits at the beginning of each fiscal. Monitoring liquidity risk
involves categorizing all assets and liabilities into different maturity profiles and evaluating them for any mismatches
in any particular maturities, particularly in the short-term.

Exposure to liquidity risk

The table below summaries the maturity profile remaining contractual maturity period at the balance sheet date for its
financial liabilities and financial assets.

iii) Market risk

The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and
equity price risk as explained below:

a) Foreign currency risk:

The Company undertakes transactions denominated in foreign currencies; consequently, exposure to exchange
rate fluctuations arise. The Company is exposed to currency risk significantly on account of its trade payables and
trade receivables denominated in foreign currency. The functional currency of the Company is Indian Rupee. The
Company wherever required hedges its foreign currency risk by using Derivative Instruments (Forward Contracts).

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

b) Equity Price Risk:

Equity price risk is related to the change in market reference price of the instruments in quoted and unquoted
securities. The fair value of some of the Company's investments exposes to company to equity price risks. In
general, these securities are not held for trading purposes.

Equity Price Sensitivity analysis:

The fair value of equity instruments other than investment in subsidiaries and associates as at March 31,2026, and
March 31, 2025 was H 0.39 Crore and H 0.39 Crore respectively. A 5% change in price of equity instruments held as
at March 31,2026 and March 31, 2025 would result in

43 DIVIDEND PAYABLE TO NON-RESIDENT SHAREHOLDERS:

The Company has not remitted any amount in foreign currencies on account of dividends during the year and does not have
information as to the extent to which remittances, if any, in foreign currencies on account of dividends have been made by/
on behalf of non-resident shareholders. The particulars of dividends payable to non-resident shareholders (including Foreign
Institutional Investors) are as under:

All the above loans and advances have been given for business purposes.

Figures in brackets are for the previous year.

45 SEGMENT REPORTING:

The Company also prepares the consolidated financial statements. In accordance with Ind AS 108 on Operating Segments, the
Company has disclosed the segment information in the consolidated financial statements.

46 The Board of Directors of the Company has recommended a final dividend of H 1.75 per equity share of the face value of
H 1/- each for the year ended March 31, 2026. The said dividend will be paid, if approved by the shareholders at the Forty
First Annual General Meeting. For the financial year ended March 31, 2026, the total dividend including the interim and final
dividend aggregates to H 3.25 per share (Previous Year: H 2.70 per equity share).

47 Additional Disclosures:

a) Wilful Defaulter

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

b) Relationship with struck off Companies

The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956.

c) Details of benami property held

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.

d) Compliance with number of layers of companies

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) Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year. However, the Company has entered into a Business Transfer Agreement as mentioned in note 48.

f) Utilisation of Borrowed funds and Share premium

(A) During the year, the Company has not advanced or loaned or invested funds (either borrowed funds or share premium or
any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with
the understanding (whether recorded in writing or otherwise) 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.

(B) During the year, 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:

(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.

g) Undisclosed Income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the
Income Tax Act, 1961, that has not been recorded in the books of account.

h) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

i) Valuation of PP&E, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets during
the current or previous year.

k) In accordance with the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, the Company has maintained its books
of account using accounting software that incorporates a feature of recording an audit trail (edit log) of each and every
transaction. The audit trail functionality has been operated consistently throughout the financial year for all transactions
recorded in the software and has also been enabled at the database level to capture direct modifications impacting the
books of account. The audit trail has been maintained without any tampering and preserved by the Company in compliance
with the applicable statutory requirements for record retention.

48 As reported during the previous year ended March 31, 2025, the Board had approved the transfer of the Private Wealth
Business to JM Financial Services Limited (the "JMFSL"), a wholly-owned subsidiary of the Company through a slump sale
on a going concern basis and accordingly, the Company had entered into Business Transfer Agreement ("BTA") with JMFSL
on May 12, 2025, for which the effective date of transfer was April 1,2025. As the effective date of transfer was April 1,2025,
the associated assets and liabilities of the Private Wealth Business were presented as "Held for sale" in the Standalone
Balance Sheet as at March 31,2025.

The consideration for the said transfer which stood at H 8.45 crore, has been received by the Company during the year as per the
terms and conditions stipulated in the BTA. The performance for the previous year pertaining to the Private Wealth Business have
been classified as "discontinued operations" in the Statement of Profit and loss for the year ended March 31,2026.

49 As reported earlier, SEBI had issued a confirmatory order dated June 20, 2024 (the "Order"), whereby SEBI, in line with the
voluntarily undertakings by the Company, had directed the Company to not accept any new mandate as a lead manager in
public issue of debt securities up to March 31, 2025 or till such further date as may be specified by SEBI. The Order also
clarified that the directions contained in it are limited to the Company's role as a lead manager to public issue of debt
securities and does not relate to other activities of the Company, including acting as a lead manager to public issue of equity
instruments. SEBI vide its order dated September 19, 2025 (the "Settlement Order") has settled the potential proceedings, if
any, that may have been initiated against the Company. The Settlement Order was issued pursuant to the charges paid and
undertakings agreed by the Company to SEBI. The Company paid H1.56 crore towards settlement and H 1.22 crore towards
disgorgement agreed for voluntary debarment from acting as a lead manager in any public issue of debt securities for a
period of 3 months from the date of the Settlement Order.

50 During the year ended March 31, 2024, JM Financial Asset Reconstruction Company Limited (the "JMFARC"), a subsidiary
of the Company, had recognized fair value loss and had made impairment provision aggregating H 846.86 crore on its
investment in multiple trusts and also loans related to one large account/exposure due to change in the resolution strategy/
plan. Consequent to the above, the net worth of JMFARC had reduced and accordingly, the Company had taken impairment
provision amounting to H 88.38 crore on its investments in JMFARC in the statement of profit and loss for the year ended
March 31, 2024.

During the previous year, the Company sold its entire holding of 57,09,32,034 equity shares, representing 71.79% of the equity
share capital of JMFARC for a total consideration of H 856 crore and recognised net loss on sale of investment in subsidiary of
H 87.34 crore and reversed the impairment provision of H 88.38 crore in the statement of profit and loss for the year ended March
31,2025. This had resulted in net positive impact of H 1.04 crore.

51 The Financial Statements are approved by the Board of Directors at its meeting held on May 29, 2026.