XVII. Provisions and Commitments

A provision is recognised when the Company has a present
obligation (legal or constructive), as a result of past events and
it is probable that an outflow of resources, that can be reliably
estimated, will be required to settle such an obligation. .

When the Company expects some or all of a provision to be
reimbursed, for example, under an insurance contract, the
reimbursement is recognized as a separate asset, but only when
the reimbursement is virtually certain. The expense relating to a
provision is presented in the statement of profit and loss net of
any reimbursement.

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

Onerous Contracts - Present obligations arising under onerous
contracts are recognised and measured as provisions. An
onerous contract is considered to exist where the Company has
a contract under which the unavoidable costs of meeting the
obligations under the contract exceed the economic benefits
expected to be received from the contract. The unavoidable
costs under a contract reflect the least net cost of exiting from
the contract, which is the lower of the cost of fulfilling it and any
compensation or penalties arising from failure to fulfil it. The cost
of fulfilling a contract comprises the costs that relate directly to
the contract (i.e., both incremental costs and an allocation of
costs directly related to contract activities).

Provisions are reviewed at each Balance Sheet date.

XVIII. Contingent Liabilities

Disclosure of contingent liability is made when there is a possible
obligation arising from past events, the existence of which will
be confirmed only by the occurrence or non-occurrence of one
or more uncertain future events not wholly within the control of
the Company or a present obligation that arises from past events
where it is either not probable that an outflow of resources
embodying economic benefits will be required to settle or
a reliable estimate of amount cannot be made. Contingent
liabilities are reviewed at each Balance Sheet date.

XIX. Cash and Cash Equivalents

Cash and short-term deposits in the Balance Sheet comprise
cash at banks, cheque on hand, short-term deposits with a
maturity of three months or less from the date of acquisition,
which are subject to an insignificant risk of changes in value.

For the purpose of the Statement of cash flows Cash and cash
equivalents comprise cash at banks and on hand, short-term
deposits with an original maturity of three months or less and
liquid investments, which are subject to insignificant risk of
changes in value. .

XX. Earnings per Equity Share

Basic earnings per share is computed by dividing the profit /
loss after tax by the weighted average number of equity shares
outstanding during the year. The weighted average number
of equity shares outstanding during the year is adjusted for
treasury shares, bonus issue, bonus element in a rights issue
to existing shareholders, share split and reverse share split
(consolidation of shares).

Diluted earnings per share is computed by dividing the profit /
loss after tax as adjusted for dividend, interest and other charges
to expense or income (net of any attributable taxes) relating to
the dilutive potential equity shares, by the weighted average
number of equity shares considered for deriving basic earnings

per share and the weighted average number of equity shares
which could have been issued on the conversion of all dilutive
potential equity shares including the treasury shares held by
the Company to satisfy the exercise of the share options by
the employees.

XXI. Segment Reporting

Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.

The Board of directors of the Company has been identified as the
Chief Operating Decision Maker which reviews and assesses the
financial performance and makes the strategic decisions.

XXII. Current and Non-Current Classification

The Company presents assets and liabilities in the balance sheet
based on current and non-current classification.

An asset is classified as current when it satisfies any of the
following criteria:

• Expected to be realized or intended to be sold or consumed
in Company normal operating cycle; Held primarily for the
purpose of trading;

• Expected to be settled within twelve months after the
reporting period or

• Cash or cash equivalents unless restricted from being
exchanged or used to settle a liability for at least twelve
months after the reporting period. All other assets are
classified as non-current.

A liability is classified as current when it satisfies any of the
following criteria:

• It is expected to be settled in Company normal
operating cycle;

• It is held primarily for the purpose of trading;

• I t is due to be settled within twelve months after the
reporting date; or the Company does not have an
unconditional right to defer settlement of the liability for
at least twelve months after the reporting date. Terms of a
liability that could, at the option of the counterparty, result
in its settlement by the issue of equity instruments do not
affect its classification.

The Company classifies all other liabilities as non-current.

XXIII. Key sources of estimation uncertainty and critical
accounting judgements

The preparation of Standalone financial statements, in
conformity with Ind AS requires management to make
judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts
of assets, liabilities, income and expenses. The management
bases its estimates on historical experience and various other
assumptions that are believed to be reasonable under the
circumstances. Actual results may differ from those estimates.

The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimates are revised
and in any future periods affected. In particular, information
about significant areas of estimation, uncertainty and critical
judgements in applying accounting policies that have the most
significant effect on the amounts recognized in the Standalone
Financial Statements is included in the following notes:

a. Property, plant and equipment

The charge in respect of periodic depreciation is derived
after determining an estimate of an asset's expected
useful lives and the expected residual value at the end of
its lives. The useful lives and residual values of Company's
assets are determined by Management at the time the
asset is acquired and reviewed periodically, including at
each financial year end. The lives are based on historical
experience with similar assets as well as anticipation
of future events, which may impact their life, such as
changes in technology. Such lives are dependent upon
an assessment of both the technical lives of the assets,
and also their likely economic lives based on various
internal and external factors including relative efficiency,
the operating conditions of the asset, anticipated
technological changes, historical trend of plant load
factor, historical planned and scheduled maintenance. It
is possible that the estimates made based on existing
experience are different from the actual outcomes and
could cause a material adjustment to the carrying amount
of property, plant and equipment.

b. Income taxes:

Significant judgements are involved in determining the
provision for income taxes, including amount expected
to be paid / recovered for uncertain tax positions. In
assessing the realizability of deferred tax assets arising
from unused tax credits, the management considers
convincing evidence about availability of sufficient taxable
income against which such unused tax credits can be
utilized. The amount of the deferred income tax assets

considered realizable, however, could change if estimates
of future taxable income changes in the future.

c. Defined benefit 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 attrition
rate. 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.

d. Fair Value Measurement

When the fair values of financials assets and financial
liabilities recorded or disclosed in the financial statements
cannot be measured based on quoted prices in active
markets, their fair value is measured using valuation
techniques which involve various judgements and
assumptions including the Discounted Cash Flows model.
The inputs to these models are taken from observable
markets where possible, but where this is not feasible, a
degree of judgment is required in establishing fair values.
Judgements include consideration of inputs such as
liquidity risk, credit risk and volatility.

e. I mpairment of Financial Assets and Non-Financial
Assets

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

I n case of non-financial assets, the Company estimates
asset's recoverable amount, which is higher of an assets
or Cash Generating Units (CGU's) fair value less costs of
disposal and its value in use.

I n assessing value in use, the estimated future cash
flows are discounted to their present value using pre-tax
discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset.
In determining fair value less costs of disposal, recent
market transactions are taken into account, if no such
transactions can be identified, an appropriate valuation
model is used.

f. Contingencies

In the normal course of business, contingent liabilities may
arise from litigation and other claims against the Company.
Potential liabilities that are possible but not probable
of crystalising or are very difficult to quantify reliably
are treated as contingent liabilities. Such liabilities are
disclosed in the notes but are not recognized. The cases
which have been determined as remote by the Company
are not disclosed.

Contingent assets are neither recognized nor disclosed
in the Standalone Financial Statements unless when an
inflow of economic benefits is probable.

g. Provisions

The timing of recognition and quantification of the liability
requires the application of judgement to existing facts
and circumstances, which can be subject to change. The
carrying amounts of provisions and liabilities are reviewed
regularly and revised to take account of changing facts
and circumstances.

XXIV. Recent Accounting Pronouncements

(i) New and amended standards

The Ministry of Corporate Affairs vide notification dated
May 7, 2025 and August 13, 2025 notified the Companies
(Indian Accounting Standards) Amendment Rules, 2025
and Companies (Indian Accounting Standards) Second
Amendment Rules, 2025,respectively, which amended
certain accounting standards (see below), and are
effective for annual reporting periods beginning on or after
April 1, 2025:

(a) Classification of Liabilities as Current or Non-current
and Non-current Liabilities with Covenants -

Amendments to Ind AS 1 As a result of the adoption of
the amendments to Ind AS 1, the Company changed its
accounting policy for the classification of borrowings:
"Borrowings are classified as current liabilities unless,
at the end of the reporting period, the Company has
a right to defer settlement of the liability for at least 12
months after the reporting period. Covenants that the
Company is required to comply with, on or before the
end of the reporting period, are considered in classifying
loan arrangements with covenants as current or non¬
current. Covenants that the Company is required to
comply with after the reporting period do not affect the
classification." This new policy did not result in a change

in the classification of the Company's borrowings. The
Company did not make retrospective adjustments as a
result of adopting the amendments to Ind AS 1.

(b) Supplier Finance Arrangements - Amendments to Ind
AS 7 and Ind AS 107.

The Company has reviewed these amendments and based
on its evaluation, has determined that they do not have any
impact on the Company's financial statements.

(c) I nternational Tax Reform - Pillar Two Model Rules -
Amendments to Ind AS 12

The Company is not within the scope of the OECD Pillar
Two Model Rules, as Pillar Two legislation has not yet been
enacted in the jurisdictions in which the Company operates.

(d) Lack of Exchangeability - Amendments to Ind AS 21

The amended Ind AS 21 have added requirements to help
entities to determine whether a currency is exchangeable
into another currency, and the spot exchange rate to
use where it is not. These amendments did not have any
material impact on the amounts recognized in prior periods
and are not expected to significantly affect the current or
future periods.

(ii) New standards or amendments not yet adopted

Classification of Liabilities as Current or Non-current and
Non-current Liabilities with Covenants - Amendments to
Ind AS 1- This amendment also includes specific provisions
that will take effect for reporting periods beginning on or
after April 1, 2026, as outlined below. Under the existing
Ind AS 1, where there is a breach of a material provision of
a long-term loan arrangement on or before the end of the
reporting period with the effect that the liability becomes
payable on demand on the reporting date, the entity does
not classify the liability as current, if the lender agreed,
after the reporting period and before the approval of the
financial statements for issue, not to demand payment
as a consequence of the breach. However, the amended
requirements stipulate that entities will no longer be
permitted to consider lender waivers that are granted after
the reporting date but before the financial statements are
approved for the purpose of classification of loans. This
amendment is required to be applied retrospectively in
accordance with Ind AS 8. The Company does not expect
this amendment to have an impact on its operations or
financial statements.

Note:

1. Security deposits includes deposits for rent and other utilities.

2. Margin money deposits with a carrying amount of ' 1.40 crore (FY 2025 : ' 1.40 crore) are subject to charge for securing the Company's
Bank Guarantee facility.

3. Fixed deposits includes ' 130.00 crore (FY 2025 : ' Nil) unutilised proceeds of Initial Public Offer (IPO).

4. I nterest receivable on fixed deposits includes interest on unutilised proceeds from Initial Public Offer (IPO) amounting to ' 9.65 crore
(FY 2025 : ' 21.69 crore) which has been temporarily invested in deposits with scheduled commercial banks .

5. Current financial assets have been given as collateral towards banking facilities.

NOTE 10:- INCOME TAX

Indian companies are subject to Indian income tax on a standalone basis. For each fiscal year, the entity profit and loss is subject to the higher
of the regular income tax payable or the Minimum Alternative Tax ("MAT").

Statutory income taxes are assessed based on book profits prepared under generally accepted accounting principles in India adjusted in
accordance with the provisions of the (Indian) Income Tax Act, 1961. Statutory income tax is charged at 30% plus a surcharge and education cess.

MAT is assessed on book profits adjusted for certain items as compared to the adjustments followed for assessing regular income tax under
normal provisions. MAT for the fiscal year 2025-26 is charged at 15% plus a surcharge and education cess. MAT paid in excess of regular income
tax during a year can be set off against regular income taxes within a period of fifteen years succeeding the fiscal year in which MAT credit
arises subject to the limits prescribed.

Business loss can be carried forward for a maximum period of eight assessment years immediately succeeding the assessment year to which
the loss pertains. Unabsorbed depreciation can be carried forward for an indefinite period.

The Company proposes to opt for the new corporate tax regime under section 115BAA of the Income Tax Act effective from the next financial
year. The revised effective tax rate under the new regime would be 25.17% as compared to the existing rate of 34.944%. Accordingly, Deferred
tax has been computed based on new tax rate.

Nature and purpose of reserves:

(1) Retained Earnings

Retained earnings are the profits that Company has earned till date, less any transfers to general reserve, dividends or other distributions
paid to shareholders. Retained earnings includes re-measurement loss/(gain) on defined benefit plans, net of taxes that will not be
reclassified to Statement of Profit and Loss. Retained earnings are free reserves available to the Company.

(2) Capital Reserve:

Forfeiture of equity share warrant on account of option not exercised by the warrant holders.

(3) Security premium reserve:

The amount received in excess of face value of equity shares is recognised in securities premium. This reserve is utilised in accordance
with the specific provisions of the Companies Act 2013.

(4) Equity settled share based payment reserve:

The Company offers ESOP, under which options to subscribe for the Company's share have been granted to certain employees and senior
management of JSW Infrastructure Limited and its subsidiaries. The share based payment reserve is used to recognise the value of equity
settled share based payments provided as part of the ESOP scheme.

(a) Ms. Gazal Qureshi were in receipt of remuneration from South West Port Limited for part of the year.

(b) As the future liability of the gratuity is provided on actuarial basis for the company as a whole, the amount pertaining to individual is
not ascertainable and therefore not included above.

(c) The remuneration include perquisite value of ESOPs in the year it is exercised for year ended 31 March 2026'15.51 crore (FY 2025 :
' Nil crore). The Company has recognised an expense of ' 1.28 crore (FY 2025 : ' 0.49 crore) towards employee stock options granted
to Key Managerial Personnel.

(d) The Independent Non-Executive Directors are paid remuneration by way of sitting fees. The Company pays sitting fees at the rate of
' 50,000/- (FY 2025 : ' 50,000) for each meeting of the Board and ' 30,000/- (FY 2025 : ' 30,000/-) for sub-committees attended
by them. The amount paid to them by way of sitting fees during the year is ' 0.50 crore (FY 2025 : ' 0.55 crore), which is not
included above.

(e ) The transactions are disclosed under various relationships (i.e. subsidiary and other related parties) based on the status of related
parties on the date of transactions.

(f) The Company gives or receives trade advances during normal course of business. The transactions against those trade advances
are part of above-mentioned purchases or sales and accordingly, such trade advances have not been shown separately

(g) The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. This assessment
is undertaken each financial year through examining the financial position of the related party and the market in which the related
party operates. Outstanding balances at the year-end are unsecured and settlement occurs in cash.

(h) Pursuant to amendment in related party transactions definition as per SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015, as amended, payment of dividend is not shown as related party transaction with effect from 1 April 2022

Terms and Conditions
Sales:

The sales to related parties are made on terms equivalent to those that prevail in arm's length transactions and in the ordinary course of
business. Sales transactions are based on prevailing price lists and memorandum of understanding signed with related parties. For the
year ended 31^st March 2026, the Company has not recorded any impairment of receivables relating to amounts owed by related parties.

Purchases:

The purchases from related parties are made on terms equivalent to those that prevail in arm's length transactions and in the ordinary
course of business. Purchase transactions are based on made on normal commercial terms and conditions and market rates.

Loans to Related Parties:

The Company had given loans to related parties for business requirement. The loan balances as at 31^st March, 2026 was ' 2,222.07 crore
(As on 31^st March, 2025 was ' 1,715.86 crore). These loans are unsecured in nature.

(a) Loan to Group companies :

Interest rate for loans to subsidiaries out of IPO proceeds is 1 year SBI MCLR 175 BPS.

Interest rate for long term loans to subsidiaries is 8.25%.

Interest rate for long term loans to foreign subsidiaries is 3months SOFR 195 BPS.

Interest rate for loans to subsidiaries out of bond proceeds is 6.75% Actual forex Loss Allocation.

(b) Loans to employee welfare trusts : these loans are given as interest free.

Interest Income

Interest is accrued on loan given to related party as per terms of agreement.

Interest expense:

Interest is charged on loan from related party as per terms of agreement.

Financial Guarantee given

Financial guarantees given on behalf of subsidiary company are for availing term loan and the transactions are in ordinary course of
business and at arms' length basis.

Financial Guarantee received

Financial guarantees received from subsidiary company for External Commercial Borrowings and the transactions are in ordinary
course of business and at arms' length basis.

NOTE 33:- CORPORATE SOCIAL RESPONSIBILITY (CSR)

As per section 135 of the Companies Act 2013, a company, meeting the applicabilty threshold, needs to spend at least 2% of its average net profit
for the immediately preceding three financial years on corporate social responsibilty (CSR) activities. The areas for CSR activities are eradication of
hunger and malnutrition, promoting education and culture, healthcare, ensuring environmental sustainability, rural development.A CSR committee
has been formed by the Company as per the Act.The funds were primarily allocated and utilised through the year on these activites which are
specified in Schedule VII of the Companies Act, 2013.

Compensated absences:

Privileged Leave (PL) - Unutilised PL balance at the end of the calendar year (31^st December) shall be encashed at the prevailing basic pay
and no carry forward is allowed.

Contingency Leave (CoL) - The annual credit of a contingency leave shall be 8 days. Maximum accumulation of 30 days is allowed and can
not be encashed.

These plans typically expose the Company to the following actuarial risks:

Investment Risk:

The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to government bond
yields; if the return on plan asset is below this rate, it will create a plan deficit. Currently the plan has a relatively balanced investment in
equity securities and debt instruments.

Interest Risk:

A fall in the discount rate, which is linked, to the G-Sec 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 plan participants. As such, an
increase in the salary of the plan participants will increase the plan's liability.

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.

Longevity 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.
Concentration risk:

Plan is having a concentration risk as all the assets are invested with the insurance company and a default will wipe out all the assets.
Although probability of this is very less as insurance companies have to follow regulatory guidelines.

The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out at 31^st March,
2026 by Independent Actuarial Agency. The present value of the defined benefit obligation, and the related current service cost and past
service cost, were measured using the projected unit credit method.

d) The estimates of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.

e) The discount rate is based on the prevailing market yields of Government of India securities as at the balance sheet date for the
estimated term of the obligations.

f) The average duration of the defined benefit plan obligation at the end of the reporting period is 10 years (31 March 2025: 9 years)
Long service award

The company has a policy to recognise the long service rendered by employees and celebrate their long association with the group. This
scheme is called- Long Association of Motivation, Harmony & Excitement (LAMHE). The award is paid at milestone service completion years
of 10, 15, 20 and 25 years.

Compensated absences

The company has a policy on compensated absences with provisions of accumulation of contingency leave and encashment of privilege
leave by the employees during employment or on separation from the group due to death, retirement or resignation. The expected cost of
contingency leave is determined by actuarial valuation performed by an independent actuary at the balance sheet date using projected
unit credit method.

NOTE 35:- FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS
35.1 Capital Risk Management

The Company being in a capital intensive industry, its objective is to maintain a strong credit rating, healthy capital ratios and establish a capital
structure that would maximise the return to stakeholders through optimum mix of debt and equity.

The Company's capital requirement is mainly to fund its capacity expansion, repayment of principal and interest on its borrowings and
strategic acquisitions. The principal source of funding of the Company has been, and is expected to continue to be, cash generated from its
operations supplemented by funding from bank borrowings and the capital markets. The Company is not subject to any externally imposed
capital requirements.

The Company regularly considers other financing and refinancing opportunities to diversify its debt profile, reduce interest cost and elongate
the maturity of its debt portfolio, and closely monitors its judicious allocation amongst competing capital expansion projects and strategic
acquisitions, to capture market opportunities at minimum risk.

The Company monitors its capital using gearing ratio, which is net debt, divided to total equity. Net debt includes, interest bearing loans and
borrowings less cash and cash equivalents, bank balances other than cash and cash equivalents and current investments.

Fair value hierarchy of financial instruments:

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

a) recognised and measured at fair value and

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

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments
into three levels prescribed under the accounting standard.

Details of Financial assets/ liabilities measured at amortised cost but fair value disclosed in category wise

The carrying amounts of trade receivables, trade payables,cash and cash equivalents, other financial assets and other financial liabilities (which
are not disclosed below) are considered to be the same as their fair values, due to their short term nature.

NOTE 36:-FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company has a Risk Management Committee established by its Board of Directors for overseeing the Risk Management Framework and
developing and monitoring the Company's risk management policies. The risk management policies are established to ensure timely identification
and evaluation of risks, setting acceptable risk thresholds, identifying and mapping controls against these risks, monitor the risks and their
limits, improve risk awareness and transparency. Risk management policies and systems are reviewed regularly to reflect changes in the market
conditions and the Company's activities to provide reliable information to the Management and the Board to evaluate the adequacy of the risk
management framework in relation to the risk faced by the Company.

The risk management policies aims to mitigate the following risks arising from the financial instruments:

Market risk:

Market risk is the risk that the fair value of 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.

Foreign currency risk:

The Company's functional currency is Indian Rupees (INR). The Company undertakes transactions denominated in foreign currencies; consequently,
exposure to exchange rate fluctuations arise. Volatility in exchange rates affects the Company's revenue . The Company is exposed to exchange
rate risk under its trade and debt portfolio.

Adverse movements in the exchange rate between the Rupee and any relevant foreign currency result's in increase in the Company's overall debt
position in Rupee terms without the Company having incurred additional debt and favourable movements in the exchange rates will conversely
result in reduction in the Company's receivables in foreign currency.

Interest Rate Sensitivity -

The sensitivity analysis determines the exposure to interest rates for financial instruments at the end of the year. The Company does not have
any floating rate exposures as on 31^st March 2026.

Credit risk management:

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk
at the reporting date is primarily from trade receivables amounting to ' 102.35 crore and ' 80.42 crore as of March 31, 2026 and March 31, 2025,
respectively. The Company has its major revenue from group companies. Hence no credit risk is perceived.

The Company is exposed to credit risk for trade receivables, cash and cash equivalents, investments, other bank balances, loans, other financial
assets, financial guarantees and derivative financial instruments.

Foreign currency sensitivity

The following table details the Company's sensitivity to a 1% appreciation and depreciation in the INR against the relevant foreign currencies.
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end
for a 1% change in foreign currency rates, with all other variables held constant. A positive number below indicates an increase in profit or equity
where INR strengthens 1% against the relevant currency. For a 1% weakening of INR against the relevant currency, there would be a comparable
impact on profit or equity, and the balances below would be negative.

Credit Risk Exposure:

The allowance for credit loss on customer balances for year ended March 31, 2026 ' Nil crore (FY 2025 : ' Nil crore)

Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks and financial institutions with high credit ratings
assigned by international and domestic credit rating agencies.

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 one and 10 years.
Liquidity is reviewed on a daily basis based on weekly cash flow forecast.

As of March 31, 2026 the Company had a working capital of ' (214.71) crore. As of March 31, 2025, the Company had a working capital of '
(274.45) crore.This negative working capital is mainly due to capex payable which the company has financed through mix of internal accrual
and debt

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment Years
and its non-derivative financial assets. 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 tables include both interest and principal cash flows

Collateral

The company has given its trade receivables, current financial assests and cash and cash equivalents as collateral for the banking facilities
extended to the company.

NOTE 37:- EMPLOYEE SHARE BASED PAYMENT PLAN
Employee Stock Ownership Plan 2016 (ESOP Plan 2016)

The board of directors approved the "Employee Stock Ownership Plan 2016" on March 23, 2016 for issue of stock options to the employee of
the Company and its subsidiaries. Board has authorised the Nomination and Remuneration committee for the superintendence of the ESOP Plan.

The maximum value and share options that can be awarded to eligible employees is calculated by reference to certain percentage of individuals
salary. 50% of the grant would vest at the end of the third year and 50% of the grant would vest at the end of the forth year with a vesting condition
that the employee is in continuous employment with the Company till the date of vesting. These options are equity settled.

Employee Stock Ownership Plan 2021 (ESOP Plan 2021)

The board of directors approved the "Employee Stock Ownership Plan 2021" on January 30, 2022 for issue of stock options to the employee of
the Company and its subsidiaries. Board has authorised the Nomination and Remuneration committee for the superintendence of the ESOP Plan.

The maximum value and share options that can be awarded to eligible employees is calculated by reference to certain percentage of individuals
salary. 25% of the grant would vest at the end of the first year, 25% of the grant would vest at the end of the second year and 50% of the grant
would vest at the end of the third year with a vesting condition that the employee is in continuous employment with the Company till the date
of vesting. These options are equity settled.

NOTE 42:- ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013

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

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

iii) The Company has not 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.

iv) 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 on behalf of the ultimate beneficiaries.

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

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

vii) The Company does not have any transactions with companies which are struck off.

viii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period

ix) The Company has used the borrowings from banks and financial institutions for the purpose for which it was obtained.

x) Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books
of account.

xi) The Company is not declared willful defaulter by any bank or financials institution or lender during the year

xii) The Company has been maintaining its books of accounts in the SAP which has feature of recording audit trail of each and
every transaction, creating an edit log of each change made in books of account along with the date when such changes
were made and ensuring that the audit trail cannot be disabled, throughout the year as required by proviso to sub rule
(1) of rule 3 of The Companies (Accounts) Rules, 2014 known as the Companies (Accounts) Amendment Rules, 2021.
Additionally, the audit trail of prior year has been preserved by the Company as per the statutory requirements for record retention to the
extent it was enabled and recorded in the respective year.

NOTE 43:

The Government of India vide notification dated November 21, 2025 has notified the Code of Wages, 2019, the Industrial Relations Code, 2020,
the code of Social Security, 2020, and the Occupational Safety, Health and Working Condition Code, 2020, (collectively referred to as "The Labour
Codes"), which consolidates and replaces existing multiple labour legislations. In accordance of the requirements of IND AS 19, "Employee
Benefits", changes to employee benefit plan resulting from legislative amendments constitute a planned amendment necessitating the immediate
recognition of any variation in the cost upon such notification. Consequently, the company has evaluated the potential impact and recognised
an estimated past service cost amounting to '2.95 crores which has been shown under exceptional items in the financial statements for the
year ended 31^st March, 2026. As the underlining rules to the "Labour Codes" are yet to be notified, the company will continue to monitor further
developments and will evaluate and give effect to any consequential adjustments arising subsequently in this respect.

NOTE 44 : EVENTS OCCURRING AFTER BALANCE SHEET:

The Board of Directors has recommended a dividend of ' 0.90 per equity share of ' 2 each for the year ended 31 March, 2026 subject to approval
of the members at the ensuing Annual General Meeting.

NOTE 45:

The company evaluates events and transactions that occur subsequent to the balance sheet date but prior to the approval of financial statements
to determine the necessity for recognition and/or reporting of subsequent events and transactions in the financial statements. As of 08^th May,
2026 there were no subsequent events and transactions to be recognized or reported that are not already disclosed.

NOTE 46:

The company had declared dividend in the financial year 2024-25 out of which ' 0.05 crore remained unclaimed as on 31^st March 2026.

NOTE 47:

The financial statements are approved for issue by the Audit Committee at its meeting held on 08^th May, 2026 and by the Board of Directors on
08^th May,2026.

NOTE 48:

Previous year's figures have been reclassified and regrouped wherever necessary.