1.10 Provisions, contingent liabilities, contingent assets
A provision is recognized when an enterprise has a
present obligation as a result of past event and it is
probable that an outflow of resources will be required to
settle the obligation in respect of which a reliable estimate
can be made. Provisions are measured at the present
value of management's best estimate of the expenditure
required to settle the present obligations at the end of
the reporting period. 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 changes in the provision due to the passage of time
are recognized as finance cost.
Contingent liabilities are disclosed in the case of:
a) a present obligation arising from the past events,
when it is not probable that an outflow of resources
will be required to settle the obligation;
b) a present obligation arising from the past events,
when no reliable estimate is possible; and
c) a possible obligation arising from past events,
unless the probability of outflow of resources is
remote.
Contingent assets are not recognized but disclosed in
the financial statements when an inflow of economic
benefit is probable.
1.11 Employee benefitsA. Defined contribution plans
Retirement benefit in the form of contribution to
provident fund and pension fund are charged to
statement of Profit and Loss.
B. Defined benefit plan (funded)
Gratuity is the nature of a defined benefit plan.
Provision for gratuity is calculated on the basis of
actuarial valuation carried out at reporting date
and is charged to statement of profit and loss. The
actuarial valuation is computed using the projected
unit credit method.
Re-measurements, comprising of actuarial gains
and losses, the effect of the asset ceiling, excluding
amount included in net interest on the net defined
benefit liability and the return on plan assets
(excluding amount included in net interest on the net
defined benefit liability) are recognized immediately
in the Balance Sheet with a corresponding debit
or credit to retained earnings through OCI in the
period in which they occur. Re-measurement is not
reclassified to profit or loss in subsequent periods.
C. Other employee benefits (unfunded)
Leave encashment is recognized as an expense
in the statement of profit and loss account as
and when they accrue. The Company determines
the liability using the projected unit credit method
with actuarial valuations carried out as at balance
sheet date.
1.12 Revenue recognitionRevenue from sale of goods and services
The Company derives its revenue from sale of
manufactured goods & traded goods primarily from
steel segment and also from royalty services in respect
of franchisee arrangement. The Company recognizes
revenue from sale of products & services at a time when
performance obligations are satisfied and upon transfer
of control of promised products and services to the
customer as per the contract, in an amount that reflects
the consideration, the Company expects to receive in
exchange for their products or services. The Company
disaggregates the revenue based on nature of products.
The revenue from sale of goods and services is net of
variable consideration on account of various discounts
and schemes offered by the Company.
Royalty income is recognized as per the contract when
the goods are sold by the franchisee.
Sale of Power is recognized as per the agreement rates
as per contract based on the unit produced.
Interest income
Interest income is recognized using the EIR method. The
EIR is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial
asset to the gross carrying amount of a financial asset.
When calculating the effective interest rate, the Company
estimates the expected cash flows by considering
all the contractual terms of the financial instruments
(for example, prepayment, extension, call and similar
options) but does not consider the expected credit loss.
1.13 Taxes on income
I ncome tax expenses comprise current tax expenses
and the net change in the deferred tax asset or liabilities
during the year. Current and deferred tax are recognized
in statement of profit and loss, except when they relate
to items that are recognized in other comprehensive
income or directly in equity, in which case, the current and
deferred tax are also recognized in other comprehensive
income or directly in equity respectively.
Current tax
The Company provides current tax based on the
provisions of the Income Tax Act, 1961 applicable to the
Company.
Deferred tax
Deferred tax is recognized using the balance sheet
approach. Deferred tax assets and liabilities are
recognized for deductible and taxable temporary
differences arising between the tax base of assets and
liabilities and their carrying amount.
Deferred tax liabilities are recognized for all taxable
temporary differences.
Deferred tax assets are recognized for all deductible
temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets
are recognized to the extent that it is probable that taxable
profit will be available against which the deductible
temporary differences, and the carry forward of unused
tax credits and unused tax losses can be utilized.
The carrying amount of deferred tax assets is reviewed
at each reporting date and reduced to the extent that it
is no longer probable that sufficient taxable profit will
be available to allow all or part of the deferred tax asset
to be utilized. Unrecognized deferred tax assets are re¬
assessed at each reporting date and are recognized to
the extent that it has become probable that future taxable
profits will allow the deferred tax assets to be recovered.
Deferred tax assets and liabilities are measured at the
tax rates that are expected to apply in the year when the
asset is realized or liability is settled, based on tax rates
(and tax laws) that have been enacted or substantially
enacted at the reporting date.
Deferred tax relating to items recognized outside profit
or loss is recognized outside profit or loss (either in other
comprehensive income (loss) or in equity). Deferred tax
items are recognized in correlation to the underlying
transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset
if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred
taxes relate to the same taxable entity and the same
taxation authority.
1.14 Leases
In accordance with Ind AS 116, the Company recognizes
right of use assets representing its right to use the
underlying asset for the lease term at the lease
commencement date. The cost of right of use asset
measured at inception shall comprise of the amount of
the initial measurement of the lease liability adjusted for
any lease payments made at or before commencement
date less any lease incentive received plus any initial
direct cost incurred and an estimate of cost to be incurred
by lessee in dismantling and removing underlying asset
or restoring the underlying asset or site on which it is
located. The right of use asset is subsequently measured
at cost less accumulated depreciation, accumulated
impairment losses, if any, and adjusted for any
re-measurement of lease liability. The right of use assets
is depreciated using the straight-line method from the
commencement date over the shorter of lease term or
useful life of right of use asset. The estimated useful
lives of right of use assets are determined on the same
basis as those of property, plant and equipment. Right
of use assets are tested for impairment whenever there
is any indication that their carrying amounts may not
be recoverable. Impairment loss, if any, is recognized in
statement of profit and loss.
The Company measures the lease liability at the present
value of the lease payments that are not paid at the
commencement date of lease. The lease payments are
discounted using the interest rate implicit in the lease, if
that rate can be readily determined. If that rate cannot
be readily determined, the Company uses incremental
borrowing rate.
The lease liability is subsequently re-measured by
increasing the carrying amount to reflect interest on lease
liability, reducing the carrying amount to reflect the lease
payments made and re-measuring the carrying amount
to reflect any reassessment or lease modification or
to reflect revised-in-substance fixed lease payments.
The Company recognizes amount of re-measurement
of lease liability due to modification as an adjustment
to write off use asset and statement of profit and loss
depending upon the nature of modification. Where the
carrying amount of right of use assets is reduced to zero
and there is further reduction in measurement of lease
liability, the Company recognizes any remaining amount
of the re-measurement in statement of profit and loss.
The Company has elected not to apply the requirements
of Ind AS 116 to short term leases of all assets that have
a lease term of 12 months or less unless renewable on
long term basis and leases for which the underlying
asset is of low value. The lease payments associated
with these leases are recognized as an expense over
lease term.
1.15 Recent accounting pronouncements
MCA has notified amendments to Ind AS 1 (classification
of liabilities and disclosure of material accounting
policies) and amendments to Ind AS 7 and Ind AS 107
(disclosures relating to supplier finance arrangements).
The Company has evaluated these amendments and
has no impact on the recognition and measurement of
assets and liabilities in the financial statements.
Standards notified but not yet effected
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.
Ind AS 118 - Presentation and Disclosure in Financial
Statements, which will replace Ind AS 1 and is effective
for annual reporting periods beginning on or after
1st April , 2027. Ind AS 118 introduces revised presentation
requirements in the statement of profit and loss and
enhanced disclosure requirements.
Amendments to Ind AS 1 - For annual reporting periods
beginning on or after 1st April 2026, any breach of a
covenant-whether material or immaterial-occurring
on or before the reporting date will, in accordance with
Ind AS 1, require the related liability to be classified as
current, unless the lender has granted a waiver of the
breach on or before the reporting date and has agreed
not to demand repayment for at least 12 months after
the reporting date as a consequence of the breach. Such
a waiver shall be treated as an adjusting event.
*The Company has an investment of ' 1 Lakh in Kamdhenu Jeevandhara Foundation ("Foundation"), a Company registered
under Section 8 of the Companies Act, 2013. By virtue of section 129 of the Companies Act, 2013, this Foundation becomes a
subsidiary of the Company. The Foundation is a not-for-profit company and involved in implementing of CSR activities.
Further in view of the Foundation being an entity not-for-profit, any surplus accruing in the statement of profit and loss of
the Foundation will not be used for distribution as dividends and in a case of winding up or dissolution of the Foundation, any
surplus after satisfaction of debt, property, liabilities whatsoever shall not be distributed to the Company but will go in similar
purpose of foundation. This Foundation is not considered material to the Company. Other than this Foundation there is no other
subsidiary of the Company and therefore the Company has not prepared separate consolidated financial statements.
** During the year, Maa Kudargarhi Steels Private Limited had alloted 20,000 number of unquoted equity share to the Company
upon conversion of unsecured corporate deposit, which has been credited in demat account on 16th April, 2026 (Refer note 4).
*** During the year, equity share of VMS TMT Limited has been listed on stock exchange therefore current year figures have
been shown under "Investment in quoted equity instruments".
**** During the year , Kamdhenu Ventures Limited had alloted 1,46,45,000 number of quoted equity share to the Company upon
conversion of warrants into equity shares, which has been credited in demat account on 14th May, 2026.
(i) Inventories are valued as under:
(a) Raw materials, work in progress, stock in trade, stores, spares and fuel, waste, scraps and runner risers are valued at
cost or net realizable value whichever is lower.
(b) Finished goods are valued at cost or net realizable value whichever is lower.
(ii) The Company do not have any inventory which is expected to be sold in more than 12 months.
a) The Company has used a practical expedient method by computing the Expected Credit Loss (ECL) allowance based on
a provision matrix. The expected credit loss (ECL) allowance is based on the ageing of the days, the receivables are due
and recognises impairment loss allowance based on lifetime expected loss on each reported date right from its initial
recognition.The provision matrix at the end of each reporting period is as under :
(c) Term/ rights attached to equity shares
The Company has issued only one class of equity shares having a face value of ' 1/- per share. Each holder of equity
shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
The repayment of equity share capital in the event of Liquidation and buy back of Shares are possible subject to prevalent
regulations. In the event of Liquidation, normally the equity shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amount, in proportion of shareholding.
The Company has not allotted any fully paid up shares pursuant to contract(s) without payment being received in cash.
The Company has neither allotted any fully paid up shares by way of bonus shares nor has bought back any class of
shares during the period of five years immediately preceding the balance sheet date.
(d) Dividend
The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. The remittance
of dividends outside India is governed by Indian law on foreign exchange.
The amount of per share dividend recognised as distributions to equity shareholders during F.Y. 2025-26 pertaining to F.Y
2024-25 amounted to '704.71 Lakhs have been shown as deduction from retained earnings.
The Board of Directors of the Company in their meeting held on 27th May, 2026 have proposed a dividend @40% i.e
' 0.40/- per equity share of '1 each for the financial year ended 31st March, 2026, which are subject to the approval of
shareholders in the ensuing Annual General Meeting.
(e) Share warrants
The Company had allotted 27,50,000 Convertible Warrants on a preferential basis on 22nd February 2024, in accordance
with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The warrants entitled the
holders to apply for an equivalent number of equity shares of the Company within a period of 18 months from the date of
allotment, i.e., on or before 22nd August 2025, upon payment of the balance 75% of the issue price per warrant.
Out of 27,50,000 convertible warrants, 8,02,800 warrants were converted during the Financial year 2024-25 and 4,50,000
warrants (45,00,000 warrants post split from '10 to '1) were converted in the current Financial Year 2025-26 upon
receipt of payment of ' 1191.37 Lakhs. The remaining 14,97,200 warrant holders did not exercise the conversion option
within the stipulated period. In line with the applicable provisions of SEBI (Issue of Capital and Disclosure Requirements)
Regulations, 2018, the warrants lapsed with effect from 23rd August 2025, and the upfront amount of '1,321.28 Lakhs
(being 25% of issue price on 14,97,200 warrants) paid at the time of allotment have been forfeited by the Company vide
Board of Directors approval dated 23rd August 2025 and has been transferred to Capital reserve.
Due to non-conversion of 14,97,200 warrants by some of the shareholders within prescribed timelines, the Company
had received only '5,743.66 Lakhs out of the proposed funds of ' 9,707.50 Lakhs. Owing to partial receipt of issue
proceeds, the fund allocation and timelines for utilization of the issue proceeds were revised by the Board of Directors in
their meeting held on 10th November, 2025 and subsequently approved by the shareholders vide postal ballot dated 24th
December, 2025. The utilization summary as on 31st March, 2026 is given below:
Nature and purpose of reserve:a) Securities premium:
Securities premium reserve is created due to premium on issue of shares. This reserve will be utilised in accordance with
the provisions of the Companies Act.
b) Capital reserve:
During the year, the Company has forfeited the 25% of upfront amount for not exercising the option from conversion of
share warrants into equity shares as a result the Company has transferred the entire amount to capital reserve.
c) Other comprehensive income:
The Company has elected to recognise changes in the fair value of certain investments in equity securities, bonds and
other debt in other comprehensive income. These changes are accumulated within the FVOCI equity investments reserve
within equity.
d) Retained earnings:
Represents surplus/ (deficit) in statement of Profit and Loss during the year and it will be utilised in accordance with the
provision of the Companies Act, 2013.
ii) Goods and Service Tax Matters
a) Order against SCN dated 26th December, 2023 has been passed on 11th December, 2025 wherein demand of ' 45.08
Lakhs has been confirmed under section 74 of CGST Act, 2017 alongwith penalty of ' 45.08 Lakhs which pertain
to F.Y. 2018-19. Appeal filed before Appealate Authority on 14th March, 2026 with manadatory pre-deposit of ' 6.34
Lakhs under protest.
b) Demand of' 156.30 Lakhs has determined u/s 74 and 50 of CGST Act, 2017 for F.Y. 2017-18 & 2018-19 , out of which
' 6.13 Lakhs has been deposited under protest, appeal against orders, have been filed to appropriate authority by the
Company.
iii) Other Claims
Pursuant to the termination letter dated 19th September, 2024, issued by the Company; all MOUs, Agreements and the
License User Agreement dated 19th January 2021, executed with Ashiana Ispat Limited stood terminated. Thereafter, both
parties filed trade mark cross suits before the Hon’ble Delhi High Court, wherein an interim order was passed on 10th April,
2026, in favour of Kamdhenu Limited. Ashiana Ispat Limited has filed an appeal before the Division Bench of the Hon’ble
Delhi High Court, after arguments of both parties, order is reserved on 20th May, 2026. The allied matters are also sub-
judice before other courts and forums. However, based on the legal opinion obtained by the Company, these litigations will
have no material impact on the financial statements.
2.5: Effect of plan on entity's future cash flows
2.5 (a): Funding arrangements and funding policy
The Company has purchased an insurance policy to provide for payment of gratuity to the employees. Every year, the
insurance company carries out a funding valuation based on the latest employee data provided by the company. Any
deficit in the assets arising as results of such valuation is funded by the Company.
Defined contribution plan
The Company deposit an amount determined a fixed percentage on salary paid of every month to the state administerd
provident fund, employee state insurance and labour welfare fund for the benefit of employees.The total amount recognised
in statement of profit and loss during the financial year is '130.96 Lakhs (31st March, 2025: ' 121.59 Lakhs) and is included in
note 32 " Employees benefit expenses".
Financial risk management framwork
The Company’s activities expose it to variety of financial risks viz. Credit risk, liquidity risk and market risk. These risks are
managed by the senior management of the Company supervised by the Board of Directors to minimize potential adverse
effects on the financial performance of the Company.
The Company’s principal financial liabilities comprise lease liabilities, trade payables, security deposits received, employees
related payable, other payables etc. The main purpose of these financial liabilities is to manage finances for the Company’s
operations. The Company’s principal financial assets include investments, trade receivables, unbilled revenue, cash and cash
equivalents, other receivables etc. that derive directly from its operations.
The Company has exposure to the following risks arising from financial instruments:
1) Credit risk
2) Liquidity risk
3) Market risk
1) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations. The Company’s exposure to credit risk arises principally from trade receivables, investments,
loans, security deposits, cash and cash equivalents, other bank balances and other financial assets.
- Cash and cash equivalents and other bank balances
The Company held Cash and cash equivalents and Other bank balances amounting to '2,782.06 Lakhs as at
31st March 2026 (31st March 2025: '4,330.91 Lakhs). These balances are maintained with reputable banking institutions.
The credit risk associated with Cash and cash equivalents and Bank deposits is considered insignificant, given the
strong creditworthiness and financial stability of the banks with which the Company maintains its banking relationships.
- Financial Assets (Other than Cash & cash equivalents & other bank balances)
The Company’s financial instruments that are subject to credit risk concentration principally include trade receivables,
investments, loans, security deposits and other financial assets. Management monitors these exposures on an ongoing
basis and has concluded that no material concentration of credit risk exists in relation to any of the Company’s financial
instruments.
Trade Receivables:-
The Company’s exposure to credit risk is primarily influenced by the specific characteristics and financial profile of each
customer. In addition, management evaluates broader factors that may affect the credit risk of its customer portfolio,
including industry-specific conditions and the inherent default risk associated with the sectors in which its customers
operate.
The Company has implemented a credit evaluation policy whereby the creditworthiness of each new customer is assessed
prior to granting standard payment and delivery terms. The evaluation process includes a review of the customer’s
financial statements, relevant industry information and, where appropriate, bank references.
Financial assets are written off when there is no reasonable expectation of recovery, such as when a debtor fails to
cooperate in a repayment arrangement with the Company. The Company recognizes an allowance for doubtful debts or
writes off receivables based on its provisioning matrix and the debtor’s failure to meet contractual payment obligations.
In cases where loans or receivables have been either fully provided for or written off, the Company continues its
recovery efforts through appropriate enforcement actions to recover outstanding amounts. Any subsequent recoveries
are recognized in the Statement of Profit and Loss in the period in which they are received. The Company applies the
Expected Credit Loss (ECL) model for the measurement and recognition of impairment allowances on its financial assets
in accordance with the applicable accounting standards.
2) 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 and another financial asset. The Company’s approach to managing liquidity is
to ensure as far as possible that it will have sufficient liquidity to meet its liabilities when they are due, under both normal
and stressed condition, without incurring unacceptable losses or risking damage to the Company’s reputation.
Ultimate responsibility for liquidity risk management rests with the board of directors, who has established an appropriate
liquidity risk management framework for the management of the Company’s short-term, medium-term and long-term
funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves,
banking facilities and by continuously monitoring forecast and actual cash fows, and by matching the maturity profiles of
financial assets and liabilities.
Maturity profile of financial liabilities
The below table provide the detail regarding the remaining contractual maturities of financial liabilities at the reporting
date based on contractual undiscounted payments. The contractual maturities based on the earliest date on which
Company may be required to pay.
3) Market risk
Market risk is the risk that changes in the market prices such as foreign currency risk, interest risk, equity price and
commodity prices. The market risk will affect the Company’s income or value of its holding of financial instruments. The
objective of the market risk management is to manage and control market risk exposure within acceptable parameters,
while optimizing the returns.
i) Commodity risk
Demand/supply risk are inherent in the prices of Ingot/Billet, the main raw material and also the prices of TMT bar,
the main product in Steel segment. The requirement of raw material is sourced on spot basis so as to float with
fluctuations in the market and to guard against price volatility. The Company has also linked its sales to raw material
prices so that the Company has adequate cushion to protect its margin in the event of any increase/decrease in raw
material costs.
ii) Interest rate risk
Interest rate is the risk that fair value or future cash flows of a financial instrument will fluctate because of changes
in interest rate. There is no borrowings of funds by the Company during the year hence there is no interest rate risk.
iii) Price Related Risk (Sensitivity Analysis)
The Company is exposed to market price risk arising from its investments in equity shares, portfolio management
services, mutual funds, bonds and other debts. Price risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market prices, whether those changes are caused by
factors specific to the individual investment or its issuer, or factors affecting all similar financial instruments in the
market.
The Company manages its exposure to price risk by maintaining a diversified investment portfolio across industries,
sectors, and instruments. The portfolio includes both quoted and unquoted investments, and the Company monitors
market movements, portfolio concentration, and fair value changes on a regular basis.
As at the reporting date, the carrying value of investments exposed to price risk aggregated to ' 27,646.90 Lakhs,
comprising quoted investments of '20,687.08 Lakhs and unquoted investments of ' 6,959.82 Lakhs. Quoted
investments are measured at fair value through profit or loss / fair value through other comprehensive income, as
applicable.
A reasonably possible 5% increase or decrease in the prices of quoted and unquoted investments, with all other
variables remaining constant, would have resulted in a corresponding increase or decrease in profit before tax (or
other comprehensive income, as applicable) of '1,034.35 Lakhs for quoted investments and '347.99 Lakhs for
unquoted investments for the year ended
iv) Foreign Exchange Risk
The Company do not have any foreign currency exposure as at 31st March, 2026.
Capital Management
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The Company have sufficient surplus to meet its business interest and any capital
risk in future.
During the year, The Company has not availed debts therefore gearing ratio (debt to total equity ratio) is not applicable for
current year.
b) Fair value hierarchy
The section explains the judgement and estimates made in determining the fair value of the financial instruments that are:
a) Recognised and measured at fair value.
b) Measured at amortised cost and for which fair values are disclosed in the financial statement.
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 as mentioned under Indian accounting standards.
Level 1-Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2-This level includes financial assets and liabilities, measured using inputs other than quoted prices included within
Level1 that are observable for the asset or liability, either directly (i.e.,as prices) or indirectly (i.e.,derived from prices).
Level 3-This level includes financial assets and liabilities measured using inputs that are not based on observable market
data (unobservable inputs).
The Company follows Ind AS 116 in respect of leases, in accordance of which the Company accounts for right of use assets.
Lease contracts entered by the Company majorly pertains to building taken on lease to conduct the business activities in
ordinary course of business.
The Company do not foresee liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the
obligation related to lease liability as and when they fall due.
The Company is engaged in the business of Steel segment, which is considered only reportable segment, hence segment
reporting has not been given for the financial year ended 31st March, 2026. The Company’s revenue from operation and non
current assets are within India there is no customers having transcations with more than 10% of the total revenue of the
Company.
Audit trail
The Company has used an accounting software for maintaining its books of account for the financial year ended 31st March,
2026 which has a feature of recording audit trail (edit log) facility except audit trail on the database level and the same has
been operating for all relevant transactions recorded in the software throughout the year. Additionally, the audit trail has been
preserved by the Company as per the statutory requirements for record retention. Based on the Company’s internal assessment,
there has been no instance of the audit trail feature being tampered with during the year.
The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes
viz the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020, and the Occupational
Safety, Health and Working Conditions Code, 2020 (collectively referred to as the "Codes"). The Codes have been made effective
from 21st November, 2025. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment
of the financial impact due to changes in regulations. The incremental impact of these changes has been assessed by the
Company and has been recognized in the financial statements of the Company for the year ended 31st March, 2026, which is
consistent with the guidance provided by the Institute of Chartered Accountants of India. The Company continues to monitor
the finalisation of Central/ State Rules and clarifications from the Government on other aspects of the Labour Code and would
provide appropriate accounting effect on the basis of such developments as needed.
|