Contingent Liabilities

Contingent liabilities are possible obligation that arises from
past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future
events beyond the control of the Company or a present
obligation that arises from past events is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. Contingent Liabilities are not
recognized but disclosed in the financial statements when the
possibility of an outflow of resources embodying economic
benefits is more.

Contingent Assets

Contingent assets are not recognised in the financial
statements since this may result in the recognition of income
that may never be realised. However, when the realization of
income is virtually certain, then the related asset is not a
contingent asset and is recognised.

. Earnings per share

Basic EPS is calculated by dividing the profit or loss attributable
to equity shareholders of the Company by the weighted
average number of equity shares outstanding during the
period. The weighted average number of equity shares
outstanding during the period and for all periods presented is
adjusted for events, such as bonus shares, other than the
conversion of potential equity shares that have changed the
number of equity shares outstanding, without a corresponding
change in resources. Partly paidup shares are included as fully
paid equivalents according to the fraction paid-up.

Diluted earnings per share are computed by dividing the profit
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 considered for deriving basic
earnings per share and the weighted average number of equity
shares which could have been issued on conversion of all
dilutive potential equity shares .

Dividends

Dividends paid are recognised in the period in which the
dividends are approved by the Board of Directors, or in respect
of the final dividend when approved by shareholders and is
recognised directly in other equity.

Segment Reporting

Operating segment is reported in a manner consistent with the
internal reporting provided to Chief Operating Decision Maker
(CODM). The accounting policies adopted for segment
reporting are in conformity with the accounting policies
adopted for the Company. Inter-segment revenues have been
accounted for based on prices normally negotiated between
the segments with reference to the costs, market prices and
business risks, within an overall optimization objective for the
Company. Revenue and expenses are identified with segments
on the basis of their relationship to the operating activities of
the segment. Revenue and expenses, which relate to the
Company as a whole and are not allocable to segments on a
reasonable basis, will be included under "Unallocated/ Others".

u. Exceptional items

Exceptional items are those items that management considers,
by virtue of their size or incidence should be disclosed
separately to ensure that the financial information allows an
understanding of the underlying performance of the business
in the year, so as to facilitate comparison with prior periods.
Such items are material by nature or amount to the year's result
and require separate disclosure in accordance with Ind AS.

v. Key Accounting Estimates and Judgments

The preparation of the 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,
expenses, and disclosures of contingent assets and liabilities at
the date of the financial statements and the results of
operations during the reporting period end. Although these
estimates are based upon management's best knowledge of
current events and actions, actual results could differ from
these estimates.

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.

The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets
and liabilities within the next financial year are discussed in the
paragraphs that follow.

(i) Useful Economic Lives and Impairment of Other Assets

The estimated useful life of property, plant and equipment
(PPE) and intangible asset is based on a number of factors
including the effects of obsolescence, usage of the asset and
other economic factors (such as known technological
advances).

The Company reviews the useful life of PPE and intangibles at
the end of each reporting date and any changes could affect the
depreciation rates prospectively.

The Company also reviews its property, plant and equipment for
possible impairment if there are events or changes in
circumstances that indicate that the carrying value of the assets
may not be recoverable. In assessing the property, plant and
equipment for impairment, factors leading to significant
reduction in profits, such as the Company's business plans and
changes in regulatory environment are taken into consideration

(ii) Contingencies and Commitments

In the normal course of business, contingent liabilities may arise
from litigation, taxation and other claims against the Company.
Where an outflow of funds is believed to be probable and a
reliable estimate of the outcome of the dispute can be made
based on management's assessment of specific circumstances
of each dispute and relevant external advice, management
provides for its best estimate of the liability. Such liabilities are
disclosed in the notes but are not provided for in the financial
statements.

Although there can be no assurance regarding the final
outcome of the legal proceedings, the Company does not
expect them to have a materially adverse impact on the
Company's financial position or profitability.

(iii) Actuarial Valuation

The determination of Company's liability towards defined
benefit obligation to employees is made through independent
actuarial valuation including determination of amounts to be
recognized in the Statement of Profit and Loss and in Other
Comprehensive Income. Such valuation depend on
assumptions determined after taking into account inflation,
seniority, promotion and other relevant factors such as supply
and demand factors in the employment market.

(iv) Fair Value Measurements and Valuation Processes

Some of the Company's assets and liabilities are measured at
fair value for financial reporting purposes. In estimating the fair
value of an asset or a liability, the Company uses market-
observable data to the extent it is available. Where Level 1
inputs are not available, the Company engages third party
valuers, where required, to perform the valuation. Information
about the valuation techniques and inputs used in determining
the fair value of various assets and liabilities are disclosed in the
notes to the financial statements.

(v) Recognition of Deferred Tax Assets For Carried Forward Tax
Losses

The extent to which deferred tax assets can be recognised is
based on an assessment of the probability of the Company's
future taxable income against which the deferred tax assets can
be utilised. In addition, significant judgement is required in
assessing the impact of any legal or economic limits.

(vi) Assessment of Impairment of investments in subsidiaries

The Company reviews its carrying value of investments in
subsidiaries, associates and joint ventures annually, or more
frequently when there is indication for impairment.

If the recoverable amount is less than its carrying amount, the
impairment loss is accounted for. Determining whether the
investment in subsidiaries, associates and joint ventures is
impaired requires an estimate in the value in use of
investments. The Management carries out impairment
assessment for each investment by comparing the carrying
value of each investment with the net worth of each company
based on audited financials, comparable market price and
comparing the performance of the investee companies with
projections used for valuations, in particular those relating to
the cash flows, sales growth rate, pre-tax discount rate and
growth rates used and approved business plans.

(ii) The Company had invested '32.00 crore in Series A 1% Non-Cumulative, Non-Convertible Preference Shares (NCPS) of its subsidiary Maithan Ferrous Private Limited. In
accordance with Ind AS 32 - Financial Instruments: Presentation, the investment was accounted for as a compound financial instrument and was bifurcated into: Equity
component: '17.12 crore; and Debt component: '18.40 crore on the date of redemption. During the year, the aforesaid preference shares were redeemed by the subsidiary and
the Company received redemption proceeds of '32.00 crore. Consequently, the debt component of the investment was derecognised. The excess of the redemption proceeds over
the carrying amount of the debt component amounting to '13.60 crore ('32.00 crore less '18.40 crore) has been recognised as Gain under Other Income in the Statement of
Profit and Loss. Further, as the compound financial instrument ceased to exist upon redemption, the equity component of '17.12 crore, which had been previously reported
separately on initial recognition under the Equity Component of Preference Share Investment, is now presented as Investment in Unquoted Equity Shares within non-current
investments. This represents a movement within equity investments and has no impact on the Statement of Profit and Loss.

(iii) During the Year, Maithan Electronics Private Limited, a subsidiary having its registered office at Kolkata in the State of West Bengal has been incorporated on 27 January 2026 with
the objects to explore the opportunities available into manufacturing of high-tension cable and is yet to commence its business operations.

(iv) During the Year, Maithan Capital Limited, a wholly owned subsidiary having its registered office at Kolkata in the State of West Bengal has been incorporated on 18 December 2025
with the objects to undertake NBFC activities. Maithan Capital Limited is in process of submitting an application before Reserve Bank of India for obtaining Certificate of
Registration (CoR). Maithan Capital Limited is yet to commence its business activity pending the receipt of CoR from Reserve Bank of India.

(v) An application was filed by one of the wholly-owned subsidiary- Anjaney Minerals Limited, before the Hon'ble NCLT for approval of The Scheme of Reduction of Capital , pursuant
to the provisions of Section 66 of the Companies Act, 2013, read with National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016 and other
applicable provisions, if any, and the same is sanctioned by the Hon'ble NCLT on 03 December 2025. Upon sanction of the said Scheme by Hon'ble NCLT, the total issued,
subscribed and paid-up Equity share Capital of Anjaney Minerals Limited has reduced from ' 11.00 Cr. divided into 1,10,00,000 equity shares of ' 10/- each, fully paid-up to
' 8.80 Cr. divided into 88,00,000 equity shares of ' 10 /- each, fully paid-up. Accordingly the no. of equity shares held by holding Company has been reduced from 1,10,00,000 to
88,00,000 equity shares.

(vi) During the Year, Maithan Nutrition Private Limited, a wholly owned subsidiary having its registered office at Kolkata in the State of West Bengal has been incorporated on 25 July
2025 with the objects to explore the opportunities available into agriculture including food processing and is yet to commence its business operations.

(vii) During the Year, Maithan Fresh Private Limited, a wholly owned subsidiary having its registered office at Kolkata in the State of West Bengal has been incorporated on 06 June 2025
with the objects to explore the opportunities available into agriculture including food processing and is yet to commence its business operations.

(viii) During the Year, the Company has entered into Partnership with Unicorn India Ventures Services LLP in Maiuni Ventures LLP (LLP) on April 08, 2025. Company’s share in the LLP is
99.99% and has contributed ' 133.10 Crore as Capital during the year ended March 31,2026.

(ix) During the Financial Year 2024-25, the Company had entered into a Shares Purchase Agreement (SPA) with existing shareholders for the acquisition of 100% of the share capital of
Eloise Builders & Constructions Private Limited (EBCPL), situated in New Delhi. On completion of the condition precedent to SPA, EBCPL has become wholly owned subsidiary of
the Company w.e.f. February 25 2025. The acquisition was carried out for a purchase consideration of ' 73.00 Cr. Based on guidance on definition of business under lnd AS 103,
Management has classified above acquisitions as asset acquisitions.

(x) During the Financial Year 2024-25, Dadhichi Rail & Defence operations Limlted, a wholly owned subsidiary having its registered office at Kolkata in the State of West Bengal has
been incorporated on 20 July 2024 with the objects to manufacture specialized parts for railway, tramway, locomotives or of rolling stock and to manufacture and deal in goods and
products used in defence sector & also engaged in Real Estate Business.

(xi) During the Financial Year 2024-25, the Company has made investment of ' 8.00 Cr. in the 1% Non-Cummulative, Non-Convertible Preference Share (NCPS) of ' 10/- each of
Maithan Ferrous Private Limited ("Subsidiary") which are redeemable at par at any time at the option of the Maithan Ferrous Private Limited, but not later than ten years from the
date of allotment i.e. 16 April 2024. The NCPS shall carry the voting right as prescribed under the provision of Companies Act 2013.

(xii) During the Year, the Company had entered into a Shares Purchase Agreement (SPA) with existing shareholders for the acquisition of 80% of the share capital of Goldtree Impex
Private Limited, situated in the state of West Bengal. On completion of the condition precedent to SPA, Goldtree Impex Private Limited has became subsidiary of the Company

w.e.f. 12 May 2025. The acquisition was carried out for a purchase consideration of ' 0.02 Cr. The Company has sold its entire holding in Goldtree Impex Private Limited to its
Subsidiary Maithan Ferrous Private Limited on 17 March 2026 for ' 0.03 Cr. Goldtree Impex Private Limited has became Step Down Subsidiary of the Company w.e.f. 18 March
2026.

Note:

(i) In determining allowances for credit losses of trade receivables, the Company has used the practical expedient by computing the expected credit loss allowance based on a
provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The expected credit loss allowance is
based on ageing of the receivables and rates used in the provision matrix.

(ii) Trade Receivables have been hypothecated as security against bank borrowings of the Company (Refer note 29).

(iii) There are no debts due by directors or other officers of the Company or any of them either severally or jointly with any other person or debts due by firms or private companies
respectively in which any director is a partner or a director or a member.

(iv) The Company considers its maximum exposure to credit risk with respect to customers as at 31 March 2026 to be ' 127.95 Cr. (31 March 2025: ' 145.44 Cr.), which is the carrying
value of trade receivables after allowance for credit loss.

(v) The Company exposure to customer is diversified and only three customers contribute more than 10% of the outstanding receivable for an amount ' 79.53 Cr. as at 31 March 2026
(four customers contribute more than 10% of the outstanding receivable for an amount ' 98.46 Cr. as at 31 March 2025).

( Refer Note 49 for credit risk of trade receivables.)

(ii) The description of the nature and purpose of each reserve within equity is as follows:

Capital Reserve

This reserve represents the difference between value of the net assets transferred and consideration paid for such assets in the course of amalgamation and also relates to forfeiture of
shares.

Capital Reserve on Demerger

This reserve represents the aggregate of excess assets over liabilities amounting to ' 45.44 Cr. relating to the Real Estate and Ancillary Business of Ma Kalyaneshwari Holdings Private
Limited was transferred to Anjaney Land Assets Private Limited and the cancellation of the equity shares held by Ma Kalyaneshwari Holdings Private Limited in the paid-up capital of
Anjaney Land Assets Private Limited was debited to Capital Reserve ("Capital Reserve due to Demerger") w.e.f. 01 January 2024, being the Appointed date as per the NCLT Order. As a
result of this demerger a Capital Reserve having a debit balance of ' 45.44 Cr. was created in Ma Kalyaneshwari Holdings Private Limited on 01 January 2024. Upon amalgamation of
Ma Kalyaneshwari Holdings Private Limited with Maithan Alloys Limited, this reserve had been transferred to Maithan Alloys Limited.

Capital Reserve ( Amalgamation adjustment deficit account)

Upon Amalgamation of Ma Kalyaneshwari Holdings Private Limited with Maithan Alloys Limited, the difference between the asset, liabilities, reserves including amalgamation
adjustment account were recorded as Capital Reserve (Amalgamation adjustment deficit account) having debit balance of ' 1,440.32 Cr. in the books of the Company.

Securities Premium

This reserve represents the premium on issue of shares and can be utilized in accordance with the provisions of the Companies Act, 2013. Upon amalgamation of Ma Kalyaneshwari
Holdings Private Limited with Maithan Alloys Limited, the balance of ' 1.75 Cr. had been transferred to Maithan Alloys Limited.

Statutory Reserve Fund

Statutory Reserve represents the Reserve Fund created under Section 45 IC of the Reserve Bank of India Act, 1934. Accordingly an amount representing 20% of Profit for the period is
transferred to the fund. Upon amalgamation of Ma Kalyaneshwari Holdings Private Limited with Maithan Alloys Limited, this reserve with a balance of ' 32.50 Cr. had been transferred
to Maithan Alloys Limited.

Amalgamation Adjustment Reserve

Upon amalgamation of Ma Kalyaneshwari Holdings Private Limited with Maithan Alloys Limited, this reserve with a balance of ' 19.03 Cr. had been transferred to Maithan Alloys
Limited. This reserve is the corresponding debit balance of the statutory reserves of the transferor companies which was recorded in the Books of Ma Kalyaneshwari Holdings Private
Limited.

Retained Earnings

This reserve represents the cumulative profits of the Company and effects of remeasurement of defined benefit obligations. This reserve can be utilized in accordance with the provisions
of the Companies Act, 2013. Upon amalgamation of Ma Kalyaneshwari Holdings Private Limited with Maithan Alloys Limited,the balance of ' 87.94 Cr. had been transferred to Maithan
Alloys Limited and upon merger by absorption of Impex Metal & Ferro Alloys Limited to Maithan Alloys Limited ' 79.05 Cr. had been transferred to Maithan Alloys Limited (Refer Note No.
57).

Other items of other comprehensive income

Other items of other comprehensive income consist of re-measurement of net defined benefit liability.

Equity Instruments through Other Comprehensive Income

This reserve represents the cumulative gains (net of losses) arising on the revaluation of equity instruments measured at fair value through Other Comprehensive Income, net of tax. The
same shall be transferred to retained earnings when those instruments are disposed off. Upon amalgamation of Ma Kalyaneshwari Holdings Private Limited with Maithan Alloys Limited,
the balance of ' 1.27 Cr. had been transferred to Maithan Alloys Limited.

The defined benefit plans expose the Group to a number of actuarial risks as below:

(a) Interest Risk : A decrease in the bond interest rate will increase the plan liability. However, this will be partially offset by an increase in the value of plan’s debt investments.

(b) 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 salary of the plan
participants will increase the plan’s liability.

(c) Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their
employment. An increase in the life expectancy of the plan participants will increase the plan’s liability.

(d) Inflation risk: Some of the Group’s Pension obligations are linked to inflation, and higher inflation will lead to higher liabilities although, in most cases, caps on the level of
inflationary increases are in place to protect the plan against extreme inflation.

(iii) Leave Encashment

The liabilities for leave encashment are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are
therefore measured as the present value of the expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the
Projected Unit Credit Method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of related
obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in Other Comprehensive Income.

(49) Financial Risk Management

The Company has a system-based approach to risk management, anchored to policies & procedures and internal financial controls aimed at ensuring early identification, evaluation and
management of key financial risks (such as market risk, credit risk and liquidity risk) that may arise as a consequence of its business operations as well as its investing and financing
activities. Accordingly, the Company’s risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a
disciplined and consistent manner and in compliance with applicable regulations. It also seeks to drive accountability in this regard.

The Company's financial liabilities includes Borrowings, Trade Payables and Other Financial Liabilities. The main purpose of these financial liabilities is to finance the Company's
operations. The Company's principal financial assets include Investment, Trade Receivables, Cash and Cash Equivalents and Other Financial Assets that are derived directly from its
operations.

The Board of Directors reviewed policies for managing each of these risks which are summarised below:

(a) Market Risk

(i) Commodity Price Risk

Alloy industry being cyclical in nature, realisations gets adversely affected during downturn. Higher input prices or higher production than the demand ultimately affects the profitability.
The Company has mitigated this risk by well integrated business model.

(ii) Price Risk

The Company's exposure to equity, preference, mutual fund and AIF securities price risk arises from investments held by the Company and classified in the balance Sheet either at fair
value through other comprehensive income or at fair value through profit and loss. Having regard to the nature of securities, intrinsic worth, intent and long term nature of securities held
by the Company, fluctuation in their prices are considered acceptable and do not warrant any management.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure
to the risk of changes in the market interest rates relates primarily to the Company's borrowings obligations with floating interest rates. The borrowings of the Company are
principally denominated in Indian Rupees linked to MCLR with floating rates of interest. The Company invests surplus funds in Short-Term Deposits and Mutual Funds, some of
which generate a tax-free return, to achieve the Company’s goal of maintaining liquidity, carrying manageable risk and achieving satisfactory returns.

(iv) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company's exposure to
the risk of changes in foreign exchange rates relates primarily to the Company's foreign currency denominated Borrowings, Creditors and Debtors. This foreign currency risk is
covered by using foreign exchange forward contracts.

Since the Company has both imports as well as exports (exports are more than imports) the currency fluctuation risk is largely mitigated by matching the export inflows with
import outflows. Surplus exports are hedged using simple forward exchange contracts depending on the market conditions.

The hedge mechanisms are reviewed periodically to ensure that the risk from fluctuating currency rates is appropriately managed. The following analysis is based on the gross
exposure as at the reporting date which could affect the Profit or Loss. The exposure summarised below is mitigated by some of the derivative contracts entered into by the
Company as disclosed under the section on “Derivative financial instruments". The Company does not hold derivative financial instruments for speculative purposes.

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only
dealing with creditworthy counterparties, where appropriate, as a means of mitigating the risk of financial loss from defaults. Credit risk on receivables is limited as almost all
domestic sales are against advance payment or letters of credit (except sale made to PSU's) and export sales are on the basis of documents against payment or letters of
credit. Financial instruments and cash deposits Credit risk from balances with banks and investments is managed by the Company’s finance department in accordance with
the Company’s policy. Investments of surplus fund in portfolio management services, mutual funds, alternate investment funds and direct equity are made only with
approved counterparties and within credit limits assigned to each counterparty, if any. Counterparty credit limits are reviewed by the Company’s Board of Directors on an
annual basis, and may be updated throughout the year subject to approval of the Company’s Board of Directors. The limits are set to minimise the concentration of risks and
therefore mitigate financial loss through counterparty’s potential failure to make payments. Balances with banks and deposits are placed only with highly rated
banks/financial institution.

i) Financial Instruments and Deposits

For current investments, counterparty limits are in place to limit the amount of credit exposure to any one counterparty. This, therefore, results in diversification of credit risk
for the Company's mutual fund investments.

With respect to the Company's investing activities, counter parties are shortlisted and exposure limits determined on the basis of their credit rating (by independent agencies),
financial statements and other relevant information. Taking into account the experience of the Company over time, the counter party risk attached to such assets is considered
to be insignificant.

None of the Company’s Cash and Cash Equivalents, including Time Deposits with banks, are past due or impaired. Regarding Loans and Other Financial Assets (both current
and non-current), there were no indications as at 31 March 2026, that defaults in payment obligations will occur .

ii) Trade Receivables

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to customer credit risk management.
Trade receivables are non-interest bearing and are generally carrying 30 days credit terms. Outstanding customer receivables are regularly monitored. The Company has no
concentration of credit risk as the customer base is widely distributed both economically and geographically.

The risk related to trade receivable is presented in note no. 17

The credit quality of the Company’s customers is monitored on an ongoing basis and assessed for impairment where indicators of such impairment exist. The Company uses
simplified approach for impairment of financial assets. If credit risk has not increased significantly, 12-month expected credit loss is used to provide for impairment loss.
However, if credit risk has increased significantly, lifetime expected credit loss is used. The solvency of the debtor and their ability to repay the receivable is considered in
assessing receivables for impairment. Where receivables have been impaired, the Company actively seeks to recover the amounts in question and enforce compliance with
credit terms.

(c) Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial
asset.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed
credit facilities to meet obligations when due. Due to the nature of the underlying business, the Company maintains sufficient cash and liquid investments available to meet its
obligation.

Management monitors rolling forecasts of the Company’s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of
expected cash flows. The management also considers the cash flow projections and level of liquid assets necessary to meet these on a regular basis.

(50) Capital Management

The Company's objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and
provide adequate return to shareholders through continuing growth. The Company's overall strategy remains unchanged from previous year. The Company's capital
management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company. The Company sets the amount of
capital required on the basis of annual business and long-term operating plans which include capital and other strategic investments. The funding requirements are met
through a mixture of equity, internal fund generation and borrowings. The Company's policy is to use current and non-current borrowings to meet anticipated funding
requirements.

The Company monitors capital on the basis of the net debt to equity ratio which is net debt divided by total capital (equity plus net debt). The Company is not subject to any
externally imposed capital requirements. In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return
capital to shareholders or issue new shares .

(i) Fair Value Hierarchy

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 and 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 the three levels prescribed under the accounting standards.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices as at the reporting date.

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

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

(ii) Valuation Methodology

Specific valuation techniques used to value financial instruments include:

• the fair value of investment in quoted equity shares and mutual funds is measured at quoted price or NAV.

• the fair value of investment in unquoted equity shares of National Stock Exchange (NSE) is measured by CCM Methods in Current financial year and PORI Method in the
previous financial year.

the fair value of investment in unquoted equity shares other than National Stock Exchange (NSE) and unquoted preference shares is measured by using Discounting
Cash Flow (DCF) Method under market approach.

• the fair value of level 3 instruments is valued using inputs based on information about market participants assumptions and other data that are available.

• the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date.

• All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.

The Company assessed that fair value of trade receivables, cash and cash equivalent, bank balances, loans, trade payable and other financial assets and liabilities except
derivative financial instruments approximate their carrying amounts largely due to the short term maturities of these instruments. The Company’s borrowings have been
contracted at market rates of interest. Accordingly, the carrying value of such borrowings approximate fair value.

(iv) Significant Estimates

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Company uses its judgement to select a variety of
methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. For details of the key assumptions used and the
impact of changes to these assumptions see (ii) above.

(52) Segment Reporting
A. Basis for segmentation

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and
expenses that relate to transactions with any of the Company’s other components, and for which discrete financial information is available. All operating segments’ operating
results are reviewed regularly by the Company’s Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segments and assess their
performance.

(56) Contingent Liabilities and Commitments

In the ordinary course of business, the Company faces claims and assertions by various parties. The Company assesses such claims and assertions and monitors the legal
environment on an ongoing basis, with the assistance of external legal counsel, wherever necessary. The Company records a liability for any claims where a potential loss is
probable and capable of being estimated and discloses such matters in its financial statements, if material. For potential losses that are considered possible but not probable,
the Company provides disclosure in the financial statements but does not record a liability in its accounts unless the loss becomes probable.

The following is a description of claims and assertions where a potential loss is possible, but not probable. The Company believes that none of the contingencies described
below would have a material adverse effect on the Company's financial condition, results of operations or cash flow.

(57) Merger by Absorption of Impex Metal & Ferro Alloys Limited with Maithan Alloys Limited in accordance with Appendix C- Business Combinations of Entities
under Common Control of Ind AS 103, Businness Combinations.

The Board of Directors of the Company in its meeting held on 28 May 2025 had approved a Scheme of Merger by Absorption (“Scheme") of Impex Metal & Ferro Alloys Limited
(“Wholly owned subsidiary of the Company") (“Impex") (“Transferor Company") with Maithan Alloys Limited (“MAL") (“Transferee Company") under the provisions of
Section 230 to 232 and other applicable provisions of the Companies Act, 2013. The Scheme provides for the merger of Impex into MAL.

Application seeking approval of the Scheme was subsequently filed with Hon’ble National Company Law Tribunal (NCLT), Kolkata Bench on 02 August 2025.

Hon’ble NCLT, Kolkata Bench vide its Order dated 08 June 2026 sanctioned the Scheme and the said Scheme became effective upon filing of a Certified Copy of the said Order
dated 08 June 2026 with Registrar of Companies, West Bengal on 30 June 2026 with the Appointed date as 31 March 2024.

Accordingly, the Company has given effect to the Scheme in the earlier approved standalone financial statements for the year ended 31 March 2026 from the Appointed date of
31 March 2024 by revising the standalone financial statements, which was approved by the Board of Directors on 16 May 2026.

These revised standalone financial statements for the year ended 31 March 2026 have been prepared pursuant to the Scheme of Merger of Transferor Company with the
Company from the specified retrospective appointed date of 31 March 2024.

The revision to the standalone financial statements have been carried out solely for the impact of above referred merger and no additional adjustments have been carried out
for any other events occurring after 16 May 2026 (being the date when the financial statements were first approved by the Board of Directors of the Company).

In line with the above, wherever the term “standalone financial statements" is mentioned, it should be referred to as “revised standalone financial statements".

Pursuant to the approved Scheme of Merger by Absorption, the Transferee Company has accounted for merger in its books as per the applicable accounting principles
prescribed under relevant Indian Accounting Standards.

As Transferor Company was a wholly owned subsidiary of the Transferee Company, no consideration was discharged by Transferor Company pursuant to the Scheme of Merger
by Absorption with Transferee Company.

a) Accounting Treatment

Below is the summary of accounting treatment which has been given effect to in these standalone financial statements, in accordance with accounting treatment prescribed in
the scheme

(i) All assets and liabilities of the transferor Company are recorded at the respective book values as appearing in the consolidated financial statement of transferee
Company.

(ii) The identity of reserves of transferor company has been preserved and recorded in the same form and at carrying amount as appearing in the consolidated financial
statement of the transferee company.

(iii) The inter-company balances and transaction between the transferor company, transferee company have been eliminated.

(iv) The financial statements of the Transferee Company reflect the financial position on the basis of consistent accounting policies.

(v) The value of the Investments held by the Transferee Company in the Transferor Company shall stand cancelled pursuant to this scheme of merger by absorption.

e) As the appointed date of the Scheme is 31 March 2024, the previous year’s numbers for the year ended 31 March 2025 have been restated to include the financial
information of the Transferor Company.

f) The authorized share capital of the Transferor Compnay shall stood combined with and was deemed to have been added to the authorized share capital of Transferee
Company. The Authorised Share Capital of the Transferee Company is ' 1,82,69,00,000/- (Rupees One Hundred Eighty-Two Crore Sixty-Nine Lakh Only) divided into
18,26,45,000 equity shares of ' 10/- (Rupees Ten) each and 45,000 redeemable cumulative Preference Shares of ' 10/- (Rupees Ten) each.

(58) Pursuant to the approval of the Board of Directors accorded on 26 September 2025, the Company has sold the capital assets of its Byrnihat Unit located at Ri-Bhoi
District, Meghalaya. The sale transaction was completed on 03 October 2025 for a total consideration of ' 25.48 Cr. (including GST). An advance consideration of
' 5.00 Cr. was received on 28 September 2025 and the balance amount of ' 20.48 Cr. was received on completion of the transaction. Consequent to the completion of
the sale, the Company has recognised a gain of ' 14.66 Cr., which has been disclosed under “Other Income". Further the lease Agreement of the Byrnihat Unit has been
terminated.

(59) ADDITIONAL REGULATORY DISCLOSURES AS PER SCHEDULE III OF COMPANIES ACT, 2013 :

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

ii) There are no transactions with the Companies whose name are struck off under Section 248 of The Companies Act, 2013 or Section 560 of the Companies Act, 1956
during the year ended 31 March 2026.

iii) All applicable cases where registration of charges or satisfaction is required to be filed with Registrar of Companies have been filed. No registration or satisfaction is
pending at the year ended 31 March 2026.

iv) The Company has complied with 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.

v) 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 beneficiary

vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding 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 beneficiary.

vii) The Company has not operated in any crypto currency or Virtual Currency transactions.

viii) During the year the Company has not disclosed or surrendered, any income other than the income recognised in the books of accounts in the tax assessments under
Income Tax Act, 1961.

(61) With effect from 01 April 2023, the Ministry of Corporate Affairs (MCA) has made it mandatory for every company, which uses accounting software for maintaining its
books of account, to use only such accounting software which has a 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. The Company uses accounting
software for maintaining its books of account for the financial year 31 March 2026 which has a feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the accounting software. However, the audit trail feature is not enabled at the database level for accounting
software and payroll software. This is being taken up with the vendor and subsequently it has been enabled on 14 May 2024. Further, no audit trail feature was tampered
with in respect to the accounting software including payroll software.

(62) On 21 November 2025, the Government of India notified the four Labour Codes - 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 - consolidating 29 existing labour laws. The Ministry of Labour & Employment
published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has evaluated the impact of the New
Labour Codes in respect of its own employees and there is no material impact on the revised standalone financial results. The Company has evaluated the impact of the
OSHWC Code, 2020 regarding contract labour. Based on this assessment and existing service contracts, there is no financial impact on the current reporting period. “The
contractual obligation for statutory contributions and wage payments rests with the respective licensed contractors. The Company has monitored compliance and
concluded that no secondary liability has devolved upon it during the reporting period." As the Company does not engage contract labour for ""core activities,"" no
additional direct liability or permanent employment obligations have been triggered under the new framework.

(63) (i) The figures appearing in financial statements has been rounded off to the nearest Crore, as required by general instruction for preperation of financial statements in
Division II of Schedule III of the Companies Act, 2013.

(ii) “0.00" represent the figure below ' 50,000 because of rounding off the figures in Crore.

(64) The revised financial statement for the year ended 31 March 2026 were approved by the Board of Directors on 04 August 2026.

(65) Figures for the previous period/year have been regrouped and / or reclassified to conform to the classification of current period/year’s figures, wherever necessary.

The accompanying notes 1 to 65 are an integral part of the Revised Standalone financial statements.