u) Provisions and Contingent Liabilities:

Contingent Liabilities are disclosed in respect of possible
obligations that arise from past events but their existence will
be confirmed by the occurrence or non-occurrence of one
or more uncertain future events not wholly within the control
of the Company or where any present obligation cannot be
measured in terms of future outflow of resources or where a
reliable estimate of the obligation cannot be made.

Provisions are recognised when the Company has a
present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be
required to settle the obligation and the amount can be
reliably estimated. Provisions are not recognised for future
operating losses.

Provisions are measured at the present value of
management's best estimate of the expenditure required
to settle the present obligation at the end of the reporting
period. The discount rate used to determine the present value
is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability.
The increase in the provision due to the passage of time is
recognised as interest expense.

Where there are a number of similar obligations, the
likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a
whole. A provision is recognized even if the likelihood of an
outflow with respect to any one item included in the same
class of obligations may be small.

A contingent asset is disclosed, where an inflow of
economic benefits is probable. An entity shall not recognise
a contingent asset unless the recovery is virtually certain.

v) Commitments:

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

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

(ii) uncalled liability on shares and other
investments partly paid.

(iii) funding related commitment to

subsidiary companies; and

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

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

w) Cash and Cash Equivalents:

For the purpose of presentation in the statement of cash
flows, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short¬
term, highly liquid investments with original maturities of
three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant
risk of changes in value net of outstanding bank overdraft.

x) Impairment of assets:

Goodwill and Intangible assets that have an indefinite useful
life are not subject to amortisation and are tested annually
for impairment, or more frequently if events or changes in
circumstances indicate that they might be impaired. Other
assets are tested for impairment whenever events or changes
in circumstances indicate that the carrying amount may
not be recoverable. An impairment loss is recognised for
the amount by which asset's carrying amount exceeds its
recoverable amount. The recoverable amount is higher of an
asset's fair value less cost of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash
inflows which are largely independent of the cash inflows from
other assets or group of assets (cash-generating units). Non¬
financial assets other than goodwill that suffered impairment
are reviewed for possible reversal of the impairment at the
end of each reporting period. An impairment loss in respect
of goodwill is not subsequently reversed.

y) Exceptional items:

An item of income or expense which by its size, type or incidence
requires disclosure in order to improve an understanding of
the performance of the Company is treated as an exceptional
item and disclosed as such in the financial statements.

z) Investment in subsidiaries:

Investments in subsidiaries are carried at cost less accumulated
impairment losses, if any. Where an indication of impairment
exists, the carrying amount of the investment is assessed and
written down immediately to its recoverable amount. On
disposal of investments in subsidiaries and associates, the
difference between net disposal proceeds and the carrying
amounts are recognised in the Statement of Profit and Loss.

aa) Earnings Per Share

i. Basic earnings per share: Basic earnings per share is
calculated by dividing:

• the profit attributable to owners of the Company

• by the weighted average number of equity shares
outstanding during the financial year, adjusted
for bonus elements in equity shares issued
during the year and excluding treasury shares.

ii. Diluted earnings per share: Diluted earnings per
share adjusts the figures used in the determination of
basic earnings per share to take into account:

• the after income tax effect of interest and other
financing costs associated with dilutive potential
equity shares, and

• the weighted average number of additional
equity shares that would have been outstanding
assuming the conversion of all dilutive
potential equity shares.

ab) Contributed Equity:

Equity shares are classified as equity.

Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction, net of
tax, from the proceeds.

ac) Business Combinations:

Business combinations are accounted for using the acquisition
accounting method as at the date of the acquisition, which
is the date at which control is transferred to the Company.
The consideration transferred in the acquisition and the
identifiable assets acquired and liabilities assumed are
recognised at fair values on their acquisition date. Goodwill is
initially measured at cost, being the excess of the aggregate of

the consideration transferred and the amount recognised for
non-controlling interests, and any previous interest held, over
the net identifiable assets acquired and liabilities assumed.
The Company recognises any non-controlling interest in the
acquired entity on an acquisition-by-acquisition basis either
at fair value or at the non-controlling interest's proportionate
share of the acquired entity's net identifiable assets.
Consideration transferred does not include amounts related
to settlement of pre-existing relationships. Such amounts are
recognised in the Statement of Profit and Loss.

Transaction costs are expensed as incurred, other than those
incurred in relation to the issue of debt or equity securities.
Any contingent consideration payable is measured at fair
value at the acquisition date. Subsequent changes in the
fair value of contingent consideration are recognised in the
Statement of Profit and Loss.

Business combinations arising from transfers of interests in
entities that are under common control of the shareholder that
controls the Company and the acquired entity are accounted
for as if the acquisition had occurred at the beginning of
the earliest comparative period presented or, if later, at the
date that common control was established; for this purpose
comparatives are revised. The assets and liabilities acquired
are recognized at their carrying amounts. The identity of
the reserves is preserved and they appear in the financial
statements of the Company in the same form in which they
appeared in the financial statements of the acquired entity.
The difference, if any, between the consideration and the
amount of share capital of the acquired entity is transferred
to Other equity in a separate reserve account.

ad) Dividend:

Provision is made for the amount of any dividend declared,
being appropriately authorised and no longer at the
discretion of the entity, on or before the end of the reporting
period but not distributed at the end of the reporting period.

ae) Rounding off:

All amounts disclosed in the financial statement and
notes have been rounded off to the nearest crore, unless
otherwise stated.

Transactions and balances with values below the rounding
off norm adopted by the Company have been reflected as
"0" in the relevant notes in these financial statements.

af) Recent Indian Accounting Standards (Ind AS):

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.

2 Critical Estimates and Judgements

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also needs to exercise judgement in applying the company's accounting policies. This note provides an overview
of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted
due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these
estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected line
item in the financial statements.

Information about critical estimates & assumptions that have a significant risk of causing material adjustment to the carrying amounts
of assets & liabilities are included in the following notes:

(a) Impairment of financial assets (including trade receivable) (Note 27)

(b) Estimation of defined benefit obligations (Note 15)

(c) Estimation of current tax expenses and payable (Note 25)

(d) Estimated impairment of intangible assets with indefinite useful life (Note 5)

(e) Estimation of provisions & contingencies (Note 14 and 31)

(f) Recognition of deferred tax assets including MAT credit (Note 7)

(g) Lease Accounting (Note 3(b))

(h) Impairment of investment in subsidiaries (Note 6a)

(a) Impairment of financial assets (including trade receivable)

Impairment testing for financial assets (other than trade receivables) is done at least once annually and upon occurrence of
an indication of impairment. The recoverable amount of the individual financial asset is determined based on value-in-use
calculations which required use of assumptions.

Allowance for doubtful trade receivables represent the estimate of losses that could arise due to inability of the Customer to make
payments when due. These estimates are based on the customer ageing, customer category, specific credit circumstances & the
historical experience of the company as well as forward looking estimates at the end of each reporting period.

(b) Estimation of defined benefit obligations

The liabilities of the company arising from employee benefit obligations & the related current service cost, are determined on an
actuarial basis using various assumptions. Refer Note 15 for significant assumptions used.

(c) Estimation of current and deferred tax expenses and payable

The company's tax charge is the sum of total current and deferred tax charges. Taxes recognized in the financial statements reflect
management's best estimate of the outcome based on the facts known at the balance sheet date. These facts include but are not
limited to interpretation of tax laws of various jurisdictions where the company operates. Any difference between the estimates &
final tax assessments will impact the income tax as well as the resulting assets & liabilities.

(d) Estimated impairment of intangible assets with indefinite useful life

The Intangible assets with indefinite useful life comprises of Trademark and Copyrights

Impairment testing for intangible assets with indefinite useful life is done at least once annually and upon occurrence of an
indication of impairment. The recoverable amount is determined based on the fair value (less) cost of disposal which has been
measured using discounted cash flow projections, that require the use of assumptions.

Goodwill and intangible assets with indefinite useful life held for 'Just Herbs' are considered significant CGUs in terms of size and
sensitivity to assumptions used. The carrying amount of goodwill and intangible assets with indefinite useful life is H 17 crores and
H 72 crores respectively as at 31 March, 2026. No other CGUs are considered significant in this respect.

The growth rates & margins used to estimate future performance are based on past performance & our estimates of future growths
& margins achievable. Post-tax discount rates reflect specific risks relating to the relevant segments & geographies in which the
CGUs operate. Based on sensitivity analyses performed around the base assumptions, there were no reasonably possible changes
in key assumptions that would cause the carrying amount to exceed the recoverable amount.

(e) Estimation of provisions & contingencies

Provisions are liabilities of uncertain amount or timing recognised where a legal or constructive obligation exists at the balance
sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of
economic benefit is probable. Contingent liabilities are possible obligations that may arise from past event whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events which are not fully within the control of
the company. The company exercises judgement & estimates in recognizing the provisions and assessing the exposure to contingent
liabilities relating to pending litigations. Judgement is necessary in assessing the likelihood of the success of the pending claim & to
quantify the possible range of financial settlement. Due to this inherent uncertainty in the evaluation process, actual losses may be
different from originally estimated provision.

(f) Recognition of deferred tax assets including MAT credit

The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will
be available in the future against which the reversal of temporary differences can be deducted. Where the temporary differences
are related to losses, relevant tax law is considered to determine the availability of the losses to offset against the future taxable
profits. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the
related tax benefit will be realised.

The credit availed under MAT is recognised as an asset only when and to the extent there is convincing evidence that the company
will pay normal income tax during the period for which the MAT credit can be carried forward for set off against the normal tax
liability. This requires significant management judgement in determining the expected availment of the credit based on business
plans and future cash flows of the Company.

(g) Lease Accounting

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease
requires significant judgment. The company uses significant judgement in assessing the lease term (including anticipated renewals)
and the applicable discount rate.

The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered by an option
to extend the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate
the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably
certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and
circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to exercise the
option to terminate the lease. The company revises the lease term if there is a change in the non-cancellable period of a lease.

The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of
leases with similar characteristics.

The Company has considered leases with term up to 12 (Twelve) months as short term leases. Also leases where the value of the
asset is less than H 350,000 have been considered as low value. Such short term and low value leases are accordingly excluded
from the scope for the purpose of Ind AS 116 reporting.

(h) Impairment of investment in subsidiaries

Impairment testing of investment in subsidiaries is done at least once annually and upon occurrence of an indication of impairment. The
recoverable amount of the individual investment is determined based on value-in-use calculations which requires use of assumptions.

Notes:

(i) During the year ended 31st March, 2026 the Company acquired the 93.27% equity stake in Zea Maize Private Limited ("4700BC")
for a consideration of H 226.83 crores on 29th January 2026. Further, the Company also acquired additional equity stake of
0.75% for a consideration of H 30 crores in 4700BC, by way of investment in fresh issuance of equity shares increasing the
Company's equity stake to 94.02%.

(ii) During the year ended 31st March, 2026 the Company acquired the 60.00% equity stake in Cosmix Wellness Private Limited for
a consideration of H 225.67 crores on 5th February 2026.

(iii) During the year ended 31st March, 2026, the Company acquired additional 8.8% equity stake on a fully diluted basis for a
consideration of H 86 crores in Satiya Nutraceuticals Private Limited on May 31,2025.

(iv) During the year ended 31st March, 2026 the Company made investment of H 8.60 crores in Cocosecrets Consumer Care LLC
on 18th July 2025

(v) During the year ended 31st March, 2026 the Company acquired the remaining equity stake of 46.02% for a consideration of H
137.11 crores in HW Wellness Solutions Private Limited on October 17, 2025.

(vi) The Company has undertaken an intra-group restructuring involving integration of business of a wholly owned subsidiary, Apcos
Naturals Private Limited ("Just Herbs"), by way of voluntary liquidation and distribution of entire business undertaking of Just
Herbs to the Company on a going concern basis, pursuant to the Letter of Distribution dated October 1, 2025 issued by the
Liquidator of Just Herbs. Refer Note 39 for details.

(i) As on 31st March, 2026 outstanding loan given to below mentioned subsidaries has been granted for principal business activity

of respective subsidaries.

Disclosure as per section 186 of Companies Act 2013 is as below:

(a) Marico Middle East FZE: H 114 crores carrying interest rate of SOFR plus 1.7% per annum repayable within 36 months from
the date of disbursal.

(b) Zed Lifestyle Private Limited : H 20 crores carrying interest rate of 8.05% per annum repayable within 36 months from the
date of disbursal.

(c) HW Wellness Solutions Private Limited : H 60 crores carrying interest rate of 8.05% per annum repayable within 36 months
from the date of disbursal.

(d) Satiya Nutraceuticals Pvt Ltd : H 35 crores carrying interest rate of 8.05% per annum repayable within 36 months from the
date of disbursal.

‘Acceptances

The Company participates in a supplier finance arrangement under which its suppliers may elect to receive early payment of their
invoices from a bank. Under the arrangement, the bank agrees to pay amounts due to participating suppliers in respect of invoices
owed by the Company and the Company repays the bank at a later date. These arrangements are in the nature of credit extended in
the normal operating cycle and are recognized as acceptances. Interest borne by the Company on such arrangements is accounted
as finance cost. Payments made by banks to the operating vendors are treated as a non-cash item, and settlement of operational
acceptances by the Company is treated as Cash flows from operating activity, reflecting the substance of the payment.

During the year, with a view to ensuring better presentation, the Company has classified acceptances under ""other financial liabilities""
and though not material has also changed the previous years classification from ""Trade Payables"" to enhance comparability
of information.

(ii) Provident fund

Contributions are made to a trust administered by the Company. The Company's liability is actuarially determined (using the
Projected Unit Credit method) at the end of the year and any shortfall in the fund balance maintained by the trust set up by the
Company, is additionally provided for. There is no shortfall as at 31st March, 2026 and 31st March, 2025.

(iii) Leave Encashment/ compensated absences.

The Company provides for the encashment of leave with pay subject to certain rules. The employees are entitled to accumulate
leave subject to certain limits, for future encashment / availment. The liability is provided based on the number of days of
unutilized leave at each Balance Sheet date on the basis of an independent actuarial valuation. Current leave obligations expected
to be settled within the next 12 months.

(iv) Share-appreciation rights

In respect of Employee Stock Appreciation Rights (STAR) granted pursuant to the Company's Employee Stock Appreciation Rights
Plan, 2011, the liability is measured, initially and at the end of each reporting period until settled, at the fair value of the share
appreciation rights, by applying an option pricing model, (excess of fair value as at the period end over the Grant price) and is
recognized as employee compensation cost over the vesting period (refer note 33).

(v) Labour Code

The Government of India has consolidated 29 existing labour legislations into a united framework comprising four Labour Code
viz Code on wages 2019, Code on Social Security 2020, Industrial Relation Code 2020, and Occupational Safety, Health and
Working Condition Code 2020 (collectively referred to as the New Labour Codes). These Codes have been made effective from
21st November, 2025. All supporting rules under these codes are yet to be notified. 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
assessed and accounted for the incremental impact of these changes, which is not material to the standalone financial statements,
on the basis of best information available, 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.

(d) Employee State Insurance Corporation

The Company has recognised H 0 crore (H0 crore for the year ended 31st March 2025) towards employee state insurance
plan in the Statement of Profit and Loss.

(e) Risk exposure (For Gratuity and Provident Fund)

Through its defined benefit plans, the company is exposed to below risk:

Asset volatility : The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets
underperform this yield, this will create a deficit. Most of the plan assets have investments in insurance/equity managed
fund, fixed income securities with high grades, public/private sector units and government securities. Hence assets are
considered to be secured.

Changes in bond yields : A decrease in bond yields will increase plan liabilities, although this will be partially offset by an
increase in the value of the plans' bond holdings.

The Trust ensures that the investment positions are managed within an asset-liability matching (ALM) framework that has
been developed to achieve long-term investments that are in line with the obligations under the employee benefit plans.
Within this framework, the company's ALM objective is to match assets to the obligations by investing in long-term fixed
interest securities with maturities that match the benefit payments as they fall due.

Defined benefit liability and employer contributions

The weighted average duration of the gratuity for the Company ranges from 5 to 10 years as at 31st March 2026 and
31st March 2025.

VII. Nature of CSR activities include promoting education, health care including preventive health care, economic, empowerment,
farmer livelihood enhancement, community and ecological sustenance.

VIII. Above includes H 10.14 crores (FY 2024-25 H 14.54 crores) -

Contribution amounting to H 0.83 crores (FY 2024-25 H 5.37 crores) made to Marico Innovation Foundation (MIF), a
subsidiary of the Company, which is a Section 25 registered Company under Companies Act, 1956, with the main objectives
of fuelling innovation in India. The focus of the foundation is to work with people who have scalable ideas and help them
scale it to benefit India in a direct way. MIF has already done work in the areas of renewable energy, waste management,
employability, livelihoods and healthcare.

Contribution amounting to H 9.31 crores (FY 2024-25 H 9.17 crores), made to Parachute Kalpavriksha Foundation (PKF),
a subsidiary of the Company, which is also Section 8 registered Company under Companies Act, 2013, with the main
objectives of undertaking/channelizing the CSR activities of the Company towards community and ecological sustenance.

The fair value of financial instruments as referred to in note above has been classified into three categories depending on the
inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active market for identical
assets or liabilities (level 1 measurement) and lowest priority to unobservable inputs (level 3 measurements). The categories used
are as follows:

Level 1: Financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) 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 considered here.
For example, the forward contracts is valued based on Mark to Market statements from banks, the mutual funds and exchange
traded funds are valued using the closing NAV published by issuer.

Level 3: The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are not
based on observable market data (unobservable inputs).

Cash and cash equivalents, trade receivables, investments in term deposits and bonds/debentures, other financial assets (except
derivative financial instruments), trade payables, and other financial liabilities (except derivative financial instruments) have fair
values that approximate to their carrying amounts due to their short-term nature.

27 Financial Risk Management
Financial Risks

In the course of its business, the Company is exposed to a number of financial risks: credit risk, liquidity risk, market risk (including
foreign currency risk, interest rate risk and commodity price risk). This note presents the Company's objectives, policies and processes
for managing its financial risk and capital.

Board of Directors of the Company have approved Risk Management Framework through Investment, Borrowing and Foreign Exchange
Management policy. Management ensures the implementation of strategies and achievement of objectives as laid down by the Board
through central Treasury function.

Treasury Management Guidelines define, determine & classify risk, by category of transaction, specific approval, execution and
monitoring procedures.

In accordance with the aforementioned policies, the company only enters into plain vanilla derivative transactions relating to assets,
liabilities or anticipated future transactions.

iii) Price risk

Mutual fund Net Asset Values (NAVs) are impacted by a number of factors like interest rate risk, credit risk, liquidity risk,
market risk in addition to other factors. A movement of 1% in NAV on either side can lead to a gain/loss of H 20 Crores on
the overall portfolio as at 31st March, 2026 and H 14 Crores as at 31st March, 2025.

Impact of hedging activities

Derivate Asset and Liabilities through Hedge Accounting
Derivative financial instruments

The Company's derivatives mainly consist of currency forwards and options.

Derivatives are mainly used to manage exposures to foreign exchange, interest rate and commodity price risk as described in
section Market risk.

Derivatives are initially recognised at fair value. They are subsequently remeasured at fair value on a regular basis and at each
reporting date as a minimum, with all their gains and losses, realised and unrealised, recognised in the Profit and Loss statement unless
they are in a qualifying hedging relationship.

Hedge Accounting

The Company designates and documents certain derivatives and other financial assets or financial liabilities as hedging instruments
against changes in fair values of recognised assets and liabilities (fair value hedges) and highly probable forecast transactions (cash
flow hedges).The effectiveness of such hedges is assessed at inception and verified at regular intervals.

Cash flow Hedges

The Company uses cash flow hedges to mitigate a particular risk associated with a recognised asset or liability or highly probable
forecast transactions, such as anticipated future export sales, purchases of equipment and raw materials.

The effective part of the changes in fair value of hedging instruments is recognised in other comprehensive income, while any ineffective
part is recognised immediately in the Statement of Profit and Loss.

28 Capital Management
(a) Risk Management

Capital management is driven by company's policy to maintain a sound capital base to support the continued development of
its business and maximise shareholders value. The Board of Directors seeks to maintain a prudent balance between different
components of the Company's capital with a view to ensure development of its business & maximise shareholders value. The
Management monitors the capital structure and the net financial debt at individual level currency. Net financial debt is defined as
current and non current borrowings.

c) Individual holding directly / indirectly an interest in voting power & their relatives (where
transactions have taken place) - Significant Influence:

Mr. Harsh Mariwala, Chairman and Non Executive Director
Mr. Rajen Mariwala, Non executive Director

Mr. Rishabh Mariwala, Non-Executive Director and son of Mr. Harsh Mariwala, Chairman and Non-Executive Director

d) Post employment benefit controlled trust

Marico Limited Employees Provident Fund

Marico Limited Employees Gratuity Fund
Marico Limited Pension Scheme

e) Others - Entities in which above (b) and (c) has significant influence and transactions have taken
place:

Ascent India Foundation
Kaya Limited

Mariwala Health Foundation
Sharrp Ventures Capital Private Limited

II Transactions with related parties

The following transactions occurred with related parties:

Key management personnel compensation.

Note

1 The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are
required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the
outcome of these proceedings to have a materially adverse effect on its financial statements

2 The Company has ongoing disputes with income tax authorities. The disputes relate to tax treatment of certain expenses claimed
as deductions, computation or eligibility of tax incentives and allowances. The Company has contingent liability of H 324 crores
and H 336 crores as at March 31,2026 and March 31,2025 respectively, in respect of tax demands which are being contested
by the Company based on the management evaluation and advice of tax consultants.

3 The Company periodically receives notices and inquiries from income tax authorities. The Company has assessed these notices
and inquiries and has estimated that any consequent income tax claims or demands by the income tax authorities will not succeed
on ultimate resolution.

33 Share-Based Payments
(a) Employee stock option plan
Marico ESOP 2016

During the year ended 31st March, 2017, the Company implemented Marico Employee Stock Option Plan, 2016 ("Marico ESOP
2016" or "the Plan"). The Marico ESOP 2016 was approved by the shareholders at the 28th Annual General Meeting held on
5th August, 2016, enabling grant of stock options to the eligible employees of the Company and its subsidiaries not exceeding
in the aggregate 0.6% of the issued share equity share capital of the Company as on the commencement date of the Plan i.e. 5th
August, 2016. Further, the stock options to any single employee under single scheme under the Plan shall not exceed 0.15% of the
issued equity share capital of the Company as on the commencement date (mentioned above). The Marico ESOP 2016 envisages

34 Earnings Per Share

Basic EPS amounts are calculated by dividing the profit after tax for the year attributable to equity holders of the Company by the
weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit after tax for the year attributable to equity shareholders by weighted average
number of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on
conversion of all the dilutive potential Equity shares into Equity shares.

Information concerning the classification of securities

(i) Share Options

Options granted to Employees under Marico Employee Stock Option Plan 2016 are considered to be potential equity shares. They
have been included in the determination of diluted earnings per share to the extent to which they are dilutive. The options have
not been included in the determination of basic earnings per share. Details relating to the options are set out in note 33.

(ii) Treasury shares

Treasury shares are excluded for the purpose of calculating basic and diluted earnings per share.

37 (i) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources

or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries") with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or
on behalf of the Company (Ultimate Beneficiaries).

(ii) The Company has not received any fund from any party (Funding Party) with the understanding that the Company shall
whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries."

38 In terms of Rule 3(1) of the Companies (Audit and Auditors) Rules, 2014, the accounting software used by the Company for
maintaining its books of account has inter alia 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 of such change and the audit trail cannot be disabled. Such
feature has operated throughout the year and not been tampered with. Further, audit trail has been preserved by the Company
as per the statutory requirements for record retention.

With a view to ensure continued system stability and performance, the Company has taken additional steps to augment access
controls, wherever required, including at the database level as mentioned under the ICAI Guidance Note on Audit Trail feature.

39 Intra-Group Restructuring

I. Apcos Naturals Private Limited (APCOS)

The Company has undertaken an intra-group restructuring involving integration of business of a wholly owned subsidiary, Apcos
Naturals Private Limited ("Just Herbs"), by way of voluntary liquidation and distribution of entire business undertaking of Just
Herbs to the Company on a going concern basis. Consequently, pursuant to the Letter of Distribution dated October 1, 2025
issued by the Liquidator of Just Herbs, the business undertaking of Just Herbs stands vested in the Company on a going concern
basis and consolidated with that of the Company effective from October 1,2025.

The Company has accounted for this transaction as a common control business acquisition in accordance with Appendix C of Ind
AS 103- Business Combinations. Accordingly, the amounts for the corresponding periods presented in these financial statements,
have been Restated to give effect to the aforesaid business restructuring as if the same had occurred from the beginning of the
preceding period.