Rights, preferences and contingencies attached to equity shares
The Company has only one class of equity shares, having a par value of ' 10/-. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amount. However, as on date no such preferential amounts exist. The distribution will be in proportion to number of equity shares held by the shareholders.
Warranty claims:
Provision for warranty represents present value of management’s best estimate of the future outflow of economic benefits that will be required in respect of services provided, the estimated cost of which is accrued at the time of providing service. Management estimates the related provision for future warranty claims based on historical warranty claim information and is adjusted regularly to reflect new information. The products are generally covered under a free warranty period ranging up to 3 months.
The tax rate used for 2025-26 reconciliation above is the corporate tax rate of 34.944% (PY 34.944%) payable by corporate entities in India on taxable profits under Indian tax law.
The Company benefits from the tax holiday available for units set up under the Special Economic Zone Act, 2005. These tax holidays are available for a period of fifteen years from the date of commencement of operations. Under the SEZ scheme, the units which begins providing services on or after April 01, 2005 will be eligible for deductions of 100% of profits or gains derived from export of services for the first five years, 50% of such profit or gains for a further period of five years and 50% of such profits or gains for the balance period of five years subject to fulfilment of certain conditions. Pune unit 1, Thiruvananthapuram, Chennai unit and Pune Unit 2, will be eligible for deductions of 100% of profits or gains derived from export of services for the first five years, 50% of such profit or gains for a further period of five years and 50% of such profits or gains for the balance period of five years subject to fulfilment of certain conditions.
28 EMPLOYEE BENEFIT PLANS
a. Defined contribution plans
The Company makes contribution to Provident Fund, Superannuation Fund and Employee State Insurance fund for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits.
The Company recognised i) ' 5,618.05 lakhs and ' 5,408.21 lakhs for Provident Fund contributions for the year ended March 31, 2026 and March 31, 2025, respectively. ii) ' 860.72 lakhs and ' 1,116.80 lakhs for Superannuation Fund contributions for the year ended March 31, 2026 and March 31, 2025, respectively. The contributions payable to these plans by the Company are at the rates specified in the rules of the schemes.
b. Defined benefit plans
The Company offers gratuity (included as part of Contribution to Provident and other funds in Note 25 Employee benefit expenses) to its eligible employees under defined benefit plans.
The gratuity plan provides for a lump sum payment (subject to a maximum cap of ' 20 lakhs) (March 31, 2025 - ' Nil) to vested employees at retirement, death while in employment or on termination of employment in accordance with the provisions under the Code on Social Security, 2020 or as per the Company Scheme, as applicable. Vesting occurs upon completion of contractual period of continuous years of service as defined in the Code on Social Security, 2020. The Company manages the plan through a trust. Trustees administer contributions made to the trust.
Future mortality assumptions are taken based on the published statistics by the Insurance Regulatory and Development Authority of India.
The expected benefits are based on the same assumptions as are used to measure the Company’s defined benefit plan obligations as at March 31, 2026. The Company is expected to contribute ' 6,017.06 lakhs to defined benefit obligations funds for the year ended March 31, 2027.
The discount rate is based on the prevailing market yields of Government of India securities as at the Balance sheet date for the estimated term of the obligations. The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.
The significant actuarial assumptions for the determination of the defined benefit obligations are discount rate, expected salary increase and employee attrition. The sensitivity analysis below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
If the discount rate increases (decreases) by 1%, the defined benefit obligations would decrease by ' 1,135.47 lakhs (increase by ' 1,297.96 lakhs) as at March 31, 2026. If the expected salary growth increases (decreases) by 1%, the defined benefit obligations would increase by ' 1,016.14 lakhs (decrease by ' 960.82 lakhs) as at March 31, 2026. If the employee attrition rate increases (decreases) by 1%, the defined benefit obligation would increase by ' 98.27 lakhs (decrease by ' 118.98 lakhs).
The sensitivity analysis has been performed based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumption may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligations has been calculated using the Projected Unit Credit Method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. Each year an Asset - Liability matching study is performed in which the consequences of the strategic investment policies are analysed in terms of risk and return profiles. Investment and contribution policies are integrated within this study.
30 FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT
The significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2.10 to the financial statements.
(b) Fair value hierarchy:
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:
• Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 — Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3 — Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.
The investments included in Level 2 of fair value hierarchy have been valued using quotes available for similar assets and liabilities in the active market. The investments included in Level 3 of fair value hierarchy have been valued using the cost approach to arrive at their fair value. The cost of unquoted investments approximate the fair value because there is a range of possible fair value measurements and the cost represents estimate of fair value within that range.
(c) Financial risk management
The Company is exposed primarily to fluctuations in credit, liquidity and market risks, which may adversely impact the fair value of its financial instruments. The Company has a risk management policy which covers risks associated with the financial assets and financial liabilities. The risk management policy is approved by the Board of Directors. The focus of risk management committee is to assess the unpredictability of the financial environment and to mitigate potential adverse effects on the financial performance of the Company.
(d) Interest rate risk
The Company’s investments are primarily in fixed rate interest bearing fixed deposits with banks. Hence the Company is not significantly exposed to interest rate risk.
(e) Credit risk
Credit risk is the risk of financial loss arising from counter party failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after necessary approvals for credit.
Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, unbilled revenue, derivative financial instruments, cash and cash equivalents, other bank balances and other financial assets. Other bank balances include bank deposits include an amount of ' 1,87,300.00 lakhs (Previous year ' 1,58,310.00 lakhs) held with five scheduled banks having high credit-rating which are individually in excess of 10% or more of the Company bank deposits for the year ended March 31, 2026. Trade receivables- billed and Trade receivables-unbilled include an amount of ' 31,041.47 lakhs (Previous year ' 26,559.60 lakhs) held with two customers having high creditrating which are individually in excess of 10% or more of Company Trade receivables- billed and Trade receivables- unbilled for the year ended March 31, 2026.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to the credit risk was ' 3,37,119.10 lakhs and ' 3,00,238.66 lakhs as at March 31, 2026 and March 31, 2025, respectively, being the total of the carrying amount of balances principally with banks, other bank balances, Trade receivables- billed and Trade receivables- unbilled and other financial assets. The Company’s exposure to customers is diversified and except two customers, no single customer contributes to more than 10% and 10% of Trade receivables- billed and Trade receivables- unbilled as at March 31, 2026 and March 31, 2025, respectively.
(f) Liquidity risk:
Liquidity risk refers to the risk that Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and to ensure that sufficient funds are available for use as per requirements.
The Company consistently generates sufficient cash flows from operations to meet its financial obligations as and when they fall due.
(g) Market risk
(a) Foreign currency exchange rate risk:
The fluctuation in foreign currency rates may have potential impact on the statement of profit or loss and other comprehensive income and equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the Company.
Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in US Dollar, Great Britain Pound and Euro against the functional currency of the Company.
The Company, as per its risk management policy, uses derivative instruments primarily to cover the exchange rate risks. Further, any movement in the foreign currency of the various operations of the Company against major foreign currencies may impact Company’s revenue in international business.
The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange risk. It covers a part of these risks by using derivative financial instruments in line with its risk management policies.
The foreign exchange rate sensitivity is calculated by aggregation of the net foreign exchange rate exposure and a simultaneous parallel foreign exchange rates shift of all the currencies by 10% against the functional currency of the Company.
The following analysis has been worked out based on the net exposures of the Company as of the date of balance sheet which could affect the statement of profit and loss and other comprehensive income and equity. Further the exposure indicated below is mitigated by some of the derivative contracts entered into by the Company.
10% appreciation/depreciation of the respective foreign currencies with respect to functional currency of the Company would result in decrease/increase in the Company’s profit before tax by approximately ' 6,991.02 lakhs for the year ended March 31, 2026 and ' 6,635.62 lakhs for the year ended March 31, 2025 respectively.
*Others include AED, AUD, CAD, JPY, KRW, MYR, SGD, ZAR etc.
The Company uses various derivative financial instruments governed by policies approved by the board of directors such as foreign exchange forward and option contracts to manage and mitigate its exposure to foreign exchange rates. The counter party is generally a bank. The Company can enter into contracts for period up to one year.
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33 CONTINGENT LIABILITIES AND COMMITMENTS
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' lakhs
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Contingent liabilities and commitments (to the extent not provided for)
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As at March 31, 2026
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As at March 31, 2025
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(i) Contingent liabilities:
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Claims against the Company not acknowledged as debt
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Disputed demands for Income Tax aggregates.
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67.29
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67.29
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(ii) Capital Commitments:
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Estimated amount of contracts remaining to be executed on capital accounts and not provided for
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Property, plant and equipment
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701.00
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236.93
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During the years ended March 31, 2026 and March 31, 2025'23,430.80 lakhs and ' 23,474.13 lakhs of unbilled revenue (including Contract assets) pertaining to fixed price and fixed time frame contracts as of April 01, 2025 and April 01, 2024, respectively, has been reclassified to trade receivables upon billing
to customers on completion of milestones. During the years ended March 31, 2026 and March 31, 2025 the Company recognised revenue of ' 4,654.59 lakhs and '5,276.56 lakhs arising from opening uneared revenue as of April 01, 2025 and April 01, 2024, respectively.
b. Remaining performance obligations
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised as at the end of the reporting period and an explanation as to when the Company expects to recognise these amounts in revenue. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustment for revenue that has not materialised and adjustments for currency.
Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognised corresponds directly with the value to the customer of the Company’s performance completed to date, typically those contracts where invoicing is on time and material, unit price basis and no information is provided about remaining performance obligations at March 31, 2026 that have an original expected duration of one year or less, as allowed by Ind AS 115.
The aggregate value of performance obligations that are completely or partially unsatisfied as of March 31, 2026 is ' 33,228.94 lakhs (March 31, 2025: ' 18,656.24 lakhs). Out of this, the Company expects to recognise revenue of around 44.64% (March 31, 2025: 89.97%) within the next one year and the remaining thereafter. This includes contracts that can be terminated for convenience without a substantive penalty since, based on current assessment, the occurrence of the same is expected to be remote.
37 SEGMENT INFORMATION
The Chief Executive Officer and Managing Director of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by Ind AS 108 - operating segments. The CODM evaluates the Company’s performance and allocates resources based on an analysis of various performance indicators by industry classes. Accordingly, the segment information has been presented for industry classes.
The Company has identified business segments as its primary segment. Business segments are primarily system integration & support and software development & services.
Each segment item reported is measured at the measure used to report to the CODM for the purposes of making decisions about allocating resources to the segment and assessing its performance.
Revenues and expenses directly attributable to segments are reported under each reportable segment. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.
Assets and liabilities of the Company are used interchangeably amongst segments. Allocation of such assets and liabilities is not practicable and any forced allocation would not result in any meaningful segregation. Hence, assets and liabilities have not been identified to any of the reportable segments.
Information about major customers:
The revenues of ' 3,66,479.87 lakhs (Previous year ' 3,62,329.70 lakhs) arising from the software development and services segment includes ' 1,38,106.27 lakhs (Previous year ' 1,35,323.92 lakhs) representing revenue of more than 10% of the total revenue of the Company is from two customers.
38 PERFORMANCE STOCK OPTION PLAN (PSOP)
Performance Stock Option Plan (PSOP) - 2023 (the Plan)
Effective March 04, 2023, the Company instituted the Plan. The Board of Directors of the Company and shareholders authorised to introduce, offer, issue and provide share based options to eligible employees of the Company at its meeting held on January 25, 2023 and March 04, 2023 respectively. The maximum number of shares under the 2023 plan shall not exceed 3,11,000 equity shares. Further, the maximum number of Options that can be granted to any specific Employee during the tenure of this Plan shall not exceed 20,000 Options.
The options would vest on achievement of defined performance parameters as determined by Nomination and Remuneration committee. The performance parameters are based on operating performance metrics of the company as decided by Nomination and Remuneration committee. Each of the performance parameters will be distinct for the purpose of calculation of the quantity of the shares to vest based on performance. The instruments generally vests at 30-30-40 ratio over 12 to 36 months from the date of grant. Each option carries with a right to purchase one equity share of the Company at exercise price determined by
42 DIVIDENDS
During the year ended March 31, 2026, the Company paid total dividends at ' 75.00 (March 31, 2025 -' 70.00) per equity share.
Dividends declared by the Company are based on the profit available for distribution.
43 The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
The Company has not traded or invested in Crypto currency or Virtual currency during the financial year. The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the income tax act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
44 No funds have been advanced/loaned/invested (from borrowed funds or from share premium or from any other sources/kind of funds) by the Company to any other person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (Funding Parties), with the understanding (whether recorded in writing or otherwise) that the Company shall (i) directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
45 Exceptional item pertains to one-time impact of New Labour Codes effective November 21, 2025, The Government of India has consolidated multiple existing labour legislations into a unified framework comprising four Labour Codes collectively referred to as the ‘New Labour Codes’. Under Ind AS 19, changes to employee benefit plans arising from legislative amendments constitute a plan amendment, requiring recognition of past service cost immediately in the statement of profit and Loss.
The Company has considered restructured compensation of its employees and assessed the impact of the changes, consistent with the Labour Codes, draft rules, FAQs and legal opinion. The New Labour Codes has resulted in estimated one time increase in provision for employee benefits of the Company amounting to ' 9,568.88 lakhs and the same has been recognised as an exceptional items in the current year. 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.
46 SUBSEQUENT EVENT NOTE
On April 21, 2026, the Board of Directors of the Company have proposed a dividend of ' 75 per share in respect of the year ended March 31, 2026 subject to the approval of shareholders at the Annual General Meeting.
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