d) The Company has elected an irrevocable option to designate its investments in equity instruments through FVOCI, as the said investments are not held for trading and company continues to invest for long term and remain invested in leaders in sectors, which it believes to have potential to remain accretive over the long term.
e) Of the total dividend recognised during the year from investment in equity shares designated at FVOCI, ' 780.61 lacs (Previous year ' 1,402.13 lacs) is relating to investment derecognised during the year and ' 28,061.77 lacs (Previous year ' 25,579.41 lac) pertains to investments held at the end of reporting period.
f) During the year, total cumulative gains (net of taxes) of ' 34,500.16 lacs (Previous year ' 38,818.06 lacs) on investment in equity shares designated at FVOCI have been transferred to retained earnings on derecognition of related investments after adjusting for tax effect thereon amounting to ' 3,971.20 lacs (Previous Year - ' 4,883.20 lacs). The fair value of such investments on the date of derecognition is ' 65,284.99 lacs (Previous year ' 79,876.77 lacs).
g) Shares lent as at 31.03.2026, under Stock Lending and Borrowing Scheme of the Securities and Exchange Board of India amount to ' 1,188.38 lacs (Previous year ' Nil).
h) The Company had sold shares during the period when transfers were effected in physical form and the transactions duly accounted for in the respective financial statements. However, the Company continues to be reflected as a member in the records of those companies, as these transfers have not been registered by the buyers in their names.
i) The Company holds an investment in Cumulative Compulsorily Convertible Preference Shares ("CCCPS”) issued by Simto Investment Company Limited. During the current financial year, Simto Investment Company Limited approved a variation in the terms of the said CCCPS, pursuant to which the CCCPS were reclassified as Cumulative Redeemable Preference Shares with effect from March 31,2026.
j) Following securities pledged towards margin facility;
- Government securities - ' 936.68 lacs (Previous Year ' 3,705.65 lacs)
- Quoted Equity Shares - ' 7,053 lacs (Previous Year ' 5,806.37 lacs)
- Debt / Equity Mutual Fund - ' 2,578.23 lacs (Previous Year ' Nil)
k) During the current or previous reporting periods, the Company has not reclassified any investments since its initial classification.
(i) Measurement of fair values i. Fair value hierarchy
Fair value of investment property, including all ancillary costs, as on March 31,2026 : ' 15,847.66 lacs (March 31,2025 : ' 15,808.99 lacs). The fair value of the investment properties has been determined by an external independent property valuer, having appropriate professional qualification and experience in the location and category of property being valued. Cost has been considered as an appropriate estimate of fair value since it is a newly acquired property in the previous year.
The Company obtains independent valuation for its investment property annually and has been categorised as a level 3 fair value based on the inputs to the valuation technique used.
(ii) The Company has no restriction on the realisability of its investment property and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.
(iii) Title deeds for all the leased premises are held in the name of the Company.
(b) 346,646,630 Ordinary shares - 68.51% (Previous year 34,664,663 Ordinary shares - 68.51%) of ' 1/- (Previous year ' 10/-) each are held by the Holding Company, Tata Sons Private Limited. No other shareholder holds more than 5% of the Ordinary share capital of the Company. 8,058,430 Ordinary shares (Previous Year 805,843) are held by a Subsidiary of the Holding Company and 16,421,110 Ordinary shares (Previous year 16,42,111 ) are held by Associates of the Holding Company.
(d) Par value per share is ' 1 (Previous year ' 10) each (Refer Note g)
(e) The Company has only one class of Ordinary shares having a par value of ' 1 (Previous year ' 10) each (Refer Note g) per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, if any, in proportion to their shareholding.
(f) The Company is an Investment company, the objective of the Company is to invest in long term investments, and distributing the profits of Company by way of dividends in a way that shareholders can participate equitably in the Company's growth, while maintaining the financial foundation of the Company and ensure sustainable growth. Accordingly, the Company has framed various policies such as investment policy, dividend distribution policy which lays down the framework of company's capital management.
(g) During the year ended 31 March 2026, the Board of Directors at their meeting held on 04 August 2025 recommended the sub-division/split of existing Equity Shares of the Company from 1 (One) Equity Share having face value of ' 10/- (Rupees Ten only) each fully paid-up, into such number Equity Shares having face value of ' 1/- (Rupee One only) each fully paid-up. The above sub-division/split has been approved by the equity shareholders of the Company dated 21 September 2025 through postal ballot. Pursuant to sub-division/split of shares effective 14 October 2025 ("Record Date”), the paid up equity share capital of the Company is ' 5,059.53 lacs consisting of 505,952,960 equity shares having face value of Re.1/- (Rupee One only) each fully paid-up.
Nature and purpose of reserves:
Capital Reserve
The Company recognises profit and loss on purchase, sale, issue or cancellation of its own equity instruments to capital reserve.
Capital redemption Reserve
Whenever there is a buy-back or redemption of share capital the nominal value of the capital is transferred to a reserve called Capital Redemption Reserve so as to retain the capital intact.
Securities Premium Reserve
Securities Premium Reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision of the Companies Act, 2013.
General Reserve
The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General reserve will not be reclassified subsequently to the statement of profit and loss.
Statutory Reserve
Statutory Reserve represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (the "RBI Act”) and related regulations applicable to those companies. Under the RBI Act, a non-banking finance company is required to transfer an amount not less than 20% of its net profit (including realised profits on derecognition of equity instruments (net of taxes)) to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for the purposes specified by the RBI.
Impairment Reserve
Impairment Reserve represents the reserve created pursuant to the RBI Master Directions - Reserve Bank of India (Non-Banking Financial Companies - Financial Statements: Presentation and Disclosures) Directions, 2025 dated November 28, 2025. Under this Master Direction, where the impairment allowance under Ind AS 109 is lower than the provisioning required as per prudential norms on Income Recognition, Asset Classification and Provisioning (including standard asset provisioning) the difference should be appropriated from the net profit to a separate 'Impairment Reserve'. Withdrawals from this reserve is allowed only after obtaining permission from the Department of Supervision of the Reserve Bank. Further, the requirement for 'Impairment Reserve' may be reviewed annually. Though the Company is not in the activity of lending loans and advances, however, the provision for standard asset outstanding as on April 1, 2019 has been reversed and an amount equivalent to 0.40% of standard assets has been transferred to 'Impairment Reserve' as on March 31,2020 out of abundant caution.
During the year ended 31 March 2026, the Board of Directors at their meeting held on 04 August 2025 recommended the sub-division/split of existing Equity Shares of the Company from 1 (One) Equity Share having face value of ' 10/- (Rupees Ten only) each fully paid-up, into such number Equity Shares having face value of ' 1/- (Rupee One only) each fully paid-up. The above sub-division/split has been approved by the equity shareholders of the Company dated 21 September 2025 through postal ballot. Pursuant to sub-division/split of shares effective 14 October 2025 ("Record Date”), the paid up equity share capital of the Company is ' 5,059.53 lacs consisting of 505,952,960 equity shares having face value of ' 1/- (Rupee One only) each fully paid-up.
The basic and diluted EPS for the prior year have been restated considering the face value of ' 1/- each in accordance with Ind AS 33 - "Earnings per Share” on account of sub-division of the Ordinary (equity) Shares of face value ' 10/- each into Ordinary (equity) Shares of face value of ' 1/- each.
10. Segment Information:
As the Company has no activities other than those of an investment company, the segment reporting under Indian Accounting Standard Ind AS 108 - 'Operating Segments' is not applicable. The Company does not have any reportable geographical segment.
Inherent risk : The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks pertaining to the plan. In particular, there is a risk for the Company that any adverse salary growth or demographic experience or inadequate returns on underlying plan assets can result in an increase in cost of providing these benefits to employees in future. Since the benefits are lump sum in nature the plan is not subject to any longevity risks.
Investment Risk and Asset-Liability Risk : The money contributed by the Company to the fund to finance the liabilities of the plan has to be invested. The trustees of the plan are required to invest the funds as per the prescribed pattern of investments laid out in the income tax rules for such approved plans. Due to the restrictions in the type of investments that can be held by the fund, it is not possible to explicitly follow an asset-liability matching strategy to manage risk actively.
During the year, there were no plan amendments, curtailments and settlements.
(II) Post retirement medical benefits
Under this unfunded scheme, employees of the Company receive medical benefits in the form of insurance cover subject to certain limits on amounts of benefits, periods after retirement and types of benefits, depending on their grade and location at the time of retirement. Employees separated from the Company under an early separation scheme, on medical grounds or due to permanent disablement are also covered under the scheme. The Company accounts for the liability for post-retirement medical scheme based on an year end actuarial valuation.
Inherent risk : The plan is of a defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks pertaining to the plan. In particular, there is a risk for the Company that any adverse increase in healthcare costs or demographic experience can result in an increase in cost of providing these benefits to employees in future. The benefits are also paid during the lifetime of the beneficiaries and the plan carries the longevity risks.
During the year, there were no plan amendments, curtailments and settlements.
Investments in mutual funds, venture capital funds,Gsec InvITs and REITs , ETFs and CRPS are classified as fair value through the statement of profit
and loss.
(b) Measurement of fair values
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level
1 to Level 3, as described below:
Level I: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level II: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level III: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
(i) The management assessed that fair value of cash and cash equivalents, bank balances other than cash and cash equivalent, trade receivables, trade payables, and other financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments
(ii) Financial assets and liabilities are stated at carrying value which approximates their fair value.
(iii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets. The Investments measured at fair value and falling under fair value hierarchy Level 3 are valued on the basis of valuation reports provided by external valuers with the exception of certain investments, where cost has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair values within that range
(c) Derivative Financial Instruments
During the current year, the Company has entered into covered call / put option transactions on their existing portfolio. Credit risk arising from derivative financial instruments is, at any time, is limited to those with positive fair values, as recorded on the balance sheet.
(d) Financial risk management
The Company has exposure to the following risks arising from financial instruments:
• Credit risk
• Liquidity risk; and
• Market risk
The Company has a risk management framework which not only covers the market risks but also other risks associated with the financial assets and liabilities such as interest rate risks and credit risks.
The risk management policy is approved by the Board of Directors. The risk management framework aims to:
(i) create a stable business planning environment by reducing the impact of interest rate fluctuations on the Company's business plan.
(ii) achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.
Credit Risk:
Credit risk is the risk of financial loss to the company if a counter-party fails to meet its contractual obligations.
Trade receivables
Credit risk with respect to trade receivables is limited, since the trade receivables amount is immaterial.
Cash and cash equivalents
The Company holds cash and cash equivalents of ' 116.15 lacs at 31 March 2026 (31 March 2025: ' 486.14 lacs). The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.
Liquidity Risk:
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company's reputation.
The table below analyses the Company's financial liabilities into relevant maturity groupings based on their contractual maturities based on undiscounted contractual payments for:
- all non derivative financial liabilities
- Derivative financial instruments for which the contractual maturities are essential for understanding the timing of the cash flows.
Market risk:
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such as equity price, interest rates etc.) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. The Company is exposed to market risk primarily related to the market value of its investments.
Interest rate risk:
Interest rate risk arises from effects of fluctuation in prevailing levels of market interest rates on the fair value of Bonds / Debentures / Gsec. Exposure to interest rate risk:
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. Floating rate instruments exposes the Company to Cash flow interest risk, whereas fixed interest rate instruments expose the Company to fair value interest risk.
The Company does not have any financial instrument which is subject to floating interest rates.
Currency risk:
Currently Company does not have transaction in foreign currencies and hence the Company is not exposed to currency risk.
Price risk:
(a) Exposure
The Company is exposed to equity price risk arising from investments held by the Company and classified in the balance sheet either as fair value through OCI or at fair value through profit or loss.
To manage its price risk arising from investment in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.
The majority of the company's equity investments are listed on the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE) in India.
(b) Sensitivity analysis - Equity price risk
The table below summaries the impact of increases/decreases of the index on the Company's equity and profit for the year. The analysis is based on the assumption that the equity/index had increased by 2% or decreased by 2% with all other variables held constant, and that all the Company's investments in equity instruments moved in line with the index.
20. Capital Management
The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business
The Company has adequate cash and bank balances. The company monitors its capital by a careful scrutiny of the cash and bank balances, and a regular assessment of any debt requirements. In the absence of any debt, the maintenance of debt equity ratio etc. may not be of any relevance to the Company.
21. The Company has been assigned a rating of ' CRISIL AAA/Stable' on ' 1,000 lacs Non-Convertible Debentures programme.
22. Following are the additional disclosures required as per Schedule III to the Companies Act, 2013 vide Notification dated March 24, 2021;
a. Details of Benami Property held:
There are no proceedings which have been initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.
b. Wilful Defaulter:
The Company has not been declared as Wilful Defaulter by any Bank or Financial Institution or other Lender.
c. Relationship with Struck off Companies :
During the year, the Company does not have any transactions with the companies struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.
d. Compliance with number of layers of companies:
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
e. Utilisation of Borrowed funds and share premium:
During the financial year ended 31.03.2026, other than the transactions undertaken in the normal course of business and in accordance with extant regulatory guidelines as applicable.
(i) No funds (which are material either individually or in the aggregate) 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 entity ("Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ii) No funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
f. Undisclosed Income:
The Company does not have any transactions 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). Also, there are nil previously unrecorded income and related assets.
g. Details of Crypto Currency or Virtual Currency:
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
h. Capital work in progress (CWIP) and Intangible asset:
The Company does not have any CWIP and Intangible asset under development.
i. The Company has not revalued its Property, Plant and Equipment during the current year as well as in previous year.
(f) Sectoral Exposures
The Company does not have any exposures (including off balance sheet items), in the nature of loans as at March 31,2026 and March 31,2025.
(g) Intra group Exposures
The Company has investment in group companies as disclosed in Note 7.5 of the notes to financial statements as at March 31, 2026 and March 31, 2025.
(h) Unhedged foreign currency exposure
The Company does not have any unhedged foreign currency exposures as at March 31,2026 and March 31,2025.
(i) Disclosure of complaints
The Company does not have any customer interface and thus there are no complaints received by the NBFCs from customers and from the Offices of Ombudsman during the year ended March 31,2026 and March 31,2025.
(j) Corporate Governance
For Corporate Governance, refer report on Corporate Governance.
(k) Details of penalties and strictures
There are no penalties or stricture imposed on the Company by the Reserve Bank or any other statutory authority.
(l) Related Party Disclosure
For related party disclosures refer to Note 15 of the notes to standalone financial statements.
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