(k) Provisions

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that the Company will be
required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.

The amount recognised as a provision is the best
estimate of the consideration required to settle the
present obligation at the end of the reporting period,
taking into account the risks and uncertainties
surrounding the obligation. When the effect of the time
value of money is material, provisions are determined by
discounting the expected future cash flows at 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.

When some or all of the economic benefits required
to settle a provision are expected to be recovered
from a third party, a receivable is recognised as an
asset if it is virtually certain that reimbursement will
be received and the amount of the receivable can be
measured reliably.

[l) Employee benefits

(i) Short-term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within twelve months after the end of the
period in which the employees render the related
service are recognised in respect of employees'
services up to the end of the reporting period
and are measured at the undiscounted amounts
expected to be paid when the liabilities are settled.
The liabilities are presented as current benefit
obligations in the Balance Sheet.

(ii) Other long-term employee benefit obligations

Other long-term employee benefits include earned
leaves and employee retention bonus.

Earned leaves

The liability for earned leaves is not expected to be
settled wholly within twelve months after the end of
the period in which the employees render the related
service. They are therefore measured at the present
value of 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, with actuarial valuations being
carried out at the end of each annual reporting
period. The benefits are discounted using the
market yields at the end of the reporting period

that have terms approximating to the terms of the
related obligation. Remeasurements as a result of
experience adjustments and changes in actuarial
assumptions are recognised in the Statement of
Profit and Loss. The obligations are presented as
provisions in the Balance Sheet.

Employee retention bonus

The Company, as a part of retention policy,
pays retention bonus to certain employees after
completion of specified period of service. The
timing of the outflows is expected to be within a
period of five years. They are therefore measured
at the present value of expected future payments
at the end of each annual reporting period in
accordance with management best estimates. This
cost is included in employee benefit expense in the
Statement of Profit and Loss with corresponding
provisions in the Balance Sheet.

(iii) Post-employment obligations

The Company operates the following post¬
employment schemes:

• defined benefit plan towards payment of
gratuity; and

• defined contribution plans towards provident
fund & employee pension scheme, employee
state insurance and superannuation scheme.

Defined benefit plans

The Company provides for gratuity obligations through
a defined benefit retirement plan (the ‘Gratuity Plan')
covering all employees. The Gratuity Plan provides a
lump sum payment to vested employees at retirement/
termination of employment or death of an employee,
based on the respective employees' salary and years
of employment with the Company.

The liability or asset recognised in the Balance Sheet in
respect of the defined benefit plan is the present value of
the defined benefit obligation at the end of the reporting
period less the fair value of plan assets. The present
value of the defined benefit obligation is determined
using projected unit credit method by discounting the
estimated future cash outflows by reference to market
yields at the end of the reporting period on government
bonds that have terms approximating to the terms of the

related obligation, with actuarial valuations being carried
out at the end of each annual reporting period.

The net interest cost is calculated by applying the
discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This
cost is included in employee benefit expense in the
Statement of Profit and Loss. Remeasurement gains
and losses arising from experience adjustments and
changes in actuarial assumptions are recognised
in the period in which they occur, directly in Other
Comprehensive Income. They are included in retained
earnings in the statement of changes in equity and in
the Balance Sheet.

Defined contribution plans

Defined contribution plans are retirement benefit plans
under which the Company pays fixed contributions to
separate entities (funds) or financial institutions or state
managed benefit schemes. The Company has no further
payment obligations once the contributions have been
paid. The defined contributions plans are recognised as
employee benefit expense when they are due. Prepaid
contributions are recognised as an asset to the extent
that a cash refund or a reduction in the future payments
is available.

• Provident Fund Plan & Employee Pension
Scheme

The Company makes monthly contributions at
prescribed rates towards Employees' Provident
Fund/ Employees' Pension Scheme to a Fund
administered and managed by the Government
of India.

• Employee State Insurance

The Company makes prescribed monthly
contributions towards Employees' State
Insurance Scheme.

• Superannuation Scheme

The Company contributes towards a fund
established by the Company to provide
superannuation benefit to certain employees in
terms of Group Superannuation Policies entered into
by such fund with the Life Insurance Corporation
of India.

(m) Dividends

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

(n) Cash and cash equivalents

Cash and cash equivalents includes cash on hand,
other short-term, highly liquid investments with original
maturities of three month or less that are readily
convertible into known amount of cash and which are
subject to an insignificant risk of changes in value.

(o) Earnings per share

Basic earnings per share are calculated by dividing
the net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity
shares outstanding during the year.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the year attributable to
equity shareholders and the weighted average number
of shares outstanding during the year are adjusted for
the effects of all dilutive potential equity shares.

(p) Financial assets

(i) Classification

The Company classifies its financial assets in the
following measurement categories:

• those to be measured subsequently at fair
value (either through Other Comprehensive
Income, or through profit or loss), and

• those measured at amortised cost.

The classification depends on the Company's
business model for managing the financial assets
and the contractual terms of the cash flows.

For assets measured at fair value, gains and
losses will either be recorded in profit or loss or
Other Comprehensive Income. For assets in the
nature of debt instruments, this will depend on
the business model. For assets in the nature of
equity instruments, this will depend on whether
the Company has made an irrevocable election

at the time of initial recognition to account for
the equity instrument at fair value through Other
Comprehensive Income.

The Company reclassifies debt instruments when
and only when its business model for managing
those assets changes.

(ii) Measurement

At initial recognition, the Company measures a
financial asset at its fair value plus, in the case of a
financial asset not measured at fair value through
profit or loss, transaction costs that are directly
attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at fair
value through profit or loss are expensed in profit or
loss. However, trade receivable that do not contain
a significant financing component are measured at
transaction price.

Debt instruments

Subsequent measurement of debt instruments
depends on the Company's business model
for managing the asset and the cash flow
characteristics of the asset. There are three
measurement categories into which the Company
classifies its debt instruments:

• Amortised cost: Assets that are held for
collection of contractual cash flows where
those cash flows represent solely payments
of principal and interest are measured at
amortised cost. A gain or loss on a debt
investment that is subsequently measured at
amortised cost is recognised in profit or loss
when the asset is derecognised or impaired.
Interest income from these financial assets
is recognised using the effective interest
rate method.

• Fair value through Other Comprehensive
Income (FVTOCI): Assets that are held
for collection of contractual cash flows and
for selling the financial assets, where the
assets' cash flows represent solely payments
of principal and interest, are measured at
fair value through Other Comprehensive
Income (FVTOCI). Movements in the carrying
amount are taken through OCI, except for the

recognition of impairment gains or losses,
interest revenue and foreign exchange gains
and losses which are recognised in Statement
of Profit and Loss. When the financial asset
is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified
from equity to profit or loss and recognised
in other gains/(losses). Interest income
from these financial assets is included in
other income using the effective interest
rate method.

• Fair value through profit or loss (FVTPL):

Assets that do not meet the criteria for
amortised cost or FVTOCI are measured at
fair value through profit or loss. A gain or loss
on a debt investment that is subsequently
measured at fair value through profit or loss
is recognised in profit or loss and presented
net in the in Statement of Profit and Loss within
other gains/(losses) in the period in which it
arises. Interest income from these financial
assets is included in other income.

Equity instruments

The Company subsequently measures all equity
investments at fair value, except for equity
investments in subsidiary and joint venture where
the Company has the option to either measure
it at cost or fair value. The Company has opted
to measure equity investments in subsidiary
and joint venture at cost. Where the Company's
management elects to present fair value gains
and losses on equity investments in Other
Comprehensive Income, there is no subsequent
reclassification of fair value gains and losses to
profit or loss. Dividends from such investments
are recognised in profit or loss as other income
when the Company's right to receive payments
is established.

iii) Impairment of financial assets

In accordance with Ind AS 109 Financial
Instruments, the Company applies expected credit
loss (ECL) model for measurement and recognition
of impairment loss associated with its financial
assets carried at amortised cost and FVTOCI
debt instruments.

For trade receivables or any contractual right to
receive cash or another financial asset that result
from transactions that are within the scope of Ind
AS 115 Revenue from contracts with customers, the
Company applies simplified approach permitted by
Ind AS 109 Financial Instruments, which requires
expected life time losses to be recognised after
initial recognition of receivables. For recognition
of impairment loss on other financial assets and
risk exposure, the Company determines whether
there has been a significant increase in the credit
risk since initial recognition. If credit risk has not
increased significantly, twelve months ECL is
used to provide for impairment loss. However,
if credit risk has increased significantly, lifetime
ECL is used. If, in a subsequent period, credit
quality of the instrument improves such that there
is no longer a significant increase in credit risk
since initial recognition, then the entity reverts to
recognising impairment loss allowance based on
twelve-months ECL.

ECL represents expected credit loss resulting
from all possible defaults and is the difference
between all contractual cash flows that are due
to the Company in accordance with the contract
and all the cash flows that the entity expects
to receive, discounted at the original effective
interest rate. While determining cash flows, cash
flows from the sale of collateral held or other credit
enhancements that are integral to the contractual
terms are also considered.

ECL is determined with reference to historically
observed default rates over the expected life of
the trade receivables and is adjusted for forward
looking estimates. Note 36 details how the
Company determines expected credit loss.

(iv) Derecognition of financial assets

A financial asset is derecognised only when:

• the Company has transferred the rights to
receive cash flows from the financial asset; or

• retains the contractual rights to receive the
cash flows of the financial asset, but assumes
a contractual obligation to pay the cash flows
to one or more recipients.

Where the Company has transferred an asset, it
evaluates whether it has transferred substantially
all risks and rewards of ownership of the financial
asset. In such cases, the financial asset is
derecognised. Where the Company has not
transferred substantially all risks and rewards of
ownership of the financial asset, the financial asset
is not derecognised.

Where the Company has neither transferred a
financial asset nor retained substantially all risks
and rewards of ownership of the financial asset, the
financial asset is derecognised if the Company has
not retained control of the financial asset. Where the
Company retains control of the financial asset, the
asset is continued to be recognised to the extent
of continuing involvement in the financial asset.

On derecognition of a financial asset in its entirety,
the difference between the asset's carrying amount
and the sum of the consideration received and
receivable and the cumulative gain or loss that had
been recognised in Other Comprehensive Income
and accumulated in equity is recognised in profit
or loss if such gain or loss would have otherwise
been recognised in profit or loss on disposal of that
financial asset.

On derecognition of a financial asset other than
in its entirety, the Company allocates the previous
carrying amount of the financial asset between
the part it continues to recognise under continuing
involvement, and the part it no longer recognises
on the basis of the relative fair values of those parts
on the date of the transfer. The difference between
the carrying amount allocated to the part that is no
longer recognised and the sum of the consideration
received for the part no longer recognised and
any cumulative gain or loss allocated to it that had
been recognised in Other Comprehensive Income
is recognised in profit or loss if such gain or loss
would have otherwise been recognised in profit or
loss on disposal of that financial asset. A cumulative
gain or loss that had been recognised in Other
Comprehensive Income is allocated between the
part that continues to be recognised and the part
that is no longer recognised on the basis of the
relative fair values of those parts.

(v) Effective interest method

The effective interest method is a method of
calculating the amortised cost of a debt instrument
and of allocating interest income over the relevant
period. The effective interest rate is the rate that
exactly discounts estimated future cash receipts
through the expected life of the financial asset to
the gross carrying amount of a financial asset.
When calculating the effective interest rate, the
Company estimates the expected cash flows by
considering all the contractual terms of the financial
instrument but does not consider the expected
credit losses. Income is recognised on an effective
interest basis for debt instruments other than those
financial assets classified as at FVTPL.

(q) Financial liabilities and equity instruments

(i) Classification

Debt and equity instruments issued by the
Company are classified as either financial liabilities
or as equity in accordance with the substance of
the contractual arrangements and the definitions of
a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences
a residual interest in the assets of the Company
after deducting all of its liabilities.

Financial liabilities

The Company classifies its financial liabilities in the
following measurement categories:

• those to be measured subsequently at fair
value through profit or loss, and

• those measured at amortised cost.

Financial liabilities are classified as at FVTPL
when the financial liability is held for trading or it is
designated as at FVTPL, other financial liabilities
are measured at amortised cost at the end of
subsequent accounting periods.

(ii) Measurement
Equity instruments

Equity instruments issued by the Company are
recognised at the proceeds received. Transaction
cost of equity transactions shall be accounted for
as a deduction from equity.

Financial liabilities

At initial recognition, the Company measures a
financial liability at its fair value net of, in the case
of a financial liability not measured at fair value
through profit or loss, transaction costs that are
directly attributable to the issue of the financial
liability. Transaction costs of financial liability
carried at fair value through profit or loss are
expensed in profit or loss.

Subsequent measurement of financial liabilities
depends on the classification of financial liabilities.
There are two measurement categories into which
the Company classifies its financial liabilities:

• Fair value through profit or loss (FVTPL):

Financial liabilities are classified as at FVTPL
when the financial liability is held for trading
or it is designated as at FVTPL. Financial
liabilities at FVTPL are stated at fair value, with
any gains or losses arising on remeasurement
recognised in profit or loss.

• Amortised cost: Financial liabilities that are
not held-for-trading and are not designated
as at FVTPL are measured at amortised cost
at the end of subsequent accounting periods.
The carrying amounts of financial liabilities
that are subsequently measured at amortised
cost are determined based on the effective
interest method. Interest expense that is not
capitalised as part of costs of an asset is
included in the ‘Finance costs' line item.

(iii) Derecognition

Equity instruments

Repurchase of the Company's own equity
instruments is recognised and deducted directly
in equity. No gain or loss is recognised in profit or
loss on the purchase, sale, issue or cancellation of
the Company's own equity instruments.

Financial liabilities

The Company derecognises financial liabilities
when, and only when, the Company's obligations
are discharged, cancelled or have expired. An
exchange with a lender of debt instruments with
substantially different terms is accounted for as an
extinguishment of the original financial liability and

the recognition of a new financial liability. Similarly,
a substantial modification of the terms of an existing
financial liability (whether or not attributable to the
financial difficulty of the debtor) is accounted for as
an extinguishment of the original financial liability
and the recognition of a new financial liability. The
difference between the carrying amount of the
financial liability derecognised and the consideration
paid and payable is recognised in profit or loss.

(iv) Effective interest method

The effective interest method is a method of
calculating the amortised cost of a financial liability
and of allocating interest expense over the relevant
period. The effective interest rate is the rate that
exactly discounts estimated future cash payments
through the expected life of the financial liability to
the gross carrying amount of a financial liability.

(v) Foreign exchange gains and losses

For financial liabilities that are denominated in a
foreign currency and are measured at amortised
cost at the end of each reporting period, the foreign
exchange gains and losses are determined based
on the amortised cost of the instruments and
are recognised in ‘Other income'. The fair value
of financial liabilities denominated in a foreign
currency is determined in that foreign currency
and translated at the spot rate at the end of the
reporting period.

(r) Offsetting financial instruments

Financial assets and liabilities are offset and the net
amount is reported in the Balance Sheet where there
is a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a net basis
or realise the asset and settle the liability simultaneously.
The legally enforceable right must not be contingent on
future events and must be enforceable in the normal
course of business and in the event of default, insolvency
or bankruptcy of the Company or the counterparty.

(s) Fair value of financial instruments

Fair value measurements are categorised into Level
1, 2 or 3 based on the degree to which the inputs to
the fair value measurements are observable and the
significance of the inputs to the fair value measurement
in its entirety, which are described as follows:

• Level 1 inputs are quoted prices (unadjusted) in
active markets for identical assets or liabilities that
the Company can access at the measurement date;

• Level 2 inputs are inputs, other than quoted prices
included within Level 1, that are observable for the
asset or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the asset
or liability.

(t) Derivative financial instruments and hedge
accounting

The Company uses derivative financial instruments
i.e. forward currency contracts to hedge its foreign
currency risks. These derivative financial instruments are
initially recognised at fair value on the date on which a
derivative contract is entered into and are subsequently
re-measured at fair value. Derivatives are carried as
financial assets when the fair value is positive and as
financial liabilities when the fair value is negative.

For the purpose of hedge accounting, the Company
has classified hedges as Cash flow hedges wherein
it hedges the exposure to the variability in cash flows
that is either attributable to a particular risk associated
with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an
unrecognised firm commitment.

At the inception of a hedge relationship, the Company
formally designates and documents the hedge
relationship to which the Company contemplates to apply
hedge accounting and the risk management objective
and strategy for undertaking the hedge in compliance
with Company's hedge policy. The documentation
includes the company's risk management objective and
strategy for undertaking hedge, the hedging/ economic
relationship, the hedged item or transaction, the nature
of the risk being hedged, hedge ratio and how the
entity will assess the effectiveness of changes in the
hedging instrument's fair value in offsetting the exposure
to changes in the hedged item's fair value or cash
flows attributable to the hedged risk. Such hedges are
expected to be highly effective in achieving offsetting
changes in fair value or cash flows and are assessed
on an ongoing basis to determine that they actually
have been highly effective throughout the financial
reporting periods for which they were designated. Any

hedge ineffectiveness is calculated and accounted
for in Statement of profit or loss at the time of hedge
relationship rebalancing.

The effective portion of changes in the fair value
of the hedging instruments is recognised in Other
Comprehensive Income and accumulated in the cash
flow hedging reserve. Such amounts are reclassified in
to the profit or loss when the related hedge items affect
profit or loss, such as when the hedged financial income
or financial expense is recognised or when a forecast
sale occurs. When the hedged item is the cost of a non¬
financial asset or non-financial liability, the amounts
recognised as OCI are transferred to the initial carrying
amount of the non-financial asset or liability.

Any ineffective portion of changes in the fair value of
the derivative or if the hedging instrument no longer
meets the criteria for hedge accounting, is recognised
immediately in profit or loss. If the hedging relationship
ceases to meet the effectiveness conditions, hedge
accounting is discontinued and the related gain or loss
is held in cash flow hedging reserve until the forecast
transaction occurs.

(u) Equity-settled transactions

Certain employees of the Company receive remuneration
in the form of share-based payments, whereby
employees render services as consideration for equity
instruments (equity-settled transactions).

The cost of equity-settled transactions is determined by
the fair value at the date when the grant is made using
an appropriate valuation model. Further details are given
in note 40.

That cost is recognised, together with a corresponding
increase in share-based payment (SBP) reserves in
equity, over the period in which the performance and/
or service conditions are fulfilled in employee benefits
expense. The cumulative expense recognised for
equity-settled transactions at each reporting date
until the vesting date reflects the extent to which the
vesting period has expired and the Company's best
estimate of the number of equity instruments that will
ultimately vest. The expense or credit in the statement
of profit and loss for a period represents the movement
in cumulative expense recognised as at the beginning

and end of that period and is recognised in employee
benefits expense.

Service and non-market performance conditions are
not taken into account when determining the grant date
fair value of awards, but the likelihood of the conditions
being met is assessed as part of the Company's best
estimate of the number of equity instruments that will
ultimately vest. Market performance conditions are
reflected within the grant date fair value. Any other
conditions attached to an award, but without an
associated service requirement, are considered to be
non-vesting conditions. Non-vesting conditions are
reflected in the fair value of an award and lead to an
immediate expensing of an award unless there are also
service and/or performance conditions.

No expense is recognised for awards that do not
ultimately vest because non-market performance
and/or service conditions have not been met. Where
awards include a market or non-vesting condition,
the transactions are treated as vested irrespective
of whether the market or non-vesting condition is
satisfied, provided that all other performance and/or
service conditions are satisfied.

When the terms of an equity-settled award are modified,
the minimum expense recognised is the grant date fair
value of the unmodified award, provided the original
vesting terms of the award are met. An additional
expense, measured as at the date of modification, is
recognised for any modification that increases the total
fair value of the share-based payment transaction,
or is otherwise beneficial to the employee. Where an
award is cancelled by the entity or by the counterparty,
any remaining element of the fair value of the award is
expensed immediately through profit or loss.

The dilutive effect of outstanding options is reflected as
additional share dilution in the computation of diluted
earnings per share.

(v) Current vs Non Current

The Company presents assets and liabilities in the
Balance Sheet based on Current/ Non-Current
classification considering an operating cycle of 12
months being the time elapsed between deployment
of resources and the realisation/ settlement in cash and
cash equivalents there against.

(w) Recent accounting pronouncements

Ministry of Corporate Affairs (‘MCA') notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Amendment Rules as issued from time to time. The
Company applied following amendments for the first¬
time which are effective for annual periods beginning
on or after 1 April 2025.

Lack of exchangeability - Amendments to Ind AS 21

MCA via notification dated 7 May 2025, announced
amendments to Ind AS 21, The Effects of Changes
in Foreign Exchange Rates, to specify how an entity
should assess whether a currency is exchangeable
and how it should determine a spot exchange rate
when exchangeability is lacking. The amendments also
require disclosure of information that enables users of its
financial statements to understand how the currency not
being exchangeable into the other currency affects, or
is expected to affect, the entity's financial performance,
financial position and cash flows.

The amendments do not have a material impact on the
Company's Standalone Financial Statements.

Classification of Liabilities as Current or Non¬
current and Non-current Liabilities with Covenants
-Amendments to Ind AS 1

MCA via notification dated 13 August 2025 announced
amendments to Ind AS 1, Presentation of Financial
Statements, which elaborate on guidance set out in Ind
AS 1 by:

• clarifying that the right to defer settlement of a liability
for at least 12 months after the reporting period;

a) must have substance, and b) must exist at the
end of the reporting period;

• stating that management's expectations around
whether the settlement of a liability would be
deferred or not, does not impact the classification
of the liability;

• i ncluding requirements for liabilities that can be
settled using an entity's own instruments; and

stating that at the reporting date, the entity does not
consider covenants that will need to be complied
with in the future when considering the classification
of the debt as current or non-current In addition,
an entity is required to disclose when a liability
arising from a loan agreement is classified as non¬
current and the entity's right to defer settlement is
contingent on compliance with future covenants
within twelve months.

The amendments do not have a material impact on the
Company's Standalone Financial Statements.

Supplier Finance Arrangements-Amendments to
Ind AS 7 and Ind AS 107

MCA via notification dated 13 August 2025 announced
amendments to Ind AS 7, Statement of Cash Flows and
Ind AS 107, Financial Instruments: Disclosures which
introduced disclosure requirements with the objective
to enable users of financial statements to assess
how supplier finance arrangements affect an entity's
liabilities, cashflows and exposure to liquidity risk.

The amendments do not have a material impact on the
Company's Standalone Financial Statements.

I nternational Tax Reform-Pillar Two Model Rules-
Amendments to Ind AS 12

MCA via notification dated 13 August 2025
announced amendments to Ind AS 12, Income Taxes,
which includes:

• a temporary exception to the recognition
and disclosure of deferred taxes arising from
the implementation of the Pillar Two model
rules; and

• additional disclosure requirements targeted at
a reporting entity's exposure to income taxes in
periods in which the Pillar Two Model legislation
is enacted or substantively enacted but not yet
in effect.

The amendments do not have a material impact on the
Company's Standalone Financial Statements.

New standards and amendments to existing
Standards which are issued but are not yet
effective and have not been early adopted by the
Company Classification of Liabilities as Current
or Non-current and Non-current Liabilities with
Covenants-Amendments to Ind AS 1
Paragraph 74 of Ind AS 1 currently effective for the
year ended 31 March 2026 requires the entity not to
classify the liability as current, if there is a breach of
a material covenant of a long-term loan arrangement
on or before the end of the reporting period with the
effect that the liability becomes payable on demand on
the reporting date, however, the lender agreed, after
the reporting period and before the approval of the
financial statements for issue, not to demand payment
as a consequence of the breach.

MCA vide notification dated 13 August 2025, has
introduced amendment under Paragraph 74 of Ind AS 1
which requires the entity to classify the liability as current
under the aforementioned situation because, at the end
of the reporting period, it does not have the right to defer
its settlement for at least twelve months after that date.
Such amendment has been made effective for annual
reporting periods beginning on or after 01 April 2026
retrospectively in accordance with Ind AS 8.

This amendment is not expected to have a material impact
on the Company's Standalone Financial Statements.

Note 2: Critical accounting judgements and key
sources of estimation uncertainty

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.

Estimates and judgements are continually evaluated. They are
based on historical experience and other factors, including
expectations of future events that may have a financial impact

on the Company and that are believed to be reasonable
under the circumstances.

Key sources of estimation uncertainty

The following are the key assumptions concerning the future,
and other key sources of estimation uncertainty at the end
of the reporting period that may have a significant risk of
causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.

(i) Write-downs of inventories and allowance for slow
moving inventories

The Company write-downs the inventories to net
realisable value on account of obsolete and slow-moving
inventories, which is recognised on case to case basis
based on the management's assessment.

The Company uses following significant judgements
to ascertain value for write-downs of inventories to
net realisable:

a) nature of inventories mainly comprise of iron, steel,
forging and casting which are non-perishable
in nature;

b) probability of decrease in the realisable value of
slow moving inventory due to obsolesce or not
having an alternative use is low considering the
fact that these can also be used after necessary
engineering modification;

c) maintaining appropriate inventory levels for after
sales services considering the long useful life of
the product.

Effective April 01, 2025, ageing of inventory has also
been included as one of the significant judgement to
ascertain value for write-downs of inventories, however
the inclusion of such judgements did not have a material
impact on the financial statements for the year.

(ii) Employee benefit plans

The cost of the defined benefit plans and other long term
employee benefits and the present value of the obligation
thereon are determined using actuarial valuations. An
actuarial valuation involves making various assumptions
that may differ from actual developments in the future.
These include the determination of the discount rate,

future salary increases, attrition and mortality rates.
Due to the complexities involved in the valuation and its
long-term nature, obligation amount is highly sensitive
to changes in these assumptions.

The parameter most subject to change is the discount
rate. In determining the appropriate discount rate for
plans, the management considers the interest rates of
government bonds. Future salary increases are based
on expected future inflation rates and expected salary
trends in the industry. Attrition rates are considered
based on past observable data on employees leaving
the services of the Company. The mortality rate is
based on publicly available mortality tables. Those
mortality tables tend to change only at interval in
response to demographic changes. See note 32 for
further disclosures.

(iii) Provision for warranty claims

The Company, in the usual course of sale of its
products, gives warranties on certain products and
services, undertaking to repair or replace the items
that fail to perform satisfactorily during the specified
warranty period. Provisions made represent the
amount of expected cost of meeting such obligations
of rectifications / replacements based on best estimate
considering the historical warranty claim information and
any recent trends that may suggest future claims could
differ from historical amounts. The assumptions made
in relation to the current period are consistent with those
in the prior years.

(iv) Provision for liquidated damages

It represents the potential liability which may arise from
contractual obligation towards customers with respect
to matters relating to delivery and performance of the
Company's products. The provision represents the
amount estimated to meet the cost of such obligations
based on best estimate considering the historical trends,
merits of the case and apportionment of delays between
the contracting parties.

(v) Provision for litigations and contingencies

The provision for litigations and contingencies
are determined based on evaluation made by the
management of the present obligation arising from past
events the settlement of which is expected to result in
outflow of resources embodying economic benefits,
which involves judgements around estimating the
ultimate outcome of such past events and measurement
of the obligation amount.

(vi) Useful life and residual value of plant, property and
equipment and intangible assets

The useful life and residual value of plant, property and
equipment and intangible assets are determined based
on technical evaluation made by the management of the
expected usage of the asset, the physical wear and tear
and technical or commercial obsolescence of the asset.
Due to the judgements involved in such estimations, the
useful life and residual value are sensitive to the actual
usage in future period.

(iii) Contractual commitments

Refer note 38 for disclosure of contractual commitments for the acquisition of property, plant and equipment.

(iv) Right of use assets

Right of use assets represents certain office premises and vehicles taken on lease and has been accounted in accordance
with Ind AS 116 (“Leases”) [Refer note 37]

(v) Capital work-in-progress

Capital work-in-progress mainly comprises of building & plant and machinery which is under progress aged within 1 year.

(vi) Others

a) The Company has not revalued any of its Property, plant and equipment.

b) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the
lease agreements are duly executed in favour of the lessee) are in the name of the Company.

c) There are no projects which are overdue or has exceeded its cost compared to its original plan during the current
and previous year.

d) Refer note 33 with respect to sale of Property, plant and equipment to related parties.

(i) The cost of inventories recognised as an expense during the year was ' 12,597.22 Million (March 31, 2025: ' 10,970.73
Million).

(ii) The mode of valuation of inventories has been stated in note 1 (i).

(iii) In view of the order-to-dispatch cycle being normally around twelve months, most of the inventories held are expected to
be utilized during the next twelve months. However, there may be some exceptions on account of unanticipated cases
where the dispatch is held up due to reasons attributable to the customers, slow movement in spares and advance
manufacture in anticipation of orders. Accordingly, the same has been considered as current.

(iv) Refer note 14 for information on charges created on inventories.

(v) Refer note 2 (i) and note 28 for Write-downs of inventories and allowance for slow moving inventories.

In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining
assets of the Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their
shareholding.

Shares reserved for issue under options

For details of shares reserved for issue under the share based payment plan of the company, please refer note 40.

(iv) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought
back during the period of five years immediately preceding the reporting date

a) The Company has not issued any bonus shares during five years immediately preceding March 31, 2026. Further,
the Company has not issued any shares for consideration other than cash during five years immediately preceding
March 31, 2026, except shares allotted to employees on exercise of stock options granted under the ESOP scheme
(refer note 40).

b) Details of shares boughtback during the period of five years

The Company had bought back 54,28,571 equity shares of ' 1 each during the year ended March 31, 2023 from
the shareholders of the Company on a proportionate basis in accordance with the provisions of SEBI (Buy back of
Securities) Regulations, 2018 and Companies Act, 2013 through the tender offer route at a price of ' 350 per equity
share for an aggregate amount of ' 1,900 Million.

Capital Redemption Reserve of ' 28.00 Million was created consequent to redemption of preference share capital, as
required under the provisions of the erstwhile Companies Act, 1956 and Capital Redemption Reserve of ' 12.10 Million
was created in earlier years on account of buy-back of equity shares. This reserve shall be utilised in accordance with
the provisions of Companies Act, 2013.

(a) It represents undistributed profits of the Company which can be distributed by the Company to its equity shareholders
in accordance with the requirements of the Companies Act, 2013.

(b) As required under Schedule III (Division II) to the Companies Act, 2013, the Company has recognised remeasurement
of defined benefit plans (net of tax) as part of retained earnings.

(d) Liquidated damages:

Represents the provision on account of contractual obligation towards customers in respect of certain products for
matters relating to delivery and performance. The provision represents the amount estimated to meet the cost of
such obligations based on best estimate considering the historical liquidated damages claim information and any
recent trends that may suggest future claims could differ from historical amounts.

(ii) Movement in other provisions

Movement in each class of other provisions during the financial year, are set out below:

(i) Information about individual provisions and significant estimates

(a) Compensated absences

Compensated absences comprises earned leaves, the liabilities of which are not expected to be settled wholly within
twelve months after the end of the period in which the employees render the related service. They are therefore
measured as the present value of 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, with actuarial valuations being carried
out at the end of each annual reporting period. The Company presents the compensated absences as a current
liability in the Balance Sheet wherever it does not have an unconditional right to defer its settlement beyond twelve
months after the reporting date.

(b) Employee retention bonus:

The Company, as a part of retention policy, pays retention bonus to certain employees after completion of specified
period of service. The timing of the outflows is expected to be within a period of five years. They are therefore
measured as the present value of expected future payments, with management best estimates.

(c) Warranty:

The Company, in the usual course of sale of its products, gives warranties on certain products and services,
undertaking to repair or replace the items that fail to perform satisfactorily during the specified warranty period.
Provisions made represent the amount of expected cost of meeting such obligations of rectifications / replacements
based on best estimate considering the historical warranty claim information and any recent trends that may suggest
future claims could differ from historical amounts.

#As at March 31, 2026 and March 31, 2025, cash credit has a favourable bank balances, hence the same has been disclosed under cash
and cash equivalent.

i) Cash credit from banks is secured by hypothecation of entire current assets inclusive of stock-in-trade, raw materials, stores
and spares, work-in-progress and trade receivables and a second charge on entire movable fixed assets of the Company, both
present and future on a pari-passu basis. Interest rates ranges from 8.85% to 9.30% per annum for the year ended March 31,
2026 (March 31, 2025: 7.70% to 9.45%)

Note 31: Segment information

The Company primarily operates in one business segment- Power generating equipment and solutions.
The Company is domiciled in India and all its non-current assets are located in/relates to India except following:

(i) Investment in foreign subsidiary of ' 576.55 Million as at March 31, 2026 (March 31, 2025 : ' 310.36 Million)

The amount of Company's revenue from external customers based on geographical area and nature of the products/ services
are shown below:

Note 32: Employee benefit plans

(i) Defined contribution plans

(a) The Company operates defined contribution retirement benefit plans under which the Company pays fixed
contributions to separate entities (funds) or financial institutions or state managed benefit schemes. The Company
has no further payment obligations once the contributions have been paid. Following are the schemes covered
under defined contributions plans of the Company:

Provident Fund Plan and Employee Pension Scheme: The Company makes monthly contributions at prescribed
rates towards Employee Provident Fund/ Employee Pension Scheme to fund administered and managed by the
Government of India.

Employee State Insurance: The Company makes prescribed monthly contributions towards Employees State
Insurance Scheme.

(ii) Defined benefit plans

(a) The Company provides for gratuity obligations through a defined benefit retirement plan (the ‘Gratuity Plan') covering
all employees under the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum payment to vested
employees at retirement/termination of employment or death of an employee, based on the respective employees'
salary and years of employment with the Company.

(b) Risk exposure

These plans typically expose the Company to a number of actuarial risks, the most significant of which are detailed
below:

Investment risk: The plan liabilities are calculated using a discount rate set with references to government bond
yields as at end of reporting period; if plan assets under perform compared to the government bonds discount rate,
this will create or increase a deficit. The Plan assets comprise principally Group Gratuity Plans offered by the life
insurance companies. Majority of the funds invested are under the traditional platform where the insurance companies
declare a return at the end of each year based upon its performance. Certain investments are also made in funds
(growth plans) managed by the life insurance companies under which the returns are based upon the accretion
to the net asset value (NAV) of the particular fund, which are declared on a daily basis. The NAV based funds of
the insurance companies are approved and regulated by the Insurance Regulatory and Development Authority of
India and the investment risk is mitigated by investment in funds where the asset allocation is primarily in sovereign
and debt securities. The Company has a risk management strategy which defines exposure limits and acceptable
credit risk rating. There has been no change in the process used by the Company to manage its risks from prior
years.

Interest risk: A decrease in government bond yields will increase plan liabilities, although this is expected to be
partially offset by an increase in the value of the plans' debt instruments.

Life expectancy: The present value of the defined benefit plan liability is calculated by reference to the best estimate
of the mortality of plan participants during their employment. An increase in the life expectancy of the plan participants
will increase the plan's liability.

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 the salary of the plan participants will increase the plan's liability.

Note 34: Capital management

For the purpose of capital management, equity includes total equity share capital of the Company and all other equity reserves
attributable to the equity holders of the Company. The Company is debt free as at March 31, 2026 and March 31, 2025.
The Company manages its capital to maximize shareholder value. The Company’s objectives are to safeguard continuity,
maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to
shareholders.

The business model of the Company is not capital intensive and being in the engineered-to-order capital goods space, the
working capital is largely funded by internal accruals (mainly advances from customers). The Company manages its capital
structure and makes adjustments in light of changes in economic conditions which may be in the form of payment of dividend
subject to benchmark pay-out ratio, return capital to the shareholders. The management and the Board of Directors monitor
the return on capital as well as the level of dividends to shareholders.

The remuneration of directors and key executives is determined by the remuneration committee having regard to the
performance of individuals and market trends.

(iv) Terms & conditions:

The sales to and purchases from related parties, including rendering / availment of services, are made on terms which are
on arm’s length after taking into consideration market considerations, external benchmarks and adjustment thereof, terms
of Joint Venture agreement and methodology of sharing common group costs. There has not been any transactions with
key management personnel other than the approved remuneration having regards to the performance and market trends.
The outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. The Company
has not recorded impairment of receivables relating to amounts owned by related parties (March 31, 2025: Nil).

(v) In respect of figures disclosed above:

(a) the amount of transactions/ balances are without giving effect to the Ind AS adjustments on account of fair valuation/
amortisation.

(b) Remuneration and outstanding balances of KMP does not include long term benefits by way of gratuity and
compensated absences, which are currently not payable and are provided on the basis of actuarial valuation by the
Company. The perquisite value of ESOP of 13,090 shares vested is included in the remuneration of KMP.

(vi) There are no reportable transactions/balances as required under regulation 34(3) of SEBI (Listing and Other Disclosure
Requirements) Regulations, 2015.

(vii) During the year ended March 31, 2026, Triveni Turbines FZCO (‘TTFZCO’), a wholly owned step down subsidiary of the
Company has acquired the remaining 30% equity interest in TSE Engineering Pty. Ltd (‘TSE’) for a cash consideration
of ' 56 million. Accordingly, TSE Engineering Pty. Ltd became a wholly owned step down subsidiary of the Company
w.e.f. October 30, 2025.

Further, no changes were made in the objectives, policies or process for managing capital during the years ended March 31,
2026 and March 31, 2025.

The Company is not subject to any externally imposed capital requirements.

Note 35: Financial risk management

The Company’s principal financial liabilities comprise of trade payable, security deposits, lease liabilities and other financial
liabilities. The Company’s principal financial assets include trade receivables, cash and cash equivalents, bank balances,
FVTPL investments and other financial assets that arise from its operations. The Company has substantial exports and is
exposed to foreign currencies fluctuations during the contractual delivery period which is normally in the range of one year,
therefore the Company enters into hedging transactions to cover foreign exchange exposure.

The Company’s activities expose it mainly to market risk, liquidity risk and credit risk. The monitoring and management of
such risks is undertaken by the senior management of the Company and there are appropriate policies and procedures in
place through which such financial risks are identified, measured and managed in accordance with the Company’s policies
and risk objectives. The Company has specialized teams to undertake derivative activities for risk management purposes and
such team has appropriate skills, experience and expertise. It is the Company policy not to carry out any trading in derivative
for speculative purposes. The Audit Committee and the Board are regularly apprised of such risks every quarter and each
such risk and mitigation measures are extensively discussed.

(i) Credit risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company.
The Company is exposed to credit risk from its operating activities, primarily trade receivables and unbilled revenue. The
credit risks in respect of deposits with the banks, foreign exchange transactions and other financial instruments are only
nominal.

(a) Credit risk management

The customer credit risk is managed subject to the Company’s established policy, procedure and controls relating
to customer credit risk management. In order to contain the business risk, prior to acceptance of an order from a
customer, the creditworthiness of the customer is ensured through scrutiny of its financials, status of financial closure
of the project, if required, market reports and reference checks. The Company remains vigilant and regularly assesses
the financial position of customers during execution of contracts with a view to limit risks of delays and default. Further,
in most of the cases, the Company prescribes stringent payment terms including ensuring full payments before
delivery of goods. Retention amounts, if applicable, are payable after satisfactory commissioning and performance.
In view of the industry practice and being in a position to prescribe the desired commercial terms, credit risks from
receivables are well contained on an overall basis.

The impairment analysis is performed on each reporting period on individual basis for major customer. In addition
a large number of receivables are grouped and assessed for impairment collectively. The calculation is based on
historical data of losses, current conditions and forecasts and future economic conditions. The Company’s maximum
exposure to credit risk at the reporting date is the carrying amount of each financial asset as detailed in note 5, 6,
7 and 10.

(c) Mutual Funds and Bank deposits

Fixed deposits, investment in mutual funds are made in accordance with the Board approved investment policy of
the company. Investments of surplus funds are made only with approved AMC’s and Banks having a good market
reputation and within limits assigned. The limits are set to minimise the concentration of risks.

(ii) Liquidity risk

The Company uses liquidity forecast tools to manage its liquidity. As per the business model of the Company, the
requirement of working capital is not intensive. The Company is able to substantially fund its working capital from advances
from customers and from internal accruals and hence, there is no requirement of funding through borrowings . In view of
free cash flows, the Company has even been able to fund substantial capital expenditure from internal accruals.

*March 31, 2026 & March 31, 2025: Receivable individually in excess of 10% of the total receivables pertains to the
receivables towards supply of turbine to single customer. The Company has managed to minimize the credit risk
to the Company by securing against Letter of Credit.

From the above table, it can be observed that the concentration of risk in respect of trade receivables is well spread
out and moderate. Further, its customers are located in several jurisdictions and industries and operate in largely
independent markets.

(b) Provision for expected credit losses

Basis as explained above, apart from specific provisioning against impairment on an individual basis for major
customers, the Company provides for expected credit losses (ECL) for other receivables based on historical data of
losses, current conditions and forecasts and future economic conditions, including loss of time value of money due to
delays. In view of the business model of the Company, engineered-to-order products and the prescribed commercial
terms, the determination of provision based on age analysis may not be a realistic and hence, the provision of
expected credit loss is determined for the total trade receivables outstanding as on the reporting date. Considering
all such factors, ECL (net of specific provisioning) for trade receivables as at year end worked out as follows:

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. No assets are classified in this category.

There are no transfers between levels 1 and 2 during the year.

(iii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

- the fair value of the mutual funds is determined using daily NAV as declared for the particular scheme by the Asset
Management Company. The fair value estimates are included in Level 2.

- the fair value of foreign exchange forward contracts is determined using market observable inputs, including
prevalent forward rates for the maturities of the respective contracts and interest rate curves as indicated by Banks
and third parties.

All of the resulting fair value estimates are included in level 2.

(iv) Valuation processes

The finance team has requisite knowledge and skills. The team headed by CFO directly reports to the audit committee
to arrive at the fair value of financial instruments.

(v) Fair value of financial assets and liabilities that are not measured at fair value (but fair value disclosures are
required)

The management considers that the carrying amounts of financial assets and financial liabilities recognised in the financial
statements approximate their fair values.

Note 37: Leases
Company as a Lessee

The Company has various lease contracts for vehicles and office premises used in its operations. Leases of vehicles generally
have lease term of 5 years while office premises have lease terms between 5 and 10 years. The Company's obligations
under its leases are secured by the lessor's title to the leased assets. The Company has given refundable interest- free
security deposits under certain agreements. There is no contingent rent, sublease payments or restriction imposed in the
lease agreement.

The Company also has certain leases of office premises with lease terms of 12 months or less and leases of office equipment
with low value. The Company applies the ‘short-term lease' and ‘lease of low-value assets' recognition exemptions for these
leases as per Ind AS 116.

The amount shown above represent the best possible estimates arrived at on the basis of available information. The
uncertainties, possible payments and reimbursements are dependent on the outcome of the different legal processes which
have been invoked by the Company or the claimants, as the case may be, and therefore cannot be predicted accurately.
The Company engages reputed professional advisors to protect its interests and has been advised that it has strong legal
position against such disputes.

Contingent assets

Based on management analysis, there are no material contingent assets as on March 31, 2026 (March 31, 2025:
' Nil).

Note 40: Share-based payments

Triveni Turbine Ltd- Employee stock unit plan 2023 (‘the plan'): The Company instituted this scheme pursuant to the Nomination
and Remuneration Committee (‘NRC') dated January 08, 2024. As per the plan, the Company granted 1,24,735 options
comprising equal number of equity shares in one or more tranches to the eligible employees of the Company during the year
ended March 31, 2024. The vested units shall be exercisable within a maximum period of 4 years from the date of vesting
of units or such period as may be determined by the NRC. All the units granted on any date shall not vest earlier than the
minimum vesting period of 1 year and not later than 4 years from the date of grant or such period as determined by the NRC.
The fair value of the share options is estimated at the grant date using Black Scholes Model taking into account the terms and
conditions upon which the share options are granted and there are no cash settled alternatives for employees.

Contract assets include unbilled revenue. The outstanding balances of these account has decreased by ' 20.29 million
due to billing in current year.

Due from customers (Turbine extended scope turnkey project) represents the excess of revenue recognized under the
percentage of completion method over the amount invoiced to customers in respect of turnkey projects where work has
commenced during the current financial year.

Contract liabilities include advances received from customers (revenue received in advance), deferred revenue and
amount due to customers. The outstanding balances of these accounts has increased by ' 251.99 million primarily on
account of satisfaction of performance obligation subsequent to year end against which the advances over received
during the year.

During the year, the Company has recognised revenue of ' 2,048.84 million (March 31, 2025: ' 2,893.13 million) out of
the contract liabilities outstanding at the beginning of the year.

The remaining performance obligation disclosure reflects the aggregate transaction price yet to be recognized and the
expected timing of revenue recognition. As at March 31,2026, unsatisfied or partially unsatisfied performance obligations
amount to ' 2,711.97 million (March 31,2025: ' 2,474.16 million). The timing of recognition depends on various factors and
is therefore estimated to occur over a period of 1 to 2 years.

iv) Performance obligation

Information about the Company’s performance obligations are summarised below:

Sale of goods

The performance obligation is satisfied upon shipment of the goods and transfer of control. The Company considers
whether there are other promises in the contract that are separate performance obligations to which a portion of the
transaction price is allocated

Sale of services

The performance obligation is satisfied over-time or point in time based on the nature of services and payment is generally
due upon completion of services

Turbine extended scope Turnkey project

The performance obligation is satisfied upon overtime and payment is generally due on completion of services or supply
of goods as applicable.

Obligation towards warranties

The Company provides for warranties to its customers in the nature of assurance-type. The assurance-type warranty
is accounted for as obligation and provided for under Ind AS 37 Provisions, Contingent Liabilities and Contingent
Assets.

Note 46: Other Statutory information

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

(ii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(iv) The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) to any 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”).

(v) The Company has not received any fund from any party(ies) (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.

(vi) The Company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies
Act, 2013) or consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the
Reserve Bank of India.

(vii) The Company has complied with the number of layers for its holding in downstream companies prescribed under
clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules,
2017.

(viii) The Company does not have any 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

(ix) The Company did not have any material transactions with companies struck off under Section 248 of the Companies
Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

(x) No Scheme of arrangement has been approved by the competent authority in term of Section 230 to 237 of the Companies
Act, 2013.

Note 47:

The Company is using an accounting ERP system wherein it has a defined process of maintaining full back up of books
of account and other relevant books and papers electronically on regular basis in a server physically located in India.
Further, the Company has used accounting software for maintaining its books of account 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, except that audit trail feature is not enabled for changes made to the underlying SQL data base. Further, no instance
of audit trail feature being tampered with was noted in respect of the accounting software.

Note 48: Approval of Standalone Financial Statements

The Standalone financial Statements were approved for issue by the Board of Directors of the Company on May 18, 2026
subject to approval of shareholders.