xviii) Provisions, contingent liabilities and
contingent assets

a) Provisions

Provisions are recognized when the
Company has a present obligation (legal or
constructive) where, as a result of a past
event, it is probable that an outflow of
resources embodying economic benefits
will be required to settle the obligation
and a reliable estimate can be made to
the amount of the obligation. When the
Company expects some or all of a provision
to be reimbursed, the reimbursement
is recognised as a separate asset, but
only when the reimbursement is virtually
certain. The expense relating to a provision
is presented in the statement of profit and
loss, net of any reimbursement.

I f the effect of the time value of money is
material, provisions are discounted using
a current pre-tax rate that reflects, when
appropriate, the risk specific to the liability.
when discounting is used, the increase in
the provision due to the passage of time is
recognized as a finance cost.

Provisions are reviewed at each reporting
date and adjusted to reflect the current

best estimate. If it is no longer probable
that an outflow of resources embodying
economic benefits will be required to settle
the obligation, the provision is reversed.

b) Contingent liabilities and contingent assets

A contingent liability is a possible obligation
that arises from past events whose existence
will be confirmed by the occurrence or
non occurence of one or more uncertain
future events beyond the control of the
Company or a present obligation which is
not recognized because it is not probable
that an outflow of resources will be required
to settle the obligation. A contingent liability
also arises in extremely rare cases where
there is a liability that cannot be recognized
because it cannot be measured reliably.
Information on contingent liabilities is
disclosed in the notes to the financial
statements, unless the possibility of an
outflow of resources embodying economic
benefits is remote.

A contingent asset is a possible asset that
arises from past events and whose existence
will be confirmed only by the occurrence or
non-occurrence of one or more uncertain
future events not wholly within the control
of the Company. Contingent asset is not
recognized, but its existence is disclosed in
the financial statements.

xix) Investments in subsidiaries and associates

The Company has accounted for its investments
in subsidiaries and associates at cost less
impairment if any. Impairment testing is
performed annually as per accounting policy -
Impairment on non-financial assets, as per the
requirements of Ind AS 36.

Investment in debentures of the subsidiary
companies are treated as equity instruments
if the same are convertible into fixed number
of equity shares. Investment in debentures in
subsidiary companies which do not meet the
aforesaid criteria are classified as at fair value
through profit and loss.

xx) Financial instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a
financial liability or equity instrument of another
entity.

A. Financial assets

a) Initial recognition and measurement

Financial assets are recognized when
the Company becomes a party to
the contractual provisions of the
instrument. The Company determines
the classification of its financial assets
at initial recognition. All financial
assets are recognized initially at fair
value except for trade receivables
not containing a significant financing
component are initially measured at
transaction price.

Transaction costs that are directly
attributable to the acquisition of the
financial asset are added to the initial
fair value, except for financial assets
classified as fair value through profit or
loss.

b) Subsequent measurement

For the purposes of subsequent
measurement, financial assets are
classified in four categories:

i) Debt instruments measured at
amortised cost

ii) Debt instruments measured
at fair value through other
comprehensive income (FVTOCI)

iii) Debt instruments measured at
fair value through profit or loss
(FVTPL)

iv) Investment in Equity instruments
(other than by subsidiary or
associate company) measured at
FVTOCI or FVTPL

v) Trade receivables, security
deposits, cash and cash
equivalents, bank balances, loans
and other financial assets are
measured at amortised cost.

Debt instruments

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

i) Debt instruments measured at
amortised cost

Debt instruments 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 and is not part of a
hedging relationship is recognised
in the statement of profit and loss
when the asset is derecognised
or impaired. Interest income
from these financial assets is
disclosed as interest income in the
statement of profit and loss using
the effective interest rate method.

ii) Debt instruments measured at
FVTOCI

Debt instruments that are held
for collection of contractual cash
flows and for selling the financial
assets, where the assets cash
flows represent solely payment of
principal and interest, are measured
at FVTOCI. Movements in the
carrying amount are taken through
OCI, except for the recognition
of impairment gains or losses
and interest income which are
recognised in statement of profit
and loss. When the financial asset
is derecognised, the cumulative
gain or loss previously recognised
in the OCI is reclassified from
equity to statement of profit and
loss. Interest income from these
financial assets is disclosed as
interest income in the statement of
profit and loss using the effective
interest rate method.

iii) Debt instruments measured at
FVTPL

Debt instruments that do not
meet the criteria for amortised
cost or FVTOCI are measured at
fair value through profit or loss.
Debt instruments which are held
for trading are classified as FVTPL.
A gain or loss on a debt investment

that is subsequently measured
at fair value through profit or
loss and is not part of a hedging
relationship is recognised and
presented net in the statement
of profit and loss in the period in
which it arises. Interest income
from these financial assets is
included in other income.

iv) Equity instruments (other than
investment in associates and
subsidiaries - Refer note "xix"
above)

All equity investments in scope of
Ind AS 109 are measured at fair
value. Equity instruments which
are held for trading are classified
as FVTPL. The Company may
make an irrevocable election to
present in other comprehensive
income subsequent changes
in the fair value. The Company
makes such election on an
instrument-by-instrument basis.
The classification is made on initial
recognition and is irrevocable.

If the Company decides to classify
an equity instrument as at FVTOCI,
then all fair value changes on the
instrument, excluding dividends,
are recognized in the OCI. There is
no recycling of the amounts from
OCI to the statement of profit and
loss, even on sale of investment.
However, the Company may
transfer the cumulative gain or
loss within equity.

Equity instruments included within
the FVTPL category are measured
at fair value with all changes
recognized in the statement of
profit and loss.

B. Derecognition of financial assets

A financial asset is derecognised only when

i) The Company has transferred the rights
to receive cash flows from the financial
asset or

ii) 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 entity has transferred
an asset, the Company 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 entity has not transferred
substantially all risks and rewards of
ownership of the financial asset, the
financial asset is not derecognised.

Where the entity has neither transferred
a financial asset nor retains 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.

C. Impairment of financial assets

Impairment of financial assets: For
trade receivable and contract asset, the
Company applies the simplified approach
of Ind AS 109, which require measurement
of loss allowance at an amount equal to
lifetime expected credit losses. The Group
recognises impairment loss using expected
credit loss model which involves use of
a provision matrix constructed on the
basis of historical credit loss experience
as permitted under Ind AS 109 and is
adjusted for forward looking information.
For all other financial assets, expected
credit losses (ECL) are recognised based
on the difference between the contractual
cash flows and all the expected cash flows,
discounted at the original effective interest
rate. ECLs are measured at an amount
equal to 12-month expected credit losses
or at an amount equal to lifetime expected
credit losses if the credit risk on the financial
asset has increased significantly since initial
recognition.

D. Financial liabilities

a) Initial recognition and measurement

Financial liabilities and financial
guarantees are recognised when
the Company becomes a party to
the contractual provisions of the
instrument. The Company determines
the classification of its financial liability
at initial recognition. All financial
liabilities are recognised initially at fair
value plus transaction costs that are
directly attributable to the acquisition
of the financial liability except for
financial liabilities classified as fair
value through profit or loss.

b) Subsequent measurement

For the purposes of subsequent
measurement, financial liabilities are
classified in two categories:

i) Financial liabilities measured at
amortised cost

ii) Financial liabilities measured at
FVTPL (fair value through profit or
loss)

Financial guarantee contracts are
subsequently measured at the amount
of impairment loss allowance or the
amount recognised at inception net of
cumulative amortisation, whichever is
higher.

i) Financial liabilities measured at
amortised cost

After initial recognition, financial
liabilities are subsequently
measured at amortized cost using
the Effective Interest Rate ('EIR')
method. Gains and losses are
recognised in the statement of
profit and loss when the liabilities
are derecognised as well as
through the EIR amortization
process. Amortized cost is
calculated by taking into account
any discount or premium on
acquisition and fee or costs that
are an integral part of the EIR.
The EIR amortisation is included
in finance costs in the statement
of profit and loss.

ii) Financial liabilities measured at
fair value through profit or loss
(FVTPL)

Financial liabilities at FVTPL
include financial liabilities held
for trading and financial liabilities
designated upon initial recognition
as at FVTPL. Financial liabilities
are classified as held for trading if
they are incurred for the purpose
of repurchasing in the near term.
Financial liabilities at FVTPL are
carried in the statement of profit
and loss at fair value with changes
in fair value recognized in the
statement of profit and loss.

c) Derecognition

A financial liability is derecognised
when the obligation under the liability
is discharged or cancelled or expires.
When an existing financial liability is
replaced by another from the same
lender on substantially different terms,
or the terms of an existing liability
are substantially modified, such an
exchange or modification is treated as
the derecognition of the original liability
and the recognition of a new liability.
The difference in the respective
carrying amounts is recognised in the
statement of profit and loss.

E. Offsetting

A financial asset and a financial liability is
offset and presented on net basis in the
balance sheet when there is a current legally
enforceable right to set-off the recognised
amounts and it is intended to either settle on
net basis or to realise the asset and settle
the liability simultaneously.

xxi) Fair value measurement

The Company measures financial instruments,
such as, investment in debt and equity
instruments at fair value at each reporting date.

Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an
orderly transaction between market participants
at the measurement date. The fair value
measurement is based on the presumption that

the transaction to sell the asset or transfer the
liability takes place either:

• i n the principal market for the asset or
liability, or

• in the absence of a principal market, in the
most advantageous market for the asset or
liability.

The principal or the most advantageous market
must be accessible to the Company.

The fair value of an asset or a liability is measured
using the assumptions that market participants
would use when pricing the asset or liability,
assuming that market participants act in their
economic best interest.

The Company uses valuation techniques that are
appropriate in the circumstances and for which
sufficient data are available to measure fair value,
maximising the use of relevant observable inputs
and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is
measured or disclosed in the financial statements
are categorised within the fair value hierarchy,
described as follows, based on the lowest
level input that is significant to the fair value
measurement as a whole:

• Level 1 — Quoted (unadjusted) market
prices in active markets for identical assets
or liabilities

• Level 2 — Valuation techniques for which
the lowest level input that is significant to
the fair value measurement is directly or
indirectly observable

• Level 3 — Valuation techniques for which
the lowest level input that is significant to
the fair value measurement is unobservable

For assets and liabilities that are recognised in
the financial statements on a recurring basis, the
Company determines whether transfers, if any,
have occurred between levels in the hierarchy
by re-assessing categorisation (based on the
lowest level input that is significant to the fair
value measurement as a whole) at the end of
each reporting period.

Statement of Cash Flows

Statement of Cash Flows is prepared segregating
the cash flows into operating, investing and
financing activities. Cash flow from operating
activities is reported using indirect method
adjusting the profit before tax excluding
exceptional items for the effects of:

i. changes during the period in inventories
and operating receivables and payables,
transactions of a non-cash nature;

ii. non-cash items such as depreciation,
provisions, unrealised foreign currency gains
and losses; and

iii. all other items for which the cash effects are
investing or financing cash flows.

Cash and cash equivalents (including bank
balances) shown in the Statement of Cash Flows
exclude items which are not available for general
use as at the date of Balance Sheet.

3 (B) SIGNIFICANT ESTIMATES, JUDGEMENTS
AND ASSUMPTIONS

The preparation of financial statements requires
management to exercise judgment in applying the
Company's accounting policies. It also requires the
use of estimates and assumptions that affect the
reported amounts of assets, liabilities, income and
expenses and the accompanying disclosures including
disclosure of contingent liabilities . Actual results
may differ from these estimates. Estimates and
underlying assumptions are reviewed on an ongoing
basis, with revisions recognised in the period in which
the estimates are revised and in any future periods
affected.

a) Expected cost of completion of contracts
with customers

The percentage-of-completion method
places considerable importance on accurate
estimates of the extent of progress towards
completion and may involve estimates on the
scope of deliveries and services required for
fulfilling the contractually defined obligations.
These significant estimates include total contract
costs, total contract revenue, contract risks,
including technical, political and regulatory risks,
and other judgement. The Company reassesses
these estimates on periodic basis and makes
appropriate revisions accordingly.

Before including any amount of variable
consideration in the transaction price, the
Company considers whether the amount
of variable consideration is constrained.
The Company determined that the estimates of
variable consideration are not constrained based
on its historical experience, business forecast
and the current economic conditions. In addition,
the uncertainty on the variable consideration will
be resolved within a short time frame.

b) Allowance for uncollectible trade
receivables / contract assets

Trade receivables do not carry interest and are
stated at their transaction values as reduced by
appropriate allowances for estimated amounts
of expected credit loss. Estimated irrecoverable
amounts are based on the ageing of the trade
receivable balances and contract asset balances
and historical experiences. Individual trade
receivables are written off when management
deems them not be collectible. The impairment
provisions for financial assets disclosed are
based on assumptions about risk of default and
expected loss rates.

The Company uses a provision matrix to calculate
ECLs for trade receivables and contract assets.
The provision rates are based on days past due
and other relevant factors. The provision matrix
is initially based on the Company's historical
observed default rates. The Company calibrates
the matrix to adjust the historical credit loss
experience with forward-looking information.
The Company's historical credit loss experience
and forecast of economic conditions may not be
representative of customer's actual default in the
future. The information about the ECLs on the
Group's trade receivables and contract assets is
disclosed in Note 45.

c) Provision for employee benefits

The cost of post-employment and other long
term benefits is determined using actuarial
valuations. An actuarial valuation involves making
various assumptions that may differ from actual
developments in the future. These include
determination of discount rates, expected rate
of return on assets, future salary increases and
mortality rates. Due to the complexities involved
in the valuation and its long term nature, a defined
benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed
at each reporting date. The assumptions used
are disclosed in note 53.

d) Contingencies and commitments

In the normal course of business, contingent
liabilities may arise from litigation and other
claims against the Company. Potential liabilities
that have a low probability of crystallising or are
very difficult to quantify reliably, are treated as
contingent liabilities. Such liabilities are disclosed
in the notes to the financial statements, if any, but
are not provided for in the financial statements.
There can be no assurance regarding the final
outcome of these legal proceedings.

e) Impairment testing- Impairment of non¬
financial assets

Impairment of investment in an associate

Under Ind AS 36 Impairment exists when the
carrying value of an asset or cash generating
unit (CGU) exceeds its recoverable amount,
which is the higher of its fair value less costs
of disposal and its value in use. The fair value
less costs of disposal calculation is based on
available data from binding sales transactions,
conducted at arm's length, for similar assets or
observable market prices less incremental costs
for disposing of the asset. Fair value less cost
of disposal is based on, amongst others, factors
such as, the market value of the assets assessed
at the balance sheet date, present conditions
of the assets and other factors that market
participants would consider for determining the
fair value. The assumptions used are disclosed in
note 52.

f) Taxes

The Company periodically assesses its liabilities
and contingencies related to income taxes
for all years open to scrutiny based on latest
information available. The Company records its
best estimates of the tax liability in the current
tax provision. The management believes that
they have adequately provided for the probable
outcome of these matters.

I n determining the recoverability of deferred
income tax assets, the Company primarily
considers current and expected profitability of
applicable operating business segments and
their ability to utilise any recorded tax assets.
The Company reviews its deferred income tax
assets at every reporting year / period end, taking
into consideration the availability of sufficient
current and projected taxable profits, reversals of
taxable temporary differences and tax planning
strategies.

g) Fair value measurement

The fair value of financial instruments that are not
traded in an active market is determined using
valuation techniques. In applying the valuation
techniques, management makes maximum
use of market inputs and uses estimates
and assumptions that are, as far as possible,
consistent with observable data that market
participants would use in pricing the instrument.
Where applicable data is not observable,
management uses its best estimate about the
assumptions that market participants would
make. These estimates may vary from the actual
prices that would be achieved in an arm's length
transaction at the reporting date. For details of
the key assumptions used and the impact of
changes to these assumptions (Refer note 41).

h) Share based payments

Estimating fair value for share-based payment
requires determination of the most appropriate
valuation model. The estimate also requires
determination of the most appropriate inputs
to the valuation model including the expected
life of the option, volatility and dividend
yield and making assumptions about them.
The assumptions and models used for estimating
fair value for share-based payment transactions
are disclosed in note 50.

3 (C) RECENT PRONOUNCEMENTS

The Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to existing standards under
the Companies (Indian Accounting Standards) Rules
from time to time. MCA has notified amendments

to Ind AS 1 - Presentation of Financial Statements
(classification of liabilities as current or non-current,
including liabilities with covenants), Ind AS 12 -
Income Taxes (International Tax Reform - Pillar Two
Model Rules), Ind AS 21 - The Effects of Changes
in Foreign Exchange Rates (Lack of Exchangeability),
and Ind AS 7 - Statement of Cash Flows and Ind AS
107 - Financial Instruments: Disclosures (Supplier
Finance Arrangements), effective from April 01,2025.
The Company has reviewed these amendments and
based on its evaluation, has determined that they do
not have any impact on the consolidated financial
statements.

Pursuant to the amendments to Ind AS 7 and Ind AS
107, the Company is required disclosures relating to
supplier finance arrangements. Further, in accordance
with the amendments to Ind AS 12 (International
Tax Reform - Pillar Two Model Rules), the Company
is required to provide disclosure.However,these
amendments do no have any impact on the company.

New standards or amendments not yet
adopted

Classification of Liabilities as Current or Non-current
and Non-current Liabilities with Covenants -
Amendments to Ind AS 1- The amendments clarify
that lender waivers obtained after the reporting date
cannot be considered for the purpose of classifying
liabilities as current or non current and require
retrospective application in accordance with Ind AS 8.
These amendments are effective for reporting periods
beginning on or after April 01, 2026. The Company
does not expect any material impact on its financial
statements.

Notes:

7.1 Each debenture having face value of ' 100 each shall be convertible, at the option of the issuer or the Company into 10
equity shares of ' 10 each at any time after the expiry of 5 years and such conversion option shall be available till the expiry
of the tenure i.e. 10 years from the date of allotment unless redeemed earlier. Besides, the issuer as well as the Company
has the right to seek redemption or do redemption, as the case may be, any time after the allotment of debentures. If the
debentures are not converted into equity as mentioned above nor redeemed until the expiry of the tenure, the debentures
shall be redeemed at the expiry of the tenure.

7.2 Each debentures having face value of ' 100 each shall be compulsorily convertible into 10 equity shares of ' 10 each fully
paid up at par at any time after 5 years. Unless converted earlier, the CCDs shall be compulsorily converted into equity
shares in the ratio as mentioned in above, at the end of the Concession Period under the Concession Agreement dated 9
January 2018 or any amendment thereto i.e. upto 15 June 2037.

7.3 Each debentures having face value of ' 100 each shall be compulsorily convertible into 10 equity shares of ' 10 each fully
paid up at the end of tenure or as mutually agreed.

7.4 Each debenture having face value of ' 100 each shall be convertible, at the option of the issuer or the Company into
10 equity shares of ' 10 each of the issuer at any time after the expiry of 5 years and such conversion option shall be
available till the expiry of the tenure (10 years from date of allotment) unless redeemed earlier. Besides, the issuer as well
as the Company has the right to seek redemption or do redemption, as the case may be, any time after the allotment of
debentures. If the debentures are not converted into equity or redeemed until the expiry of the tenure, the debentures
shall be redeemed at the expiry of the tenure.

During the year, the aforesaid debentures were redeemed by the subsidiary company and accordingly no debentures
remain outstanding as at the reporting date.

7.5 Each debenture having face value of ' 100 each shall be convertible at the option of the Company at any time during the
tenure of the debentures into 10 equity shares of ' 10 each. If the debentures are not redeemed within 18 years from the
date of issue, the debentures will be mandatorily converted into equity shares. Debentures shall be redeemable at the
option of the Issuer, any-time after a period of 3 months from the date of issue but not later than 18 years. If redeemed
after a period of 2 years from the date of issue, the redemption amount shall be the aggregate of the issue price and
premium equivalent to 15% of the aggregate of present value of Free Cash Flow for Equity (FCFE) and cash balance.
Before redeeming the OCDs, the issuer shall give option to holder to convert the Optionally Convertible Debenture (OCD)
into equity by issuing 15 day's notice thereto. If the Company does not opt for converting, the issuer shall redeem within
7 days of the expiry of the notice period.

During the year, the aforesaid debentures were redeemed by the subsidiary company and accordingly no debentures
remain outstanding as at the reporting date.

7.6 Each debenture having face value of ' 10 each are compulsorily convertible into fully paid up equity shares of ' 30/- each
(i.e. face value of ' 10/- each and premium of ' 20/- each) upon conversion i.e. in the ratio of 3:1. The debenture shall be
converted on or before 27 August 2029, either in full or in part at the option of the Company. In case, the Company does
not opt for early conversion, then, at the end of the tenure, the debenture shall be compulsorily converted into equity shares
as aforementioned. Post conversion of the debenture, the resulting equity shares shall rank pari passu with the existing
equity shares of the issuer in all respects.

7.7 Each debenture having face value of ' 100 each shall be mandatorily convertible into equity shares of ' 10 each of issuer
at par in the ratio 10:1 at any time before 20 years from the date of first issue i.e. 31 March 2037.

7.8 Each debenture having face value of ' 100 each are compulsorily convertible into fully paid up equity shares of ' 10/-
each. The debenture shall be converted on or before 31 March 2031, either in full or in part at the option of the Company.
In case, the Company does not opt for early conversion, then, at the end of the tenure, the debenture shall be compulsorily
converted into equity shares. Post conversion of the debenture, the resulting equity shares shall rank pari passu with the
existing equity shares of the issuer in all respects.

(ii) Rights, preference and restriction on shares

The Company has only one class of equity having par value of ' 10 per share. Each shareholder is entitled to one
vote per share held. The Company declares and pays dividend in Indian Rupees. The dividend, proposed by the
Board of Directors, except interim dividend, is subject to the approval of the shareholders in the ensuing Annual
General Meeting.

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

Money received against share warrants Consequent to approval from members on November 07, 2025, the
Company has allotted 19,047,619 (One Crore Ninety Lakh Forty Seven Thousand Six Hundred and Nineteen)
warrants, convertible into equivalent number of equity shares of ' 10 each of the Company at price of ' 525 per
warrant (including premium of ' 515/- per warrant) of the Company to a promoter and other non-promoters entities
/ persons, through preferential allotment, in terms of Securities and Exchange Board of India (SEBI) (Issue of Capital
and Disclosure Requirements) Regulations, 2018, Companies Act, 2013 and other applicable provisions, if any.

The Company has received ' 250.00 crores, being 25% of the issue price of the warrants, as subscription and
allotment money. Pending utilisation of the money for the objects of the issue, the entire amount has been temporarily
invested in liquid/overnight mutual funds and remains unutilised as on the reporting date.

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The following methods and assumptions were used to estimate the fair values:

Fair value of the cash and cash equivalent, short term deposits, trade and other receivables, trade payables, other
current liabilities, short term loans from banks and other financial instruments (other than investment in subsidiary
and associate companies measured at cost less provision for impairment) approximate their carrying amounts largely
due to short term maturities of these instruments. The carrying amounts of borrowing with fixed rate of interest are
considered to be close to the fair value as the coupon interest rates are materially approximate to the market interest
rate at the balance sheet date.

Fair value hierarchy

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis
as of 31 March 2026 and 31 March 2025:

Valuation techniques used to determine fair value

a) Investments included in Level 1 of fair value hierarchy are based on prices quoted in stock exchange and/ or
NAV declared by the funds.

b) Investments included in Level 2 of fair value hierarchy have been valued based on inputs from banks and other
recognised institutions such as FIMMDA/ FEDAI.

c) Investments included in Level 3 of fair value hierarchy have been valued using acceptable valuation techniques
such as Net Asset Value and/ or Discounted Cash Flow Method.

Note : All financial instruments for which fair value is recognised or disclosed are categorised within the Fair Value
Hierarchy described as above, based on the lowest level input that is significant to the fair value measurement as a
whole.

The carrying amounts of loans, trade receivables, cash and cash equivalents, other bank balances, other financial
assets, non-current and current borrowings, trade payables and other financial liabilities that are measured at
amortised cost are considered to be approximately equal to the fair value due to short-term maturities of these
financial assets/ liabilities.

42 FINANCIAL RISK MANAGEMENT

The Company's financial risk management is an integral part of how to plan and execute its business strategies.
The Company's financial risk management policy is set by the Managing Board. The Company is exposed to market
risk - foreign currency and interest rate, credit risk and liquidity risk.

A Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates will affect
the Company's income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising
the return. The sensitivity analysis excludes the impact of movements in market variables on the carrying value
of post-employment benefit obligations provisions and on the non-financial assets and liabilities. The sensitivity
of the relevant profit and loss item is the effect of the assumed changes in respective market risks.

a) Interest rate risk

Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. In order to optimize Company's position with regard to interest
income and interest expenses and manage the interest rate risk, treasury performs a comprehensive
corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial
instrument in its total portfolio.

Other variable rate borrowings

The Company does not have any borrowings at variable interest rate and hence disclosure pertaining to
interest rate sensitivity is not applicable.

b) Foreign currency risk

Currency risk is the risk that the fair value or future cash flows fluctuate because of changes in market
prices of various currencies against the functional currency.

B Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. Financial instruments that are subject to credit risk and concentration
thereof principally consist of trade receivables, contract assets, investment in debentures issued by subsidiary
companies, security deposits, deposit with banks, loans, others receivables, cash and cash equivalents and
other financial assets.

Credit risk management

The Company's customer profile / ultimate customer profile include central government agencies, state
owned companies and large municipal corporations. Accordingly, the Company's customer credit risk is low.
The Company's average project execution cycle is around 24 to 36 months. General payment terms include
mobilisation advance, monthly progress payments with a credit period ranging from 45 to 90 days and certain
retention money to be released at the end of the project. In many cases, retentions are substituted with bank/
corporate guarantees. The Company has a detailed review mechanism of overdue customer receivables at
various levels within the organisation to ensure proper attention and focus for realisation.

Considering the nature of business, each contract and its customer is evaluated for the purpose of assessment
of loss allowances. The reasons for loss allowances could be recovery of claims, disputes with customer,
customers ability to pay, delays in approval by government authorities, and expected time to recover the amount.
Management makes an assessment considering facts of each contract, past trends, terms of the contract and
accordingly considers the need for loss allowances, if any.

Impairment of Financial Assets :

Cash and Cash equivalent and deposit with banks: Credit risk from balances with banks and
financial institutions is managed by the Group's management in accordance with the Group's policy.
Investments of surplus funds are made only with approved counterparties and within credit limits assigned
to each counterparty. Counterparty credit limits are reviewed by the Group's management on an annual
basis and may be updated throughout the year. The limits are set to minimise the concentration of risks
and therefore mitigate financial loss through a counterparty's potential failure to make payments.
The Group's maximum exposure to credit risk for the components of the balance sheet at 31 March 2026
and 2025 is the carrying amounts. While cash and cash equivalents and deposits with banks are subject to
impairment requirements of Ind AS 109, the identified impairment on these assets is ' Nil.

For Trade Receivables and Contract Assets: An impairment analysis is performed at each reporting date using
a provision matrix to measure expected credit losses. The provision rates are based on days past due and
other relevant factors. The calculation reflects the probability-weighted outcome, the time value of money
and reasonable and supportable information that is available at the reporting date about past events, current
conditions and forecasts of future economic conditions. In some cases, trade receivables are written-off if past
due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk
at the reporting date is the carrying value. The Expected credit loss rate for various time buckets are disclosed
in Note 44. The Company does not hold collateral as security.

The Company follows a policy for expected credit risk loss provisioning for trade receivables and contract assets
based on provision matrix based on days past due as per the requirements of Ind AS 109. ECL provision range
from 0%-1.27% for applicable contract assets and trade receivables outstanding for less than 1 year; 5%-15%
for applicable contract assets and trade receivables outstanding for more than 1 year but less than 2 years;
10%- 25% for applicable contract assets and trade receivables outstanding for more than 2 years but less than
3 years; and 25%- 100% for applicable contract assets and trade receivables outstanding for more than 3 years.

Considering the nature of business, each contract and its customer is evaluated for the purpose of assessment
of loss allowances. The reasons for loss allowances could be recovery of claims, disputes with customer,
customers ability to pay, delays in approval by government authorities, and expected time to recover the amount.
Management makes an assessment considering facts of each contract, past trends, terms of the contract and
accordingly considers the need for loss allowances, if any.

43 CAPITAL MANAGEMENT

For the purpose of Company's capital management, capital includes issued capital and other equity reserves
attributable to the shareholders. The primary objective of the Company's Capital Management is to maximize
shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in
economic environment and the requirements of the financial covenants, if any.

The Company monitors capital using gearing ratio, which is net debt divided by total capital plus net debt.
The Company includes within net debt - interest bearing borrowings less cash and cash equivalents and other bank
balances (excluding earmarked cash and cash equivalents and other bank balances) and current investments.

46 TRANSACTION WITH STRUCK OFF COMPANIES

The Company did not have any transactions with the companies struck off under section 248 of the Act or section
560 of Companies Act, 1956 for the year ended 31 March 2026 and 31 March 2025 and the balances as of these
dates are ' Nil.

b) The Company has received legal notices of claims / lawsuits filed against it relating to other matters. In the opinion
of the management, no material liability is likely to arise on account of such claims/ law suits. The Company has
filed claims / counter claims for various matters and engaged reputed professionals to protect the interest of
the Company.

c) During the previous year, five erstwhile subsidiaries (SPVs) of the Company received Show Cause Notices
(SCNs) from the Additional Director, DGGI, Mumbai Zonal Unit, disputing the timing of supply of construction
services provided under the Hybrid Annuity Model. During the current year, the Additional Commissioner, CGST
& Central Excise, passed an order fully dropping the demand for four SPVs. However, in the case of one SPV,
the demand was confirmed along with an equivalent penalty under Section 122(2)(b) read with Section 74(9)
of the CGST Act. The SPV has filed an appeal against this order before the Commissioner (Appeals), CGST,
Customs & Central Excise, Bhopal. The management believes that no material liability is likely to result from
these proceedings.

d) The Company has pledged 483,759 equity shares of NXT-Infra MCP Highways Private Limited, held by Company
as Assets classified as held-for-sale, against loan taken by NXT-Infra MCP Highways Private Limited.

50 SHARE BASED PAYMENT

a) In accordance with the "Welspun Enterprises Employee Benefit Scheme - 2022" ('Scheme 1'), the Company has
granted 400,000 equity shares at exercise price of ' 88.00 per share on 16 September 2022. The fair value of
the above stock option of ' 2.68 crores, calculated at the fair value of ' 67.14 per share, is amortised on the
straight line basis over the vesting period in accordance with Ind AS 102 "Share-based payment".

Accordingly, proportionate amount of ' 0.11 crores (31 March 2025 - ' 0.78 crores) is shown as "Share based
payment to employees" in the statement of profit and loss (Refer note 36).

b) In accordance with the "Welspun Enterprises Employee Benefit Scheme - 2022" ('Scheme 2'), the Company has
granted 10,00,000 equity shares at exercise price of ' 250.00 per share on 02 February 2026. The fair value
of the above stock option of ' 28.03 crores, calculated at the fair value of ' 280.33 per share, is amortised on
the straight line basis over the vesting period in accordance with Ind AS 102 "Share-based payment".

Accordingly, proportionate amount of ' 2.32 crores (31 March 2025 - Nil) is shown as "Share based payment
to employees" in the statement of profit and loss (Refer note 36).

c) In accordance with the "Welspun Enterprises Employee Benefit Scheme - 2022" ('Scheme 3'), the Company
has granted 6,00,000 equity shares at exercise price of ' 462.00 per share on 23 March 2026. The fair value
of the above stock option of ' 9.88 crores, calculated at the fair value of ' 164.66 per share, is amortised on
the straight line basis over the vesting period in accordance with Ind AS 102 "Share-based payment".

Accordingly, proportionate amount of ' 0.13 crores (31 March 2025 - Nil) is shown as "Share based payment
to employees" in the statement of profit and loss (Refer note 36).

The salient features of the Schemes are as under:

(i) Vesting

Scheme 1 : Vesting of ESOP's shall commence after 1 year from the date of grant and it may extend upto
maximum of 4 years from the date of grant. Vesting of options will be on yearly basis and can vary from Grantee
to Grantee at the discretion of the committee. During the year ended 31 March 2025, the management has
preponed the vesting schedule by one year of last two tranches of 100,000 each granted to one of the employee
of the Company and the revised Vesting Schedule is as under:

The Company has issued corporate guarantees and undertaking on behalf of its subsidiaries. These corporate
guarantees and undertaking were provided to facilitate the subsidiaries in securing both fund based and non fund
based credit facilities. Further, any potential shortfall arising from a subsidiary's default under these facilities, where
the amount recovered from the client is insufficient to meet the subsidiary's debt obligations, has been disclosed as
a contingent liabilities. The corporate guarantees and undertaking outstanding as on 31 March 2026 is ' 1,371.99
crores and 858.05 crores, respectively (31 March 2025: ' 1,606.65 crores and 706.05 crores, respectively).

Commitments

i) The Company has an outstanding commitments of ' 36.18 crores (31 March 2025'113.35 crores) towards
equity contribution in its SPVs under the financing arrangement tied up with bankers.

ii) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of
advances) amounting to ' 0.57 crores (31 March 2025 : ' 1.68 crores).

(ii) Exercise terms for Scheme 1 , Scheme 2 and Scheme 3:

Route : Options can be exercised in either a) Cash Route : The Grantee will receive the Shares equivalent to the
number of the Options exercised in accordance with the terms and conditions of the Scheme and as mentioned
in grant letter after the Grantee has made the payment of the Exercise Price and applicable income tax, or b)
Cashless Route : The Grantee will receive difference between the selling price and the Exercise Price for the
Options exercised by the Grantee after deducting taxes payable on exercise/sale, if any, and other amounts,
expenses and charges due from the Grantee (including that in connection with the sale of shares).

In the event of cessation of employment due to death or permanent incapacity, all the options granted would
be exerciseable within a period of six months from the date of death/ date of permanent disability, respectively,
failing which all the unexercised Options shall lapse irrevocably. In the event of cessation of employment due
to normal retirement, all the vested options should be exercised immediately but not later than six months
from date of retirement and all unvested options will stand cancelled. In the event of cessation of employment
due to resignation prior to retirement, all the vested options shall be exercisable by the Grantee by last day of
employment in the Organization or before expiry of exercise period, whichever is earlier and all unvested options
will stand cancelled.

51 SEGMENT INFORMATION

The financial statements of the Company contains both the consolidated financial statements as well as the
standalone financial statements of the Company. The Company has opted for an exemption as per para 4 of Ind
AS 108. Segment information is thus given in the consolidated financial statements of the Company. Hence, the
Company has presented segment information based on the consolidated financial statements as permitted by Ind
AS - 108 "Operating segments".

During the current year, Adani Welspun Exploration Ltd., an associate of the Company, relinquished its 25%
proportionate interest in block resulting in loss of ' 139.60 crores. This triggered an impairment assessment by the
Company for its investment in the associate.

Based on report issued by an independent external valuation expert, the Company determined recoverable amount
of the investment in associate as at 31 March 2026, based on a fair value less cost of disposal calculation as
per the requirements of Ind AS 36 using net asset value method on the basis of the latest available financial

information approved by senior management of the associate, which was considered by the independent external
valuation expert to be the most appropriate method considering the nature of the AWEL's current state of activities.
The assumptions used for the purpose of fair valuation are in Level 3 fair value hierarchy under Ind AS 113.

As a result of this analysis, management has recognised an impairment charge of ' 16.32 crores in the current year
against investment in associate resulting in carrying amount of ' 21.84 crores as at 31 March 2026. The impairment
charge is recorded as exceptional items based on its non-recurring nature, in the statement of consolidated profit
or loss. 1% change in net realisable value of the underlying assets (significant unobservable input) of the associate
company would result in further ' 3.28 crores decline in the investment value and resultantly further charge in
statement of profit and loss. The management determines the policies and procedures non-recurring measurement,
such as, impairment of investment in associate.

53 GRATUITY AND OTHER POST EMPLOYMENT BENEFITS PLANS

The disclosures of employee benefit as defined in the Ind AS 19 - "Employee Benefits" are given below:

a. The Company makes annual contributions to the employees' gratuity fund scheme, a funded defined benefit
plan which is managed by LIC of India. The present value of obligation is determined based on actuarial valuation
using the projected unit credit method, which recognizes each period of service as giving rise to additional unit
of employee benefit entitlement and measures each unit separately to build up the final obligation.

b. Leave encashment is a non-funded defined benefit scheme. The obligation for leave encashment is recognized
in the same manner as gratuity.

Notes

1. Amounts recognized as an expense and included in the Note 36 "Employee benefits expense"
are gratuity ' 7.08 crores (31 March 2025 ' 1.98 crores and leave encashment ' 2.28 crores (31
March 2025'0.86 crores). Net interest cost on defined benefit obligation recognised in Note 37
under "Finance costs" is ' 0.60 crores (31 March 2025'0.31 crores).

2. The estimate of future salary increases considered in the actuarial valuation, takes into account the
rate of inflation, seniority, promotion and other relevant factors, such as supply and demand in the
employment market.

3. Contribution to provident and other funds which is a defined plan is recognized as an expense in Note
36 of the standalone financial statements.

4. The Company is exposed to various actuarial risk, which are as follows:

(i) Salary escalation risk: Actual salary increases will increase the Plan's liability. Increase in salary
increase rate assumption in future valuations will also increase the liability.

(ii) Demographic risk: Actual deaths and disability cases proving lower or higher than assumed in
the valuation can impact the liabilities.

(iii) Discount Rate: Reduction in discount rate in subsequent valuations can increase the plan's liability.

(iv) Interest rate risk: If Plan is funded then assets liabilities mismatch & actual investment return on
assets lower than the discount rate assumed at the last valuation date can impact the liability.

On November 21,2025, the Government of India notified four Labour Codes - the Code on Wages, 2019,
the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety,
Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour
& Employment has also published draft Central Rules and FAQs. The Company has recognised and disclosed
the impact of these changes on the basis of the currently ascertainable position, consistent with the
guidance provided by the Institute of Chartered Accountants of India. The impact resulting from these
changes is ' 5.89 crores (Including impact of compensated absence). The Company continues to monitor
the finalisation of the Central/ State Rules and clarifications from the Government- on other aspects of
the Labour Codes and would provide appropriate accounting effect on the basis of such developments as
needed.

Notes :

- During the earlier year, the Company had given guarantee for Dewas Waterprojects Works Private Limited
('DWWPL') amounting to ' 35.43 crores (31 March 2025 :' 107.59 crores) for its debt obligations to lenders,
pursuant to which maximum exposure aggregates to ' 3.24 crores (31 March 2025 : ' 3.65 crores).

- During the earlier year, the Company had given guarantee amounting to ' 1,236.56 crores (31 March 2025
: ' 1236.56 crores) to lenders of Welspun Sattanathapuram Nagapattinam Road Private Limited ('WSNRPL')
for banking facilities sanctioned to WSNRPL, pursuant to which maximum exposure aggregates to ' 190.59
crores (31 March 2025 : ' 280.49 crores).

- An undertaking (financial guarantee as per Ind AS) is given to lenders for debt obligations to be given to
Welspun Aunta-Simaria Private Limited ('WASPL') , maximum exposure towards this is ' 269.40 crores (31
March 2025 : ' 125.44 crores).

- The Company has pledged 483,759 equity shares of NXT-Infra MCP Highways Private Limited, held by
Company as Assets classified as held-for-sale, against loan taken by NXT-Infra MCP Highways Private
Limited.

- All transactions with related parties are made on arm's length basis in the ordinary course of business.

56 A) Disclosure pertaining to Ind AS 115 "Revenue from Contracts with Customers”

The Company believes that the information provided under Note Revenue from Operations, is sufficient to
meet the disclosure objectives with respect to disaggregation of revenue under Ind AS 115, Revenue from
Contracts with Customers as the Company's revenue have been disaggregated into engineering, procurement
and construction and operations and maintenance revenue. The Company's revenue are entirely from its
operations in India.

i) The contract assets primarily relate to the Company's rights to consideration for performance obligation
satisfied but not billed at the reporting date. The contract assets are transferred to receivables when the
rights become unconditional. Invoices are raised on the customers based on the agreed contractual terms
and are collected as per agreed payment terms.

ii) The contract liability primarily relates to the advances from customer towards on-going EPC projects.
Revenue is recognised from the contract liability as and when such performance obligations are satisfied.

D) There are no reconciliation items between revenue from contracts with customers and revenue recognised with
contract price.

iv) The Company has elected not to apply the requirements of Ind AS 116 to short term leases of all the
assets that have a lease term of twelve months or less and leases for which the underlying asset is
of low value.

v) The maturity analysis of lease liabilities is given in note 42 - Liquidity risk.

B) Company as a lessor

The Company has sub-leased part of leased office premises under operating lease agreements that are
renewable on a periodic basis at the option of both lessor and lessee. The initial tenure of the lease is
generally upto 12 months. The Company has earned sub-lease rent income of ' 2.55 crores (31 March 2025:
1.94 crores).

58 DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN COVERED U/S 186 OF
THE ACT

a) The Company is engaged in the business of providing infrastructural facilities as specified under Schedule VI
of the Act and hence the provisions of Section 186 of the Act related to loans/ guarantees given or securities
provided are not applicable to the Company.

b) There are no investments other than as disclosed in Note 7 and 13 forming part of the Standalone financial
statements.

Nature of CSR activities :

Promoting education and healthcare, empowerment of women and socially backward, ensuring road safety, ensuring
environmental sustainability, development of art and culture, disaster relief, livelihood enhancement project and
permissible administrative expenses.

63 During the year, the Contractor ("the Company") submitted an interim claim (Interim Claim No. 1) for compensation
on account of additional costs incurred for SNRP project due to the non-availability of pond ash, which was originally
envisaged to be supplied free of cost at the project site in accordance with the applicable regulations prevailing at
the time of bid submission.

Subsequent to the award of the contract, there were regulatory changes and supply constraints which resulted in
non-availability of pond ash as originally envisaged. Consequently the Contractor was required to use borrow earth
in lieu of pond ash and also procure and transport pond ash at its own cost, resulting in significant increase in EPC
cost of the contractor.

Although the Independent Engineer of the Concessionaire ("Welspun Sattanathapuram Nagapattinam Road Private
Limited") had recommended the claim, the Authority (National Highways Authority of India (NHAI)) rejected the same,
and the matter has been referred to dispute resolution in terms of the Concession Agreement.

Accordingly, the Concessionaire has requested the Contractor to compile and furnish the details of the procurement
of borrow earth in lieu of pond ash, details of pond ash procured, cost towards procurement and transportation of
pond ash, considering the cut-off date of 31.12.2025.

Based on the documentation submitted, the Contractor has raised a revised claim amounting to ' 144.85 crore
(' 70.87 crore towards borrow earth and ' 73.98 crore towards procurement and transportation of pond ash), along
with applicable taxes and cess, which is proposed to be recoverable from the Concessionaire upon crystallisation.

Pending the outcome of the dispute resolution process and realisation of the claim, no impact is given in accounts.

64 During the construction phase of the project (ASRP) due to heavy flood on June 2020 (P-13) and July 2019
(P-14), causing instability at the barrage site and necessitating evacuation of project personnel and equipment.
As a consequence of the elevated river levels and adverse hydraulic conditions, the well foundations of Pier No.
13 (P-13) and Pier No. 14 (P-14), which had been partially sunk, experienced tilting and displacement from their
intended positions.

Subsequent inspections carried out after the monsoon season indicated that the P-13 and P-14 wells were not visible
at their expected elevations and location, suggesting possible collapse or significant displacement. Accordingly, the
Concessionaire (Welspun Aunta-Simaria Project Private Limited) commissioned detailed geophysical investigations
using Side Scan Sonar (SSS), Sub-Bottom Profiler (SBP) and Multibeam Echo Sounder (MBES) technologies. Based on
the findings of these investigations, the wells were determined to have toppled at an inclination of approximately 63
degrees and become embedded approximately 6 metres below the riverbed.

The Concessionaire lodged insurance claims under the Contractor's All Risk (CAR) Policy amounting to ' 80.25 crore
in respect of P-13 and ' 31.46 crore in respect of P-14. The insurer rejected the claims vide its communication dated
August 12, 2025.

Aggrieved by the rejection of the claims (P-13 and P-14), the Concessionaire has filed a complaint before the Hon'ble
National Consumer Disputes Redressal Commission (NCDRC) vide reference no. 202601132098 dated January 13,
2026 for P -13. The matter was admitted by the NCDRC on February 23, 2026 and the next hearing has been
scheduled for June 30, 2026 for filing of the written version by the insurer. The Concessionaire is in process of filing
the complaint for P-14 with NCDRC.

The Contractor ("the Company") submitted an claim to the Concessionaire for the additional cost incurred due to
the losses of P-13 and P-14, in the event of crystallisation of the claim, which is proposed to be recoverable from
the Concessionaire upon crystallisation. Pending the outcome of the litigation process and realisation of the claim,
no impact is given in accounts.

65 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 software, except that no audit trail facility has been enabled at the database level for direct database changes.
However stringent control procedures were implemented to effectively restrict direct changes to data throughout
the financial year. These procedures included thorough reviews of logs and reconciliation of datasets and during
the financial year no direct changes were made that impacted financial records. Further no instance of audit trail
feature being tampered with, was noted in respect of accounting software. Additionally, the audit trail of previous
year has been preserved by the Company as per the statutory requirements for record retention to the extent it was
enabled and recorded in the previous year.

Other Statutory Information

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

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

68 The Company does not have any charges or satisfaction of charges which are yet to be registered with the Registrar
of Companies (ROC) beyond the statutory period.

69 The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during the
year.

70 The Company does not have any transactions which are not recorded in the books of accounts that have been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

71 The Company has not traded or invested in Crypto currency or virtual currency during the financial year.

72 The Company has complied with the requirement of monthly stock statements and quarterly information statements
to the lenders.

73 UTILIZATION OF BORROWED FUNDS AND SECURITIES PREMIUM

a) During the year ended 31 March 2026, the Company has not advanced or loaned or invested funds to any other
person(s) or entity(is), including foreign entities (Intermediaries) with the understanding that the Intermediary
shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on
behalf of the Ultimate Beneficiaries.

b) No fund (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 parties ('Ultimate Beneficiaries') or
provided any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

75 The Company has granted loans which are repayable on demand during the year to related parties as defined in
clause (76) of section 2 of the Act are as under.