1.11. Provisions and Contingent liabilities

The Company recognises provisions when a
present obligation (legal or constructive) as a
result of a past event exists and it is probable
that an outflow of resources will be required and
the amount of outflow can be reliably estimated.
If the effect of time value of money is material,
provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used,
the increase in the provision due to the passage of
time is recognised as a finance cost. A disclosure
for a contingent liability is made when there is a
possible obligation or a present obligation that

may but probably will not require an outflow of
resources or the amount of such outflow cannot
be measured reliably. When there is a possible
obligation or a present obligation in respect of
which likelihood of outflow of resources is remote,
no provision or disclosure is made.

1.12. Employee benefitsDefined Contribution Plans

Employee benefits in the form of Provident Fund,
Employees'' State Insurance and Labour Welfare
Fund are considered as defined contribution
plans. The Company has no obligation beyond its
contributions to such funds.

Contributions to defined contribution plans are
recognised as an expense in the Statement of Profit
and Loss in the period in which the employees
render the related services. If the contribution
payable for services received before the reporting
date exceeds the contribution already paid, the
deficit is recognised as a liability. Conversely, if the
contribution already paid exceeds the contribution
due for services received before the reporting
date, the excess is recognised as an asset to the
extent that the prepayment will lead to a reduction
in future payments or a cash refund.

Defined Benefit Plans

The Company operates a funded gratuity scheme
for eligible employees. The gratuity obligation is a
defined benefit plan and is determined through an
independent actuarial valuation at each reporting
date using the Projected Unit Credit Method.

The liability recognised in the Balance Sheet in
respect of gratuity represents the present value of
the defined benefit obligation less the fair value of
plan assets.

Current service cost, past service cost and gains
or losses on settlements are recognised in the
Statement of Profit and Loss in the period in which
they arise. Net interest on the net defined benefit
liability/(asset) is also recognised in the Statement
of Profit and Loss.

Remeasurements of the net defined benefit
liability/(asset), comprising actuarial gains and
losses, the return on plan assets (excluding
amounts included in net interest) and the
effect of the asset ceiling, if any, are recognised
immediately in Other Comprehensive Income and

are not subsequently reclassified to the Statement
of Profit and Loss.

The liability recognised in the Balance Sheet in
respect of gratuity represents the net present
value of the defined benefit obligation less the fair
value of plan assets. For the purpose of balance
sheet presentation, the net defined benefit
liability/(asset) is bifurcated into current and non¬
current portions. To determine these portions, the
fair value of plan assets is first allocated to offset
the current defined benefit obligation (the amount
expected to be settled within the next twelve
months as per actuarial valuation). Any remaining
fair value of plan assets is subsequently allocated
against the non-current defined benefit obligation.
The resulting net shortfalls are presented as
current and non-current provisions respectively.

Short-Term Employee Benefits

Short-term employee benefits are recognised
as an expense in the period in which the related
services are rendered. A liability is recognised for
the amount expected to be paid if the Company
has a present legal or constructive obligation
to pay such amount as a result of past service
provided by the employee and the obligation can
be estimated reliably.

Accumulated leave expected to be utilised within
twelve months after the end of the reporting
period is treated as a short-term employee benefit
and is measured at the undiscounted amount
expected to be paid.

Other Long-Term Employee Benefits

Accumulated leave that is not expected to be
wholly utilised within twelve months after the
reporting period is treated as an other long-term
employee benefit.

The obligation in respect of such benefits is
determined through an independent actuarial
valuation using the Projected Unit Credit Method
at each reporting date. Actuarial gains and losses
arising on remeasurement of such obligations are
recognised immediately in the Statement of Profit
and Loss and are not deferred.

The liability for long-term compensated absences
is presented as current or non-current based on
the actuarial valuation at the reporting date and
the expected timing of settlement of the obligation.

1.13. Segment information

Segments are identified based on the manner in
which the Chief Operating Decision Maker (''CODM'')
decides about resource allocation and reviews
performance. Segment results that are reported
to the CODM include items directly attributable to
a segment as well as those that can be allocated
on a reasonable basis.

1.14. Revenue recognition

Revenue from contracts with customer is
recognised upon transfer of control of promised
goods/services to customers at an amount that
reflects the consideration to which the Company
expect to be entitled for those goods/ services.

To recognize revenues, the Company applies the
following five-step approach:

- Identify the contract with a customer;

- Identify the performance obligations in the
contract;

- Determine the transaction price;

- Allocate the transaction price to the
performance obligations in the contract; and

- Recognise revenues when a performance
obligation is satisfied.

Revenue towards satisfaction of a performance
obligation is measured at the amount of transaction
price (net of variable consideration) allocated
to that performance obligation. The transaction
price of goods sold and services rendered is net
of variable consideration on account of various
discounts and schemes offered by the Company
as part of the contract.

Goods and Service Tax (GST) is not received by
the Company in its own account. Rather, it is tax
collected on value added to the commodity by the
seller on behalf of the government. Accordingly, it
is excluded from revenue.

Revenue from merchandise sold through
concession stores located within the Company''s
retail outlets is recognized on a gross basis under
Retail sales. The Company acts as the principal in
these arrangements because it obtains control
of the specified goods prior to their transfer
to the end customer. Control is evidenced by
the Company holding primary responsibility for
fulfilling the promise to provide the goods to the
retail customer, assuming inventory risk (including

shrinkage and unreturned merchandise), and
having latitude in establishing the final selling
prices to the customer.

A contract liability is recognised if a payment is
received or a payment is due (whichever is earlier)
from a customer before the Company transfers
the related goods or services. Contract liabilities
are recognised as revenue when the Company
performs under the contract (i.e., transfers control
of the related goods or services to the customer).

Income from services are recognised as they are
rendered based on agreements/ arrangements
with the concerned parties, and recognised net of
goods and services tax/ applicable taxes.

Interest Income is recognised on an accrual basis
using effective interest rate (EIR) method.

Revenue in respect of Insurance and other claim
is recognised only on reasonable certainty of its
recovery.

1.15. Government grants

Government grants related to revenue expenditure
are recognized when there is reasonable
assurance that the Company will comply with the
conditions attached to the grant and the grant
will be received. Such grants are recognized in
the Statement of Profit and Loss on a systematic
basis over the periods in which the related costs
are recognized. The grants are presented as a
deduction from the related expense.

1.16. Borrowing costs

Borrowing costs directly attributable to the
acquisition, construction or production of an asset
that necessarily takes a substantial period of time
to get ready for its intended use are capitalised as
part of the cost of the respective asset. All other
borrowing costs are expensed in the period they
occur in the Statement of Profit and Loss.

Borrowing cost includes interest and other costs
incurred in connection with the arrangement
of borrowings. Borrowing cost also includes
exchange differences to the extent regarded as an
adjustment to the interest costs.

1.17. Income taxes
Current tax

The Income tax expense or credit for the period
is the tax payable on the current period''s taxable
income based on the applicable income tax rate

adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences
and to unused tax losses.

Income tax assets and liabilities are measured at
the amount expected to be recovered from or
paid to the taxation authorities. The tax rates and
tax laws used to compute the amount are those
that are enacted or substantively enacted at the
reporting date in India.

The management periodically evaluates positions
taken in tax returns with respect to situations
in which applicable tax regulation is subject to
interpretation and establishes provisions where
appropriate.

Deferred tax

Deferred tax is recognised on temporary
differences between the carrying amounts of
assets and liabilities in the Standalone Financial
Statements and the corresponding tax bases
used in the computation of taxable profit in
accordance with the applicable tax laws. Deferred
tax assets and liabilities are generally recognised
for all deductible and taxable temporary
differences respectively. However, in case of
temporary differences that arise from initial
recognition of assets or liabilities in a transaction
(other than business combination) that affect
neither the taxable profit nor the accounting
profit or does not give rise to equal taxable and
deductible temporary differences, deferred
tax assets or liabilities are not recognised. Also,
for temporary differences if any that may arise
from initial recognition of goodwill, deferred tax
liabilities are not recognised. Deferred tax assets
are recognised to the extent it is probable that
taxable profits will be available against which those
deductible temporary difference can be utilized.
The Company recognises a deferred tax asset
arising from unused tax losses or tax credits only
to the extent it has a sufficient taxable temporary
difference or there is convincing evidence
that sufficient taxable profits willbe available.
The carrying amount of deferred tax assets is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to
allow the benefits of part or all of such deferred
tax assets to be utilized. Deferred tax assets
and liabilities are measured at the tax rates that

have been enacted or substantively enacted
by the Balance Sheet date and are expected to
apply to taxable income in the years in which
those temporary differences are expected to be
recovered or settled.

Uncertain tax positions:

The management periodically evaluates positions
taken in the tax returns with respect to situations
in which applicable tax regulations are subject to
interpretation and considers whether it is probable
that a taxation authority will accept an uncertain
tax treatment. The Company reflects the effect
of uncertainty for each uncertain tax treatment
by using one of two methods, the expected value
method (the sum of the probability - weighted
amounts in a range of possible outcomes) or the
most likely amount (single most likely amount
method in a range of possible outcomes),
depending on which is expected to better predict
the resolution of the uncertainty. The Company
applies consistent judgements and estimates if an
uncertain tax treatment affects both the current
and the deferred tax.

Presentation of current and deferred tax:

Current and deferred tax are recognised as income
or an expense in the Standalone Statement of Profit
and loss, except when they relate to items that are
recognised in Other Comprehensive Income, in
which case, the current and deferred tax income/
expense are recognised in Other Comprehensive
Income. The Company offsets tax assets and
liabilities, where it has a legally enforceable right
to set off the recognised amounts and where it
intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.

1.18. Earnings per share

Basic earnings per share are calculated by dividing
the net profit or loss for the period attributable
to equity shareholders by the weighted average
number of equity shares outstanding during the
period. Earnings considered in ascertaining the
Company''s earnings per share is the net profit
for the period after deducting any attributable
tax thereto for the period. The weighted average
number of equity shares outstanding during the
period and for all periods presented is adjusted for
events, such as bonus shares that have changed
the number of equity shares outstanding, without
a corresponding change in resources. For the
purpose of calculating diluted earnings per share,
the net profit or loss for the period attributable
to equity shareholders and the weighted average
number of shares outstanding during the period
is adjusted for the effects of all dilutive potential
equity shares.

1.19. Exceptional Items

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

1.20. Share Issue Expenses

Incremental costs directly attributable to the
issue of new equity shares are recognised as
a deduction equity, net of any related income
tax benefit, in accordance with Ind AS 32. Costs
relating to an offer for sale of shares by existing
shareholders are borne by those shareholders
and are not recognised by the Company.

1.21. Investment in Subsidiary

Investment in the subsidiary is carried at cost
less accumulated impairment losses. Where an
investment is disposed of, the difference between
net disposal proceeds and the carrying amount is
recognised in the Standalone Statement of Profit
and Loss.

2.1 Key accounting judgments, estimates and
assumptions

The preparation of the Standalone Financial
Statements requires the management to make
judgements, estimates and assumptions that affect
the reported amounts of revenues, expenses,
assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions
and estimates could result in outcomes that
require a material adjustment to the carrying
amount of assets or liabilities effected in future
periods.

Critical accounting estimates and
assumptions

The key assumptions concerning the future and
other key sources of estimation uncertainty at
the reporting date, that have a significant risk of

causing a material adjustment to the carrying
amounts of assets and liabilities within the next
financial year, are described below:

a) Income taxes

Significant judgements are involved in
estimating budgeted profits for the purpose
of paying advance tax, determining the
provision for income taxes, including amount
expected to be paid/ recovered for uncertain
tax positions.

b) Useful lives of property, plant &
equipment and intangible assets

Property, plant and equipment represent a
significant proportion of the asset base of the
Company. The charge in respect of periodic
depreciation is derived after determining an
estimate of an asset''s expected useful life
and the expected residual value at the end
of its life. The useful lives and residual values
of Company''s assets are determined by the
management at the time the asset is acquired
and reviewed periodically, including at each
financial year end. The lives are based on
historical experience with similar assets as
well as anticipation of future events, the usage
of the asset, expected physical wear and
tear, the operating conditions of the asset,
anticipated technological changes or a change
in market demand of the product or service
output of the asset, manufacturers warranties
and maintenance support, etc.

c) Defined Benefit Obligation

The costs of providing post-employment
benefits are charged to the Standalone
Statement of Profit and loss in accordance
with Ind AS 19 ''Employee benefits'' over the
period during which benefit is derived from the
employees'' services. The costs are assessed
on the basis of assumptions selected by the
management. These assumptions include
salary escalation rate, discount rates, expected
rate of return on assets and mortality rates.

d) Assessment of potential markdown
inventory

The Company at each reporting date makes
an assessment of potential markdown due to
aged inventory. In doing so, it estimates the

net realisable value of aged inventory based
on historic trend of sale of such/ similar
aged inventory. Further, it also estimates the
provision for shrinkage based on past trends
which it believes is more than or near to actual
shrink to be booked as and when stores are
counted.

e) Incremental borrowing rate for leases

The Company cannot readily determine the
interest rate implicit in the lease; therefore,
it uses its incremental borrowing rate (IBR) to
measure lease liabilities. The IBR is the rate
of interest that the Company would have to
pay to borrow over a similar term, and with a
similar security, the funds necessary to obtain
an asset of a similar value to the right-of-use
asset in a similar economic environment.
The IBR therefore reflects what the Company
''would have to pay'', which requires estimation
when no observable rates are available or
when they need to be adjusted to reflect
the terms and conditions of the lease. The
Company estimates the IBR using observable
inputs (such as market interest rates) when
available and is required to make certain
entity-specific estimates.

f) Estimation of lease term and assessment
of renewal options

The Company reassesses the lease term
of its store leases based on management''s
assessment of the period over which it is
reasonably certain to exercise renewal or
termination options, considering relevant
factors including historical trends, store
performance and future business plans.
Changes in such estimates may result in
a significant impact on the measurement
of right-of-use assets and corresponding
lease liabilities. The key assumptions and
estimates relating to lease terms are reviewed
periodically and updated when there is a
change in facts and circumstances. Further
details are disclosed in Note 30.2.

2.2 Recent Pronouncements

Ministry of Corporate Affairs ("MCA") has notified
amendments to the existing standards Ind AS 12 -
Income Taxes relating to international tax reforms

- Pillar Two Model Rules, Ind AS 21 - The Effect
of Changes in Foreign Exchange Rates, Ind AS 107

- Financial Instruments: Disclosures, and Ind AS
7 - Statement of Cash Flows relating to disclosure
of supplier financing arrangements, which are
applicable for reporting periods beginning on or
after April 1, 2025. The Company has assessed
that there is no significant impact on its financial
statements with respect to these amendments.

Standards notified but not yet effective

Amendments to Ind AS 1 (Classification of
Liabilities as Current or Non-current and
Non-current Liabilities with Covenants)
and Ind AS 10 (Events after the Reporting
Period): Ind AS 10 has been amended to remove
the previous treatment under which a lender''s
post-reporting date waiver—granted before the
financial statements were approved for issue—
of a breach of a material covenant in a long-term
loan arrangement that occurred on or before the
end of the reporting period, resulting in the liability
becoming payable on demand at the reporting
date, was regarded as an adjusting event.

For annual reporting periods beginning on or after
April 1, 2026, any breach of a covenant—whether
material or immaterial—occurring on or before
the reporting date will, in accordance with Ind AS
1, require the related liability to be classified as
current, unless the lender has granted a waiver
of the breach on or before the reporting date
and has agreed not to demand repayment for
at least 12 months after the reporting date as a
consequence of the breach. Such a waiver shall be
treated as an adjusting event.

The amendments are effective for annual
reporting periods beginning on or after April 1,
2026, retrospectively in accordance with Ind AS
8. The Company will adopt these amendments to
the standards when they become effective and is
currently evaluating their potential impact on the
financial statements.

b) Terms / rights attached to equity shares:

The Company has only one class of equity shares having a par value of C5 per share. Each holder of equity shares is entitled
to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.

c) The Company does not have any Holding Company / Ultimate Holding Company.

f) Note on bonus issue of equity shares

The Company has issued and allotted 2,61,31,392 bonus shares on July 2, 2021 to the equity shareholders in the ratio of 6
(six) fully paid-up equity shares of face value of C10 each for every existing 1 (one) fully paid up equity share of the face value
C10 each, held by the members as at July 2, 2021, the Record Date, by capitalisation of a sum of '' 2,613.14 lakhs from and
out of Securities Premium account of the Company.

g) No ordinary shares have been reserved for issue under options and contracts/commitments for sale of shares/
disinvestment as at the reporting date.

h) No Calls are unpaid by any Director or Officer of the Company during the year ended March 31,2026 and year ended
March 31, 2025.

Nature and purpose of other reservesa) Securities premium

Securities premium is used to record the premium received on issue of shares. The securities premium can be utilised only
in accordance with the provisions of the Companies Act, 2013.

b) Capital reserve

Capital reserve pertain to business combinations, which occurred prior to transition date of Ind AS.

c) Retained earnings

Created from the profit/ (loss) of the Company, as adjusted for distribution to owners, transfers to other reserves, etc.

(e) Commercial premises in the building "Euphoria", comprising Ground Floor (North-West Side) and 1st Floor (East-West
Side), located at Holding No. 643/449, Benimadhab Road (Dangalpara), Suri, PS - Suri, PO - Suri, District - Birbhum, West
Bengal.

(f) Commercial apartments being Flat Nos. 3, 4, and A5, located at Premises No. 68, Ward No. 011, Sri Aurobindo Road,
District - Howrah, PS - Golabari, under Howrah Municipal Corporation, Pin - 711106.

(g) All that piece and parcel of land containing an area of 29.46 sataks equivalent to an area of 17 Cottahs 13 Chittaks 3
Ganda be the same a little more or less lying situate at Mouza Pirojpur, J.L. No. 69, S.R. Malda, Police Station - English
Bazar, within English Bazar Municipality, under ward no. 6, Holding no. 81/26/27, 24/28, R.S. Dag Nos. 625 and 624, L.R.
Dag NO. 4026, R.S. Khaitan Nos. 676 and 672 corresponding to L.R. Khaitan Nos. 5672, 921,6965, 6125, 3765 and 6964,
District - Malda, Pin-732101, owned by the company.

17.1 Nature of security

Cash Credit, Working Capital Demand Loan and Term Loan facilities are secured by a first pari-passu charge by way of
hypothecation over the entire current assets of the Company, both present and future, shared equally among all member
banks. In addition, these borrowings are further secured by a pari-passu hypothecation charge over the entire movable
fixed assets of the Company, both present and future. This excludes assets specifically financed by other lenders, and motor
vehicles, if any.

First pari-passu charge by way of equitable mortgage over the following immovable properties, all standing in the name of
the Company:-

(a) A commercial property with a covered area of 1,968 sq. ft. and super built-up area of 2,361.6 sq. ft., and a covered area
of 2,235 sq. ft. and super built-up area of 2,682 sq. ft., located on the 1st Floor of the building "Lalanalaya Apartment",
Holding No. 239/192 295/209, Ward No. 20, Hoogly Chinsurah Municipality, RS Dag Nos. 3448 & 3449, RS Khatian No.
181, JL No. 20, PS - Chinsurah, District - Hooghly.

(b) A residential flat at Snehalata Abasan, 4th Floor, Flat Nos. 2 & 3, Holding No. 137, Pilkhana Road, P.O. & P.S. - Berhampore,
District - Murshidabad, West Bengal, admeasuring 1,243 sq. ft.

(c) Commercial land and building located at Mouza - Gobinda Sarak, Parganas - Ukkhra, JL No. 94, comprising RS Khatian
No. 354, LR Khatian Nos. 5591 to 5596, RS Dag No. 532, LR Dag No. 620, Ward No. 20, Holding Nos. 37, 38, now 65,
under Krishnanagar Municipality, PS - Krishnanagar, District - Nadia, with a super built-up area of 11,400 sq. ft.

(d) Commercial complex named "Venus Plaza", comprising Ground Floor, 1st Floor, and 2nd Floor, situated at Holding No.
AN21BOLO18211, Bolpur-Sriniketan Road, Bolpur, PS - Bolpur, PO - Bolpur, District - Birbhum, West Bengal - 731204.

31.1 Loss due to fire and settlement of insurance claims:

On May 20, 2024, a fire at the Company''s erstwhile central warehouse located in Serampore, Hooghly, West Bengal
resulted in significant damage to inventory as well as property, plant and equipment. The Company is adequately
insured against such losses and had lodged insurance claims with the insurer.

For the year ended March 31, 2025, the Company recognised a loss of C5,085.21 lakhs in respect of inventory and
C424.57 lakhs relating to property, plant and equipment. Based on the assessment of insurance policy coverage
and management''s evaluation at that time, an insurance claim receivable of C4,731.34 lakhs was recognised. These
amounts were presented on a net basis, resulting in a net exceptional loss of C1,075.60 lakhs for the year ended March
31, 2025, inclusive of related input tax credits.

On July 8, 2025, the insurance claim relating to property, plant and equipment amounting to C424.57 lakhs was settled
at C347.97 lakhs (including C57.98 lakhs realised from salvage), resulting in an additional exceptional loss of C76.60
lakhs, which was recognised during the year ended March 31, 2026.

Subsequently, on April 14, 2026, the Company received communication from the insurer confirming settlement of
the inventory claim for an aggregate amount of C2,300.15 lakhs, which was accepted by the Company and received
on April 29, 2026. Consequently, the balance insurance claim receivable of C2,064.60 lakhs has been written off and
recognised as an exceptional loss for the year ended March 31,2026.

31.2 Reassessment of Lease Term

(a) During the year ended March 31,2026, the Company reassessed its lease term estimates for store leases in accordance
with Ind AS 116. This reassessment reflects the evolving nature of the Company''s store portfolio, informed by historical
trends and future strategic plans. Lease term estimates have been revised to better align with the period over which
management reasonably expects to exercise renewal options under lease contracts.

This reassessment, based on business decision, led to changes in the measurement and recognition of Right-of-Use
(ROU) assets (including associated security deposits) and corresponding lease liabilities, resulting in an exceptional
gain of C5,525.90 lakhs (net of tax impact C4,135.14 lakhs). The ROU Assets and Lease Liabilities were reduced by
C31,920.08 lakhs and C36,783.78 lakhs respectively as on July 1, 2025.

EPS excluding the above exceptional gain (net of tax) stood at C0.74 for the year ended March 31, 2026.

34. Earnings per share

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

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of
equity shares outstanding during the period plus the weighted average number of equity shares that would be issued on
conversion of all the dilutive potential equity shares into equity shares.

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

(b) Capital commitments:

Capital commitments of as at March 31,2026 C 127.67 lakhs; March 31, 2025 C 785.67 lakhs.

36 . On November 21, 2025 the Government of India notified four Labour Codes namely 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 (Collectively referred as the "Labour Codes"), which subsume 29 existing labour laws. The
Ministry of Labour and Employment has issued draft Central Rules and FAQs to facilitate evaluation of the impact
arising from the implementation of the said Codes.

The Company has assessed the impact of the Labour Codes based on the best information currently available and in
accordance with the guidance issued by the Institute of Chartered Accountants of India. Accordingly, the Company has
recognised impact of C 133.59 lakhs, which has been presented under "Exceptional Items" for the year ended March
31, 2026. However, the Company continues to monitor the notification of the final Central and State Rules and other
related clarifications and will recognise any impact, if applicable, in the period in which the relevant provisions become
effective.

*Certain KMPs also participate in post employment benefits plans provided by the Company. The amount in respect of
these towards the KMPs can not be segregated as these are based on actuarial valuation for all employees of the Company.

38. Segment information

In the opinion of the management, there is only one reporting segment "Retail Sales" as envisaged by Ind AS 108
"Operating Segments". The Company is operating only in India and there is no other significant geographical segment.
They are reviewed regularly by the chief operating decision maker to make decisions about resources to be allocated
to the segment and assess its performance.The Company operates solely in India and does not have any revenue or
non-current assets outside India. Further, no single customer accounts for 10% or more of the Company''s revenue
during the year.

39. Corporate Social Responsibility (CSR)

In accordance with the provisions of section 135 of the Companies Act 2013, the Board of Directors of the Company
had constituted a Corporate Social Responsibility (CSR) Committee. In terms with the provisions of the said Act, the
Company was required to spend a sum of '' 76.44 lakhs and ''40.36 lakhs towards CSR activities during the year ended
March 31, 2026 and March 31,2025 respectively. The detail of amount spent is as follows:

There is no unspent amount at the end of the year to be deposited in specified fund of Schedule VII under section
135(5) of the Companies Act, 2013.

As there are no ongoing CSR projects under Section 135(6) of the Companies Act, 2013, the disclosure under the said
section is not applicable.

40. Employee benefit obligations
(a) Defined contribution plan

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying
employees towards Provident and Pension Fund, Employee State Insurance (''ESI'') and others which are defined
contribution plans. The Company has no obligations other than to make the specified contributions. The contributions
are recognised in the Standalone Statement of Profit and Loss as they accrue.

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are
detailed below:

(i) Interest Rate risk:

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase
in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as
shown in financial statements).

(ii) Liquidity Risk:

This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise due to non-
availabilty of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

(iii) Salary Escalation Risk:

The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan
participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of
increase in salary used to determine the present value of obligation will have a bearing on the plan''s liability.

(iv) Demographic Risk:

The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is
exposed to the risk of actual experience turning out to be worse compared to the assumption.

(v) Regulatory Risk:

Gratuity benefit is paid in accordance with the requirements of Chapter V (Gratuity) of the Code on Social Security,
2020 (as amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts (e.g.
Increase in the maximum limit on gratuity of Rs. 20,00,000).

(vi) Asset Liability Mismatching or Market Risk:

The duration of the liability is longer compared to duration of assets, exposing the Company to market risk for
volatilities/ fall in interest rate.

(vii) Investment Risk:

The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.

(b) Defined benefit plan
Gratuity

The Company operates a gratuity plan through a Trust wherein eligible employees are entitled to a benefits equivalent
to fifteen days'' wages last drawn for each completed year of service, in compliance with the Code on Social Security,
2020. In accordance with the Code''s standardized definition of wages, the calculation base is mandated to comprise
a minimum of 50% of the employee''s total Cost to Company (CTC). In cases where the Company''s internal scheme
provides more favorable terms than the minimum obligations under the Code, the more favorable terms are applied.
The benefits are payable on termination of service, resignation, or retirement, whichever occurs earlier. For regular
permanent employees, the benefits vest after five years of continuous service. The gratuity plan is funded. Details are
provided below:

43. Capital risk management

The Company''s objective to manage its capital is to ensure continuity of business while at the same time provide
reasonable returns to its various stakeholders but keep associated costs under control. In order to achieve this,
requirement of capital is reviewed periodically with reference to operating and business plans that take into account
capital expenditure and strategic investments. Apart from internal accrual, sourcing of capital is done through judicious
combination of equity and borrowing, both short term and long term. Net debt (total borrowings less cash and cash
equivalents) to equity ratio is used to monitor capital.

44. Fair value hierarchy

The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and lowest priority to unobservable inputs (Level 3 measurements). Fair value of the financial
instruments is classified in various fair value hierarchies based on the following three levels:

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

• Level 2: Inputs other than quoted price including within level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).

The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximize the use of observable market data and rely as little as possible on entity-specific
estimates. If significant inputs required to fair value an instrument are observable, the instrument is included in Level
2. and

• Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

If one or more of the significant inputs is not based on observable market data, the fair value is determined using
generally accepted pricing models based on a discounted cash flow analysis, with the most significant input being the
discount rate that reflects the credit risk of counterparty. This is the case with listed instruments where market is not
liquid and for unlisted instruments.

44.1 There are no transfers between levels during the year.

45. Fair value of financial assets and financial liabilities:

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements
are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts
would be significantly different from the values that would eventually be received or settled.

46. Financial risk management objectives and policies

The Company''s activities expose it to the following risks:

a) Credit risk

b) Liquidity risk

c) Market risk

a) 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. To manage this, the Company periodically assesses financial reliability of customers and
other counterparties, taking into account the financial condition, current economic trends, and analysis of historical
bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such
information. Credit risk from balances with banks and financial institutions is managed by the Company''s treasury
department in accordance with the Company''s policy.

The Company maintains its cash and cash equivalents and other bank balances with approved banks and financial
institutions. The Company deals only with counterparties having a good credit rating from external rating agencies
or considered to have an acceptable credit profile based on the Company''s internal assessment. The balances are
maintained with such counterparties within the limits approved by the Company.

Financial assets are written off when there is no reasonable expectations of recovery.

The Company is exposed to credit risk from primarily security deposits, deposits with banks. For exposure refer note
44.2.

49. 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 did not have any transactions with struck-off companies.

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

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

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), 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.

(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the funding party (Ultimate Beneficiaries), or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vii) The Company has not been declared as Wilful defaulter by any Banks, Financial institution or Other lenders.

(viii) Title deeds for immovable properties are held in the name of the Company.

(ix) The Company did not have any transaction which was not recorded in the books of account that was 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.

(x) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) or intangible
assets or both during the current or previous year.

(xi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
the Companies (Restriction on number of layers) Rules 2017.

(xii) The Company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial year.

50 . The Board of Directors, at its meeting held on January 20, 2026, approved the issuance of up to 1,01,00,000 equity
share warrants of face value C5 each on a preferential basis to a non-promoter body corporate, in accordance with the
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("SEBI ICDR Regulations"), which
was subsequently approved by the shareholders at the extra-ordinary general meeting held on February 13, 2026.

Each warrant is convertible into one fully paid-up equity share at an issue price of C328.25 per warrant (including a
premium of C323.25), aggregating to C33,153.25 lakhs, assuming full conversion.

On April 2, 2026, the Company allotted 1,01,00,000 warrants and received 25% of the issue price (C8,288.31 lakhs) as
upfront consideration. The balance 75% is payable upon conversion within 18 months, failing which the warrants shall
lapse and the upfront amount shall be forfeited.

On May 15, 2026, the Company received C3,692.81 lakhs towards 75% of the consideration for conversion of 15,00,000
warrants, with the remaining 25% already received at the time of allotment. Accordingly, these warrants have been
converted into an equivalent number of fully paid-up equity shares at the aforesaid issue price.

The proceeds from the preferential issue shall be utilised towards (a) repayment and/or prepayment of borrowings, (b)
capital expenditure for opening of new stores, and (c) general corporate purposes.

The issue and resulting equity shares are subject to applicable provisions of the SEBI ICDR Regulations, the Companies
Act, 2013 and other applicable laws.

51 . Audit Trail

The Company has used Ginesys - ERP, Lease Fix, FAMS - Fixed Assets Management, Infor - WMS, Exactlly - HRMS and
Supplymint software for maintaining its books of account. The software provides an audit trail (edit log) facility, which
was operational throughout the year for all relevant transactions recorded, except for the instances stated below.
The audit trail feature has not been tampered with in respect of the accounting software(s) where it was enabled.
Further, the audit trail has been preserved in accordance with statutory requirements for record retention, wherever
enabled in previous years.

The audit trail (edit log) facility was not enabled at the database level to capture direct data changes in respect of five
accounting software applications.

53. Certain items in the financial statement for previous year may have been reclassified or regrouped to align with the
presentation for the current year. These changes have been made to enhance the quality of information disclosed and
do not impact the previously reported profit or total equity.

2.12. Provisions and Contingent liabilities

(a) Provisions

Provisions are recognised when the Company has
a present obligation (legal or constructive) as a
result of 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 of the amount of the
obligation. When the Company expects some or
all of a provision to be reimbursed, for example,
under an insurance contract, 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.

If the effect of the time value of money is material,
provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used,
the increase in the provision due to the passage
of time is recognised as a finance cost.

Provisions are reviewed at the end of each
reporting period and adjusted to reflect the current
best estimate. If it is no longer probable that an
outflow of resources would be required to settle
the obligations, the provision is reversed.

(b) Contingent liabilities

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non-occurrence
of one or more uncertain future events beyond the
control of the Company or a present obligation
that is not recognised 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 recognised because it
cannot be measured reliably. The Company does
not recognise a contingent liability but discloses its
existence in the standalone financial statements.
Contingent assets are only disclosed when it is
probable that the economic benefits will flow to
the entity.

2.13. Retirement and other employee benefits

(a) Defined contribution plan

Employee benefit in the form of Provident Fund,
Employees State Insurance and Labour Welfare
Fund are considered as a defined contribution
scheme. The Company has no obligation, other
than the contribution payable to the aforesaid
funds. The Company recognises contribution
payable to the provident fund scheme as an
expense when an employee renders the related
service. If the contribution payable to the scheme
for service received before the reporting date
exceeds the contribution already paid, the deficit
payable to the scheme is recognised as a liability
after deducting the contribution already paid. If the
contribution already paid exceeds the contribution
due for services received before the re date, then
excess is recognised as an asset to the extent
that the pre-payment will lead to, for example, a
reduction in future payment or a cash refund.

(b) Defined benefit plan

Gratuity liability is defined benefit plan and is
provided for on the basis of an actuarial valuation
on projected unit credit (PUC) method made at the
end of each year. Any actuarial gains or losses for
a defined benefit plan are fully recognised in the
statement of profit and loss during the same year
they occur.

(c) Short-term employee benefits

A liability is recognised for benefits accruing to
employees in respect of wages and salaries in
the period the related service is rendered at the
undiscounted amount of the benefits expected to
be paid in exchange for that service.

Accumulated leave, which are expected to be
utilised within the next twelve months are treated
as short-term employee benefit. The Company
measures the expected cost of such absences as

the additional amount that it expects to pay as a
result of unused entitlement that has accumulated
at that reporting date.

(d) Long-term employees benefit

The Company treats accumulated leave expected
to be carried forward beyond twelve months, as
long-term employee benefit for measurement
purposes. Such long-term compensated absences
are provided for based on the actuarial valuation
using the projected unit credit method at the year-
end. Actuarial gains/losses are immediately taken
to the statement of profit and loss and are not
deferred. The Company presents the leave as a
current liability in the balance sheet, to the extent
it does not have an unconditional right to defer its
settlement for twelve months after the reporting
date. Where Company has the unconditional
legal and contractual right to defer the settlement
for a period beyond twelve months, the same is
presented as non-current liability.

Remeasurement, comprising of actuarial
gains and losses, the effect of the asset ceiling,
excluding amounts included in net interest on
the net defined benefit liability and the return on
plan assets (excluding amounts included in net
interest on the net defined benefit liability), are
recognised immediately in the balance sheet
with a corresponding debit or credit to retained
earnings through OCI in the period in which they
occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.

Past service costs are recognised in profit or loss
on the earlier of:

• The date of the plan amendment or
curtailment, and

• The date that the Company recognises related
restructuring costs.

Net interest is calculated by applying the discount
rate to the net defined benefit liability or asset. The
Company recognises the following changes in the
net defined benefit obligation as an expense in the
statement of profit and loss:

• Service costs comprising current service
costs, past-service costs, gains and losses on
curtailments and non-routine settlements; and

• Net interest expense or income.

2.14. Segment information

Segments are identified based on the manner in
which the Chief Operating Decision Maker (''CODM'')
decides about resource allocation and reviews
performance. Segment results that are reported
to the CODM include items directly attributable to
a segment as well as those that can be allocated
on a reasonable basis.

2.15. Revenue recognition

Revenue from contracts with customer is
recognised upon transfer of control of promised
goods/services to customers at an amount that
reflects the consideration to which the Company
expect to be entitled for those goods/ services.

To recognise revenues, the Company applies the
following five-step approach:

• Identify the contract with a customer;

• Identify the performance obligations in
the contract;

• Determine the transaction price;

• Allocate the transaction price to the
performance obligations in the contract; and

• Recognise revenues when a performance
obligation is satisfied.

Revenue towards satisfaction of a performance
obligation is measured at the amount of transaction
price (net of variable consideration) allocated
to that performance obligation. The transaction
price of goods sold and services rendered is net
of variable consideration on account of various
discounts and schemes offered by the Company
as part of the contract.

Goods and Service Tax (GST) is not received by
the Company in its own account. Rather, it is tax
collected on value added to the commodity by the
seller on behalf of the government. Accordingly, it
is excluded from revenue.

The property in the merchandise of third-party
concession stores located within the main
departmental store of the Company passes to the
Company once a customer decides to purchase
an item from the concession store. The Company,
in turn, sells the item to the customer and is
accordingly included under Retail sales.

Gift voucher sales are recognised when the
vouchers are redeemed and the goods are sold
to the customer.

The Company operates a loyalty programme
which allows customers to accumulate points on
purchases made in retail stores. The points give
rise to a separate performance obligation as it
entitles them to discount on future purchases.
Consideration received is allocated between the
sale of products and the points issued, with the
consideration allocated to the points equal to
their fair value. Fair value of points is determined
by applying a statistical analysis based on the
historical results of the Company.

Revenue related to award points are deferred
and recognised when points are redeemed. The
amount of revenue is based on the number of
points redeemed.

Income from services are recognised as they are
rendered based on agreements/ arrangements
with the concerned parties, and recognised net of
goods and services tax/ applicable taxes

Interest Income is recognised on an accrual basis
using effective interest rate (eir) method.

Dividend is recognised when the Company''s right
to receive the payment is established, which is
generally when shareholders approve the dividend.

Revenue in respect of Insurance and other claim
is recognised only on reasonable certainty of
its recovery.

>.16. Government grants

Government grants are recognised where there
is a reasonable assurance that the grant will
be received and all attached conditions will be
complied with:

• When the grant relates to an expense item, it
is recognised as income on a systematic basis
over the periods that the related costs, for which
it is intended to compensate, are expensed.

• When the grant relates to an asset, it is
recognised as income in equal amounts over
the expected useful life of the related asset.

When loans or similar assistance are provided by
governments or related institutions, at a below
market rate of interest, the effect of this favourable
interest is treated as a government grant. The loan
or assistance is initially recognised and measured
at fair value, and the government grant is measured
as the difference between the proceeds received
and the initial carrying value of the loan. The loan

is subsequently measured as per the accounting
policies applicable to financial liabilities.

2.17. Borrowing costs

Borrowing costs directly attributable to the
acquisition, construction or production of an asset
that necessarily takes a substantial period of time
to get ready for its intended use are capitalised as
part of the cost of the respective asset. All other
borrowing costs are expensed in the period they
occur in the Statement of Profit and Loss.

Borrowing cost includes interest and other costs
incurred in connection with the arrangement
of borrowings. Borrowing cost also includes
exchange differences to the extent regarded as
an adjustment to the interest costs.

2.18. Income taxes

(a) Current tax

The Income tax expense or credit for the period
is the tax payable on the current period''s taxable
income based on the applicable income tax rate
adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences and
to unused tax losses.

I ncome tax assets and liabilities are measured
at the amount expected to be recovered from or
paid to the taxation authorities. The tax rates and
tax laws used to compute the amount are those
that are enacted or substantively enacted at the
reporting date in India.

The management periodically evaluates positions
taken in tax returns with respect to situations
in which applicable tax regulation is subject
to interpretation and establishes provisions
where appropriate.

(b) Deferred tax

Deferred tax is recognised on temporary differences
between the tax bases of assets and liabilities
and their carrying amounts for financial reporting
purposes at the reporting date.

Deferred tax liabilities are recognised for all taxable
temporary differences, except when the deferred
tax liability arises

• from the initial recognition of goodwill or an
asset or a liability in a transaction that is not a
business combination,

• at the time of the transaction, affects neither
the accounting profit nor the taxable profit or
loss, or

• does not give rise to equal taxable and
deductible temporary difference.

The carrying amount of deferred tax assets is
reviewed at each reporting date and writes down
the carrying cost to the extent that it is no longer
reasonably certain that sufficient taxable profit will
be available to allow all or part of the deferred
tax asset to be utilised. Unrecognised deferred tax
assets are re-assessed at each reporting date and
are recognised to the extent that it has become
reasonably certain that future taxable profits will
allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply in the
year when the asset is realised or the liability is
settled, based on tax rates and tax laws that have
been enacted or substantively enacted at the
reporting date.

Deferred tax assets and deferred tax liabilities are
offset, if a legally enforceable right exists to set off
current tax assets against current tax liabilities and
the deferred taxes relate to the same taxable entity
and the same taxation authority.

Tax benefits acquired as a part of business
combination, but not satisfying the criteria for
separate recognition at that date, are recognised
subsequently if new information is received or
circumstances change. Acquired deferred tax
benefits recognised within the measurement
period reduce goodwill related to that acquisition,
if they result from new information obtained
about facts and circumstances existing at the
acquisition date.

Current tax and deferred tax relating to items
recognised outside the Statement of Profit and Loss
are recognised outside the Statement of Profit and
Loss (either in OCI or in equity). Current tax and
deferred tax items are recognised in correlation to
the underlying transaction either in OCI or directly
in equity.

2.19. Earnings per share

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

Company''s earnings per share is the net profit for
the period after deducting preference dividends
and any attributable tax thereto for the period.
The weighted average number of equity shares
outstanding during the period and for all periods
presented is adjusted for events, such as bonus
shares that have changed the number of equity
shares outstanding, without a corresponding
change in resources. For the purpose of calculating
diluted earnings per share, the net profit or loss
for the period attributable to equity shareholders
and the weighted average number of shares
outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.

2.20. Exceptional Items

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

2.21. Dividend

Dividend declared is recognised as a liability
only after it is approved by the shareholders in
the general meeting. The Company recognises a
liability to make cash or non-cash distributions to
equity holders of the parent when the distribution
is authorised and the distribution is no longer at the
discretion of the Company. As per the corporate
laws in India, a distribution is authorised when it
is approved by the shareholders. A corresponding
amount is recognised directly in equity. Dividend
is recognised when the Company''s right to receive
the payment is established, which is generally
when shareholders approve the dividend.

2.22. Share Issue Expenses

The share issue expenses incurred by the Company
on account of new shares issued are netted off
from securities premium account.

2.23. Key accounting judgments, estimates and
assumptions

The preparation of the Company''s standalone
financial statements requires management to
make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses,
assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions
and estimates could result in outcomes that

require a material adjustment to the carrying
amount of assets or liabilities affected in future
periods. Uncertainty about these assumptions and
estimates could result in outcomes that require
a material adjustment to the carrying amount of
assets or liabilities affected in future periods.

I n particular, the Company has identified the
following areas where significant judgements,
estimates and assumptions are required. Further
information on each of these areas and how
they impact the various accounting policies are
described below and also in the relevant notes to
the standalone financial statements. Changes in
estimates are accounted for prospectively.

(a) Judgements

(i) Leases

IND AS 116 requires lessees to determine the
lease term as the non-cancellable period of
a lease adjusted with any option to extend or
terminate the lease, if the use of such option
is reasonably certain. The Company makes an
assessment on the expected lease term on a
lease-by-lease basis and thereby assesses
whether it is reasonably certain that any
options to extend or terminate the contract
will be exercised.

I n evaluating the lease term, the Company
considers factors such as any significant
leasehold improvements undertaken
over the lease term, costs relating to the
termination of the lease, and the importance
of the underlying asset to Company''s
operations taking into account the location
of the underlying asset and the availability of
suitable alternatives. The lease term in future
periods is reassessed to ensure that it reflects
the current economic circumstances.

For leases which are expired and under
discussion for renewal, the Company considers
such leases as short term leases since, the
Company is not certain that option to extend
the lease will be exercised as lessor has right
to terminate the lease. Further, the Company
has exercised its judgement in using a single
discount rate to a portfolio of leases with
reasonably similar characteristics.

(ii) Contingencies

Contingent liabilities may arise from the
ordinary course of business in relation to

claims against the Company, including legal,
contractor, land access and other claims. By
their nature, contingencies will be resolved
only when one or more uncertain future
events occur or fail to occur. The assessment
of the existence, and potential quantum,
of contingencies inherently involves the
exercise of significant judgments and the
use of estimates regarding the outcome of
future events.

(iii) Recognition of deferred tax

The extent to which deferred tax asset to be
recognised is based on the assessment of
the probability of the future taxable income
against which the deferred tax asset can
be utilised.

(b) Estimates and assumptions

The key assumptions concerning the future and
other key sources of estimation uncertainty
at the reporting date, that have a significant
risk of causing a material adjustment to the
carrying amounts of assets and liabilities within
the next financial year, are described below. The
Company based its assumptions and estimates
on parameters available when the standalone
financial statements were prepared. Existing
circumstances and assumptions about future
developments, however, may change due to
market changes or circumstances arising that are
beyond the control of the Company. Such changes
are reflected in the assumptions when they occur.

(i) Useful lives of property, plant & equipment
and intangible assets

The Company reviews its estimate of the
useful lives of property, plant & equipment
and intangible assets at each reporting date,
based on the expected utility of the assets.

(ii) Defined benefit obligation

The cost of the defined benefit plan and other
post-employment benefits and the present
value of such obligation 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 trends salary increases,
mortality rates and future pension increases.
In view of 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.

(iii) Impairment of assets

In assessing impairment, the Company
estimates the recoverable amount of each
asset or cash-generating units based on
expected future cash flows and uses an
interest rate to discount them. Estimation
uncertainty relates to assumptions about
future operating results and the determination
of a suitable discount rate.

(iv) Fair value measurement of financial
instruments

When the fair values of financial assets and
financial liabilities recorded in the balance
sheet cannot be measured based on quoted
prices in active markets, their fair value
is measured using valuation techniques
including the DCF model. The inputs to these
models are taken from observable markets
where possible, but where this is not feasible, a
degree of judgement is required in establishing
fair values. Judgements include considerations
of inputs such as liquidity risk, credit risk and
volatility. Changes in assumptions about these
factors could affect the reported fair value of
financial instruments.

(v) Assessment of potential markdown
inventory

The Company at each reporting date makes
an assessment of potential markdown due
to aged inventory. In doing so, it estimates
the net realisable value of aged inventory
based on historic trend of sale of such/ similar
aged inventory. Further, it also estimates the
provision for shrinkage based on past trends
which it believes is more than or near to actual
shrink to be booked as and when stores are
counted annually.

(vi) Incremental borrowing rate for leases

The Company cannot readily determine the
interest rate implicit in the lease, therefore, it
uses its incremental borrowing rate (ibr) to
measure lease liabilities. The IBR is the rate
of interest that the Company would have to
pay to borrow over a similar term, and with a
similar security, the funds necessary to obtain
an asset of a similar value to the right-of-use

asset in a similar economic environment.
The IBR therefore reflects what the Company
''would have to pay'', which requires estimation
when no observable rates are available or
when they need to be adjusted to reflect
the terms and conditions of the lease. The
Company estimates the IBR using observable
inputs (such as market interest rates) when
available and is required to make certain
entity-specific estimates.

(vii) Assessment of Impairment of investments
in subsidiaries

The Company reviews its carrying value
of investments in subsidiaries annually or
more frequently when there is indication for
impairment. If the recoverable amount is less
than its carrying amount, the impairment
loss is accounted for. Determining whether
the investment in subsidiaries is impaired
requires an estimate in the value in use
of investments. The Management carries
out impairment assessment for each
investment by comparing the carrying value
of each investment with the net worth of
each company based on audited financials,
comparable market price and comparing the
performance of the investee companies with
projections used for valuations, in particular
those relating to the cash flows, sales growth
rate, pre-tax discount rate and growth rates
used and approved business plans.

.24. Recent Pronouncements

Ministry of Corporate Affairs ("MCA") notifies
new standards or amendments to the existing
standards under Companies (Indian Accounting
Standards) Rules as issued from time to time.
During the year ended March 31, 2025, MCA has
notified Ind AS 117 - Insurance Contracts and
amendments to Ind As 116 - Leases, relating to sale
and lease back transactions, applicable from April
1, 2024. The Company has assessed that there is
no significant impact on its financial statements.
On May 9, 2025, MCA notifies the amendments to
Ind AS 21 - Effects of Changes in Foreign Exchange
Rates. These amendments aim to provide clearer
guidance on assessing currency exchangeability
and estimating exchange rates when currencies
are not readily exchangeable. The amendments are
effective for annual periods beginning on or after
April 1, 2025. The Company is currently assessing
the probable impact of these amendments on its
financial statements.

*Equity Shares of S 5 each (S 10 each until September 7, 2023) fully paid

b) Terms / rights attached to equity shares:

The Company has only one class of equity shares having a par value of S 5 per share (s 10 per share until
September 7, 2023). Each holder of equity shares is entitled to one vote per share. In the event of liquidation of
the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.

c) The Company does not have any Holding Company / Ultimate Holding Company.

d) Details of shareholders holding more than 5% shares in the Comnany_:

f) Note on sub-division of equity shares

Pursuant to the resolution passed by the Board of Directors of the Company and approval of the members at
the Annual General Meeting of the Company held on August 25, 2023, each equity share of nominal face value
of g 10 each was sub-divided to 2 (two) equity shares of g 5 each. The effective date for the said sub-division
was September 8, 2023. The impact of share split has been accordingly considered for the computation of
Earnings Per Share as per the requirements of Ind AS 33.

g) Note on bonus issue of equity shares

The Company has issued and allotted 2,61,31,392 bonus shares on July 2, 2021 to the equity shareholders in
the ratio of 6 (six) fully paid-up equity shares of face value of g 10 each for every existing 1 (one) fully paid
up equity share of the face value g 10 each, held by the members as at July 2, 2021, the Record Date, by
capitalisation of a sum of g 26,13,13,920 from and out of Securities Premium account of the company.

h) No ordinary shares have been reserved for issue under options and contracts/commitments for sale of shares/
disinvestment as at the reporting date.

i) No Calls are unpaid by any Director or Officer of the company during the year ended March 31, 2025 and year
ended March 31, 2024.

First pari-passu charge by way of equitable mortgage over the following immovable properties, all standing
in the name of the Company:-

(a) A commercial property with a covered area of 1,968 sq. ft. and super built-up area of 2,361.6 sq. ft., and a
covered area of 2,235 sq. ft. and super built-up area of 2,682 sq. ft., located on the 1^st Floor of the building
"Lalanalaya Apartment", Holding No. 239/192 295/209, Ward No. 20, Hoogly Chinsurah Municipality, RS Dag
Nos. 3448 & 3449, RS Khatian No. 181, JL No. 20, PS - Chinsurah, District - Hooghly.

(b) A residential flat at Snehalata Abasan, 4^th Floor, Flat Nos. 2 & 3, Holding No. 137, Pilkhana Road, P.O. & P.S. -
Berhampore, District - Murshidabad, West Bengal, admeasuring 1,243 sq. ft.

(c) Commercial land and building located at Mouza - Gobinda Sarak, Parganas - Ukkhra, JL No. 94, comprising
RS Khatian No. 354, LR Khatian Nos. 5591 to 5596, RS Dag No. 532, LR Dag No. 620, Ward No. 20, Holding Nos.
37, 38, now 65, under Krishnanagar Municipality, PS - Krishnanagar, District - Nadia, with a super built-up
area of 11,400 sq. ft.

(d) Commercial complex named "Venus Plaza", comprising Ground Floor, 1^st Floor, and 2^nd Floor, situated at
Holding No. AN21BOLO18211, Bolpur-Sriniketan Road, Bolpur, PS - Bolpur, PO - Bolpur, District - Birbhum, West
Bengal - 731204.

(e) Commercial premises in the building "Euphoria", comprising Ground Floor (North-West Side) and 1^st Floor
(East-West Side), located at Holding No. 643/449, Benimadhab Road (Dangalpara), Suri, PS - Suri, PO - Suri,
District - Birbhum, West Bengal.

(f) Commercial apartments being Flat Nos. 3, 4, and A5, located at Premises No. 68, Ward No. 011, Sri Aurobindo
Road, District - Howrah, PS - Golabari, under Howrah Municipal Corporation, Pin - 711106.

The charges registered against the following properties have been discharged due to substitution of properties
during the period: -

a) Commercial cum residential land & building located Mouza - Baruipur. J.L. No.31, Touzi No. 250, Re Sa 72, R.S.
Khatian No. 2554, Dag No, 138, Holding No. 70, under Baruipur Municipality under Ward No. 17. P.S. Baruipur.
Entire Ground Floor measuring super built up area of 1971 Sq. Ft., entire First Floor measuring super built
up area of 2646 Sq. Ft. and entire Second Floor measuring super built up area of 2646 Sq. Ft, little more
or less together with demarcated strip of land on the Ground Floor measuring super built up area of 152
Sq. Ft. use as Baggage Counter and another demarcated strip of land on the Ground Floor measuring
super built up area of 59 Sq. Ft. used as Diesel Generator Space, owned partially by the company and
partially by Mr. Shreyans Surana.

b) Commercial property consisting of G 3 storied commercial building names as Style Baazar of RS Dag no.
1650, 1635, 1849, RS Khatian No. 719,721, Mouza: Bizpur & of the premises no. 4, Kabiguru Rabindra Path (South),
Station Road, PO: Kanchrapara in the name of Gouri Shankar Shaw, Shakuntala Devi & Bhagwan Prasad.

c) Commercial land and two storied building situated at Holding No.11213, Netaii Subhash Path, under P.S.:
Bizpur, Pin- 743145, PO: Kanchrapara, Ward No. 6, Dist.: 24 Parganas (North) admeasuring 3189 sq. ft, in the
name of Sakuntala Devi and Bhagwan Prasad.

The charges registered against the following properties exclusively on term loan were satisfied during
the period:

Rabindra Venue Bus Stop, District: Malda, P.S:- English Bazar, Municipality: English Bazar, Ward No: 6, Holding
No: 26127, Road: Rabindra Avenue, Pin Code: 732101.

Refer note 42 for details of carrying amount of assets pledged as security.

(i) Credit risk

If the scheme is insured and fully funded on PUC basis there is a credit risk to the extent the insurer(s)is/ are
unable to discharge their obligations including failure to discharge in timely manner.

(ii) Pay-as-you-go risk

For unfunded schemes, if any, financial planning could be difficult as the benefits payable will directly affect
the revenue and this could be widely fluctuating from year to year. Moreover there may be an opportunity
cost of better investment returns affecting adversely the cost of the scheme.

(iii) Discount rate risk

The Company is exposed to the risk of fall in discount rate. A fall in discount rate will eventually increase in
the ultimate cost of providing the above benefit thereby increasing the value of the liability.

(iv) Liquidity risk

This risk arises from the short term asset and liability cash-flow mismatch thereby causing the company being
unable to pay the benefits as they fall due in the short term. Such a situation could be the result of holding
large illiquid assets disregarding the results of cash-flow projections and cash outgo inflow mismatch. (Or it
could be due to insufficient assets/cash.)

(v) Future salary increase risk

The Scheme cost is very sensitive to the assumed future salary escalation rates for all final salary defined
benefit Schemes. If actual future salary escalations are higher than that assumed in the valuation actual
Scheme cost and hence the value of the liability will be higher than that estimated.

(vi) Demographic risk

I n the valuation of the liability certain demographic (mortality and attrition rates) assumptions are made.
The Company is exposed to this risk to the extent of actual experience eventually being worse compared to
the assumptions thereby causing an increase in the scheme cost.

(vii) Regulatory risk

Gratuity Benefit must comply with the requirements of the Payment of Gratuity Act, 1972 (as amended up-to-
date). There is a risk of change in the regulations requiring higher gratuity payments (e.g. raising the present
ceiling of g 20,00,000, raising accrual rate from 15/26 etc.)

Reconciliation of the net defined benefit (asset)/ liability

The following table shows a reconciliation from the opening balances to the closing balances for the net defined
benefit (asset)/ liability and its components:

45 Fair value of financial assets and financial liabilities:

45.1 The management has assessed that the fair values of cash and cash equivalents, trade receivables, trade
payables, short term borrowings, and other current financial liabilities approximates their carrying amounts
largely due to the short-term maturities of these instruments. The management has assessed that the fair
value of floating rate instruments approximates their carrying value.

45.2 The fair values of non-current borrowings are based on the discounted cash flows using a current borrowing
rate. They are classified as Level 3 fair values in the fair value hierarchy due to the inclusion of unobservable
inputs including own credit risks, which was assessed as on the reporting date to be insignificant.

46 hair value nierarcny

The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities
(Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). Fair value of the
financial instruments is classified in various fair value hierarchies based on the following three levels:

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

• Level 2: Inputs other than quoted price including within level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).

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 significant inputs required to fair value an instrument are observable, the instrument is included
in Level 2. and

• Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable
inputs).

If one or more of the significant inputs is not based on observable market data, the fair value is determined
using generally accepted pricing models based on a discounted cash flow analysis, with the most significant
input being the discount rate that reflects the credit risk of counterparty. This is the case with listed instruments
where market is not liquid and for unlisted instruments.

46.1 The following are the judgements and estimates made in determining the fair values of the financial
instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and
for which fair value are disclosed in the financial statements. To provide an indication about the reliability of
the inputs used in determining fair value, the Company has classified its financial instruments into the three
levels of fair value measurement as prescribed under the Ind AS 113 "Fair Value Measurement".

46.2 There are no transfers between levels during the year.

b) Liquidity risk

It is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing
liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when
due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the Company''s reputation. Typically the Company ensures that it has sufficient cash on demand to meet
expected short term operational expenses. The Company''s objective is to maintain a balance between
continuity of funding and flexibility through the use of bank loans/internal accruals. The table below provides
details regarding the remaining contractual maturities of significant financial liabilities at the reporting date.

Risk Concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities
in the same geographical region, or have economic features that would cause their ability to meet contractual
obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate
the relative sensitivity of the Company''s performance to developments affecting a particular industry.

c) Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices.

Market risk comprises two type of risks:

i) Interest Rate Risk

ii) Product price Risk

c. i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company''s exposure to the risk of changes in market
interest rates relates primarily to the Company''s long-term debt obligations with floating interest rates.
The Company is exposed to risk due to interest rate fluctuation on long term borrowings. Such borrowings
are based on fixed as well as floating interest rate. Interest rate risk is determined by current market
interest rates, projected debt servicing capability and view on future interest rate. Such interest rate
risk is actively evaluated and is managed through portfolio diversification and exercise of prepayment/
refinancing options where considered necessary.

c. ii) Product price risk

In a potentially inflationary economy, the Company expects periodical price increases across its retail
product lines. Product price increases which are not in line with the levels of customers'' discretionary
spends, may affect the business/retail sales volumes. In such a scenario, the risk is managed by offering
judicious product discounts to retail customers to sustain volumes. The Company negotiates with its
vendors for purchase price rebates such that the rebates substantially absorb the product discounts
offered to the retail customers. This helps the Company protect itself from significant product margin
losses. This mechanism also works in case of a downturn in the retail sector, although overall volumes
would get affected.

(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 did not have any transactions struck-off companies.

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

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

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), 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.

(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the funding party (Ultimate Beneficiaries), or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vii) The Company has not been declared as Wilful defaulter by any Banks, Financial institution or Other lenders.

(viii) Title deeds for immovable properties are held in the name of the Company.

(ix) The Company did not have any transaction which was not recorded in the books of account that was
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.

(x) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) or intangible
assets or both during the current or previous year.

(xi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act
read with the Companies (Restriction on number of layers) Rules 2017.

(xii) The Company has not entered into any scheme of arrangement which has an accounting impact on current
or previous financial year.

During the year ended March 31, 2025, the Company has undertaken Pre-IPO placement of 9,56,072 equity
shares for cash consideration aggregating to g 3,700.00 lakhs (including securities premium of g 3,652.19 lakhs).
Additionally, the Company has completed an Initial Public Offering (''IPO'') of 21,458,707 equity shares with a face
value of g 5 each at an issue price of g 389 per share (includes 19,570 equity shares issued to eligible employees
with a face value of g 5 each at an issue price of g 354 per share), comprising fresh issue of 38,06,387 equity shares
for cash consideration aggregating to g 14,800.00 lakhs (including securities premium of g 14,609.68 lakhs) and
offer for sale of 17,652,320 equity shares. The Company''s equity shares were listed on the National Stock Exchange
of India Limited (NSE) and BSE Limited (BSE) on September 6, 2024.

The Company had received an amount of g 17,498.63 lakhs (net of estimated Pre-IPO and IPO expenses of g 1,001.37
lakhs including taxes) from proceeds out of fresh issue of equity shares through Pre-IPO placement and IPO.

The Utilisation of the Pre-IPO & IPO Proceeds is summarised below:
52 Audit Trail

The Company uses accounting softwares for maintaining its books of account including interfaces across
accounting softwares for inventory records and supply chain management, etc., for the financial year ended March
31, 2025 which have 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 softwares. However, the audit trail feature is not
enabled at the database level for the accounting software, softwares for property, plant equipment and payroll
records, and other interfaces across accounting softwares for inventory records and supply chain management.
There is no instance of audit trail feature being tampered with was noted in respect of the above accounting
softwares. Additionally, the audit trail of prior 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 prior year.

Previous Year''s figures have been reclassified/ regrouped to conform with the presentation requirements under
IND AS and the requirements laid down in Division-II of the Schedule-III of the Companies Act, 2013.

As per our report of even date attached For and on behalf of the Board of Directors

For Singhi and Co. Pradeep Kumar Agarwal Shreyans Surana

Chartered Accountants Chairman Managing Director

FRN: 302049E DIN: 02195697 DIN: 02559280

Shrenik Mehta Nitin Singhania Abinash Singh

Partner Chief Financial Officer Company Secretary

M. No: 063769 M.No.: A35070

Place: Kolkata
Date: May 14, 2025

b) Terms / Rights attached to Equity Shares:

The Company has only one class of equity shares having a par value of K5 per share (K10 per share until September 7, 2023). Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) The Company does not have any Holding Company / Ultimate Holding Company.

f) Note on sub-division of equity shares

Pursuant to the resolution passed by the Board of Directors of the Company and approval of the members at the Annual General Meeting of the Company held on August 25, 2023, each equity share of nominal face value of K 10 each was sub-divided to 2 (two) equity shares of K5 each. The effective date for the said sub-division was September 8, 2023. The impact of share split has been accordingly considered for the computation of Earnings Per Share as per the requirements of Ind AS 33.

g) Due to demise of Rakesh Radhesyam Jhunjhunwala, 27,23,120 equity shares of face value of K 10 each of the company, held in his name have been transferred to his nominee and wife, Rekha Rakesh Jhunjhunwala by way of transmission on 13th October 2022 and the same reflected in BENPOS dated

14th October 2022.

h) Note on private placement of equity shares

- The company has made private placement and filed e-form PAS-3 of 3,25,001 equity shares at the rate of K300.00 (including share premium of K290.00) each to Investors on March 30, 2023. However the allotment of equity shares was reflected in the Benpos of NSDL and CDSL on April 14, 2023.

- The company has made private placement and filed e-form PAS-3 of 8,50,006 equity shares at the rate of K300.00 (including share premium of K290.00) each to Investors on March 23, 2023.

- The company has made private placement and filed e-form PAS-3 of 4,59,698 equity shares at the rate of K229.50 (including share premium of K219.50) each to Investors on June 7, 2022.

i) Note on bonus issue of equity shares

The Company has issued and allotted 2,61,31,392 bonus shares on July 2nd, 2021 to the equity shareholders in the ratio of 6 (six) fully paid-up equity shares of face value of ^10 each for every existing 1 (one) fully paid up equity share of the face value ^10 each, held by the members as at July 2nd, 2021, the Record Date, by capitalisation of a sum of ^26,13,13,920 from and out of Securities Premium account of the company.

j) No ordinary shares have been reserved for issue under options and contracts/commitments for sale of shares/disinvestment as at the Balance Sheet date.

k) No Calls are unpaid by any Director or Officer of the company during the year ended March 31, 2024 and year ended March 31, 2023.

Description of nature and purpose of each reserve :

a) Securities Premium

Securities premium is used to record the premium received on issue of shares. The securities premium can be utilised only in accordance with the provisions of the Companies Act, 2013.

b) Capital Reserve

Capital reserve pertains to amalgamation which was materialised prior to the transition date .

c) Retained Earnings

Created from the profit/ (loss) of the company, as adjusted for distribution to owners, transfers to other reserves, etc.

For addition and deductions under each of the above heads, refer statement of changes in equity.

17.1 Nature of security

(i) Cash Credit and Term Loan facility Secured by First charge by way of pari-pasu hypothecation on the entire stocks of inventory, receivables bill and other chargeable current assets of the company (both present and future) with other member banks. Collateral security for equitable mortgage :-

a) commercial covered area of 1968 sq. ft. with super built up area of 2361.6 sq. ft. and residential covered area of 2235 sq. ft. with super built up area of 2682 sq. ft. on the 1st floor in the building named ''Lalanalaya Apartment'' situated at holding no. 239/192 and 295/209; ward no. 20 of Hooghly Chinsurah Municipality comprised in RS Dag No. 3448 & 3449 in RS Khatian No. 181 in JL No. 20 P.S. - Chinsurah, District Hooghly in the name of the company.

b) commercial land and building located at Mouza- Gobinda Sarak, Parganas - Ukkhra, J,L. N0.94, R.S. Khaitan N0.354, L.H. Khaitan No, 5591, 5592, 5593, 5594, 5595, 5596, R.S. Dag No. 532, L.R. Dag No.620, Ward No.20, Holding No. 37,38, now 65, Krishnanagar Municipality, P.S. - Krishnanagar, Dist.: Nadia, Wesl Bengal, space measurinq super built up area of 11400 sq. ft. owned by the company.

c) Commercial cum residential land & building located Mouza - Baruipur. J.L. No.31, Touzi No. 250, Re Sa 72, R.S. Khatian No. 2554, Dag No, 138, Holding No. 70, under Baruipur Municipality under Ward No. 17. P.S. Baruipur. Entire Ground Floor measuring super built up area of 1971 Sq. Ft., entire First Floor measuring super built up area of 2646 Sq. Ft. and entire Second Floor measuring super built up area of 2646 Sq. Ft, little more or less together with demarcated strip of land on the Ground Floor measuring super built up area of 152 Sq. Ft. use as Baggage Counter and another demarcated strip of land on the Ground Floor measuring super built up area of 59 Sq. Ft. used as Diesel Generator Space, owned partially by the company and partially by Mr. Shreyans Surana.

d) Residential flat at ''Snehalata Abasan'', 4th Floor, Flat No, 2& 3, Holding No. 137, Pilkhana Road, P.O. & P.S. - Berhampur, Dist.: Murshidabad, West Bengal, admeasunng 1243 sq. ft. in the name of the Company.

e) commercial property consisting of G 3 storied commercial building names as Style Bazar of RS Dag no. 1650, 1635, 1849, RS Khatian No. 719,721, Mouza: Bizpur & of the premises no. 4, Kabiguru Rabindra Path (South), Station Road, PO: Kanchrapara in the name of Gouri Shankar Shaw, Shakuntala Devi & Bhagwan Prasad.

f) Commercial land and twostoried building situated at Holding No.11213, Netaii Subhash Path, under P.S.: Bizpur, Pin- 743145, PO: Kanchrapara, Ward No. 6, Dist.: 24 Parganas (North) admeasuring 3189 sq. ft, in the name of Sakuntala Devi and Bhagwan Prasad.

(ii) Personal Guarantee of - Mr. Bhagwan Prasad, Mr. Rohit Kedia, Mr. Pradeep Kumar Agarwal, Mr. Shreyans Surana, Mr. Gauri Shankar Shaw and Mrs. Shakuntala Devi.

(iii) Pari-pasu Hypothecation of all movable fixed assets (except vehicles and assets financed by banks) pertaining to the company both present and future.

17.2 The (ECLGS/ GECL 2.0 and ECLGS/ GECL 2.0 extension) loan is secured by extension of 2nd Charge over the existing primary and collateral securities including mortgages in favour of the Banks.

17.3 The term loan taken for retail store is secured by way of charge over the property acquired from the proceeds of such loan. Address of such stores are provided below: -

(a) Piccadilly Point, Commercial Unit On, Shop No. 3 & 4, Premises No.68, Shree Aurobinda Road, P.O Salkia, P.S. Golabari Under Howrah Municipal Corporation, Ground Floor, Howrah - 711106, West Bengal.

(b) Rabindra Venue Bus Stop, District: Malda, P.S:- English Bazar, Municipality: English Bazar, Ward No: 6, Holding No: 26127, Road: Rabindra Avenue, Pin Code: 732101.

17.4 The term loan taken for genset is secured by hypothecation charge over the asset acquired from the proceeds of such loan.

34 Earnings per share

Basic EPS amounts are calculated by dividing the profit/(loss) for the year attributable to equity holders of the Company by the weighted average number of equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding during the period plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.

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

Capital Commitment of as at March 31, 2024 ^ 10.85 Lakhs ; March 31, 2023 ^ 4.53 Lakhs.

36 Code on Social Security : During the year ended March 31, 2021 the Central Government has published “The Code on Social Security, 2020" and “Industrial Relations Code, 2020" (“the Codes") in the Gazette of India, inter alia, subsuming various existing labour and industrial laws which deals with employees related benefits including post employment. The effective date of the codes thereunder and the rules are yet to be notified. The impact of the legislative changes, if any, will be assessed and recognised post notification of the relevant provisions.

38 Segment Information

In the opinion of the management, there is only one reporting segment “Retail Sales" as envisaged by Ind AS 108 “Operating Segments". The Company is operating only in India and there is no other significant geographical segment. They are reviewed regularly by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance.

39 Corporate Social Responsibility

In accordance with the provisions of section 135 of the Companies Act 2013, the Board of Directors of the Company had constituted a Corporate Social Responsibility (CSR) Committee. In terms with the provisions of the said Act, the Company was required to spend a sum of K 9.40 Lakhs and K NIL towards CSR activities during the year ended March 31, 2024 and March 31, 2023 respectively. The detail of amount spent is as follows:

40 Disclosure pursuant to Indian Accounting Standard- 19 ''Employee Benefits'' as notified u/s 133 of Companies Act, 2013 (a) Defined Contribution Plan

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees towards Provident and Pension Fund and Employee State Insurance (''ESI'') which are defined contribution plans. The Company has no obligations other than to make the specified contributions. The contributions are recognised in the Standalone Statement of Profit and Loss as they accrue.

(b) Defined Benefit Plan

The following are the types of defined benefit plans:

(i) Gratuity

The Company has a defined benefit gratuity plan which has been funded with Life Insurance Corporation of India, with effect from April 1, 2022 and with ICICI Prudential Life Insurance Company Limited, with effect from September 29, 2023. Every employee who has completed at least five years or more of service is entitled to gratuity as per the provisions of Gratuity Act, 1972. The presentvalue of defined obligation, related plan assets are measured using the Projected Unit Credit Method with actuarial valuation being carried out at Balance Sheet date.

(ii) Compensated absences

The Leave scheme is a final salary defined benefit plan that provides for lumpsum payment at the time of exit by way of retirement/retrenchment or when the leave balance exceeds 60 days payable at the end of Financial Year.

Through its defined benefit plans, the company is exposed to a number of risks, the most significant of which are detailed below:

(i) Credit Risk

If the scheme is insured and fully funded on PUC basis there is a credit risk to the extent the insurer(s)is/ are unable to discharge their obligations including failure to discharge in timely manner.

(ii) Pay-as-you-go Risk

For unfunded schemes financial planning could be difficult as the benefits payable will directly affect the revenue and this could be widely fluctuating from year to year. Moreover there may be an opportunity cost of better investment returns affecting adversely the cost of the scheme.

(iii) Discount Rate risk

The Company is exposed to the risk of fall in discount rate. A fall in discount rate will eventually increase in the ultimate cost of providing the above benefit thereby increasing the value of the liability.

(iv) Liquidity Risk

This risk arises from the short term asset and liability cash-flow mismatch thereby causing the company being unable to pay the benefits as they fall due in the short term. Such a situation could be the result of holding large illiquid assets disregarding the results of cash-flow projections and cash outgo inflow mismatch. (Or it could be due to insufficient assets/cash.)

(v) Future Salary Increase Risk

The Scheme cost is very sensitive to the assumed future salary escalation rates for all final salary defined benefit Schemes. If actual future salary escalations are higher than that assumed in the valuation actual Scheme cost and hence the value of the liability will be higher than that estimated.

(vi) Demographic Risk

In the valuation of the liability certain demographic (mortality and attrition rates) assumptions are made. The Company is exposed to this risk to the extent of actual experience eventually being worse compared to the assumptions thereby causing an increase in the scheme cost.

(vii) Regulatory Risk

Gratuity Benefit must comply with the requirements of the Payment of Gratuity Act, 1972 (as amended up-to-date). There is a risk of change in the regulations requiring higher gratuity payments (e.g. raising the present ceiling of Rs.20,00,000, raising accrual rate from 15/26 etc.)

41 The Company on a periodic basis assesses the markdown of its aged and obsolete inventories (including shrinkage due to various reasons). The exercise has been carried out throughout the year and also at the year end. The estimated markdown including shrinkage in consumption of stock-in -trade amounts to ^1,086.60 Lakhs including provision at year end of ^787.53 Lakhs as at March 31, 2024 (March 31, 2023 :^661.61 Lakhs including provision at year end of ^351.21 Lakhs). The management believes that above estimation is adequate in line with the industry standards.

43 Right-of-Use Assets and Leases

a) The Company has lease terms for store premises, offices and warehouses for a period of three years to twenty years and having a lock in period ranging from one to three years. The leases are further renewable on expiry of total lease terms subject to mutual consent of both the parties.

Further the company also has certain lease contracts with lease term of 12 months or less and with low value. The company applies the ’Short-term lease’ and ’Lease of low-value assets’ recognition exemptions for these leases.

The Company''s objective to manage its capital is to ensure continuity of business while at the same time provide reasonable returns to its various stakeholders but keep associated costs under control. In order to achieve this, requirement of capital is reviewed periodically with reference to operating and business plans that take into account capital expenditure and strategic investments. Apart from internal accrual, sourcing of capital is done through judicious combination of equity and borrowing, both short term and long term. Net debt (total borrowings less cash and cash equivalents) to equity ratio is used to monitor capital.

45 Fair value of financial assets and financial liabilities:

45.1 The management has assessed that the fair values of cash and cash equivalents, trade receivables, trade payables, short term borrowings, and other current financial liabilities approximates their carrying amounts largely due to the short-term maturities of these instruments. The management has assessed that the fair value of floating rate instruments approximates their carrying value.

45.2 The fair values of non-current borrowings are based on the discounted cash flows using a current borrowing rate. They are classified as Level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including own credit risks, which was assessed as on the balance sheet date to be insignificant.

46 Fair value hierarchy

The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels:

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

• Level 2: Inputs other than quoted price including within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. and

• Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

If one or more of the significant inputs is not based on observable market data, the fair value is determined using generally accepted pricing models based on a discounted cash flow analysis, with the most significant input being the discount rate that reflects the credit risk of counterparty. This is the case with listed instruments where market is not liquid and for unlisted instruments.

⁴⁶-¹ The following are the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognized and measured at fair value and (b) measured at amortized cost and for which fair value are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels of fair value measurement as prescribed under the Ind AS 113 “Fair Value Measurement".

a) Credit risk

Credit risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract leading to a financial loss. The Company is exposed to credit risk from its operating activities and from its financing activities including deposits with banks and financial institutions, investments and other financial instruments.

b) Liquidity risk

It is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation. Typically the Company ensures that it has sufficient cash on demand to meet expected short term operational expenses. The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans/internal accruals. The table below provides details regarding the remaining contractual maturities of significant financial liabilities at the reporting date.

Risk Concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company''s performance to developments affecting a particular industry.

c) Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.

Market risk comprises two type of risks:

i) Interest Rate Risk

ii) Product price Risk

c. i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s long-term debt obligations with floating interest rates. The Company is exposed to risk due to interest rate fluctuation on long term borrowings. Such borrowings are based on fixed as well as floating interest rate. Interest rate risk is determined by current market interest rates, projected debt servicing capability and view on future interest rate. Such interest rate risk is actively evaluated and is managed through portfolio diversification and exercise of prepayment/refinancing options where considered necessary.

c. ii) Product price risk

In a potentially inflationary economy, the Company expects periodical price increases across its retail product lines. Product price increases which are not in line with the levels of customers'' discretionary spends, may affect the business/retail sales volumes. In such a scenario, the risk is managed by offering judicious product discounts to retail customers to sustain volumes. The Company negotiates with its vendors for purchase price rebates such that the rebates substantially absorb the product discounts offered to the retail customers. This helps the Company protect itself from significant product margin losses. This mechanism also works in case of a downturn in the retail sector, although overall volumes would get affected.

50 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 did not have any transactions with companies struck off.

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

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

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), 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.

(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (Ultimate Beneficiaries), or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vii) The Company has not been declared as Wilful defaulter by any Banks, Financial institution or Other lenders.

(viii) Title deeds for immovable properties are held in the name of the company.

(ix) The Company did not have any transaction which was not recorded in the books of account that was 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

(x) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) or intangible assets or both during the current or previous year.

(xi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of layers) Rules 2017

(xii) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

51 Subsequent Event

The Company has evaluated all events or transactions that occurred between reporting date March 31, 2024 and June 24, 2024, the date on which the financial statements were authorised for issue by the Board of Directors. There are no other significant subsequent events that would require adjustments or disclosures in the Financial Statements as at Balance Sheet date, other than the event disclosed below:

Fire Incident at Serampore Central Warehouse

A fire broke out on May 20, 2024 at the Company’s warehouse located at Prospace Industrial Parks, Belumilki, Serampore, Pin 712223 West Bengal measuring area of appx 86,000 sqft. The fire resulted in the complete destruction of the warehouse, leading to a loss of the inventory stored and Property. Plant & Equipment of the Company within the said facility.

The total value as on the date of fire incident was around K 5,790 Lakhs, which consist of Inventory amounting to K 4,990 Lakhs and Property. Plant & Equipment of K 800 Lakhs. The entire inventory and Property. Plant & Equipment of the Company''s warehouse are adequately covered under the Insurance policy. The Company has already intimated to the Insurance Company about the said incident. As of the date of approval of the standalone financial statements, the Company is in the process of filing insurance claim to recover the loss incurred. The estimated loss from the said incident is yet to be determined.

This event is considered a non-adjusting event as per the provisions of Ind AS 10 - Events after the Reporting Period. Accordingly, no adjustments have been made in the financial statements for the year ended March 31, 2024 in respect of this incident.

52 Audit Trail

The Company uses accounting softwares for maintaining its books of account including interfaces across accounting softwares for Inventory records and Supply chain management for the financial year ended March 31, 2024 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. However, the audit trail feature is not enabled at the database level for accounting softwares, Property, plant equipment records, Payroll master records, and other interfaces across accounting softwares for Inventory records and Supply chain management. Further, no audit trail feature was tampered with in respect to the accounting software.

54 Previous Year''s figures have been reclassified/ regrouped to conform with the presentation requirements under IND AS and the requirements laid down in Division-II of the Schedule-III of the Companies Act, 2013.