అకౌంట్స్ గమనికలుGaja Alternative Asset Management Ltd.

Provisions and contingent liabilities

A provision is recognised when the Company
has a present obligation, legal or constructive,
as result of a past event and it is probable
that the outflow of resources will be required
to settle the obligation, in respect of which a
reliable estimate can be made. All provisions
are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.

The Company uses significant judgements
to assess contingent liabilities. Contingent
liabilities are disclosed when there is a
possible obligation arising from past events,
the existence of which will be confirmed
only by the occurrence or non-occurrence
of one or more uncertain future events not
wholly within the control of the Company or
a present obligation that arises from past
event where it is either not probable that an
outflow of resources will be utilised to settle
the obligation or a reliable estimate of the
amount cannot be made. Contingent assets
are neither recognised nor disclosed in the
standalone financial statements.

Fair value measurements of financial
instruments

When the fair value 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 Discounted Cash Flow 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 risks, credit risks
and volatility. Changes in assumptions about
these factors could affect the reported fair
value of financial instruments.

Leases

The Company evaluates if an arrangement
qualifies to be a lease as per the
requirements of Ind AS 116 “Leases”.
Identification of a lease requires significant
judgement in assessing the lease term
including anticipated renewals and the
applicable discount rate. The lease payments
are discounted using the interest rate
implicit in the lease, if that rate can be readily
determined. If that rate cannot be readily
determined, the Company uses incremental
borrowing rate.

Retirement benefit obligations

The Company’s retirement benefit obligations
are subject to a number of assumptions
including discount rates, inflation, salary
growth and mortality rate. Significant
assumptions are required when setting these
criteria and a change in these assumptions
would have a significant impact on the
amount recorded in the Company’s balance
sheet and the statement of profit and loss.
The Company sets these assumptions
based on previous experience and third
party actuarial advice. The assumptions are
reviewed annually and adjusted following
actuarial and experience changes.

e) Property, plant and equipment

Property, plant and equipment is stated at
cost/deemed cost applied on transition to
Ind AS, less accumulated depreciation and
impairment losses. Cost includes all direct
costs and expenditures incurred to bring the
asset to its working condition and location for
its intended use.

Depreciation is provided so as to write off, on
a written down value basis, the cost/deemed
cost of property, plant and equipment to their
residual value. These charges are commenced
from the dates the assets are available
for their intended use and are spread over
their estimated useful economic lives. The
estimated useful lives of assets, residual
values and depreciation method are reviewed
regularly and revised when necessary.

Subsequent to initial recognition, property,
plant and equipment with definite useful
lives are reported at cost or deemed
cost applied on transition to Ind AS, less
accumulated amortisation and accumulated
impairment losses.

f) Intangible assets

Intangible assets are amortised on a
straight line basis over the estimated
useful economic life. The Company uses
a rebuttable presumption that the useful
life of an intangible asset will not exceed
ten years from the date when the asset is
available for use. If the persuasive evidence
exists to the affect that useful life of an
intangible asset exceeds ten years, the
Company amortises the intangible asset
over the best estimate of its useful life. ''The
amortisation period and the amortisation
method are reviewed at least at each financial
year end. If the expected useful life of the
asset is significantly different from previous
estimates, the amortisation period is changed
accordingly. If there has been a significant
change in the expected pattern of economic
benefits from the asset, the amortisation
method is changed to reflect the changed
pattern. Such changes are accounted for
in accordance with Ind AS 8 - Accounting
Policies, Changes in Accounting Estimates
and Errors.

Subsequent to initial recognition, intangible
assets with definite useful lives are reported
at cost or deemed cost applied on transition
to Ind AS, less accumulated amortisation and
accumulated impairment losses.

g) Leases

The Company determines whether an
arrangement contains a lease by assessing
whether the fulfilment of a transaction is
dependent on the use of a specific asset and
whether the transaction conveys the right to
control the use of that asset to the Company
in return for payment.

The Company accounts for each lease
component within the contract as a lease
separately from non-lease components of the
contract and allocates the consideration in
the contract to each lease component on the
basis of the relative stand-alone price of the
lease component and the aggregate stand¬
alone price of the non-lease components.

The Company recognises right-of-use asset
representing its right to use the underlying
asset for the lease term at the lease
commencement date. The cost of the right-of-
use asset measured at inception comprises
of the amount of initial measurement of the
lease liability adjusted for any lease payments
made at or before the commencement date.
Certain lease arrangements include options
to extend or terminate the lease before the
end of the lease term. The right-of-use assets
and lease liabilities include these options
when it is reasonably certain that such
options would be exercised.

The right-of-use assets are subsequently
measured at cost less any accumulated
depreciation, accumulated impairment losses,
if any, and adjusted for any remeasurement of
the lease liability.

The right-of-use assets are depreciated
using the straight-line method from the
commencement date over the shorter of
lease term or useful life of right-of-use asset.
Right-of-use assets are tested for impairment
whenever there is any indication that their
carrying amounts may not be recoverable.
Impairment loss, if any, is recognised in the
statement of profit and loss. Lease liability
is measured at the present value of the
lease payments that are not paid at the
commencement date of the lease. The lease
payments are discounted using the interest

rate implicit in the lease, if that rate can
be readily determined. If that rate cannot
be readily determined, the Company uses
incremental borrowing rate. The lease liability
is subsequently remeasured by increasing
the carrying amount to reflect interest on the
lease liability, reducing the carrying amount
to reflect the lease payments made and
remeasuring the carrying amount to reflect
any reassessment or lease.

h) Financial instruments

Financial assets and financial liabilities are
recognised when the Company becomes a
party to the contractual provisions of the
instrument. Financial assets and liabilities are
initially measured at fair value. Transaction
costs that are directly attributable to the
acquisition or issue of financial assets and
financial liabilities (other than financial assets
and financial liabilities at fair value through
profit and loss) are added to or deducted from
the fair value measured on initial recognition
of financial asset or financial liability.

The transaction costs directly attributable to
the acquisition of financial assets and financial
liabilities at fair value through profit and loss
are immediately recognised in the statement
of profit and loss. Trade receivables that do
not contain a significant financing component
are measured at transaction price.

(1) Financial assets:

Cash and bank balances

Cash and bank balances consist of:

(i) Cash and cash equivalents - which
includes cash on hand, deposits held
at call with banks and other short¬
term deposits which are readily
convertible into known amounts of
cash, are subject to an insignificant
risk of change in value and have
original maturities of less than three
months. These balances with banks
are unrestricted for withdrawal

and usage.

(ii) Other balances with bank - which
also include balances and deposits
with banks that are restricted for
withdrawal and usage.

Financial assets at amortised cost

Financial assets are subsequently measured
at amortised cost if these financial assets are
held within a business model whose objective
is to hold these assets in order to collect
contractual cash flows and the contractual
terms of the financial asset give rise on
specified dates to cash flows that are solely
payments of principal and interest on the
principal amount outstanding."

Financial assets measured at fair value

Financial assets are measured at fair value
through other comprehensive income if such
financial assets are held within a business
model whose objective is to hold these
assets in order to collect contractual cash
flows and to sell such financial assets and
the contractual terms of the financial asset
give rise on specified dates to cash flows
that are solely payments of principal and
interest on the principal amount outstanding.
The Company in respect of certain equity
investments (other than in associates and
joint ventures) which are not held for trading
has made an irrevocable election to present
in other comprehensive income subsequent
changes in the fair value of such equity
instruments. Such an election is made by the
Company on an instrument by instrument
basis at the time of initial recognition of such
equity investments.

These investments are held for medium or
long-term strategic purpose. The Company
has chosen to designate these investments
in equity instruments as fair value through
other comprehensive income as the
management believes this provides a more
meaningful presentation for medium or long¬
term strategic investments, than reflecting
changes in fair value immediately in the
statement of profit and loss.

Financial assets not measured at amortised
cost or at fair value through other
comprehensive income are carried at fair
value through profit and loss.

Investments in Subsidiaries

Investments in subsidiaries are carried at
cost/deemed cost applied on transition to
Ind AS, less accumulated impairment losses,
if any. Where an indication of impairment
exists, the carrying amount of investment

is assessed and an impairment provision is
recognised, if required immediately to its
recoverable amount, being the higher of
value in use or fair value less costs to sell.

On disposal of such investments, difference
between the net disposal proceeds and
carrying amount is recognised in the
statement of profit and loss.

De-recognition of financial assets

The Company de-recognises a financial asset
only when the contractual rights to the cash
flows from the asset expire, or it transfers
the financial asset and substantially all risks
and rewards of ownership of the asset to
another entity.

If the Company neither transfers nor retains
substantially all the risks and rewards of
ownership and continues to control the
transferred asset, the Company recognises
its retained interest in the assets and an
associated liability for amounts it may have
to pay.

If the Company retains substantially all
the risks and rewards of ownership of a
transferred financial asset, the Company
continues to recognise the financial asset
and also recognises a borrowing for the
proceeds received.

(2) Financial Liabilities and Equity
Instruments

Classification as debt or equity: Financial
liabilities and equity instruments issued
by the Company are classified according
to the substance of the contractual
arrangements entered into and the
definitions of a financial liability and an
equity instrument.

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

Equity instruments are recorded at
the proceeds received, net of direct
issue costs.

Financial liabilities: Trade and other
payables are initially measured at fair
value, net of transaction costs, and are
subsequently measured at amortised
cost, using the effective interest rate
method where the time value of money

is significant. Interest bearing bank
loans, overdrafts and issued debt are
initially measured at fair value and are
subsequently measured at amortised
cost using the effective interest rate
method. Any difference between the
proceeds (net of transaction costs)
and the settlement or redemption of
borrowings is recognised over the term
of the borrowings in the statement of
profit and loss.

De-recognition of financial liabilities

The Company de-recognises financial
liabilities when, and only when, the Company’s
obligations are discharged, cancelled or
they expire.

i) Employee Benefits

Defined contribution plans

Contributions under defined contribution
plans are recognised as expense for the
period in which the employee has rendered
service. Payments made to state managed
retirement benefit schemes are dealt
with as payments to defined contribution
schemes where the Company’s obligations
under the schemes are equivalent to those
arising in a defined contribution retirement
benefit scheme.

Defined benefit plans
Gratuity

For defined benefit retirement schemes,
the cost of providing benefits is determined
using the Projected Unit Credit Method, with
actuarial valuation being carried out at each
year-end balance sheet date. Remeasurement
gains and losses of the net defined benefit
liability/(asset) are recognised immediately in
other comprehensive income.

The service cost and net interest on the net
defined benefit liability/(asset) are recognised
as an expense within employee costs.

Past service cost is recognised as an expense
when the plan amendment or curtailment
occurs or when any related restructuring
costs or termination benefits are recognised,
whichever is earlier.

The retirement benefit obligations recognised
in the balance sheet represents the present
value of the defined benefit obligations as
reduced by the fair value of plan assets.

Leave Encashment

Liabilities recognised in respect of other long¬
term employee benefits such as annual leave
and sick leave are measured at the present
value of the estimated future cash outflows
expected to be made by the Company in
respect of services provided by employees
up to the reporting date using the projected
unit credit method with actuarial valuation
being carried out at each year end balance
sheet date. Actuarial gains and losses arising
from experience adjustments and changes
in actuarial assumptions are charged or
credited to the statement of profit and loss
in the period in which they arise. Leave
Encashments which are not expected to
occur within twelve months after the end of
the period in which the employee renders
the related service are recognised based on
actuarial valuation.

Share Based Payments

Share-based compensation benefits are
provided to employees via Gaja Employee
Stock Option Scheme 2025 ("the Scheme")
maintained by Gaja Alternative Asset
Management Limited. Information relating to
this scheme, and the awards issued under it,
is set out in Note 37.

The fair value of options granted is
recognised as an employee benefits expense
with a corresponding increase in other
equity. The total amount to be expensed is
determined by reference to the fair value of
the options granted.

The total expense is recognised over the
vesting period, which is the period over
which all of the specified vesting conditions
are to be satisfied. At the end of each
period, the entity revises its estimates of
the number of awards that are expected to
vest based on the non-market vesting and
service conditions. It recognises the impact
of the revision to original estimates, if any,
in the statement of profit or loss, with a
corresponding adjustment to other equity.

j) Tax Expenses

Tax expense comprises of current tax and
deferred tax. Current tax is measured at
the amount expected to be paid to the tax
authorities, using the applicable tax rates.
Deferred income tax reflect the current
period timing differences between taxable
income and accounting income and reversal
of timing differences of earlier years/period.
Deferred tax assets are recognised only to
the extent that there is a reasonable certainty
that sufficient future income will be available
except that deferred tax assets, in case
there are unabsorbed depreciation or losses,
are recognised if there is virtual certainty
that sufficient future taxable income will be
available to realise the same.

Deferred tax assets are reviewed as at
each balance sheet date and written down
or written-up to reflect the amount that is
reasonably/virtually certain (as the case may
be) to be realised.

Advance taxes and provisions for current
income taxes are presented in the balance
sheet after off-setting advance tax paid and
income tax provision arising in the same tax
jurisdiction for relevant tax paying units and
where the Group is able to and intends to
settle the asset and liability on a net basis.

Minimum Alternative Tax (‘MAT’) under the
provisions of the Income-tax Act, 1961 is
recognised as current tax in the Statement
of Profit and Loss. The credit available under
the Act in respect of MAT paid is recognised
as an asset only when and to the extent there
is convincing evidence that the Company will
pay normal income tax during the period for
which the MAT credit can be carried forward
for set-off against the normal tax liability. MAT
credit recognised as an asset is reviewed at
each balance sheet date and written down to
the extent, the aforesaid convincing evidence
no longer exists.

k) Revenue Recognition

Revenue is recognised to the extent that it
is probable that the economic benefits will
flow to the Company and the revenue can
be reliably measured. The following specific
recognition criteria must also be met before
revenue is recognised:

Income from services: Revenues from
advisory services are recognised pro-rata
over the period of the contract as and when
services are rendered.

Income from investments: Income on
investments are recognised on accrual basis
to the extent identifiable. The following
specific recognition criteria is considered:

i) Income from investment in equity:
recognised as and when the profit
is distributed or the investment

is disposed.

ii) Income from investment in partnership
firm: Share of profit or loss in partnership
firm is recognised on annual basis, based
on statement of accounts from the
partnership firms.

iii) Income from investment in unquoted
funds: Is recognised based on statement
of accounts received from the funds
and any intermediary distributions are
treated as an adjustment to the cost

of investment.

Interest: Interest income is recognised
on a time proportion basis taking into
account the amount outstanding and
the applicable interest rate. Interest
income is included under the head
"other income" in the statement of profit
and loss.

Dividend: Dividend income is recognised
when the Company’s right to receive
dividend is established by the
reporting date.

l) Earnings Per Share

Basic earnings per share are calculated by
dividing the net profit or loss for the period/
year attributable to equity shareholders
(after deducting preference dividends and
attributable taxes) by the weighted average
number of equity shares outstanding during
the period. Partly paid equity shares are
treated as a fraction of an equity share to the
extent that they are entitled to participate in
dividends relative to a fully paid equity share
during the reporting period. The weighted
average number of equity shares outstanding
during the period is adjusted for events such
as bonus issue, bonus element in a rights
issue, share split, and reverse share split
(consolidation of 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/year are
adjusted for the effects of all dilutive potential
equity shares.

e) Terms/rights attached to equity shares

1) The Company has one class of equity shares having a par value of I 5 per share.

2) The Board of Directors has proposed final dividend of I 0.75 per equity share, aggregating to I 846.64
lakhs for the financial year 2025-26.

3) The Board has passed a resolution dated 28 August, 2025, resolving declaration and approval of final
dividend for the financial year 2024-25 of I 0.50 per equity share amounting to I 564.43 lakhs.

4) 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.

Securities Premium: This Reserve represents the premium on issue of shares and can be utilised in
accordance with the provisions of the Companies Act, 2013.

Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any
transfer to general reserve, dividends or other distributions paid to shareholders. Retained earnings is free
reserve available to the Company.

Employee Stock Option Reserve: This reserve represents the employee compensation recognised over the
vesting periods on options granted to employees and on exercise date, ESOP reserve will be transferred to
share capital.

Other Comprehensive Income: Other Comprehensive Income includes Actuarial Gains/(Losses) on defined
benefits plans, net of taxes, that will not be reclassified to Statement of Profit & Loss.

(a) Disaggregation of revenue

The Company has performed a disaggregated analysis of revenues considering the nature, amount, timing
and uncertainty of revenues. The Company recognises revenue from both domestic and foreign operations.
This includes disclosure of revenues by timing of recognition:

29 FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT

(i) Financial instruments by category and fair value

The below table summarises 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 values 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 prescribed under the
accounting standard.

The fair value of trade receivables, cash
and cash equivalents, bank balances other
than cash & cash equivalents, other current
financial assets, trade payables and other
current financial liabilities approximate
their respective carrying amounts due to
short-term maturities of these instruments.
Further, the fair value disclosure of lease
liabilities is not required.

The fair values for security deposits except
security deposit which are repayable on
demand were calculated based on cash flows
discounted using a current lending rate. They
are classified as level 3 fair values in the
fair value hierarchy due to the inclusion of
unobservable inputs including counterparty
credit risk.

Except non-current financial assets valued
measured at Fair Value through Profit &

Loss, the fair value of non-current financial
assets and the liabilities has been disclosed
to be same as carrying value as there is no
significant difference in the carrying value
and fair value. Further the Subsidiaries are
recognised at cost as per the provision of
IND AS 27.

(ii) Measurement of fair values

The different levels of fair value have been
defined below:

Level 1: Level 1 hierarchy includes financial
instruments measured using quoted prices
for instance listed equity instruments,
traded bonds and mutual funds that have
quoted price.

Level 2: The fair value of financial instruments
that are not traded in an active market (for
example, traded bonds, over-the-counter
derivatives) is determined using valuation
techniques which maximise the use of
observable market data and rely as little
as possible on entity-specific estimates.

If all significant inputs required to fair
value an instrument are observable, the
instrument is included in level 2. Currently,
there are no items falling under Level 2 fair
valuation hierarchy.

Level 3: If one or more of the significant inputs
is not based on observable market data, the
instrument is included in level 3.

There have been no valuation under Level 2.
Further, there have been no transfers in either
direction for the year ended March 31, 2026
and year ended March 31, 2025.

The Company’s policy is to recognise
transfers into and transfers out of fair
value hierarchy levels as at the end of the
reporting period.

(iii) Valuation processes and techniques
used to determine fair value

The finance department of the Company
includes a team that performs the valuations
of financial assets and liabilities required for
financial reporting purposes, including level 3
fair values. This team reports directly to the
Chief Financial Officer (CFO) of the Company.
Discussions of valuation processes and
results are held between the CFO and the
finance team at each reporting date, in line
with the Company''s reporting periods.

(iv) Financial risk management

The Company’s financial liabilities comprise
mainly of borrowings, trade payables,
lease liabilities and other payables. The
Company’s financial assets comprise mainly
of investments, trade receivables, cash and
cash equivalents and other financial assets.

The Company''s financial risk management is
an integral part of how to plan and execute
its business strategies. The Company has
exposure to the following risks arising from
financial instruments:

- Credit risk

- Liquidity risk and

- Market risk.

(v) Risk management framework

The Company''s activities expose it to variety
of financial risks: market risk, credit risk
and liquidity risk. The Company''s focus is
to foresee the unpredictability of financial
markets and seek to minimise potential
adverse effects on its financial performance.
The Board of Directors have overall
responsibility for the establishment and
oversight of the Company''s risk management
framework. The Board of Directors have
established a risk management policy to
identify and analyse the risks faced by the
Company, to set appropriate risk limits and
controls, and to monitor risks and adherence
to limits. Risk management systems are
reviewed periodically to reflect changes
in market conditions and the Company’s
activities. The Board of Directors oversee
compliance with the Company’s risk
management policies and procedures, and
reviews the risk management framework.

(a) Credit Risk

Based on the historical data &
experience, bad debts written off
indicate that there is no probability of
default or loss given default. Also, based
on current conditions and forecast of
future economic conditions, there is no
need to create a credit allowance of trade
receivables. However, forecasts of future
economic conditions should be assessed
in periodic intervals.

(b) Liquidity Risk

Liquidity risk 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 have sufficient
liquidity to meet its liabilities when

(c) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises three types of risk: interest rate
risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial
instruments affected by market risk include loans and borrowings.

The sensitivity analyses in the following sections relate to the position of financial assets and
financial liabilities as at 31 March, 2026 and 31 March, 2025.

(1) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will
fluctuate because of changes in foreign exchange rates. The Company is exposed to foreign
currency risk as there are transaction in foreign currency.

Fair value sensitivity analysis for fixed rate instruments

The Company’s fixed rate instruments are carried at amortised cost. They are therefore not
subject to interest rate risk, since neither the carrying amount nor the future cash flows will
fluctuate because of a change in market interest rates.

Fair value sensitivity analysis for variable rate instruments

A change of 50 basis points in interest rates (increase/decrease) at the reporting date would
have increased/decreased profit before tax by the amounts shown below. This analysis
assumes that all other variables, remain constant. The analysis is performed on the same basis
for the previous year.

Sensitivity

Any changes in the exchange rate of foreign currency against I is not expected to have
significant impact on the Company''s profit due to the short credit. Accordingly, a 5%
appreciation/depreciation of the I as indicated below, against the USD would have increased/
reduced profit by the amounts shown below. This analysis is based on the foreign currency
exchange rate variances that the Company considered to be reasonably possible at the end of
the reporting. The analysis assumes that all other variable remains constant.

(4) Price Risk Exposure

The Company’s exposure to price risk arises from investments held by the Company in
Alternate Investment Funds and Investment in Mutual Funds and classified in the balance
sheet at fair value through profit & loss. Company’s investments are units of alternative
investment funds and mutual funds, consequently, exposures to risk of fluctuation in the
market price. Market price of such instruments are closely linked to movement in equity and
bond market indices.

(2) 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 is exposed to the interest
rate risk as there is overdraft credit facility.

(vi) Capital Management

The Company''s objectives when managing capital is to:

- safeguard their ability to continue as a going concern so that they continue to provide returns for
shareholders and benefits for the stakeholders, and

B. Defined benefit plan

The Company has a defined benefit gratuity plan for its employees, governed by the Payment of Gratuity Act, 1972 and leave encashment plan,
governed by the leave policy of the Company.

The most recent actuarial valuation of present value of the defined benefit obligation for gratuity and leave encashment were carried out as
at 31 March 2026. The present value of the defined benefit obligations and the related current and past service cost, was measured using the
Projected Unit Credit Method.

35 LEASES

Operating lease: Company as a lessee as per Ind AS 116

The Company has taken a lease for office premises. With the exception of short-term leases and leases of
low value underlying assets, each lease is reflected on the balance sheet as a Right-of-use assets and a
lease liability. Variable lease payment, which do not depend on an index or a rate, are excluded from the
initial measurement of the lease liability and right-of-use assets.

The initial direct cost from the measurement of the right-of-use assets at the date of initial application
are excluded.

37 SHARE-BASED PAYMENTS

Scheme

The Scheme is an equity-settled share option scheme. It grants eligible employees the right (option) to
purchase or subscribe to the Company''s equity shares at a pre-determined exercise price at a future date,
following the completion of a Vesting Period. Upon successful Exercise, the Company will issue new equity
shares, resulting in a direct equity settlement.

(i) Share options (equity settled)

The Scheme grants eligible employees the right to subscribe to a fixed number of equity instruments of
the Company at a fixed exercise price. Since the Company is obliged to settle the obligation by issuing or
delivering a fixed number of its own equity shares, the scheme is classified as an equity-settled share-based
payment (SBP) arrangement, in accordance with IND AS 102 (share-based payment).

As at 31 Mar, 2026, - Nil share options were exercisable. The weighted average remaining contractual life for
the options outstanding as at 31 March 2026 was 2.21 years & 2.42 years for lot 1 & lot 2 respectively. The
range of exercise prices for options outstanding at the end of the year was I 143.95/- (Previous year 31 March
2025: Nil).

(b) Share based payment expense

During the year ended Mar 31, 2026, the Company recognised an expense of I 168.15 lakhs (Previous year
31 March 2025: Nil). The expense is recognised based on the grant date fair value of the awards, measured
using a Black Scholes-Merton model for Options, taking into account the terms and conditions of the awards.
The key assumption in Black Scholes-Merton model for calculating fair value on grant are as under:

39 SEGMENT INFORMATION

The Chief Operational Decision Maker monitors the operating results as one single business segment for
the purpose of making decisions about resource allocation and performance assessment and hence in
accordance with Ind AS 108 "Operating Segment" there are no additional disclosures to be provided other
than those already provided in the financial statements.

40 OTHER STATUTORY INFORMATION

(a) The Company does not have any benami property, where any proceeding has been initiated or pending
against the Company for holding any benami property under the Benami Transaction (Prohibition) Act,
1988 and rules made thereunder.

(b) The Company does not have any transactions with companies struck off.

(c) The Company does not have any charges or satisfaction which are yet to be registered with ROC beyond

the statutory period.

(d) The Company has not traded or invested in crypto currency or virtual currency during the financial year.

(e) 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:

- Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Company (ultimate beneficiaries) or

- Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(f) 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:

- Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party (ultimate beneficiaries) or

- Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(g) The Company does not have any transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the period 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).

(h) The Company is not in contravention with the number of layers prescribed under Section 2(87) of
the Act.

(i) The Company has not entered into any Scheme of Arrangements that has been approved by the
Competent Authority in terms of Sections 230 to 237 of the Act.

(j) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

41 The Company has used accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility with effect from August 28, 2025. Accordingly, the audit trail facility was
not enabled for all transactions recorded in the software for the period from April 1, 2025 to August 27, 2025
and therefore did not operate throughout the year. However, the Company has effective control mechanism
over monitoring of the data and access to such data through routine checks and internal compliances.
Further, there is no instance of audit trail feature being tampered with in respect of the accounting software
where such feature is enabled.

42 There are no events that have occurred, or matters have been discovered, subsequent to the balance sheet
date that would require adjustment to or disclosure in the financial statements.

43 There were no amount which were required to be transferred to the investor education and protection fund
by the Company during the year ended March 31, 2026.

44 The current period refers to the period from 01 April 2025 to 31^st March, 2026. (Previous year refers to the
period from 01 April, 2024 to 31 March, 2025). The previous year figures have been regrouped, rearranged
and reclassified wherever necessary to conform to this year’s classification.