అకౌంట్స్ గమనికలుRaymond Realty Ltd.

Mar 31, 2026

Pursuant to the demerger of Raymond Limited''s Realty business into the Company with appointed date of April 01, 2025, the Company had acquired an investment in 20,00,00,000 0.01% Non-Convertible Redeemable Preference Shares (''NCRPS'') having face value of ? 10 each of Ten X Realty Limited of ? 20,000 lakhs, redeemable on or before 8 years from the date of investment.

During the year ended March 31, 2026, the Company has made an investment in 10,00,00,000 0.01% NCRPS having face value of ?10 each of Ten X Realty West Limited amounting to ? 10,000 lakhs and a further investment in 5,00,00,000 NCRPS having face value of ? 10 each of Ten X Realty Limited amounting to ? 5,000 lakhs, redeemable on or before 8 years from the date of investment.

The deemed equity component of NCRPS has been presented net of deferred tax.

Terms of loans to subsidiary companies:

Interest bearing loans are given to subsidiary companies carrying interest rate of 9% p.a. for augmenting their working capital requirements and have been utilised by the subsidiary companies for the same purpose. The loans have an original maturity period of 3 years from the date the loan was granted with an option to repay the loan before the date of the maturity. The Company also has a right to demand the repayment before the date of maturity and therefore the said loan has been classified as ‘current’.

b) Rights, preference and restriction on equity shares

The Company has only one class of equity shares having par value of ? 10 per share. Each holder of equity share is entitled to one vote per equity share. The Company declares and pays dividends in Indian Rupees (?). The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except for interim dividend which is approved by the Board.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the Company remaining after distribution of all preferential amounts. The distribution will be in proportion to the number of fully paid-up equity shares held by the shareholders.

The Company has neither issued any bonus shares nor there has been any buy back of shares during the period of five years immediately preceding March 31, 2026. The details of shares issued without payment being received in cash pursuant to scheme of demerger as detailed under note 41.

Disclosure of payable to vendors as defined under the MSMED Act, 2006 is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company. There are no material overdue principal amounts to such vendors at the Balance Sheet date. This information is relied upon by statutory auditors.

36) Contingent Liabilities
Particulars	As at March 31, 2026	As at March 31, 2025
(i) Claims not acknowledged as debts by the Company (refer note (a) below)	13	-
(ii) Goods and services tax matters	1,976	-
(iii) Others	Refer note (b) below	''

Notes:

(a) Claims not acknowledged as debts by the Company represent civil cases filed by parties in various forums and disputed by the Company.

(b) Contingent liabilities include claim in relation to tenancy rights over a portion of the Company’s land at Thane. All the revenue courts, that have jurisdiction to adjudicate such matters, have already passed orders in favour of the Company. The amount is currently not ascertainable.

(c) The Company is contesting the above demands and the management believes that its positions are likely to be upheld. The management believes that the ultimate outcome of these proceedings are not expected to have a material effect on the Company’s financial position and its standalone financial statements and hence no provision has been made in this regard.

(d) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above, pending resolution of the respective proceedings.

(e) The amounts disclosed above represent the best possible estimates arrived at on the basis of available information.

37) Employee benefits

1 Defined benefit plan - gratuity

Under the gratuity plan, every employee who has completed at least five years of service gets a gratuity on departure at 15 days of last drawn salary for each completed year of service. This defined benefit plan is governed by The Payment of Gratuity Act, 1972. The gratuity plan is a funded plan and the Company makes contributions to Raymond Realty Limited Employees Gratuity Fund. Each year, the Board of Trustees reviews the level of funding in the gratuity plan. Such a review includes the asset-liability matching strategy and investment risk management policy. This includes employing the use of annuities and longevity swaps to manage the risks.

’Effective November 21, 2025, the Government of India has consolidated multiple existing labour legislations into a unified framework comprising of four Labour Codes - The Code on Wages, 2019, The Industrial Relations Code, 2020, The Code on Social Security, 2020 and The Occupational Safety, Health and Working Conditions Code, 2020. On the basis of information and guidance available up to the balance sheet date, the Company using actuarial valuation, has estimated and duly recorded the financial impact of the same in these standalone financial statements.

These assumptions were developed by the management with the assistance of independent actuarial appraiser. Discount factors are determined close to each year end by reference to government bonds of relevant economic markets and that have terms to maturity approximating to the terms of the related obligation. Other assumptions are based on management’s historical experience. The estimates of future salary growth rate considered in actuarial valuation take into account the inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

Risks associated with defined benefit plan:

1. Interest rate risk: A fall in the discount rate which is linked to the G-Sec rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.

2. Salary increase risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan''s liability.

3. Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plans in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

4. Asset Liability Matching (ALM) risk: The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.

5. Mortality risk: Since the benefits under the plan is not payable for lifetime and payable till retirement age only, plan does not have any longevity risk.

6. Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance company and a default will wipe out all the assets. The probability of this is very low as the insurance companies have to follow stringent regulatory guidelines which mitigate this risk.

Sensitivity analysis

Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, salary growth rate and attrition rate. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The results of the sensitivity analysis is given below:

Sensitivities related to mortality are considered immaterial, therefore the impact of changes stemming from these factors has not been presented.

The weighted average duration of the defined benefit plan as at March 31, 2026 is 6 years (March 31, 2025 : Nil)

The Company expects to make contribution of ?286 lakhs (March 31, 2025: Nil) to the defined benefit plan in the next financial year.

2 Compensated Absences

The leave obligations cover the Company’s liability for earned leave. Leave encashment is payable to the eligible employees on separation from the entity due to death, retirement, superannuation or resignation. All eligible employees are entitled to avail leave while serving in the entity. Accumulating paid absences may be either vesting (in other words, employees are entitled to a cash payment for unused entitlement on superannuation or resignation or retirement) or non-vesting (when employees are not entitled to a cash payment for unused entitlement on superannuation or resignation or retirement). An obligation arises as employees render service that increases their entitlement to future paid absences. The obligation exists, and is recognised, even if the paid absences are non-vesting, although the possibility that employees may leave before they use an accumulated non-vesting entitlement affects the measurement of that obligation.

3 Defined contribution plans

The Company also has certain defined contribution plans such as provident fund and super annuation plan for benefits of employees. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the Government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is ? 470 lakhs (March 31, 2025 : Nil).

The amount included as ‘Contribution to provident and other funds’ under note 28 includes contribution to defined contribution plan and expense / reversal towards funded defined benefit obligation.

The carrying values of trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, loans (current), other current financial assets and other current financial liabilities carried at amortised cost is considered to be reasonable approximation of fair values, given the short-term maturity of these items.

Borrowings and loans (non-current) carried at amortised cost have been measured using EIR to reflect the best estimate of fair value.

2) Fair values hierarchy

i) quoted (unadjusted) prices in active markets for identical assets or liabilities are classified as Level 1.

ii) Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) are classified as Level 2.

(iii) Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs) are classified as Level 3.

There have been no transfer amongst the levels of fair value hierarchy during the year.

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

3) Financial risk management

The Company’s primary focus is to foresee the unpredictability of financial markets and seek to minimise potential adverse effects on its financial performance. The Company’s management oversees these risks and formulates the policies which are reviewed and approved by the Board of Directors and the Audit Committee.

The Company has exposure to the following risks arising from financial instruments:

(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. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Company’s customer base, including the default risk of the industry and country, in which customers operate, has less influence on the credit risk.

Trade receivables (including unbilled receivables)

The Company has entered into contracts for the sale of residential and commercial units on an instalment basis. The instalments are specified in the contracts. The Company is exposed to credit risk in respect of instalments due. However, the possession of residential and commercial units is handed over to the buyer only after all the instalments are recovered. In addition, instalment dues are monitored on an ongoing basis with the result that the Company’s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions of trade receivables as at the year end. Credit risk from balances with banks and financial institutions is managed by Company''s treasury in accordance with the Company’s policy. The Company limits its exposure to credit risk by only placing balances with banks of good repute. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

Other financial assets

The Company has assessed for its other financial assets namely loans, interest receivable, security deposits, bank balances other than cash and cash equivalents and other receivable as high quality, negligible credit risk. The Company periodically monitors the recoverability and credit risks of its financial assets. The Company evaluates 12 month expected credit losses for all the financial assets for which credit risk has not increased. In case credit risk has increased significantly, the Company considers lifetime expected credit losses for the purpose of impairment allowance.

(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 they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

Management monitors rolling forecasts of the Company’s liquidity position on the basis of expected cash flows. This monitoring includes financial ratios and takes into account the accessibility of cash and cash equivalents.

The Company has access to funds from debt markets through loan from banks, commercial papers and other debt & equity instruments. The Company invests its surplus funds in bank deposits and mutual funds.

The Company has sufficient current assets comprising of trade receivables, cash & cash equivalents, other bank balances (other than restricted balances), loans, inventories and other current financial assets to manage the liquidity risk, if any in relation to current financial liabilities.

(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 risks: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.

i) Currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have significant exposure in foreign currency.

ii) 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 management is responsible for the monitoring of the Company’s interest rate position. Various variables are considered by the management in structuring the Company''s borrowings to achieve a reasonable, competitive cost of funding.

Fair value sensitivity analysis for fixed rate instruments

The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

iii) Commodity price risk

The Company’s activities are exposed to steel and cement price risks and therefore its overall risk management program focuses on the volatile nature of the steel and cement market by continuously monitoring the prices and accordingly negotiating the budgets with the contractors, thus seeking to minimize potential adverse effects on the Company’s financial performance on account of such volatility.

40) Capital Management

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Board of Directors seek to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages by a sound capital position.

The Company monitors capital using a ratio of ‘Net Debt to Equity’. For this purpose, net debt is defined as total borrowings (including interest accrued) less cash and cash equivalents, other bank balances, deposits and other current investments.

41) Demerger of real estate business undertaking of Raymond Limited into the Company

The Board of Directors of Raymond Limited at its meeting held on 4 July 2024 had approved the composite scheme of arrangement (the ''Scheme'') for the demerger of real estate business undertaking of Raymond Limited (the ''Demerged Company'') into the Company on a going concern basis. The appointed date proposed under this scheme was April 01, 2025.

Subsequently on March 27, 2025, the Demerged Company received requisite approval from the National Company Law Tribunal (''NCLT''). The certified true copy of the NCLT order, along with sanctioned scheme, was filed with the Registrar of Companies on April 30, 2025 (closing hours) thereby making the scheme effective from that date.

As a consideration for the demerger, the Company issued equity shares to the shareholders of the Demerged Company in a 1:1 swap ratio (i.e. one equity share of ? 10 each of the Company for every one equity share of ?10 each held by the shareholders in the Demerged Company as on record date). Accordingly, the Company had allotted 6,65,73,731 equity shares having face value of ? 10 each to the shareholders of the Demerged Company on May 16, 2025. These equity shares were subsequently listed on BSE Limited and the National Stock Exchange of India Limited on July 01, 2025.

The aforesaid issuance of equity shares resulted into a mirror shareholding of the Company to that of the Demerged Company and accordingly the aforesaid transaction has been treated as a capital re-organisation. In accordance with the accounting treatment prescribed in the Scheme, the assets, liabilities and reserves of the real estate demerged undertaking taken over by the Company have been recorded at their respective book values as appearing in the financial statements of the Demerged Company with effect from the appointed date of the Scheme being April 01, 2025.

42) Share based payments

(A) Prior to demerger - Raymond Limited

Prior to the demerger of the Lifestyle and Realty business undertaking, Raymond Limited had instituted an employee share-based compensation plan, namely Raymond Employees Stock Option Plan 2023 (‘RL ESOP 2023’), to provide long-term incentives to eligible employees and align their interests with those of the shareholders.

This scheme was approved by the Nomination and Remuneration Committee and the Board of Directors of Raymond Limited on February 17, 2023 and subsequently approved by the shareholders of Raymond Limited through postal ballot on 27 March 2023 to grant 1,680,588 stock options.

It was an equity-settled share-based payment plan, under which eligible employees were granted options entitling them to subscribe to equity shares of Raymond Limited at a pre-determined exercise price, which was in accordance with the relevant Securities and Exchange Board of India (‘SEBI’) guidelines in force, at the time of such grants. The scheme was implemented through an irrevocable trust (‘Raymond ESOP Trust’) operating under a treasury share model, whereby shares could be acquired through fresh issue or secondary market purchase and transferred to employees upon exercise of options.

The fair value of options was determined at the grant date using appropriate valuation techniques, including the Black-Scholes-Merton model and Monte Carlo simulation for market-linked conditions.

The options granted under the scheme were subject to the following key conditions:

Vesting period: minimum of 1 year and maximum of 5 years Vesting conditions: time-based and/ or performance-based Exercise period: up to 5 years from the date of vesting

Tranche 1: Outstanding options at the end of March 31, 2025 was 311,017, out of which no options were exercisable.

Tranche 2: Outstanding options at the end of March 31, 2025 was 394,090, out of which no options were exercisable.

(B) Demerger - Lifestyle business undertaking and Real Estate business undertaking

Pursuant to the Composite Scheme of Arrangement approved by the National Company Law Tribunal effective 30 June 2024, the lifestyle business undertaking of Raymond Limited was demerged into Raymond Lifestyle Limited (''Raymond Lifestyle''), with an appointed date of 1 April 2023.

Pursuant to the Composite Scheme of Arrangement approved by the National Company Law Tribunal effective April 30, 2025 (closing hours), the real estate business undertaking of Raymond Limited was demerged into Raymond Realty Limited (the ''Company'' or ''Raymond Realty''), with an appointed date of April 01, 2025.

Under the terms of the approved schemes, employees pertaining to the lifestyle and real estate business undertaking were transferred from Raymond Limited to the respective companies without any break or interruption in service and on terms not less favourable and past service rendered under Raymond Limited was required to be considered for determining vesting conditions of share-based payment arrangements.

Accordingly, the aforementioned scheme created an obligation on the respective companies to replace/ continue the existing stock option benefits granted under RL ESOP 2023 in a manner that preserved the economic value and vesting continuity for the affected employees.

Based on evaluation of the scheme terms and in accordance with Ind AS 102, ''Share-Based Payment'', the arrangement has been assessed as a continuation/ replacement of the original ESOP awards, rather than a cancellation followed by a fresh grant, the original grant date characteristics, including vesting tenure and service conditions, continue to apply and the replacement options were structured in a manner such that the economic value of options pre and post-demerger remains substantially unchanged, through adjustments to number of options and exercise price.

Further, there was no introduction of any additional benefit or incentive element to any employee as a consequence of the abovementioned demergers.

Consequent to abovementioned demergers, existing optionholders became entitled to share-based benefits across Raymond Limited, Raymond Lifestyle Limited and the Company, in a manner aligned with equity share distribution under the schemes. The

replacement employee stock option plan (ESOP) arrangements continued to be structured on a value-neutral basis, ensuring no dilution or enhancement of employee benefits and the underlying ESOP awards continued to be accounted for as continuation of original grants, with no reset of vesting conditions.

(C) Introduction of Raymond Realty ESOP Plan, 2026

The Company is in the process of granting replacement options to the employees of Raymond Realty Limited, Raymond Lifestyle Limited and Raymond Limited, and the scheme has been approved by Nomination and Remuneration Committee, and the Company is awaiting the approval of stock exchanges as at the date of approval of these financial statements.

Pending the grant options, the disclosures relating to number of options, vesting period, exercie period, price, grant date fair value and inputs to the valuation model have not been presented.

Accounting in the books of Raymond Realty Limited

On demerger, the accumulated share-based payment reserve pertaining to employees of Realty Divsion transferred from Raymond Limited to the Company and recognised as part of acquisition accounting.

Also, the Company recognised payable and receivable balances relating to obligation to issue share-based payments to employees across the listed entities or employee''s right to receive equity shares of other listed entities, as aforesaid, measured at fair value, as part of purchase consideration.

Subsequent to the demerger, share-based payment expenses are recognised in the statement of profit and loss over the remaining vesting period, based on the fair value attributed at the acquisition date (consistent with the original grant date fair value principles), with a corresponding credit recognised in equity settled share based payment reserve (employees) for awards to employees of the Company.

Consequent to the above accounting, the Company has recorded the share based payment expense amounting to ? 496 lakhs for the year ended March 31, 2026.

1. Debt = Non-current borrowings Current borrowings

2. Shareholders'' Equity = Paid up share capital Reserves created out of profit - Accumulated losses

3. Earnings available for debt service = Profit / (loss) for the year Non-cash operating expenses finance costs

4. Debt service = Finance costs Principal repayment of borrowings within next 12 month

5. Cost of properties sold/constructed = Cost of land, development of properties, construction and other costs Changes in inventories

of properties under development and finished properties

6. Working capital = Current assets - current liabilities

7. Earnings before interest and tax = Profit / (loss) before tax finance costs

8. Average capital employed = Tangible net-worth total debt

44) Audit trail

The Ministry of Corporate Affairs (‘MCA’) has prescribed a requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies, which use accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an audit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company has used an accounting software for maintaining all accounting records which has a feature of recording audit trail (edit log) facility and such feature was enabled at the application level. The database of the said software is operated by a third-party software service provider and the availability of audit trail (edit logs) are not covered in the ‘Independent Service Auditor’s Assurance Report on the design and operation of controls’ (‘Type 2 report’ issued in accordance with ISAE 3402, Assurance Reports on Controls at a Service Organisation) at database level.

Further, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

45) Other statutory information

a) Details of benami property

The Company does not hold any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder as at March 31, 2026 and March 31, 2025. Further, no proceedings have been initiated or pending against the Company for holding any benami property under the said act and rules mentioned above for the years ended March 31, 2026 and March 31,2025.

b) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government institution or any government authority.

c) Relationship with struck off companies

The Company does not have any transactions and outstanding balances during the current as well previous year with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

d) Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under section 2(87) of the Act.

e) The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, including foreign entity (‘intermediaries’) with the understanding (whether recorded in writing or otherwise) 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.

f) The Company has not received any fund from any person or entity, including foreign entity (‘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 on behalf of the ultimate beneficiaries.

g) Undisclosed income

The Company does not have any transaction which is not recorded in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as search or survey or any other relevant provisions of the Income-tax Act, 1961).

h) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current year and previous year.

i) Registration of charges or satisfaction with Registrar of Companies (‘ROC’)

There are no charges or satisfaction which are yet to be registered with Registrar of Companies.

j) Revaluation

The Company has not revalued its property, plant and equipment and intangible assets during the current and previous year.

46) Segment information

Ind AS 108, ''Operating Segments'' establishes standards for the way that business enterprises report information about operating segments and related disclosures about revenue, geographic areas and major customers. Based on the management approach as defined in Ind AS 108, the Chief Operating Decision Maker monitors and reviews the operating results of the Company as one segment i.e., ''Real estate development''. Since the entire business falls within a single operational segment, and the entire operations of the Company in terms of revenue and assets are confined to India, these standalone financial statements are reflective of the information required by Ind AS 108.

47) Subsequent Events

There are no subsequent events which warrant adjustment or disclosure in the standalone financial statements.

48) Authorization of standalone financial statements

The standalone financial statements as at and for the year ended March 31,2026 were approved by the Board of Directors on May 05,2026.

49) Previous year figures have been regrouped, reclassified and rearranged wherever necessary, to conform to this year’s presentation, and these are not material to the standalone financial statements.