(iv) The Company had total cash outflows (excluding short term leases) for leases of ' 3,587.92 Lakhs for the year ended March 31, 2026 (March 31, 2025'2,267.27 Lakhs).

(v) Extension and termination options : Extension and termination options are included in property lease agreements. These are used to maximize operational flexibility in terms of managing the assets used in the Company’s operations. Extension and termination options held are exercisable only by the Company and not by the lessor.

vi) The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

(vii) Variable Lease Payment- The Company does not have any leases with variable lease payments.

(viii) Residual value guaranteed - There are no residual value guaranteed in the lease contracts.

(ix) Refer note 48C for maturity analysis of contractual undiscounted cashflows in respect of lease recognized under Ind AS 116.

(x) There are no expected lease liabilities for Land.

ii) Contractual obligations

There are no contractual obligations to purchase, construct or develop investment properties.

iii) Estimation of Fair Value

The Company obtains independent valuations for its investment properties at least annually. The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available, the Company considers information from a variety of sources including:

• current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted to reflect those differences.

• discounted cash flow projections based on reliable estimates of future cash flows.

• capitalised income projections based upon a property’s estimated net market income and a capitalisation rate derived from an analysis of market evidence.

The fair values of investment properties have been determined by registered valuers as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The main inputs used are the (i) Market rates/ Marketability of the Land in the vicinity, (ii) Recent property deals/transactions, (iii) Negotiation skills of the buyer/seller, (iv) Demand and supply of properties, (v) Locality, neighbourhood, civic amenities, its connectivity to major centres etc., (vi) Shape, size, prominence, plot area and topography etc. All resulting fair value estimates for investment properties are included in level 3.

iv) Leasing arrangements

The investment properties are leased to fellow subsidiary and enterprises owned or significantly influenced by key managerial persons and/or their relatives under operating leases with rentals payable monthly. Lease income from operating leases where the Company is a lessor is recognized in income on a straight-line basis over the lease term.

Lease payments for some contracts include inflationary increases, but there are no other variable lease payments that depend on an index or rate. Although the Company is exposed to changes in the residual value at the end of the current leases, the Company typically renews the operating leases with related parties and therefore will not immediately realise any reduction in residual value at the end of these leases.

d) Terms and rights attached to equity shares:

The Company has only one class of equity shares having a par value of ' 2 per share. Each holder of equity share is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. The dividend, if proposed by the Board of Directors, is subject to the approval of the shareholders in the Annual General Meeting.

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

20.1 Nature and purpose of reserves

a) Retained Earnings

Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings include re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss.

b) Capital reserve

Capital reserve are the reserve created for gain on bargain purchase related to business combinations.

c) Securities premium

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

d) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. Consequent to introduction of Companies Act 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements of Companies Act, 2013.

e) FVTOCI Reserve

The Company has elected to recognize changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVTOCI Reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognized.

(i) On November 21, 2025, the Central Government has implemented four (‘New Labour Codes’), viz., 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. These four codes replace and consolidate 29 existing labour laws. The Ministry of Labour and Employment has also issued the Frequently Asked Questions (FAQs) on the four codes.

The new labour codes prescribe an inclusive definition of the term ‘wages’, which among other matters is relevant for determination of post-employment and other employee benefits (including gratuity and leave encashment) to all employees. In accordance with the definition, certain specified items forming part of remuneration are not included in the wages and these excluded items cannot exceed 50% of total remuneration. If there is an excess, then it is presumed that excess amount also forms part of wages.

The Company has assessed the impact of these changes on the basis of legal view obtained by the management and best information available till approval of the Standalone Financial Statements for issue. The Company has determined that these changes result in an increase in gratuity obligation of ' 562.98 Lakhs and in leave encashment of ' 39772 Lakhs. The changes to gratuity and leave encashment obligation resulting from the labour codes are accounted as plan amendments and resulting past service cost are recognized as an expense immediately in the Standalone Statement of Profit and Loss. Considering the materiality and regulatory-driven, non-recurring nature of this change, the Company has presented increase in obligation as an expense under the head “Exceptional Items” in the Standalone Statement of Profit and Loss for the year ended March 31, 2026. Considering that it is emerging topic and the finalisation of Central/ State Rules is still pending, the Company will continue monitoring changes and provide appropriate accounting effect as required based on future developments.

(ii) Subsequent to the year end, the Board of Directors of the Company have considered and approved the sale of its entire equity stake aggregating to 50% of the equity share capital of its subsidiary Company “Lumax Jopp Allied Technologies Private Limited” to Jopp Holding GmbH, Germany, subject to completion of customary conditions as per the Share Purchase Agreement amongst the Company, Jopp Holding GmbH and Lumax Jopp Allied Technologies Private Limited. Consequent to the completion of the said transaction, Lumax Jopp Allied Technologies Private Limited will cease to be a Subsidiary of the Company and accordingly, the Company has recognized an impairment loss amounting to ' 703.97 Lakhs as “Exceptional items” based on business valuation.

39| EARNINGS PER SHARE (EPS)

a) 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. Basic and diluted EPS are same as there are no convertible financial instruments outstanding as on Standalone Balance Sheet dates. Previous year figures have been restated to give the effect of business combination (Refer note 55).

40| GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS

A) Leave obligation

The liabilities for compensated absence namely earned and sick leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in statement of profit and loss.

B) Defined contribution plans

The Company has certain defined contribution plans including provident fund, employee state insurance and national pesnion scheme. Contrbutions are made to provident fund for employees @ 12% of basic salary as per regulations. The contributions are made of registered provident fund admnistared by the goverment. The contributions are made of employee state insurance for employees @ 3.25% of basic salary as per regulations. Defined contributions are made to natinal pension funds. The obligation of the Company is limited to the amount contributed and it has no further contractural nor any constructive obligation. The expense recognized during the year towards contribution to provident and other fund is as below:

C) Defined benefit plans

The Company provides for gratuity for employees in India. The amount of gratuity payable on retirement / termination is employee last drawn basic salary per month computed proportionately for 15 days salary multiplied by the number of years of service. The gratuity plan is funded and the Company makes contribution to recognized funds in India. The Company does not fully fund the liability and maintains the target level of funding to be maintained over a period of time based on estimations of expected gratuity payments. The gratuity fund plan assets of the Company are managed by “Lumax Auto Technologies Limited Employees Group Gratuity Assurance Scheme” and “IAC International Automotive India Pvt Ltd Employees’ Group Gratuity cum Life Assurance Scheme”. The trusts have policies with Life Insurance Company of India (‘LIC’). The gratuity plan was earlier governed by the Payment of Gratuity Act, 1972 and now by the relevant provision of Code on Social Security 2020.

(i) No provision is considered necessary since the Company expects favourable decisions.

(ii) Paid under protest of ' 19.30 Lakhs (March 31, 2025'630.95 Lakhs).

These represent the best possible estimates arrived at on the basis of available information. The uncertainties and possible impacts are dependent on the outcome of the different legal processes which have been invoked by the Company or the claimants as the case may be and therefore cannot be predicted accurately. The Company engages professional advisors to protect its interests and has been advised that it has strong legal positions against such disputes. It is not practicable for the Company to estimate the timing of cash outflows, if any, in respect of the above pending resolution of the respective proceedings.

c) I n regard to the bill discounting of invoices with bank by one of the Company’s vendor (Transporter), the bank had filed an application under Section 19 of the Recovery of Debts due to Banks and Financial Institution Act, 1993 before the Ld. DRT-II, Chandigarh for recovery of ' 999.76 Lakhs and interest thereon @ 13.75% p.a. from Company, vendor and other parties. The Company and other parties including vendor has received an order dated February 25, 2019 from Debts Recovery Tribunal- II, Chandigarh for demanding the above amount jointly and severally. The Company has filed an appeal before Debt Recovery Appellate Tribunal (DRAT) dated March 13, 2020 against ' 782.24 Lakhs (decretal amount to which the Company is a defendant party) along with interest 13.75% p.a. and deposited 50% of decretal amount in earlier years. During the current year, the appeal was decided in favour of the Company by DRAT vide its order dated April 08, 2025. Further, deposit was refunded to the Company on May 07, 2025 along with interest accrued on such deposits.

43. Operating segments are defined as components of an enterprise for which financial information is available that is evaluated regularly by the Chief Operating Decision Makers (CODM), in deciding how to allocate resources and assessing performance. The Company’s CODM is its Board of Directors and the Company has only one reportable business segment, i.e. manufacturing and trading of automobile components, which is reviewed by its CODM. As the Company has single reportable segment, the segment wise disclosure requirement under IND AS - 108, ‘Operating Segments’ is not applicable. The Company operations are primarily domiciled in India. For revenue by location of customers, refer note 29.5.

4a| significant accounting judgements, estimates and assumptions

The preparation of the Company’s 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. 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) Property, plant and equipment

The useful lives and residual values of property, plant and equipment are determined by the management based on technical assessment by the management. The Company believes that the derived useful life best represents the period over which the Company expects to use these assets.

b) Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of business relationships and the long term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective domicile of the companies.

c) Employee benefit obligations

The cost of defined benefit plans (i.e. Gratuity benefit) is determined using actuarial valuations. An actuarial valuation involves making various assumptions which may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions 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. In determining the appropriate discount rate, management considers the interest rates of long term government bonds with extrapolated maturity corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on publicly available mortality tables for the specific countries. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. Further details about the assumptions used, including a sensitivity analysis, are given in Note 40.

d) Fair value measurement of financial instrument

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 the Discounted Cash Flow (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.

e) Impairment of financial assets

The impairment provisions of financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

f) Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use.

The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are also relevant to other intangibles. During the year, the Company has done the impairment assessment of non-financial assets and have concluded that there is no impairment in value of non-financial assets as appearing in the financial statements.

g) Revenue from operations - variable consideration

The Company applied the following judgments and estimated that significantly affect the determination of the amount and timing of revenue from contracts with customers:

Determining method to estimate variable consideration and assessing the constraint:- Certain contracts for the sale of products include a right of price revision on account of change of commodity prices/purchase price that give rise to variable consideration. In estimating the variable consideration, the Company is required to use either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled.

The Company estimates variable considerations to be included in the transaction price for the sale of traded goods (in aftermarket) with volume rebates. The Company’s expected volume rebates are analysed on a per customer basis for contracts that are subject to a single volume threshold. Determining whether a customer will be likely entitled to rebate will depend on the customer’s historical rebates entitlement and accumulated purchases to date.

h) Lease incremental borrowing rate

The Company cannot readily determine the interest rate implicit in the lease, therefore its incremental borrowing rate (IBR) to measure lease liability. The IBR is the rate of interest that the Company would have to pay to borrow over similar term, and with a similar security, the fund necessary to obtain an asset of a similar value to the Right-to-use assets in as similar economic environments. The IBR therefore effects what the Company “would have to pay” which requires estimates when no observable rates are available or when they need to be adjusted to reflect the term and conditions of the lease. The Company estimates the IBR using observable inputs such as market interest rates when available.

I) Customer relationship (Intangible assets)

Customer relationship recognized in the course of purchase price allocation of the acquired entities. The management belives that the value assigned are reasonable.

15| CAPITAL MANAGEMENT

Risk Management

For the purpose of the Company’s capital management, capital includes issued equity capital, all equity reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to maximise the shareholders’ value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants, if any. To maintain or adjust the capital structure, the Company reviews the fund management at regular intervals and take necessary actions to maintain the requisite capital structure. The Company monitors capital using gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents. No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2026 and March 31, 2025.

Discount rate used in determining fair value

The interest rate used to discount estimated future cash flows, where applicable, are based on the incremental borrowing rate of borrower which in case of financial liabilities is average market cost of borrowings of the Company and in case of financial asset is the average market rate of similar credit rated instrument. The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data available.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

471 fair value hierarchy

All financial instruments for which fair value is recognized or disclosed are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole.

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

Level 2: Valuation techniques for which the lowest level input that has a significant effect on the fair value measurement are observable, either directly or indirectly.

Level 3: Valuation techniques for which the lowest level input which has a significant effect on the fair value measurement is not based on observable market data.

The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities.

48| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

This note explains the Company’s exposure to financial risks and how these risks could affect the Company’s future financial performance. Current year profit and loss information has been included where relevant to add further context.

The Company’s financial risk management is an integral part of how to plan and execute the business strategies.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Company’s senior management is supported by Finance department that advises on financial risks and the appropriate financial risk governance framework for the Company. The Finance department provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. It is the Company’s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.

A. 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. Financial instrument effected by market risk include loans and borrowings, deposits, FVTOCI and FVTPL instrument.

The sensitivity analysis in the following sections relate to the position as at March 31, 2026 and March 31, 2025.

The following assumptions have been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at March 31, 2026 and March 31, 2025 including the effect of hedge accounting.

(i) Interest rate risk

I nterest 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 interest bearing financial liabilities includes borrowings with fixed interest rates.

The Company’s fixed rate borrowings are carried at amortized cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

iii) Equity price risk

The Company’s investment in listed and non-listed equity & preference securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the price risk through diversification and by placing limits on individual and total instruments. Reports on the equity & preference portfolio are submitted to the Company’s management on a regular basis. The Company’s Board of Directors reviews and approves all equity & preference investment decisions.

At the reporting date, the exposure to listed equity securities at fair value was ' 26,497.92 Lakhs (March 31, 2025: ' 13,609.60 Lakhs). A decrease of 10% on the NSE market index could have an impact of approximately ' 2,649.79 Lakhs (March 31, 2025: ' 1,360.96 Lakhs) on the OCI or equity attributable to the Company. An increase of 10% in the value of the listed securities would also impact OCI and equity by similar amount.

At the reporting date, the exposure to unlisted equity and preference securities at fair value was ' 3,016.83 Lakhs (March 31, 2025: ' 2,658.20 Lakhs). A decrease of 10% in fair value could have an impact of approximately ' 301.68 Lakhs (March 31, 2025: ' 265.82 Lakhs) on the OCI or equity attributable to the Company. An increase of 10% in the value of the listed securities would also impact OCI and equity by similar amount.

B. Credit risk

Credit risk arises from cash and cash equivalents, contractual cash flows of debt instruments carried at amortized cost and at fair value through profit or loss, favourable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers including outstanding receivables and recoverables from related parties.

Trade receivables

Customer credit risk is managed by the Company subject to the Company’s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating. Outstanding customer receivables are regularly monitored.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying value of financial assets (trade receivable). The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located and being operated in India.

Further, the Company’s customer base majorly includes Original Equipment Manufacturers (OEMs), Large Corporates and Tier-1 vendors of OEMs and dealers. Based on the past trend of recoverability of outstanding trade receivables, the Company has not incurred material losses on account of bad debts. The Company is earning revenue of ' 2,24,392.89 Lakhs (March 31, 2025: ' 1,68,111.97 Lakhs) in the domestic market from three customers. The following table provides information about the exposure to credit risk and expected credit loss as at March 31, 2026 and March 31, 2025 for trade receivables under the simplified approach.

Loans to related parties

The Company considers the probability of default upon initial recognition of loan and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the loan as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. In particular, the following indicators are incorporated:

• actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower’s ability to meet its obligations

• actual or expected significant changes in the operating results of the borrower.

• significant changes in the expected performance and behaviour of the counterparty, including changes in the payment status of the counterparty in the Company and changes in the operating results of the counterparty.

A default on a financial asset is when the counterparty fails to make contractual payments within 60 days of when they fall due.

Financial assets are written off when there is no reasonable expectation of recovery, such as a counterparty failing to engage in a repayment plan with the Company. The Company categorises a loan for write-off when a related party fails to make contractual payments more than 120 days past due. Where loans have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in profit or loss.

There is no loss allowance that is to be recognized in the Standalone Financial Statement for the year ended March 31, 2026 and March 31, 2025.

C. Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company’s objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources of financing including loans from banks at an optimized cost

D. Commodity risk

The Company is affected by the price volatility of certain commodities. Its operating activities require the ongoing purchases of steel & plastic granules which are volatile products and are major component of end product. The prices in these purchase contracts are linked to the price of raw steel & plastic granules and demand supply matrix. However, at present, the Company does not hedge its raw material procurements, as the price of the final product of the Company also vary with the price of underlying commodity which mitigate the risk of price volatility.

49. As at March 31, 2026, investments in equity shares and optionally convertible debentures in the subsidiaries amounted to ' 8,613.16 Lakhs and ' 6,266.00 Lakhs respectively. Management periodically assesses whether there is an indication that such investments may be impaired. As at March 31, 2026, net worth of three subsidiary companies turned lower than the carrying value of investments in the Company’s books. This is an indication of potential impairment of carrying value of the investments. The carrying value of investment in such subsidiaries aggregates to ' 3,979.60 Lakhs (including investment in Optionally Convertible Redeemable Debentures). For such investment, where impairment indicators exist, management compares its carrying amount with the recoverable amount. Recoverable amount is value in use of the investment computed based upon discounted projected profitability. As on the reporting date, the recoverable amount, determined by the management is more than the carrying amount. Key assumptions underlying the value in use calculation are those regarding expected revenues, a post-tax discount rate of 14% per annum. Sales growth projections considers managements’ expectation of market development, current industry trends and post-tax discount rate based on the relevant risks. 3% growth rate has been used in terminal year. The management believes that any reasonably possible change in the key assumptions would not cause the carrying amount to exceed the recoverable amount of the cash generating unit.

50. Revenue from operations is measured by the Company at the transaction price i.e. amount of consideration received/ receivable in exchange of transferring goods or services to the customers. In determining the transaction price for the sale of goods, the Company considers the effect of price adjustments, to be claimed/ passed on to the customers, based on various cost parameters like raw material and other costs.

The Company is required to pass on the savings in variable cost from the billed sales price for which the final negotiations with the customer is ongoing and will be settled in near future. The total estimated liabilities outstanding as at March 31, 2026 is ' 6,663.39 Lakhs (March 31, 2025: ' 2,650.94 Lakhs), which management believes is sufficient to discharge liabilities.

’Outstanding loan of ' 475.00 Lakhs (March 31, 2025: ' 500.00 Lakhs) recoverable in 20 equal half yearly instalments of ' 25.00 Lakhs from March 31, 2026 and outstanding loan of ' 500.00 Lakhs (March 31, 2025: NIL) recoverable in 20 equal half yearly instalments of ' 25.00 Lakhs from September 30, 2026.

’’Outstanding loan of ' 177.50 Lakhs (March 31, 2025: ' 272.50 Lakhs) recoverable over a period of Five Years and Six Months from the date of availment and will be fully repaid by September 30, 2028.

’’’Outstanding loan of ' 130.00 Lakhs (March 31, 2025: NIL) recoverable over a period of One Year and will be fully repaid by December 22, 2026.

53| OTHER REGULATORY INFORMATION REQUIRED BY SCHEDULE III

(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 under the Benami Transactions (Prohibition) Act, 1988 and rules made there under.

(ii) The Company does not have transactions with struck off companies under Companies Act, 2013 or Companies Act, 1956.

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

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

(v) The Company during the year has not advanced or loaned or invested funds to any other person(s), 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 during the year 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 on behalf of the Ultimate Beneficiaries.

(vii) The Company does not have any such 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).

(viii) The Company has not been declared wilful defaulter by any bank or financial institutions or government or any government authority.

(ix) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

(x) The Company has chosen cost model for valuation of its Property, plant and equipment (including Right-of-Use Assets) and Intangible Assets both during the current and previous year.

(xi) The borrowings obtained by the Company from banks have been applied for the purposes for which the said loans were taken.

(xii) The Company has complied with the Scheme of Arrangements which have an accounting impact on the current year and previous year.

54. The Company use multiple accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and that has operated throughout the year for all relevant transactions recorded in the software, except for the following: (i) in respect of the core accounting software, the audit log at the application level is not maintained in case of modification by certain users with specific access and the audit trail feature was not enabled at the database level to log any direct data changes; (ii) with respect to one accounting software of a third party service provider used for the entire audit period for maintaining certain records, audit log of modification does not contain the pre-modified values at database level; and (iii) with respect to another accounting software of a third party service provider used for the entire audit period for maintaining certain records, in the absence of any information pertaining to audit trail in the independent service auditor’s report, we are unable to comment on the audit trail (edit log) feature in that accounting software. Further, the audit trail, to the extent maintained in the prior year, has been preserved by the Company as per the statutory requirements for record retention.

On July 20, 2024, the Company had filed the Scheme of Amalgamation and Merger (“Scheme”) with Hon’ble National Company Law Tribunal, New Delhi Bench (NCLT) of its wholly owned subsidiary Lumax Ancillary Limited (Transferror Company 1) with the Company for efficient utilisation & synergy of resources. The aforesaid scheme, inter-alia envisaged merger of the transferor into the Company. The Scheme was approved by NCLT on March 11, 2026 which was filed with Registrar of Companies (ROC) on March 31, 2026. Consequent to the amalgamation and merger prescribed by the Scheme, all the assets and liabilities of the Transferor Company 1 were transferred to and vested in the Company with effect from April 01, 2024 (“the Appointed Date”). The amalgamation was accounted under the “pooling of interest” method prescribed under Ind AS 103 - Business Combinations, as prescribed by the Scheme. Accordingly all the assets, liabilities, and other reserves of the transferor as on April 01, 2024 were transferred to the Company as per the Scheme. As prescribed by the Scheme, no consideration was paid as the Transferor Company 1 is a wholly owned subsidiary of the Company. Previous year figures have been restated to give effect to the above merger in comparative year reported.

Pursuant to the Scheme:

The scheme provides that all assets and liabilities of the Transferor Company 1, including goodwill, will be recorded by the Transferee Company at their existing carrying values as per its consolidated financial statements. Reserves of the Transferor Company 1 will be retained in the same form, and inter-company balances as well as investments between the entities will be eliminated upon amalgamation. Any resulting surplus will be credited to capital reserve, while any deficit (after adjusting existing reserves) will be charged to retained earnings. The accounting policies of the Transferee Company will prevail in case of differences to ensure consistency and comparative financial statements will be restated as if the merger had taken place from the beginning of the comparative period as prescribed under Appendix C of Ind AS 103 - ‘Business Combinations’.

The Scheme will benefit both, the Transferor Company 1 and Transferee Company. The rationale and reasons for the Scheme, inter alia are summarised below:

• Better, efficient and economical management, cost savings, pooling of resources, reduction of corporate tiers, creating better synergy, optimum utilisation of resources, rationalisation of administrative expenses/services, control and running of businesses and further development and growth of the business;

• Enable pooling of financial, commercial and other resources and considerable synergy of operations would be achieved from business and administrative point of view and conserve administrative resources and cost overheads; and

• To achieve better financial and business prospects.

On September 10, 2025, the Company had filed the Scheme of Amalgamation and Merger (“Scheme”) with Hon’ble National Company Law Tribunal, New Delhi Bench (NCLT) of its wholly owned subsidiary IAC International Automotive India Private Limited (Transferor Company 2) with the Company for efficient utilisation & synergy of resources. The aforesaid scheme, inter-alia envisaged merger of the Transferor Company 2 into the Company. The Scheme was approved by NCLT on May 8, 2026 which was filed with Registrar of Companies (ROC) on May 18, 2026. Consequent to the amalgamation and merger prescribed by the Scheme, all the assets and liabilities of the transferor were transferred to and vested in the Company with effect from October 1, 2025 (“the Appointed Date”). The amalgamation was accounted under the “pooling of interest” method prescribed under Ind AS 103 - Business Combinations, as prescribed by the Scheme. Accordingly all the assets, liabilities, and other reserves of the transferor were transferred to the Company as per the Scheme. As prescribed by the Scheme, no consideration was paid as the transferor is a wholly owned subsidiary of the Company. Previous year figures have been restated to give effect to the above merger in comparative year reported.

Pursuant to the Scheme:

The scheme provides that all assets and liabilities of the Transferor Company 2, including goodwill, will be recorded by the Transferee Company at their existing carrying values as per its consolidated financial statements. Reserves of the Transferor Company 2 will be retained in the same form, and inter-company balances as well as investments between the entities will be eliminated upon amalgamation. Any resulting surplus/deficit shall be transferred to appropriate reserve within equity. The accounting policies of the Transferee Company will prevail in case of differences to ensure consistency and comparative financial statements will be restated as if the merger had taken place from the beginning of the comparative period as prescribed under Appendix C of Ind AS 103 - ‘Business Combinations’.

The Scheme will benefit both, the Transferor Company 2 and Transferee Company. The rationale and reasons for the Scheme, inter alia are summariSed below:

• Better, efficient and economical management, cost savings, pooling of resources, reduction of corporate tiers, creating better synergy, optimum utilization of resources, rationalization of administrative expenses/services, control and running of businesses and further development and growth of the business;

• Enable pooling of financial, commercial and other resources and considerable synergy of operations would be achieved from business and administrative point of view and conserve administrative resources and cost overheads; and

• To achieve better financial and business prospects.

VI) Acquisition of remaining 25% stake in IAC International Automotive India Private Limited

During the current year, the Board of Directors approved the acquisition of the remaining 25% equity interest in Transferor Company 2 for a total consideration of ' 22,095.76 Lakhs and the acquisition was completed on May 22, 2026.

Pursuant to the requirements of Ind AS 103 - ‘Business Combinations’ and in accordance with the approved Scheme, the management has restated the Standalone Financial Statements with effect from April 01, 2024, considering the business combination to have occurred on that date. Accordingly, the erstwhile non-controlling interest in Transferor Company 2 has been recognised as part of capital reserve.

Further, the share of profit attributable to the erstwhile non-controlling interest for the financial year ended March 31, 2025, amounting to ' 2,210.69 Lakhs, has been reclassified from retained earnings to capital reserve.

During the current year, the purchase consideration of ' 22,095.76 Lakhs paid to the erstwhile non-controlling interest has been adjusted against the capital reserve. The excess consideration over the capital reserve balance, amounting to ' 2,827.54 Lakhs, has been adjusted against retained earnings in accordance with the Scheme.

The incremental borrowings rate is 9.00% p.a. (March 31, 2025: Nil).

The management of the Company estimates the loss allowance on finance lease receivables at the end of the reporting period at an amount equal to lifetime expected credit loss under simplified approach. None of the finance lease receivables at the end of the reporting period is past due, and taking into account the historical default experience and the future prospects of the industries in which the lessees operate, together with the value of collateral held over these finance lease receivables, the management of the Company consider that no finance lease receivable is impaired.

The Company entered into finance leasing arrangements as a lessor for certain leased properties under sub leasing arrangements. The term of finance leases entered into is for 9-10 years (March 31, 2025: Nil). The Company is not exposed to foreign currency risk as a result of the lease arrangements, as all leases are denominated in '. Residual value risk on such right of use assets under lease is not significant.

57. These Standalone Financial Statements have been approved by the Board of Directors of the Company in their meeting held on May 29, 2026 and are subject to the shareholder’s approval in the forthcoming annual general meeting.

These are the notes to the Standalone Financial Statements referred to in our report of even date.