h) Provisions, contingent liabilities and
contingent assets, commitments

A provision is recognised if, as a result of a
past event, the Company has a present legal or
constructive obligation that can be estimated
reliably, and it is probable that an outflow of
economic benefits will be required to settle
the obligation. Provisions are determined
by discounting the expected future cash
flows (representing the best estimate of the
expenditure required to settle the present
obligation at the balance sheet date) at a pre-tax
rate that reflects current market assessments
of the time value of money and the risks specific

to the liability. The unwinding of the discount
is recognised as finance cost. Expected future
operating losses are not provided for.

Contingent liabilities

Contingent liabilities are possible obligations
that arise from past events and whose existence
will only be confirmed by the occurrence or non¬
occurrence of one or more future events not
wholly within the control of the entity. Where
it is not probable that an outflow of economic
benefits will be required, or the amount cannot
be estimated reliably, the obligation is disclosed
as a contingent liability, unless the probability of
outflow of economic benefits is remote.

Contingent assets

Contingent assets are not recognised in the
standalone financial statements since this may
result in the recognition of income that may
never be realised. However, when the realisation
of income is virtually certain, then the related
asset is not a contingent asset and is recognized.
A contingent asset is disclosed where an inflow
of economic benefits is probable.

Commitments

Commitments include the amount of purchase
order (net of advances) issued to parties for
completion of assets. Provisions, contingent
liabilities, contingent assets and commitments
are reviewed at each reporting date.

) Financial instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a
financial liability or equity instrument of another
entity. Financial instruments also include
derivative contracts such as foreign exchange
forward contracts, embedded derivatives in the
host contract, etc.

Financial assets

i) Initial recognition and measurement

Trade receivables are initially recognised
when they are originated. All other financial
assets and financial liabilities are initially
recognised when the Company becomes
a party to the contractual provisions of
the instrument.

A financial asset (except trade receivable)
is recognised initially at fair value plus or
minus transaction cost that are directly

attributable to the acquisition or issue
of financial assets (other than financial
assets at fair value through profit and loss).
Transaction costs directly attributable to
the acquisition of financial assets or financial
liabilities at fair value through profit or loss
('FVTPL') are recognised immediately in
the Statement of Profit and Loss. A trade
receivable without a significant financing
component is initially measured at the
transaction price.

ii) Classifications and subsequent
measurement

Classifications

The Company classifies its financial assets
as subsequently measured at either
amortised cost or fair value depending on
the Company's business model for managing
the financial assets and the contractual cash
flow characteristics of the financial assets.

Business model assessment

The Company makes an assessment of the
objective of a business model in which an
asset is held at a portfolio level because
this best reflects the way the business
is managed and information is provided
to management.

Assessment whether contractual cash flows
are solely payments of principal and interest

In assessing whether the contractual cash
flows are solely payments of principal
and interest, the Company considers the
contractual terms of the instrument. This
includes assessing whether the financial
asset contains a contractual term that could
change the timing or amount of contractual
cash flows such that it would not meet
this condition.

Debt instrument at amortised cost

A financial asset is measured at amortised
cost if it meets both of the following
conditions and is not designated as at Fair
value though Profit and Loss (FVTPL):

- it is held within a business model whose
objective is to hold 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.

After initial measurement, such financial
assets are subsequently measured at
amortised cost using the Effective Interest
Rate ('EIR') method. Amortised cost is
calculated by taking into account any
discount or premium on acquisition and fees
or costs that are an integral part of the EIR.
The EIR amortisation is included as finance
income in the profit or loss. The losses
arising from impairment are recognised in
the profit or loss.

Debt instrument at fair value through
Other Comprehensive Income (FVOCI)

A financial asset is measured at FVOCI only if
both of the following conditions are met:

- it is held within a business model whose
objective is achieved by both collecting
contractual cash flows and selling
financial assets.

- the contractual terms of the financial
asset represent contractual cash flows
that are solely payments of principal
and interest.

After initial measurement, such financial
assets are subsequently measured at fair
value with changes in fair value recognised in
other comprehensive income (OCI). Interest
income is recognised basis EIR method and
the losses arising from Expected Credit
Losses (ECL) impairment are recognised in
the profit or loss.

Debt instrument at fair value through
Profit and Loss (FVTPL)

Any debt instrument, which does not
meet the criteria for categorization as at
amortized cost or as FVOCI, is classified as
at FVTPL.

Equity instruments

Equity instruments which are held for
trading are classified as at FVTPL. For all
other equity instruments, the Company
decides to classify the same either as at
FVTOCI or FVTPL. The Company makes such
election on an instrument-by-instrument
basis. The classification is made on initial
recognition and is irrevocable.

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

Equity instruments included within the
FVTPL category are measured at fair value
with all changes recognized in the Profit
and Loss.

Investments in tax free bonds and fixed
deposits are measured at amortised cost.

Investments in mutual funds and other
investments - Investments in mutual funds
and other investments are subsequently
measured at fair value through profit and
loss (FVTPL).

Investments in Subsidiaries and Associate:

Investments in Subsidiaries and Associate
are carried at cost less accumulated
impairment losses, if any. Where an
indication of impairment exists, the carrying
amount of the investment is assessed and
written down immediately to its recoverable
amount. On disposal of investments in
subsidiaries, associates, the difference
between net disposal proceeds and the
carrying amounts are recognized in the
Standalone Statement of Profit and Loss.

iii) Reclassification of financial assets

Financial assets are not reclassified
subsequent to their initial recognition,
except in the period after the Company
changes its business model for managing
financial assets.

iv) Derecognition of financial assets

A financial asset (or, where applicable, a part
of a financial asset or part of a Company
of similar financial assets) is primarily
derecognised (i.e. removed from the
Company's Balance Sheet) when:

- The rights to receive cash flows from
the asset have expired, or

- The Company has transferred its rights
to receive cash flows from the asset

or has assumed an obligation to pay
the received cash flows in full without
material delay to a third party under
a 'pass-through' arrangement; and
either (a) the Company has transferred
substantially all the risks and rewards
of the asset, or (b) the Company
has neither transferred nor retained
substantially all the risks and rewards
of the asset, but has transferred
control of the asset.

Financial liabilities

i) Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair
value through profit and loss, amortised
cost, as appropriate.

All financial liabilities are recognised
initially at fair value and, in the case of
amortised cost, net of directly attributable
transaction costs.

ii) Classification and subsequent
measurement

The measurement of financial liabilities
depends on their classification, as
described below:

Financial Liabilities measured at
amortised cost

After initial recognition, financial liabilities
are amortised cost using the effective
interest rate (EIR) method. Gains and
losses are recognised in profit or loss when
the liabilities are derecognised as well as
through the EIR amortisation process.

Financial Liabilities at fair value through
profit or loss

Financial liabilities at fair value through
profit or loss include financial liabilities
designated upon initial recognition as at fair
value through profit or loss.

Gains or losses on liabilities held for trading
are recognised in the profit or loss.

iii) Derecognition of financial liabilities

The Company derecognises a financial
liability when its contractual obligations are
discharged or cancelled or expired.

Offsetting of financial instruments

Financial assets and financial liabilities are
offset and the net amount is reported in
the Balance Sheet when there is a legally
enforceable right to offset the recognised
amounts and there is an intention to settle
on a net basis, or realise the asset and settle
the liability simultaneously ('the offset
criteria').

Derivative financial instruments

The Company holds derivative financial
instruments to hedge its foreign currency
exposures. Embedded derivatives are
separated from the host contract and
accounted for separately if the host
contract is not a financial asset and certain
criteria are met. Contracts to buy or sell a
non-financial item that can be settled net in
cash or another financial instrument, or by
exchanging financial instruments are also
derivative financial instruments.

Derivatives are initially recognised at fair
value on the date a derivative contract
is entered into and are subsequently re¬
measured to their fair value at the end of
each reporting period. The Company enters
into certain derivative contracts to hedge
risks which are not designated as hedges.
Such contracts are accounted for at fair
value through profit or loss and are included
in other gains/ (losses).

j) Treasury shares

The Company has created an Employee Benefit
Trust ("EBT"). The Company uses the trust as
a vehicle for distributing shares to employees
under the employee stock option schemes. The
Company treats the Trust as its extension and
shares held by Trust are treated as treasury
shares. Own equity instruments that are held by
the trust are recognised at cost and deducted
from equity. No gain or loss is recognised in
statement of profit and loss on the purchase,
sale, issue, or cancellation of the Company's own
equity instruments. Any difference between
the carrying amount and the consideration, if
reissued, is recognised in other equity.

k) Impairment

Impairment of financial assets

The Company recognises loss allowances for
expected credit loss on financial assets measured
at amortised cost. At each reporting date, the
Company assesses whether financial assets
carried at amortised cost are credit-impaired. A
financial asset is 'credit-impaired' when one or
more events that have detrimental impact on
the estimated future cash flows of the financial
assets have occurred.

Measurement of expected credit losses
Trade receivables

In respect of trade receivables, the Company
applies the simplified approach of Ind AS 109
('Provision matrix approach'), which requires
measurement of loss allowance at an amount
equal to lifetime expected credit losses. Lifetime
expected credit losses are the expected credit
losses that result from all possible default events
over the expected life of a financial instrument.

Other financial assets

In respect of its other financial assets, the
Company assesses if the credit risk on those
financial assets has increased significantly
since initial recognition. If the credit risk has not
increased significantly since initial recognition,
the Company measures the loss allowance at
an amount equal to 12-month expected credit
losses, else at an amount equal to the lifetime
expected credit losses.

When making this assessment, the Company
uses the change in the risk of a default occurring
over the expected life of the financial asset. To
make that assessment, the Company compares
the risk of a default occurring on the financial
asset as at the balance sheet date with the risk
of a default occurring on the financial asset as
at the date of initial recognition and considers
reasonable and supportable information, that
is available without undue cost or effort, that is
indicative of significant increases in credit risk
since initial recognition. The Company assumes
that the credit risk on a financial asset has not
increased significantly since initial recognition
if the financial asset is determined to have low
credit risk at the balance sheet date.

Presentation of allowance for expected credit
losses in the balance sheet

Loss allowance for financial assets measured
at amortised cost are deducted from the gross
carrying amount of the assets.

Impairment of non-financial assets

The Company's non-financial assets, other
than inventories and deferred tax assets, are
reviewed at each reporting date to determine
whether there is any indication of impairment.
If any such indication exists, then the asset's
recoverable amount is estimated. For impairment
testing, assets that do not generate independent
cash inflows are grouped together into cash¬
generating units (CGUs). Each CGU represents
the smallest Group of assets that generates cash
inflows that are largely independent of the cash
inflows of other assets or CGUs.

The recoverable amount of a CGU (or an individual
asset) is the higher of its value in use and its fair
value less costs to sell. Value in use is based on
the estimated future cash flows, discounted to
their present value using a pre-tax discount rate
that reflects current market assessments of the
time value of money and the risks specific to the
CGU (or the asset).

The Company's corporate assets do not generate
independent cash inflows. To determine
impairment of a corporate asset, recoverable
amount is determined for the CGUs to which the
corporate asset belongs.

An impairment loss is recognised if the carrying
amount of an asset or CGU exceeds its estimated
recoverable amount. Impairment losses are
recognised in the Statement of Profit and Loss.
An impairment loss is reversed if there has been
a change in the estimates used to determine
the recoverable amount. An impairment loss
is reversed only to the extent that the asset's
carrying amount does not exceed the carrying
amount that would have been determined net of
depreciation or amortisation, if no impairment
loss had been recognised.

l) Income taxes

Income tax comprises current and deferred tax.
It is recognised in the Standalone Statement
of Profit and Loss except to the extent that
it relates to a business combination or to an
item recognised directly in equity or in other
comprehensive income.

i. Current tax

Current tax comprises the expected tax
payable or receivable on the taxable income
or loss for the year and any adjustment to
the tax payable or receivable in respect of
previous years. The amount of current tax
reflects the best estimate of the tax amount
expected to be paid or received after
considering the uncertainty, if any, related
to income taxes. It is measured using tax
rates (and tax laws) enacted or substantively
enacted by the reporting date.

Current tax assets and current tax liabilities
are offset only if there is a legally enforceable
right to set off the recognised amounts, and
it is intended to realise the asset and settle
the liability on a net basis or simultaneously.

ii. Deferred tax

Deferred tax is recognised in respect of
temporary differences between the carrying
amounts of assets and liabilities for financial
reporting purposes and the corresponding
amounts used for taxation purposes.
Deferred tax assets are recognised to the
extent that it is probable that future taxable
profits will be available against which they
can be used.

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

The measurement of deferred tax reflects
the tax consequences that would follow
from the manner in which the Company
expects, at the reporting date, to recover
or settle the carrying amount of its assets
and liabilities.

Deferred tax assets and liabilities are offset
if there is a legally enforceable right to offset
current tax liabilities and assets, and they
relate to income taxes levied by the same
tax authority on the same taxable entity,
or on different tax entities, but they intend
to settle current tax liabilities and assets on
a net basis or their tax assets and liabilities
will be realised simultaneously.

m) Leases

At inception of a contract, the Company assesses
whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract
conveys the right to control the use of an
identified asset for a period of time in exchange
for consideration.

Classification of leases

The Company enters into leasing arrangements
for various assets. The assessment of the lease
is based on several factors, including, but not
limited to, transfer of ownership of leased asset
at end of lease term, lessee's option to extend/
purchase etc.

Recognition and initial measurement

At lease commencement date, the Company
recognises a right-of-use asset and a lease
liability on the balance sheet. The right-of-use
asset is measured at cost, which is made up of
the initial measurement of the lease liability, any
initial direct costs incurred by the Company, an
estimate of any costs to dismantle and remove
the asset at the end of the lease (if any), and
any lease payments made in advance of the
lease commencement date (net of any incentives
received).

Subsequent measurement

The Company depreciates the right-of-use
assets on a straight-line basis from the lease
commencement date to the earlier of the end of
the useful life of the right-of-use asset or the end
of the lease term. The Company also assesses
the right-of-use asset for impairment when such
indicators exist.

At lease commencement date, the Company
measures the lease liability at the present value
of the lease payments unpaid at that date,
discounted using the interest rate implicit in
the lease if that rate is readily available or the
Company's incremental borrowing rate. Lease
payments included in the measurement of the
lease liability are made up of fixed payments
(including in substance fixed payments) and
variable payments based on an index or rate.
Subsequent to initial measurement, the liability
will be reduced for payments made and increased
for interest. It is re-measured to reflect any
reassessment or modification, or if there are
changes in in-substance fixed payments.
When the lease liability is re-measured, the

corresponding adjustment is reflected in the
right-of-use asset.

The Company has elected to account for short¬
term leases and leases of low-value assets using
the practical expedients. Instead of recognising
a right-of-use asset and lease liability, the
payments in relation to these are recognised
as an expense in the Standalone Statement of
Profit and Loss on a straight-line basis over the
lease term.

n) Segment reporting

Operating segments are reported in a manner
consistent with the internal reporting provided
to the chief operating decision maker.

The Board of Directors of the Company have
been identified as being the Chief Operating
Decision Maker ('CODM') by the management
of the Company. The operating segment of the
Company is identified to be "Food products",
which has been defined as one business
segment. Accordingly, the Company's activities/
business is reviewed regularly by the Company's
CODM from an overall business perspective,
rather than reviewing its services as individual
standalone components.

Based on the dominant source and nature of
risks and returns of the Company, management
has identified its business segment as its primary
reporting format.

o) Cash and cash equivalents

For the purpose of presentation in the statement
of cash flows, cash and cash equivalents include
cash in hand, demand deposits held with banks,
other short-term highly liquid investments with
original maturities of three months or less that
are readily convertible to known amounts of cash
and which are subject to an insignificant risk of
changes in value.

p) Earnings per share

Basic earnings/(loss) per share are calculated
by dividing the net profit/(loss) for the year
attributable to equity shareholders by the
weighted average number of equity shares
outstanding during the year.

For the purpose of calculating diluted earnings/
(loss) per share, the net profit or loss for the
period attributable to equity shareholders
and the weighted average number of shares
outstanding during the year are adjusted for the
effects of all dilutive potential equitv shares.

q) Share issue expenses

Share issue expenses are adjusted against the
Securities Premium Account as permissible
under Section 52 of the Companies Act, 2013, to
the extent any balance is available for utilisation
in the Securities Premium Account. Share
issue expenses in excess of the balance in the
Securities Premium Account is expensed in the
Standalone Statement of Profit and Loss.

r) Borrowing costs

Borrowing costs are interests and other costs
(including foreign exchange differences arising

from foreign currency borrowings to the extent
that they are regarded as an adjustment
to interest costs) incurred by the Company
in connection with the borrowing of funds.
Borrowing costs are recognized in the statement
of profit and loss in the period in which it is
incurred, except where the cost is incurred
for acquisition, construction, production or
development of an asset that takes a substantial
period of time to get ready for its intended use
in which case it is capitalized up to the date the
assets are ready for their intended use. All other
borrowing costs are recognized as expense in the
period in which these are incurred.

(b) Capital work in progress includes property, plant and equipments under construction, installation and cost of asset
not ready for use as at year end.

(c) There are no such projects in progress, whose completion is overdue or has exceeded its cost compared to its
original cost as of 31 March 2026 and 31 March 2025.

(d) The cost that are directly attributable to the acquisition or construction of property, plant and equipment has been
capitalised during the year. Refer note below.

a. The rights, preferences and restrictions to each class of shares including restrictions on the
distribution of dividends and repayment of capital (for all shareholders).

(i) The Company has issued one class of equity shares having a par value of ' 2 per share (31 March 2025: ' 10 per
share) . Each holder of equity shares is entitled to one vote per share. The equity shareholders are entitled to
receive dividend as declared from time to time.

(ii) In the event of liquidation of the Company, the holder 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 shareholder.

Nature of reserves

Capital reserve

Capital reserve represents the adjustment made on account of the business combination.

Securities premium

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

Retained earnings

Retained earnings are the profits / (losses) that the Company has made till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders. It includes re-measurement loss / (gain) on defined benefit plans
related to actuarial gains and losses, return on plan assets and any change in the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit liability (asset), net of taxes that will not be reclassified to
Standalone Statement of Profit and Loss.

Retained earnings is a free reserve available to the Company and eligible for distribution to shareholders.

Share options outstanding account

The Company has a share option scheme under which options to subscribe for the Company's shares have been granted.
The share option outstanding account is used to recognize the value of equity settled share based payments provided
to employees, as part of their remuneration. Refer to note 21 (f) for further details.

ESOP trust reserve

ESOP trust reserve represents the dividend related to the shares held by Bector Employee Welfare Trust.

Notes:

i) Final dividend declared for FY 24-25- ' 3 per equity share of ' 10 each, has been paid in the current year.

ii) Interim dividend declared for FY 25-26- ' 0.60 per equity share of ' 2 each, has been paid in the current year.

iii) Final dividend declared for FY 25-26- ' 0.70 per equity share of ' 2 each has been approved by the board of directors,
is subject to approval at the annual general meeting.

(a) The term loan of Punjab National Bank Limited is secured by equitable mortgage of immovable property situated
at Industrial Plot No. 2, Integrated Industrial Park, Pithampur, Dhar, Indore alongwith hypothecation of movable
property, plant and equipments of Indore plant.

These loans are further secured by first pari passu charge on equitable mortgage of leasehold rights of immovable
property situated at measuring 18,720 Sqm situated at 11- A, Udyog Vihar, Greater Noida and by first charge by way
of hypothecation on property, plant and equipments purchased out of bank finance of the Greater Noida unit.

(b) Vehicle loans taken from banks and others are secured by hypothecation of respective vehicles.

(c) During the year, the Company has used the borrowings from banks for the specific purpose for which it was taken
at the balance sheet date.

(d) Refer note 46 for assets pledged as security by the Company.

Notes

(a) The Company has taken working capital limits from HDFC Bank Limited amounting to ' 171.32 millions (31 March
2025 : ' 215.06) against fixed deposits. The facilities availed from HDFC Bank Limited carries floating rate of interest
@ FD rate 0.30-0.40% ranging from 6.62% to 7.20% per annum (FD rate 0.30% ranging from 6.90% to 7.55%
per annum for the year ended 31 March 2025). (Refer note 17).

(b) The Company has also taken the working capital limits from ICICI Bank Limited amounting to ' 58.65 millions (31
March 2025 : ' 50.20) which are secured by first pari passu charge on all moveable and immovable property, plant
and equipments both current and future of the Rajpura, Phillaur and Tahliwal plant. These loans are further secured
by first pari passu charge on current assets both present and future of the Rajpura, Phillaur and Tahliwal plant. The
facilities availed from ICICI Bank Limited carries floating rate of interest of :

i. Repo rate 2.32% spread ranging from 6.45% to 8.82% per annum (Repo rate 2.32% spread ranging from
7.20% to 8.82% per annum for the year ended 31 March 2025).

ii. FD rate 0.50% ranging from 6.75% to 7.10% per annum (FD rate 0.50% ranging from 7.20% to 7.75% per
annum for the year ended 31 March 2025).

42 EARNING PER SHARE (EPS)

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

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

43 CONTINGENT LIABILITIES AND COMMITMENTS

A. Contingent liabilities

On the basis of current status of below-mentioned individual cases and as per legal advice obtained by the Company,
wherever applicable, the Company is confident that the outcome in the below cases would be in the favour of the
Company and is of view that no provision is required in respect of these cases.

b. Other money for which the Company is contingently liable

The Company had imported capital goods under EPCG (Export Promotion Capital Goods) Scheme and saved
custom duty to the tune of ' 138.16 million (31 March 2025: ' 138.16 million) until 2025-26. As per the EPCG
terms and conditions, the Company needs to export goods 6 times of duty saved on import of Capital goods
on FOB basis within a period of 6 years The Company has exported goods of ' 828.96 million (31 March 2025:
' 703.50 million). The balance export obligation of ' Nil (31 March 2025: ' 125.46 million) is pending to be
exported by the Company. In case, the Company is unable to export services within the prescribed timeframe,
then the Company may have to pay duty on import of capital goods, including interest thereon.

B. Commitments

Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for
' 159.66 (as on 31 March 2025'217.01). Refer note 3 and 7 for details.

44 SEGMENT REPORTING

Basis for segmentation

Segment information is presented in respect of the Company's key operating segments. The operating segments
are based on the Company's management and internal reporting structure.

Operating Segments

The Company's Board of Directors have been identified as the Chief Operating Decision Maker ('CODM'), since they
are responsible for all major decisions with respect to the preparation and execution of business plan, preparation
of budget, planning, alliance, merger and acquisition, and expansion of any new facility.

In the opinion of the Board, there is only one reportable segment ('Food products'). Accordingly, no separate
disclosure for segment reporting is required to be made in the financial statements of the Company.

iii) Non-current assets

The Company's entire non-current assets are located within the Company's country of domicile (i.e. India).

C. Information about major customers (from external customers)

i) During the year ended 31 March 2026, Company does not have transactions with any single external
customer having 10% or more of its revenue. (' Nil for the year ended 31 March 2025).

45 LEASESA. Leases as lessee

a) The Company has taken various residential, office, warehouse and shop premises under lease agreements.

b) The aggregate lease rentals payable are disclosed in note 4 and note 41.

B. Leases as lessor

Operating leases

The Company has leased out a part of its buildings, plant and machinery under a job work arrangement. In addition,
certain office premises have also been leased out. All these arrangements are under short term cancellable operating
leases of less than 12 months.

Amounts recognised in profit or loss

During the year ended 31 March 2026, lease rentals of ' 35.68 (31 March 2025: ' 43.31) have been included in other
operating revenue / other income (refer note 33 and 34). There is a contingency attached to the future lease income
and are therefore can not be ascertained.

48 EMPLOYEE BENEFITS

The Company contributes to the following post-employment defined benefit plans.

(i) Defined Contribution Plans:

Defined contribution plans are provident fund scheme and employee state insurance to Government administered
schemes for eligible employees. The Company recognises contribution payable to the respective employee benefit
fund scheme as an expenditure, as and when they are due. The Company has no obligations other than to make the
specified contributions.

During the year, the Company has recognised the following amounts in the Statement of Profit and Loss (included
in note 38 - Employee benefits expense):

(ii) Defined benefit plan:

Gratuity

The Company operates a post-employment defined benefit plan for Gratuity. This plan entitles an employee to
receive half month's salary for each year of completed service at the time of retirement/exit. This scheme is funded
by the plan assets.

The employee's gratuity fund scheme is managed by Life Insurance Corporation of India and State Bank of India
Life Insurance. The scheme provides for lump sum payment to vested employees at retirement, death while in
employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed
year of service or part thereof in excess of 6 months subject to no ceiling. Vesting occurs upon completion of 5 years
of service. The present value of obligation is determined based on actuarial valuation using the Projected Unit
Credit Method, which recognize each year of service as giving rise to additional employee benefit entitlement and
measures each unit separately to build up the final obligation.

A. Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity plan
and the amounts recognised in the Company's financial statements as at balance sheet date:

The assets managed are highly liquid in nature and the Company does not expect any significant liquidity risk.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,
promotion, business plan, HR policy and other relevant factors on long term basis as provided in relevant
accounting standard.

The overall expected rate of return on assets is determined based on the actual rate of return during the current year.

On an annual basis, an asset-liability matching study is done by the Company whereby the Company contributes the
net increase in the actuarial liability to the plan manager in order to manage the liability risk.

D. Actuarial assumptions

a) Economic assumptions

The following were the principal actuarial assumptions at the reporting date. The discount rate is generally based
upon the market yields available on Government bonds at the accounting date relevant to currency of benefit
payments for a term that matches the liabilities. Salary growth rate is company's long term best estimate as to
salary increases & takes account of inflation, seniority, promotion, business plan, HR policy and other relevant
factors on long term basis as provided in relevant accounting standard. These valuation assumptions are as follows:-

b) Demographic assumptions

Attrition rates are the company's best estimate of employee turnover in future determined considering factors
such as nature of business & industry, retention policy, demand & supply in employment market, standing of the
company , business plan, HR Policy etc. as provided in the relevant accounting standard. Attrition rates as given
below have been received as input from the company.

G. Description of risk exposures:

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such company is
exposed to various risks as follow-

a) Salary Increases- Actual salary increases will increase the Plan's liability. Increase in salary increase rate
assumption in future valuations will also increase the liability.

b) Investment Risk - If Plan is funded then assets liabilities mismatch & actual investment return on assets lower
than the discount rate assumed at the last valuation date can impact the liability.

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

d) Mortality & disability - Actual deaths & disability cases proving lower or higher than assumed in the valuation
can impact the liabilities.

e) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal
rates at subsequent valuations can impact Plan's liability."

(iii) Other long-term employee benefits:

The Company provides for compensated absences to its employees. The employees can carry-forward a portion of
the unutilised accrued compensated absences and utilise it in future service years or receive cash compensation on
termination of employment. Since the compensated absences do not fall due wholly within twelve months after the
end of the year in which the employees render the related service and are also not expected to be utilized wholly
within twelve months after the end of such year, the benefit is classified as a long-term employee benefit. During the
year ended 31 March 2026, the Company has incurred an expense on compensated absences amounting to ' 14.93
millions (31 March 2025'17.07 millions). The Company determines the expense for compensated absences basis
the actuarial valuation of the present value of the obligation, using the Projected Unit Credit Method.

B. Transactions with related parties*

A number of key management personnel, or their related parties, hold positions in other entities that result in them
having control or significant influence over those entities. A number of these entities transacted with the Company
during the reporting year. The terms and conditions of the transactions with key management personnel and their
related parties were no more favorable than those available, or those which might reasonably be expected to be
available, in respect of similar transactions with non-key management personnel related entities on an arm's length
basis. The aggregate value of the Company's transactions relating to key management personnel and entities over
which they have control or significant influence is as follows:

Notes

a) Unless otherwise stated, all related party transactions have been entered on terms equivalent to those that
prevail in arm's length transactions. Outstanding balances at the year-end are unsecured and interest free and
settlement occurs in cash.

b) The above information has been determined to the extent such parties have been identified on the basis of
information available with the Company.

50 SHARE-BASED PAYMENT TO EMPLOYEESA. Description of share-based based payment to employees

i. Share option programme (equity-settled)

The Company established share option programme that entitle certain employees of the Company to purchase
shares in the Company. Under these plans, holders of vested options are entitled to purchase shares at the
exercise price of the shares at respective date of grant of options. The key terms and conditions related to the
grants under these plans are as follows; all options are to be settled by the delivery of shares.

Notes:

1. he fair value of options has been done by an independent merchant banker on the date of grant using the
Black-Scholes Model.

2. Expected volatility has been based on an evaluation of the historical volatility of the Company's share
price, particularly over the historical period commensurate with the expected term.

D. Expense recognised in Standalone statement of profit and loss

For details of the employee benefit expenses, refer note 38.

51 FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS

The following explains the judgements and estimates made in determining the fair values of the financial instruments.
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.

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly.

Level 3: unobservable inputs for the asset or liability.

Valuation techniques used to determine fair value

The fair value of the financial assets and liabilities are included at the amount that would be received to sell an asset
and paid to transfer a liability in an orderly transaction between market participants. The following methods were
used to estimate the fair values :

- Trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, loans, other
financial assets, borrowings, trade payables and other financial liabilities: Approximate their carrying amounts
largely due to the short-term maturities of these instruments.

- Borrowings taken by the Company are as per the Company's credit and liquidity risk assessment and there is no
comparable instrument having the similar terms and conditions with related security being pledged and hence
the carrying value of the borrowings represents the best estimate of fair value."

Financial risk management

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

- credit risk

- liquidity risk; and

- market risk"

Risk management framework

The Company's risk management policies are established 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 policies and
systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company,
through its training and management standards and procedures, aims to maintain a disciplined and constructive
control environment in which all employees understand their roles and obligations.

The Company's activities expose it to market risk (foreign exchange and interest risk), liquidity risk and credit risk.
The Company's board of directors has overall responsibility for the establishment and oversight of the Company's
risk management framework. This note explains the sources of risk which the entity is exposed to and how the
entity manages the risk and the related impact in the Standalone financial statements.

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial asset fails to
meet its contractual obligations. The Company's exposure to credit risk is influenced mainly by the individual
characteristics of each financial asset. The carrying amounts of financial assets represents the maximum credit
risk exposure.

A default on a financial asset is when the counterparty fails to make contractual payments as per agreed terms.
This definition of default is determined by considering the business environment in which entity operates and
other macro-economic factors.

The Company has a credit risk management policy in place to limit credit losses due to nonperformance of
counterparties. The Company monitors its exposure to credit risk on an ongoing basis. Assets are written off
when there is no reasonable expectation of recovery. Where loans and receivables are written off, the Company
continues to engage in enforcement activity to attempt to recover the dues.

Trade receivables

"The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer.
However, management also considers the factors that may influence the credit risk of its customer base,
including the default risk of the industry and country in which customers operate.

The Company establishes an allowance for impairment that represents its expected credit losses in respect of
trade and other receivables. The management uses a simplified approach for the purpose of computation of
expected credit loss for trade receivables. An impairment analysis is performed at each reporting date.

The risk management committee has established a credit policy under which each new customer is analysed
individually for credit worthiness before the standard payments and delivery terms & conditions are offered.

The Company's review includes external ratings, if they are available, financial statements, credit agency
information, industry information and business intelligence. Sale limits are established for each customer and
reviewed annually. Any sales exceeding those limits require approval from the appropriate authority as per
policy. In monitoring customer credit risk, customers are grouped according to their credit characteristics,
including whether they are an individual or a legal entity, whether they are a institutional, dealers or end-
user customer, their geographic location, industry, trade history with the Company and existence of previous
financial difficulties.

The Company based on internal assessment which is driven by the historical experience/ current facts available
in relation to default and delays in collection thereof, the credit risk for trade receivables is considered low. The
Company estimates its allowance for trade receivable using expected credit loss. Individual receivables which
are known to be uncollectible are written off by reducing the carrying amount of trade receivable and the
amount of the loss is recognised in the Statement of Profit and Loss within other expenses.

Cash and cash equivalents and deposits with banks

Credit risk related to cash and cash equivalents and bank deposits is managed by only investing in deposits with
highly rated banks and financial institutions and diversifying bank deposits and accounts in different banks.
Credit risk is considered low because the Company deals with highly rated banks and financial institution.

Loans

Loans are measured at amortised cost . Credit risk related to these financial assets is managed by monitoring
the recoverability of such amounts continuously, while at the same time internal control system are in place to
ensure the amounts are within defined limits.

Other financial assets

Other financial assets measured at amortized cost includes security deposits and other receivables. Credit risk
related to these financial assets is managed by monitoring the recoverability of such amounts continuously,
while at the same time internal control system are in place to ensure the amounts are within defined limits.
Credit risk is considered low because the Company is in possession of the underlying asset (in case of security
deposit) or as per trade experience (other receivables from revenue sharing arrangements). Further, the
Company creates provision by assessing individual financial asset for expectation of any credit loss basis 12
month expected credit loss model.

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.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the cash
flow generated from operations to meet obligations when due and to close out market positions. Due to the
dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining
availability under committed credit lines.

Management monitors rolling forecasts of the Company's liquidity position (comprising the undrawn borrowing
facilities) and cash and cash equivalents on the basis of expected cash flows. This is generally carried out at local
level in the operating companies of the Company in accordance with practice and limits set by the Company.
These limits vary by location to take into account the liquidity of the market in which the entity operates. In
addition, the Company's liquidity management policy involves projecting cash flows in major currencies and
considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against
internal and external regulatory requirements and maintaining debt financing plans.

The inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating
to derivative financial liabilities held for risk management purposes and which are not usually closed out before
contractual maturity.

iii. Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates and interest rates - will
affect the Company's income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising
the return.

The Company uses derivatives like Foreign-currency forward contracts and Wheat Forward Contracts to
manage market risks on account of foreign exchange fluctuations and fluctuation in prices of refined wheat
flour (maida). All such transactions are carried out within the guidelines set by the Board of directors.

Foreign currency risk

The Company is exposed to foreign currency risk on certain transactions that are denominated in a currency
other than entity's functional currency, hence exposure to exchange rate fluctuations arises. The risk is that
the functional currency value of cash flows will vary as a result of movements in exchange rates.

In respect of other monetary assets and liabilities denominated in foreign currencies, the Company's policy is to
ensure that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates
when necessary to address short-term imbalances.

Sensitivity analysis

A reasonably possible strengthening (weakening) of the ' against all other currencies as at year end would have
affected the measurement of financial instruments denominated in a foreign currency and affected equity and
profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest
rates, remain constant.

The sensitivity of profit or loss to changes in the exchange rates arises from foreign currency denominated
financial instruments.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company's interest rate risk arises from:-- Borrowings which
are made at market rate of interest at the time of borrowings.- Bank deposits which are made at market rate of
interest at the time of deposit.

Exposure to interest rate risk

The interest rate profile of the Company's interest-bearing financial instruments as reported to the management
of the Company is as follows.

Fair value sensitivity analysis for fixed-rate instruments

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

A change of 100 basis points in interest rates would have increased or decreased equity by '15.14 after tax (31
March 2025'13.02). This analysis assumes that all other variables remain constant.

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased
(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other
variables, in particular foreign currency exchange rates, remain constant.

52 CAPITAL MANAGEMENT

For the purpose of the Company's capital management, capital includes issued equity capital, securities premium
and all other reserves attributable to the equity holder. The primary objective of the Company's capital management
is to maximise the shareholder value.

Management assessees the Company's capital requirement in order to maintain an efficient overall financing
structure while avoiding excessive leverage. This takes into account the Company's various classes of debt.

The amounts managed as capital by the Company for the year ended 31 March 2026 and 31 March 2025 are as under:

Other explanatory points

(A) Earning for Debt Service = Net Profit after taxes Non-cash operating expenses like depreciation and other
amortizations Interest other adjustments like loss on sale of PPE etc.

Debt service = Interest & Lease payments Principal repayments

Net Profit after tax" means reported amount of "Profit / (loss) for the period" and it does not include items of
other comprehensive income.

(B) Capital Employed = Tangible net worth Total debt Deferred tax liability

* Nature of CSR activities

Current year - On promoting health care including preventive care and sanitation ' 5.84, on promoting education
including special education ' 4.06, on disaster management, including relief, rehabilitation and reconstruction
activities ' 2.10, on environment sustainability and animal welfare ' 1.93, on promotion of sports ' 0.05, on
eradicating hunger and malnutrition ' 0.03.

Previous year - On promoting education including special education ' 4.12, on environment sustainability and animal
welfare ' 0.34, on promoting health care including preventive care and sanitation ' 0.23, on eradicating hunger and
malnutrition ' 0.02."

# Amount spent during the year is for the purpose other than construction/acquisition of an asset and no amount is yet to be paid in cash.

** Reason for shortfall

Amount remaining unspent pertains to "Ongoing/Multilayer Projects" approved by CSR committee which will be
spent in the coming years.

55 OTHER STATUTORY INFORMATIONS :

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

(ii) The Company has adopted cost model for its property, plant and equipment (including right-of-use assets) and
intangible assets.

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

(iv) The company has not entered any such transaction which is not recorded in the books of accounts 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.

(v) The Company has borrowings from banks on the basis of security of current assets. The quarterly returns or
statements of current assets filed by the Company with banks and financial institutions are in agreement with the
books of accounts.

(vi) The Company has not been declared a 'Wilful Defaulter' by any bank or financial institution (as defined under the
Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulter issued by the
Reserve Bank of India.

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

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

(ix) The Company has not entered into any transactions with the struck off companies during current or previous
financial year.

(x) The Company including the "Companies in the Group" (as per the provisions of the Core Investment Companies
(Reserve Bank) Directions, 2016) do not have any Core Investment Company ("CIC").

(xi) The Company have 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:

(i) 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

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

(xii) The Company have 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:

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(xiii) The Company do not have any charges or satisfaction which is yet to be registered with Registrar of Companies
beyond the statutory period, except for the details mentioned below:

56 During the year ended 31 March 2025, the Company had completed its Qualified Institutional Placement ('QIP') of
fresh issue of 2,580,645 equity shares of face value of ' 10/- each for cash at an issue price of ' 1,550/- per equity
share (including securities premium of ' 1,540/- per equity share) aggregating to ' 4,000.00 millions (before the
subdivision/split). The Company had incurred ' 97.89 millions as QIP related expenses (excluding applicable taxes
of ' 15.38 millions) which have been adjusted against securities premium.

57 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 uses 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 edit 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 accounting software for maintaining its books of account which has a
feature of audit trail (edit log) facility and the same was enabled at the application level. During the year ended 31
March 2026, the Company has not enabled the feature of recording audit trail (edit log) at the database level for the
said accounting software to log any direct data changes till 31 December 2025, further, the accounting software used
from 01 January 2026 to 31 March 2026 is operated by a third-party software service provider. In the absence of any
information on existence of audit trail (edit logs) for any direct changes made at the database level in the 'Independent
Service Auditor's Assurance Report on the Description of Controls, their Design and Operating Effectiveness' ('Type
2 report' issued in accordance with SAE 3402, Assurance Reports on Controls at a Service Organization), we are
unable to comment on whether audit trail feature with respect to the database of the said software was enabled and
operated throughout the period.

58 The Government of India, on 21 November 2025, notified implementation of four new labour codes — Code on Wages
(2019), Industrial Relations Code (2020), Code on Social Security (2020), and Occupational Safety, Health and Working
Conditions Code (2020) (hereinafter referred to as "the New Labour Codes").

The New Labour Codes prescribe an uniform definition of the term 'wages', which is also relevant for determination
of post-employment benefits including gratuity to all employees. In accordance with the definition, wages means all
remuneration including basic pay, dearness allowance and retaining allowance but does not include certain specified
items forming part of remuneration and in the event the quantum of those specified items exceed 50% of total
remuneration, such excess is deemed to be considered as wages.

The revised definition of wages has resulted in an increase in gratuity obligation of ' 5.69 millions in respect of
services rendered in prior periods, and the Company has treated such incremental impact as past service cost and
recognised as expense immediately in the statement of profit and loss in the current year in accordance with Ind
AS 19, Employee Benefits. The Company will continue to evaluate the impact of future regulatory clarifications
and Rules.

59 SUBSEQUENT EVENTS

The Company has evaluated events and transactions, which occurred subsequent to the balance sheet date but
up to the date of these financial statements. There were no material subsequent events which are required to
be disclosed.