(m) Provisions, Contingent Liabilities and Contingent
Assets

Provisions are recognised when the Company has a present
obligation (legal or constructive) as a result of a past event
and it is probable that an outflow of resources, that can
be reliably estimated, will be required to settle such an
obligation.

If the effect of the time value of money is material, provisions
are determined by discounting the expected future cash
flows to net present value using an appropriate pre-tax
discount rate that reflects current market assessments
of the time value of money and, where appropriate, the
risks specific to the liability. Unwinding of the discount is
recognised in the Statement of Profit and Loss as a finance
cost. Provisions are reviewed at each reporting date and are
adjusted to reflect the current best estimate.

A present obligation that arises from past events where it
is either not probable that an outflow of resources will be
required to settle or a reliable estimate of the amount cannot
be made, is disclosed as a contingent liability. Contingent
liabilities are also disclosed when there is a possible
obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non -occurrence
of one or more uncertain future events not wholly within the
control of the Company.

Claims against the Company where the possibility of
any outflow of resources in settlement is remote, are not
disclosed as contingent liabilities.

Contingent assets are not recognised in 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 recognised.

(n) Borrowing costs

Borrowing costs are interest and other costs that the
Company incurs in connection with the borrowing of funds
and is measured with reference to the effective interest rate
(EIR) applicable to the respective borrowing.

Borrowing costs, allocated to qualifying assets, pertaining
to the period from commencement of activities relating to
construction / development of the qualifying asset up to the
date of capitalisation of such asset are added to the cost of
the assets. Capitalisation of borrowing costs is suspended
and charged to the Statement of Profit and Loss during
extended periods when active development activity on the
qualifying assets is interrupted.

All other borrowing costs are recognised as an expense in
the period which they are incurred.

(o) Segment Reporting - Identification of Segments

An operating segment is a component of the Company
that engages in business activities from which it may earn
revenues and incur expenses, whose operating results
are regularly reviewed by the company's chief operating
decision maker to make decisions for which discrete financial
information is available. Based on the management approach
as defined in Ind AS 108, the chief operating decision
maker evaluates the Company's performance and allocates
resources based on an analysis of various performance
indicators by business segments and geographic segments.

(p) Earnings per share
Basic earnings per share

Basic earnings per share is calculated by dividing:

- the profit attributable to owners of the company

- by the weighted average number of equity shares
outstanding during the financial year, adjusted for
bonus elements in equity shares issued during the year

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share to take into account:

- the after income tax effect of interest and other financing
costs associated with dilutive potential equity

- the weighted average number of additional equity
shares that would have been outstanding assuming the
conversion of all dilutive potential equity shares.

(q) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject
to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and
cash equivalents consist of cash and short-term deposits,
as defined above, net of outstanding bank overdrafts as
they are considered an integral part of the Company's cash
management.

(r) Events after reporting date

Where events occuring after the balance sheet date provide
evidence of conditions existed at the end of the reporting
period, the impact of such events is adjusted within financial
statements. Otherwise, events after the balance sheet date
of material size or nature are only disclosed.

(s) Current/non current classification

The Company presents assets and liabilities in the balance
sheet based on current/ non-current classification. An asset
is treated as current when it is:

- Expected to be realised or intended to be sold or
consumed in normal operating cycle

- Held primarily for the purpose of trading

- Expected to be realised within twelve months after the
reporting period, or

- Cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least twelve
months after the reporting period

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in normal operating cycle

- It is held primarily for the purpose of trading

- It is due to be settled within twelve months after the
reporting period, or

- There is no unconditional right to defer the settlement of
the liability for at least twelve months after the reporting
period

The company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non¬
current assets and liabilities.

The operating cycle is the time between the acquisition of
assets for processing and their realisation in cash and cash
equivalents. The company has identified twelve months as
its operating cycle.

(t) Dividends

The Company recognises a liability to make distributions to
equity holders when the distribution is authorised and the
distribution is no longer at the discretion of the Company. As
per the corporate laws in India, a distribution is authorised
when it is approved by the shareholders. A corresponding
amount is recognised directly in equity.

(u) Rounding of amounts

All amounts disclosed in the financial statements and notes
have been rounded off to the nearest Lakh as per the
requirement of Schedule III, unless otherwise stated.

3 Significant accounting judgements, estimates and
assumptions

The preparation of these financial statements in conformity
with the recognition and measurement principles of Ind
AS requires the management of the Company to make
estimates and assumptions that affect the reported balances
of assets and liabilities, disclosures relating to contingent
liabilities as at the date of the financial statements and the
reported amounts of income and expense for the periods
presented.

This note provides an overview of the areas that involved
a higher degree of judgement or complexity, and of items
which are more likely to be materially adjusted due to
estimates and assumptions turning out to be different than
those originally assessed. Detailed information about each
of these estimates and judgements is included in relevant
notes together with information about the basis of calculation
for each affected line item in the financial statements.

Critical estimates and judgements

(i) Estimation of net realizable value for inventory

Inventory is stated at the lower of cost and net realizable
value (NRV).

NRV for completed inventory is assessed by reference
to market conditions and prices existing at the reporting
date and is determined by the Company, based on
comparable transactions identified.

(ii) Impairment of non - financial assets

The Company assesses, at each reporting date, whether
there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment
testing for an asset is required, the Company estimates
the asset's recoverable amount. An asset's recoverable
amount is the higher of an asset's or cash-generating
unit's (CGU) fair value less costs of disposal and its
value in use. Recoverable amount is determined for an
individual asset, unless the asset does not generate
cash inflows that are largely independent of those from
other assets or groups of assets. When the carrying
amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written
down to its recoverable amount.

In assessing value in use, the estimated future cash
flows are 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 asset. In determining fair value less costs
of disposal, recent market transactions are taken into
account. If no such transactions can be identified, an
appropriate valuation model is used.

(iii) Recoverability of trade receivables

In case of trade receivables, the Company follows
the simplified approach permitted by Ind AS 109 -
Financial Instruments for recognition of impairment loss
allowance. The application of simplified approach does
not require the Company to track changes in credit risk.
The Company calculates the expected credit losses on
trade receivables using a provision matrix on the basis
of its historical credit loss experience.

(iv) Useful lives of property, plant and equipment/
intangible assets

The Company reviews the useful life of property, plant
and equipment/intangible assets at the end of each
reporting period. This reassessment may result in
change in depreciation expense in future periods.

(v) Valuation of deferred tax assets

The Company reviews the carrying amount of deferred
tax assets at the end of each reporting period. The
policy for the same has been explained under Note
above.

(vi) Defined benefit plans

The cost of the defined benefit gratuity plan and other
post-employment medical benefits and the present
value of the gratuity obligation are determined using
actuarial valuations. An actuarial valuation involves
making various assumptions that may differ from
actual developments in the future. These include
the determination of the discount rate, future salary
increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a
defined benefit obligation is highly sensitive to changes
in these assumptions. All assumptions are reviewed at
each reporting date.

ii. Terms/ rights attached to issued, subscribed and paid up equity shares

1. The Company has only one class of equity share having a par value of INR 1 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends in Indian Rupees.

2. The Company declares and pays dividends in Indian Rupees. The final dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General Meeting.

I. Nature of Security and Terms of Repayment

a. Equipment and vehicle loan balance outstanding amounting to INR 38.91 lakhs (March 31, 2025: INR Nil) is secured by
hypothecation of specific assets and guaranteed by Directors. Repayable in 37 EMI of INR 1.36 lakhs starting from Nov.,
2025. Last installment due in Nov, 2028 (Current Rate of Interest as on 31.03.2026 is 8.25% p.a.)

b. Equipment and vehicle loan balance outstanding amounting to INR 17.68 lakhs (March 31, 2025: 31.43 lakhs ) is secured
by hypothecation of specific assets and guaranteed by Directors. Repayable in 37 EMI of INR 1.34 lakhs starting from May.,
2024. Last installment due in May, 2027 (Current Rate of Interest as on 31.03.2026 is 9.00% p.a.)

c. Equipment and vehicle loan balance outstanding amounting to INR NIL (March 31, 2025: INR 7.87 lakhs) is secured by

hypothecation of specific assets and guaranteed by Directors. Repayable in 37 EMI of INR 1.34 lakhs starting from Sept.,
2022. Last installment due in Sept, 2025 (Current Rate of Interest as on 31.03.2026 is 7.75% p.a.)

d. Vehicle loans balance outstanding amounting to NIL (March 31, 2025: INR 36.93 lakhs) is secured by hypothecation of

specific vehicle and guaranteed by Directors. Repayable in 39 EMI of Rs. 3.21 Lakhs starting from Jan, 2023 and last
installment due in March, 2026. (Current Rate of Interest as on 31.03.2026 is 8.00% p.a.)

e. Vehicle loans balance outstanding amounting to NIL (March 31, 2025: INR 40.25 lakhs) is secured by hypothecation of
specific vehicle and guaranteed by Directors. Repayable in 39 EMI of Rs. 4.62 Lakhs starting from October, 2022 and last
installment due in December, 2025. (Current Rate of Interest as on 31.03.2026 is 7.90% p.a.)

f. Vehicle loans balance outstanding amounting to INR 16.59 lakhs (March 31, 2025: INR 33.35 Lakhs ) is secured by
hypothecation of specific vehicle and guaranteed by Directors. Repayable in 36 EMI of Rs. 1.59 Lakhs starting from March,
2024 and last installment due in February, 2027. (Current Rate of Interest as on 31.03.2026 is 8.85% p.a.)

g. Vehicle loans balance outstanding amounting to INR 124.04 lakhs (March 31, 2025: INR 153.76 Lakhs ) is secured by

hypothecation of specific vehicle and guaranteed by Directors. Repayable in 60 EMI of Rs. 3.52 Lakhs starting from

September, 2024 and last installment due in August, 2029. (Current Rate of Interest as on 31.03.2026 is 8.95% p.a.)

h. Vehicle loans balance outstanding amounting to INR 84.25 lakhs (March 31, 2025: NIL ) is secured by hypothecation of
specific vehicle and guaranteed by Directors. Repayable in 60 EMI of Rs. 2.05 Lakhs starting from May, 2025 and last
installment due in April, 2030. (Current Rate of Interest as on 31.03.2026 is 7.75% p.a.)

i. Unsecured loan (Inter-corporate deposit) from others balance outstanding amounting to INR 1154.48 Lakhs (March 31,2025:
NIL). Repayable on completion of 2 years (Rate of Interest 7.75% p.a.)

(i) Leave Obligations

The leave obligations cover the company's liability for earned leave.

The amount of the provision of INR 54.97 Lakhs (March 31, 2025: INR 58.27 Lakhs) is presented as current, since the
company does not have an unconditional right to defer settlement for any of these obligations.

(ii) Post Employement obligations

(A) Gratuity

The company provides for gratuity for employees in india as per the Payment of Gratuity Act, 1972. Permanent
Employees who are in continuous service for a period of five years and Fixed Term Employees who renders service for
a period of one year are eligible for gratuity. The amount of gratuity is payable on retirement/ termination of service.

The gratuity plan is a funded plan and the Company makes contribution to recognised Gratuity Fund managed by the
trust.

(B) Defined contribution plans

The company also has defined contribution plans. The company pays provident fund contributions to approved provident
fund trust and publicly administered provident funds. Contributions are made at the rate of 12% of basic salary as per
regulations. The obligation of the company is limited to the amount contributed and it has no further contractual nor
any contructive obligation. The expense recognised during the period towards defined contribution plan is INR 230.62
Lakhs (March 31, 2025: INR 251.23 Lakhs).

34. SEGMENT REPORTING

A. Information about operating segment

The Company has only one reportable segment i.e Mining & Processing of Natural Stone. Hence segmental reporting is
not applicable as per the Indian Accountin Standards.

B. Information about revenue based on geographical areas

The company is domiciled in India. The amount of its revenue from external customers broken down by location of the
customers is shown in the table below:

The management assessed that the fair value of cash and cash equivalent, trade receivables, trade payables and other current
financial assets and liabilities approximate their carrying amounts largely due to the short term maturities of these instruments.

The fair values for loans and other non current financial assets were calculated based on cash flows discounted using a current
lending rate. They are classified as level 3 fair values in the Fair value hierarchy due to the inclusion of unobservable inputs
including counterparty credit risk.

The fair values of non current borrowings are based on discounted cash flows using a current borrowing rate. They are classified
as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

ii. Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
recognised and measure at fair value. To provide an indication about the reliability of the inputs used in determing fair value, the
company has classified its financial instruments into three levels prescribed under the accounting standard. An explanation of
each level follows underneath the table:

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments
and mutual fund units.

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

Level 3 - If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.
This is the case for unlisted equity shares and Mutual Funds / Alternative Investment Fund.

iii. Valuation technique used to determine fair value

Specific Valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of the remaining financial instruments is determined using discounted cash flow analysis

36. FINANCIAL RISK MANAGEMENT

The Company's activity exposes it to market risk, liquidity risk and credit risk. Company's overall risk management focuses
on the unpredictibility of financial markets and seeks to minimise potential adverse effects on the financial performance of the
company. This note explains the sources of risk which the entity is exposed to and how the company manages the risk.

(A) Credit risk

Credit risk is the risk that the counterparty will not meet its obligations leading to a financial loss. Credit risk arises from cash and
cash equivalents, financial assets carried at amortised cost and deposits with banks and financial institutions, as well as credit
exposures to customers including outstanding receivables.

i. Credit risk management

Credit risk has always been managed by the company through credit approvals, establishing credit limits and continuously
monitoring the creditworthiness of customers to which the company grants credit terms in the normal course of business.

The company considers the probability of default upon initial recognition of asset 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 asset 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 general, it is presumed that credit risk has significantly increased since initial recognition if the payments are more than
90 days past due.

A default on a financial asset is when the counterparty fails to make contractual payments of when they fall due. This
definition of default is determined by considering the business environment in which entity operates and other macro¬
economic factors.

ii. Provision for expected credit losses

The company follows 'simplified approach' for recognition of loss allowance on Trade receivables

As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance on portfolio of its
trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade
receivables and is adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are
updated and changes in the forward-looking estimates are analyzed.

(B) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.
The Company consistently generated sufficient cash flows from operations to meet its financial obligations. Also, the Company
has unutilized credit limits with banks.

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. In addition, the company's liquidity management policy involves
projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios
against internal and external regulatory requirements.

Maturities of financial liabilities

The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which
the Company can be required to pay. In the table below, borrowings include both interest and principal cash flows. To the extent
that interest rates are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting
period.

(C) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market
prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk such as commodity
risk.

(i) Foreign currency risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which
fluctuate due to changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange
rates relates primarily to the export receivables.

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk
management policies and standard operating procedures to mitigate the risks.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Compnay's exposure to the risk of changes in market interest rates relates primarily to the
Group's long-term debt obligations with floating interest rates. The Company manages its interest rate risk by having a
balanced portfolio of fixed and variable rate loans and borrowings.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans
and borrowings affected. With all other variables held constant, the Company's profit before tax is affected through the
impact on floating rate borrowings, as follows:

Note: The above analysis is prepared for floating rate liabilities assuming the amount of the liability outstanidng at the end
of the reporting period was outstanding for the whole year and the assumed movement in basis points for the interest rate
sensitivity analysis is based on the currently observable market environment.

(iii) Commodity Price risk

The company is affected by the price volatility of certain commodities. Its operating activities require the continous purchase
of High Speed Diesel (HSD). Due to the significantly increased volatility of the price of the HSD and the regulatory changes,
the company is exposed to price risk. The Company has a risk management framework aimed at prudently managing the
arising from the volatility in commodity prices.

37. CAPITAL MANAGEMENT

For the purpsoe of the company's capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity share holders. The primary objective of the Company's capital management is to maximise the
shareholder value.

The company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares.

38. ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013

(i) There is no immovable properties whose tiltle deeds are not held in the name of the Company.

(ii) The Company does not have any investment Property which is required to be measured at fair value during the year. Hence
disclosure about valuation by a registered valuer is not required.

(iIi) The Company has not revalued any Property, Plant and Equipment and Intangible Assets during the year. Hence disclosure
about valuation by a registered valuer is not required.

(iv) The Company has not granted any Loans or Advances in the nature of loans to promoters, directors, KMPs and the related
parties as defined under Companies Act, 2013.

(v) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending
against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
Rules made thereunder. Hence disclosure about benami property is not required.

(vi) The Company has not been declared wilful defaulter by any Bank or financial institution or other lender or government or
any government authority.

(vii) The Company does not have any transactions with companies struck off during the year .

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

(ix) The Company does not have any layers of company as prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017, hence clauses related to compliance with number of layers of
companies are not applicable to the company.

(xi) As there is no Scheme of Arrangements required to be approved by the Competent Authority in terms of sections 230 to 237
of the Companies Act, 2013, hence no diclousre is required about the accounting of effect of Scheme of Arrangements in
the books of account of the Company in accordance with the Scheme of Arrangements and accounting standards.

(xii) Utilisation of Borrowed Fund & Share Premium

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall: (a) directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries)
or (b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

The Company has not advanced or lent or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or (b) provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(xiii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961
(such as search or survey etc.), that has not been recorded in the books of account.

(xiv) Company not traded or invested in crypto currency or virtual currency during the financial year. Hence disclosure about
crypto currency or virtual currency is not required.