(L) 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, for which it is probable that a Cash
Outflow will be required and a reliable estimate can be
made of the amount of the obligation.

Provisions are measured at the best estimate of the
expenditure required to settle the present obligation
at the reporting date and, where the effect of the time
value of money is material, are discounted using a pre¬
tax rate that reflects current market assessments of
the time value of money and the risks specific to the
obligation.

Contingent assets are not recognised; where an inflow
of economic benefits is probable, the contingent asset
is disclosed.

(M) LEASE:

The Company has adopted Ind AS 116. It has resulted
into recognition of Lease Assets Right to Use with a
corresponding Lease Liability in the Balance Sheet.

The Company, as a lessee, recognises a right to use
asset and a lease liability for its leasing arrangements,
if the contract conveys the right to control the use of
an identified asset.

The contract conveys the right to control the use
of an identified asset, if it involves the use of an
identified asset and the Company has substantially
all of the economic benefits from use of the asset
and has right to direct the use of the identified asset.
The cost of the right to use asset shall comprise of
the amount of the initial measurement of the lease
liability adjusted for any lease payments made at or
before the commencement date plus any initial direct
costs incurred. The right to use assets is subsequently
measured at cost less any accumulated depreciation,
accumulated impairment losses, if any and adjusted
for any remeasurement of the lease liability. The right-
of-use assets are depreciated using the straight-line
method from the commencement date over the shorter
of lease term or useful life of right-of-use asset.

The Company measures the lease liability at the
present value of the future lease payments. The lease
payments are discounted using the interest rate implicit
in the lease, if that rate can be readily determined. If
that rate cannot be readily determined, the Company
uses incremental borrowing rate.

For short-term and low value leases, the Company
recognises the lease payments as an operating
expense.

(N) EMPLOYEE BENEFITS:

(a) Short-term Employee Benefits:

All employee benefits such as salaries, wages,
short-term compensated absences, expected
cost of bonus, etc., which are expected to be
settled wholly within twelve months after the end
of the period in which the employee renders the
related service, are recognised in the period in
which the employee renders the related services.

(b) Post-Employment Benefits:

(i) Defined Contribution Plan:

The Company makes defined contributions
to Employee Provident Fund, Employee
Pension Fund, Employee Deposit Linked
Insurance, and superannuation Schemes.
The contribution paid/payable under
these schemes is recognised during the
period in which the employee renders the
related services which are recognised
in the Statement of Profit and Loss on
accrual basis during the period in which the
employee renders the services.

(ii) Defined Benefit Plan

The gratuity liability of the Company is funded
through a Group Gratuity Scheme with Life
Insurance Corporation of India (LIC) under
which the annual contribution is paid to LIC.
The Company's liability under Payment of
Gratuity Act is determined on the basis of
actuarial valuation made at the end of each
financial year using the projected unit credit
method. The obligation is measured at the
present value of the estimated future cash
flows using a discount rate based on the
market yield on government securities where
the terms of government securities are
consistent with the estimated terms of the
defined benefit obligations at the Balance
Sheet date. The Company recognises the
net obligation of a defined benefit plan in its
Balance Sheet as an asset or liability. Gains
and losses through re-measurements of
the net defined benefit liability/(asset) are
recognised in other comprehensive income
and are not reclassified to profit or loss in
subsequent periods.

(c) Other Long-Term Employee Benefits:

Compensated absences which are not
expected to be settled wholly within twelve
months after the end of the period in which
the employee renders the related service
are measured at the present value of the
estimated future cash outflows, determined
on the basis of an actuarial valuation
carried out at the end of each financial year
using the projected unit credit method. Re¬
measurement gains and losses on such
benefits are recognised in the Statement of
Profit and Loss in the period in which they
arise and are not deferred.

(d) Share Based Payment:

The grant date fair value of options
granted to employees is recognised as an
employee expense, with a corresponding
increase in equity, over the period that the
employees become unconditionally entitled
to the options. The expense is recorded
for each separately vesting portion of the
award as if the award was, in substance,
multiple awards. The increase in Other
Equity recognised in connection with share
based payment transaction is presented
as a separate component in equity under
"Employee Share Based Payment Reserve".
The amount recognised as an expense is
adjusted to reflect the actual number of
stock options that vest.

(O) FOREIGN CURRENCY TRANSACTIONS:

Items included in the Standalone Financial Statements
of the Company are measured using the currency of the
primary economic environment in which the Company
operates (functional currency). The Standalone
Financial Statements of the Company are presented in
Indian rupees ('), which is also the functional currency
of the Company.

Foreign currency transactions are recorded on
initial recognition in the functional currency, using
the exchange rate as applicable in the period of
such transaction. Exchange differences that arise
on settlement of monetary items or on reporting
of monetary items at each reporting period are
appropriately dealt in the financial statements in
accordance with the applicable Indian Accounting
standards.

(P) INCOME TAXES:

Income tax expense comprises of current tax expense
and deferred tax expenses.

Current and deferred taxes are recognised in Statement
of Profit and Loss, except when they relate to items
that are recognised in other comprehensive income or
directly in equity, in which case, the current and deferred
tax are also recognised in other comprehensive income
or directly in equity, respectively.

Current Income Tax:

Current tax is the amount of tax payable on the taxable
income for the year as determined in accordance with
the provisions of the Income Tax Act of the respective
jurisdiction. The current tax is calculated using tax
rates that have been enacted or substantively enacted,
at the reporting date.

Deferred Tax:

Deferred tax is recognised on temporary differences
between the carrying amounts of assets and
liabilities in the Company's financial statements and
the corresponding tax bases used in computation
of taxable profit and quantified using the tax rates
and laws enacted or substantively enacted as on the
Balance Sheet date.

Deferred tax liabilities are recognised for all taxable
temporary differences at the reporting date between
the tax base of assets and liabilities and their carrying
amounts for financial reporting purposes. Deferred
tax assets are recognised for all deductible temporary
differences to the extent that it is probable that taxable
profits will be available against which those deductible
temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to
the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of
the assets are to be recovered. Unrecognised deferred
tax assets are reassessed at the end of each reporting
period and are recognised to the extent that it has
become probable that future taxable profits will be
available against which the deferred tax assets can be
recovered.

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

Deferred tax assets and deferred tax liabilities are
offset when there is a legally enforceable right to set¬
off the recognised amounts and there is an intention to
settle the asset and the liability on a net basis.

Minimum Alternate Tax (MAT):

MAT credit is recognised as an asset only when and
to the extent it is reasonably certain that the Company
will pay normal income tax during the specified period.
Such asset is reviewed at each Balance Sheet date and
the carrying amount of the MAT credit asset is written
down to the extent there is no longer a convincing
evidence to the effect that the Company will pay
normal income tax during the specified period.

(Q) EARNINGS PER SHARE:

Basic earnings per share is computed by dividing the
profit for the year attributable to equity shareholders
of the Company by the weighted average number of
equity shares outstanding during the year. Diluted
earnings per share is computed by dividing that profit
by the weighted average number of equity shares
outstanding during the year as adjusted for the effects
of all dilutive potential equity shares, including options
granted under the Company's Employee Stock Option
Plan, except where the effect would be anti-dilutive.

(R) BORROWING COSTS:

Borrowing costs, general or specific, that are attributable
to the acquisition or construction of qualifying assets
is capitalised as part of such assets. A qualifying asset
is one that necessarily takes substantial period of time
to get ready for intended use. All other borrowing costs
are charged to the Statement of Profit and Loss.

(S) CONTINGENT LIABILITIES:Contingent Liability is:

(a) a possible obligation that arises from past events
and whose existence will be confirmed only by
the occurrence or non-occurrence of one or more
uncertain future events not wholly within the
control of the entity; or

(b) a present obligation that arises from past events
but is not recognised because:

(i) it is not probable that an outflow of
resources embodying economic benefits
will be required to settle the obligation; or

(ii) the amount of the obligation cannot be
measured with sufficient reliability

Contingent liabilities are disclosed in the notes and are
not recognised. They are assessed at each reporting
date and, where an outflow of resources becomes
probable and the amount can be reliably estimated, a
provision is recognised.

(T) SUPPLY CHAIN FINANCE/BILL DISCOUNTING

Bill discounting/factoring: Where the Company
discounts or factors its trade receivables and transfers
substantially all the risks and rewards of ownership
(non-recourse), the receivable is derecognised and
the consideration received is recognised in cash
and cash equivalents. Where the Company retains
substantially all the risks and rewards (with recourse),
the receivable is not derecognised and the financing
is recognised as a borrowing; the bills discounted
with recourse are disclosed as a contingent liability.
Supply chain finance/reverse factoring: Where a bank/
financial institution settles the Company's dues to
suppliers, the Company assesses whether the nature
and function of the liability have changed such that it
should be presented as a borrowing rather than a trade
payable, considering the extension of payment terms
beyond normal supplier terms, any security/guarantee
provided, and the substitution of the trade counterparty
by the finance provider

(U) EXCEPTIONAL ITEMS:

An item of income or expense which by its size, nature
or incidence requires disclosure in order to improve
an understanding of the performance of the Company
is treated as an exceptional item and the same is
disclosed in standalone statement of profit and
loss and in the notes forming part of the standalone
financial statements.

(V) RECENT ACCOUNTING PRONOUNCEMENT:

Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules
as issued from time to time. For the year ended 31st
March, 2026, MCA has notified following Amendment
to Ind AS, applicable to the Company w.e.f. 1st April,

2025.

- Ind AS 21 The Effects of Changes in Foreign
Exchange Rates Lack of Exchangeability

- Ind AS 12 - Income Taxes relating to International
Tax Reform - Pillar Two Model Rules - Exception
to recognition and disclosure of deferred tax.

- Amendments to Ind AS 7 - Cash flow statement
and Ind AS 107 - Financial Instrument Disclosures
relating to supplier finance arrangements

- I nd AS 1 Presentation of Financial Statements-
Classification of Liabilities as current or non¬
current and non- current liabilities with covenants.

The Company has reviewed these amendments. The
amendments to Ind AS 7 and Ind AS 107 relating
to supplier finance arrangements have resulted in
additional disclosure in respect of the Company's
supply chain financing arrangement, which is given
in Note 42 to the Standalone Financial Statements.
The remaining amendments do not have a significant
impact on the Standalone Financial Statements.

(W) NEW & AMENDED STANDARDS ISSUED BUT NOT
EFFECTIVE:

The MCA has issued certain amendments to Indian
Accounting Standards which are not yet effective as
at 31st March, 2026, being notified the Companies
(Indian Accounting Standards) Amendment Rules,
2026 via notification G.S.R. 725(E) on August 12,

2026. The Company has not early adopted any
standard, interpretation or amendment that has been
issued but is not yet effective and does not expect
these amendments to have a material impact on the
Standalone Financial Statements.

Details of Security

a) The above Outstanding Term Loans/ECBs are secured by way of Pari Passu Hypothecation of the Moveable Plant
& Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book
debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term
Lenders/Specifically excluded.

b) Vehicle loans from Banks/Financial Institutions are secured by way of hypothecation of respective vehicles.

c) As of March 31, 2026, the perfection of security at Registrar of Companies (ROC) Gujarat is pending and under
process in respect of Long Term loan facility of ' 1,224 Crs. The said was pending for the want of completion
of trusteeship arrangement, receipt of NOC from various lenders, etc. Further, the satisfaction of charges with
Registrar of Companies (ROC) Gujarat is pending/under process in respect of Long Term Loan and Working Capital
facilities of ' 722 Crs as the relevant documents related to satisfaction of the same were being finalised with the
respective lenders. The necessary actions in regard to above are underway and the formalities in this regard are
expected to be completed in due course. Apart from that all other charges are in order/have been duly satisfied, as
may be applicable.

d) The Company has complied with all the covenants prescribed under the terms of its borrowing arrangements.

(ii) The Company has availed working capital facilities from banks against the security of current assets. Quarterly
statements of stock and of book debts are filed with the banks within the stipulated timelines. Such statements
are compiled from the stock and book debt records maintained for this purpose and, accordingly, differ from the
corresponding balances in the books of account, which are drawn up after giving effect to the requirements of the
applicable accounting standards and to adjustments identified on completion of the periodic closing procedures. A
reconciliation of the differences is set out below:

(i) Working Capital Loans availed from Scheduled Banks, are secured by way of Pari Passu first charge by hypothecation
of Raw Materials, Stock-In-Process, Semi-Finished Goods, Finished Goods, Packing Materials and Stores and Spares,
Bills Receivables and Book Debts and all other moveable, both present and future. Also by way of hypothecation
of all moveable plant & machinery, machinery spares, tools and accessories and other movables, both present and
future (except book debts & inventories) wherever situated, ranking second to the charge held by ECB/Other Term
Lenders.

a) Stock: The differences arise from the basis on which the statements filed with the banks are compiled
and comprise principally the effect of measurement and classification requirements under Ind AS 115,
adjustments to the carrying value of inventories including provisions in respect of slow-moving, non-moving
and non-conforming items, and entries recorded on completion of the periodic closing and physical verification
procedures for the respective quarter.

b) Book debts: The differences arise from the basis on which the statements filed with the banks are compiled
and comprise principally the effect of measurement and classification requirements under Ind AS 115,
customer advances and credit balances that are set off in the books of account, allowances for expected
credit losses, and regroupings and adjustments recorded on completion of the periodic closing procedures for
the respective quarter.

Corporate Social Responsibility (CSR) expenses for the financial year 2025-26 include donations amounting to
' 12.05 Crs made to entities that qualify as related parties under the provisions of Paragraph 9 and Paragraph 21 of Ind
AS 24 (Related Party Disclosures). The details of these transactions are as follows: (i) Aarti Foundation: ' 10.15 Crs;
(ii) Dhanvallabh Welfare Foundation: ' 1.25 Crs; and (iii) Dhanvallabh Charitable Trust: ' 0.65 Crs.

35. EXCEPTIONAL ITEMS:

a) During the year the Company has received orders granting relief on historic income tax appeals for a several years
viz AY 2010-11 to A.Y. 2016-17 & 2019-20 As a result, an interest income of ' 28.50 Crs has accrued in favour of the
Company. Further the tax relief in respect of these prior periods, net of MAT adjustment, of ' 2.98 Crs has also been
provided under the head of "Tax expenses".

b) The Company had earlier, advanced ' 6.67 Crs to an Infrastructure NBFC entity/developer as an advance payment
for purchase of industrial land parcel in the state of Gujarat for its future growth requirements. Since the said
NBFC having run into financial stress and also that the land parcels are stuck under dispute, the Company, on a
conservative basis, has taken a provision for this advance paid. The same not being a regular business related
transaction, is being treated as an exceptional item.

c) The Government of India has consolidated existing labour legislations into a unified framework comprising four
labour codes (the new labour codes) on November 21, 2025. Accordingly, the Company has assessed the impact
of these changes and, based on certain estimates and an actuarial valuation, has made an incremental provision of
' 15.37 Crs under statutory impact of new labour codes in exceptional items head considering information available.
The Company continues to monitor the finalisation of the Central and State rules and clarifications issued by the
Government on the new Labour Codes and will recognise the impact of changes in the estimates in subsequent
period, as deemed appropriate.

a) Demands and assessment orders amounting to ' 52.20 Crs issued by the Income Tax Department regarding
disallowances of expenses/transfer pricing adjustments/specific additions are actively being contested by the
Company. The disputes are currently pending at various levels of appellate & redressal forums and no provision is
deemed necessary as the Company expects a favorable outcome.

b) The Company has unresolved legacy litigations under Central Excise, Customs, and Service Tax legislations
concerning valuation disputes, CENVAT credit, and service classifications involving a total amount of ' 38.31 Crs.
These matters are under review at various judicial levels, including CESTAT and higher courts, and are considered
contingent in nature with low probability of outflow. The Company faces contingent liabilities totaling ' 0.26 Crs
arising from legacy Sales Tax and VAT assessments, predominantly concerning non-submission of statutory forms
and local tax rate disputes. Appeals against these assessment orders have been filed before the relevant state
appellate authorities and are awaiting final adjudication.

c) The Company is currently contesting various show-cause notices and demand orders relating to GST compliance,
input tax credit (ITC) eligibility and classification issues across Maharashtra & Gujarat. These matters are currently
pending before various appellate authorities and high courts, involving an aggregate contingent tax exposure of
' 19.06 Crs; the management expects no material impact on the financial position based on legal merit.

F) The Company has other long-term employee benefits in the nature of compensated absences. Provision for compensated

absences are determined on an actuarial basis at the end of the year and charged to Statement of Profit and Loss. The
cost of providing these benefits is determined using the projected unit credit method.

42. SUPPLIER FINANCING AGREEMENT:

The Company participates in a supply chain financing arrangement which is disclosed under trade payables & Other
Financial Liabilities enabling suppliers to take early payment by selling their receivables from the Company. The Company
has not derecognised the original liabilities to which the arrangement applies because neither a legal release was
obtained nor the original liability and the payment terms are modified on entering into the arrangement. The Company
therefore discloses such amounts within trade payables & other financial liabilities because the nature and function of
the financial liability remains same.

43. DERIVATIVES & FORWARD CONTRACT INSTRUMENTS:

(A) The Company classifies its foreign exchange forward and currency options contracts that hedge foreign currency
risk associated with highly probable forecasted as cash flow hedges and measures them at fair value. The effective
portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised
in other comprehensive income and accumulated under hedging reserve. Amounts previously recognised in other
comprehensive income and accumulated in equity relating to effective portion (as described above) are reclassified
to the standalone statement of profit and loss in the periods when the hedged item affects standalone statement
of profit and loss, in the same line as the recognised hedged item.

(B) The Company uses Forward Exchange Contract to hedge against its Foreign Exchange exposures relating to
underlying transactions and firm commitments. The Company does not enter into any derivatives instruments for
Trading or Speculative purposes.

During the Year Company had hedged in aggregate an amount of ' 1,536.24 Crs (previous year ' 591.15 Crs) out of
its annual trade related operations (Exports & Imports) aggregating to ' 7,974.12 Crs (previous year ' 6,714.80 Crs).

The Company had hedged its currency risks to the tune of ' 410.52 Crs (previous year ' 31.42 Crs), in respect of its
long term Foreign Currency Loans/Borrowings. The Company has NIL (previous year ' 367.52 Crs) swap in respect
of its floating interest rate borrowing into a fixed rate loan through an interest rate swap.

(C) Net foreign exchange gain arriving out of export and import activities of the Company of ' 36.26 Crs (previous year
gain of ' 3.69 Crs) is included in Profit & Loss Account.

c) The fair value of derivative component of investments at FVTPL is measured using the Black Scholes valuation
model.

d) The fair value of investments in unquoted equity shares of other companies at FVTOCI is measured through equity
method.

e) The fair value of other financial assets and liabilities are measured at book value.

45. CAPITAL MANAGEMENT:

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity
reserves attributable to the equity holder.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. The Company monitors capital using a
gearing ratio, which is net debt divided by total capital plus net debt. Net Debt is calculated as loans and borrowings less
cash & marketable securities.

The financial instruments are categorised into three levels based on the inputs used to arrive at fair value measurements
as described below:

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

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

Level 3: Inputs based on unobservable market data.

Valuation Methodology

All the financial instruments are initially recognized and subsequently re-measured at fair value as described below:-

a) The fair value of investments in unquoted equity shares of other companies at cost is measured at book value.

b) The fair value of currency swaps is calculated as the present value of the estimated future cash flows based on
observable yield curves.

46. FINANCIAL RISK MANAGEMENT:

The Company's principal financial liabilities comprise trade and other payables. The main purpose of these financial
liabilities is to finance the Company's operations. The Company's principal financial assets include loans, trade and other
receivables, and cash and cash equivalents that derive directly from its operations.

The Company hedges highly probable forecast foreign-currency sales and purchases, and the currency risk on foreign-
currency borrowings, using forward contracts and swaps. There is an economic relationship between the hedged items
and the hedging instruments, as the critical terms (currency, amount and timing) substantially match. The Company
establishes a hedge ratio of 1:1 and assesses hedge effectiveness at inception and at each reporting date. Hedge
ineffectiveness may arise from changes in the timing of forecast transactions or in counterparty credit risk. The Company
does not enter into derivatives for trading or speculative purposes.

The Company is exposed to credit risk, market risk and liquidity risk. The Company's senior management oversees the
management of these risks.

I. Credit Risk

The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing
activities (deposits with banks and other financial instruments).

Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due
causing financial loss to the Company. Credit risk arises from company's activities in investments, dealing in derivatives
and outstanding receivables from customers.

The company has a prudent and conservative process for managing its credit risk arising in the course of its business
activities. Sales made to customers on credit are generally secured through Letters of Credit, Bank Guarantees, Parent
Company Guarantees, advance payments and factoring & forfaiting without recourse to AIL. Investment in Optionally

Convertible Debentures (OCDs) of the joint venture is excluded from the traditional credit risk assessment model.
Management views this as equity-like strategic funding. Given the operational control and implied financial support from
the investor, no impairment or expected credit loss provision is deemed necessary.

Credit Risk Management

To manage the credit risk, the Company follows an adequate credit control policy and also has an external credit
insurance cover wherein the customers are required to make an advance payment before procurement of goods. Thus,
the requirement of assessing the impairment loss on trade receivables does not materially arise, since the collectability
risk is mitigated.

Bank balances are held with only high rated banks and majority of other security deposits are placed majorly with
government/statutory agencies.

II. Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a
reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities such as trade
payables and other financial liabilities.

(a) Liquidity Risk Management

The Company's corporate treasury department is responsible for liquidity and funding as well as settlement. In
addition, processes and policies related to such risks are overseen by senior management. Management monitors
the Company's net liquidity position through rolling forecasts on the basis of expected cash flows.

As at March 31, 2026

Maturities of non-derivative financial liabilities:

III. Market Risk

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

a) Foreign Currency Risk

Foreign currency risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of
changes in foreign currency rates. Exposures can arise on account of the various assets and liabilities which are
denominated in currencies other than Indian Rupee

The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's
operating activities in exports and imports which is majorly in US dollars.

Hence, to combat the foreign currency exposure, the Company follows a policy wherein the net sales are hedged by
forward Contract.

Notes for Ratio:

a) Debt Service Coverage Ratio increased due to lower finance cost and principal repayments of loans during the year.

b) Trade Receivables Turnover Ratio decreased on account of a higher increase in average trade receivables relative
to the increase in revenue from operations during the year.

c) Net Capital Turnover Ratio is not meaningful for the company due to negative working capital arising from its
business operations. Current ratio is provided as an alternative liquidity metrics.

48. OTHER DISCLOSURES:

(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
thereunder.

(ii) The Company do not have any transactions with companies struck off. under section 248 of Companies Act, 2013
or section 560 of Companies Act, 1956.

(iii) As of March 31, 2026, the perfection of security at Registrar of Companies (ROC) Gujarat is pending and under
process in respect of Long Term loan facility of Rs 1,224 Crs. The said was pending for the want of completion
of trusteeship arrangement, receipt of NOC from various lenders, etc. Further, the satisfaction of charges with
Registrar of Companies (ROC) Gujarat is pending/under process in respect of Long Term Loan and Working Capital
facilities of Rs. 722 Crs as the relevant documents related to satisfaction of the same were being finalised with the
respective lenders. The necessary actions in regard to above are underway and the formalities in this regard are
expected to be completed in due course. Apart from that all other charges are in order/have been duly satisfied, as
may be applicable

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

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

(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 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 Group 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 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.

(viii) The Company migrated its books of account from SAP ECC to SAP S/4 HANA with effect from 1 April 2025.
Accordingly, for the year ended 31 March 2026 the Company used SAP S/4 HANA, which has a feature of recording
an audit trail; the audit trail facility operated throughout the year for all relevant transactions recorded in the
software. The Company uses SAP S/4 Hana & ensures an audit trail, providing standard functionality and logging
of all data changes in the system. This functionality and audit trail feature in SAP S4 Hana has been operational
throughout the year. The SAP S4 Hana environment is appropriately governed, and only authorized users can make
postings while interacting with the system through the application layer. Normal/regular users are not granted
direct database or super user level access that would allow them to make changes to financial documents directly
after they have been posted through the application. The Company has not come across any instance of the audit
trail feature being tampered with. For the comparative year ended 31 March 2025, the Company had used SAP ECC,
in respect of which the audit trail position was reported in the financial statements for that year.

(ix) Neither the Company and nor any of its director or promotor has been declared a wilful defaulter by any bank,
financial institution, or other lender during the financial year.

(x) Events after the reporting period

Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the
reporting period and the date when the financial statements are approved by the Board of Directors in case of a
company, and, by the corresponding approving authority in case of any other entity for issue. Two types of events
can be identified:

(a) those that provide evidence of conditions that existed at the end of the reporting period (adjusting events after
the reporting period); and

(b) t hose that are indicative of conditions that arose after the reporting period (non-adjusting events after the
reporting period).

As on May 04, 2026 there were no material subsequent events to be recognised or reported that are not already
disclosed.

49. The figures of previous year have been regrouped and rearranged wherever necessary.