3.14 Provisions, Contingent liabilities, Contingent
assets and Commitments:

Provisions are recognised only when the Company has
a present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made
of the amount of the obligation. When the Company
expects some or all of a provision to be reimbursed, for
example, under an insurance contract, the reimbursement
is recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense relating to
a provision is presented in the statement of profit and loss
net of any reimbursement.

If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability.
When discounting is used, the increase in the provision
due to the passage of time is recognised as a finance cost.

Contingent liability is disclosed in the case of:

A present obligation arising from the past events, when
it is not probable that an outflow of resources will be
required to settle the obligation;

A present obligation arising from the past events, when no
reliable estimate is possible; or

A possible obligation arising from the past events, unless
the probability of outflow of resources is remote.

Commitments include the amount of purchase order (net
of advances) issued to parties for completion of assets.

A contingent asset is a possible asset that arises 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. Contingent assets are neither recognised nor
disclosed in the company's financial statements.

Provisions, contingent liabilities, contingent assets and
commitments are reviewed at each balance sheet date.

3.15 Earnings per share

Basic earnings per share are calculated by dividing the net
profit for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding
during the period. Earnings considered in ascertaining
the Company's earnings per share is the net profit for
the period after deducting preference dividends and
any attributable tax thereto for the period. The weighted
average number of equity shares outstanding during
the period and for all periods presented is adjusted for
events, such as bonus shares, other than the conversion
of potential equity shares that have changed the number
of equity shares outstanding, without a corresponding
change in resources.

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

3.16 Cash flow statement

Cash flow are reported using the indirect method,
whereby net profit before tax is adjusted for the effects
of transactions of a non-cash nature, any deferrals of
accruals of past or future operating cash receipts or
payments and item of income or expenses associated
with investing or financing cash flows. The cash flows from
operating, investing and finance activities of the Company
are segregated.

3.17 Fair Value Measurement

Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability
takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most
advantageous market for the asset or liability.

The principal or the most advantageous market must be
accessible by the Company.

The fair value of an asset or a liability is measured using
the assumptions that market participants would use
when pricing the asset or liability, assuming that market
participants act in their best economic interest.

The Company uses valuation techniques that are
appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximizing the
use of relevant observable inputs and minimizing the use
of unobservable inputs.

All assets and liabilities for which fair value is measured
or disclosed in the financial statements are categorized
within the fair value hierarchy, described as follows, which
gives highest priority to quoted prices in active markets
and the lowest priority to unobservable inputs.

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

• Level 2 - Valuation techniques for inputs other
than quoted prices included within Level 1 that
are observable for the asset or Liability either
directly or indirectly.

• Level 3 - Valuation techniques for inputs that are
unobservable for the asset or liability.

For the purpose of fair value disclosures, the Company
has determined classes of assets and liabilities on the
basis of the nature, characteristics and risks of the asset
or liability and the level of the fair value hierarchy as
explained above.

Note- 4 Critical and significant accounting
judgements, estimates and assumptions

4.1 Critical estimates and judgements

The following are the critical judgements, apart from those
involving estimations that the management have made
in the process of applying the Company’s accounting
policies and that have the most significant effect on the
amounts recognized in the financial statements. Actual
results may differ from these estimates. These estimates
and underlying assumptions are reviewed on an ongoing
basis. Revisions to the accounting estimates in the
period in which the estimate is revised if the revision
affects only that period, or in the period of the revision
and future periods if the revision affects both current and
future periods.

Useful lives of property, plant and equipment and
intangible assets:

Management reviews the useful lives of depreciable
assets at each reporting. As at last day of the financial year,
management assessed that the useful lives represent the
expected utility of the assets to the Company. Further,
there is no significant change in the useful lives as
compared to previous year.

Allowance for expected credit losses:

Note 41 describes the use of practical expedient by
computing the expected credit loss allowance for trade
receivables other than subsidy receivables based on
provision matrix. The expected credit allowance is based
on the aging of the days receivables are due and the rates
derived based on past history of defaults in the provision
matrix. As regards subsidy receivables, the Company
does not believe that there is any credit risk as dues are
receivable from the Government and hence no allowance
for expected credit loss is made.

Dismantling cost of property, plant and equipment:

The financials include assets retirement obligation on
estimate basis for property, plant and equipment. The
management estimates dismantling cost considering size
of the asset and its useful life in line with industry practices.

Stores and spares inventories:

The Company’s manufacturing process is continuous and
highly mechanical with wide range of different types of
plant and machineries. The Company keeps stores and
spares as standby to continue the operations without any
disruption. Considering wide range of stores and spares
and long lead time for procurement of it and based on
criticality of spares, the Company believes that net
realizable value would be more than cost.

Fair value of investments:

The Company has invested in the equity instruments
of various companies. However, the percentage of
shareholding of the Company in some of such investee
companies is low and hence, it has not been provided
with future projections including projected profit and
loss account by those investee companies. Hence, the
valuation exercise carried out by the Company with the
help of an independent valuer has estimated the fair value
at each reporting period based on available historical
annual reports and other information in the public domain.
In case of other companies, where there are no comparable
companies’ valuations available (also includes start¬
up companies) and no further information available for
future projections, capacity utilisation, commencement of
operations, etc., the method of valuation followed is cost
approach. The Company evaluates the aforesaid position
at each period end.

Income taxes:

Significant judgements are involved in determining the
provision for income taxes, including amount expected to
be paid/recovered for uncertain tax positions.

4.2. Significant accounting judgements, estimates and
assumptions

The preparation of the company's financial statements
requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in
future periods.

Judgements

In the process of applying the company’s accounting
policies, management has made the following judgements,
which have the most significant effect on the amounts
recognised in the standalone financial statements:

Determination of lease term & discount rate:

Ind AS 116 leases requires lessee to determine the lease
term as the non-cancellable period of a lease adjusted
with any option to extend or terminate the lease, if the use
of such option is reasonably certain. The company makes
assessment on the expected lease term on lease by lease
basis and thereby assesses whether it is reasonably
certain that any options to extend or terminate the
contract will be exercised. In evaluating the lease term,
the company considers factor such as any significant
leasehold improvements undertaken over the lease
term, costs relating to the termination of lease and the
importance of the underlying to the company’s operations
taking into account the location of the underlying asset
and availability of the suitable alternatives. The lease term
in future period is reassessed to ensure that the lease
term reflects the current economic circumstances.

The discount rate is generally based on the incremental
borrowing rate specific to the lease being evaluated or for
a portfolio of leases with similar characteristics.

Estimates and assumptions

The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the
next financial year, are described below. The company
based on its assumptions and estimates on parameters
available when the financial statements were prepared.
Existing circumstances and assumptions about future
developments, however, may change due to market

changes or circumstances arising that are beyond the
control of the company. Such changes are reflected in the
assumptions when they occur.

Impairment of non-financial assets

Impairment exists when the carrying value of an asset or
cash generating unit exceeds its recoverable amount, which
is the higher of its fair value less costs of disposal and its
value in use. The fair value less costs of disposal calculation
is based on available data from binding sales transactions,
conducted at arm’s length, for similar assets or observable
market prices less incremental costs for disposing of the
asset. The value in use calculation is based on a Discounted
Cash Flow model. The cash flows are derived from the
budget for the next five years and do not include activities
that the company is not yet committed to or significant future
investments that will enhance the asset’s performance of the
Cash Generating Unit being tested. The recoverable amount
is sensitive to the discount rate used for the Discounted Cash
Flow model as well as the expected future cash-inflows and
the growth rate used for extrapolation purposes.

Taxes

Deferred tax assets are recognised for unused tax
losses to the extent that it is probable that taxable profit
will be available against which the losses can be utilised.
Significant management judgement is required to determine
the amount of deferred tax assets that can be recognised,
based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.

Defined benefit plans

The cost of the defined benefit plans viz. gratuity,
superannuation for the eligible employees of the
Company 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.

The parameter most subject to change is the discount
rate. In determining the appropriate discount rate for plans
operated in India, the management considers the interest
rates of government bonds in currencies consistent with
the currencies of the post-employment benefit obligation.

The mortality rate is based on publicly available mortality
tables. Those mortality tables tend to change only at
interval in response to demographic changes. Future
salary increases and gratuity increases are based on
expected future inflation rate.

Further details about gratuity obligations are
given in Note 37.

Provision and contingent liability

On an ongoing basis, Company reviews pending cases,
claims by third parties and other contingencies. For
contingent losses that are considered probable, an
estimated loss is recorded as an accrual in financial
statements. Loss Contingencies that are considered
possible are not provided for but disclosed as Contingent
liabilities in the financial statements. Contingencies
the likelihood of which is remote are not disclosed in
the financial statements. Gain contingencies are not
recognized until the contingency has been resolved and
amounts are received or receivable.

Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new
amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time
to time. For the year ended March 31, 2026, MCA has
notified amendments to Ind AS 21 - The Effects of Changes
in Foreign Exchange Rates, Ind AS 1 - Presentation of
Financial Statements, Ind AS 7 - Statement of Cash Flows,
Ind AS 107 - Financial Instruments: Disclosures and Ind
AS 12, International Tax Reform - Pillar Two Model Rules.
The company has reviewed the new pronouncements and
based on its evaluation given necessary impact (including
additional disclosures) as applicable.

Notes

1 The Company has capitalised Urea revamping Project at H 364.04 Cr., 600 MTPD SA-V Project at H 232.92 Cr. and 15MW
Solar Power Project at Charanka at H 77.46 Cr. during FY 2025-26. Leasehold plot in Dahej has been reclassifed from Capital
Advances under Note no. 9 to Leasehold Land, following execution of lease deed during FY 25-26.

2 Asset acquisition includes R&D assets of H0.29 Crores (previous year H0.26 Crores).

3 The Company has leased a portion of land to Bank of Baroda for bank premises at Fertilizernagar & Sikka.Further, the
Company has let out its premises in Dashrath to Vadodara Gas Limited for which renewal lease agreement is finalised but
government approval is under consideration.

4 The Company has acquired land through Government and also through direct negotiations. The entire land is in possession
of the Company. In respect of other portion of land acquired through direct negotiations, compensation has been paid at the
negotiated price. The Company also holds possession of a portion of land for which no amount has been paid in absence of
receipt of awards.

5 The Company established Sikka Jetty at its own cost, which is in operation since 1987. After due discussion with Gujarat
Maritime Board (GMB), a consensus was arrived at establishing ownership of jetty with the Company. Thereafter, in terms of
resolution passed by GMB, the ownership of the jetty at Sikka was transferred to the Company. However, during 1994, GMB
has reversed its earlier decision not supported by resolution and contended that the ownership of the jetty rests with GMB. The
Company has made representation to the appropriate authority with regards to the ownership of the jetty with the Company.

The matter of deciding the status of Jetty was under examination at GMB & Government of Gujarat levels since long back.
Various meetings were also held and after due diligence on the matter, it is decided by the Board of GMB supported by a
resolution to assign the status of Captive Jetty to sikka jetty and the Company has to sign Captive Jetty Agreement with
GMB. At present the Company is in possession of the Jetty and continues to be the owner of the Jetty pending signing
of the Agreement.

Notes:

* Less than a Thousand

a) There is no change in the no of shares compare to previous year, except where specifically mentioned above under each case.

b) The equity shares held by the Company in Tunisian Indian Fertilizers S.A., Tunisia (TIFERT) have been pledged to secure the
obligations of TIFERT to their lenders.

c) Investments at fair value through OCI (fully paid) reflect investment in quoted and unquoted equity securities. Refer note 41
for determination of their fair values.

d) During the year, in the scheme of amalgamation, the company has received 10,82,730 Shares of Paradeep Phosphates
Limited in exchange of 5,79,000 Shares of Mangalore Chemicals & Fertilizers Ltd.

e) Represents the various defaulted securities having net face value of H18.85 Crores received in demat, against the losses make
good by the company to GSFC’s EPFTs as per EPFO guideline (H 19.13 Crores during FY 2024-25).

f) The company has provided a loan of USD 2.50 Mn to TIFERT for procurement of critical spares and equipment’s. Provided loan
carries an interest of daily average LIBOR plus a margin of 225 basis points. It was provided with a condition of compulsory
conversion in equity shares of TIFERT after 3 years from the date of agreement however the term of loan has been extended

Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as a liability.

1. Capital Reserve: This reserve has been created from amounts forfeited on shares not fully paid up, scheme of capital subsidy
for industries in backwards areas, etc. It is not available for distribution of dividend.

2. Securities Premium: The amount received in excess of face value of the Rights Equity shares issued have been recognised
in Share Premium Reserve, etc. It is not available for distribution of dividend.

3. Capital Redemption Reserve: Capital Redemption Reserve has been created against the redemption of preference shares
in earlier years. It is not available for distribution of dividend.

4. General Reserve: General Reserve represents a reserve other than capital reserve which is not earmarked for a
specific purpose.

5. Retained Earnings: Retained Earnings represents surplus/accumulated earnings of the Company and are available for
distribution to shareholders.

6. Other comprehensive income (OCI): OCI comprises items of income and expenses (including reclassification adjustments)
that are not recognised in profit or loss as required or permitted by Indian Accounting Standards. The components of OCI
include: re-measurements of defined benefit plans, gains and losses arising from investment in equity instruments.

37. Employment benefit plans

A) The Company operates post employment and other long term employee benefits defined plans as follows:
I. Funded II. Unfunded

i. Gratuity i. Post retirement medical benefit scheme

ii. Pension

Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: investment risk,
interest rate risk, longevity risk and salary risk.

Investment Risk: The present value of the defined benefit liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds.

Interest Risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset
by an increase in the return on the plan's investments.

Longevity Risk: The present value of the defined benefit liability is calculated by reference to the best estimate of
the mortality of plan participants both during and after their employment. An increase in the life expectancy of the
plan participants will increase the plan's liability.

Salary Risk: The present value of the defined benefit liability is calculated by reference to the future salaries of plan
participants. As such, an increase in salary of the plan participants will increase the plan's liability.

B) Defined contribution plans:

Expenses towards Defined Contribution Plans have been included under Note 33 under line item ‘’Contributions to
Provident, Gratuity and Superannuation Fund (pension) Funds (including provisions)’’. They amounted to H54.01 Crores
for FY 2025-26 (H56.53 Crores for FY 2024-25).

Provident Fund contributions are made to the Employees’ Provident Fund Organization (EPFO) for the Baroda Unit
and Polymer Unit from 01/09/2024 as the Provident Fund trusts associated with these two units were surrendered with
effect from 01/09/2024. Provident Fund contributions are made to remaining two trusts for Sikka Unit & Fibre Unit which
are administered by the Company. The interest rate payable to the members of the Trusts shall not be lower than the
statutory rate of interest declared by the Central Government under the Employees provident Funds and Miscellaneous
Provisions Act, 1952 and shortfall, if any, shall be made good by the Company.

C) Defined Benefit plans:

Separate trust funds manage the Gratuity and Pension plans. The expenses towards defined benefit plans are disclosed
in Note No. 33 - "Employee Benefit Expenses" as under :

# Pension & Gratuity are disclosed in line item - "Contribution to Provident Fund, and provision to Gratuity, Superannuation
(Pension) Funds"

40. Segment information

For management purposes, the company is organised into business units based on its products and has two reportable
segments, as follows:

1. Fertilizer products comprising of Urea, Ammonium Sulphate, Di-ammonium Phosphate, Ammonium Phosphate Sulphate,
NPK (12:32:16), (10:26:26), traded fertilizer products etc.

2. Industrial products comprising of Caprolactam, Nylon-6, Nylon Chips, Melamine, traded industrial products etc.

The Chief Operating Decision Maker (“CODM”) evaluates the Company’s performance and allocates resources based on an
analysis of various performance indicators by the two operating segments. The CODM reviews revenue and gross profit as the
performance indicator for both operating segments.

fair value based on available historical Annual Reports of such companies and other information as available in the public domain.
Since the future projections are not available, discounted cashflow approach for fair value determination has not been followed.

Note 2 : In case of some companies, there are no comparable companies valuations available. In light of no information available
for future projections, capacity utilisation, commencement of operations, etc., the valuation is based on cost approach.

Note 3 : Referring effective date 1st May,2026 of the Composite Scheme of amalgamation between Gujarat State Petroleum
Corporation Limited (GSPC) & Gujarat Gas Ltd (GGL), the shares of GSPC are considered as per exchange ratio of the scheme
(10:305), 7,70,492 shares are valued at the market price of GGL as on 31/03/26.

C. 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 board of directors has overall responsibility for the establishment and oversight of the Company’s risk
management framework. The Company manages market risk through a Financial risk management committee, which
evaluates and exercises independent control over the entire process of market risk management. The treasury department
recommends risk management objectives and policies, which are approved by Audit cum finance committee and Board of
Directors. The activities of this department include management of cash resources, implementing hedging strategies for
foreign currency exposures, borrowing strategies, and ensuring compliance with market risk limits and policies.

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 audit cum finance committee oversees how management monitors compliance with the company’s risk management
policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the
Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad
hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the Company’s receivables from customers.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade and other receivables

The Company’s exposure to credit 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 Revenue department has established a credit policy under which each new customer is analysed individually for
creditworthiness before the Company’s standard payment and delivery terms and conditions are offered. The Company’s
review includes external ratings, if they are available, and in some cases bank references. Sale limits are established for
each customer and reviewed quarterly. Any sales exceeding those limits require approval from the Board of Directors.

Goods are sold subject to retention of title clauses, so that in the event of non-payment the Company may have a
secured claim. The Company does not otherwise require collateral in respect of trade and other receivables.

Cash and cash equivalents

The Company held cash and cash equivalents of H160.75 Crores at March 31,2026 (H238.46 Crores at March 31,2025).
The cash and cash equivalents are held with approved scheduled banks.

Derivatives

The derivatives deals are done with AD category banks in OTC market and registered brokers in ETCD market.

ii. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is
to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal
and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

iii. Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices
- will affect the Company’s income or the value of its holdings of financial instruments.Market risk is attributable to all
market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. The
company is exposed to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value
of company's investments. Thus, company's exposure to market risk is a function of investing and borrowing activities
and revenue generating and operating activities in foreign currency. The objective of market risk management is to
control the financial risks associated with the Foreign Exchange/Currency rate movements through a sophisticated
Foreign Exchange Risk Management System.

Currency risk

The Company is exposed to currency risk on account of its import payables and borrowings in foreign currency. The
functional currency of the Company is Indian Rupee. The Company uses forward exchange contracts, Options and
futures to hedge its currency risk, most with a maturity of less than one year from the reporting date.

The company is using derivative instruments which are not intended for trading or speculative purposes but for hedge
purposes to establish the amount of reporting currency required or available at the settlement date of certain payables
and receivables.

The nature of services and its disclosure of timing of satisfaction of performance obligation is mentioned in para 3.1 of Note
No 3.There are no contract assets in the Balance Sheet. Contract Liabilities in the Balance Sheet constitutes advances from
customers. The Company expects to recognise such revenue in the next financial year. There were no significant changes in
contract liabilities during the reporting period except amount as mentioned in the table and explanation given above. Under
the payment terms generally applicable to the Company’s revenue generating activities, prepayments are received only to a
limited extent. Typically, payment is due upon or after completion of delivery of the goods.

47. Other Statutory Disclosures:

i. The Company does not have any Immovable Property whose title deeds are not held in the name of the Company.

ii. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company

for holding any Benami property.

iii. The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a

wilful defaulter at any time during the financial year or after the end of reporting period but before the date when financial
statements are approved.

iv. 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 Intermediaries shall:

(a) directly or indirectly lend or invest in other persons or entities identifed 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.

v. 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.

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

vii. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013
read with Companies (Restriction on number of Layers) Rules, 2017.

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

ix. The Company does not have any transaction which is not recorded in the books of accounts but 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).

49. Other Matters

(i) With respect to Fibre Unit and Polymer Unit, the Net Realizable Value of the units is higher compared to its carrying value as
on March 31,2026.

(ii) Previous year figures are regrouped / reclassified wherever required in order to make it comparable.

(iii) The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to the financial
statements to determine the necessity for recognition and / or reporting of any of these events and transactions in the financial
statements. As of 22nd May, 2026 there were no subsequent events to be recognized or reported that are not already disclosed.

# Total Debt includes Current and Non current Borrowings as well as Current maturities of long term Borrowings

## 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 Fixed assets etc.

** Capital Employed = Tangible Net Worth Total debt Deferred Tax Liability
$ Calculated for treasury investments only.