p) Provisions, contingent liabilities and
contingent assetProvisions
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 embodying economic
benefits will be required to settle the obligation
and a reliable estimate can be made of the
amount of the obligation.
Provisions are discounted, if the effect of the
time value of money is material, using pre¬
tax rates that reflects the risks specific to
the liability. When discounting is used, an
increase in the provisions due to the passage
of time is recognised as finance cost. These
provisions are reviewed at each balance sheet
date and adjusted to reflect the current best
estimates.
Necessary provision for doubtful debts, claims,
etc., are made, if realisation of money is
doubtful in the judgement of the management.
Contingent liabilities
A contingent liability is a possible obligation
that arises from past events whose existence
will be confirmed by the occurrence or non¬
occurrence of one or more uncertain future
events beyond the control of the company or
a present obligation that is not recognized
because it is not probable that an outflow
of resources will be required to settle the
obligation. A contingent liability also arises in
extremely rare cases where there is a liability
that cannot be recognized because it cannot
be measured reliably. Contingent liabilities are
disclosed separately.
Contingent assets
Where an inflow of economic benefits is probable,
the Company discloses a brief description of the
nature of the contingent assets at the end of
the reporting period, and, where practicable,
an estimate of their financial effect.
Contingent assets are disclosed but not
recognised in the financial statements.
q) Cash and cash equivalents
Cash comprises cash on hand and demand
deposits with banks. Cash equivalents are short¬
term balances with original maturity of less than
3 months, highly liquid investments that are
readily convertible into cash, which are subject
to insignificant risk of changes in value.
r) Cash Flow Statement
Cash flows are reported using the indirect
method, whereby profit for the year is adjusted
for the effects of transactions of a non-cash
nature, any deferrals or 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 financing
activities of the Company are segregated.
Bank borrowings are generally considered to be
financing activities.
s) Earnings per share
The basic earnings per share are computed by
dividing the net profit for the period attributable
to equity shareholders by the weighted average
number of equity shares outstanding during the
period.
Diluted EPS is computed by dividing the net
profit after tax by the weighted average number
of equity shares considered for deriving basic
EPS and also weighted average number of
equity shares that could have been issued upon
conversion of all dilutive potential equity shares.
Dilutive potential equity shares are deemed
converted as of the beginning of the period,
unless issued at a later date. Dilutive potential
equity shares are determined independently for
each period presented. The number of equity
shares and potentially dilutive equity shares are
adjusted for bonus shares, as appropriate.
t) Rounding off amounts
All amounts disclosed in the Financial Statements
and the accompanying notes have been rounded
off to the nearest lakhs as per the requirement
of Schedule III (Division II) of the Companies Act,
2013, unless otherwise stated.
u) Recent Pronouncements
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.
In May 2025, MCA notified amendments to
Ind AS 21 - The Effects of Changes in Foreign
Exchange Rates, applicable w.e.f. April 1, 2025.
The Company has reviewed the amendment and
based on its evaluation has determined that
it does not have any significant impact in its
financial statements.
In August 2025, MCA notified the following
amendments to:
Ind AS 1, Presentation of Financial Statements,
applicable w.e.f. April 1, 2025 - The amendment
relates to classification of liabilities as current
or non-current and non-current liabilities
with covenants. In the context of classifying a
liability as current, it removes the requirement
of existence of a right to defer settlement for
at least 12 months after the reporting date
and instead requires that the said right should
exist on the reporting date and have substance.
The amendment also introduces guidance on
classification of liabilities with covenants. The
Company has no impact of these amendments
in its classification criteria of current and non¬
current liabilities.
Ind AS 7, Statement of Cash Flows and Ind
AS 107, Financial Instruments: Disclosures,
applicable w.e.f. April 1,2025 - The amendment
in Ind AS 7 requires to inform users of financial
statements of the existence of supplier finance
arrangements and explain the nature of the
arrangements, the carrying amount of liabilities
and the range of payment due dates. Ind AS
107 has been amended to add supplier finance
arrangements as a factor that may cause
concentration of liquidity risk. The Company
has reviewed the amendment and based on its
evaluation has determined that it does not have
any significant impact in its financial statements
Ind AS 12, International Tax Reform - Pillar
Two Model Rules applicable immediately - The
amendments provide a temporary mandatory
relief from deferred tax accounting for top-
up tax and disclose that they have applied
the relief. This relief is immediate and applies
retrospectively.
10 (iv) Terms and rights attached to equity shares:
(a) The company has only one class of equity shares having a par value of ' 10/- each. The equity shares
of the Company ranks pari passu in all aspects including rights and entitlement to dividend. The Equity
shareholders are entitled to one vote per share. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the company in proportion to their shareholding.
(b) Dividend proposed by Board of Directors (' 22/- per Equity Share) (PY - ' 20/- per Equity Share) for the
Financial Year 2025-26 for Face value of ' 10/- is subject to approval of Shareholders in ensuing Annual
General Meeting.
Terms: 500000 Share Warrants @ ' 1292/- per warrant issued to promoters on preferential basis with option
to exercise their right within 18 months from the date of issue of warrants (13.03.2024) to be issued at '
10/- per share at a premium of ' 1282/- per share.
During the financial year 2024-25, an amount of ' 6,460 lakhs (Previous year; ' 1,615.00Lakhs) was fully
received from the subscribers of the warrants with the warrant holder having exercised their right and
accordingly entire 5,00,000 share warrants was converted into Equity shares of a face value of ' 10/- each
at the premium of ' 1,282/- per share during the year as per the terms of the warrants.
The amount of ' 1,615 Lakhs received during the financial year 2023-24 and disclosed under Other Equity
as ‘Money received against Share warrants in Note no.12 to the financial statement along with the amount
received during the financial year 2024-25 has been transferred to Equity share Capital and Securities
Premium to the tune of ' 50 lakhs and ' 6,410 lakhs respectively during the financial year 2024-25.
Rights: The share warrants shall not carry any voting rights untill they are converted into equity shares and
the warrants by itself, until excercised and converted into equity shares, shall not give the warrant holders
any rights with respect to that of an equity shareholder of the company.
Nature and Purpose of the Reserve:
Securities premium:
Securities premium is used to record the premium on issue of shares. The reserve is utilised in accordance withthe
provisions of the Companies Act, 2013
Money received against Share warrants
Money received against Share warrants represents amount received towards share warrants issued by the
company. The Company transfers amounts from this reserve to equity share capital and securities premium on
allotment of shares against the said warrants.
General reserve:
General Reserve is created out of the profits earned by the group by way of transfer from surplus in the statement
of profit and loss. Mandatory transfer to general reserve is not required under the Companies Act 2013.
Other Comprehensive Income:
The Company has elected to recognise changes in the fair value of certain investments in equity securities in
other comprehensive income. These changes are accumulated within the FVOCI equity investments reserve
within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity
securities are derecognised.
Retained earnings:
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders_
(i) Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial
instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for
which fair values are disclosed in the financial statements. To provide an indication about the reliability of the
inputs used in determining fair value, the Company has classified its financial instruments into the three levels
prescribed under the accounting standard. An explanation of each level follows underneath the table.
Level 1:
This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in
active markets for identical assets or liabilities. This category consists of investment in quoted equity shares
Level 2:
The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-
the-counter derivatives) 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:
This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on
observable market data (unobservable inputs). Fair value is determined in whole or in part, using a valuation
model based on assumptions that are neither supported by prices from observable current market transactions in
the same instrument nor are they based on available market data. This Level includes investment in unquoted
equity shares.
There are no transfers between levels 1, 2 and 3 during the year.
The company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of
the reporting period.
(ii) 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 forward foreign exchange contracts is determined using forward exchange rates at the
balance sheet date.
- the fair value of the remaining financial instruments is determined using discounted cash flow analysis.
All of the resulting fair value estimates are included in level 2 except for unlisted equity securities where
the fair values have been determined based on book value per share as per the latest available financial
statements.
Management uses its best judgement in estimating the fair value of its financial instruments. However, there
are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the
fair value estimates presented above are not necessarily indicative of the amounts that the Company could
have realised or paid in sale transactions as of respective dates.
Details of the investment property and its fair value:
Investment property disclosed is net of depreciation.
The fair values of investment properties have been determined based on the valuation report of a certified
engineer.
29 FINANCIAL INSTRUMENTS
Capital Management
The Company manages its capital to ensure that the Company will be able to continue as going concern, while
maximising the return to stakeholders through the optimisation of the debt and equity balance.
The Company determines the amount of capital required on the basis of annual operating plans and long¬
term product and other strategic investment plans. The funding requirements are met through equity, cash
generated from operation, long term and short-term borrowings.
Financial risk Management objectives
The treasury function provides services to the business, co-ordinates access to domestic and international financial
markets, monitors and manages the financial risks relating to the operations through internal risk reports which
analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk,
interest rate risk and other price risk), credit risk and liquidity risk.
The Company seeks to minimise the effects of these risks by using natural hedging financial instruments to hedge
risk exposures. The use of financial derivatives is governed by the Company’s policies approved by the board
of Directors, which provide written principles on foreign exchange risk, the use of financial derivatives, and
the investment of excess liquidity. The Company does not enter into or trade financial instruments, including
derivative financial instruments, for speculative purposes.
Market risk
Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may
result from a change in the price of a financial instrument. The Company’s activities expose it primarily to the
financial risks of changes in foreign currency exchange rates and interest rates. The Company actively manages its
currency and interest rate exposures through its finance division and uses derivative instruments such as forward
contracts and currency swaps, wherever required, to mitigate the risks from such exposures. The use of derivative
instruments is subject to limits and regular monitoring by appropriate levels of Management.
Foreign currency risk Management
The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange
rate fluctuations arise. The Company actively manages its currency rate exposures and uses natural hedging
principles to mitigate the risks from such exposures. The use of derivative instruments, if any, is subject to limits
and regular monitoring by appropriate levels of management.
the Company’s capital expenditures. The foreign exchange rate sensitivity is calculated for each currency by
aggregation of the net foreign exchange rate exposure of a currency and a simultaneous parallel foreign exchange
rates shift in the foreign exchange rates of each currency by 5%, which represents management’s assessment of
the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign
currency denominated monetary items and adjusts their translation at the period end for a 5% change in foreign
currency rates.
Foreign currency sensitivity analysis
Movement in the functional currencies of the various operations of the Company against major foreign currencies
may impact the Company’s revenues from its operations. Any weakening of the functional currency may impact
the Company’s cost of imports and cost of borrowings and consequently may increase the cost of financing
In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because
the exposure at the end of the reporting period does not reflect the exposure during the year.
Interest rate risk Management
The Company is exposed to interest rate risk because it borrow funds at both fixed and floating interest rates. The
risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings.
For details of the Company’s long-term and short-term loans and borrowings, including interest rate profiles, refer
to Note 12 and 15 of these financial statements.
Interest rate sensitivity analysisFixed Rate Instruments
The company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate
risk as defined in IND AS 107, since neither the carrying amount nor the future cash flow will fluctuate because of
a change in market interest rates.
Variable Rate Instruments
A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased /
decreased equity and profit or loss. The company as at the Balance Sheet date doesn’t have any floating rate
liability and the liability during the year is not material to the company, hence it is considered that the company
is not exposed materially to the interest rate changes.
Credit risk management
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to
the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of
deterioration of credit worthiness as well as concentration risks.
Exposure to credit risk
Financial instruments that are subject to credit risk and concentration thereof principally consist of trade
receivables, loans receivables, balances with bank, bank deposits provided by the Company. None of the financial
instruments of the Company result in material concentration of credit risk except loans provided to wholly owned
subsidiary.
Offsetting related disclosures
Offsetting of cash and cash equivalents to borrowings as per the consortium agreement is available only to the
bank in the event of a default. Company does not have the right to offset in case of the counter party’s bankruptcy,
therefore, these disclosures are not required.
Liquidity risk Management
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity
risk Management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Company invests its surplus funds in bank fixed deposit . The Company also constantly monitors funding
options available in the debt and capital markets with a view to maintaining financial flexibility.
Liquidity tables
The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities
with agreed repayment periods. 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.
34 EMPLOYEE BENEFIT PLANS
Defined Contribution plans:
The Company makes Provident Fund and Superannuation Fund contributions to defined contribution plans for
qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of
the payroll costs to fund the benefits. The Company recognized ' 1,415.67 Lakhs (PY - ' 1,275.38 Lakhs) for
Provident Fund contributions and ' 46.24 Lakhs (PY - ' 35.88 Lakhs) for Superannuation Fund contributions
in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates
specified in the rules of the Schemes.
State plans:
The Company makes ESI contributions to Employees State Insurance Scheme. Under the Scheme, the Company
is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company
recognised ' 198.22 Lakhs (PY - ' 196.83 Lakhs) in the Statement of Profit and Loss. The contributions payable
to these plans by the Company are at rates specified in the rules of the Scheme.
Defined Benefit Plan - Gratuity:
The Company provides gratuity benefit (included as part of employees contribution to funds in Note 23
Employee benefits expense) to all eligible employees, which is funded with Life Insurance Corporation of India
For the year ended 31st March, 2026, the Company has completed its assessment of the impact of the Code
on Social Security, 2020 and has given effect to the same in these financial statements. The application of the
New Labour Code has resulted in a revised and broader definition of wages for the purpose of computation of
gratuity liability, which has been duly factored into the actuarial valuation carried out as at 31.03.2026. The
consequential impact on the defined benefit obligation has been recognised in the financial statements for the
year ended 31.03.2026 in accordance with Ind AS 19 — Employee Benefits
The Company has no restrictions on the readability of its investment properties and has no contractual
obligations to either construct or develop investment properties or for repairs, maintenance and enhancement.
41 The title deeds of immovable properties which are freehold, based on the registered sale deeds/transfer
deed/conveyance deed/scheme of arrangements approved by Hon’ble High Courts & appropriate authorities
and property tax receipts, are held in the name of the Company (other than the properties where the company
is the lessee and the lease agreements are duly executed in favor of the lessee) as at Balance sheet date.
42 The company has no proceedings initiated or pending against the company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
46 The Company’s borrowings from banks or financial institutions on the basis of security of current assets and
the quarterly returns or statements of current assets filed by the Company with banks or financial institutions
are in agreement with the books of accounts.
47 The Company is not declared as a wilful defaulter by any bank or financial institution.
48 The Company has no relationship with struck-off companies.
49 The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read
with Companies (Restriction on number of Layers) Rules, 2017.
50 The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or kind of funds) to or in any other person or entity, including foreign entities (Intermediaries)
with the understanding (whether recorded in writing or otherwise) that the Intermediary shall whether,
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 provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.
51 The Company has not been received any funds from any person or entity, including foreign entity (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether,
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 provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries;
52 The Company has no income which has been surrendered or disclosed as income during the year in any of the
tax assessments under the Income Tax Act 1961.
53 The Company has not traded/invested in crypto currency/ virtual currency during the financial year.
54 There are no charges or satisfaction of charges that are yet to be registered with Registrar of Companies
beyond the the statutory period.
55 The Company has not issued any securities for a specific purpose.
56 The Company has utilised the borrowings from banks and financial institutions for the purpose for which it was
availed.
57 There were no significant events that occurred after the Balance Sheet date apart from the ones mentioned in
“Material Changes and commitments affecting the financial position between the end of the fiscal and date of
the report’ in the Board’s report.
58 Since the Company prepares consolidated financial statements, segment information as revised by IND AS 108
“Operating Segments” has been disclosed in consolidated financial statements.
59 Exceptional item represents subsidy received amounting to ' 1502.86 Lakhs (Previous year - ' 1,250.03 Lakhs),
Statutory Impact of new Labour Laws - ' 1,242.62 Lakhs (Previous Year - Nil) and Profit / (loss) on sale of Fixed
Assets ' Nil (Previous year - ' -1,052.63 Lakhs)
60 Previous year figures have been regrouped and reclassified, wherever necessary, to correspond with the current
year’s classification/disclosure.
61 Effective from 21st November 2025, the Government of India has consolidated multiple existing labour laws
into a unified framework comprising four Labour codes collectively referred to as ‘New Labour Codes’. Under
lndAS 19 and as per the guidance issued by the ICAI, changes to employee benefit plans arising from legislative
amendment constitute a plan amendment, requiring recognition of past service cost immediately in the
statement of profit and loss. The New Labour Codes has resulted in estimated one time increase in provision
for employee benefits of ' 1,242.62 Lakhs as per actuarial valuation report and considering the materiality and
non-recurring nature of this impact, the Company has presented such incremental impact as “Statutory impact
of new Labour Codes” under “Exceptional items” in the statement of profit and loss for the year ended 31st
March, 2026. The Company continues to monitor the finalisation of Central/State Rules and clarifications from
the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the
basis of such developments as needed.
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