3.11 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or constructive obligation as
a result of past events and it is probable that there will be an outflow of resources and a reliable estimate can be made of the amount
of obligation. Provisions are not recognised for future operating losses. The amount recognized as a provision is the best estimate of
the consideration required for settlement of the present obligation at the end of the reporting period, taking into account the risks and
uncertainties surrounding the obligation.

Contingent liabilities are not recognized and are disclosed by way of notes to the financial statements when there is a possible obligation
arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future
events not wholly within the control of the Company or when there is a present obligation that arises from past events where it is either not
probable that an outflow of resources will be required to settle the same or a reliable estimate of the amount in this respect cannot be made.
When there is a possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure
for contingent liability is made.

Contingent assets are not recognised but disclosed by way of notes in the financial statements when an inflow of economic benefits is
probable.

3.12 Employee Benefits

Employee benefits are accrued in the year in which services are rendered by the employee.

Short Term Benefits

Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related services are provided.
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within twelve months after the
end of the period in which the employees render the related service are recognized in respect of employees' services up to the end of the
reporting period.

Other Long Term Employee Benefits

The cost of providing long term employee benefits consisting of leave encashment that are not expected to be settled wholly within twelve
months are measured as the present value of the expected future payments to be made in respect of services provided by employees
up to the end of the reporting period using the projected unit credit method. The benefits are discounted using long term interest rate
as applicable to the government securities ('G-Sec') at the end of the reporting period that have terms approximating to the terms of
related obligation. Actuarial gains and losses and past service cost are recognised immediately in the Statement of Profit and Loss for the
period in which they occur. Long term employee benefit obligation recognised in the Balance Sheet represents the present value of related
obligation.

Post Employment Benefits

The Company operates the following post employment schemes:

- Defined Benefit Plans

The liability or asset recognized in the Balance Sheet in respect of defined benefit plans is the present value of the defined benefit obligation
at the end of the reporting period less the fair value of plan assets. The Company's net obligation in respect of defined benefit plans is
calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods.
The defined benefit obligation is calculated annually by Actuaries using the projected unit credit method.

The liability recognized for defined benefit plans is the present value of the defined benefit obligation at the reporting date less the fair
value of plan assets, together with adjustments for unrecognized actuarial gains or losses and past service costs. The net interest cost is
calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. The benefits
are discounted using the government securities ('G-Sec') at the end of the reporting period that have terms approximating to the terms of
related obligation.

Remeasurements of the net defined benefit obligation, which comprise actuarial gains and losses, the return on plan assets (excluding
interest) and the effect of the asset ceiling, are recognized in other comprehensive income. Remeasurement recognized in other
comprehensive income is reflected immediately in retained earnings and will not be reclassified to the Statement of Profit and Loss.

- Defined Contribution Plan

Defined contribution plans such as provident fund etc. are charged to the statement of profit and loss as and when incurred. Contribution
to Superannuation fund and National Pension Scheme, a defined contribution plan is made in accordance with the company's policy and is
recognised in the Statement of Profit and Loss.

3.13 Operating and Other Incomei. Revenue from Sale of Products

Revenue from contracts with customers is accounted for only when it has commercial substance, and all the following criteria are met:

(i) parties to the contract have approved the contract and are committed to perform their respective obligations;

(ii) each party's rights regarding the goods or services to be transferred and payment terms there against can be identified; and

(iii) consideration in exchange for the goods or service to be transferred is collectible and determinable.

Revenue from contract with customers is recognized on satisfaction of performance obligation, when control over the goods or services has
been transferred and/or goods/ services are delivered/ provided to the customer. Delivery occurs when the goods have been shipped or
delivered to a specific location, and the customer has either accepted the goods under the contract or the company has sufficient evidence
that all the criteria for acceptance have been satisfied.

Revenue is measured at the amount of transaction price (consideration specified with the customers) allocated to that performance
obligation. The transaction price of goods sold is net of variable consideration on account of rebates, claims and discounts, returns, Goods
and Service Tax (GST) and such other taxes collected on behalf of third party not being economic benefits flowing to the company are

excluded from revenue. Accumulated experience is used to estimate and provide for the discounts, returns using the expected value
method.

The liability for refund against expected returns out of the sales made and corresponding assets for the products expected to be returned is
recognised in the year of happening of the incidence.

ii. Interest, Dividend and Claims

Dividend income is recognized when the right to receive payment is established. Interest has been accounted using effective interest
rate method. Insurance claims/ other claims are accounted as and when admitted / settled.

iii. Export Benefits

Export incentives are accounted for in the year of export if the entitlements and realisibility thereof can be estimated with reasonable
accuracy and conditions precedent to such benefit have been fulfilled.

3.14 Borrowing Costs

Borrowing cost comprises of interest and other costs incurred in connection with the borrowing of the funds. All borrowing costs general or
specific are recognized in the Statement of Profit and Loss using the effective interest method except to the extent attributable to qualifying
Property, Plant and Equipment (PPE) which are capitalized to the cost of the related assets. A qualifying PPE is an asset, that necessarily
takes a substantial period of time to get ready for its intended use or sale. Borrowing cost also includes exchange differences to the extent
considered as an adjustment to the borrowing costs.

3.15 Non-current assets (or disposal groups) held for sale

Non-current assets held for sale are presented separately in the balance sheet when the following criteria are met:

- the Company is committed to selling the asset;

- the assets are available for sale immediately;

- an active plan of sale has commenced; and

- Sale is expected to be completed within 12 months.

Assets held for sale and disposal groups are measured at the lower of their carrying amount and fair value less cost to sell. Assets held for
sale are no longer amortised or depreciated.

Non-current asset classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a Non¬
current asset classified as held for sale are presented separately from other liabilities in the balance sheet.

3.16 Government Grants

Government grants are recognized on systematic basis when there is reasonable certainty of realization of the same. Revenue grants
including subsidy/rebates are credited to the Statement of Profit and Loss Account under "Other Operating Income” or deducted from the
related expenses for the period to which these are related. Grants which are meant for purchase, construction or otherwise for acquiring
non current assets are recognized as Deferred Income and disclosed under Non Current Liabilities and transferred to the Statement of Profit
and Loss on a systematic basis over the useful life of the respective asset. Grants relating to non-depreciable assets is transferred to the
Statement of Profit and Loss over the periods as specified for meeting the obligations related to such grants.

3.17 Taxes on Income

Income tax expense representing the sum of current tax expenses and the net charge of the deferred taxes is recognized in the Statement
of Profit and Loss except to the extent that it relates to items recognized directly in equity or other comprehensive income.

Current income tax is provided on the taxable income and recognized at the amount expected to be paid to or recovered from the tax
authorities, using the tax rates and tax laws that have been enacted by the end of the reporting period.

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the Financial Statements
and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable
temporary differences. Deferred tax assets are generally recognized 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 utilized.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset related current tax assets against current tax
liabilities and when these relate to the same taxation authority. Current tax assets and tax liabilities are offset where the Company has a legally

enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the
asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and adjusted to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilized.

Deferred tax items in correlation to the underline transactions relating to Other Comprehensive Income and Equity are recognised in Other
Comprehensive Income and Equity respectively.

3.18 Earnings Per Share

Basic earnings per share are computed by dividing the net profit/(loss) attributable to the equity holders of the company by the weighted
average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit
attributable to the equity holders of the company by the weighted average number of equity shares considered for deriving basic earnings
per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential
equity shares.

3.19 Segment Reporting

Operating segments are identified and reported taking into account the different risk and return, organisation structure and in a manner
consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). CODM is responsible for allocating resources
and assessing performance of the operating segments, financial results, forecasts or plan for the segment and accordingly is identified as the
chief operating decision maker.

The Company has identified one reportable segment "Pipes and Fittings” being primary segment and all other activities revolve around the
main business based on the information reviewed by the CODM.

4. Critical accounting judgments, assumptions and key sources of estimation and uncertainty

The preparation of the financial statements in conformity with the measurement principle of Ind AS requires management to make estimates,
judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts
of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues
and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates.
Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Differences
between the actual results and estimates are recognized in the year in which the results are known / materialized and, if material, their effects are
disclosed in the notes to the financial statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the use of assumptions in
the financial statements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next
financial year are discussed below. The matters dealt with in point 4.1 to 4.8 below provide an overview of the areas that involved a high degree
of judgement or complexity and of items which are likely to be materially adjusted due to estimates and assumptions turning out to be different
than those originally assessed. Detailed information about each of these estimates and judgements are included in the relevant notes together
with information about basis of calculation of each affected line item in the financial statements.

4.1 Depreciation / amortization and impairment on Property, Plant and Equipment / intangible assets/ ROU

Property, Plant and Equipment and Intangible Assets are depreciated/ amortised on straight-line /written down value basis over the
estimated useful lives in accordance with Schedule II of the Companies Act, 2013 or as estimated by the management, taking into account
the estimated residual value, wherever applicable. ROU are depreciated on a straight line basis over the shorter of the lease term and useful
life of the underlying asset. The Company reviews the estimated useful lives of the assets regularly in order to determine the amount of
depreciation / amortization and amount of impairment if any to be recorded during any reporting period. This reassessment may result in
variation in the amount of depreciation and amortisation in future period.

The company reviews carrying value of Tangible/ Intangible and ROU Assets whenever there is objective evidence that the assets are
impaired. In such situation Assets' recoverable amount is estimated which is higher of asset's or cash generating units ('CGU') fair value
less cost of disposal and its value in use. In assessing value in use the estimated future cash flows are discounted using pre-tax discount
rate which reflect the current assessment of time value of money. In determining fair value less cost of disposal, recent market realisations
are considered or otherwise in absence of such transactions appropriate valuations are adopted. Accordingly, these assets have been
carried forward at their respective carrying value and no provision on account of impairment there against as such have been considered
necessary.

4.2 Impairment of Investments in Subsidiaries and Joint Ventures

The company reviews its carrying value of investments in Subsidiaries and Joint Venture carried at cost/ deemed cost (net of impairment if
any) annually or more frequently when there is an indication for impairment. If the recoverable amount is less than its carrying amount the
impairment loss is accounted for in the Statement of Profit and Loss. Accordingly, no further provision on account of impairment have been
considered in these financial statement.

4.3 Right-of-use assets and lease liabilities

Ind AS 116 requires lessees 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 an assessment on the expected lease term on
a 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 factors such as any significant leasehold improvements undertaken over the
lease term, costs relating to the termination of the lease and the importance of the underlying asset to the company's operations taking into
account among other thing, the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods
is reassessed to ensure that the lease term reflects the current economic circumstances.

4.4 Claims and Compensation

Claims including insurance claims / arbitration claim are accounted for on determination of certainty of realisation thereof. Compensation
receivable against coal mine pending final acceptance or settlement thereof has not been given effect to, as the amount expected to be
realised in this respect has not been considered to be less than the carrying amount of the relevant assets and other recoverables. In respect
of certain other claims, compensation already awarded in respect of such claims being disputed and pending before the judicial authorities,
have not been accrued and have been disclosed as Contingent Assets as at the end of the reporting period.

4.5 Impairment allowances on trade receivables

The Company evaluates whether there is any objective evidence that trade receivables are impaired and determines the amount of
impairment allowance as a result of the inability of the customers to make required payments. The Company bases the estimates on the
ageing of the trade receivables balance, credit-worthiness of the trade receivables and historical write-off experience. In case of variation in
financial condition the amount of impairment as recognised may vary having a significant impact on the Financial Statement.

4.6 Income taxes

Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during the estimation
of the provision for income taxes. Also there are matters pending before various judicial authorities outcome whereof are uncertain. Further,
material judgement and assumptions are involved for arriving at timing differences and consequential adjustments on account of deferred
taxation are given effect to wherever there are uncertainties leading to the variations in earlier assumptions.

4.7 Defined benefit obligation (DBO)

The present value of the defined benefit obligations and long term employee benefits depends on a number of factors that are determined
on actuarial basis using a number of assumptions. An actuarial valuation critical estimate of the DBO involves a number of critical underlying
assumptions such as standard rates of inflation, mortality, discount rate, anticipation of future salary increases etc. as estimated by
Independent Actuary appointed for this purpose by the Management. Variation in these assumptions may significantly impact the DBO
amount and the annual defined benefit expenses.

4.8 Provisions and Contingencies

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from
past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the
liability requires the application of judgement to existing facts and circumstances, which can be subject to change.

Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations/
against the Company as it is not possible to predict the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to consider changing
facts and circumstances.

Notes :

5.1 Plant and Equipments include Rs. 4,06.21 lakhs (previous year Rs. 4,06.72 lakhs) being contribution for laying the power line, the ownership of
which does not vest with the Company.

5.2 Railway Siding represents the cost of construction of the assets allowed to be used over the specified period as per the terms of the agreement.

5.3 Freehold land includes

(a) Rs. 32,49.00 lakhs (previous year Rs. 32,49.00 lakhs) pertaining to Parbatpur Coal Mine which has been vested to an another successful
bidder as dealt with in note 50, and also includes Rs. 3,35.81 lakhs (previous year Rs. 3,35.81 lakhs) in respect of which the execution of
conveyance deeds are pending.

(b) Rs. 2,75.27 lakhs (previous year Rs. 2,75.27 lakhs) towards contribution in relation to a Joint Venture Company "North Dhadhu Mining
Company Private Limited" (refer note 8.2).

5.4 Freehold land includes Rs. 18,89.04 lakhs (previous year Rs. 18,89.04 lakhs) acquired on merger of erstwhile Mahadev Vyapar Private Limited and
Rs. 1,93,06.71 lakhs (previous year Rs. 1,96,39.06 lakhs) on merger of erstwhile Srikalahasthi Pipes Limited (SPL) pending execution of the deeds
in favour of the company.

5.5 Freehold land includes land amounting to Rs. 2,94,93.58 lakhs (previous year Rs. 2,94,93.58 lakhs) situated at Elavur plant of the Company and are
mortgaged in the favour of lender to ESL Steel Limited, an erstwhile associate of the Company. (Also refer note 9.1)

6.1 Right to use under WIS represents cost incurred in connection with wagon procured under "Wagon investment Scheme" ('WIS') and handed over
to the railway authorities for their normal operations and ensuring the availability of the wagons on priority for transportation etc. as and when
required.

The company being deprived of the availability of the wagons as per the WIS had terminated the agreement with South Eastern Railway ('SER')
and lodged a claim of Rs. 2,32,44.82 lakhs for compensation in this respect. Arbitration award pursuant to the claim for compensation amounting
to Rs. 2,52,85.27 lakhs (including interest) had been allowed in favour of the Company. Meanwhile, the company filed an application for release
of the balance amount due/payable by SER under the award against which subsequently on June 27, 2024, the Hon'ble Calcutta High Court has
directed SER to deposit additional sum of Rs. 60,00.00 lakhs against interest accrued till June 20, 2024. Pending decision of the Hon'ble Court, Rs.
3,12,85.27 lakhs as decided including interest as stated above had been deposited by SER. The company on submission of the Bank Guarantee
had withdrawn Rs. 3,10,32.42 lakhs (net of Rs. 2,52.85 lakhs on account of commission and other charges) which had been deposited in fixed
deposit with bank and equivalent amount towards liability, if any arising in this respect has been recognised as 'Other Financial Liabilities'
(refer note 25) in these financial statements. During the year vide judgement dated October 24, 2025, Hon'ble High Court has dismissed the
application with a direction to release the bank guarantee and thereby, the fixed deposits pledged against the same has been released by the
bank. Subsequently, SER has filed a SLP before the Hon'ble Supreme Court of India against the arbitration award, outcome of which is awaited as
on this date.

Differential amount of Rs.2,52.85 lakhs deducted on account of commission and other charges and interest if any payable in this respect
depending upon the outcome of the decision of the Hon'ble Supreme Court of India has been disclosed as contingent liabilities (refer note 54(i)
(h)) in these financial statements. Adjustments with respect to ROU Assets as above and amount of claim (refer note 54(ii)(b)) will be given effect
to on determination thereof upon final decision on the matter.

6.2 Refer note 23 to financial statements in respect of charge created against borrowings.

6.3 Refer note 50 dealing with coal mine assets.

8.1 The Company pursuant to Share Purchase Agreement ('SPA') entered into with T.I.S. Group S.P.A. has acquired 3000000 equity shares of EURO
1 each of T.I.S. Service S.P.A ("TIS") representing 100% shareholding of TIS at an aggregate consideration of EURO 11500000 equivalent to
Rs. 1,14,70.16 lakhs. The entire consideration has been remitted on July 29, 2025 and therefore TIS has become a wholly owned subsidiary of
the company.

8.2 (a) The North Dhadhu Coal Block located in the state of Jharkhand was allocated to the Company, Amalgam Steel & Power Limited (ASPL'),

Jharkhand Ispat Private Limited ('JPL') and Pawanjay Steel & Power Limited ('PSPL') (collectively referred to as 'venturers') for working through
North Dhadhu Mining Company Private Limited ('NDMCPL'), a joint venture company. The Company has joint control (proportionate of
ownership interest of the Company being 48.98%) along with other venturers represented by investment of Rs. 8,22.81 lakhs in equity
shares of NDMCPL.

(b) Pursuant to the Order dated September 24, 2014 issued by the Hon'ble Supreme Court of India ('the Order') followed by the Ordinance
promulgated by the Government of India, Ministry of Law & Justice ('legislative department') dated October 21, 2014 ('Ordinance') for
implementing the Order, The Ministry of Coal, Government of India had issued an order for de-allocation of North Dhadhu Coal Block.
In terms of the Ordinance (subsequently promulgated into Coal Mine (Special Provision) Act, 2015) NDMCPL has submitted a claim of
Rs. 70,33.00 lakhs (previous year Rs. 70,35.00 lakhs) for compensation which is awaiting acceptance. In view of the management, the
compensation to be received in terms of the ordinance is expected to cover the cost incurred by the Joint venture company and the cost
of land as stated in note 5.3 (b). However as an abundant precaution, the value of the investment amounting to Rs. 8,22.81 lakhs in Joint
venture had fully been provided in earlier years' and recognised as impairment thereagainst.

9.1 (a) The Company holds 19796000 equity shares (previous year 19796000 equity shares) of Rs. 10 each in ESL Steel Limited ('ESL') out of which

17334999 equity shares (previous year 17334999 equity share) of Rs. 10 each amounting to Rs. 40,59.85 lakhs were pledged with the
consortium of lenders of ESL ('lenders'). The notices issued by the lenders for invocation of pledge of company's investment was set aside
by the Hon'ble High Court at Calcutta in earlier year and the company's plea for release of such pledge is pending before the said High
Court.

(b) Further in the earlier years, certain land amounting to Rs. 2,94,93.58 lakhs of the company, situated at Elavur, Tamil Nadu, were mortgaged
to an another lender of ESL viz SREI Infrastructure Finance Limited ('SREI') and SREI had subsequently assigned it's right against the said
Land to an Asset Reconstruction Company ('ARC') although the claims of the said lender were fully discharged by ESL as per the Resolution
Plan approved by Hon'ble National Company Law Tribunal ('NCLT'), Kolkata. Subsequently, the ARC had issued SARAFESI Notice and
taken the symbolic possession of the said land. The Company had disputed the alleged assignment of the loan by the lender and as
directed by the Hon'ble Supreme Court had filed an application before the Debt Recovery Tribunal ('DRT'), Chennai for setting aside the
SARAFESI actions and release of the title deeds of the land which vide order dated April 08, 2022 (uploaded on April 27, 2022) had been
dismissed by DRT. On filing the appeal before the Debt Recovery Appellate Tribunal ('DRAT') against the order of DRT, DRAT has directed
the Company to deposit 50% of the SARAFESI demand i.e. Rs. 2,93,55.04 lakhs against which revision application under Article 227 of the
Indian Constitution and a Writ Application under Article 226 of Indian Constitution has been filed before Hon'ble Madras High Court and
the matter is pending before the said court.

Earlier, the ARC had also filed an application before Hon'ble NCLT, Cuttack for initiation of Corporate Insolvency and Resolution Process
('CIRP') against the Company which had been decided in the favour of the Company vide NCLT order dated June 24, 2022 ('the Order').
The said order on being challenged by ARC has been upheld by Hon'ble National Company Law Appellate Tribunal ('NCLAT') vide its
order dated January 24, 2024. The Judgement of NCLAT was challenged before Hon'ble Supreme Court of India. Hon'ble Supreme Court
vide its Judgement dated January 6, 2026 confirmed that the Company is not a guarantor for financial facilities availed by ESL. Hence,
no CIRP Proceedings can be initiated against the Company. However, Hon'ble Supreme Court has also held that the approval and / or
implementation of the Resolution Plan of Vedanta Limited for ESL does not result in extinguishment of the entire debt so as to bar any
claim against the Third-Party Security Providers. The Company is contemplating legal option of filing a Review Application before Hon'ble
Supreme Court of India.

(c) Pending finalization of the matters as per (a) and (b) above, the assets have been carried forward at their book value.

9.2 The Company has made an irrevocable decision to consider investment in equity instruments, other than in Subsidiaries and Joint ventures not
held for trading (non current investments) to be recognized at FVTOCI.

19.4 (a) During the year, the State Government of West Bengal ('State Government') has notified the enactment of the Revocation of West

Bengal Incentive Schemes and Obligations in the nature of Grants and Incentive Act, 2025 ('the Revocation Act') rescinding, revoking
and discontinuing all West Bengal Incentive Schemes including West Bengal Incentive Scheme, 2000 ('WBIS 2000') ('the Scheme')
retrospectively from the date of implementation of the respective scheme.

The company is entitled to receive incentive in the form of Industrial Promotion Assistance under WBIS 2000 for the period starting from
April 01,2004 till March 31,2019 in respect of company's manufacturing units at Khardah and Haldia and the same as required in terms of
WBIS 2000 have been granted to the company. Accordingly, the benefits under the said scheme has accrued and vested to the company
before the enactment of the Revocation Act and Rs. 46,80.58 lakhs out of the amount accrued in this respect till June 30, 2017 (pending
determination of the amount pertaining to GST Regime for the remaining period till March 31,2019) is outstanding as on March 31,2026.
The Hon'ble High Court of Calcutta on a petition filed by the company for the claim upto March 31, 2015 vide it's order dated April 08,
2024 had directed the State Government to pay the amount remaining unpaid under the Scheme and pending receipt of the claim despite
the direction of the Hon'ble High Court, the company has filed contempt petition before the said court on August 23, 2024. An another
petition claiming the incentive for the remaining period upto June 30, 2017 had also been filed before the said court. During the year, the
company based on the legal advice has filed a writ petition before the Hon'ble Calcutta High Court challenging the constitutional validity
and retrospective applicability of the Revocation Act. The decisions with respect to these petitions are pending adjudication as on this
date. Accordingly, the amount of claim accrued in earlier years and outstanding as above being considered good and recoverable has
been so carried forward as on March 31, 2026.

(b) Includes Rs.10,38.19 lakhs (previous year Rs. 12,02.49 lakhs) in respect of sales tax subsidy receivable under Andhra Pradesh Industrial
Investment Promotion Policy.

19.5 Refer note 30.1 to Financial Statements in respect of charge created against borrowings.

22.1 Capital Reserve

The reserve was created on account of forfeiture of warrants convertible into equity shares.

22.2 Capital Reserve on Amalgamation

Capital Reserve on Amalgamation represent the excess of consideration paid i.e. equity shares issued with respect to net assets and
reserves acquired consequent to amalgamation of erstwhile Mahadev Vyapaar Private Limited and Srikalahasthi Pipes Limited amounting to
(Rs. 14,86.46 lakhs) and (Rs. 4,25,39.34 lakhs) respectively.

22.3 Securities Premium

Securities Premium Reserve represents the amount received in excess of par value of securities and is available for utilisation as specified under
Section 52 of Companies Act, 2013.

22.4 General Reserve

General Reserve is a free reserve which is created by transfer of profit from retained earnings. As the Reserve is created by a transfer from one
component to another, it is not an item of OCI. Item included in General Reserve is not reclassified subsequently to Statement of Profit and
Loss.

22.5 Retained Earnings

Retained earnings generally represents the accumulated undistributed surplus earnings of the company. This includes Rs. 12,66,77.32 lakhs
(previous year Rs. 12,66,79.28 lakhs) represented by changes in carrying amount of Property, Plant and Equipments being measured at fair value
as on the date of transition as deemed cost. Further unrealised loss of Rs. 9,84,10.67 lakhs (previous year Rs. 9,84,10.67 lakhs) due to changes in
carrying amount of investment has also been adjusted to the retained earning. Thereby Rs. 2,82,66.65 lakhs (previous year Rs. 2,82,68.61 lakhs)
being represented by changes in carrying value of assets in terms of provisions of Companies Act 2013 is not available for distribution. This also
includes other comprehensive income of Rs. 1,88.72 lakhs (previous year (Rs. 2,43.19 lakhs)) relating to remeasurement of defined benefit plans
(net of tax) which cannot be reclassified to statement of profit and loss.

22.6 Other Comprehensive Income

Other Comprehensive Income (OCI) represent the balance in equity for items to be accounted under OCI and comprises of the following:

i) Items that will not be reclassified to Profit and Loss

a. The company has elected to recognise changes in the fair value of non-current investments in equity (other than in subsidiaries and joint
ventures) in OCI. This reserve represents the cumulative gains and losses arising on equity instruments being measured at fair value. The
company transfers amounts from this reserve to retained earnings when the relevant equity securities are disposed.

b. This also includes actuarial gains and losses arising on defined benefit obligations recognised in OCI which is transferred to retained
earning as stated in note 22.5

22.7 Subsequent to the Balance Sheet date, the Board of Directors at its meeting held on May 18, 2026 has recommended a final dividend of Re. 0.90
per equity share to be paid on fully paid up equity shares in respect of financial year ended March 31, 2026. The equity dividend is subject to
approval by the shareholders at the ensuing Annual General Meeting and has not been included as a liability in these financial statement. The
estimated amount of final dividend to be paid thereof amounts to Rs. 55,63.66 lakhs.

22.8 The Company had acquired 99.11% of the equity shares of Singardo International Pte Limited ("Singardo") at a consideration of SGD 64,42,450
and remitted the entire consideration equivalent to Rs 41,48.97 lakhs on October 7, 2024. The company earlier held 0.89% of equity shares
in Singardo and on transfer of the equity shares acquired as above in favour of the company, Singardo with effect from October 22, 2024 i.e.
the date of transfer became a wholly owned subsidiary of the company. On Singardo, becoming the wholly owned subsidiary, the company in
accordance with the policy being followed designated it to be measured at cost. Accordingly, the amount lying in the Other Comprehensive
Income (net of tax) amounting to Rs. 22.55 lakhs had been transferred to retained earning during the year ended March 31,2025.

23.1.1 Rupee Term Loan of Rs. 1,50,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant
and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi Unit
and Freehold Land at Haldia. The said loan has been fully repaid during the year.

23.1.2 Rupee Term Loan of Rs. 50,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant
and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit
and Freehold Land at Haldia. The said loan has been fully repaid during the year.

23.1.3 Rupee Term Loan of Rs. 60,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant
and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit
and Freehold Land at Haldia. The outstanding as on March 31, 2026 is Rs. 5,98.58 lakhs (previous year Rs. 23,73.90 lakhs) and is repayable in 7
structured monthly installments starting from April 2026.

23.1.4 Rupee Term Loan of Rs. 3,00,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant
and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit
and Freehold Land at Haldia. The outstanding as on March 31,2026 is Rs. 1,03,85.00 lakhs (previous year Rs. 1,89,04.00 lakhs) and is repayable
in 8 structured quarterly installments starting from June 2026.

23.1.5 Rupee Term Loan of Rs. 1,12,50.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant
and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi
unit, Freehold Land at Haldia, Rajgangpur and Kakinara. The outstanding as on March 31,2026 is Rs. 1,09,68.75 lakhs (previous year nil) and is
repayable in 19 structured quarterly installments starting from April 2026.

23.1.6 Rupee Term Loan of Rs. 75,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant
and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit
and Freehold Land at Haldia. The outstanding as on March 31,2026 is Rs. 3,78.67 lakhs (previous year Rs. 18,79.88 lakhs) and is repayable in June
2026.

23.1.7 Rupee Term Loan of Rs. 45,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property,
Plant and Equipment, both present and future, of the Company located at Srikalahasthi unit. The said loan has been fully repaid during the
year.

23.1.8 Rupee Term Loan of Rs. 2,00,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant
and Equipment and other intangible assets, both present and future, of the Company located at Srikalahasthi unit. The outstanding as on
March 31,2026 is Rs.59,23.70 lakhs (previous year Rs. 98,88.73 lakhs) and is repayable in 24 structured monthly installments starting from April
2026.

23.1.9 Rupee Term Loan of Rs. 55,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant
and Equipment and other intangible assets, both present and future, of the Company located at Srikalahasthi unit. The outstanding as on March
31,2026 is Rs. 55,00.00 lakhs (previous year nil) and is repayable in 18 equal quarterly installments starting from June 2026.

23.1.10 Rupee Term Loan of Rs. 1,20,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant
and Equipment, both present and future, of the Company located at Srikalahasthi unit. The outstanding as on March 31, 2026 is Rs. 14,37.81
lakhs (previous year Rs. 19,17.07 lakhs) and is repayable in 12 equal quarterly installments starting from June 2026.

23.2 The interest rate for the above loans ranges from 6.50% to 7.95%. p.a.

23.3 The outstanding balances disclosed in note 23.1 are based on the amortised cost in accordance with Ind AS 109 "Financial Instruments".

23.4 There are no registration/satisfaction of charges pending with Registrar of Companies beyond the statutory period as on the Balance Sheet

date.

25.1 The company started construction of a private siding at Durgachak near Haldia in 2007 which was completed in 2009. However, the
commissioning of the siding was withheld by the Railways thereby jeopardising company's investment of Rs. 40,96.00 lakhs in the project.
South Eastern Railways ('SER') had withdrawn all permissions against the siding and raised demand of Rs. 3,25.00 lakhs towards Land Licensing
Fees and liquidated damages for the period from 2012-13 till April 28, 2017 and being aggrieved by said decision of SER, the company had
filed an application before the Hon'ble Calcutta High Court for appointment of a Sole Arbitrator and by order dated July 01, 2019, the court
appointed Sole Arbitrator in the matter.

The company had submitted its final claim before the Tribunal for refund of costs incurred for the siding and excess Land Licensing fees paid
by it, alongwith compensation for loss of business etc. and interest till realization of the dues. The arbitration award allowing the claim of
Rs. 2,28,00.02 lakhs was granted on January 03, 2024 in favour of the company including the amendment thereto made by supplementary
award dated February 16, 2024. The company thereafter had filed an application for execution of award before the single bench of Hon'ble
Calcutta High Court wherein the Court had directed SER to deposit Rs. 2,48,96.87 lakhs (inclusive of further interest @18% p.a. for the period
from January 05, 2024 to July 09, 2024) with the Court's Registrar. The said amount had been deposited by SER alongwith two applications for
setting aside of the arbitral award and for stay of operation of the arbitral award before the single bench of Hon'ble Calcutta High Court, which
is pending for adjudication as on this date. Pending this, the company on submission of the Bank Guarantee had withdrawn Rs. 2,48,96.87 lakhs
which had been deposited in fixed deposit with bank (refer note 11.1) and an equivalent amount towards liability, if any arising on account of
the guarantee issued has been recognised in these financial statements. Adjustment with respect to amount of claim (refer note 54(ii)(c)) will
be given effect to on determination thereof upon final decision on the matter.

34.1 Other provisions includes:

(a) Provisions amounting to nil (previous year Rs. 2,37.00 lakhs) created against estimated amount of liability on account of rejected stock
lying with customer, pending receipt of such stock as on balance sheet date.

(b) Estimated differential electricity duty amounting to Rs. 5,93.95 lakhs (previous year Rs. 5,93.95 lakhs) on account of the rate charged for
Electricity Duty being lower than that prescribed, pending for decision by Hon'ble Supreme Court of India.

(c) Estimated amount of quantity discount of Rs. 3,17.80 lakhs (previous year nil) to be paid to a customer as per the Memorandum of
Undertaking entered into in earlier years pending determination as on this date.

b) Fair Valuation Techniques

The fair values of the financial assets and liabilities are included at the amount 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 following methods and assumptions were used to estimate the fair values:

1. The fair value of cash and cash equivalents, current trade receivables and payables, current loans, current financial liabilities and assets and
borrowings approximate their carrying amount largely due to the short-term nature of these instruments. The management considers that the
carrying amounts of financial assets and financial liabilities recognised at nominal cost/amortised cost in the financial statements approximate
their fair values. In respect of non current trade receivables and loans, fair value is determined by using discount rates that reflect the present
borrowing rate of the company.

2. The company's long-term debt has been contracted at floating rates of interest, which are reset at short intervals. Fair value of variable interest
rate borrowings approximates their carrying value subject to adjustments made for transaction cost. In respect of fixed interest rate borrowings,
fair value is determined by using discount rates that reflects the present prevailing rates for similar borrowing in the market.

3. Investments (other than Investments in Joint Venture and Subsidiaries) traded in active market are determined by reference to the quotes from
the Stock exchanges as at the reporting date. Investment in liquid and short term mutual fund/Alternate Investment Funds, which are classified
as Fair value through Profit and Loss are measured using quoted net assets value at the reporting date and in case of debentures, bonds and
government securities, the net present value at current yield to maturity have been considered. Unquoted investments in shares have been
valued based on the historical net asset value as per the latest audited financial statements.

4. The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates,
yield curves, currency volatility etc. The said valuation has been carried out by the counter party with whom the contract has been entered with
and management has evaluated the credit and non-performance risks associated with the counterparties and believes them to be insignificant
and not requiring any credit adjustments.

c) Fair value hierarchy

1. The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at balance sheet date: ¹

In the normal course of business, the Company transfers its bill receivables to banks. Under the terms of the agreements, the Company
surrenders control over the financial assets and the transfer is with recourse. Under arrangement with recourse, the company is obligated to
repurchase the uncollected financial assets, subject to limits specified in the agreement with banks. Accordingly, in such cases the amount
transferred are recorded as borrowings in the statement of financial position and cash flows from financing activities. As at March 31, 2026
and March 31,2025 the maximum amount of recourse obligation in respect of financial assets are Rs. 2,09,74.58 lakhs and Rs. 4,63,77.11 lakhs
respectively.

The Company's activities are exposed to variety of financial risks. The key financial risks includes market risk, credit risk and liquidity risk.
The Company's focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial
performance. The Board of Directors reviews and approves policies for managing these risks. The risks are governed by appropriate policies
and procedures and accordingly financial risks are identified, measured and managed in accordance with the Company's policies and risk
objectives.

1. Market Risk

Market risk is the risk or uncertainty arising from possible market fluctuations resulting in variation in the fair value of future cash flows of
a financial instrument. The major components of Market risks are currency risk, interest rate risk, commodity price risk and other price risk.
Financial instruments affected by market risk includes trade receivables, borrowings, investments in fixed deposit/ Mutual Funds/ Bonds/
Alternative Investment funds and trade and other payables.

i) 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 exchange
rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's foreign currency
denominated borrowings, trade receivables and trade or other payables.

In order to mitigate forex losses, the Company over and above the natural hedge available against foreign currency transactions has
adopted a comprehensive risk management review system wherein it actively hedges its foreign exchange exposures within defined
parameters through use of hedging instruments such as forward contracts, options and swaps. The Company periodically reviews its risk
management initiatives and also takes experts advice on regular basis on hedging strategy.

The carrying amount of various exposures to foreign currency as at the end of the reporting period are as follows:

ii) Interest rate risk

The company's exposure in market risk relating to change in interest rate primarily arises from floating rate borrowing with banks and
financial institutions. Considering the same, the carrying amount of said borrowing was considered to be at fair value. Borrowings at
fixed interest rate exposes the company to the fair value interest rate risk. The company maintains a portfolio mix of fixed and floating
rate borrowings. As at March 31,2026, approximately 70.72% (previous year 77.82%) of the company's borrowings are at fixed rate.
Further there are deposits with banks which are for short term period are exposed to interest rate risk, falling due for renewal. These
deposits are however generally for trade purposes as such do not cause material implication. Additionally, the company has certain
fixed deposit created in respect of amount withdrawn against claim as dealt within note 11.1 which are periodically renewed till the final
settlement.

With all other variables held constant, the following table demonstrates the sensitivity of the borrowing cost on floating rate portion of
loans and borrowings.

iii) Commodity Risk

The company's revenue is exposed to the market risk of price fluctuation related to sale of products which is generally determined by
market forces. These prices may be influenced by factors such as supply and demand, production costs (including cost of raw material
inputs) and global and regional economic conditions and growth. Adverse changes in any of these factors may reduce revenue for the
company. The company is subject to fluctuation in prices of iron ore, coking coal, Ferro alloys, zinc and other raw material inputs.

The company aims to sell the products at prevailing market prices. Similarly the company procures key raw material based on prevailing
market rates. However, contracts with the customers generally have a delivery period ranging from 90 to 180 days, resulting in mismatch
of cost and sales realisation. Further the lead time for procurement of imported material consisting of coal and other ferrous products also
have an impact on overall operation.

iv) Other price risk

The Company's equity exposure in Subsidiaries and Joint Ventures are carried at cost or deemed cost and these are subject to impairment
testing as per the policy followed in this respect. The company's current investments are fair valued through profit and loss and non
current investment at fair value through Other Comprehensive Income ('OCI'). The company also invests in mutual fund schemes, AIF, LLP's
and Debentures of leading fund houses. Such investments are susceptible to market price risk that arise mainly from changes in interest
rate which may impact return and value of such investments. However, given the relatively short tenure of underlying portfolio in which
the company has invested, such price risk is not significant.

2. Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables). Majority of the Company's sales are
against advance or are against letters of credit/ cash against documents/ guarantees of banks of national standing and thereby credit risk
is minimal. The management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Major water
infrastructure projects are Government funded or foreign aided and the risk involved in payment default is minimum with respect to these
customers. Besides, export receivables are primarily from subsidiaries and sales made by them is covered under Credit Insurance. The
Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends
and ageing of accounts receivable. Individual risk limits are set accordingly. Further the company obtains necessary security including
letter of credits and/or bank guarantee to mitigate its credit risk.

The carrying amount of respective financial assets recognised in the financial statements, (net of impairment losses) represents the
Company's maximum exposure to credit risk. The concentration of credit risk is limited due to the customer base being large and unrelated.
Of the trade receivables balance at the end of the year (other than subsidiaries), there are no single customer accounted for more than
10% of the accounts receivable and 10% of revenue as at March 31,2026 and March 31,2025. The company takes collateral or other credit
enhancements to secure its credit risk.

The Company extends credit to customers as per the internal credit policy. Any deviation are approved by appropriate authorities, after
due consideration of the customers credentials and financial capacity, trade practices and prevailing business and economic conditions.
The Company's historical experience of collecting receivables and the level of default indicate that credit risk is low and is generally
uniform across the markets. Consequently, trade receivables are considered to be a single class of financial assets. All overdue customer
balances are evaluated taking into account the age of the dues, specific credit circumstances, the track record of the customers etc.
The company computes credit loss allowance based on a matrix of historically observed default rates over the expected life of trade
receivables and is adjusted for forward-looking estimates.

Financial assets that are neither past due nor impaired

Cash and cash equivalents, investment and deposits with banks are neither past due nor impaired. Cash and cash equivalents with banks
are held with reputed and credit worthy banking institutions.

Financial assets that are past due but not impaired

Trade receivables amounts that are past due at the end of the reporting period, no credit losses there against are expected to arise. The
company also takes advance, letter of credit and bank guarantee from its customers, which mitigates the credit risk to that extent.

3. LIQUIDITY RISK

The company determines its liquidity requirement in the short, medium and long term. This is done by drawing up cash forecast for short
term and long term needs. The company manages its liquidity risk in a manner so as to meet its normal financial obligations without any
significant delay or stress. Such risk is managed through ensuring operational cash flow while at the same time maintaining adequate
cash and cash equivalent. The management has arranged for diversified funding sources and adopted a policy of managing liquidity by
monitoring future cashflows and generating liquidity in the system on a regular basis. Surplus funds not immediately required are invested
in certain mutual funds, AIF, LLP's, bonds, debentures, fixed deposits etc. which provide flexibility to liquidate as needed for the operations.
Besides, the current committed line of credit are sufficient to meet its short to medium term fund requirement.
i) Liquidity and interest risk 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. The tables shows principal cash flows as at balance sheet date:

The company has current financial assets which will be realised in ordinary course of business. The Company ensures that it has sufficient
bandwidth on demand to meet expected operational expenses. The company relies on mix of borrowings and operating cash flows to meet its
need for funds and ensures that it does not breach any financial covenants stipulated by the lender.
g) CAPITAL MANAGEMENT

The primary objective of the Company's capital management is to ensure that it maintains a healthy capital ratio in order to support its business
and maximise shareholder value. The Company's objective when managing capital is to safeguard their ability to continue as a going concern so
that they can continue to provide returns for shareholders and benefits for other stake holders. The Company is focused on keeping strong total
equity base to ensure independence, security, as well as a high financial flexibility for potential future borrowings, if required without affecting
the risk profile of the Company.

Risk analysis

Through its defined benefit plans, the Company is exposed to a number of risks in the defined benefit plans. Most significant risks pertaining to
defined benefit plans and management's estimation of the impact of these risks are as follows:

Investment risk

The Gratuity plan is funded with Life Insurance Corporation of India and ICICI Prudential Life Insurance Company Limited and the company does
not have any liberty to manage the fund provided to them. The present value of the defined benefit plan liability is calculated using a discount
rate determined by reference to yield of Government of India bonds. If the return on plan asset is below this rate, it will create a plan deficit.

Interest risk

A decrease in the interest rate on plan assets will increase the plan liability.

Longevity risk / Life expectancy

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both
during and at the end of the employment. An increase in the life expectancy of the plan participants will increase the plan liability.

Salary growth risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. An increase in the
salary of the plan participants will increase the plan liability.

50. (a) In pursuance of the Order dated September 24, 2014 passed by the Hon'ble Supreme Court of India ('the Order'), followed by the Ordinance

promulgated by the Government of India, Ministry of Law & Justice ('legislative department') dated October 21, 2014 ('Ordinance') for
implementing the Order, allotment of Parbatpur coal block ('coal block'/'mine') to the Company, which was under advanced stage of
implementation, had been cancelled w.e.f. April 01,2015. In terms of the Ordinance (subsequently promulgated into Coal Mines (Special
Provisions) Act, 2015 i.e. 'CMSP Act'), the Company was allowed to continue the operations in the said coal block till March 31, 2015.
Accordingly, the said coal block had been handed over to Bharat Coking Coal Limited ('BCCL') as per the direction from Ministry of Coal
('Ministry'), with effect from April 01, 2015 and the same was thereafter allotted to Steel Authority of India Limited ('SAIL') and an initial
compensation of Rs. 84,32.32 lakhs was awarded, of which Rs. 83,12.14 lakhs was received by the Company. SAIL subsequently surrendered
the coal block and handed over the said coal block back to the custody of BCCL.

Following a petition filed by the Company, challenging the method and amount of compensation being determined, the Hon'ble High
Court of Delhi pronounced its judgement on March 09, 2017 laying down the principles of determination of revised compensation.
Accordingly, based on the said judgement, the Company claimed Rs.15,49,44.48 lakhs towards compensation against the said coal block,
acceptance whereof is awaited. The then Nominated Authority, for deciding the amount of compensation, had passed an order, after the
above judgement, revising the compensation by a small amount. However, upon an appeal being made by the Company, the said order
was set aside by the Hon'ble High Court, with a direction to the Nominated Authority to reconsider the same. The Nominated Authority
thereafter passed an order dated November 11, 2019 awarding an additional compensation of Rs. 1,80.00 lakhs, with a further direction
to determine the value of certain assets forming part of the mine infrastructure, liable for compensation in terms of the CMSP Act to the
Company. Subsequently, the Nominated Authority, appointed a valuer to determine the value of those specified assets and thereafter an
another valuer was also appointed for cross verification of certain back-up documents, details and indirect costs related thereto, so that to
arrive at the correct valuation for compensation against those assets. Moreover, the Company had also earlier approached the Nominated
Authority/Ministry to reconsider the compensation, determined by the previous officer holding charge of office of Nominated Authority,
for land and some other major assets and the final amount thereof is yet to be decided.

In the meantime, JSW Steel Limited ('JSW') had been declared as successful bidder for Parbatpur Coal Block in "16th Tranche of Auction
Under Coal Mines (Special Provisions) Act, 2015” and vesting order dated June 08, 2023 was issued by the Ministry in their favour. JSW,
as being claimed by them, took over the physical possession of said coal block and requested the Company to initiate negotiations for
utilization of movable property/ assets used in coal mining. Pursuant to this, the Company has submitted that the matter is sub-judice and
pending decision thereof, it is premature to initiate such negotiations at this stage.

On July 15, 2025, the Nominated Authority ('NA') has passed a Provisional Compensation Order of even date ('Provisional Order') declaring
additional compensation of Rs. 4,76,10.62 lakhs against shaft and incline and certain other mine infrastructure and Rs. 22,60.31 lakhs
against land aggregating to Rs. 4,98,70.93 lakhs in favour of the Company. Comments/ objections sought by the Nominated Authority
from the Company, SAIL and JSW in respect of the Provisional Order have been submitted for their consideration. Subsequently, after
considering the comments/objections so received, NA passed a compensation order dated November 19, 2025 ('Compensation Order')
and determined that Rs. 2,53,04.42 lakhs is payable as compensation towards 'hard cost' of shafts and inclines and certain other mine
infrastructure. JSW has been directed to deposit the amount of Rs. 1,96,75.74 lakhs being the aggregate amount of the compensation as
above. The compensation towards soft costs of shaft and incline and land is pending determination as on this date and will therefore be
decided by NA in due course of time. It has further been directed that the differential cost for preparation of updated Geological Report
may be mutually settled between the company and JSW after verification from CMPDIL. At present, JSW has since submitted a bank
guarantee of the amount, directed to be deposited as above, to the NA. The CMSP Act also provides for negotiation and decide mutually
between the Company and JSW, the compensation amount towards the cost of movable assets not declared as mine infrastructure.

JSW meanwhile filed two petitions, seeking stay and challenging the Compensation Order before the Tribunal, under the CMSP Act, at
Ranchi ("Tribunal”). The Tribunal denied JSW's petition seeking stay of the Compensation Order, vide an order dated January 21, 2026.
Thereafter, on a petition being filed against the said denial, the Hon'ble Jharkhand High Court, vide order dated January 21,2026 granted
conditional stay against the Compensation Order, subject to JSW depositing 50% of the amount i.e. Rs. 98,37.87 lakhs as directed by NA
and the same has been deposited by JSW.

Tribunal on an application filed by the company, vide order dated March 19, 2026, has allowed the withdrawal of the amount so deposited
on submission of unconditional and irrecoverable Bank Guarantee ("BG”) of an equivalent amount. Pending decision on the matter, the
amount so received on submitting the BG have been recognised and disclosed as "Receipt against claim for Coal Mine” under Other
Financial Liabilities.

Moreover, the Company's petition before Hon'ble High Court of Delhi, filed in earlier year, for declaration of certain assets as mine
infrastructure and determination of the amount of the compensation for the coal block, pertaining to mine infrastructure and land etc.,
so as to arrive at the total amount of compensation against entire coal block in terms of the CMSP Act read with judgement dated March
09, 2017 pronounced by the Hon'ble High Court at Delhi, is also being actively pursued and the same is pending adjudication as on this
date.

Pending finalisation of the matter as above, no adjustment for the amount of the compensation has been given effect to and various
balances pertaining to said mine, as appearing in the books of accounts, have been dealt with as follows:

(i) Rs.12,88,84.11 lakhs incurred pertaining to the coal block till March 31,2015 after setting off income, stocks etc. there against as per
the accounting policy then followed by the Company has been continued to be shown as freehold land, capital work in progress,
other fixed assets and other respective heads of account;

(ii) Interest and other finance cost for the year ended March 31,2016 against the fund borrowed and other expenses directly attributable
in this respect amounting to Rs. 95,14.74 lakhs have been considered as other recoverable under current assets.

(iii) Compensation of Rs. 83,12.34 lakhs have so far been received. Further net realisations/claims against sale of assets, advances, etc. in
this respect aggregates to Rs. 20,90.04 lakhs. Bank guarantee amounting to Rs. 9,20.00 lakhs has been given against the compensation
received; and

(iv) Rs. 98,37.87 lakhs received against Bank Guarantee have been disclosed as "Receipt against claim for Coal Mines” under Financial
Liabilities.

Necessary disclosures and adjustments arising with respect to above and determination of resultant claims will be given effect to on final
acceptance/settlement of the amount thereof.

D. Terms and conditions of transactions with related parties

a. The transactions with related parties have been entered at an amount which are not materially different from those on normal commercial
terms. For the year ended March 31, 2026, the company has not recorded impairment of receivable relating to amount owned by the
parties. The measurement is undertaken each financial year considering the financial position of the related party and the market in which
the related party operates.

b. The amounts outstanding are unsecured and will be settled in cash and cash equivalent. No guarantees have been given or received.

c. The remuneration of directors is determined by the Nominations and Remuneration Committee having regard to the performance of
individuals and market trends.

55.1 Details of Loans, Investments and Guarantees covered u/s 186(4) of the Companies Act, 2013:

a) Details of Investments are given under the respective heads (refer note 8, 9 and 15).

b) Details of Standby Letter of Credit given by the Company are as follows:

58. Additional Information pursuant to amendments made in Schedule III to the extent applicable to the company (Other than those that have
been disclosed under the respective Notes to the financial statements):

(A) Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds to any other persons or entities, 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.

(ii) The Company has not received any fund from any persons or entities, 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.

(B) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(C) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax
Act, 1961, that has not been recorded in the books of account.

(D) Compliance with number of layers of companies

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

59. The company operates mainly in one business segment viz 'Pipes & Fittings' being primary segment and all other activities revolve around the
main activity. The secondary segment is geographical, information related to which is given as under:

60. The company has opted for continuing accounting policy in respect of exchange difference arising on reporting of long term foreign currency
monetary items in accordance with Ind AS 101 "First time adoption of Indian Accounting Standards". The unamortised balance in the carrying
amount of Property, Plant and Equipments / capital work in progress is Rs. 2,70,24.56 lakhs (previous year Rs 2,73,41.22 lakhs).

61. These financial statements have been approved by the Board of Directors of the Company on May 18, 2026 for issue to the shareholders for the
adoption.

62. Previous year figures have been regrouped/reclassified wherever necessary to correspond with current year's classification/disclosure.

1

Figures in round brackets ( ) indicate figures as at March 31,2025

2. During the year ended March 31,2026 and March 31,2025, there were no transfers between Level 1, Level 2 and Level 3.

3. The Inputs used in fair valuation measurement are as follows:

i) Fair valuation of Financial assets and liabilities not within the operating cycle of the company is amortised based on the borrowing rate of
the company.

ii) Derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are
directly or indirectly observable in the marketplace. The inputs used for forward contracts are Forward foreign currency exchange rates
and Interest rates to discount future cash flow.

iii) Unquoted investments in equity shares have been valued based on the amount available to shareholder's as per the latest audited
financial statements wherever available. In case of AIF, LLP's and Debentures these are based on valuation provided by external
agencies.