l) Provisions and contingencies

A provision is recognised when the company has
a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow
of resources embodying economic benefits will
be required to settle the obligation and a reliable
estimate can be made of the amount of the
obligation.

When the company expects some or all of a
provision to be reimbursed, the reimbursement is
recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense
relating to a provision is presented in the statement
of profit and loss net of any reimbursement.

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

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 where
there is a liability that cannot be recognized because
it cannot be measured reliably. The Company does
not recognize a contingent liability but discloses its
existence in the financial statements.

Contingent assets are not recognised in financial
statements, unless they are virtually certain.
However, contingent assets are disclosed where
inflow of economic benefits are probable.

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

m) Fair value measurement

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

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

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

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

Ý Level 1 — Quoted (unadjusted) market prices in
active markets for identical assets or liabilities

Ý Level 2 — Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is directly or indirectly
observable

Ý Level 3 — Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is unobservable

For assets and liabilities that are recognised in
the financial statements on a recurring basis, the
company determines whether transfers have
occurred between levels in the hierarchy by re¬
assessing categorisation (based on the lowest
level input that is significant to the fair value
measurement as a whole) at the end of each
reporting period.

For the purpose of fair value disclosures, the
company has determined classes of assets and
liabilities based on the nature, characteristics and
risks of the asset or liability and the level of the fair
value hierarchy.

n) Financial instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.

Initial recognition and measurement

Financial instruments are initially recognised when
the entity becomes party to the contract.

Financial instruments are measured initially at
fair value adjusted for transaction costs that
are directly attributable to the origination of the
financial instrument where financial instruments
not classified at fair value through profit or loss.
Transaction costs of financial instruments which
are classified as fair value through profit or loss are
expensed in the statement of profit and loss.

Subsequent measurement of financial assets

For the purposes of subsequent measurement,
the financial assets are classified in the following

categories based on the company's business
model for managing the financial assets and the
contractual terms of cash flows:

Ý those to be measured subsequently at fair
value; either through OCI or through profit or
loss

Ý those measured at amortised cost

For assets measured at fair value, changes in
fair value will either be recorded in the statement
of profit and loss or OCI. For investments in debt
instruments, this will depend on the business
model in which investment is held. For investments
in equity instruments, this will depend on whether
the company has made an irrevocable election at
the time of initial recognition to account for equity
investment at fair value through OCI.

The company reclassifies debt investments when
and only when its business model for managing
those assets changes.

Debt instruments at amortised cost

A 'debt instrument' is measured at the amortised
cost if both the following conditions are satisfied:

Ý The asset is held within a business model
whose objective is to hold assets for collecting
contractual cash flows, and

Ý The contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

A gain or loss on a debt investment that is
subsequently measured at amortised cost and is
not part of hedging relationship is recognised in
the statement of profit and loss when the asset
is derecognised or impaired. Interest income from
these financial assets is included in finance income
using effective interest rate (EIR) method.

Debt instruments at fair value through other
comprehensive income (FVTOCI)

Assets that are held for collection of contractual
cash flows and for selling the financial assets,
where the assets' cash flows represent SPPI,
are measured at FVTOCI. The movements in the
carrying amount are recognised through OCI,
except for the recognition of impairment gains and
losses, interest revenue and foreign exchange gain
or losses which are recognised in the statement
of profit and loss. When the financial asset is
derecognised, the cumulative gain or loss previously
recognised in OCI is reclassified from equity to

the statement of profit and loss and recognised
in other gains/ losses. Interest income from these
financial assets is included in other income using
EIR method.

Debt instruments at fair value through profit or
loss (FVTPL)

Assets that do not meet the criteria for amortised
cost or FVTOCI are measured at FVTPL. A gain
or loss on debt instrument that is subsequently
measured at FVTPL and is not a part of hedging
relationship is recognised in the statement of profit
and loss within other gains/ losses in the period in
which it arises. Interest income from these financial
assets is included in other income.

Equity investments

All equity investments in the scope of Ind AS 109
Financial Instruments are measured at fair value.
Equity instruments which are held for trading
are classified as at FVTPL. For all other equity
instruments, the company may make an irrevocable
election to recognise subsequent changes in
the fair value in OCI. The company makes such
election on an instrument-by-instrument basis. The
classification is made on initial recognition and is
irrevocable.

If the company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends,
are recognized in OCI. There is no recycling of the
amounts from OCI to the statement of profit and
loss, even on sale of equity instrument.

Equity instruments included within the FVTPL
category are measured at fair value with all
changes recognised in the statement of profit and
loss.

Subsequent measurement of financial liabilities

For the purposes of subsequent measurement, the
financial liabilities are classified in the following
categories:

Ý those to be measured subsequently at fair
value through profit or loss (FVTPL)

Ý those measured at amortised cost

Following financial liabilities will be classified under
FVTPL:

Ý Financial liabilities held for trading

Ý Derivative financial liabilities

Ý Liability designated to be measured under
FVTPL All other financial liabilities are classified
at amortised cost.

For financial liabilities measured at fair value,
changes in fair value will recorded in the statement
of profit and loss except for the fair value changes
on account of own credit risk are recognised in
Other Comprehensive Income (OCI).

Interest expense on financial liabilities classified
under amortised cost category are measured
using effective interest rate (EIR) method and are
recognised in statement of profit or loss.

Derecognition of financial instruments

The company derecognises a financial asset when
the contractual rights to the cash flows from the
financial asset expire, or it transfers the rights to
receive the contractual cash flows in a transaction
in which substantially all of the risks and rewards
of ownership of the financial asset are transferred
or in which the company neither transfers nor
retain substantially all of the risks and rewards
of ownership and it does not retain control of the
financial asset.

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the terms
of an existing liability are substantially modified,
such an exchange or modification is treated as
the derecognition of the original liability and the
recognition of a new liability. The difference in the
respective carrying amounts is recognised in the
statement of profit or loss.

Impairment of financial assets

The company applies Expected Credit Loss
(ECL) model for measurement and recognition of
impairment loss on the financial assets mentioned
below:

Ý Financial assets that are debt instrument and
are measured at amortised cost

Ý Financial assets that are debt instruments and
are measured as at FVOCI

Ý Trade receivables under Ind AS 18

The impairment methodology applied depends on
whether there has been a significant increase in
credit risk. Details how the company determines
whether there has been a significant increase in
credit risk is explained in the respective notes.

For impairment of trade receivables, the company
chooses to apply practical expedient of providing
expected credit loss based on provision matrix and

does not require the Company to track changes
in credit risk. Percentage of ECL under provision
matrix is determined based on historical data as
well as futuristic information.

m) Dividend Distribution

The company recognises a liability to make cash
distributions to equity holders when the distribution
is authorised and approved by the shareholders.
Any interim dividend paid is recognised on
approval by Board of Directors. Dividend payable
and corresponding tax on dividend distribution is
recognised directly in equity.

n) Earnings per share (EPS)

Basic EPS is calculated by dividing the profit for the
year attributable to equity holders of the company
by the weighted average number of equity shares
outstanding during the financial year, adjusted for
bonus elements in equity shares issued during the
year and excluding treasury shares.

Diluted EPS adjust the figures used in the
determination of basic EPS to consider

Ý The after-income tax effect of interest and
other financing costs associated with dilutive
potential equity shares, and

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

o) Operating Segment

Ind AS 108 Operating Segments requires
Management to determine thereportablesegments
for the purpose of disclosure in financial statements
based on the internal reporting reviewed by Chief
Operating Decision Maker (CODM) to assess
performance and allocate resources. The standard
also requires Management to make judgments
with respect to aggregation of certain operating
segments into one or more reportable segment.

The Company has determined that the Chief
Operating Decision Maker (CODM) is the Board
of Directors (BoD). Operating segments used to
present segment information are identified based
on the internal reports used and reviewed by the
BoD to assess performance and allocate resources.

1.1) Significant accounting judgments, estimates and
assumptions

The preparation of the financial statements in
conformity with Ind AS, requires the management to

make judgments, estimates and assumptions that
affect the amounts of revenue, expenses, current
assets, non-current assets, current liabilities, non¬
current liabilities, disclosure of the contingent liabilities
and notes to accounts at the end of each reporting
period. Actuals may differ from these estimates.

Judgements

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

Useful life, method and residual value of property,
plant and equipments

Plant and machineries and factory buildings contribute
significant portion of the Company's Property, plant
and equipment. The Company estimates the useful
life and residual value of assets. However the actual
useful life and residual value may be shorter / less or
longer / more depending on technical innovations and
competitive actions. Further, Company is depreciating
its plant and machineries and factory buildings by
using straight line method based on the management
estimate that repairs / wear and tear to plant and
machineries and factory buildings are consistent over
useful life of assets.

Estimates and assumptions

The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described
below. The Company based its estimates and
assumptionsonparametersavailablewhenthefinancial
statements are prepared. Existing circumstances and
assumptions about future developments, however,
may change due to market conditions or circumstances
arising that are beyond the control of the Company.
Such changes are reflected in the assumptions when
they occur.

Defined benefit obligation

The cost of the defined benefit plans and other post¬
employment benefits and the present value of the
obligations are determined using actuarial valuation.
An actuarial valuation involves making various
assumptions that may differ from actual developments
in the future. These include the determination of the
discount rate, future salary increases, mortality rates
and future post-retirement medical benefit increase.
Due to the complexities involved in the valuation and
its long-term nature, a defined benefit obligation is

highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount
rate. In determining the appropriate discount rate,
management considersthe interest ratesof government
bonds in currencies consistent with the currencies of the
post-employment benefit obligations and extrapolated
as needed along the yield curve to correspond with the
expected term of the defined benefit obligation.

The mortality rate is based on publicly available
mortality tables. Those mortality tables tend to change
only at intervals in response to demographic changes.
Future salary increases are based on the expected
future inflation rates for the country.

Further details about defined benefit obligations are
provided in the respective note prepared elsewhere in
the financial statement.

Deferred Tax

Deferred tax assets are recognised for all deductible
temporary differences including the carry forward of
unused tax credits. Deferred tax assets are recognised
to the extent that it is probable that taxable profit will
be available against which the deductible temporary
differences, and the carry forward of unused tax credits
can be utilized.

Estimation and underlying assumptions are reviewed
on ongoing basis. Revisions to estimates are recognised
prospectively.

Share Issue Expenses: Issue expenses are adjusted
against the Share Premium.

1.2) Recent accounting 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. For the year ended 31st
March, 2026, MCA has notified following Amendment
to Ind AS, applicable to the Company w.e.f. 1st April,
2025.

- Ind AS - 21 The Effects of Changes in Foreign
Exchange

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

- Amendments to Ind AS 7 - Cash flow statement
and

Ind AS 107 - Financial Instrument Disclosures relating
to supplier finance arrangements

Ind AS 1-Presentation of Financial Statements,
Classification of Liabilities as current or non- current
and non- current liabilities with covenants.

The Company has reviewed the new pronouncements
and based on its evaluation has determined that it
does not have any significant impact in its Standalone
financial statements.

Note 30 EARNINGS PER SHARE (EPS):

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit attributable to equity shareholders and the weighted
average number of shares outstanding are adjusted for the effect of all dilutive potential equity shares which includes all
stock options granted to employees. The number of equity shares is the aggregate of the weighted average number of
equity shares and the weighted average number of equity shares which are to be issued in the conversion of all dilutive
potential equity shares into equity shares.

Dilutive potential equity shares are deemed to have been converted at the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined independently for each period presented.

The fair value of other current financial assets, cash and cash equivalents, trade receivables, trade payables, short term
borrowings and other financial liabilities approximate the carrying amounts because of the short term nature of these
financial instruments.

The amortised cost using effective interest rate (EIR) of non current financial assets consisting of security and term deposits
are not significantly different from the carrying amount.

Financial assets that are neither past due nor impaired includes cash and cash equivalents, security deposits, term deposits
and other financial assets.

The impact of fair value on non current borrowings, non current security deposits and non current term deposits are not
significant and therefore the impact of fair value is not considered for above disclosure.

Note 37. FAIR VALUE HIERARCHY:

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
*Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

*Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).

*Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

No financial assets/liabilities have been valued using level 1 fair value measurements.

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:

The Company is exposed to various financial risks. These risks are categorized into market risk, credit risk and liquidity risk.
The Company's risk management is coordinated by the Board of Directors and focuses on securing long term and short
term cash flows. The Company does not engage in trading of financial assets for speculative purposes.

(A) Market risk:

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

(i) Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company exposure to the risk of changes in market interest rates relates
primarily to the Company's long-term debt obligations with floating interest rates.

(ii) Foreign currency risk:

The Company is exposed to foreign currency risk arising mainly on borrowing, export of finished goods and
import of raw material. Foreign currency exposures are managed within approved policy parameters utilising
forward contracts.

(B) Credit risk:

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations. Credit risk arises principally from the statutory deposits with regulatory agencies
and also arises from cash held with banks and financial institutions. The maximum exposure to credit risk is equal
to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses
in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial
position, past experience and other factors.

The Company limits its exposure to credit risk of cash held with banks by dealing with highly rated banks and
institutions and retaining sufficient balances in bank accounts required to meet a month's operational costs. The
Management reviews the bank accounts on regular basis and fund drawdowns are planned to ensure that there is
minimal surplus cash in bank accounts. The Company does not foresee any credit risks on deposits with regulatory
authorities.

(C) Liquidity risk:

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The
Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet
its liabilities when due.

Note 39. CAPITAL MANAGEMENT:

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all
other equity reserves attributable to the equity holders. The primary objective of the Company's capital management is to
maximize the shareholder value and to ensure the Company's ability to continue as a going concern.

The Company monitors gearing ratio i.e. total debt in proportion to its overall financing structure, i.e. equity and debt. Total
debt mainly comprises of borrowings from banks, financial institutions and Unsecured Loans. The Company manages the
capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of
the underlying assets.

Note 42. ADDITIONAL REGULATORY INFORMATION PURSUANT TO THE REQUIREMENT IN DIVISION II OF SCHEDULE
III TO THE COMPANIES ACT 2013

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Comapny for holding any Benami Property.

(ii) The Comapny does not have any transactions with Companies struck off.

(iii) The Company has not revalued its property, plant and equipmet (including right-of-use assets) or intangible assets or
both during the current or previous year.

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

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

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (Such as, search or
survey or any other relevant provisions of the Income Tax Act, 1961.

(viii) The Company has borrowings from banks and financial institutions on the basis of security of current assets. The
quarterly returns or statements of current assets filed by the Company with banks and financial institutions are in
agreement with the books of accounts.

(ix) The Company have not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

(x) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

(xi) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

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