(c) Rights, preferences & restrictions attached to Equity Shares

i) The Company has only one class of equity shares having a per value of H 2 per share.

ii) Each holder of equity shares is entitled to one vote per equity share.

iii) Any dividend declared by the company shall be paid to each holder of Equity shares in proportion to the number of shares held to total equity shares outstanding as on that date. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and is accounted for in the year in which it is approved by the shareholders.

iv) In the event of liquidation of the Company, the holders of Equity Shares shall be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

(d) Dividend

(i) The final dividend on shares is recorded as a liability on the date of approval by the shareholders.

(ii) The Shareholders of the Company approved the declaration of Final Dividend @ 100% i.e. H 2/- (Rupees Two only) per equity share of face value of H 2/- (Rupees Two only) each on 18th June, 2025 amounting to H 1,815.27 Lakh for FY 2024-25.

Note: It includes unpaid dividend of H 0.36 Lakh which is held in separate Bank account as disclosed in Note 16 Bank Balances other than Cash and Cash Equivalents under the head “Earmarked balances with banks"

(iii) The Board of Directors have recommended dividend of H 2 per equity share (i.e. 100% on face value of H 2 per equity share) for the FY 2025-26 (Previous year : H 2 per equity share) and is subject to approval of members at the ensuing Annual General Meeting .

(e) Fully paid up bonus shares issued during the period of five years immediately preceding the reporting date.

During FY 2021-22, 4,53,81,750 equity shares of H 2 each were allotted on 25th February, 2022, as fully paid up bonus shares in the ratio of 1:1, pursuant to a special resolution passed by members in their meeting held on 24th February, 2022.

There was no issue of shares for consideration other than cash and buy back of shares during the period of five years immediately preceding the reporting date.

Nature and purpose of reserves:

(i) General Reserve

The General Reserve is a free reserve which is used from time to time to transfer profits from Other Equity for appropriation purposes. As the General Reserve is created by a transfer from one component of equity to another, items included in the general reserve will not be reclassified subsequently to statement of profit and loss.

Under the erstwhile Companies Act, 1956, general reserve created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. The purpose of these transfer was to ensure that if a dividend distribution in a given year is more than 10% of the paid up capital of the Company for that year, then the total dividend distribution is less than the total distributable amount as per the results for that year.

Consequent to the introduction of the Companies Act, 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements of the Companies Act, 2013.

(ii) Share Based Payment Reserve

The Company has employee stock option plan under which the Company has granted Stock options to employees, key managerial personnel and director of the Company. Refer note 51 for further details.

(iii) Retained Earnings

Retained earning are the net profit that the Company has earned / incurred till date, less any transfer to general reserves and dividends or other distributions paid to shareholders. Retained earnings also includes re-measurement loss / (gain) on defined benefit plans net of taxes that will not be reclassified to the statement of profit and loss. The amount is available for distribution to Shareholders.

The Company generally offers warranty and defect liability for its various products. Warranty costs are provided based on management's technical estimate of the costs required to be incurred for repairs, replacements, material costs, servicing cost and past experience in respect of warranty claims. Management estimates the related provision for future warranty claims based on historical warranty claim information, as well as recent trends that might suggest that past cost information may differ from future claims based on various categories of products. The assumptions made in current period are consistent with those in the prior year. Factors that could impact the estimated claim information include the success of the Company's productivity and quality initiatives.

(a) Working capital facilities and Cash Credit facilities are secured by :

Primary security by way of first pari-passu hypothecation charge over entire present & future current assets including inventories of raw material, work-in-progress, finished goods, stores and spares, scrap, trade receivables, advances to material suppliers of the Company. Collateral security by way of second pari-passu charge over present & future moveable fixed assets of the Company. Working capital loans and Cash credit facility are due within 1 year from the reporting date and carries interest rate in the range of 6.10% p.a. to 10.52 % p.a.

(b) The Company has borrowings from banks on the basis of security of current assets as disclosed above and terms of borrowing doesnot include any specific covenant to be complied.. The quarterly returns or statements of current assets filed by the Company with banks are in agreement with the books of accounts.

One-time impact of New Labour Codes :

On November 2025, The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four Labour Codes i.e. the Code on Wages 2019, the Industrial Relations Code 2020, the Code on Social Security 2020, and the Occupational Safety, Health and Working Conditions Code 2020 (collectively referred to as the “New Labour Codes"). The Ministry of Labour & Employment had published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company had assessed and disclosed the incremental impact of these changes on the basis of internal management assessment and the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India.

The Company has complied with the New Labour Codes to the extent applicable and accounted for estimated increase in liability for Gratuity arising out of past service cost and increase in liability for Compensated absences (Leave encashment) of H 129.38 lakh and H 195.00 lakh respectively as employee benefits expense in the Standalone Financial Statements.

The Government of India has notified the related rules under the New Labour Codes on 8th May,2026. The Company has evaluated the impact of these rules and based on the current assessment, Management does not expect any material additional liability or material impact on the Standalone Financial Statements of the Company.

Notes:

(a) During the year ended 31st March, 2025, the Company's USA subsidiary, i.e. Cryogenic Vessels Alternatives Inc, USA (CVA) (which had

been voluntary wound up/liquidated in the earlier years) had entered into a settlement agreement dated 7th October 2024 in respect of past years claims in reference to case filed on a CVA's customer in USA. The said settlement pertained to certain trade related dispute

of earlier years. Pursuant to such agreement, CVA Inc was guaranteed a settlement amount of US$ 850,013 (H 717.25 lakh) (net

of legal fees and expenses accrue to the legal firm) which was received by the Company during the financial year 2024-25. CVA Inc was wound up by the Company in the earlier years, in financial year 2019-20, as it had incurred business losses including on account of operational customer claims. The losses incurred by the CVA Inc were borne by the Company by way of write off of outstanding

values of loans and investments in equity and preference shares of CVA Inc which were fully provided in financial year 2018-19.

Further, as per the aforesaid Settlement agreement, CVA was also entitled to additional receipts of up to US$ 1,000,000

which was dependent on happening/non-happening of defined future events i.e. sale of CVA's assets. Out of the above,

during the year, the customer had further acknowledged an additional amount of US$ 5,71,480 (H 521.05 lakh)(net of legal fees and expenses accrue to the legal firm) which had since been realised (including H 320.65 Lakh realised subsequent

to the year ended 31st March, 2026) by the Company, resulting in a full and final settlement under the agreement.

Accordingly, the above settlement receipts of H 521.05 lakh (Previous Year : H 717.25 lakh) have been recognised as income in the books and classified as Exceptional items in the Standalone Financial Statements.

(b) During the year ended 31st March, 2026, the International Centre for Dispute Resolution (International Arbitral Tribunal, USA) (the Arbitral Tribunal) passed an arbitration award regarding a demand for arbitration and statement of claim filed by Taylor-Wharton America Inc (TWA) on the Company on 6th November 2024 and amendment thereof on 18th April 2025 pursuant to a Non-Compete clause contained in the Asset Purchase Agreement dated 12th November 2018 for sale of assets of the Company's erstwhile USA subsidiary, i.e. Cryogenic Vessels Alternatives Inc, USA (CVA) (which had been voluntary wound up/liquidated in the earlier years). Pursuant to such Non-Compete clause contained in the Asset Purchase Agreement, the Company shall not, inter alia, directly or indirectly engage in the sale of competing business products through any manufacturing presence, distribution facility, or third-party distribution facility in the United States for a period of ten years from the closing date of the Asset Purchase Agreement, i.e. 12th November 2018. On 9th March 2021, the Company entered into an Agency Agreement with Allcryo, Inc., USA (Allcryo) pursuant to which the Company stored and shipped certain products at the request of the customers which the Arbitral Tribunal identified as the "distribution facility" as being in violation of the above Non Compete clause despite certain ambiguities in the term "distribution facility" which was not defined anywhere in the Asset Purchase Agreement. The Arbitral Tribunal found that the term "distribution facility" as used in the industry, encompasses more than a distributorship, namely, it is a facility that is designed to receive, store and distribute products to customers and accordingly, directed the Company to pay US$ 944,657 (H 848.96 lakh) towards legal and other costs to TWA, while dismissing all other compensation claims filed by TWA against the Company. Accordingly, the Company has accounted for the claim amount of H848.96 lakh and disclosed/recorded as Exceptional items(expense) in the Standalone Financial Statements.

36 Disclosures under Ind AS 115 Revenue from Contracts with Customers

The Company is in the business of manufacture of cryogenic liquid storage and transport tanks and related products and earns revenue from sale of products and rendering of related services. Revenue is recognized when control of the goods and services are transferred to the customer at an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. In determining the transaction price for the sale of products, the company considers the effects of variable consideration, the existence of significant financing components, non-cash consideration, and consideration payable to the customer (if any).

Generally, Company enters into contract with customers;

a. On delivered basis

b. On EX-Factory basis.

c. On FOB, CIF, DDP and DDU basis depending on terms of contract in case of Export sales.

For maintaining uninterrupted supply of products, Company generally collect a partial advance from the customers against which orders for sale of products are received by the customers. Based on these orders, supply is maintained by the Company and revenue is recognised when the goods are delivered to the customer by adjusting the advance from customers.

The Company assesses whether the revenue can be recognised over a period of time if any of the following criteria is met:

(a) the customer simultaneously consumes the benefit of the Company's performance or

(b) the customer controls the asset as it is being created/ enhanced by the Company's performance or

(c) there is no alternative use of the asset and the Company has either explicit or implicit right of payment considering legal precedents. In all other cases, performance obligation is considered as satisfied at a point in time.

Performance Obligations :

Performance obligation in a project or a Company of projects which is contracted at or near same time with the same or related parties and negotiated simultaneously, are combined for the purpose of evaluation. The Company has estimated that multiple commitments pertaining to engineering, procurement and commissioning of such projects is a single performance obligation which is spread over different accounting periods.

Performance obligation for products are evaluated on standalone basis, recognised at a point in time.

Generally, performance obligations for such contracts have an original expected duration of one year or less.

There are no major contracts with customers which have significant financing component included within them and therefore there is no difference between the timing of satisfaction of performance obligation vis a vis the timing of the payment.

The Contract Liability and Advance received from Customers outstanding at the beginning of the respective years has been recognised as revenue during the year ended 31st March, 2026 of H 33,788.85 Lakh (Previous year: H 23,326.73 Lakh).

Information about major customers

The Company has a diversified customer base and the company's significant revenues derived from three customers (including one related party) is approximately 29.65% (Previous Year 26.08%). The total revenue from such entities is amounting to H 46,166.79 Lakh in FY 25-26 (Previous Year H 33,813.48 Lakh). Total receivable from these customers is H 9,774.25 Lakh (Previous Year H 8,650.40 Lakh).

Contract Assets :

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Contract assets are subject to impairment assessment.

Contract Liability :

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. Contract liabilities are recognised as revenue when the Company performs obligations under the contract.

37 Lease

As Lessee

The Company has elected exemption available under Ind AS 116 for short-term leases and leases of low value. The lease payments associated are recognised as expense on a straight-line basis over the lease term.

Nature of Leasing Activities

The Company's lease asset classes primarily consist of lease for Land and Office Building.

There are no sale and lease back transactions and lease agreements entered by the Company do not contain any material restrictions or covenants imposed by the lessor upto the current reporting year.

Details of some significant leases (including in substance leases) are as under;

1. - The company has entered into non cancellable operating leases for office premises, guest house, record room etc.

2. - The company has entered into non cancellable operating leases for land

3. - The Company has taken certain assets (including lands,office,residential premises) on Lease which are cancellable by giving

appropriate notice as per the respective agreements.

The weighted average incremental borrowing rate applied to lease liabilities is 7.60% to 8.43%.

6. The weighted average incremental borrowing rate 7.60 % to 8.43% for lease liabilities recognised in the balance sheet at the date of initial application.

7. Details of items of future cash outflows which the Company is exposed as lessee but are not reflected in the measurement of lease liabilities are as under :

(i) Variable Lease Payments

Variable lease payments that depend on an index or a rate are to be included in the measurement of lease liability although not paid at the commencement date. As per general industry practice, the Company incurs various variable lease payments which are not based any index or rate (variable based on kms covered or % of sales etc.) and are recognized in profit or loss and not included in the measurement of lease liability. Details of some of the arrangements entered by the Company which contain variable lease payments are as under :

Transport arrangement based on number of kilometres covered for dedicated vehicles with different contractors for transportation of employees from office to factory premises.

(ii) Extension and Termination Options

The Company lease arrangements includes extension options only to provide operational flexibility. Company assesses at every lease commencement whether it is reasonably certain to exercise the extension options and further reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control. However, where Company has the sole discretion to extend the contract such lease term is included for the purpose of calculation of lease liabilities.

38 Earning per share

The amount considered in ascertaining the Company's earnings per share constitutes the net profit after tax attributable to owners of the company. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year. The number of shares used in computing diluted earnings per share comprises the weighted average number of shares considered for deriving basic earnings per share and also the weighted average number of shares which could have been issued on conversion of all dilutive potential shares.

39 Employee Benefit Plans A Defined Contribution Plans

The Company contributes to the Government managed provident & pension fund for all qualifying employees.

The Company has recognised an amount of H 630.29 Lakh (PY H 517.04 Lakh) for provident fund and other social security contribution including admin charges and H 117.39 Lakh (PY H 106.30 Lakh) for superannuation contribution in the Standalone Statement of Profit and Loss and included in Note 30, for the year ended 31st March 2026.

B Defined Benefit Plans

The Company provides for gratuity benefit under a defined benefit retirement scheme (the “Gratuity Scheme") as laid out by the Payment of Gratuity Act, 1972 of India covering eligible employees. The Gratuity Scheme provides for a lump sum payment to employees who have completed at least five years of service with the Company, based on salary and tenure of employment. Liabilities with regard to the gratuity scheme are determined by actuarial valuation carried out using the Projected Unit Credit Method by an independent actuary. The Gratuity liability is funded by payment to the trust established with Life Insurance Corporation of India.

Following risks are associated with the plan :

A. Actuarial Risk : The risk of higher-than-expected benefit costs due to:

Adverse Salary Growth : Faster obligation growth from higher salary hikes.

Variability in Mortality Rates : Earlier gratuity payouts due to higher mortality, accelerating cash flow and causing actuarial gains/losses based on assumed salary growth and discount rates (no vesting for death benefits).

Variability in Withdrawal Rates : Earlier gratuity payouts from higher withdrawals, with the impact depending on vesting at resignation.

B. Investment Risk:

For insured funded plans, the insurer's asset valuation may not equal the fair value of the backing assets. This means the present value of assets doesn't change with future discount rates, potentially causing large swings in net liability or funded status if the discount rate changes significantly between valuations.

C. Liquidity Risk:

High-earning, long-tenured, or senior employees accumulating substantial benefits pose a liquidity risk. Their resignation or retirement can strain company cash flows due to significant payouts.

D. Market Risk:

Market risk encompasses risks arising from financial market volatility. A key actuarial assumption significantly affected by this is the discount rate, which reflects the time value of money. Higher the discount rates lower the Defined Benefit Obligation, and vice versa. Since this rate is tied to corporate/government bond yields, liability valuation is sensitive to yield fluctuations at the valuation date.

E. Legislative Risk:

Legislative risk involves potential increases in plan liabilities or decreases in assets due to changes in laws or regulations. For instance, amendments to the Payment of Gratuity Act could mandate higher benefits, immediately increasing the present value of the Defined Benefit Obligation in the year the amendment takes effect.

B) Sick Leave Benefits

The liability towards sick leave benefits for the year ended 31st March, 2026 based on actuarial valuation carried out by using Projected Unit Credit method resulted in decrease in liability by H 36.62 Lakh (Previous Year increase in liability by H 18.51 Lakh) which is included in the employee benefits in the Standalone Statement of Profit and Loss.

40 Segment Information

The Company is having only one reportable business segment in accordance with Ind AS 108 on “Operating segment". i.e., Cryogenic tanks - comprising of cryogenic tank for LNG, Disposable Cylinders, Cryolines, etc.

Information reported to the chief operating decision maker (CODM) for the purpose of resource allocation and assessment of segment performance focuses on single business segment of Cryogenic tanks -comprising of cryogenic tank for LNG, disposable cylinder, Cryolines etc. Hence the Company is having only one reportable business segment under Ind AS 108 on “Operating segment".

The Company manages its capital structure with a view that it will be able to continue as going concern while maximising the return to stakeholders through the optimization of the debt and equity balance.

The capital structure of Company consists of net (surplus) (borrowings as detailed in Note 23 offset by cash and bank balance detailed in Note 15, Note 16, Note 11 & Investment in Mutual Funds detailed in Note 9C) and total equity of the Company.

43 Financial Instruments and Risk Factors

Financial risk management objectives

The Company's corporate finance function provides services to the business, coordinates access to financial market, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse exposures by degree and magnitude of the risk. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Company's principal financial liabilities comprise borrowings, lease liabilities, trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations, routine and capital expenditure. The Company's principal financial assets include loans, investment in mutual funds, trade and other receivables and cash and cash equivalents that derive directly from its operations.

Market Risk

Market risk is the risk that the value of an asset will fluctuate as a result of changes in market variables such as interest rates, foreign exchange rates and equity prices, whether those changes are caused by factors specific to the individual investment or its issuer or factors affecting all investments traded in the market.

Market risk is managed on the basis of pre-determined asset allocations across various asset categories, diversification of assets in terms of geographical distribution and industry concentration, a continuous appraisal of market conditions and trends and management's estimate of long and short term changes in fair value.

Interest rate risk refers to the possibility that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate. The Company is exposed to interest rate risk because it borrows funds at both fixed and floating interest rates. In order to balance the Company's position with regards to interest expense and to manage the interest rate risk, treasury performs a comprehensive interest rate risk management.

Foreign Currency Risk Management

The Company operates internationally with transactions entered into several currencies. Consequently the Company is exposed to foreign exchange risk towards honouring of export/ import commitments.

The Company is subject to the risk that changes in foreign currency values impact the Company exports revenue, imports of material/ capital goods and services and exchange rate exposures are managed within approved policy parameter.

Foreign exchange transactions are covered within limits placed on the amount of uncovered exposure, if any, at any point in time. The aim of the Company's approach to management of currency risk is to leave the Company with no material residual risk.

Other price risks

Other price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. Other price risk arises from financial assets such as investments in equity instruments and mutual funds. The company is exposed to equity price risks arising from equity investments. Equity investments in subsidiaries and other Companies are held for strategic rather than trading purposes. The Company does not actively trade these investments. The Company is also exposed to price risk arising from investments in debt mutual funds, but these being debt instruments, the exposure to risk of changes in market rates is minimal.

Commodity price risk

The Company is exposed to commodity price risk primarily arising from fluctuations in the prices of critical raw materials such as stainless steel, carbon steel, aluminium alloys, nickel-based components, and insulation materials used in the manufacture of cryogenic storage tanks and systems. These inputs are subject to global supply-demand dynamics, exchange rate movements, and geopolitical factors, which may impact the Company's production costs and margins.

To mitigate the impact of such price volatility, the Company undertakes the following measures:

• Entering into rate contracts and long-term procurement arrangements with key suppliers wherever feasible

• Strategic sourcing and maintaining a diversified vendor base, including both domestic and international suppliers

• Continuous monitoring of global commodity price trends, particularly for steel and allied metals

• Maintaining optimum inventory levels to balance cost efficiency and supply continuity

• Incorporating price escalation clauses in customer contracts for long-duration projects, where possible

• Optimizing design and material utilization through engineering efficiencies

The Company regularly reviews its procurement strategies and project pricing mechanisms to minimize the adverse impact of raw material price fluctuations while ensuring timely execution of orders and maintaining product quality standards.

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. Credit risk arises primarily from financial assets such as trade receivables, investment in debt mutual funds, balances with banks, loans and other receivables. To manage this, the company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of account receivables. Individual risk limits are set accordingly. The company invests surplus funds in debt mutual fund of highly rated mutual funds, with significantly lower credit risk.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. The company considers reasonable and supportive forward-looking information.

Financial assets are written off when there is no reasonable expectation of recovery, such as debtor failing to engage in a repayment plan with the company.

a) Trade receivables

Credit risk arising from trade receivables is managed in accordance with the Company's established policy, procedures and control relating to customer credit risk management. The average credit period on sales of products is approximately 76 days. The concentration of credit risk is limited due to the fact that the customer base is large and diverse. All trade receivables are reviewed and assessed for default on a quarterly basis.

The Company's concentration of risk with respect to trade receivables is low, as its customer's base is widely spread across the length and breadth of the country and world. The Company has assessed and evaluated the expected credit loss for the current year to be H 44.14 Lakh (Previous year H 97.73 Lakh).

No significant changes in estimation techniques or assumptions were made during the reporting period.

b) Other financial assets

Credit risk arising from investment in mutual funds, financial instruments and other balances with banks is limited and there is no collateral held against these because the counterparties are banks and recognised financial institutions with high credit ratings assigned by the various credit rating agencies.

Liquidity Risk Management

Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at a reasonable price. The Company's treasury function is responsible for maintenance of liquidity , continuity of funding as well as timely settlement of debts. In addition, policies related to mitigation of risks are overseen by senior management. Management monitors the Company's net liquidity position on the basis of expected cash flows vis-a-vis debt service fulfilment obligation.

Ultimate responsibility for liquidity risk management rests with the committee of Board of Directors for operations, which has established an appropriate liquidity risk management framework for the management of the Company's short, medium and longterm funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

1 For details relating to ESOPs granted to KMPs/Directors, refer Note 51.

2 The above information is excluding taxes and duties except outstanding balances at the year end.

3 Terms and conditions of transactions with related parties :

(a) Sales to related parties and concerned balances For terms of transaction :

Sales/Repairing Service provided are made to related parties on the same terms as applicable to third parties in an arm's length transaction and in the ordinary course of business. The Company mutually negotiates and agrees sales price, discount and payment terms with the related parties by benchmarking the same to transactions with non-related parties, who purchase goods and services of the Company in similar quantities. Such sales generally include payment terms requiring related party to make payment within 30 to 60 days from the date of invoice (31 March 2025: within 30 to 60 days from the date of invoice).

For terms of balance :

Trade receivables outstanding balances are unsecured, interest free and require settlement in cash. No guarantee or other security has been received against these receivables. The amounts are recoverable within 30 to 60 days from the reporting date (31 March 2025: 30 to 60 days from the reporting date). For the year ended 31 March 2026, the Company has not recorded any impairment on receivables due from related parties (31 March 2025: Nil).

(b) Purchases of goods and services and related balances For terms of transaction :

Purchases are made from related parties on the same terms as applicable to third parties in an arm's length transaction and in the ordinary course of business. The Company mutually negotiates and agrees purchase price and payment terms with the related parties by benchmarking the same to sale transactions with non-related parties entered into by the counterparty and similar purchase transactions entered into by the Company with the other non-related parties. Such purchases generally include payment terms requiring the Company to make payment within 30 to 60 days from the date of invoice (31 March 2025: within 30 to 60 days from the date of invoice).

For terms of balance :

Trade payables outstanding balances are unsecured, interest free and require settlement in cash. No guarantee or other security has been given against these payables. The amounts are payable within 30 to 60 days from the reporting date (31 March 2025: 30 to 60 days from the reporting date).

3) Disputed Excise duty/ Service tax demands H 310.67 Lakh (PY H 296.72 Lakh):-

The company has received various demands including show cause notice regarding various issues on account of excise duty and service tax. In cases of confirmed demand orders , the company had filed appeals at appropriate levels.

The above excise and service tax demands incudes H 310.67 Lakh (PY H 296.72 Lakh) in respect of matters where the company has already received a decision in Appellate proceedings in its favour on a similar matter. Amount paid against above liabilities and carried as “Duty paid under protest" under Other Assets in Note no 12 is H 1.40 Lakh (PY H 1.40 Lakh)

4) For Assessment Year 2024-25, the Company has preferred an appeal before the CIT(A) against an assessment order received under section 143(3) read with section 144B during the year, involving a demand of H 106.48 Lakh (Previous year : Nil). The dispute primarily relates to disallowances made on account of unpaid gratuity under section 43B and depreciation claimed on plant & machinery and intangible assets (Technical Know How). Based on the facts of the case, documentary evidences furnished, settled judicial precedents, and the interpretation of relevant provisions of the Income tax Act, 1961, the Company has been legally advised that the additions are unsustainable and are likely to be deleted in appeal.

5) For disputed Income tax matter, disallowance/addition made by AO on account of Standby Letter of Credit (SBLC) charges for the SBLC provided to Associated Entities, based on the decisions of the Appellate authorities and the interpretations of other relevant provisions of the Income tax Act, 1961, the Company had been legally advised that the demand raised is likely to be either deleted or substantially reduced. However, conservatively provision of an amount of H 97.72 Lakh is carried in the books since 31st March, 2025, hence, contingent liability is considered Nil as on 31st March, 2026.

6) The Company has received notice under section 133(6) of the Income tax Act dated 8th August, 2023, for A.Y. 2018-19 seeking explanation regarding deduction claimed by the Company on account of loss on account of non-recoverability of amount paid on behalf of CVA Inc amounting to H5,200 lakh. As mentioned in the notice, the assessing officer has asked the Company to justify such claim of deduction. Based on this the company filed its reply on 18th August , 2023. Subsequently Income tax Department has issued notice under section 148 of Income tax Act for re-assessment on 28th February, 2024. The company has challenged this notice under section 148 by filling writ petition with Gujarat High Court as per the advice received from senior counsel. On 16th April, 2024, the Honourable Gujarat High Court has passed order of ad interim relief to the company by mentioning that no order can be passed by the Assessing Officer and next hearing of the case has been adjourned till 14th July, 2026.

7) Claims against Company which are not settled and which are assessed as Remote are not disclosed. b) Capital Commitments

Estimated amounts of contracts remaining to be executed on capital account and not provided for (net of advances) H 1,581.53 Lakh

(Previous Year : H797.68 Lakh).

50 Additional Informations as per Schedule III:-

(a) The Company has no transactions with the struck off companies under Companies Act, 2013.

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

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

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(d) 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

(e) 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.

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

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

(h) No proceedings has been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

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

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

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

51 Share-Based payments

The Nomination and Remuneration Committee (NRC) of the Company at their meeting held on 8th August 2023, 7th February 2025 and 12th February, 2026 had granted 3,64,895, 7,593 and 2,267 stock options, respectively, to the employees of the Company vide letter dated 1st August 2023, 7th February 2025 and 13th February, 2026 respectively. Each stock option converts into one equity share of the Company on exercise by respective employees. The options are granted at an exercise price of H2 per option. The options granted under the plan will vest with employees at the end of second/third year from the grant date. The Exercise Period in respect of a Vested Option will be subject to a maximum period of 4 (Four) years commencing from the date of Vesting. The fair value of the stock options is estimated at the grant date using a Black and Scholes model, taking into account the terms and conditions upon which the share options were granted. There are no cash settlement alternatives. The Company does not have a past practice of cash settlement of these options.

Terms of ESOP scheme :

Pursuant to the applicable requirements of the erstwhile Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 ("the SEBI guidelines"), the Company had framed an “INOX Employee Stock Option Plan 2022" to attract, retain, motivate and reward its employees and to enable them to participate in the growth, development and success of the Company. Each stock option converts into one equity share of the Company on exercise. The options are granted at an exercise price of H 2/- per option. The options granted under the plan have been vested/will vest in a phased manner as per grant letter. The Exercise Period in respect of a Vested Option will be subject to a maximum period of 4 (Four) years commencing from the date of final vesting. The compensation costs of stock options granted to employees are accounted using the fair value method classified as Employee benefits expense.

Details of ESOPs granted to KMPs and Directors:

During the earlier year, the Company had granted various stock options to KMPs/Director of the Company as per the “INOX Employee Stock Option Plan 2022".

The Company recorded an employee compensation cost in the Standalone Statement of Profit and Loss. The expected life of the share options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.

52 The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, there are no instances of audit trail feature being tampered with.

Additionally, the audit trail of prior year has been preserved by the Company as per the statutory requirements for record retention to the extent it was enabled and recorded in the respective years.

53 Events after reporting date

There are no events which requires any adjustment or disclosures in the Standalone financial statements.

54 During the year, the Company has reassessed the classification of non-current portion of Provision for Leave Encashment liability as current liability pursuant to an amendment to Indian Accounting Standard (Ind AS) 1 during the year since the Company does not have an unconditional right to defer the settlement for at least twelve months after the reporting period. Accordingly, an amount aggregating to H 656.76 lakh as at 31st March, 2025, previously disclosed as Provisions under the head of Non-Current liability has been reclassified as Provisions under the head of Current Liabilities.

The above non-current to current reclassification does not impact recognition and measurement of items in the standalone financial statements, and, consequentially, there is no impact on total equity and/ or profit/(loss) for the current or any of the earlier periods. Nor there is any impact on presentation of standalone statement of cash flow. Considering the nature of changes, the management believes that they do not have any material impact on the standalone financial statements.

55 Fig ures relating to previous year have been regrouped wherever necessary to confirm to the figures of the current year.

56 The Standalone Financial Statements have been approved for issue in accordance with a resolution of the Board of Directors passed in its meeting held on 12th May, 2026.

The accompanying notes form an integral part of these standalone financial statements