M) Provisions, Contingent Assets and Contingent Liabilities
Provisions are recognised when the Company has a present obligation 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 when a reliable estimate of the amount
of the obligation can be made. Provisions are measured at the best estimate of the expenditure required to settle the present
obligation at the Balance Sheet date. The expenses 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 determined by discounting the expected future cash flows
specific to the liability. The unwinding of the discount is recognised as finance cost.
Contingent liabilities are disclosed 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 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 obligation or a reliable estimate of the amount cannot be made.
Contingent liabilities not provided for as above, but are disclosed in notes forming part of the Financial Statements.
A Contingent Asset is not recognised but disclosed in the financial statements where an inflow of economic benefit is probable.
Provisions, contingent assets, contingent liabilities and commitments are reviewed at each balance sheet date.
N) Earnings per share
a) Basic earnings per share
Basic earnings per share is calculated by dividing:
0 the profit attributable to owners of the Company
0 by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements
in equity shares issued during the year.
b) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:
0 the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
0 the weighted average number of additional equity shares that would have been outstanding assuming the conversion
of all dilutive potential equity shares.
1. During the year ended March 31, 2025, Company had entered into an agreement dated February 25, 2025 for sale of
shares held by Company at ' 11.50 per share to Vibrant Energy Holdings PTE. Ltd. The conditions for sale as per the
agreement were not satisfied as at March 31, 2025. Subsequently, during the year ended March 31, 2026, the conditions
were met and investments have been transferred to Vibrant Energy Holdings PTE. Ltd on July 16, 2025 for a consideration of
' 37.95 Lakhs.
2. Refer Note 40 for Fair Value Measurement and 41 for market risk associated with Investments.
1. Advance to suppliers - Other than Related parties include ' 0.68 Lakhs (March 31, 2025: 0.18 Lakhs) given to micro enterprises
& small enterprises. (Refer Note 49(j)).
2. There are no loans and advances due by directors or other officers of the Company or any of them either severally or jointly with
any other person or by firms or private Companies respectively in which any director is a partner or a director or a member.
b) Terms and rights attached to the shares
Equity Share: The Company has only one class of equity shares having a par value of ' 10. They entitle the holder to participate
in dividends and share in the proceeds of winding up the Company in proportion to the number of and amounts paid on the
shares held.
Every holder of equity shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is
entitled to one vote.
f) There are no shares reserved for issue under options and contracts or commitments for the sale of shares or disinvestment.
g) There are no shares allotted as fully paid-up by way of bonus shares or allotted as fully paid-up pursuant to contract without
payment being received in cash, or bought back during the period of five years immediately preceding the reporting date.
h) There are no securities convertible into equity / preference shares.
i) There are no calls unpaid on any of the equity shares.
j) There are no forfeited shares.
Nature and Purpose of Reserves:Securities Premium
The amount received in excess of face value of equity shares is recognised in Securities Premium. The premium is to be utilised in
accordance with the provisions of the Companies Act, 2013.
Retained Earnings
Retained Earnings are the profits that the Company has earned till date less any transfers to General Reserve, Dividends or other
distributions paid to shareholders. Retained Earnings includes Remeasurement gain / (loss) on net defined benefit plans (net of tax)
that will not be reclassified to Profit and Loss. Retained earnings are free reserve available to the Company.
Equity instruments at Fair Value through Other Comprehensive Income (FVOCI)
The Company has elected to recognize changes in the Fair Value of Equity investments in Other Comprehensive Income.
These changes are accumulated in the 'Equity Instruments through Other Comprehensive Income' within Other Equity.
The Company transfers the amounts from this reserve to retained earnings when the relevant equity securities are derecognised.
Capital Redemption Reserve
Capital Redemption Reserve represents amount set aside by the Company for future redemption of capital. The reserve is to be
utilised in accordance with the provisions of the Companies Act, 2013.
a) Compensated Absences
Accumulated compensated absences, which are expected to be availed or encashed within 12 months from the end of the year
are treated as current employee benefits. The obligation towards the same is measured at the expected cost of accumulating
compensated absences as the additional amount expected to be paid as a result of the unused entitlement as at the year end.
Accumulated compensated absences, which are expected to be availed or encashed beyond 12 months from March 31, 2026
are treated as non-current employee benefits.
The Company's liability is actuarially determined (using the Projected Unit Credit method) by an independent actuary at the
end of each year. Actuarial losses / gains are recognised in the Statement of Profit and Loss in the year in which they arise.
Amount recognised as an expense in respect of Compensated absences is ' 22.80 Lakhs (March 31, 2025:
' 44.79 Lakhs).
b) Post Employment Obligationsi) Provident fund - Defined contribution plan
The Company contributes to provident fund in India for employees at the rate of 12% of basic salary as per regulations.
The contributions are made to the registered provident fund administered by the Government of India. The obligation of
the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation.
ii) Gratuity - Defined benefit plan
The Company provides for Gratuity to employees as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years (from the date of joining of Saint-Gobain Group) are eligible for gratuity.
The amount of gratuity payable on retirement / termination is the employees last drawn basic salary per month computed
proportionately for 15 days salary of staff and workers. The ceiling of 15 days for workers is only upto December 31,2006
and 20 days thereafter for workers multiplied for the number of years of service subject to payment ceiling of ' 20 lakhs.
The Company has a defined benefit gratuity plan in India (funded). The Company's defined benefit gratuity plan is a final
salary plan for employees, which requires contributions to be made to a separately administered fund managed by Life
Insurance Corporation of India. The Fund is managed by Saint Gobain Sekurit India Limited Employee Group Gratuity
Scheme which is governed by the Board of Trustees. The Board of Trustees are responsible for the administration of the
plan assets and for the definition of the investment strategy.
iii) Superannuation - Defined Contribution Plan
Certain employees of Saint-Gobain Sekurit India Limited are participants in a defined contribution plan. The Company
has no further obligations to the Plan beyond its monthly contributions which are periodically contributed to a trust fund
namely The Saint Gobain Sekurit India Ltd. Manager's Superannuation Scheme, the corpus of which is invested with the
Life Insurance Corporation of India.
1. The amounts receivable from customers becomes due after expiry of credit period which on an average is in the range of 30-60
days. There is no significant financing component in any transaction with the customers.
2. The Company does not provide performance warranty for products, therefore there is no liability towards performance warranty.
3. The Company does not have any remaining performance obligation as contracts entered for sale of goods are for a shorter
duration. There are no contracts for sale of services wherein performance obligation is unsatisfied to which transaction price
has been allocated.
4. Reconciliation of the amount of revenue from contracts with customers recognised in the Statement of Profit and Loss with the
contracted price:
1. Refer Note 23 for Gratuity expense and compensated absences. Compensated absences included in Salaries, wages and
bonus.
2. The Government of India has notified 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 (“Labour Codes”) with effect from
November 21,2025, which consolidates 29 existing labour laws. The Labour Codes, amongst other things introduce changes,
including a uniform definition of wages and enhanced benefits relating to leave. The Ministry of Labour & Employment has
1. The Company has made contribution to ”The Akanksha Foundation” and ”K.C. Mahindra Education Trust” in the FY 2025-26
(“The Akansha Foundation”, ”K.C. Mahindra Education Trust” and ”The India Vision Institute” for FY 2024-25) towards its CSR
Obligation as per above.
2. The Akanksha Foundation works in the education sector and provides access to excellent, high-quality education and fostering
holistic development for children of grade 1 to 8 from marginalized communities for an entire year at Savithribai Phule English
Medium School, Moshi, Pune.
3. K.C. Mahindra Education Trust supports underprivileged girl students in continuing their formal education and preventing
dropout by implementing a supplementary model in schools. It provides after-school remedial classes, digital learning, and
essential school supplies and focuses on equipping girls with 21st-century skills to empower them for the future.
4. The India Vision Institute provides vision screening, identifying refractive errors and providing corrective measures and free
spectacles to underprivileged school children in Pune, ensuring better learning outcomes. and educating students, parents,
and teachers on eye health.
5. Against the unspent amount for CSR of ' 6.37 Lakhs as on March 31, 2026, ' 8 lakhs was paid into the Prime Minister's
National Relief fund in accordance with the provisions of Section 135 of the Companies Act, 2013 on April 29, 2026.
The original receipt for the contribution is being followed up from the Prime Minister's National Relief Fund office.
Fair value hierarchy
This section explains the judgments and estimates made in determining the fair values of the financial instruments that are (a)
recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial
statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its
financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath
the table.
Financial assets and liabilities measured at Amortised cost:
The fair values of all financial instruments carried at amortised cost are not materially different from their carrying amounts since
they are either short-term in nature or the interest rates applicable are equal to the current market rate of interest.
Below is the explanation of each level:
Level 1: This hierarchy includes financial instruments measured using quoted prices. The Company does not have any financial
asset in this measurement category.
Level 2: The fair value of financial instruments that are not traded in an active market (for example mutual funds, over-the counter
derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as
little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable,
the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
During the year ending March 31, 2025, investment in equity instruments was transferred from Level 3 to Level 2 of fair value
hierarchy.
Valuation techniques used to determine fair valueSpecific valuation techniques used to value financial instruments include:
• the use of net asset value for mutual funds.
• the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date.
• the fair value of investments in equity instruments is determined based on the agreed sale price as per the share sale and
purchase agreement.
Financial assets and liabilities measured at Amortised cost:
The fair values of all financial instruments carried at amortised cost are not materially different from their carrying amounts since
they are either short-term in nature or the interest rates applicable are equal to the current market rate of interest.
NOTE 41 - FINANCIAL RISK MANAGEMENT
The Company's activities expose it to market risk, liquidity risk and credit risk. In order to minimise any adverse effects on the
financial performance of the Company, derivative financial instruments, such as foreign exchange forward contracts are entered
to hedge certain foreign currency risk exposures. Derivatives are used exclusively for hedging purposes and not as trading or
speculative instruments.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact of hedges
in the financial statements.
A. Credit Risk
Credit risk is the risk of incurring a loss that may arise from a borrower or debtor failing to make required payments. Credit risk
arises mainly from outstanding receivables from free market dealers, cash and cash equivalents, other bank balances, other
financial assets, employee advances and security deposits. The Company manages and analyses the credit risk for each of its
new clients before standard payment and delivery terms and conditions are offered.
The Company considers the probability of default upon 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 a default occurring on the asset as at the reporting date with the risk of default as at the
date of initial recognition. It considers available reasonable and supportive forward-looking information. Especially the following
indicators are incorporated:
* Internal credit rating for free market dealers
* External credit rating (as far as available for OEMs)
* Actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause
a significant change to the customer's ability to meet its obligations
* Actual or expected significant changes in the operating results of the customer
* Significant changes in the expected performance and behaviour of the customer, including changes in the payment status
of customers
Macroeconomic information (such as regulatory changes, market interest rate or growth rates) is incorporated as part of the
internal rating model.
Company has a history of limited write off of doubtful debts. Company on a monthly basis, reviews ageing of receivables and
rigorous follow-up is performed by credit controller along with the help of key accounts manager. Quality/ breakage claims
received from the customer are reviewed and approved by quality manager, accordingly credit memos are issued as per policy
of the Company. At the end of every month credit memos raised during that month is also reviewed by Chief Financial Officer/
Finance Controller. Appropriate provision is made for each receivable based on review of supporting documents with credit
controller. Any exception is justified and documented.
Credit risk on cash and cash equivalents is limited as Company generally invests in deposits with banks and financial institutions
with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investment
in liquid mutual fund units.
B. Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without
incurring unacceptable losses. The Company's objective is to, at all times maintain optimum levels of liquidity to meet its cash
and collateral requirements.
Management monitors rolling forecasts of the Company's liquidity position and cash and cash equivalents on the basis of
expected cash flows. The Company's liquidity management policy involves projecting cash flows and considering the level of
liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal requirements and maintaining
debt financing plans.
a. Financing arrangements
The Company has access to bank overdraft facilities. These facilities may be drawn at any time and may be terminated by
the bank without notice.
b. Maturities of financial liabilities
The tables below analyse the Company's financial liabilities into relevant maturity groupings based on their contractual
maturities.
The amounts disclosed in the table below are the remaining contractual maturities of financial liabilities at the reporting
date based on undiscounted cash payments.
C. Market riskForeign currency risk
1. Foreign currency exposure
Currency risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. The Company operates internationally and is exposed to foreign exchange risk arising
from foreign currency sales and purchases, primarily with respect to EUR, USD, CHF and THB. Foreign exchange risk
arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the
Company's functional currency (').
The risk is measured through a forecast of foreign currency sales and purchases for the Company's operations.
The Company uses foreign exchange forward contracts to manage its exposure in foreign currency risk.
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. Since the Company does not have any non-current borrowings, it is not exposed to cash flow interest
rate risk.
Investment in Mutual Funds:
The Company's exposure to price risk arises from investments held by the Company and classified in the balance sheet as fair
value through profit or loss. To manage its price risk arising from investments in mutual funds, the group diversifies its portfolio.
Diversification of the portfolio is done in accordance with the limits set by the Company.
NOTE 42 - CAPITAL MANAGEMENT
The Company's objectives when managing capital are to:
• Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and
benefits for other stakeholders, and
• Maintain an optimal capital structure to reduce the cost of capital.
Currently, operations are being funded majorly through internal accruals. The Company during the year has availed overdraft facility
from a Bank.
(ii) Dividends not recognised at the end of the reporting period
The Board of Directors at their meeting held on May 15, 2026 have recommended a dividend of ' 2.5/- per equity share having
a face value of ' 10/- each for the year ended March 31, 2026 amounting to ' 2,277.64 Lakhs, subject to the approval of
shareholders at the ensuing Annual General Meeting.
NOTE 43 - SEGMENT INFORMATION
The Company's Managing Director (MD) Mr. K.S. Gopalakrishnan identified as the Chief Operating Decision Maker, examines the
Company's performance on an entity level. The Company has only one reportable segment i.e. 'Automotive Glass'.
The Company's revenue is derived from sale of Automotive Glass to Automobile Original Equipment Manufacturers (“OEMs”) and
the Replacement Market for passenger vehicles, commercial vehicles and 3-wheelers.
Amount of the Company's revenue from external customers broken down by each product and service is shown in the table below:
b) The Company's pending litigations comprise proceedings pending with indirect tax authorities mainly in respect of C Forms for
sales tax matters and applicability and classification dispute for Excise matters, documentation requirements under Notification
No. 40/2017 relating to supplies to merchant exporters for indirect tax matters, and GST applicability on sale of building
constructed on leasehold land for indirect tax matters. The Company has reviewed all its pending litigations and proceedings
and has adequately provided for where provisions are required or disclosed as contingent liabilities where applicable.
c) The Company does not expect any reimbursements in respect of the above contingent liabilities.
NOTE 47 - DISCLOSURES AS REQUIRED UNDER IND AS 116
Company as a lessee
The Company's lease asset primarily consist of two warehouses located at Kuruli (Pune) and one warehouse located at Pithampur
(Madhya Pradesh). For warehouse located at Pithampur (Madhya Pradesh) & one of the warehouse located at Kuruli (Pune) lease
term is short term i.e. for a period of less than one year, hence, the Company has elected to apply the recognition exemption as
laid down in Ind AS 116.
NOTE 49 - ADDITIONAL DISCLOSURE
(a) The Company does not have any benami property held in its name. No Proceedings have 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.
(b) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any
government authority.
(c) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the
Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.
(d) 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 directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the group (Ultimate Beneficiaries) or provide any guarantee, security or
the like to or on behalf of the ultimate beneficiaries.
(e) 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 group shall directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any
guarantee, security or the like on behalf of the ultimate beneficiaries.
(f) There is no income surrendered or disclosed as income during the year in tax assessments under the Income-tax Act, 1961
(such as search or survey), that has not been recorded in the books of account.
(g) The Company has not traded or invested in crypto currency or virtual currency during the year.
(h) 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.
(i) The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956.
(k) Maintenance of Books of Account and Back-Up
As per the MCA notification dated 05 August 2022, the Central Government has notified the Companies (Accounts) Fourth
Amendment Rules, 2022. As per the amended rules, the Companies are required to maintain back-up on daily basis of books
of account and other relevant books and papers maintained in electronic mode that should be accessible in India at all the time.
Also, the Companies are required to create backup of books of account on servers physically located in India on a daily basis.
The books of account of the Company are maintained in electronic mode and these are readily accessible in India at all times.
Currently, the Company is maintaining back-up of books of account on server physically located in India on daily basis.
Audit Trail
The Company has been maintaining its books of account in the SAP Avenir which has feature of recording audit trail of each
and every transaction, creating an edit log of each change made in books of account along with the date when such changes
were made and ensuring that the audit trail cannot be disabled throughout the year as required by proviso to sub rule (1) of
Rule 3 of The Companies (Accounts) Rules, 2014 known as the Companies (Accounts) Amendment Rules, 2021. There were
no instance of audit trail feature being tampered with in respect of the accounting software.
The audit trail for prior year has been preserved by the Company as per the Statutory requirement for record retention to the
extent enabled.
The audit trail in respect of accounting software for maintenance of purchase records, journal entries, inventory and investments
records, is not enabled for maintenance of books of account and relevant transactions. Presently, privileged access to
database of these accounting softwares continues to be restricted to limited set of users who necessarily require this access
for maintenance and administration of the database.
NOTE 50 - SUBSEQUENT EVENTS
There are no subsequent events other than those disclosed in these financial statements that would require adjustments or
disclosure as on the balance sheet date.
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