l. Provisions and contingent liabilities

Provisions are 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 provision to be reimbursed, for
example, under an insurance contract, 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
standalone 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.

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by
the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the
Company or a present obligation that is not recognized
because it is not probable that an outflow of resources
will be required to settle the obligation. A contingent
liability also arises in extremely rare cases where there
is a liability that cannot be recognized because it cannot
be measured reliably. The Company does not recognize
a contingent liability but discloses its existence in the
standalone financial statements.

Provisions and contingent liability are reviewed at each
balance sheet date.

m. Retirement and other employee benefits

Retirement benefit in the form of provident fund,
pension fund and superannuation fund are defined
contribution schemes. The Company has no obligation,
other than the contribution payable. The Company
recognizes contribution payable to provident fund,
pension fund and superannuation fund as expenditure,
when an employee renders the related service. If the
contribution payable to the scheme for service received
before the balance sheet reporting date exceeds the
contribution already paid, the deficit payable to the
scheme is recognized as a liability after deducting the
contribution already paid. If the contribution already
paid exceeds the contribution due for services received
before the balance sheet date, then excess is recognized
as an asset to the extent that the pre-payment will lead
to, for example, a reduction in future payment or a cash
refund.

Accumulated leave, which is expected to be utilized
within the next twelve month, is treated as short-term
employee benefit. The Company measures the expected
cost of such absences as the additional amount that it
expects to pay as a result of the unused entitlement
that has accumulated at the reporting date.

The Company treats accumulated leave expected to be
carried forward beyond twelve month, as long-term
employee benefit for measurement purposes. Such
long-term compensated absences are provided for
based on the actuarial valuation using the projected
unit credit method at the year-end.

The Company presents the leave as a current liability in
the standalone balance sheet, to the extent it does not
have an unconditional right to defer its settlement for
twelve months after the reporting date.

The cost of providing benefits under the defined benefit
plan is determined using the projected unit credit
method using actuarial valuation to be carried out at
each balance sheet date.

In case of funded plans, the fair value of the plan assets
is reduced from the gross obligation under the defined
benefit plans to recognise the obligation on a net basis.

Re-measurements, comprising of actuarial gains and
losses, the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit
liability and the return on plan assets (excluding
amounts included in net interest on the net defined
benefit liability), are recognised immediately in the
standalone balance sheet with a corresponding debit
or credit to retained earnings through OCI in the period
in which they occur. Re-measurements are not
reclassified to profit or loss in subsequent periods.

Past service costs are recognised in profit or loss on
the earlier of:

a. The date of the plan amendment or curtailment,
and

b. The date that the Company recognises related
restructuring costs.

Net interest is calculated by applying the discount rate
to the net defined benefit liability or asset. The Company
recognises the following changes in the net defined
benefit obligation as an expense in the standalone
statement of profit and loss:

a. Service costs comprising current service costs,
past-service costs, gains and losses on curtailments
and non-routine settlements; and

b. Net interest expense or income.

n. Financial instruments

Financial assets and financial liabilities are recognised
when the Company becomes a party to the contract
embodying the related financial instruments. All
financial assets, financial liabilities and financial
guarantee contracts are initially measured at transaction
cost and where such values are different from the fair
value, at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and
financial liabilities at fair value through profit and loss)
are added to or deducted from the fair value measured
on initial recognition of financial asset or financial
liability. Transaction costs directly attributable to the
acquisition of financial assets and financial liabilities at
fair value through profit and loss are immediately
recognised in the standalone statement of profit and
loss. In case of interest free or concession loans/
debentures/preference shares given to subsidiaries,
associates and joint ventures, the excess of the actual
amount of the loan over initial measure at fair value is
accounted as an equity investment. On de-recognition
of such financial instruments in its entirety, the
difference between the carrying amount measured at
the date of de-recognition and the consideration
received is adjusted with equity component of the
investments.

The Company has made an irrevocable election to
measure investments in equity instruments issued by
subsidiaries, associates and joint ventures at Fair Value
Through Other Comprehensive Income (FVTOCI).
Amounts recognised in OCI are not subsequently
reclassified to the standalone statement of profit and
loss. Refer note 6 and 38.

Investment in preference shares/ debentures of the
subsidiaries are treated as equity instruments if the
same are convertible into equity shares or are
redeemable out of the proceeds of equity instruments
issued for the purpose of redemption of such

investments. Investment in preference shares/
debentures not meeting the aforesaid conditions are
classified as debt instruments at amortised cost.

Effective interest method

The effective interest method is a method of calculating
the amortised cost of a financial instrument and of
allocating interest income or expense over the relevant
period. The effective interest rate is the rate that exactly
discounts future cash receipts or payments through the
expected life of the financial instrument, or where
appropriate, a shorter period.

(a) Financial assets

• Measurement and Valuation

1. Financial assets at amortised cost

Financial assets are subsequently
measured at amortised cost if these
financial assets are held within a business
model whose objective is to hold these
assets in order to collect contractual cash
flows and the contractual terms of the
financial asset give rise on specified dates
to cash flows that are solely payments of
principal and interest on the principal
amount outstanding.

2. Financial assets measured at fair value

Financial assets are measured at fair value
through other comprehensive income if
these financial assets are held within a
business model whose objective is to
hold these assets in order to collect
contractual cash flows or to sell these
financial assets and the contractual terms
of the financial asset give rise on
specified dates to cash flows that are
solely payments of principal and interest
on the principal amount outstanding.

Financial asset not measured at
amortised cost or at fair value through
other comprehensive income is carried
at fair value through the standalone
statement of profit and loss.

For financial assets maturing within one
year from the balance sheet date, the
carrying amounts approximate fair value
due to the short maturity of these
instruments.

• Impairment of financial assets

Loss allowance for expected credit losses is
recognised for financial assets measured at
amortised cost and fair value through the
standalone statement of profit and loss.

The Company recognises impairment loss on
trade receivables using expected credit loss
model, which involves use of provision matrix
constructed on the basis of historical credit
loss experience as permitted under Ind AS 109
- Impairment loss on investments.

For financial assets whose credit risk has not
significantly increased since initial recognition,
loss allowance equal to twelve month
expected credit losses is recognised. Loss
allowance equal to the lifetime expected
credit losses is recognised if the credit risk on
the financial instruments has significantly
increased since initial recognition.

• De-recognition of financial assets

The Company de-recognises a financial asset
only when the contractual rights to the cash
flows from the financial asset expire, or it
transfers the financial asset and the transfer
qualifies for de-recognition under Ind AS 109.

If the Company neither transfers nor retains
substantially all the risks and rewards of
ownership and continues to control the
transferred asset, the Company recognises its
retained interest in the assets and an
associated liability for amounts it may have
to pay.

If the Company retains substantially all the
risks and rewards of ownership of a
transferred financial asset, the Company
continues to recognise the financial asset and
also recognises a collateralised borrowing for
the proceeds received.

On de-recognition of a financial asset in its
entirety, the difference between the carrying
amounts measured at the date of de¬
recognition and the consideration received is
recognised in standalone statement of profit
and loss.

For trade and other receivables maturing
within one year from the balance sheet date,
the carrying amounts approximate fair value
due to the short maturity of these instruments.

(b) Financial liabilities and equity instruments

• Classification as debt or equity

Financial liabilities and equity instruments
issued by the Company are classified
according to the substance of the contractual
arrangements entered into and the definitions
of a financial liability and an equity instrument.

• Measurement and valuation

1. Equity instruments

An equity instrument is any contract that
evidences a residual interest in the assets
of the Company after deducting all of its
liabilities. Equity instruments are
recorded at the proceeds received, net
of direct issue costs.

2. Financial liabilities

Financial liabilities are initially measured
at fair value, net of transaction costs, and
are subsequently measured at amortised
cost, using the effective interest rate
method where the time value of money
is significant. Interest bearing bank loans,
overdrafts and issued debt are initially
measured at fair value and are
subsequently measured at amortised
cost using the effective interest rate
method. Any difference between the
proceeds (net of transaction costs) and
the settlement or redemption of
borrowings is recognised over the term
of the borrowings in the standalone
statement of profit and loss.

For trade and other payables maturing
within one year from the balance sheet
date, the carrying amounts approximate
fair value due to the short maturity of
these instruments.

• Financial guarantee contracts

Financial guarantee contracts issued by the
Company are those contracts that require a
payment to be made to reimburse the holder
for a loss it incurs because the specified debtor
fails to make a payment when due in
accordance with the terms of a debt
instrument. Financial guarantee contracts are
recognised initially as a liability at fair value,
adjusted for transaction costs that are directly
attributable to the issuance of the guarantee.
Subsequently, the liability is measured at the
higher of the amount of loss allowance
determined as per impairment requirements
of Ind AS 109 and the amount recognised less
cumulative amortisation.

• Put Option Liability

The potential cash payments related to put
options issued by the Company over the
equity of subsidiary companies to non¬
controlling interests are accounted for as
financial liabilities when such options may only

be settled other than by exchange of a fixed
amount of cash or another financial asset for
a fixed number of shares in the subsidiary.
The financial liability for such put option is
accounted for under Ind AS 109 “Financial
Instruments”.

The amount that may become payable under
the option on exercise is initially recognised
at fair value under other financial liabilities
with a corresponding charge directly to
investments.

If the put option is exercised, the entity
accounts for an increase in its ownership
interest. At the same time, the entity
derecognises the financial liability and
recognises an offsetting credit in the same
component of equity reduced on initial
recognition. In the event that the option
expires unexercised, the liability is
derecognised with a corresponding
adjustment to equity.

• De-recognition

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 de-recognition
of the original liability and the recognition of
a new liability. The difference in the respective
carrying amounts is recognised in the
standalone statement of profit and loss.

(c) Off-setting of financial instruments

Financial assets and financial liabilities are offset,
and the net amount is reported in the standalone
balance sheet if there is a currently enforceable
legal right to offset the recognised amounts and
there is an intention to settle on a net basis, to
realise the assets and settle the liabilities
simultaneously.

o. Convertible preference shares/ debentures

Convertible preference shares/debentures are
separated into liability and equity components based
on the terms of the contract.

On issuance of the convertible preference shares/
debentures, the fair value of the liability component is
determined using a market rate for an equivalent non¬
convertible instrument. This amount is classified as a
financial liability measured at amortised cost (net of
transaction costs) until it is extinguished on conversion
or redemption.

The remainder of the proceeds is allocated to the
conversion option that is recognised and included in
equity since conversion option meets Ind AS 32
“Financial Instruments: Presentation” criteria for
conversion right. Transaction costs are deducted from
equity, net of associated income tax. The carrying
amount of the conversion option is not re-measured in
subsequent years.

Transaction costs are apportioned between the liability
and equity components of the convertible preference
shares/debentures based on the allocation of proceeds
to the liability and equity components when the
instruments are initially recognised.

p. Cash and cash equivalents

Cash and cash equivalent in the standalone balance
sheet comprise cash at banks and on hand and short¬
term deposits with an original maturity of three months
or less, which are subject to an insignificant risk of
changes in value.

For the purpose of the standalone statement of cash
flows, cash and cash equivalents consist of cash and
short-term deposits, as defined above, net of
outstanding bank overdrafts as they are considered an
integral part of the Company's cash management.

q. Foreign currency transactions

In preparing the standalone financial statements,
transactions in the currencies other than the Company's
functional currency are recorded at the rates of
exchange prevailing on the date of transaction. At the
end of each reporting period, monetary items
denominated in the foreign currencies are re-translated
at the rates prevailing at the end of the reporting period.
Non-monetary items carried at fair value that are
denominated in foreign currencies are retranslated at
the rates prevailing on the date when the fair value
was determined. Non-monetary items are measured in
terms of historical cost in a foreign currency are not
retranslated.

Exchange differences arising on translation of long term
foreign currency monetary items recognised in the
standalone financial statements before the beginning
of the first Ind AS financial reporting period in respect
of which the Company has elected to recognise such
exchange differences in equity or as part of cost of
assets as allowed under Ind AS 101-”First time adoption
of Indian Accounting Standard” are recognised directly
in equity or added/ deducted to/ from the cost of assets
as the case may be. Such exchange differences
recognised in equity or as part of cost of assets is
recognised in the standalone statement of profit and
loss on a systematic basis.

Exchange differences arising on the retranslation or
settlement of other monetary items are included in the
standalone statement of profit and loss for the period.

r. Corporate social responsibility ('CSR') expenditure

The Company charges its CSR expenditure incurred
during the year to the standalone statement of profit
and loss.

s. Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the
weighted average number of equity shares outstanding
during the period. The weighted average number of
equity shares outstanding during the period is adjusted
for events including a bonus issue.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the period attributable
to equity shareholders and the weighted average
number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity
shares. Potential ordinary shares shall be treated as
dilutive when, and only when, there conversion to
ordinary share would decrease/ increase earning/ loss
per share from continuing operations.

t. Exceptional items

An item of income or expense which due to its size,
type or incidence requires disclosure in order to
improve an understanding of the performance of the
Company is treated as an exceptional item and the same
is disclosed in the standalone financial statements.

2. The carrying value of investments in equity shares of Delhi International Airport Limited ('DIAL) and GMR Hyderabad International
Airport Limited ('GHIAL') (both subsidiaries of the company) which are carried at fair value includes the impact of favorable
outcomes of the ongoing litigations and claims. Litigations and claims in respect of DIAL pertain to Monthly Annual Fees and
tariff related matters while the litigation and claim in respect of GHIAL pertain to tariff related matters, details of which are
described below:

• Ongoing litigation between DIAL and Airports Authority of India ('AAI') in relation to the payment of Monthly Annual fees
('MAF') for the period till the operations of DIAL reaches pre COVID 19 levels. Basis an independent legal opinion obtained
by the management of DIAL, DIAL is entitled to be excused from making payment of MAF under article 11.1.2 of Operation,
Management and Development Agreement ('OMDA') to AAI on account of occurrence of Force Majeure Event under
Article 16.1 of OMDA, till such time DIAL achieves level of activity prevailing before occurrence of force majeure. Further,
the management of DIAL had entered into a settlement agreement with AAI on April 25, 2022, which will govern interim
workable arrangement between parties for the payment of MAF. Accordingly, DIAL had started payment of MAF with
effect from April 01, 2022, onwards.

On January 06, 2024, the Arbitration Tribunal unanimously pronounced the arbitral award largely in favour of DIAL. As per
the award, DIAL has been excused from making payment of Annual Fee to AAI from March 19, 2020 till February 28, 2022.

During the quarter ended June 30, 2024, AAI has filed a petition with Hon'ble High Court of Delhi. On May 06, 2024, DIAL
has paid the MAF for the month of March 2022 along with interest and AAI has also pre-deposited ' 471.04 crore with
Hon'ble High Court of Delhi on May 15, 2024. The argument in the matter was concluded on January 23, 2025. The Hon'ble
High Court of Delhi vide its judgment dated March 07, 2025 has upheld the Arbitral Award and dismissed the petition of
AAI. AAI has further filed an appeal against order dated March 07, 2025 with Divisional Bench of Hon'ble Delhi High Court,
the hearing in matter is scheduled on August 12, 2026.

• In case of DIAL, AERA has issued tariff order no 57/2020-21 for third control period ("CP3”) starting from April 01, 2019 to
March 31, 2024 on December 30, 2020 allowing DIAL to continue with Base Airport Charges ("BAC”) 10% tariff for the
balance period of third control period. DIAL had filed an appeal against some of AERA's decision in third control period
order on January 29, 2021 with Telecom Disputes Settlement Appellate Tribunal ("TDSAT”). As per the multiple AERA
Order, DIAL continued to charge the existing tariff as applicable till April 15, 2025.

DIAL had also filed appeal against the second control period ("CP2”) before the TDSAT. TDSAT at the request of AERA and
concurred by DIAL had agreed and tagged CP2 appeal with CP3 appeal. The final order was pronounced on July 21, 2023.
TDSAT in its order has allowed certain claims of DIAL and disallowed certain others.

AERA and Federation of Indian Airlines (FIA) has filed an appeal before the Hon'ble Supreme Court on October 19, 2023
against the judgement dated July 21, 2023 passed by TDSAT. The appeal of FIA has been accepted and the matter was last
heard on May 20, 2025 and next hearing date is July 23, 2026. AERA has decided to defer the implementation of the
aforementioned TDSAT order till the matters attains finality in the proceedings before the Hon'ble supreme Court of India.

During the year ended March 31, 2025, AERA has issued the tariff order no. 20/2024-25 dated March 28, 2025, for Delhi
airport, determining the tariff for aeronautical services for the CP4 effective from April 16, 2025 which DIAL has applied
during the year. DIAL has also filed an appeal against CP4 tariff order on June 26, 2025 with TDSAT. The matter is listed for
next hearing on May 28, 2026. The management has also obtained legal opinion according to which DIAL's contention as
above is appropriate as per terms of Concession agreement and AERA Act, 2008.

• GHIAL had filed an appeal, challenging the disallowance of pre-control period losses and foreign exchange loss on external
commercial borrowings, classification of revenues from ground handling, cargo and fuel farm as aeronautical revenues
and other issues for determination of aeronautical tariff for the First Control Period ("FCP”) commencing from April 01,
2011 to March 31, 2016 by Airport Economic Regulatory Authority ('AERA'). Similar appeals are filed with TDSAT for the
Second Control period commencing from April 01, 2016 to March 31, 2021 and third control period October 01, 2021 for
the TCP commencing from April 01, 2021 to March 31, 2026.

During the year ended March 31, 2024, TDSAT has pronounced the Judgement and has adjudicated various issues raised
by GHIAL including directing AERA to true up the pre-control period losses, to treat CGF as non-aeronautical revenue etc.,
in favour of GHIAL. However, TDSAT ruled in favor of AERA on certain other issues. GHIAL has filed caveat petition with the
Hon'ble Supreme Court of India to avoid any ex-parte orders.

During the year ended March 31, 2025, AERA filed an appeal in the Hon'ble Supreme Court of India against the TDSAT order.
The matter was last heard on November 24, 2025 and is currently sub judice with the Hon'ble Supreme Court of India.

The management has also obtained legal opinion according to which GHIAL's contention as above is appropriate as per
the terms of the Concession Agreement and AERA Act, 2008.

3 This includes investment in equity and investment in additional equity on account of financial guarantees and put option as
explained in note 5 below.

4 a) During the year ended March 31, 2023, erstwhile GAL has made an investment in 100,000 Optionally Convertible Redeemable

Preference Shares (OCRPS) of ' 10 each in GGIAL amounting to ' 0.10 Crore. Basis the OCRPS Subscription Agreement
executed on March 21, 2023 with GGIAL. These OCRPS shall carry a non-cumulative preferential dividend at the rate of

0.0001% p.a. with a maximum term of 20 years.

b) During the year ended March 31, 2024, erstwhile GAL has made an investment in 100,000 Optionally Convertible Redeemable
Preference Shares (OCRPS) of ' 10 each in GVIAL amounting to ' 0.10 Crore. Basis the OCRPS Subscription Agreement
executed on March 07, 2024 with GVIAL. These OCRPS shall carry a non-cumulative preferential dividend at the rate of
0.0001% p.a. with a maximum term of 20 years.

Each OCRPS shall be converted at face value, (i.e., 1 (One) OCRPS shall be converted into 1 (one) Class A Equity Share of the
company subject to fulfilment of certain conditions as specified in the agreement) at the option of OCRPS-holder upon
occurrence of any one of the following event: a) upon occurrence of redemption event; or (b) at any time mutually agreed
between the parties and NIIF (or its transferee (in terms of the IRA), in writing), whichever is earlier.

5 a) GGIAL along with GAL and National Investment and Infrastructure Fund (NIIF) has executed tripartite agreement for allotment

of Compulsorily Convertible Debentures (CCD) by GGIAL to NIIF to the extent of ' 631.24 Crore (having face value of
' 1,00,000 per CCD). Each CCD is convertible into 10,000 Equity Shares of GGIAL after the 7 years period and in case of Exit
Event of NIIF before the expiry of the term, number of shares may vary basis the terms and conditions as agreed.

Post lock in period of 30 months from Commercial Operation Date (COD), NIIF is provided with Put option by erstwhile
GAL with respect to above mentioned CCD's on the 7th year and also erstwhile GAL has call options with respect to above
CCD's with agreed IRR between 2.5 - 5 years and 7th year. Accordingly, the above instrument being classified as Equity

Instrument, basis the accounting policy of the Company, ' 165.00 Crore is recognized as part of Investment of erstwhile
GAL as on date of initial recognition. Further, in terms of IND AS 32, Company has fair valued the put option provided to
NIIF and determined the value at ' 129.80 Crore as on March 31, 2026 and recognized the same as Financial Liability.

b) GVIAL along with erstwhile GAL and NIIF has executed tripartite agreement for allotment of Compulsorily Convertible
Debentures (CCD) by GVIAL to NIIF to the extent of ' 674.72 Crore (having face value of ' 10 per CCD). NIIF has made
investment of ' 511.13 Crore upto March 31, 2026 (March 31, 2025: ' 394.88 Crore). Each CCD is convertible into 1 Equity
Shares of GVIAL after the 7 years period and in case of Exit Event of NIIF before the expiry of the term, number of shares
may vary basis the terms and conditions as agreed.

Post lock in period of 12 months from Scheduled Commercial Operation Date (SCOD), NIIF is provided with Put option by
GAL with respect to above mentioned CCD's on the 7th year and also erstwhile GAL has call options with respect to above
CCD's with agreed IRR between 2.5 - 5 years and 7th year. Accordingly, the above instrument being classified as Equity
Instrument, basis the accounting policy of Company, ' 114.80 Crore is recognized as part of Investment of the Company as
on date of initial recognition. Further, in terms of IND AS 32, Company has fair valued the put option provided to NIIF and
determined the value at ' 181.00 Crore as on March 31, 2026 and recognized the same as Financial Liability.

6 Also refer note 38(b).

7 During the year ended March 31, 2025 the Company has acquired additional 10% stake in DIAL at a consideration of ' 1,068.59
crore (USD 126 Million) from Fraport AG Frankfurt Airport Services Worldwide.

8 During the year ended March 31, 2025 the Company has acquired 49% stake in BDGASPL at a consideration of ' 0.50 crore and
the Company has further invested ' 7.35 Crore in equity shares. The Company has also invested in 5% non cumulative preference
shares of ' 14.22 Crore which are compulsorily convertible into equity shares as per tems of the agreement.

9 During the year ended March 31, 2025 the Company has acquired 8.40% stake in WAISL at a consideration of ' 56.66 crore.

10 During the year ended March 31, 2026, the Company has acquired 3,04,15,621 equity shares, representing 49.90% of the issued
and paid-up share capital of Delhi Duty Free Services Private Limited ("DDFS”) from Delhi International Airport Limited ("DIAL”),
subsidiary of the Company, at an aggregate purchase consideration of ' 183.22 Crore. Following the said acquisition, the
Company now holds 66.93% stake of DDFS.

11 Incorporated on September 11, 2025

12 On June 24, 2025, Delhi Duty Free Services Private Limited ("DDFSPL”) had offered to buy back 1,90,46,852 equity shares of face
value of ' 10 each from all the existing equity shareholders, on a proportionate basis, at a price of ' 65.06 per equity share for
an aggregate amount of ' 123.92 Crore. The maximum number of equity shares proposed to be bought back represents
23.81% of the total number of equity shares issued, subscribed and paid up equity share capital of the DDFSPL. Accordingly, the
Company has agreed to sell 3,243,679 equity shares held in DDFS pursuant to the buy-back offer.

1. Loans are non-derivative financial instruments which generate a fixed or variable interest income for the Company. The carrying
value may be affected by the changes in the credit risk of the counter parties.

2. No loans are due from directors or other officers of the Company either severally or jointly with any other person. Nor any loans
are due from firms or private companies respectively in which any director is a partner, a director or a member.

3. All the above loans to related parties have been given for general business purposes and repayment of existing debts. Further
loans that fall under the category of 'Loans - Non-Current' are re-payable after more than 1 year.

Notes:

1. Pursuant to the approval of the Management Committee of the Board of Directors dated March 17, 2023, the Company has
issued 6.76% Unlisted Foreign Currency Convertible Bonds (FCCBs) of EUR 330.817 million, equivalent to ' 2,931.77 crore to
Aeroports De Paris S.A. with a maturity period of 10 years and 1 day. The bond shall carry an interest rate of 6.76% p.a on a
simple interest basis. Interest will accrue on a yearly basis and first interest instalment is payable on date of expiry of five years
and from end of sixth year on yearly basis. Also refer note 16(1).

2. The Company recognises changes in the fair value of investments in equity securities in other comprehensive income. These
changes are accumulated within the FVTOCI reserves within equity.

3. General reserve was created pursuant to transfer of debenture redemption reserve and equity component of preference share.
General reserve is a free reserve available to the Company.

4. Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

5. On July 02, 2014, the Board of Directors of the Company approved an issue and allotment of up to 180,000,000 warrants having
an option to apply for and be allotted equivalent number of equity shares of face value of ' 1 each on a preferential basis under
chapter VII of the SEBI ICDR Regulations and provisions of all other applicable laws and regulations and accordingly the
Company received an advance of ' 141.75 Crore against such share warrants. The shareholders approved the aforesaid issue of
warrants through postal ballot on August 12, 2014. Pursuant to the approval of the Management Committee of the Board of
Directors dated February 26, 2016 the outstanding warrants have been cancelled as the holders did not exercise the option
within the due date of 18 months from the date of allotment, and ' 141.75 Crore received as advance towards such warrants
has been forfeited in accordance with the SEBI ICDR Regulations during the year ended March 31, 2016. The said amount was
credited to Capital Reserve account during the year ended March 31, 2016.

6. Retained Earnings are the profits of the Company earned till date net of appropriations.

7. FCMTR reserve represents unamortised foreign exchange differences arising on translation of long-term foreign currency
monetary items.

8. The Company has issued Optionally Convertible Redeemable Preference Shares (OCRPS) which are convertible into 40 equity
shares each subject to conditions specified in Investor Agreement. Also refer note 45(a).

9. As required by section 45-IC of the RBI Act, 20% of net profit of erstwhile GAL of the relevant year has been transferred to
special reserve.

10. Balance on account of Merger of erstwhile GAL with GIDL followed by merger of GIDL with the Company. For details refer note

45.

10% (ten percent) over and above the Regulatory Floor Price), but will be subject to adjustment. The Bonds may be redeemed
or converted into new shares on the maturity date at 100 per cent of the principal amount of the bonds together with any
accrued but uncapitalised or unpaid interest (including default interest) up to (but excluding) the maturity date, subject to the
unanimous consent of the Bondholders pursuant to an extraordinary resolution.

The bond shall carry an interest rate of 6.76% p.a on a simple interest basis. Interest will accrue on a yearly basis and first
interest installment is payable on date of expiry of five years and from end of sixth year on yearly basis .

At initial recognition, the above ADP FCCBs are fair valued as per Ind AS 109 - 'Financial Instrument' and equity component of
' 479.35 Crore (net of deferred tax of ' 161.21 Crore) has been recognised in other equity.

2 Borrowings of ' 141.20 Crore (March 31, 2025: ' 141.20 Crore) from GHIAL, a subsidiary company of the Company carrying
interest 11% per annum and is payable along with repayment of principal within 12 months from the date of balance sheet.

3 During the year ended March 31, 2024, the Company has raised money by issue of unsecured, redeemable, Listed Non¬
Convertible Bonds (NCBs) amounting to ' 5,000.00 Crore in three tranches vide board resolution dated October 25, 2023 and
circular resolution dated November 02, 2023 for a tenure of 36 months, which are repayable in November 2026.

Major covenants against these NCBs are (a) Default under Concession Agreement / Shareholder's Agreement of DIAL & GHIAL,
(b) Default in payment to lenders by the Company, (c) Creation of charge of over assets other those permitted as mentioned in
bond trust deed.

As on March 31, 2025, these NCBs have first charge over moveable assets of the Company both present and future. Since value
of the security was less than 1x of outstanding NCBs (along with accrued interest) as on March 31, 2025, hence these NCBs were
unsecured in nature.

The proceeds from these NCBs were utilized for

(a) towards refinancing of outstanding bonds under then existing ' 1,670.00 Crore facility, prepayment of outstanding bonds
under ' 345.00 Crore facility, ' 300.00 Crore facility, ' 400.00 Crore facility and the ' 1,110.00 Crore facility along
with accrued coupon, redemption premium, outstanding cost, fee and expenses (if any) payable in relation to the these
bonds.

(b) investments into subsidiary

(c) payment of cost and issue expenses in relation to ' 1,950.00 Crore facility.

(d) payment of purchase consideration for 11% equity stake in GMR Hyderabad International Airport Limited held by MAHB
(Mauritius) Private Limited and Malaysia Airports Holdings Berhad.

The above NCBs of ' 5,000 Crore (including accrued interest and redemption premium) has been redeemed before due date
during the year ended March 31, 2026.

4 During the year ended March 31, 2025, the Company has further raised money by issue of unsecured, redeemable, Listed NCBs
amounting to ' 1,100.00 Crore vide board resolution dated February 25, 2025 for a tenure of 36 months, which are repayable
in February 2028.

During the year ended March 31, 2026 the Company has raised money by issue of unsecured, redeemable, Listed NCBs amounting
to ' 400.00 Crore vide board resolution dated October 24, 2024 for a tenure of 36 months, which are repayable in April 2028.

Major covenants against these NCBs are (a) Default under Concession Agreement / Shareholder's Agreement of DIAL & GHIAL,
(b) Default in payment to lenders by the Company, (c) Creation of charge of over assets other those permitted as mentioned in
bond trust deed.

As on March 31, 2026, these NCBs have first charge over moveable assets of the Company both present and future.

Since value of the security is less than 1x of outstanding NCBs (along with accrued interest) as on March 31, 2026, hence these
NCBs are unsecured in nature.

The proceeds from these NCBs were utilized for

(a) payment of purchase consideration for 10% equity stake in Delhi International Airport Limited held by Fraport AG Frankfurt
Services Worldwide ('Fraport').

(b) payment of security deposit to be placed towards meeting concession requirement of duty free business, investment in
airport group companies and for meeting issue cost.

Rating of the above mentioned Non-Convertible Bonds of ' 1,500.00 Crore is CARE A, Stable (A: Outlook: Stable) reassigned by
CARE Ratings Limited vide rating letter dated December 31, 2025.

5 During the year ended March 31, 2026, the Company has raised money by way of issuance of unsecured, redeemable, Listed
Non-Convertible Bonds amounting to be ' 1,500.00 Crore and ' 4,400.00 Crore vide Board resolution dated July 29, 2025 and
same were allotted on August 13, 2025 vide Management Committee resolution, for a tenure of 18 months and 36 months,
which are repayable on February 13, 2027 and August 13, 2028 respectively.

As on March 31,2026, these NCBs have first charge over moveable assets of the Company both present and future. Since value
of the security is less than 1x of outstanding NCBs (along with accrued interest) as on March 31, 2026, hence these NCBs are
Unsecured in Nature.

The proceeds from these NCBs will be utilized for

(a) towards refinancing of outstanding bonds of ' 5,000.00 Crore facility (including payment of accrued coupon, redemption
premium, outstanding cost and expenses)

(b) payment of cost and issue expenses in relation to ' 1,500.00 Crore and ' 4,400.00 Crore facility.

Rating of the above mentioned Non-Convertible Bonds of ' 5,900.00 Crore is CRISIL A /Stable (A : Outlook: Stable) reassigned
by CRISIL Ratings Limited vide rating letter dated February 13, 2026.

6 There is no repayment of FCCB's during the year ended March 31, 2026. During the year ended March 31, 2026, the Company
has issued NCBs of ' 6,300.00 Crore (' 400.00 Crore as mentioned in note 4 and ' 5,900.00 crore as mentioned in note 5 above)
and made repayment of NCB ' 5,000.00 Crore.

7 The Company has been sanctioned a working capital facility of ' 1,000 Crore by banks (including a fund-based sub-limit of
' 500 crore). This facility is secured by a pari passu charge over the current and movable assets of the Company. The Company
has utilized the fund-based limits for a tenure of up to one year at interest rates ranging from 8.00% p.a. to 8.45% p.a. The
undrawn facility as at March 31, 2026 is ' 734.11 Crore (including non-fund based facility of ' 494.55 Crore) (March 31, 2025:
141.86 Crore). As required under the respective agreements, the Company has submitted quarterly financial information with
such banks and the information submitted are in agreement with the unaudited books of accounts of the Company for the
respective periods.

31 Income Tax

The tax expense comprises of current taxes and deferred taxes. Current tax is the amount of income tax determined to be payable
in respect of taxable income for a period as per the provisions of the Income-Tax Act, 1961 ('IT Act').

On September 30, 2019, the Taxation Laws (Amendment) Ordinance 2019 ('the Ordinance') was passed introducing section 115BAA
of the Income tax Act, 1961 which allowed domestic companies to opt for an alternative tax regime from financial year 2019-20
onwards. As per the regime, companies can opt to pay reduced income tax @22% (plus surcharge and cess) subject to foregoing of
certain exemptions. Central Board of Direct taxes vide circular number 29/2019 clarified that companies opting for lower rates of
taxes will not be allowed to carry forward minimum alternate tax ('MAT') credit and also will not be allowed to offset brought
forward losses on account of additional depreciation.

The Company has decided to opt for the aforementioned regime w.e.f. financial year 2021-22 and has provided for its current taxes
at lower rates and has made the requisite adjustments in its deferred taxes.

Deferred tax is the effect of timing differences between taxable income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.

32 Earnings per share (EPS)

Basic EPS is calculated by dividing the profit/ (loss) for the period attributable to equity shareholders of the Company by the
weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an
equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting
period. The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue,
bonus element in a rights issue, share split, and reverse share split (consolidation of shares) that have changed the number of equity
shares outstanding, without a corresponding change in resources.

Diluted EPS is calculated by dividing the profit attributable to equity shareholders (after adjusting for interest on the convertible
securities) by the weighted average number of equity shares outstanding during the period plus the weighted average number of
equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.

33 Significant accounting judgements, estimates and assumptions

The preparation of the Company's Standalone Financial Statements requires management to make judgements, estimates and
assumptions that affect the reported amount of revenues, expenses, assets and liabilities, and the accompanying disclosures, and
the disclosure of contingent liabilities. Actual results could differ from those estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities affected in future periods.

The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and future periods affected.

Significant judgements and estimates relating to the carrying values of assets and liabilities include fair value measurement of
investments in subsidiaries, joint ventures and associates, provision for employee benefits and other provisions, recoverability of
deferred tax assets, commitments and contingencies and recognition of revenue on long term contracts.

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 assumptions and estimates on parameters available when the Standalone Financial Statements
were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes
or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they
occur.

a. Taxes

Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the same
can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be
recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.
Refer note 19 and 31 for further disclosure.

b. Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow
model and market approach method. The inputs to these models are taken from observable markets where possible, but where
this is not feasible, a degree of judgement is required in establishing fair values. The cash flow projections used in these models
are based on estimates and assumptions relating to conclusion of tariff rates, estimation of passenger and rates and favourable
outcomes of litigations etc. in the airport which are considered as reasonable by the management. Judgements include
considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect
the reported fair value of financial instruments. Refer note 6 and 38 for further disclosure.

c. Contingencies

Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company, including legal
and contractual claims. By their nature, contingencies will be resolved only when one or more uncertain future events occur or
fail to occur. The assessment of the existence, and potential quantum, of contingencies inherently involves the exercise of
significant judgement and the use of estimates regarding the outcome of future events.

In respect of financial guarantees provided by the Company to third parties, the Company considers that it is more likely than
not that such an amount will not be payable under the guarantees provided. Refer note 37 for further disclosure.

d. Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial
valuations. 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 and mortality rates. 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 for plans operated in
India, the management considers the interest rates of government bonds.

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

Further details about gratuity obligations are given in note 35.

e. Lease term of contracts with renewal options

The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease,
if it is reasonably certain not to be exercised.

The Company has several lease contracts that include extension and termination options. The Company applies judgement in
evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it
considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the
commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is
within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of
significant leasehold improvements or significant customisation to the leased asset).

a. The Company has provided securities by way of pledge of investments for loans taken by certain companies.

b. The Company has pledged certain shares held in the Company as security towards the borrowings of the Company and
related parties.

c. Also refer note 16 for non-current borrowings and current borrowings as regards security given by related parties for loans
availed by the Company.

d. Remuneration to key managerial personnel does not include provision for leave encashment, gratuity and premium for
personal accidental policy, if any, as the same are determined for the company.

e. Remuneration to the KMP include remuneration paid by erstwhile GAL in capacity of directors.

f. In the opinion of the management, the transactions reported herein are on arms' length basis.

g. The amount of the outstanding balances as shown above are unsecured and will be settled in due course.

h. Transactions and outstanding balances below ' 50,000 have not been reported in the above due to rounding off procedure
disclosure.

b) Defined benefit plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a
gratuity on departure at 15 days salary (based on last drawn basic) for each completed year of service.

The fund provides a capital guarantee of the balance accumulated and declares interest periodically that is credited to the
fund account. Although we know that the fund manager invests the funds as per products approved by Insurance Regulatory
and Development Authority of India and investment guidelines as stipulated under section 101 of Income Tax Act, the
exact asset mix is unknown and not publicly available. The Trust assets managed by the fund manager are highly liquid in
nature and we do not expect any significant liquidity risks. The Trustees are responsible for the investment of the assets of
the Trust as well as the day to day administration of the scheme.

The following tables summarises the components of net benefit expense recognised in the standalone statement of profit
and loss and the funded status and amounts recognised in the standalone balance sheet for gratuity benefit.

1. Plan assets are fully represented by balance with the Life Insurance Corporation of India.

2. The expected return on plan assets is determined considering several applicable factors mainly the composition of
the plan assets held, assessed risks of asset management, historical results of the return on plan assets and the
Company's policy for plan asset management.

3. The estimates of future salary increase in compensation levels, considered in actuarial valuation, take account of
inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

4. Mortality rate as per Indian Assured Lives Mortality (2006-08) (modified) Ultimate

5. Plan Characteristics and Associated Risks:

The Gratuity scheme is a Defined Benefit Plan that provides for a lump sum payment made on exit either by way of
retirement, death, disability or voluntary withdrawal. The benefits are defined on the basis of final salary and the
period of service and paid as lump sum at exit. The plan design means the risks commonly affecting the liabilities and
the financial results are expected to be:

a. Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If
bond yields fall, the defined benefit obligation will tend to increase

b. Salary Inflation risk : Higher than expected increases in salary will increase the defined benefit obligation

c. Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include
mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation
is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria.
It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short
career employee typically costs less per year as compared to a long service employee.

Income tax

The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items. These mainly
include disallowance of expenses, tax treatment of certain expenses claimed by the Company as deductions and transfer
pricing adjustments for related parties transactions etc. Most of these disputes and/ or dis-allowances, being repetitive in
nature, have been raised by the income tax authorities consistently in most of the years. The management of the Company
has contested all these additions/ disallowances, by way of appeal before the appellate authorities and the same are yet to
be disposed off.

II Commitments

(a) Estimated value of contracts remaining to be executed on capital account, not provided for (net of advances) towards
property, plant and equipment and intangible assets as on March 31, 2026 is ' 18.70 Crore (March 31, 2025: ' 0.49 Crore).

(b) Other commitments

1 During the year ended March 31, 2026 and year ended March 31,2025, the Company had certain long term unquoted
investments which were pledged as security towards loan facilities sanctioned to the company and the investee
Companies (refer note 6(1)).

2 During the year ended March 31, 2024, the Company has provided Sponsor Support undertaking in favour of lenders
of GMR Goa International Airport Limited (GGIAL) for securing debt facility by GGIAL of ' 2,475.00 Crore against
which charge has been created (outstanding amount as at March 31, 2026'2,475.00 Crore) for Termination shortfall
support and project cost overrun support.

3 The Company has given letter of comfort dated April 24, 2024 to ICICI Bank Limited in relation to providing fund and
non-fund-based facilities of ' 270.00 Crore (amount outstanding as on March 31, 2026'226.25 Crore (Fund based) &
' 2.92 Crore (Non-Fund based) to the GGIAL.

4 The Company has given letter of comfort dated April 03, 2024 to ICICI Bank in relation to providing Rupee term loan
facility of ' 50.00 Crore (amount outstanding as on March 31, 2026 against this facility is ' 41.04 Crore) to its wholly
owned subsidiary, GMR Airport Developers Limited (GADL).

5 The Company has given letter of comfort dated January 09, 2023 to ICICI Bank Limited in relation to extending the
working capital limits of ' 135.00 Crore (amount outstanding as on March 31, 2026 against this facility is ' 17.41
Crore) (Fund based Limits and Non Fund based limits) to its wholly owned subsidiary, GADL.

6 The Company has signed a Promoter undertaking in favour of Catalyst Trusteeship Limited (Security trustee) on
August 03, 2022 for its subsidiary, Delhi Airport Parking Services Private Limited (DAPSL) for funding of ' 200.00 crore
from IDF against which charge has been registered (amount outstanding as on March 31, 2026 against this facility is
' 145.00 Crore).

7 The Company has given letter of comfort dated December 30, 2024 to ICICI Bank Limited in relation to extending the
working capital limits of ' 100.00 Crore (amount outstanding as on March 31, 2026 against this facility is ' 84.25
Crore) (Fund based Limits and Non Fund based limits) to its wholly owned subsidiary, GMR Nagpur International
Airport Limited (GNIAL).

8 During the year ended March 31, 2025, the Company (“Sponsor”) has provided Sponsor Support undertaking dated
March 24, 2025 entered amongst the Company, GMR Visakhapatnam International Airport Limited (GVIAL) (“Borrower”)
and Catalyst Trusteeship Limited (in the capacity of security trustee on behalf of Tata Capital Limited and Aditya Birla
Finance Limited) for a rupee term loan facility ' 350.00 Crore (March 31,2025: ' 350.00 Crore) (outstanding amount as
at March 31, 2026'344.00 Crore (March 31, 2025: ' 50.00 Crore)).

9 The Company (“Sponsor”) has provided Sponsor Support undertaking dated December 07, 2023 for term loan facility
of ' 3,365.00 Crore (including non fund based limit) entered amongst the Company, GVIAL (“Borrower”) and India
Infrastructure Finance Company Limited (IIFCL) as Facility agent for providing support contingent upon happening of
events, inter-alia, equity support, debt-service support, cost overrun support, termination payment shortfall support,
etc. The Borrower has created floating charge for ' 3,365.00 Crore (March 31, 2025: ' 3,365.00 Crore) (outstanding
amount as at March 31, 2026 : Fund Based ' 2,094.18 Crore (March 31, 2025: ' 672.16 Crore), Bills payable ' 687.92
crore (March 31, 2025: ' 1,028.39 Crore) as sub-limit to Rupee Term Loan and Bank Guarantee ' 46.00 Crore (March
31, 2025: ' 46.00 Crore).

The Company (“Sponsor”) has entered into Pledge Agreement dated December 07, 2023 for term loan facility of
' 3,365.00 Crore (including non fund based limit) amongst the Company, GVIAL (“Borrower”) and Catalyst Trustee
Limited acting as Security Trustee for pledge of 51% of diluted Share Capital in the Borrower Company to maintain
the required percentage as stipulated by the facility.

10 During the year ended March 31, 2025 the Company has entered into share pledge agreement with HDFC Bank for
securing the loan by GMR Hospitality Limited (GHL) for ' 67.00 Crore (March 31, 2025: ' 67.00 Crore) (oustanding
amount as at March 31, 2026'42.61 Crore (March 31,2025: ' 44.97 Crore)) against which charge has been registered.

11 During the year ended March 31, 2026, GAL (“Sponsor”) has provided Sponsor Support undertaking dated April 29,
2025 entered into between GAL, GNIAL (“Borrower”) and Catalyst Trusteeship Limited for a rupee term loan facility of
' 2,607.00 Crore to its subsidiary GNIAL (outstanding amount as at March 31, 2026 ' Nil) against which charge has
been registered.

12 During the year ended March 31, 2026, GMR Airports Limited (“the Sponsor” or “the Company”) had issued a Sponsor
Support Undertaking dated November 20, 2025 in favour of Catalyst Trusteeship Limited (acting as Security Trustee)
in connection with a term loan facility of ' 750.00 Crore availed by its wholly owned subsidiary, GMR Cargo Logistics
Limited (“GCLL” or “the Borrower”) against which charge has been registered.

In accordance with the terms of the facility agreement, the Borrower had pledged 30% of its equity shares in favour of
the Security Trustee. Additionally, the Company had executed a Non-Disposal Undertaking (NDU) dated November
20, 2025, restricting disposal of 21% of the total equity shareholding of the Borrower, as stipulated under the facility
terms.

The aforesaid loan facility, along with the related undertakings, stands fully closed as at March 31, 2026. Accordingly,
no contingent liability exists as at the reporting date in respect of the said facility and charge on equity shares has
been released on April 16, 2026.

13 The erstwhile GMR Infrastructure Limited had extended corporate guarantees amounting to ' 2,353.20 Crore pertaining
to the undertaking which had been transferred to GPUIL pursuant to the demerger Scheme. The Company (GAL) had
passed board resolution to execute undertakings jointly with GPUIL, though it did not issue any guarantee. The
underlying loans for which aforementioned corporate guarantees were issued was settled for ' 657.00 Crore pursuant
one-time settlement ('OTS settlement') between GREL, an associate of GPUIL and respective lenders. During the year
ended March 31, 2026, GREL had paid remaining amount of ' 491.30 Crore as per terms of OTS settlement to respective
lenders and accordingly the above-mentioned undertaking/ guarantees are released.

38 Disclosures on Financial instruments

This section gives an overview of the significance of financial instruments for the Company and provides additional information
on balance sheet items that contain financial instruments.

The details of material accounting policies, including the criteria for recognition, the basis of measurement and the basis on
which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument
are disclosed in Note 2.2 (b) and 2.2 (n), to the standalone financial statements.

Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities,
measured using 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).

Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets
and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are
determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from
observable current market transactions in the same instrument nor are they based on available market data.

(i) Short-term financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.

(ii) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are
inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value
estimates presented above are not necessarily indicative of the amounts that the Company could have realised or
paid in sale transactions as of respective dates. As such, fair value of financial instruments subsequent to the reporting
dates may be different from the amounts reported at each reporting date.

(iii) The fair values of the unquoted equity shares have been estimated using a discounted cash flow ('DCF') method and
market approach method. The valuation requires management to make certain assumptions about the model inputs,
including forecast cash flows, discount rate, credit risk and volatility. The probabilities of the various estimates within
the range can be reasonably assessed and are used in management's estimate of fair value for these unquoted equity
investments.

(iv) There have been no transfers between Level 1, Level 2 and Level 3 for the year ended March 31, 2026 and March 31,

2025.

(v) Reconciliation of fair value measurement of unquoted investments classified as FVTOCI assets:

Significant assumptions for valuation of liabilities:

Volatility: 34.60% (March 31, 2025: 36.10%), Discount rate: 14.00% - 15.00% (March 31, 2025: 14.00% - 15.00%)

(c) Financial risk management objectives and policies

In the course of its business, the Company is exposed primarily to fluctuations in foreign currency exchange rates, interest
rates, equity prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments. The
Company has a risk management policy which not only covers the foreign exchange risks but also other risks associated
with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved
by the Board of Directors. The risk management framework aims to:

(i) create a stable business planning environment by reducing the impact of currency and interest rate fluctuations on
the Company's business plan.

(ii) achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.

i) Market risk

Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result from
a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes
in interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future
specific market movements cannot be normally predicted with reasonable accuracy.

(a) Market 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. The Company's exposure to the risk of changes in market interest rates
relates primarily to the Company's long-term debt obligations with floating interest rates. The Company manages
its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

ii) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. Financial instruments that are subject to credit risk and concentration thereof
principally consist of trade receivables, loans receivables, investments, cash and cash equivalents, derivatives and
financial guarantees provided by the Company.

The carrying value of financial assets represents the maximum credit risk. The maximum exposure to credit risk
was ' 80,898.19 Crore and ' 72,737.99 Crore as at March 31, 2026 and March 31, 2025 respectively, being the
total carrying value of investments, loans, trade receivables, balances with bank, bank deposits and other financial
assets.

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures
and control relating to customer credit risk management. An impairment analysis is performed at each reporting
date on an individual basis for major customers. The Company does not hold collateral as security.

With respect to Trade receivables/ unbilled revenue, the Company has constituted the terms to review the
receivables on periodic basis and to take necessary mitigations, wherever required. The Company creates allowance
for all unsecured receivables based on lifetime expected credit loss based on a provision matrix. The provision
matrix takes into account historical credit loss experience and is adjusted for forward looking information. The
expected credit loss allowance is based on the ageing of the receivables that are due and rates used in the
provision matrix.

With respect to Loans and Other financial assets, the Company manages credit risk by monitoring the recoverability
of such amounts continuously, while at the same time internal control system in place ensure the amounts are
within defined limits.

The Company uses the expected credit loss model to assess any required allowances; and uses a provision matrix
to compute the expected credit loss allowance for loans, trade receivables and other financial assets. This matrix
takes into account credit reports, impairment analysis and other related credit information to the extent available.

Credit risk from balances with bank and financial institutions is managed by the Company's treasury department
in accordance with the Company's policy. Investments of surplus funds are made only with approved counterparties
and within credit limits assigned to each counterparty. The limits are set to minimise the concentration of risks
and therefore mitigate financial loss through counterparty's potential failure to make payments.

In respect of financial guarantees provided by the Company to banks and financial institutions, the maximum
exposure which the Company is exposed to is the maximum amount which the Company would have to pay if the
guarantee is called upon. Based on the expectation at the end of the reporting period, the Company considers
that it is more likely than not that such an amount will not be payable under the guarantees provided.

iii) Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity
risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Company has obtained fund and non-fund based working capital lines from various banks. Furthermore, the
Company has access to funds from debt markets through commercial paper programs, non-convertible debentures
and other debt instruments. The Company invests its surplus funds in bank fixed deposit and in mutual funds,
which carry no or low market risk.

The Company monitors its risk of shortage of funds on a regular basis. The Company's objective is to maintain a
balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans, debentures,
preference shares, sale of assets and strategic partnership with investors, etc.

The following table shows a maturity analysis of the anticipated cash flows excluding interest obligations for the
Company's financial liabilities on an undiscounted basis, which therefore differ from both carrying value and fair
value.

of certain assets, long term and short term bank borrowings and issue of non-convertible debt securities and strategic partnership
with investors.

For the purpose of the Company's capital management, capital includes issued equity capital, convertible preference shares and
debentures, share premium and all other equity reserves attributable to the equity holders of the Company.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders,
return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is total debt divided
by total capital plus total debt. The Company's policy is to keep the gearing ratio at an optimum level to ensure that the debt related
covenants are complied with.

39 Capital management

The Company's capital management is intended to create value for shareholders by facilitating the meeting of long term and short
term goals of the Company.

The Company determines the amount of capital required on the basis of annual business plan coupled with long term and short
term strategic investment and expansion plans. The funding needs are met through equity, cash generated from operations and sale

Note:

1. The above disclosure does not include step down subsidiaries, joint ventures and associates and are with respect to
subsidiaries and joint ventures existing as at the balance sheet date.

2. In case of GGIAL and GVIAL, 1 equity share is held by Government of Goa and Andra Pradesh Airport Development
Corporation Limited respectively.

3. The Company has incorporated a wholly owned subsidiary on September 11, 2025.

42 Leases

Company as Lessee

The Company has entered into certain cancellable operating lease agreements mainly for office premises and hiring
equipment's and certain non-cancellable operating lease agreements towards land space and office premises and hiring
office equipment's and IT equipment's. The lease rentals paid during the year (included in note 29) and the maximum
obligation on the long term non - cancellable operating lease payable are as follows:

iv) The Company has used borrowings from banks and financial institutions for the specific purpose for which it was taken at
the balance sheet date.

v) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other
sources or kind of funds) to 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 Group (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 been declared willful defaulter by any bank or financial institution or other lender.

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

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

x) The Company is in compliance with the requirement of Section 2(87) of the Companies Act, 2013 read with the Companies
(Restriction on number of Layers) Rules, 2017.

xi) The Company has not granted any loans or advances in nature of loan, either repayable on demand or without specifying
any terms or period of repayment, to promoters, directors, KMPs and the related parties.

xii) Disclosure as per section 186 of Companies Act 2013

The details of loans, guarantees and investments under section 186 of the Companies Act, 2013 read with the Companies
(Meetings of Board and its Powers) Rules, 2014 are as follows:

(a) Details of investments made are given in note 6.

(b) Details of loan given by the company and guarantees issued as at March 31, 2026 and March 31, 2025 (refer note 7 &

37).

xiii) The quarterly return/statement of current assets filed by the Company with bank and financial institutions in relation to
secured borrowings wherever applicable are in agreement with books of accounts.

15 Business Combination - Common control transaction

a. The Board of directors in its meeting held on March 19, 2023 had approved, a detailed Scheme of Merger of erstwhile GAL
with GIDL followed by merger of GIDL with the Company referred herein after as Merger Scheme. During the year ended
March 2025, the Merger Scheme has been approved by the Hon'ble National Company Law Tribunal, Chandigarh bench
(“the Tribunal”) vide its order dated June 11,2024 (Certified copy of the order received on July 02, 2024). The said Tribunal
order was filed with the Registrar of Companies by erstwhile GAL, GIDL and the Company on July 25, 2024 thereby the
Scheme becoming effective on that date.

Accordingly, GAL merged with GIDL and merged GIDL stands merged into the Company with an appointed date of April
01, 2023 and the standalone Financial Statements of the Company have been prepared by giving effect to the Composite
scheme of amalgamation and arrangement in accordance with Appendix C of Ind AS 103 “Business Combination” from the
earliest period presented consequent upon receipt of approval to the Scheme from National Company Law Tribunal
(NCLT). The difference between the net identifiable assets acquired and consideration paid on merger has been accounted
for as capital reserve on merger.

Pursuant to the Scheme of amalgamation, 3,410,614,011 equity shares and 65,111,022 Optionally Convertible Redeemable
Preference Shares (OCRPS) of the Company to be issued to the minority shareholders of erstwhile GAL, were presented

under equity share capital pending issuance and OCRPS pending issuance of such shares for the year ended March 31,

2024. During the year ended March 31, 2025, the above mentioned equity shares and OCRPS were issued. As part of the

Scheme, the equity shares held by the Company in erstwhile GAL and GIDL stand cancelled.

Accounting of amalgamation of the Merged GIDL with the Company

(i) On the Scheme becoming effective on July 25, 2024 (“Effective Date”), the Company has accounted for the amalgamation
in accordance with “Pooling of interest method” laid down by Appendix C of Ind AS 103 (Business combinations of
entities under common control) notified under the provisions of the Companies Act, 2013.

(ii) The cumulative carrying amount of investments held by the company in Merged GIDL in form of equity shares and
OCRPS shall stand cancelled together with the cumulative corresponding unrealised gain recognised in FVTOCI reserve,
and related deferred tax liability.

(iii) The Company has recorded all the assets, liabilities and reserves of the Merged GIDL, vested in the Company pursuant
to the Scheme, at their existing carrying amounts.

(iv) The loans and advances or payables or receivables or any other investment or arrangement of any kind, held inter se,
between the Merged GIDL and the Company have been cancelled.

(v) The difference between the book value of assets, liabilities and reserves as reduced by the face value of the equity
shares and OCRPS issued by the Company and after considering the cancellation of inter-company investments was
recorded in other equity of the Company.

b. The Board of Directors of the Company vide their meeting dated March 17, 2023 had approved the settlement regarding
Bonus CCPS B, C and D between the Company, erstwhile GMR Airports Limited (erstwhile GAL) and Shareholders of
erstwhile GAL wherein cash earnouts to be received by Company were agreed to be settled at ' 550.00 Crore, to be paid
in milestone linked tranches and conversion of these Bonus CCPS B, C and D will take as per the terms of settlement
agreement. Further, the Company, erstwhile GAL and Shareholders of erstwhile GAL had also agreed on the settlement
regarding Bonus CCPS A whereby erstwhile GAL will issue such number of additional equity share to the Company and
GMR Infra Developers Limited ('GIDL') (wholly owned subsidiary of the Company) which will result in increase of shareholding
of Company (along with its subsidiary) from current 51% to 55% in erstwhile GAL. The settlement was subject to certain
conditions specified in the settlement agreements. As part of the settlement agreement, the Company had received 4
tranches of ' 400.00 Crore towards the sale of these CCPS till March 31, 2024.During the quarter ended June 30, 2024, on
completion of conditions precedent, the Company has received last tranche of ' 150.00 Crore towards the sale of these
CCPS. On July 17, 2024, the board of directors of erstwhile GAL has approved the conversion of CCPS A, B, C and D into
equity shares of erstwhile GAL. Accordingly, the consideration of ' 550.00 Crore towards transfer of CCPS B, C and D has
been recognized as gain directly in the other equity during the year ended March 31, 2025 in accordance with the
requirements of applicable Indian Accounting Standards.

c. On December 10, 2015, the Company had originally issued and allotted the 7.5% Subordinated Foreign Currency Convertible
Bonds (FCCBs) aggregating to US$ 300 million due in FY 2075 to Kuwait Investment Authority (KIA) on which interest is

payable on annual basis. Pursuant to the Demerger of the Company's non-Airport business into GMR Power and Urban
Infra Limited (GPUIL) during January 2022, the FCCB liability was split between the Company and GPUIL. Accordingly,
FCCBs aggregating to US$25 million were retained and redenominated in the Company and FCCBs aggregating to US$
275 million were allocated to GPUIL. As per applicable RBI Regulations and the terms of the Agreements entered between
KIA and the Company, the Company had the right to convert the said FCCBs into equity shares at a pre-agreed SEBI
mandated conversion price. Upon exercise of such conversion rights, KIA would have been entitled to 1,112,416,666
equity shares of the Company.During the period ended September 30, 2024, the US$ 25 million 7.5% Subordinated Foreign
Currency Convertible Bonds (FCCBs), issued by the Company to KIA have been transferred by KIA to two eligible lenders

i.e., Synergy Industrials Metals and Power Holdings Limited (“Synergy”) (US$ 14 million) and to GRAM Limited (“GRAM”)
(US$ 11 million).

Accordingly, the 7.5% US$ 25 million FCCBs have been converted dated July 10, 2024 into 1,112,416,666 equity shares of
' 1/- each, proportionately to the above mentioned two FCCB holders, as per the agreed terms and basis receipt of a
conversion notice from the said FCCB holders. As the FCCB holders are equity investors, and as a part of the overall
commercials between the parties, the outstanding interest payable on the FCCB's of ' 106.91 Crore was waived. Considering
the same, the Company had recognized exceptional gain in the year ended March 31, 2025.

46 Audit Trail

The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which
uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of
recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with
the date when such changes were made and ensuring that the audit trail cannot be disabled.

a. The Company is using SAP ERP accounting software for maintaining its books of account and all accounting records, which
have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the accounting software.

b. The Company has used other applications for maintaining all accounting records 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,
except that the audit trail feature was not enabled at the data base level upto May 20, 2025 used for maintenance of all
accounting records for duty free business at Goa airport; and at the database level for accounting software to log any
direct data changes, used for maintenance of revenue records of Cargo business and revenue records of car parking
business.

47 On May 15, 2025, the Ministry of Civil Aviation (MoCA), through the Bureau of Civil Aviation Security (BCAS), revoked the
Security Clearance of entities operating in India from the Celebi group, citing national security concerns. As a result, Celebi
Delhi Cargo Terminal Management India Private Limited (“Celebi”) can no longer operate as a Regulated Agent at Delhi IGI
Airport. In accordance with the terms of the Cargo Concession Agreement, DIAL has terminated the agreement with Celebi and
Celebi Hava Servisi AS. Following this, and with the approval of the Board of Directors via circular resolution dated May 15,
2025, DIAL has awarded the cargo services concession to the Company under the same terms and conditions as the previous
agreement. This concession arrangement with the Company is subject to rebidding by DIAL and litigation that Celebi may file/
filed against DIAL in this regard.Accordingly, the Company has recognised fair valuation impact (net of tax) in other comprehensive
income of ' 594.91 crore during the quarter ended June 30, 2025.

Celebi had filed a petition in Hon'ble High Court at Delhi against the revocation of its security clearance which stood dismissed
by the court, vide its order dated on July 07, 2025. However, Celebi has filed an appeal with Divisional Bench of Delhi High Court
against the said order but has not pursued it further. Celebi had also filed a petition under Section 9 of Arbitration and
Conciliation Act, 1996 seeking interim relief against DIAL, but this has also not been pursued further. Infact, none of these
litigations are numbered and listed. Meanwhile, Celebi has filed an application in another pending matter with a prayer to
delete it from the array of parties on the ground of not operating and managing the Cargo Terminal at IGI Airport. Taking note
that Celebi has not pursued its challenge to the withdrawal of security clearance, DIAL has completed the process of selection
of the successful bidder.

During the year ended March 31, 2026, the Company has received a Letter of Award (LOA) from DIAL, that the Company has
emerged as the Selected Bidder for operation, management and development of Cargo Terminal 1 at the Delhi Airport (Delhi
Cargo Concession). Subsequent to the issuance of the LOA, the Company has entered into a License Agreement on April 17,
2026 towards the said Delhi Cargo Concession.

48 During the year ended March 31, 2025, Company had receipt of Letter of Award (LOA) from Delhi International Airport Limited
(DIAL), that the Company has emerged as the Selected Bidder to develop, operate, manage and maintain the Duty-Free Outlets
at the Delhi Airport (Delhi Duty Free Concession). Subsequent to the issuance of the LOA, the Company had entered into a
License Agreement on August 21, 2024 towards the said Delhi Duty Free Concession to take up the operations from July 28,
2025 onwards. Accordingly on July 28, 2025 the Company had started the operations of duty-free business at Delhi Airport.

The Company completed the following transactions with DDFS: a) Purchase of fixed assets amounting to ' 6.68 Crore (excluding
GST), based on the fair valuation report issued by an independent valuer; b) Purchase of inventory (net of rebates) amounting
to ' 231.62 Crore; c) Costs relating to licenses, consumables, etc., amounting to ' 1.16 Crore (excluding GST); and d) Transfer of
all advance payments collected by the DDFS to the Company from international passengers against the sale of duty-free goods
on or before July 27, 2025, amounting to ' 5.58 Crore.

49 The Company during July 2023, was awarded a long term master concession by GHIAL, for carrying on the non-aero commercial
operations at the Rajiv Gandhi International Airport, Hyderabad (RGIA), “Master Concession Agreement”. In terms of the Master
Concession Agreement, the duty free operations at RGIA were managed by the existing duty free operator, from July 2023, till
September 09, 2025 and accordingly from September 10, 2025, the Company has started the operation of duty-free business at
RGIA.

The Company completed the following transactions with GHRL: a) Purchase of fixed assets; b) Purchase of inventory; c) Costs
relating to licenses, consumables, etc.; and d) Transfer of all advance payments collected by the GHRL to the Company from
international passengers against the sale of duty-free goods on or before September 09, 2025.

50 Mihan India Limited (MIL) issued the bid for upgradation, modernisation, operation and maintenance of Dr. Babasaheb Ambedkar
International Airport, Nagpur (“Concession Agreement”). GMR Airports Limited was a successful bidder and was issued Letter
of Award dated March 07, 2019 and subsequently GAL incorporated GMR Nagpur International Airport Limited (“GNIAL”) for
execution of the Concession Agreement with MIL. On March 19, 2020, MIL issued a communication letter to GAL and annulling
the process of bidding. GAL & GNIAL filed W.P. No. 1723 of 2020 before Hon'ble High Court of Bombay, Nagpur Bench
challenging the annulment letter and seeking direction to direct MIL to execute Concession Agreement. On August 18, 2021,
Hon'ble High Court of Bombay, Nagpur Bench decided the writ favourably setting aside the annulment letter issued by MIL and
directing MIL to execute the Concession Agreement. However, MIL, Govt. of Maharashtra (GoM), Ministry of Civil Aviation
(MoCA) and Airports Authority of India (AAI) filed SLP and challenged this order before Hon'ble Supreme Court of India.
Hon'ble Supreme Court of India upheld the judgment of Hon'ble High Court of Bombay in its order dated May 09, 2022.
Subsequently, Review Petitions were filed by MIL, GOM & AAI in Hon'ble Supreme Court of India raising issues in such order,
however the same were dismissed by Court by its order dated August 12, 2022. The said Order was challenged by the Authorities
seeking for a reconsideration of the judgement through curative petition that was ultimately disposed-off by Hon'ble Supreme
Court of India by its order dated September 27, 2024. With all the legal hurdles now finally concluded, GNIAL has signed a
Concession Agreement on October 08, 2024 with MIL, whereby GNIAL is garnered the concession to upgrade, develop and
operate the Nagpur's Dr. Babasaheb Ambedkar International Airport. As per the provisions of the Concession Agreement, both
MIL as well as GNIAL are required to fulfill various conditions precedents within a specified time period post which Commercial
Operation Date (COD) will be declared.

51 The Company is in the process of conducting a transfer pricing study as required by the transfer pricing regulations under the
IT Act ('regulations') to determine whether the transactions entered during the year ended March 31, 2026, with the associated
enterprises were undertaken at “arm's length price”. The management confirms that all the transactions with associated enterprises
are undertaken at negotiated prices on usual commercial terms and is confident that the aforesaid regulations will not have any
impact on the financial statements, particularly on the amount of tax expense and that of provision for taxation.

52 On November 21, 2025, The Government has consolidated 29 existing Labour legislations into a unified framework comprising
4 Labour Codes viz., Code on Wages, 2019, Code on Social Security, 2020, Industrial Relation Code, 2020 and Occupational
Safety, Health and Working Condition Code, 2020 (collectively referred to as the new Labour Codes). The Government of India,
vide its notification dated May 08, 2026 has notified the rules for aforementioned new Labour codes, however the states are yet
to finalise the new Labour codes.

Pursuant to changes in definition of wages under New Labour Codes and guidance provided by Institute of Chartered Accountants
of India, the Company had recorded additional provision of ' 7.61 Crore towards gratuity and long-term compensated absences
basis actuarial valuation report as exceptional item in the standalone statement of profit and loss for the year ended March 31,
2026. The Company continues to monitor the finalization of State Rules and clarifications from the Government on other

aspects of the Labour Code and would provide appropriate accounting effect if any, on the basis of such developments as
needed.

53 The Company has presented earnings/ (loss) before finance costs, taxes, depreciation, amortisation expense and exceptional
items as EBITDA.

54 Previous year's figures have been regrouped/ reclassified, wherever necessary to conform to current year's classification. The
impact of the same is not material to the users of the standalone financial statements

55 Certain amounts (currency value or percentages) shown in the various tables and paragraphs included in the standalone
financial statements have been rounded off or truncated as deemed appropriate by company.