n. 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 a provision to be reimbursed, the reimbursement
is recognised as a separate asset, but only when
the reimbursement is virtually certain. The expense
relating to a provision is presented in the Statement
of Profit and Loss net of any reimbursement.
Contingent liabilities exist when there is a possible
obligation arising from past events, the existence
of which will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future
events not wholly within the control of the Company,
or a present obligation that arises from past events
where it is either not probable that an outflow of
resources will be required or the amount cannot
be reliably estimated. Contingent liabilities are
appropriately disclosed unless the possibility of an
outflow of resources embodying economic benefits
is remote.

o. DERIVATIVE FINANCIAL INSTRUMENTS:Initial recognition and subsequent measurement

The Company uses derivative financial instruments,
such as forward currency contracts and interest
rate swaps, to hedge its foreign currency risks,
interest rate, respectively. Such derivative financial
instruments are initially recognised at fair value on
the date on which a derivative contract is entered
into and are subsequently re-measured at fair value.
Derivatives are carried as financial assets when the
fair value is positive and as financial liabilities when
the fair value is negative.

Any gains or losses arising from changes in the fair
value of derivatives are taken directly to profit or loss,
except for the effective portion of cash flow hedges,
which is recognised in OCI and later reclassified to
profit or loss when the hedge item affects profit
or loss or treated as basis adjustment if a hedged
forecast transaction subsequently results in the
recognition of a non-financial asset or non-financial
liability.

For the purpose of hedge accounting, hedges are
classified as:

- Fair value hedges when hedging the exposure
to changes in the fair value of a recognised
asset or liability or an unrecognised firm
commitment.

- Cash flow hedges when hedging the exposure
to variability in cash flows that is either
attributable to a particular risk associated with a
recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk
in an unrecognised firm commitment.

- Hedges of a net investment in a foreign
operation.

At the inception of a hedge relationship, the
Company formally designates and documents the
hedge relationship to which the Company wishes to
apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
The documentation includes the Company's risk
management objective and strategy for undertaking
hedge, the hedging/ economic relationship, the
hedged item or transaction, the nature of the risk
being hedged, hedge ratio and how the entity will
assess the effectiveness of changes in the hedging
instrument's fair value in offsetting the exposure
to changes in the hedged item's fair value or cash
flows attributable to the hedged risk. Such hedges
are expected to be highly effective in achieving
offsetting changes in fair value or cash flows and
are assessed on an ongoing basis to determine that
they actually have been highly effective throughout
the financial reporting periods for which they were
designated.

Cash flow hedges

The effective portion of the gain or loss on the
hedging instrument is recognised in OCI in the cash
flow hedge reserve, while any ineffective portion is
recognised immediately in the statement of profit
and loss. The Company uses forward currency
contracts and interest rate swaps as hedges of
its exposure to foreign currency risk in forecast
transactions and firm commitments. The ineffective
portion relating to foreign currency contracts is
recognised in finance costs.

Amounts recognised as OCI are transferred to profit
or loss when the hedged transaction affects profit or
loss, such as when the hedged financial income or
financial expense is recognised or when a forecast
sale occurs.

If the hedging instrument expires or is sold,
terminated or exercised without replacement or
rollover (as part of the hedging strategy), or if its
designation as a hedge is revoked, or when the hedge
no longer meets the criteria for hedge accounting,
any cumulative gain or loss previously recognised in

OCI remains separately in equity until the forecast
transaction occurs or the foreign currency firm
commitment is met.

p. EARNINGS PER SHARE:

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

For the purpose of calculating diluted earnings
per share, the net profit 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.

q. CASH AND CASH EQUIVALENT:

Cash and cash equivalents in the Balance Sheet
comprise cash at banks and in hand and short-term
deposits with an original maturity of three months
or less, which are subject to an insignificant risk of
charges in value.

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

r. CASH DIVIDEND:

The Company recognises a liability to make cash
or non-cash distributions to equity holders of the
Company when the distribution is authorised and
the distribution is no longer at the discretion of
the Company. As per the Companies Act, 2013, a
distribution is authorised when it is approved by the
shareholders. A corresponding amount is recognised
directly in equity.

s. GOVERNMENT GRANTS:

Government grants are recognised where there is
reasonable assurance that the grant will be received,
and all attached conditions will be complied with.
When the grant relates to an expense item, it is
recognised as income on a systematic basis over
the periods that the related costs, for which it is
intended to compensate, are expensed. When the
grant relates to an asset, it is recognised as income
in equal amounts over the expected useful life of the
related asset. When the Company receives grants of
non-monetary assets, the asset and the grant are
recorded at fair value amounts and released to profit
or loss over the expected useful life in a pattern of

consumption of the benefit of the underlying asset
i.e. by equal annual instalments.

2.2 SIGNIFICANT ACCOUNTING ESTIMATES AND
ASSUMPTIONS:

The preparation of the Company's financial statements
requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities.
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.

Judgements

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

Determining the lease term of contracts with
renewal and termination options - Company as
lessee.

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).

Revenue from contracts with customers

The Company applied the following judgement
that significantly affect the determination of the
amount and timing of revenue from contracts with
customers:

Determining method to estimate variable
consideration and assessing the constraint.

Certain contracts with customers include Liquidated
Damages that give rise to variable consideration. In
estimating the variable consideration, the Company
is required to use either the expected value method
or the most likely amount method based on which
method better predicts the amount of consideration
to which customer will be entitled. The Company
determined that the expected value method is
the appropriate method to use in estimating the
variable consideration for revenue from contract
with customer. The selected method that better
predicts the amount of variable consideration was
primarily driven by the number of volume thresholds
contained in the contract with the customer. Before
adjusting any amount of variable consideration in the
transaction price, the Company considers whether
the amount of variable consideration is constrained.
The Company determined that the estimates of
variable consideration are not constrained based on
its historical experience, business forecast and the
current economic conditions.

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 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.

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 valuation. An actuarial
valuation involves making various assumptions that
may differ from actual developments in the future.
These include the determination of the discount
rate, future salary increases 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 in
currencies consistent with the currencies of the post¬
employment benefit obligation.

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 for India.

Further details about gratuity obligations are given
in note 25.

Useful Life of Property Plant & Equipment and
Intangible assets

Property, Plant and Equipment and Intangible Assets
are depreciated/amortised over their estimated
useful life, after taking into account estimated residual
value. Management reviews the estimated useful life
and residual values of the assets annually in order to
determine the amount of depreciation/amortisation
to be recorded during any reporting period. The
useful life and residual values are based on the
Company's historical experience with similar assets
and take into account anticipated technological
changes. The depreciation/amortisation for future
periods is revised if there are significant changes
from previous estimates.

Fair value measurement for 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 DCF model. 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. 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 33 and 34 for further disclosures.

2.3 RECENT ACCOUNTING PRONOUCEMENTS:

The Ministry of Corporate Affairs vide notification dated
May 7, 2025 and August 13, 2025 notified the Companies
(Indian Accounting Standards) Amendment Rules, 2025
and Companies (Indian Accounting Standards) Second
Amendment Rules, 2025, respectively, which amended
certain accounting standards (see below), and are effective
for annual reporting periods beginning on or after April 1,
2025:

(a) Classification of Liabilities as Current or Non¬
current and Non-current Liabilities with Covenants
- Amendments to Ind AS 1.

(b) Supplier Finance Arrangements - Amendments to
Ind AS 7 and Ind AS 107.

(c) I nternational Tax Reform - Pillar Two Model Rules -
Amendments to Ind AS 12.

(d) Lack of Exchangeability - Amendments to Ind AS 21.
These amendments did not have any material impact
on the amounts recognised in prior periods and are not
expected to significantly affect the current or future
periods.

New standards or amendments not yet adopted
Classification of Liabilities as Current or Non¬
current and Non-current Liabilities with Covenants -
Amendments to Ind AS 1

This amendment also includes specific provisions that will
take effect or reporting periods beginning on or after April
1,2026, as outlined below.

Under the existing Ind AS 1, where there is a breach of a
material provision of a long-term loan arrangement on or
before the end of the reporting period with the effect that
the liability becomes payable on demand on the reporting
date, the entity does not classify the liability as current, if
the lender agreed, after the reporting period and before
the approval of the financial statements for issue, not to
demand payment as a consequence of the breach.
However, the amended requirements stipulate that
entities will no longer be permitted to consider lender
waivers that are granted after the reporting date but before
the financial statements are approved for the purpose of
classification of loans. This amendment is required to be
applied retrospectively in accordance with Ind AS 8. The
Company does not expect this amendment to have an
impact on its operations or financial statements.

NOTE NO. 4 FINANCIAL ASSETS (CONTD.)

For Financial instruments risk management objectives and policies (refer note-35)

(i) During the year, the Company entered into a Master Amendment Agreement to the existing Share Subscription-cum-Purchase
Agreement and Shareholders' Agreement with Ravi Technoforge Private Limited ("RTL") and its existing / selling shareholders.
Pursuant to this amendment, the option rights available to the existing / selling shareholders under the third tranche (exercisable
by March 31,2027) have been deleted and put option is derecognised.

Further, the Company subscribed to 30,48,669 equity shares of face value ' 10 each at a price of ' 100 per share (including
a premium of ' 90 per share), aggregating to ' 3,048.67 Lakhs, under a Rights Offer. Post-subscription, the Company holds
1,52,56,710 equity shares of RTL, representing 75.00% of RTL's total issued, subscribed and paid-up equity share capital of
2,03,42,288 equity shares of ' 10 each. Accordingly, the Company's shareholding has been diluted from 80.017% to 75.00%.

(ii) I nvestment in Ratnamani Finow Spooling Solutions Private Limited includes cost of stock options alloted to employees of
subsidiary company.

(iii) During the year, the Company acquired 40,000 equity shares of Ratnamani Trade EU AG (Subsidiary Company) representing
40% of share capital from Technoenergy AG (minority shareholder) at a price of EURO 10 per share, aggregating to a total
consideration of EURO 4,00,000 (Four Lakhs Euro Only). Consequently, Ratnamani Trade EU AG has become a wholly-owned
subsidiary of the Company with effect from September 24, 2025"

(iv) During the year, the Company has outstanding balance of loan amounting ' 5,850.00 Lakhs (repayable on demand amounting
to ' 846.70 Lakhs) to Ratnamani Finow Spooling Solutions Private Limited and ' 2,700.00 Lakhs to Ravi Technoforge Pvt. Ltd. for
their business purposes.

(v) Deposits aggregating to ' 7,455.00 Lakhs (March 31,2025: ' 2,500.00 Lakhs) are pledged / lien marked against bank overdraft
facilities.

NOTE NO. 25 EMPLOYEE BENEFITS EXPENSE (CONTD.)

B. Defined benefit plans:

The Company operates gratuity plan in the nature of defined benefit plan wherein every employee is entitled to the benefit as
per scheme of the Company, for each completed year of service. The same is payable on retirement or termination whichever is
earlier. The benefit vests only after five years of continuous service. The gratuity plan is governed by The Code on Social Security,
2020. The Company has estimated and recorded past service cost based on the best available information, actuarial valuation
and review of the existing wage structure. The Company's gratuity plan is funded with Life Insurance Corporation of India and
HDFC life.

The Company is exposed to the following risks:

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability
requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on
the duration of asset.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members.
As such, an increase in the salary of the members more than assumed level will increase the plan's liability.

Investment Risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined
by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this
rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government
securities, and other debt instruments.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule
101 of Income Tax Rules, 1962, this generally reduces ALM risk.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not
have any longevity risk.

Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance company and a default
will wipe out all the assets. Although probability of this is very low as insurance companies have to follow stringent regulatory
guidelines which mitigate risk.

NOTE NO. 26 STOCK OPTION PLANS:

The Company vide special resolution passed by the Shareholders at their meeting held on August 27, 2024 approved grant of up
to 36,00,000 options in one or more tranches to eligible employees of the parent company and its subsidiary (collectively, "eligible
employees") under Ratnamani Employees Stock Option Scheme "RMTL ESOS 2024". Nomination & Remuneration Committee of the
Board of the parent company (the "Committee") administers the ESOS 2024 plan and grants stock options to eligible employees.
The Committee determines which eligible employees will receive options, the number of options to be granted, the exercise price,
the vesting period and the exercise period. The vesting period is determined for all options issued on the date of grant. The vesting
period is spread over a period of 5 years with 20 % Options vesting each year from the first anniversary of the grant, subject to vesting
conditions. All Options upon vesting shall be exercisable during the exercise period of 1 (One) year.

The Options granted under the plan shall vest as per the schedule determined by the Board/Committee. There are no other vesting
conditions, apart from service condition. In the case of termination of employment by the Company, all options, vested or not, stand
cancelled immediately. In case of voluntary resignation, all un-vested options stand cancelled.

Any remaining unvested Options (that have not vested in accordance with above) shall automatically lapse. The vesting date or
conditions for vesting shall be specified in the option grant letter between each eligible employee and the Company, unless
determined otherwise by the Board/ committee from time to time.

NOTE NO. 26 STOCK OPTION PLANS: (CONTD.)

Grant I: the Nomination & Remuneration Committee of the Company at its meeting held on November 14, 2024 granted 4,31,224
Employee Stock Options ("ESOS 2024") at an exercise price of ' 2,635/- per ESOS (priced at 25% discount on latest available closing
market price of equity shares of the Company on November 13, 2024) with each Option exercisable into corresponding number of
equity shares of face value of ' 2/- each fully paid-up to the eligible employees of the Company and subsidiary company.

Grant II: the Nomination & Remuneration Committee of the Company at its meeting held on November 6, 2025 granted 5,74,578
Employee Stock Options ("ESOS 2024") at an exercise price of ' 1,836/- per ESOS (priced at 25% discount on latest available closing
market price of equity shares of the Company on November 4, 2025) with each Option exercisable into corresponding number of
equity shares of face value of ' 2/- each fully paid-up to the eligible employees of the Company and subsidiary company.

Note:

The options are granted by Company, and the grantees includes employee of subsidiary as well.

VII Assumptions

Stock Price: Closing price on National Stock Exchange one day prior to the date ofgrant has been considered.

Expected Life: The expected life of the share options is based on historical data and current expectations and is not necessarily
indicative of exercise patterns that may occur.

Volatility: The expected price volatility is based on the historic volatility, adjusted for any expected changes to future volatility
due to publicly available information.

Risk-free rate of return: The risk-free interest rate being considered for the calculation is the interest rate applicable for a
maturity equal to the expected life of the options based on the zero-coupon yield curve for Government Securities.

Exercise Price: Exercise Price of each specific grant has been considered.

Time to Maturity: Time to Maturity / Expected Life of options is the period for which the Company expects the options to be
alive.

Expected dividend yield: Expected dividend yield has been calculated basis the last dividend declared by the Company before
the date of grant for one financial year.

c) Capital Commitment

a) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for
' 7,823.33 Lakhs (March 31,2025'13,167.75 Lakhs).

b) The Company has imported raw materials under the advance authorisation scheme, whereby has an export commitment
of ? 10,055.56 Lakhs (March 31,2025'16,853.67 Lakhs).

c) The Company has imported capital goods under EPCG scheme, whereby has an export commitment of ? 19,533.38 Lakhs
(March 31,2025'1,925.37 Lakhs).

NOTE NO. 28

The Company has incurred premium expenses of ' 44.95 Lakhs (March 31,2025'58.57 Lakhs) on Key Man Insurance Policy and term
plan policy of Chairman and Managing Director, Joint Managing Director and Whole-Time Director, which is included in insurance
expenses.

NOTE NO. 29

During the year ended March 31,2026'851.68 Lakhs (March 31,2025'2,659.10 Lakhs) was recognised as an expense for inventories
carried at net realisable value.

NOTE NO. 30 SEGMENT INFORMATION

The Company has presented segment information in the consolidated financial statements which are presented in the same report.
Accordingly, in terms of Paragraph 4 of Ind AS 108 'Operating Segments', no disclosures related to segments are presented in these
standalone financial statements.

34.2 Category-wise Classification of Financial Instruments:

The financial instruments are categorised in to three levels, based on the inputs used to arrive at fair value measurement as
described bellow:

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

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

- Level 3 — Inputs based on unobservable market data.

Valuation Methodology

Financial instruments are initially recognised and subsequently re-measured at fair value as described below:

The fair value of investment in quoted Mutual Funds is measured at quoted price/ NAV.

The derivatives are valued using valuation techniques, which employs the use of market observable inputs. The most frequently
applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate
various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the
respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of
the underlying commodity.

Fair value of put option is valued based on the valuation report

its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowing. In certain cases the
Company enters into interest rate swap contracts or interest rate future contracts to manage its exposure to changes in the
underlying benchmark interest rates.

If interest rates had been 50 basis points higher and all other variables were held constant, the Company's profit and equity
for the year ended March 31,2026 would decrease by ' Nil Lakhs (March 31,2025: ' Nil Lakhs). This is mainly attributable
to variable interest rates on long term borrowings.

ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreign
exchange rates. The Company enters into forward exchange contracts to hedge against its foreign currency exposures
relating to the recognised underlying assets/liabilities and firm commitments. The Company does not enter into any
derivative instruments for trading or speculative purposes.

(b) Financial Instrument measured at Amortised Cost

The management assessed that cash and cash equivalents, other bank balances, trade receivables, other financial assets,
trade payables, bank overdrafts, investments and other current liabilities approximate their carrying amounts largely due
to the short-term maturities of these instruments.

NOTE NO. 35 FINANCIAL INSTRUMENTS RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's principal financial liabilities, other than derivatives, comprise borrowings, lease liabilities and trade & other payables.
The main purpose of these financial liabilities is to finance the Company's operations and to support its operations. The Company's
principal financial assets include investments, loans given, trade and other receivables and cash & term deposits that derive directly
from its operations.

The Company's activities expose it to market risk, credit risk and liquidity risk. In order to minimise any adverse effects on the financial
performance of the Company, derivative financial instruments, such as foreign exchange forward contracts are entered to hedge
certain foreign currency exposures and interest rate swaps to hedge certain variable interest rate exposures. Derivatives are used
exclusively for hedging purposes and not as trading / speculative instruments.

The Company's risk management is carried out by the corporate finance under policies approved by the Board of directors. The
corporate finance identifies, evaluates and hedges financial risks in close co-operation with the Company's Business Heads. The board
provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk,
interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments and investment of excess
liquidity.

The corporate finance function reports quarterly to the Company's Audit committee, that monitors risks and policies framed to
mitigate risk exposures.

(a) Market Risk

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

The potential economic impact, due to these assumptions and current situation, is based on the occurrence of adverse / inverse
market conditions and reflects estimated changes resulting from the sensitivity analysis. Actual results that are included in the
Statement of Profit and Loss may differ materially from these estimates due to actual developments in the global financial
markets.

i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company is exposed to changes in market interest rates due to financing, investing and cash
management activities. 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 and period of borrowings. The Company manages

(b) Credit Risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities, including deposits with banks, foreign exchange transactions and other financial instruments. Credit risk
arising from investment in mutual funds, derivative financial instruments and other balances with banks is limited and there
is no collateral held against these because the counterparties are banks and recognised financial institutions with high credit
ratings assigned by the international credit rating agencies.

Credit risk arising from trade receivables is managed in accordance with the Company's established policy, procedures and
control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive evaluation
and individual credit limits are defined in accordance with this assessment.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number
of minor receivables are grouped into homogenous groups and assessed for impairment collectively.

Concentrations of Credit Risk form part of Credit Risk

During the year ended March 31, 2026, sales to a customer approximated ' 32,465.37 Lakhs (or 8.80 % of net revenue) and
during the year ended March 31, 2025, sales to such customer approximated ' 14,383.05 Lakhs (or 2.95 % of net revenue).
Accounts receivable from such customer approximated ' Nil Lakhs (or Nil % of total receivables) at March 31, 2026 and ' Nil
Lakhs (or Nil % of total receivables) at March 31,2025. A loss of this customer could significantly affect the operating results or
cash flows of the Company.

For the purpose of the Company's capital management, capital includes issued capital and all other equity reserves attributable to
the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability
to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value through efficient
allocation of capital towards expansion of business, optimisation of working capital requirements and deployment of surplus funds
into various investment options.

The Company estimates the amount of capital required on the basis of annual business and long term operating plans which includes
capital and other strategic investments. In order to maintain or achieve an optimal capital structure, the Company allocates its capital
for distribution as dividend or re-investment into business based on its long term financial plans.

As at March 31,2026, the Company meets its capital requirement through equity and borrowings from banks. The Company monitors
its capital and debt on the basis of debt to equity ratio.

The debt equity ratio of the reporting period is as follows:

(c) Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without
incurring unacceptable losses. The Company's objective is to, at all times maintain optimum levels of liquidity to meet its cash
and collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash management system.
It maintains adequate sources of financing including, debt and overdraft / credit facilities from both domestic and international
banks at an optimised cost. It also enjoys strong access to domestic capital markets across equity.

The table below summarises the maturity profile of the Company's financial liabilities based on contractual payments:

The Company evaluates events and transactions that occur subsequent to the Balance Sheet date but prior to the approval of the
financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the
financial statements. As of May 15, 2026, other than those disclosed and adjusted elsewhere in these financial statements, there were
no further subsequent events to be reported or recognised.

NOTE NO. 40

The Government of India, vide notification dated November 21, 2025, has notified four Labour Codes, thereby consolidating 29
existing labour laws into a unified framework. The Labour Codes, inter alia, introduce changes including a uniform definition of wages
and modifications to employee benefits such as leave and gratuity.

Accordingly, during the financial year ended March 31, 2026, the Company had recognised an incremental liability of ? 1,039.57
Lakhs towards gratuity and compensated absences as an exceptional item based on best estimates, actuarial valuation and available
information relating to changes in the wage definition under the New Labour Codes.

The Company continues to monitor the finalisation of Central and State Rules and clarifications issued by the Government on various
aspects of the New Labour Codes. Any further financial impact arising from such developments will be evaluated and accounted for
in the period in which such developments are notified, as considered necessary.

NOTE NO. 43 OTHER STATUTORY INFORMATION

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

ii) No proceedings have been initiated or are pending against the Company for holding any Benami property under the Benami
Transactions (Prohibition) Act,1988 (45 of 1988) and rules made thereunder.

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

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

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

iv) 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.

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

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

vii) The Company does not have any transactions with companies which are struck off.

viii) The Company has not entered with any Scheme(s) of arrangement in terms of sections 230 to 237 of the Companies Act, 2013.

ix) The Company has been maintaining its books of accounts in the SAP which has feature of recording audit trail of each and
every transaction, creating an edit log of each change made in books of account along with the date when such changes
were made and ensuring that the audit trail cannot be disabled, throughout the year as required by proviso to sub rule (1) of
rule 3 of The Companies (Accounts) Rules, 2014 known as the Companies (Accounts) Amendment Rules, 2021. The Company
has preserved Audit trail as per statutory requirements for record retention.