The increase in the provision due to the passage of time is
recognised as interest expense.

3.12 Business combination

The acquisition method of accounting is used to account
for all business combinations. The acquisition related cost
are recognized under the statement of profit and loss as
incurred. The Acquiree's identifiable assets, liabilities that
meet the condition for recognition are recognized at their
fair values at the acquisition date.

Purchase consideration paid in excess of the fair value of the net
identifiable assets acquired is recognized as goodwill. If those
amounts are less than the fair value of the net identifiable
assets of the business acquired, the difference is recognised
in other comprehensive income and accumulated in equity
as capital reserve provided there is clear evidence of the
underlying reasons for classifying the business combination as
a bargain purchase. In other cases, the difference is recognised
directly in equity as capital reserve.

Business combinations involving entities or businesses under
common control are accounted for using the pooling of
interest method. Under pooling of interest, the assets and
liabilities of the combining entities are reflected at their
carrying amounts. The only adjustments that are made are
to harmonise accounting policies and tax adjustments as per
the applicable statute. The difference between consideration
and the carrying value is recognized as capital reserve.

The Company recognises any non-controlling interest in the
acquired entity on an acquisition-by-acquisition basis either
at fair value or at the non-controlling interest's proportionate
share of the acquired entity's net identifiable assets.

3.13 Transition to Ind AS

On transition to Ind AS, the Company has elected to continue
with carrying value of all of its property, plant and equipment
and intangible assets measured as per previous GAAP and
use the carrying value as the deemed cost of property, plant
and equipment and intangible assets.

4. CRITICAL ESTIMATES AND JUDGEMENTS

The preparation of financial statements requires the use
of accounting estimates which, by definition, will seldom
equal the actual results. Management also needs to exercise
judgement in applying the accounting policies. This note
provides an overview of the areas that involved a higher
degree ofjudgement or complexity, and of items which are
more likely to be materially adjusted due to estimates and
assumptions turning out to be different than those originally
assessed. Detailed information about each of these estimates
and judgements is included in relevant notes.

- Right of Use - Assessment of Lease term (Note 2.7)

- Estimation of Defined benefit obligation (Note 2.8)

- Contingent liabilities (Note 2.9)

- Fair valuation of Derivatives (Note 2.10)

- Estimated useful life of Property, plant and equipment
(Note 2.1)

Estimates and judgements are continually evaluated.
They are based on historical experience and other factors,
including expectations of future events that may have a
financial impact on the company and that are believed to
be reasonable under the circumstances.

3.11 Provisions

Provisions for legal claims are recognized when the Company
has a present legal or constructive obligation as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and the amount can be reliably estimated.
Provisions are not recognised for future operating losses.

Provisions are measured at the present value of
management's best estimate of the expenditure required
to settle the present obligation at the end of the reporting
period. The discount rate used to determine the present value
is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability.

9.1 a) includes a long term loan of USD 4.50 Mn (equivalent H4,267.58 lakhs) [previous year USD 4.50 Mn (equivalent H3,846.38 lakhs)]
provided to wholly owned subsidiary for the purpose of purchase of Inventory and Intellectual Property rights in relation to
acquisition at rate of interest of 6.45% p.a. (previous year 6.50% p.a.). The loan is repayable on or before March 31,2030.

b) includes a long term loan of USD 10.25 Mn (equivalent H9,720.58 lakhs) [previous year USD 10.25 Mn (equivalent H8,761.18
lakhs)] provided to wholly owned subsidiary for the purpose of purchase of Brand name "Wamsutta" at rate of interest of 6.58%
p.a. (previous year 7.11% p.a.). The loan is repayable on or before March 31,2034.

(iii) Retained Earnings:

Retained earnings represents accumulated profit as on reporting date and can be utilised in accordance with the provision
of the Act.

(iv) Effective Portion of Cash Flow Hedges:

Represents effective portion of gains or losses on derivatives that are designated and qualify as cash flow hedges as described
in accounting policy Note 2.10. These are subsequently reclassifiable to the statement of profit and loss.

(v) Remeasurement of defined benefit obligation:

Effects of remeasurement of defined benefit obligations on account of actuarial gains and losses are recognised in other
comprehensive income and disclosed separately under Reserves and Surplus. These are not subsequently reclassified to
statement of Profit and loss.

(a) Previous year figures are given in brackets.

(b) Related parties enlisted above are those having transactions with the company during the year or previous year.

(c) The above transactions were done in the ordinary course of business.

(d) As the liabilities for defined benefit plans and leave entitlements are provided on actuarial basis for the Company as a whole,
the amounts pertaining to Key Management Personnel or relative of key management personnel are not identified separately
and therefore not included.

(e) The company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the
provisions of Section 197 read with Schedule V to the Act except for managerial remuneration aggregating to H296.43 lakhs.
The company proposes to seek necessary approval of the shareholders by way of a special resolution at the ensuing Annual
General Meeting.

Defined contribution plans

Provident Fund: The Company makes contribution to respective regional provident fund commissioners in relation to the workers/
employees employed at various locations of the Company (as applicable). The Company recognises such contributions as an
expense when incurred. The Company has no further contractual or constructive obligations beyond its yearly contribution.

Employee State Insurance Scheme: The Company makes contribution towards Employees State Insurance scheme operated by
ESIC Corporation (as applicable). The contributions payable to these plans by the Company are at rates specified in the rules of the
scheme. The Company recognises such contributions as an expense when incurred. The Company has no further contractual or
constructive obligations beyond its yearly contribution.

Labour Welfare Scheme: The Company makes contribution to state government in relation to labour employed at various locations
of the Company (as applicable). The Company recognises such contributions as an expense when incurred. The Company has no
further contractual or constructive obligations beyond its yearly contribution.

Defined Benefit Plans:

Gratuity

The Company provides for gratuity, a defined benefit plan (the "Gratuity Plan") covering eligible employees in accordance with the
Code on Social Security, 2020. Every permanent employee is entitled to a benefit equivalent to fifteen days wages (as defined in
the Labour Codes) based on the rate of wages last drawn by the permanent employee for each completed year of service or part
thereof in excess of six months. Gratuity is payable to the employee on the termination of employment (due to superannuation,
retirement or resignation, death or disablement) after having rendered continuous service for the number of years as prescribed in
the Code on Social Security, 2020 at an amount based on the respective employee's salary and the tenure of employment.

Risk exposure to defined benefit plans

The plans typically expose the Company to actuarial risks such as: asset volatility, interest rate risk, longevity risk and salary risk as
described below:

Asset volatility

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 Indian government securities; if the return on plan asset is below this rate, it will create
a plan deficit.

Interest risk

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return
on the plan's debt investments.

Longevity risk

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan
participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the
plan's liability.

Salary risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such,
an increase in the salary of the plan participants will increase the plan's liability.

The most recent actuarial valuation of the defined benefit obligation was carried out at March 31,2026. The present value of the defined
benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.

The Company makes annual contributions to the Life Insurance Corporation of India, which is funded defined benefit plan for
qualifying employees.

II. Assets and liabilities which are measured at amortised cost for which fair values are disclosed

Fair value of cash and short-term deposits, security deposits, trade receivables and other current financial assets, trade payables,
other current financial liabilities, short term loans from banks and other financial institutions approximate their carrying
amounts largely due to the short-term maturities of these instruments. Carrying value of non-current borrowings and loans
are approximately same to the fair value as the borrowings are taken and loans are given at floating rates.

III. Assets and liabilities which are measured at FVPL or FVOCI

This note provides information about how the Company determines fair values of various financial assets and financial liabilities
measured at FVPL or FVOCI. Fair value of the Company's financial assets and financial liabilities are measured on a recurring basis.
The Company has made temporary investments in bonds and mutual funds for short term business purposes, with the intent
to liquidate these investments as needed for operational requirements.

Some of the Company's financial assets and financial liabilities are measured at fair value at the end of each reporting period.
The following table gives information about how the fair values of these financial assets and financial liabilities are determined
(in particular, the valuation technique(s) and inputs used).

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:

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

Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either
directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable
market data.

48. Financial Risk Management Objectives and Policies

The Company's Corporate Treasury function provides services to the business, co-ordinates access to domestic and international
financial markets, monitors and manages the financial risks relating to the operations of the Company. These risks include market
risk (including currency risk, interest rate risk and equity security price risk), credit risk and liquidity risk.

A) Market Risk

The Company seeks to minimise the effects of price and currency risk by using derivative financial instruments to hedge risk
exposures. The company has Risk Management Policies to mitigate the risks in commodity prices and foreign exchange. The use of
financial derivatives is governed by the company's policies approved by the Board of Directors (BOD), which provide principles to
use financial derivatives and non-derivative financial instruments, to hedge currency risk and commodity price risk. The Company
does not enter into or trade financial instruments, including derivative financial instruments and non-derivative financial instruments
for speculative purposes.

During the year, the Company has not taken any derivative contracts to hedge fluctuation in Commodity prices.

The periodical forex management report and commodity risk report as reviewed and approved by the management is placed
before the Board of directors for review.

i) Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. In order to optimize the Company's position with regard to interest income and interest expense and to manage
the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of
fixed rate and floating rate financial instruments in its total portfolio. Majority of the Company's borrowings are linked to variability
in Bank MCLR rate, repo rate and T Bills.

ii) Foreign Currency Risk

The Company operates internationally and portion of the business is transacted in multiple currencies and consequently the
Company is exposed to foreign exchange risk through its sales in overseas and purchases from overseas suppliers in various foreign
currencies.

a) Exposure to Foreign Currency Risk

Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective
currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows established
risk management policies, including the use of derivatives like foreign exchange forward/option contracts to hedge exposure to
foreign currency risk.

i) Cash and cash equivalent (including term deposits with Banks) and investments.

The Company is having balances in cash and cash equivalents, term deposits with banks which are nationalised and scheduled
banks having high credit rating. Further, investments are made in reputed institutions/funds houses/banks and having high
credit ratings. At each reporting date management assesses if there are any risk involved on account of adverse credit ratings,
media events, regulator such as RBI updates on the bank etc. Considering its assessment, these balances are considered to
have low credit risk of default.

ii) Loans and Guarantees to related parties

Loans and interest receivable from related parties and guarantees provided on behalf of related parties have low credit risk
and the same has low credit risk as the borrower has a capacity to meet its contractual cash flow obligations in the near term,
and adverse changes in economic and business conditions in the longer term might, but will not necessarily, reduce the ability
of the borrower to fulfil its obligations. Hence risk of default is considered to be low for these balances.

iii) Other financial assets:

The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised
cost. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and
when estimating expected credit losses, the Company considers reasonable and supportable information that is relevant and
available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the
Company's historical experience and informed credit assessment and including forward looking information.

iii) Price Risk
Exposure to price risk

The Company's exposure to securities' price risk arises from investments held by the Company and classified in the Balance Sheet
at fair value. To manage its price risk arising from investments in securities, the Company diversifies its portfolio. Diversification of
the portfolio is done in accordance with the limits set by the Company.

B) Credit Risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the
Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic
trends, and analysis of historical bad debts and ageing of accounts receivables. Individual risk limits are set accordingly.

Expected credit loss on financial assets:

The Company has balances in cash and cash equivalents, term deposits with banks, investments, loans to related parties, trade
receivables, security deposit, interest receivable on loans to related parties and other financials assets.

iv) Trade receivables:

Credit Risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage
this, the Company periodically assesses the financial reliability of customers taking into account the financial condition, current
economic trends, credit rating analysis of major customers and analysis of historical bad-debts and ageing of trade receivables.
The Company has customers with capacity to meet the obligations and do not believe that there are any particular customer
or group of customers that would subject to any significant credit risks in the collection of trade receivable.

Based on management assessment, trade receivable are collectible in full considering analysis of customer credit risk.
Further, the historical default rate is minimal. For trade receivables, the Company applies the simplified approach permitted
by Ind AS 109 Financial Instrument, which requires expected lifetime losses to be recognised from initial recognition of
the receivables. The Company has used a practical expedient by computing the expected credit loss allowance for trade
receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted
for forward-looking information on macro economic factors affecting the ability of the customers to settle the receivables.
The expected credit loss allowance is based on the ageing of the days for which the receivables are due and the expected
loss rates.

The default, if any, of export receivables are covered by Export Credit Guarantee Corporation of India (ECGC).

C) Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price.
The Company's treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes
and policies related to such risks are overseen by senior management. Management monitors the Company's net liquidity position
through rolling forecasts on the basis of expected cash flows. The Company manages liquidity risk by maintaining adequate reserves,
banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the
maturity profiles of the financial assets and liabilities. As disclosed in note 26, the Company has entered into a supplier finance
arrangement. This has improved the Company's working capital. The Company has no significant concentration of liquidity risk
with any individual finance provider.

The amount of unused borrowing facilities (fund and non-fund based) available for future operating activities and to settle
commitments is H97,286.00 lakhs as at March 31,2026 (H62,282.98 lakhs as at March 31,2025).

D) Derivative Financial instruments

The Company has adopted a Risk Management policy approved by the Board of Directors of the Company for managing foreign
currency exposure. The policy enumerates the mechanism for Risk Identification, Risk Measurement and Risk Monitoring. The policy
has approved a set of financial instruments for hedging foreign currrency risk. The Company mainly uses forward contracts to
manage the foreign currency risk.

49A.Capital Management

(a) Risk management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the
return to shareholders through the optimisation of the debt and equity. The Company sets the amount of capital in proportion to
its overall financing structure, i.e. equity and financial liabilities. The Company manages the capital structure and makes adjustments
to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

The Company's objectives when managing capital are to:

• Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and
benefits for other stakeholders, and

• Maintain an optimal capital structure to reduce the cost of capital.

Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio:

net debt (total borrowings and lease liabilities net of cash and cash equivalents) divided by total 'equity' (as shown in the balance sheet)

The Company is not subject to any externally imposed capital requirements.

49A.Capital Management

(a) Risk management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the
return to shareholders through the optimisation of the debt and equity. The Company sets the amount of capital in proportion to
its overall financing structure, i.e. equity and financial liabilities. The Company manages the capital structure and makes adjustments
to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

The Company's objectives when managing capital are to:

• Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and
benefits for other stakeholders, and

• Maintain an optimal capital structure to reduce the cost of capital.

Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio:

net debt (total borrowings and lease liabilities net of cash and cash equivalents) divided by total 'equity' (as shown in the balance sheet)

The Company is not subject to any externally imposed capital requirements.

52(a). Additional regulatory information required by Schedule III

i) Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Property Transactions Act, 1988 (as amended in 2016) and Rules made thereunder.

ii) Borrowing secured against current assets

The Company has borrowings from banks and financial institutions on the basis of security of current assets. The quarterly
returns or statements of current assets (including revised returns/statements) filed by the Company with banks and financial
institutions were in agreement with the unaudited books of account.

iii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any other lendor.

iv) Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

v) Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013, read with the Companies
(Restriction on number of Layers) Rules, 2017.

vi) Compliance with approved scheme(s) of arrangements

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

vii) Utilisation of borrowed funds and share premium

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

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

viii) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the
Income Tax Act, 1961, that has not been recorded in the books of account.

ix) Details of crypto currency or virtual currency

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

x) Valuation of Property, plant and equipments, right-of-use assets and intangible asset

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

54. The Company has approved its Financial Statements in its board meeting dated May 30, 2026.

55. The Group (as defined in the Reserve Bank of India (Core Investment Companies) Directions, 2025) has six CICs as part of the Group.

56. Events occurring after reporting period

The Company evaluated subsequent events through May 30, 2026, the date the financial statements were available for issuance,
and determined that there were no additional material subsequent events requiring disclosure.