(s) Provisions and Contingent Liabilities :

Provisions are recognised in the financial statement in respect of present obligations (legal or constructive) as a result of past events if
it is probable that the Company will be required to settle the obligation, and which can be reliably estimated. Provisions are measured
at the best estimate of the consideration required to settle the present obligation at the Balance Sheet date. In case of onerous contract
present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to
exist where the Company has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the
economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from
the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it, if applicable.
The cost of fulfilling a contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract consist of
both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts.

Contingent liabilities are not recognised but disclosed unless the probability of an outflow of resources is remote. Contingent assets are
disclosed where inflow of economic benefits is probable.

(t) Earnings Per Share :

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to the equity shareholders 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, such as bonus issue, bonus element in a rights issue and shares split that have changed the
number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating Diluted Earnings
per share, the net profit or loss for the period attributable to the equity shareholders and the weighted average number of shares
outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

(u) Government Grants :

Government grants are not recognised until there is a reasonable assurance that the Company will comply with the conditions attached
to them and that the grants will be received. Government grants are recognised in the Statement of Profit and Loss on a systematic basis
over the periods in which the Company recognises as expenses the related costs for which the grants are intended to compensate.
Government grants used to acquire non-current asset are recognised as deferred revenue in the Balance Sheet and transferred to the
Statement of Profit and Loss on a systematic basis over the useful lives of the related assets.

Recent Accounting Developments :

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting

Standards) Rules as issued from time to time.

In May 2025, MCA notified amendments to Ind AS 21, 'The Effects of Changes in Foreign Exchange Rates', applicable w.e.f. April 01, 2025.

The Company has reviewed the amendment and based on its evaluation has determined that it does not have any significant impact in its

standalone financial statements.

In August 2025, MCA notified the following amendments to :

1. Ind AS 1, 'Presentation of Financial Statements', applicable w.e.f. April 01, 2025 - The amendment relates to classification of liabilities
as current or non-current and non-current liabilities with covenants. In the context of classifying a liability as current, it removes the
requirement of existence of a right to defer settlement for at least 12 months after the reporting date and instead requires that the said
right should exist on the reporting date and have substance. The amendment also introduces guidance on classification of liabilities with
covenants. The Company has no impact of these amendments in its classification criteria of current and non-current liabilities.

2. Ind AS 7, 'Statement of Cash Flows' and Ind AS 107, 'Financial Instruments : Disclosures', applicable w.e.f. April 01, 2025 - The amendment
in Ind AS 7 requires to inform users of financial statements of the existence of supplier finance arrangements and explain the nature of
the arrangements, the carrying amount of liabilities and the range of payment due dates. Ind AS 107 has been amended to add supplier
finance arrangements as a factor that may cause concentration of liquidity risk. The Company has reviewed the amendment and based
on its evaluation has determined that it does not have any significant impact in its standalone financial statements.

3. Ind AS 12, 'Income Taxes' - International Tax Reform - Pillar Two Model Rules applicable immediately - The amendments provide a
temporary mandatory relief from deferred tax accounting for top-up tax and disclose that they have applied the relief. The Company
has reviewed the amendment and based on its evaluation has determined that it does not have any significant impact in its standalone
financial statements.

Notes :

(i) 24.60% 3,33,75,000 (Previous Year : 4,45,00,000) cumulative redeemable preference shares issued by a subsidiary company, Greatship
(India) Limited, are redeemable at a premium of ' 30.90 per share in four equal annual tranches from April 01, 2025 to April 01, 2028, as
per the terms of issue (modified from time to time) of these preference shares.

The subsidiary company has an option of early redemption by providing one month's notice to the Company. Early redemption can be
in part or in full subject to a minimum of 25,00,000 shares at a time. In case of early redemption, the premium on redemption would
be determined at such time so as to provide an effective yield to maturity of 7.00% p.a. to the Company. The cumulative redeemable
preference shares do not contain any equity component.

(ii) 22.50% 4,54,68,000 (Previous Year : 6,06,24,000) cumulative redeemable preference shares issued by a subsidiary company, Greatship
(India) Limited, are redeemable at a premium of ' 20.00 per share in four equal annual tranches from April 01, 2025 to April 01, 2028, as
per the terms of issue (modified from time to time) of these preference shares.

The subsidiary company has an option of early redemption by providing one month's notice to the Company. Early redemption can be
in part or in full subject to a minimum of 25,00,000 shares at a time. The cumulative redeemable preference shares do not contain any
equity component.

(iii) During the year, Great Eastern Services Limited has initiated its voluntary liquidation under applicable provisions of the Insolvency and
Bankruptcy Code, 2016 and The Companies Act, 2013.

(i) During the financial year 2023-24, an unsecured rupee-denominated loan of ' 65.00 crores was given to a wholly owned subsidiary,
'Greatship (India) Limited' (GIL), carrying an interest rate of 8.50% p.a., with interest payable quarterly and principal repayable in full
after 2 years from the date of drawdown (i.e., December 23, 2025). Further, in current year, the repayment terms of the loan have been
amended via addendum dated October 28, 2025 to 10 equal quarterly installments starting from December 2025 quarter. Out of the total
loan, ' 52.00 crores remained outstanding as at March 31, 2026 (as at March 31, 2025 : ' 65.00 crores). The said loan was provided for
funding part of the repayment tranche due under the existing foreign currency term loan of GIL.

Further, during the current year, the Company granted an additional unsecured rupee-denominated loan of ' 425.00 crores to GIL,
carrying an interest rate of 7.50% p.a., with interest and principal repayable in 10 equal installments on a quarterly basis, of which
' 340.00 crores remained outstanding as at March 31, 2026. The said loan has been granted for prepayment of the existing foreign
currency term loan of GIL.

(ii) During the previous year, an unsecured US Dollar-denominated term loan facility of USD 10 Mn was given to a wholly owned subsidiary,
'GESHIPPING (IFSC) Limited', carrying an interest rate of average SOFR plus 250 bps, with interest payable on a half-yearly basis and
principal repayable in full after five years from the date of drawdown, of which USD 7 Mn remained outstanding as at March 31, 2026
(as at March 31, 2025 : USD 10 Mn), after prepayment of USD 3 Mn during the current year.

The said loan was provided for funding working capital requirements and general corporate purposes.

Trade receivables are initially recognised at their original invoiced amounts i.e. the transaction price. Trade receivables are considered
to be of short duration, and hence, not discounted. The customers generally have stable financial standings and high credit quality, and
historical experience of collection of receivables also indicates that credit risk is low. All trade receivables are reviewed and assessed for
recoverability on a regular basis. The trade receivables overdue for one year and above are provided for as expected credit loss. It is ensured
that provision for expected credit loss is not less than the amount derived as per the provision matrix which is based on historically observed
default rates over the expected life of trade receivables and forward looking estimates. Besides, specific evaluation is done mainly for
demurrage receivable which is based on expected outcome of ongoing negotiations with counterparties. While there is no standard credit
period offered, the average recovery period for trade receivables is up to 90 days.

(c) There are no shares reserved for issue under options and contracts or commitments for the sale of shares.

(d) For the period of five years immediately preceding the date as at which the Balance Sheet is prepared :

(i) No shares were allotted pursuant to contracts without payment being received in cash.

(ii) No bonus shares have been issued.

(iii) 38,10,581 equity shares have been bought back during the financial year 2019-20. 41,99,323 equity shares have been bought back
during the financial year 2021-22.

(

(e) There are no securities convertible into equity/preference shares.

i

(f) Under orders from the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, the allotment of 2,53,522
(as at March 31, 2025 : 2,53,522) rights equity shares of the Company have been kept in abeyance in accordance with the Companies
Act, 2013 till such time as the title of the bonafide owner is certified by the concerned Stock Exchanges. Additional 40,608 (as at March
31, 2025 : 40,608) shares have also been kept in abeyance for disputed cases in consultation with the BSE Ltd. 92,231 (as at March 31,
2025 : 92,231) shares are unsubscribed out of the total offered to employees on rights basis during the earlier years.

(

r

B. Nature of Reserves :

(i) Capital Reserve: Capital Reserve was created on cancellation of convertible warrants during the year ended March 31, 2009.

(ii) General Reserve: General Reserve is used from time to time to transfer profits from Retained Earnings for appropriation purposes
and for transfer from Tonnage Tax Reserve.

(iii) Capital Redemption Reserve: As per the Companies Act, 2013, Capital Redemption Reserve is created when the Company
purchases its own shares out of free reserves or securities premium. A sum equal to the nominal value of the shares so purchased is
transferred to capital redemption reserve. The reserve is utilised in accordance with the provisions of Section 69 of the Companies
Act, 2013.

(iv) Tonnage Tax Reserve: Tonnage Tax Reserve is created as per the provisions of the Section 115VT of the Income-tax Act, 1961,
whereby a minimum of 20% of book profits from the tonnage tax activities is to be utilised for acquiring new ships within 8 years.

(v) Retained Earnings : Retained Earnings are the profits that the Company has earned till date, less any transfers to reserves and
dividend distributions to the shareholders.

The Board of Directors has -

- paid the fourth interim dividend for financial year 2024-25 of ' 5.40 per equity share of ' 10 each during the year.
The outgo on this account was ' 77.09 crores.

- for nine months period ended December 31, 2025, declared and paid three interim dividends aggregating to ' 23.40 per equity
share of ' 10 each. The total outgo on this account was ' 334.07 crores.

- declared fourth interim dividend for financial year 2025-26 of ' 11.70 per equity share of ' 10 each. The outgo on this account
will be ' 167.04 crores.

The total dividend declared for financial year 2025-26 aggregates to ' 35.10 per equity share. The total outgo on this account will
be ' 501.11 crores.

Retained Earnings comprise of loss on remeasurement of defined employee benefit plans amounting to ' 9.53 crores (Previous
Year : gain of ' 7.13 crores) and loss on fair value changes relating to own credit risk of financial liabilities designated at fair value
through profit or loss amounting to ' 0.43 crore (Previous Year : ' 3.34 crores).

(vi) Cash Flow Hedging Reserve : The Cash Flow Hedging Reserve is the cumulative effective portion of gains or losses arising on
changes in fair values of designated portion of hedging instruments entered into for cash flow hedges. The gains or losses arising
thereon are transferred to the Statement of Profit and Loss when hedged transaction affects the profit or loss.

Note :

The recoverable amount of an asset is determined as higher of market value and value in use (present value of estimated future cash
flows expected from an asset) as per Ind AS 36, 'Impairment of Assets', wherever impairment indicator exists. During the previous year, the
company carried out review of recoverable amount of vessels, and recognised an impairment loss of ' 69.20 crores for three medium range
tanker vessels. The discount rate of 6.00% p.a. has been considered for estimation of the net present value in previous year.

The market value of the fleet is based on valuations provided by independent valuers considering the recent market prices of assets with
similar age, obsolescence, transactions in the market, general market trends and quotes from owners.

* The Company has reversed provision for tax relating to earlier years based on the favourable orders received, time barred assessments,
etc.

The Company has opted for computation of its income from shipping activities under Tonnage Tax Scheme as per Section 115VA of the
Income-tax Act, 1961. Thus, income from the business of operating ships is assessed on the basis of the Deemed Tonnage Income of the
Company and no deferred tax is applicable to such income as there are no temporary differences.

The Company, with effect from financial year 2019-20, has chosen to exercise the option of lower tax rate of 25.17% (inclusive of surcharge
and cess) under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019.

(ii) General description of Defined Contribution Plans :

Superannuation Fund :

In addition to gratuity benefits, employees have the option to become a member of the Superannuation Fund Trust set up by the
Company and receive benefits thereunder. It is a defined contribution plan. The Company makes contributions to the trust in
respect of the said employees until their retirement or resignation. The Company recognises such contributions as an expense
when incurred. The Company has no further obligation beyond its contributions.

National Pension Scheme (NPS) :

NPS is an additional option for offering retirement benefits to the employees. NPS is designed on defined contribution basis
wherein the Company contributes to the employees account.

There is no defined benefit that would be available at the time of exit from the system and the accumulated wealth depends on the
contributions made and the income generated from the investment of such wealth. The Company recognises such contributions
as an expense when incurred. The Company has no further obligation beyond its contribution.

(x) General description of Defined Benefit Plans :

Gratuity Plan :

Gratuity is payable to all eligible employees of the Company on superannuation, death, permanent disablement or resignation in terms
of the provisions of the Payment of Gratuity Act or as per the Company's scheme whichever is more beneficial. Benefit would be paid
at the time of separation based on the last drawn basic salary.

The defined benefit plan (except for fixed-term employees) is administered by a separate fund that is legally separated from the
Company. The Company's investment strategy in respect of its funded plan is implemented within the framework of the applicable
statutory requirements. The gratuity for fixed-term employees is unfunded and impact of the same is not material.

The plan exposes the Company to a number of actuarial risks such as investment risk, interest rate risk, longevity risk and salary risk.

- Investment/Interest Rate Risk

The Company is exposed to investment/interest rate risk if the return on the invested fund falls below the discount rate used to
arrive at present value of the benefit.

- Longevity Risk

The Company is not exposed to risk of the employees living longer as the benefit under the scheme ceases on the employee
separating from the employer for any reason.

- Salary Risk

The Company is exposed to higher liability if the future salaries rise more than assumption of salary escalation.

The Company does an Asset - Liability matching study each year in which the consequences of the strategic investment policies are
analysed in terms of risk and return profiles.

Retirement Benefit Scheme including Pension Plan :

Under the Company's Retirement Benefit Scheme for the eligible Whole-time Directors, all the eligible Whole-time Directors are entitled
to the benefits of the scheme only after attaining the age of 62 years, except for retirement due to physical disability or death while in
office, in which case, the benefits shall start on his retirement due to such physical disability or death. The benefits are in the form of
monthly pension @ 50% of his eligible salary subject to maximum of ' 1.25 crores p.a. during his lifetime. If he predeceases the spouse,
she will be paid monthly pension @ 50% of eligible pension during her lifetime. Benefits include reimbursement of medical expenses for
self and spouse, overseas medical treatment upto ' 0.50 crore for self/spouse, office space including office facilities in the Company's
office premises. Benefits also include use of Company's car including reimbursement of driver's salary and other related expenses
during his lifetime and in the event of his demise, his spouse will be entitled to avail the said benefit during her lifetime.

Post Retirement Medical Benefit Scheme for Executive Directors and Senior Management Employees:

As per the Company's Post Retirement Medical Benefit Scheme for Executive Directors and Senior Management Employees ('Scheme'),
selected employees who fulfil the conditions for eligibility and entitlement as prescribed in the Scheme shall be eligible for the benefits
of the Scheme upon retirement. The benefits are in the form of reimbursement/payment of hospitalisation (including domiciliary
hospitalisation) expenses incurred in India or abroad for the selected employee and his/her spouse for life, pre and post hospitalisation
expenses and annual preventive health check-up package, subject to the annual limit not exceeding ' 0.50 crore. If either of the
selected employee or his/her spouse passed away, the limit will continue for eligible survivor. Selected employee, who has been
Executive Director of the Company, will also be entitled to reimbursement of all other medical expenses for himself/herself and his/her
spouse.

Compensated Absences :

All eligible union grade employees had an option to freeze the accumulated leave balance as on June 30, 2008. Such frozen accumulated
leave balance will be encashed as per the last drawn basic salary at the time of superannuation, death, permanent disablement,
resignation or promotion to the non-union category.

With effect from April 01, 2012, all eligible non-union employees have an option to freeze their leave accumulation days on 30th June
every year and such frozen accumulated leave balance will be encashed as per the basic salary for the month of June of the relevant
year for which leave was frozen at the time of superannuation, death, permanent disablement or resignation.

For all union and non-union grade employees, maximum leave that can be carried forward is 15 days.

The leave over and above 15 days (except frozen leave) is encashed and paid to employees on an annual basis.

Provident Fund :

Eligible employees of the Company receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee
and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's
salary. The Company contributes a portion to the Provident Fund Trust and the remaining portion is contributed to the government
administered pension fund. The trust invests in specific designated instruments as permitted by Indian law. The rate at which the annual
interest is payable to the beneficiaries by the trust is being administered by the Government. The Company has an obligation to make
good the shortfall, if any.

Valuations in respect of Provident Fund have been carried out by an independent actuary as at the Balance Sheet date as per the
Deterministic Cashflow Approach based on the following assumptions :

The Company contributed ' 9.08 crores to the Provident Fund Trust during the current year (Previous Year : ' 19.05 crores). The amount
recognised in the Statement of Profit and Loss under the head Employee Benefits Expense is ' 10.53 crores (Previous Year : ' 11.27
crores). The Company has recognised an actuarial loss of ' 5.72 crores (Previous Year : gain of ' 9.04 crores) on remeasurement of
defined benefit obligations and plan assets.

Note 34 : Segment Reporting

The Company is engaged only in shipping business segment and there are no separate reportable segments as per Ind AS 108, 'Operating

Segments'.

(b) Substantial assets of the Company are ships, which are operating across the world, in view of which they can not be identified by any
particular geographical area.

(c) Information about major customers :

Included in revenue from operations of ' 3632.40 crores (Previous Year : ' 3793.70 crores) are revenues of ' 1024.34 crores (Previous
Year : ' 1193.85 crores) which arose from sales to the Company's two major customers. No other customer contributed 10% or more to
the Company's revenue for both current year and previous year.

Note 35 : Right-of-use Assets (ROU) and Lease Liabilities

The Company's lease assets primarily consist of leases for buildings and IT equipments. The Company has elected to apply recognition
exemption as per Ind AS 116 for leases which are expiring within 12 months from the date of transition by class of assets and leases for which
the underlying asset is of low value on a lease by lease basis. The Company has also used the practical expedient provided by the standard
when applying Ind AS 116 to leases. The Company has used a single discount rate to a portfolio of leases with similar characteristics.

(b) Other Commitments :

The Company has given letter of comfort to Standard Chartered Bank for credit facility availed by its wholly owned subsidiary Greatship
(India) Limited (GIL). The financial obligation of GIL shall be endeavored to be fulfilled by the Company in case the same is not met by
GIL. This letter of comfort is not in the nature of financial guarantee.

During the current year, GIL had repaid the aforesaid credit facility. As on March 31, 2026, there is no other commitment.

Notes :

(i) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the
respective proceedings as it is determinable only on receipt of judgements/decisions pending with various forums/authorities.

(ii) The Company does not expect any reimbursements in respect of the above contingent liabilities.

(iii) The Company's pending litigations comprise of claims pertaining to proceedings pending with Income Tax, Custom, Sales Tax/VAT,
Service Tax, Goods and Services Tax and other authorities. The Company has reviewed all its pending litigations and proceedings and has
adequately provided for where provisions were required and disclosed as contingent liabilities where applicable, in its financial statements.
The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial statements.

Note 39 : Financial Instruments

A. 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 capital structure of the Company consists of net debt (borrowings as detailed in Note 17 and offset by cash and bank balances and
current investments) and total equity of the Company.

C. Fair Value Hierarchy :

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or
unobservable and consists of the following three levels :

> Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

> Level 2 - Inputs are 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).

> Level 3 - Inputs 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.

The following table presents assets and liabilities measured at fair value and classified by the levels of the fair value measurements hierarchy :

The bunker swaps are entered to hedge the bunker price risk. Fair value gains/(losses) on the interest rate swap contracts and bunker
swap contracts recognised in Cash Flow Hedging Reserve are transferred to the Statement of Profit and Loss as part of interest expense
and fuel oil and water expense on settlement. The fair value on reporting date is reported under "Other Financial Assets" and "Other
Financial Liabilities".

The hedging gain recognised in other comprehensive income during the year is ' 2.57 crores (Previous Year : loss of ' 1.05 crores) and
gain of ' 1.09 crores (Previous Year : gain of ' 21.49 crores) has been reclassified to Statement of Profit and Loss.

The interest rate swaps were entered to hedge interest payments from floating to fixed on borrowings. During the previous year,
the Company has cancelled the interest rate swaps on account of prepayment of underlying foreign currency borrowings and the
corresponding balance in hedging reserve pertaining to interest rate swaps has been recycled to Statement of Profit and Loss. The
impact of the aforementioned resulted in gain of ' 15.07 crores, which has been recognised in "Other Expenses".

Valuation technique and key inputs :

Investments in mutual funds are valued at the net asset value of the respective units. Derivative instruments are fair valued at the discounted
cash flows. Future cash flows are estimated based on forward exchange/interest rates and contract forward/interest rates discounted at a
rate that reflects the credit risk of various counterparties.

D. Derivative Financial Instruments and Risk Management :

The Company uses foreign exchange forward contracts and interest rate swaps to hedge its exposure to the movements in foreign exchange
and interest rates. The use of these reduces the risk to the Company arising out of movement in exchange and interest rates. The Company
does not use foreign exchange forward contracts and interest rate swaps for trading purpose. The Company has also entered into cross
currency swaps to swap its INR borrowings into US dollars to mitigate the exchange risk arising out of foreign currency receivables. The
interest rate swap component in the cross currency swap reduces the effective interest costs to the Company. The Company also uses
commodity futures contracts for hedging the exposure to bunker price risk.

(ii) Interest rate risk :

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument may fluctuate due to changes in market
interest rates.

In the previous year, the Company had borrowings comprising a mix of fixed and floating interest rates and used Interest rate swaps
as cash flow hedges of future interest payments, which had the economic effect of converting the borrowings from floating to fixed
interest rate loans. Under the Interest rate swaps, the Company agrees with other parties to exchange, at specified intervals, the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts. During the previous year, the Company repaid its floating rate borrowings, and consequently, no such exposure exists as at
the reporting date.

As at March 31, 2025, and March 31, 2026, all outstanding borrowings of the Company bear fixed rates of interest. Accordingly, the
Company is not exposed to interest rate risk.

Sensitivity analysis :

The sensitivity analysis has been determined based on the exposure to interest rates for unhedged floating rate liabilities. A 0.50%
decrease in interest rates and other variables held constant, would have led to approximately gain of ' NIL (Previous Year : ' 0.47 crore)
in the Statement of Profit and Loss. A 0.50% increase in interest rate would have led to an equal but opposite effect.

(iii) Price risk :

The Company is mainly exposed to the price risk due to its investment in debt mutual funds. The price risk arises due to uncertainties
about the future market values of these investments.

Sensitivity analysis :

A 1% increase in prices would have led to approximately an additional gain of ' 21.80 crores (Previous Year : ' 19.92 crores) in the
Statement of Profit and Loss. A 1% decrease in prices would have led to an equal but opposite effect.

(iv) Credit risk management :

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The
major class of financial asset of the Company is trade receivables. For credit exposures to customer, the management assesses the
credit quality of the customer, taking into account its financial position, past experience and other factors.

As the Company does not hold any collateral, the maximum exposure to credit risk for each class of financial instruments is the carrying
amount of that class of financial instruments presented on the statement of financial position.

Cash and cash equivalents, derivatives and mutual fund investments :

Credit risk on cash and cash equivalents is limited as the Company invests in deposits with banks with high credit ratings assigned by
international and domestic credit rating agencies. Investments primarily include investments in mutual funds units from reputed funds.
For derivative and financial instruments, the Company attempts to limit the credit risk by only dealing with reputable banks having high
credit ratings assigned by credit rating agencies.

Trade receivables :

Trade receivables balance at the end of the year comprises of 1 customer (Previous Year : 1 customer) which individually represent
40.97% (as at March 31, 2025 : 61.57%) of Trade Receivables balance. Apart from this, the entity does not have significant credit risk
exposure to any single customer. Concentration of credit risk related to the aforesaid customer did not exceed 20 per cent of gross
monetary assets at any time during the year. Trade receivables consist of a large number of various types of customers, spread
across geographical areas. 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. Ongoing credit evaluation is performed on these trade receivables
and where appropriate, allowance for losses are provided.

Exposure to credit risk :

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was ' 7590.99
crores as at March 31, 2026 (as at March 31, 2025 : ' 7437.41 crores), being the total of the carrying amount of investment in subsidiaries
(other than investments in equity instruments of subsidiaries), cash and cash equivalents, other bank balances, trade receivables,
investments in mutual funds, loans and other financial assets including derivatives instruments.

The ageing analysis of the trade receivables (excluding unbilled receivables) of the Company that are past due but not provided as
doubtful debts is as follows :

(v) Liquidity risk management :

Liquidity risk may arise from inability to meet financial obligations, including loan repayments and payments for vessel acquisitions. This
is dealt with by keeping low leverage, as a result of which the Company is able to borrow even in challenging markets. It is also mitigated
by keeping substantial liquidity at all times, which enables the Company to capitalise on any opportunities that may arise.

Contract assets majorly comprise freight amount receivable for incomplete voyages, which has been recognised as per progress of the
voyage. Contract liabilities are towards charter hire received in advance and part of the freight amount received for incomplete voyages,
which will be recognised as per progress of the voyage.

Applying the practical expedient as given in Ind AS 115, 'Revenue from Contracts with Customers', the Company has not disclosed the
remaining performance obligation related to contracts as the original expected duration of these contracts is one year or less.

Payment terms differ for each charter party contract. In case of time charter, the amounts receivable from customers become due in
advance on raising of invoice and in case of voyage charter, on expiry of credit period which on an average is a maximum of 90 days.

Note :

The Company's operations include deployment of vessels on time charter basis for short-term. The operation and maintenance of the
vessels given on time charter, which includes specialised activities, is responsibility of the Company under the contract. Accordingly,
the Company deploys trained and skilled crew to run the vessels for providing logistics services or for shipment of cargo, and ensures
maintenance of these assets including dry docking, as per applicable regulatory standards. The charterer does not deploy its crew for these
activities. The time charter rate negotiated with the charterer for provision of services which, inter-alia, involves all the above activities is a
lumpsum day rate as per the industry practice, and hence, it is not possible to segregate any lease component embedded in the time charter
rate for the purposes of the Ind AS 116, 'Leases'.

Note 45 : Other Statutory Information

(i) The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for
holding any benami property.

(ii) The Company has not taken any loans from banks or financial institutions against security of current assets and is not required to file
quarterly returns or statements.

(iii) The Company is not declared wilful defaulter by bank or financial institution or lender during the year.

(iv) The Company does not have any transactions with companies struck off.

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

(vi) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013 read with
the Companies (Restriction on number of Layers) Rules, 2017.

(vii) The Company has used the borrowings from banks and financial institutions for the specific purpose for which they were obtained.

(viii) 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.

(ix) 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.

(x) The Company does not have any such transaction which is not recorded in the books of account 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).

(xi) The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.

Note 46 : Asset classified as held for sale

During the year, the Company had contracted to sell its 2007 built Medium Range Product Tanker named 'Jag Prakash' and delivered in first
quarter of the financial year 2026-27.

Note 47 : Audit trail

The Company has used accounting software systems for maintaining its books of account for the financial year ended March 31, 2026. These
systems have a feature for recording an audit trail (edit log), and the same has operated throughout the year for all relevant transactions
recorded in the software systems, except in respect of payroll record related accounting system (for the period from April 01, 2025 until it
was replaced with another accounting system from October 01, 2025 onward during the year) wherein audit trail was not enabled at the
database level to log any direct changes.

Further, no instance of tampering with the audit trail feature was noted, and the audit trail has been preserved by the Company in accordance
with statutory requirements for record retention, with respect to accounting software systems, for the period for which the audit trail feature
was operating.