(b) Terms/rights attached to equity shares/warrants

The Company has only one class of equity shares having par value of ' 1 per share (Previous year- ' 10 per share). Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. Dividend, if any, proposed by the board of Directors is subject to approval of shareholders in an annual general meeting except in the case of interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) Qualified Institutional Placement:

The Fund-Raising Committee, constituted by Board of Directors, at its meeting held on November 03, 2025 has approved the allotment of 18,74,414 Equity Shares of ' 10/- each to the eligible Qualified Institutional Buyers, at the issue price of ' 2,134 per Equity Share (including a premium of 2,124.00 per Equity Share), aggregating to ' 39,999.99 Lakhs under the provisions of Chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and section 42 and 62 of the Companies Act, 2013, including the rules made thereunder.

(d) Sub Division of Equity Shares:

The Board of Directors, at their meeting held on Tuesday, February 03, 2026 recommended for the sub-division of equity shares of the Company from existing face value of ' 10/- each to face value of ' 1/- each (i.e. split of 1 equity share of ' 10/- each into 10 equity shares of ' 1/- each), and the same has been approved by the shareholders through Postal Ballot dated Saturday, March 08, 2026 and the Board of Directors, through resolution by Circulation on Wednesday, March 11,2026 fixed the "record date" of Thursday, March 26, 2026. Accordingly, equity shares of the Company of ' 10/-has been sub-divided into 10 equity shares of ' 1/- each w.e.f. March 26, 2026.

(b) Nature and purpose of other reserves:

(i) Securities premium

Securities premium represents premium received on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013

(ii) Capital reserve:

This reserve represents the excess of net assets taken, over the cost of consideration paid at the time of amalgamation done in prior years. This reserve is not available for the distribution to the shareholders.

(iii) Retained earnings

Retained earnings comprise of the Company's accumulated undistributed profits/(losses) after taxes.

(g) The Company has not issued any shares pursuant to contract without payment being received in cash, or allotted as fully paid up by way of bonus shares or bought back any shares during the period of immediately preceding five years except for equity shares allotted under the Employee stock option plan as consideration for services rendered by employees for which only exercise price has been received in cash.

(a) The Company restructured its business in the financial year 2010-11 resulting in creation of Capital Reserve amounting to ' 60,523.24 lakhs. The aforementioned reserve has been reconciled to amount recognised in the books of accounts except for ' 365.36 lakhs. In view of very old matter, probability of reconciliation is remote and also being amount not material in comparison to total capital reserve, the Company, as conservative measure, has decided to carry the same under Capital Reserve. The management believes that there is no impact of the same on statement of profit and loss.

(a) Vehicle loan of ' 150.00 lakhs from ICICI Bank Limited against which outstanding ' 109.90 lakhs (31 March 2025: ' 127.77 lakhs) carries an interest @ 10.25% per annum and repayable in 84 EMI (remaining EMIs 55). The loan is secured against hypothecation of vehicle.

Vehicle loan of ' 71.68 lakhs from Axis Bank Limited against which outstanding ' 35.91 lakhs (31 March 2025: ' 49.86 lakhs) carries an interest @ 8.75% per annum and repayable in 60 EMIs (remaining EMIs 27). The loan is secured against hypothecation of vehicle.

Vehicle loan of ' 638.00 lakhs from PNB Bank against which outstanding ' 558.17 lakhs (31 March 2025: ' 632.68 lakhs) carries an interest @ 8.55% per annum and repayable in 84 EMI (remaining EMIs 71). The loan is secured against hypothecation of vehicle.

Vehicle loan of ' 69.90 lakhs from PNB Bank against which outstanding ' 69.09 lakhs (31 March 2025: ' Nil) carries an interest @ floating interest per annum and repayable in 84 EMI (remaining EMIs 83). The loan is secured against hypothecation of vehicle.

Commercial vehicle loans of ' 299.18 lakhs from HDFC Bank Limited against which outstanding ' Nil lakhs (31 March 2024: ' 209.41) carries an interest @ 8.56% to 9.17% per annum and each loan repayable in 60 EMIs (remaining EMIs 0). The loans are secured against hypothecation of respective vehicles.

Commercial vehicle loans of ' 548.75 lakhs from HDFC Bank Limited against which outstanding ' 409.15 lakhs (31 March 2025: ' 503.96 Lakhs) carries an interest @ 9.00% per annum and each loan repayable in 60 EMIs (remaining EMIs 42). The loans are secured against hypothecation of respective vehicles.

Commercial vehicle loans of ' 55.35 lakhs from HDFC Bank against which outstanding ' 45.48 lakhs (31 March 2025: ' Nil) carries an interest @ 9.52% per annum and repayable in 60 EMI (remaining EMIs 47). The loan is secured against hypothecation of vehicle.

Commercial Vehicle loan of ' 344.50 lakhs from HDFC Bank against which outstanding ' 321.62 lakhs (31 March 2025: ' Nil) carries an interest @ 9.6% per annum and repayable in 60 EMI (remaining EMIs 55). The loan is secured against hypothecation of vehicle.

Commercial Vehicle loan of ' 704.41 lakhs from Axis Bank against which outstanding ' 697.70 lakhs (31 March 2025: ' Nil) carries an interest @ 7.75% per annum and repayable in 60 EMI (remaining EMIs 55). The loan is secured against hypothecation of vehicle.

Commercial Vehicle loan of ' 700.00 lakhs from HDFC Bank against which outstanding ' 700.00 lakhs (31 March 2025: ' Nil) carries an interest @ 7.81% per annum and repayable in 60 EMI (remaining EMIs 60). The loan is secured against hypothecation of vehicle.

(b) Refer note 41 and 41(a) for disclosure of fair values in respect of financial liabilities measured at amortised cost and analysis of their maturity profiles.

2. The working capital facility of ' 5,000.00 lakhs sanctioned by Bank of Maharashtra carries an interest rate linked to MCLR at 9.15% per annum. The facility is secured by a first pari passu charge on the stock and book debts of the Company and a first pari passu charge on the existing block of assets (Property, Plant and Equipment), excluding vehicles on which separate charges have been created. The facility is further secured by a corporate guarantee, a first pari passu charge on the block of assets/immovable properties of a related party, Vishal Water World Private Limited, and personal guarantees provided by Mr. Ram Chandra Agarwal and Ms. Uma Agarwal, Directors of the Company.

(a) 1. The working capital facility of ' 7,500.00 lakhs sanctioned by PNB carries an interest rate linked to MCLR at 8.80% per annum. The facility is secured by a first pari passu charge on the stock and book debts of the Company and a first pari passu charge on the existing block of assets (Property, Plant and Equipment), excluding vehicles on which separate charges have been created. The facility is further secured by a corporate guarantee, a first pari passu charge on the block of assets/immovable properties of a related party, Vishal Water World Private Limited, and personal guarantees provided by Mr. Ram Chandra Agarwal and Ms. Uma Agarwal, Directors of the Company.

(c) Supplier financing facilities:

The Company has entered into supplier financing arrangements whereby the Company elects to make early payments to its vendors through financing provided by financial institutions. Under these arrangements, the financier settles the vendor's invoice on behalf of the Company before the contractual due date, and the Company subsequently repays the financier within an agreed extended payment period. The amount payable by the Company remains unchanged, except for any separately agreed financing charges.

32 The Company is covered under the provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility (CSR). The CSR obligation for the current year is ' 72.30 Lakhs, while there was no CSR obligation in the previous year. During the year, the Company spent ' 72.50 Lakhs towards CSR activities and the same has been recognized in the Statement of Profit and Loss. Accordingly, there is no unspent CSR amount as at the year end.

CSR activities include promoting healthcare, sanitation and safe drinking water; employment enhancement through training and vocational skill development; promoting education and sports; ensuring environmental sustainability through conservation and judicious use of water and other natural resources; and adoption of environmentally friendly and safe production processes.

(a) As on October 01,2025, the Company has reassessed its lease term estimates for store leases in accordance with Ind AS 116. This reassessment reflects the evolving nature of the Company's business and Stores portfolio, informed by historical trends and future strategic plans and accordingly based on business decision, lease terms have been reestimated to better align with the period over which management reasonably expects to continue the stores under lease contracts. This reassessment led to changes in the measurement and recognition of Right-of-Use (ROU) assets (including associated security deposits) and corresponding lease liabilities, resulting in an exceptional gain of ' 2,768.92 lakhs, tax impact thereon ' 696.88 lakhs. The ROU Assets and Lease Liabilities were reduced by ' 48,394.38 lakhs and ' 49,920.56 lakhs respectively as on October 1,2025.

(b) During the year, the Company recognised an impairment provision of ' 955.00 lakhs against its investment in a subsidiary in accordance with the principles of impairment prescribed under Ind AS 36,

Impairment of Assets. The impairment represents the excess of the carrying amount (cost) of the investment over the subsidiary's net worth as at March 31,2026, based on the management's assessment of the recoverable amount of the investment

(i) The Company has certain cases/disputes aggregating to ' 1588.51 lakhs (31 March 2025: ' 1586.94 lakhs) involving customers, vendors and ex-employees. Whilst the impact of these litigations on these financial statements can only be ascertained on the settlement of such cases/disputes, management has broadly assessed that based on the merits of such cases, the Company has reasonably good chances of succeeding and accordingly, no provision has been recognised in these standalone financial statements.

(ii) The Company has certain litigations related to Sales tax and Values added tax (VAT) pending under The Uttar Pradesh Value Added Tax Act, 2008 aggregating to ' 591.88 lakhs (31 March 2025: ' 591.88 lakhs), The Haryana Value Added Tax Act, 2003 aggregating to ' 59.79 lakhs (31 March 2025: ' 59.79 lakhs) and the goods and service tax act, 2017 aggregating to ' 443.92 lakhs ( 31 March 2025: ' 396.38 lakhs). Whilst the impact of these litigations on these financial statements can only be ascertained on the settlement of such cases/disputes, management has broadly assessed that based on the merits of such cases, the Company has reasonably good chances of succeeding and accordingly, no provision has been recognised in these standalone financial statements.

(iii) The Company has pending litigation related to service tax under Finance Act, 1994 amounting to ' 302.08 lakhs (31 March 2025: ' 302.08 lakhs). Whilst the impact of these litigations on these financial statements can only be ascertained on the settlement of such cases/disputes, management has broadly assessed that based on the merits of such cases, the Company has reasonably good chances of succeeding and accordingly, no provision has been recognised in these standalone financial statements.

36 Segment information

In accordance with Ind AS 108, the Board of directors, being the Chief operating decision maker of the Company, has determined that the Company is engaged in the business of retail trade of garments, textiles and accessories in India and there are no separate reportable segments as per Ind AS 108. The Company's operations are confined only to India. There are no customer accounting for more than 10% of its revenue.

37 a) During the year provision of ' 2,848.32 lakhs (31 March 2025: ' 1,841.10 lakhs) on account of written down of stock

in trade has been charged to Statement of Profit and Loss and included in change of inventories of stock in trade.

b) The Company carries a provision of ' 4,817.87 lakhs as at 31 March 2026 (31 March 2025: ' 1,969.55 lakhs) in management's view this provision is adequate to meet future realisation loss on sale of old inventories.

c) In the normal course of business during the previous year, due to the nature and volume of operations, certain inventory items experienced barcode damage. Such items were subsequently either sold under newly generated barcodes or disposed of through bulk scrap sales. This resulted in mismatches between the item-level inventory records, which were identified through physical verification of inventories and subsequent reconciliation with the item-level inventory. The variances have been appropriately adjusted in the books of account (including inventory records) against the provision of ' 2,214.73 lakhs which had been created in earlier years based on consistent practice followed by the Company.

A Gratuity

The Company operates gratuity plan wherein every employee is entitled to benefit equivalent to 15 days' wages last drawn for each completed year of service. The same is payable upon termination of service, or retirement, or death whichever is earlier. The benefit vests after five years of continuous service. Gratuity benefits are valued in accordance with the Payment of Gratuity Act, 1972 read with the Code on Social Security, 2020.

The following tables summarise the components of net benefit expense recognised in the statement of profit or loss and amounts recognised in the balance sheet for the Gratuity plan:

2 The estimates of future salary increase considered takes into account the inflations, seniority, promotion and other relevant factors on long term basis.

3 The weighted average duration to the payment of these cash flows is 1.68 years (31 March 2025: 1.63 years).

B Defined contribution scheme

The Company's state governed provident fund scheme and employee state insurance scheme are considered as defined contribution plans. The contribution under the schemes is recognised as an expense in the statement of profit and loss, when an employee renders the related service. There are no other obligations other than the contribution payable to the respective funds. The amount of contribution made by the Company to employees' provident fund and employee state insurance is ' 1,480.16 lakhs and ' 327.54 Lakhs, respectively (31 March 2025: ' 810.83 lakhs and ' 174.41 lakhs).

39 Revenue from Contracts with Customers

Indian Accounting Standard 115 Revenue from Contracts with Customers ("Ind AS 115"), establishes a framework for determining whether, how much and when revenue is recognised and requires disclosures about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts. Under Ind AS 115, revenue is recognised through a 5-step approach:

(i) Identify the contract(s) with customer;

(ii) Identify separate performance obligations in the contract;

(iii) Determine the transaction price;

(iv) Allocate the transaction price to the performance obligations; and

(v) Recognise revenue when a performance obligation is satisfied.

B Fair values hierarchy

The fair value of financial instruments as referred to in note (A) above has been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities [Level 1 measurements] and lowest priority to unobservable inputs [Level 3 measurements].

Level 1: Quoted prices for identical instruments in an active market;

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs; and

Level 3: Inputs which are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a net asset value or 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.

A) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables. The carrying amount of financial assets represents the maximum credit exposure.

- cash and cash equivalents,

- loans and receivables carried at amortised cost, and

- deposits with banks

- financial guarantee

a) Credit risk management

The Company assesses and manages credit risk based on internal credit rating system, continuously monitoring defaults other counterparties, identified either individually or by the company, and incorporates this information into its credit risk controls. Internal credit rating is performed for each class of financial instruments with different characteristics. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

A: Low B: Medium C: High

The management assessed that fair values of cash and cash equivalents, trade payables, Interest accrued on bank deposits with banks, other current financial assets and other current financial liabilities approximates their carrying amounts largely due to the short-term maturities of these instruments.

The fair values of borrowings, lease liabilities and other financial assets and liabilities are considered to be the same as their fair values, as there is an immaterial change in the lending rates.

Cash & cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks.

Trade receivable and other financial assets measured at amortised cost

Other financial assets measured at amortized cost includes trade receivable, advances to employees, security deposits and others. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits. The Company's trade receivables does not invlove any material amount as the Company sells products/renders services once the entire payment is received.

B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities. Management monitors rolling forecasts of the Company's liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates.

Maturities of financial liabilities

The tables below analyse the Company's financial liabilities into relevant maturity of Company based on their contractual maturities for all non-derivative financial liabilities.

C) Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

a) Interest rate risk i) Liabilities

The Company's policy is to minimise interest rate cash flow risk exposures on long-term financing. As at 31 March 2026, the Company is exposed to changes in market interest rates through bank borrowings at variable interest rates.

ii) Assets

The Company's fixed deposits are carried at amortised cost and are fixed rate deposits. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

42 Capital management

The Company's capital management objectives are

- to safeguard their ability to continue as a going concern

- to maintain an optimal capital structure to reduce the cost of capital

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet.

Management assesses the Company's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the Company's various classes of debt. 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. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

43 Advertising advance to Bennett, Coleman and Company Limited (BCCL)

The Company executed an Advertisement contract dated 7 July 2015 for the period of 5 years with Bennet Coleman and Company Limited (BCCL), pursuant to which the Company has agreed to give advertisements of ' 5,000 lakhs, being the total commitment and BCCL has extended credit facility of ' 3,250 lakhs to be utilized in accordance with the terms of aforesaid agreement. The total commitment was reduced to ' 2,500 lakhs and the credit amount was reduced to ' 1,625 lakhs vide 1^st amendment agreement dated 17 July 2022. The aforesaid agreement was extended six times for a term of one year each and the management is confident of its renewal beyond July 7, 2026 basis its ongoing discussion with BCCL and past practice. The Company has paid ' 1,288.25 lakhs till year ended 31 March 2026 (Previous year-' 1494.23 Lakhs) (outstanding since April, 2019,) pursuant to this contract and disclosed this amount under "other non-current assets" as at 31 March 2026. Further, the management is confident of utilising the above advance with in extended contractual period and therefore, has considered the aforesaid advance as good and recoverable.

45 Ind AS 116 - Leases

The Company has leases for the office, warehouse, retail stores and others. With the exception of short-term leases and leases with variable lease payments, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The lease terms for office premises, warehouse and store sites are for an period of one year to sixteen years and having a lock-in period ranging from one to three years. The lease are further renewable on expiry of total lease term subject to mutual consent of both the parties. The Company also sub lease portion of retail stores. However, the sub-lease income is not material to the total lease outflows.

46 The Company had performed physical verification of property, plant and equipment during the year ended 31 March 2023 in accordance with the phased program of conducting such verification over a period of 3 years, which was under reconciliation with the underlying fixed assets register. The Company has again carried out physical verification of property, plant and equipment during the current year and upon reconciliation with fixed assets register, the Company has written off property, plant and equipment of carrying value of ' 577.80 lakhs in current year.

47 No adjusting or significant non-adjusting events have occurred between 31 March 2026 and the date of authorisation.

48 Other Statutory Information

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

(iv) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

(v) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(vi) The Company has not traded or invested in Crypto currency or Virtual Currency during the current and previous financial year.

(vii) The Company has not advanced or loaned or invested funds during the year 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

(viii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) during the year and previous year, 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,

(ix) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year and previous 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

(x) Borrowings obtained during the year and previous year by the Company from banks and financial institutions have been applied for the purposes for which such loans were taken.

51 The Board of Directors of the Company has not declared any dividend during the current year and previous year.

52 On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has assessed and disclosed the incremental impact of these changes on the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. Considering the materiality, the Company has presented such incremental impact of new Labour Codes under employee benefit expenses in the statement of profit and loss for the year ended March 31, 2026. The incremental impact consisting of gratuity of ' 27.34 Lakhs and Leave Encashment of ' 22.54 Lakhs primarily arises due to change in wage definition. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed.

53 The Company has used accounting softwares for maintaining its books of account which have a feature of recording audit trail (edit log) and that has operated throughout the year for all relevant transactions recorded in the softwares, except that

i . The feature of recording audit trail (edit log) facility in SAP, the ERP accounting software used for maintaining general ledger and other accounting modules, has not been enabled throughout the year for certain access rights at the application level for changes in backend tables in SAP and direct changes to data when using certain access rights at the database level.

i i. The feature of recording audit trail (edit log) facility at the application level and at the database level of Axapta software, provided by a third party and maintained in-house by the Company, which is used by the Company for generating sales invoices, was not enabled throughout the year.

iii. The feature of recording audit trail (edit log) facility at the application level and at the database level of V2 Parivar software, which is used by the Company for maintaining payroll data, was not enabled throughout the year.

Further, the audit trail has not been tampered with during the year. The Company has preserved the audit trail, wherever maintained, in accordance with the applicable statutory requirements for record retention.

54 During the previous year, the Company entered into supplier financing arrangements with various financing platforms under which payment obligations to suppliers are settled through such platforms. Pursuant to the notification dated 13 August 2025 issued by the Ministry of Corporate Affairs, which amended Ind AS 7, Statement of Cash Flows, to introduce specific disclosure requirements for supplier financing arrangements, the Company reassessed these arrangements in accordance with the guidance provided in the amendment. Based on this reassessment, the Company has classified the obligations arising under these arrangements as borrowings in the current year. Accordingly, in line with current year presentation, the comparative balance for the previous year amounting to ' 2,146.09 lakhs has been reclassified from Other Financial Liabilities to Borrowings.