m) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the Company has a binding present obligation. This may be either legal because it derives
from a contract, legislation or other operation of law, or constructive because the Company created valid expectations
on the part of third parties by accepting certain responsibilities. To record such an obligation it must be probable that an
outflow of resources will be required to settle the obligation and a reliable estimate can be made for the amount of the
obligation. The amount recognised as a provision and the indicated time range of the outflow of economic benefits are the
best estimate (most probable outcome) of the expenditure required to settle the present obligation at the balance sheet
date, taking into account the risks and uncertainties surrounding the obligation. Non-Current provisions are discounted if
the impact is material.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of the Company or a present obligation that arises from past events where it is either not probable that an outflow
of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.

A contingent asset is not recognised but disclosed in the financial statements where an inflow of economic benefit is
probable.

Provisions, contingent assets and contingent liabilities are reviewed at each reporting period.

n) Cash and cash equivalents

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

For the purpose of the Statement of Cash Flows, cash and cash equivalents include cash on hand, balances with banks, and
short-term fixed deposits with a maturity period of 3 months or less.

o) Investments

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only
when decisions about the relevant activities require the unanimous consent of the parties sharing control.

A subsidiary is an entity over which the Company has control. Control exists when the Company is exposed to, or has rights
to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over
the investee.

Investments in subsidiaries and joint ventures are recognised initially at cost and are subsequently carried at cost less
impairment losses, if any, in the standalone financial statements.

During the year, the Company's investment in the investee was classified as a joint venture up to 9 February 2026. Pursuant
to the acquisition of control with effect from 10 February 2026, the investee has been classified as a subsidiary. Accordingly,
the investment has been accounted for as an investment in a joint venture up to 9 February 2026 and as an investment in a
subsidiary thereafter in accordance with the requirements of the applicable Indian Accounting Standards.

Other investments

Any investments other than the above and to be held beyond 12 months, are classified as Non-Current Investments. All
other investments for a period less than 12 months are classified as Current Investments.

Transition to Ind-AS:

On transition to Ind AS, the Company has elected to continue with the carrying value of all its Investment in joint ventures
and other investments recognised as at 1 April 2015 measured as per previous GAAP.

Impairment:

The Company reviews its carrying value of investments carried at cost or amortised cost annually, or more frequently
when there is indication for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is
accounted for.

p) Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.

Financial Assets

Initial recognition and measurement:

Financial assets are recognised when, and only when, the Company becomes a party to the contractual provisions of the
financial instrument. The Company determines the classification of its financial assets at initial recognition.

All financial assets excludes trade receivables are recognised initially at fair value plus, in the case of financial assets not
recorded at fair value through profit or loss transaction costs that are attributable to the acquisition of the financial asset
and other equity investment, which are held pursuant to a statutory obligation, are recognized at cost. Trade receivables
that do not contain a significant financing component are measured at transaction price.

Subsequent measurement:

Financial Assets at Amortised Cost

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

De-recognition:

A financial asset (or where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised
when the rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive cash
flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third
party under a pass-through arrangement and either:

(a) the Company has transferred substantially all the risks and rewards of ownership of the asset, or

(b) the Company has neither transferred nor retained substantially all the risks and rewards of ownership of the asset but
has transferred control of the asset.

Impairment of Financial Assets

The Company assesses, at each reporting date, whether a financial asset or a group of financial assets is impaired. Ind AS 109
on Financial Instruments, requires expected credit losses to be measured through a loss allowance. For trade receivables
only, the Company recognises expected lifetime losses using the simplified approach permitted by Ind AS 109, from initial
recognition of the receivables. As a practical expedient, the Company uses a provision matrix to determine impairment loss
allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over
the expected life of the trade receivables and is adjusted for forward-looking estimates

For other financial assets (not being equity instruments or debt instruments measured subsequently at FVTPL) the expected
credit losses are measured at the 12 month expected credit losses or an amount equal to the lifetime expected credit losses
if there has been a significant increase in credit risk since initial recognition.

Financial liabilities

Initial recognition and measurement:

Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the
financial instrument. The Company determines the classification of its financial liabilities at initial recognition.

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, or as loans
and borrowings and payables, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs.

The Company's financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.
Subsequent measurement:

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss.

Loans and borrowings

Interest-bearing borrowings are initially recognised at fair value, net of transaction costs incurred. After initial recognition,
such borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method.

Gains and losses are recognised in the Statement of Profit and Loss when the liabilities are derecognised, as well as through
the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.

Derecognition :

Afinancial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the
original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the
Statement of Profit and Loss.

q) Recent Accounting Pronouncements
New and Amended Standards Reviewed by the Company:

Ind AS 21 - The Effects of Changes in Foreign Exchange Rates:

In May 2025, the Ministry of Corporate Affairs (MCA) notified amendments to Ind AS 21 - The Effects of Changes in
Foreign Exchange Rates, applicable for annual periods beginning on or after April 1, 2025. The amendment introduces
a new framework for assessing whether a currency is exchangeable into another currency and provides guidance when
exchangeability is lacking. The Company has reviewed the amendment and based on its evaluation has determined that it
does not have any impact in its financial statements.

In August 2025, the MCA notified the following amendments:

Ind AS 1 - Presentation of Financial Statements (applicable w.e.f. April 1, 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. Based on the Company's' assessment, the Company has
no impact of these amendments in its classification criteria of current and non-current liabilities.

Ind AS 7 - Statement of Cash Flows and Ind AS 107 - Financial Instruments: Disclosures (applicable w.e.f. April 1, 2025)

The amendment in Ind AS 7 requires to inform users offinancial statements ofthe 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 impact in its
financial statements.

New Standards/Amendments notified but not yet effective:

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. During the year ended March 31, 2026, MCA has not notified
any other new standards or amendments to the existing standards applicable to the Company.

3.1 Represents land allotted under lease-cum-sale agreements by KIADB for the Bangalore Hotel Project and by TGIIC for
the Ginger Hotel Project at Shamshabad, wherein possession has been granted and legal ownership will be transferred
upon completion of the respective construction obligations. The Company requested TGIIC to grant time for initiation and
execution of the project. A favorable decision is expected at the earliest.

3.2 Buildings include structures constructed on land taken on lease for the hotel property at Chandigarh (lease term of 99
years) and the hotel property at Begumpet (lease term of 60 years, extendable by another 30 years) - (Refer Note No.5)

4.2 Capital Work in Progress includes Yelahanka hotel project work of Rs.29373.03 lakhs and other assets pending capitalisation
of Rs.468.86 lakhs.

4.3 There are no projects under capital work-in-progress, whose completion is overdue as on 31st March, 2026 and 31st March,
2025. The Bangalore Yelahanka hotel project cost increased from Rs. 326 crore to Rs. 453 crore due to changes in the design
which resulted in categorisation of Taj Yelahanka as a luxury Hotel.

4.4 There are no suspended projects as at March 31, 2026 and March 31, 2025

4.5 Capital Work in Progress includes Rs.385.78 lakhs of interest on term loan taken for Yelahanka hotel project

5.1 The Company has recognized Right of Use (ROU) assets in respect of leased land for its hotel properties as follows:

The hotel property at Chandigarh is constructed on land leased for 99 years.

The hotel property at Begumpet is situated on land leased for 60 years, with an option to extend the lease by an additional
30 years.

Land adjacent to the Taj Club House hotel, used for vehicle parking, is leased for a period of 30 years.

5.2 Variable lease payments arise under certain hotel leases where the Company is committed to making additional payments
contingent on the performance of the hotels.

These variable payments are not included in the initial measurement of the Right of Use assets but are recognized as
expenses in the period in which they are incurred.

7.1 As at March 31, 2025, the Company held 3,67,50,000 fully paid equity shares of Rs. 10/- each at a premium of Rs. 20/- per
share in Green Woods Palaces and Resorts Pvt Ltd, which was classified as a Jointly Controlled Entity in terms of Ind AS
111 — Joint Arrangements.

On February 10, 2026, the Company acquired an additional 15,05,100 fully paid equity shares of Rs. 10/- each at a premium
of Rs. 96.91/- per share in Green Woods Palaces and Resorts Pvt Ltd, thereby increasing its aggregate shareholding to 51%
in the said entity.

Consequent to the aforesaid acquisition, Green Woods Palaces and Resorts Pvt Ltd ceased to be a Jointly Controlled Entity
and became a Subsidiary of TAJGVK Hotels & Resorts Limited with effect from February 10, 2026, in terms of Ind AS 110 —
Consolidated Financial Statements.

7.2 The Company holds fully paid equity shares of Rs. 10/- each in Green Infra Windfarms Limited, carried at cost in terms
of Ind AS 27 — Separate Financial Statements. The said investment has been made pursuant to a regulatory requirement
to purchase renewable energy. In terms of the arrangement, the Company is entitled to purchase power up to 3.5 million
units or 5.65% of the actual generation of Green Infra Windfarms Limited, whichever is less.

During the year ended March 31, 2026, the Company acquired an additional 3,000 fully paid equity shares of Rs. 10/- each
at face value, aggregating Rs. 30,000/-.

(a) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having a face value of Rs.2 per share. Each equity share carries one vote.
The holders of equity shares are entitled to receive dividends as and when declared by the Company in accordance with the
provisions of the Companies Act, 2013. In the event of liquidation of the Company, the holders of equity shares will be entitled
to receive the residual assets of the Company remaining after distribution of all preferential amounts. The distribution will be
in proportion to the number of equity shares held by the shareholders.

Description of nature and purpose of each reserve

(i) Capital Reserve: Capital reserve primarily comprises reserves arising on amalgamation of subsidiaries in earlier years. The
reserve is generally not available for distribution as dividend.

(ii) Securities Premium: Securities premium represents the amount received by the Company in excess of the face value of
its equity shares. The utilisation of the securities premium account is governed by the provisions of Section 52 of the
Companies Act, 2013.

(iii) General Reserve: General reserve represents appropriations made out of retained earnings in earlier years in accordance
with the provisions ofthe Companies Act applicable at the relevant time. The reserve is available for utilisation in accordance
with the provisions of the Companies Act, 2013.

(iv) Retained Earnings: Retained earnings represent accumulated profits of the Company, net of distributions to shareholders
and transfers to reserves. Retained earnings are available for distribution to shareholders as dividend in accordance with
the provisions of the Companies Act, 2013.

(v) Other Comprehensive Income

This reserve represents cumulative remeasurement gains and losses arising on defined benefit plans recognised through
Other Comprehensive Income, net of related deferred tax. The balance in this reserve is not reclassified subsequently to
profit or loss.

15.1 Nature of Security, Terms of Repayment and Rate of Interest

i) For the Term Loan Facility

Term loan from Federal Bank Limited amounting to Rs.70.44 crores (Previous Year: Nil) carries interest at 1-year MCLR plus
a spread of 140 basis points, aggregating to 10.50% per annum as at 31 March 2026.

The loan is secured by an exclusive charge over the leasehold rights of approximately 7.22 acres of land situated at
Yelahanka, Bengaluru together with all movable and immovable assets pertaining to the Yelahanka hotel project. The loan
is further secured by a charge over the current assets relating to the Yelahanka hotel project.

The loan is repayable in 26 structured quarterly instalments commencing from the quarter ended 31 March 2026 and
maturing in FY 2032-33.

ii) For the Overdraft Facility

The Company has an overdraft facility from Federal Bank Limited which is secured by a first charge on the current assets
of the Company. The facility is repayable on demand and carries interest at rates stipulated by the bank from time to
time. The sanctioned limit is Rs.30.00 crores. There were no outstanding borrowings under the facility as at 31 March 2026
(Previous Year: Nil).

15.2 Disclosure of changes in liabilities arising from financing activities (read with cash flow statement)

This section sets out an analysis of net debt and the movement in net debt for each of the periods presented
below:

iii) Contract Balances

Contract liabilities primarily represent advance consideration received from customers in respect of services to be rendered.
Revenue is recognized when the Company satisfies the related performance obligations by transferring control of the promised
services to the customers.

(a) Advance collections are recognised when payment is received before the related performance obligation is satisfied.
These include advances received from customers towards rooms, restaurants and banquet services. Revenue is recognised
upon satisfaction of the related performance obligation, i.e., on room occupancy, sale of food and beverages, or provision of
banquet services.

31. (a) The Company received notice during FY 2020-21, from TGSPDCL (Telangana State Southern Power Distribution Company

Limited), pertaining to wheeling charges for FY 2002-2003 to FY 2018-2019 at Taj Krishna, Taj Deccan and Taj Banjara
aggregating to Rs.2129.97 Lakhs. The Company filed a Writ petition with the Honourable High Court of Telangana for a
stay on the recovery of the demand and the Honourable High Court of Telangana vide Order dated 17/08/2020 granted
stay on recovery and also directed TGSPDCL to not take any coercive action including that of disconnection of the power
supply pending disposal of the writ petitions of the company.

(b) The Company has received a demand notice from Telangana State Southern Power Distribution Company Limited
(TGSPDCL) during the previous financial year towards cross-subsidy surcharge amounting to Rs. 1161 lakhs on electricity
units procured from a third-party producer i.e. M/s Ind Barath Energies Limited, Hyderabad, during the financial years
2004-05 to 2015-16, by Taj Krishna, Taj Deccan and Taj Banjara hotels. The Company has made a provision for the entire
amount in the books of account. On subsequent orders from The Honourable High Court of Telangana, the company
discharged a liability of Rs. 819.06 lakhs.

32. Land under lease cum sale:

(a) Bangalore hotel project - The Company was allotted 7.22 acres of land at Shivanahalli village, Yelahanka, Bangalore
North for construction of a 5-star hotel. The land is under a lease-cum-sale agreement with KIADB, Bangalore and upon
completion of the project as per the terms of allotment, the sale deed will be registered in favour of the Company by KIADB.

(b) The Company was allotted 4255 sq.yds of land at Survey No.1/1, Hardware Park at Kancha Imarat Village, Maheshwaram
mandal, RR Disctrict, Telangana for construction of a hotel. The land is under agreement for sale from TGIIC, Hyderabad
and upon completion of the project as per the terms of allotment, the sale deed will be registered by TGIIC. The Company
requested TGIIC to grant time for initiation and execution of the project. A favorable decision is expected at the earliest.

33. In respect of the year ended March 31, 2025, the Board of directors recommended a final dividend of Rs.2 per share be paid
on fully paid equity shares of Rs.2 each, which was approved by the shareholders at the Annual General Meeting held on
12th September 2025. The total amount of final dividend so declared and paid in FY 2025-26 amounts to Rs.1254.02 Lakhs.

The Board of Directors of the Company have recommended a dividend of 100% i.e., Rs.2/- per equity share of Rs.2/- each
for the year ended 31st March 2026 (2025: 100% i.e., Rs.2/- per equity share of Rs.2/-) each to all the shareholders who

hold equity shares as on the cut- off date subject to the approval of the shareholders at the ensuing Annual General
Meeting will be eligible for dividend.

34. Managerial Remuneration:

Mrs. Shalini Bhupal - Managing Director & CEO (with effect from 25.04.2025):

During the financial year, remuneration aggregating Rs.712.80 lakhs was paid to Mrs. Shalini Bhupal as the Managing
Director & Chief Executive Officer of the Company in accordance with the terms of her appointment approved by the
shareholders at the Annual General Meeting held on 12 September 2025.

In addition, Mrs. Shalini Bhupal received remuneration of Rs.255.80 lakhs as the Chief Executive Officer of Greenwoods
Palaces and Resorts Private Limited, which was a Joint Venture of the Company during the year and became its subsidiary
with effect from 10 February 2026.

Accordingly, the aggregate remuneration received by her from both the companies during the financial year amounted to
Rs.968.60 lakhs.

The remuneration paid by the Company is within the limits prescribed under Sections 197 and 198 read with Schedule V to
the Companies Act, 2013.

In accordance with the terms of her appointment, Mrs. Shalini Bhupal is eligible for commission at 1% of the net profits
after tax of the Company and for an annual performance bonus, subject to the approvals and overall ceilings prescribed
under Sections 196, 197, 198 and Schedule V to the Companies Act, 2013. However, considering the remuneration received
by her from the company during the financial year and to ensure compliance with the statutory ceilings and the terms of
her appointment. Commission or annual performance bonus not payable for the year under review.

Mr. Krishna Ram Bhupal - Joint Managing Director (with effect from 25.04.2025):

During the financial year, remuneration aggregating Rs.579.60 lakhs was paid to Mr. Krishna Ram Bhupal as the Joint
Managing Director of the Company in accordance with the terms of his appointment approved by the shareholders at the
Annual General Meeting held on 12 September 2025.

In addition, Mr. Krishna Ram Bhupal received remuneration of Rs.317.97 lakhs as the Managing Director of Greenwoods
Palaces and Resorts Private Limited, which was a Joint Venture of the Company during the year and became its subsidiary
with effect from 10 February 2026.

Accordingly, the aggregate remuneration received by him from both the companies during the financial year amounted to
Rs.897.57 lakhs.

The remuneration paid by the Company is within the limits prescribed under Sections 197 and 198 read with Schedule V to
the Companies Act, 2013. Similarly, the remuneration paid by Greenwoods Palaces and Resorts Private Limited is within
the limits applicable to that company.

Under the terms of his appointment, Mr. Krishna Ram Bhupal is eligible for commission and an annual performance bonus,
subject to the approvals and overall ceilings prescribed under Sections 196, 197, 198 and Schedule V to the Companies Act,
2013. However, considering the remuneration received by him from Greenwoods Palaces and Resorts Private Limited during
the financial year and to ensure compliance with the statutory ceilings and the terms of his appointment. Commission or
annual performance bonus is not playable by the Company during the year.

The Company operates a funded gratuity scheme for its employees. Under the scheme, employees are entitled to gratuity
benefits upon retirement, resignation, death or disablement, in accordance with the provisions of the Payment of Gratuity
Act, 1972.

The gratuity plan is a defined benefit plan. The Company's obligation in respect of the gratuity plan is determined on the basis
of an actuarial valuation carried out by an independent actuary using the Projected Unit Credit Method at each reporting date.

During the previous year, the actuarial valuation of gratuity obligations was carried out considering the implementation of
applicable labour law changes and the revised gratuity benefit limits under the relevant provisions of the Payment of Gratuity
Act, 1972. The impact of such changes, wherever applicable, has been considered in measuring the defined benefit obligation
and recognised in the financial statements in accordance with Ind AS 19 - Employee Benefits.

The following tables summarize the components of net expense recognised in the Statement of Profit and Loss and amounts
recognised in the Balance Sheet for the respective employee gratuity plans.

Compensated Absences:

The Company's liability towards un-funded leave encashment is determined by independent actuarial valuation using the
projected unit credit method which considers each period of service as giving rise to an additional unit of benefit entitlement
and measures each unit separately to build up the final obligation.

The Defined Benefit Obligation of compensated absence in respect of the employees of the Company as at 31 March 2026
works out to Rs. 479.10 Lakhs (2025: Rs. 424.75 Lakhs). The discount rate and salary escalation rate is the same as adopted
for gratuity liability valuation.

The estimates of future salary increase (which has been set in consultation with the company) takes account of inflation,
seniority, promotion and other relevant factors, such as supply and demand in the employment market. The provision is
presented as current and non-current based on the actuarial report obtained by the Company

38. Corporate Social Responsibility Expenditure

Ongoing Project: The Company has signed Memorandum of Understanding (MOU) with Bangalore Development Authority

(BDA), to rejuvenate and restore the Shivanahalli lake, Yelahanka, Bengaluru. The company is taking up the restoration works
as per the approved plans of BDA.

For the FY2024-25, the company was required to spend an amount of Rs. 163.34 lakhs as per the provisions of Section 135 of
the Companies Act, 2013. The company fully spent the amount which was earlier transferred to a separate suspense account
as required under the provisions of Companies Act 2013.

Further, for the FY 2025-26, the company is required to spend an amount of Rs. 235.92 lakhs as per the provisions of Section
135 of the Companies Act, 2013. Accordingly, the Company has recognised a provision for the said amount in the books of
account. The unspent amount has been transferred to a separate Unspent CSR Account in compliance with the requirements
of the Companies Act, 2013.

The Company has opted for the concessional tax regime under section 115BAA of the Income-tax Act, 1961. Accordingly, the
income tax liability for the current financial year has been computed at the reduced corporate tax rate as prescribed under
the said section.

Deferred tax assets and liabilities have been remeasured using the applicable tax rate under section 115BAA, and the resultant
impact has been recognised in the Statement of Profit and Loss.

The Company reviews its income tax treatments in order to determine its impact on the financial statements. As a practice,
where the interpretation of income tax law is not clear, management relies on the some or all of the following factors to
determine the probability of its acceptance by the tax authority:

Strength of technical and judicial argument and clarity of the legislation;

Past experience related to similar tax treatments in its own case;

Legal and professional advice or case law related to other entities.

After analysing above factors for each of such uncertain tax treatments, where the Company expects that the probability
to sustain its position on ultimate resolution of such uncertain tax treatment is remote, the Company ensures that such
uncertain tax positions are adequately provided for in the Company's financial Statements.

40.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 & Working Conditions Code,
2020 - consolidating 29 existing labour laws. The Ministry of Labour and Employment published draft Central Rules
and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has assessed the
incremental impact of the changes on the basis of the best information available and arrived at an additional liability of
Rs.422 lakhs which forms part of Employee Benefits Expenses for the year under review.

The Company continues to monitor the finalization 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.

41. During the year, the Board of Directors of the Company, at its meeting held on 09 February 2026, approved the acquisition
of 15,05,100 equity shares of face value of Rs.10 each at a premium of Rs.96.91 per share from Greenridge Hotels &
Resorts LLP in Green Woods Palaces and Resorts Private Limited ("Greenwoods"), based on an independent valuation of
Greenwoods, for an aggregate consideration of Rs.1609.10 Lakhs. Pursuant to the completion of the aforesaid acquisition

on 10 February 2026, the Company's shareholding in Greenwoods increased from 48.99% to 51.00%, and consequently,
Greenwoods, which operates the Taj Santacruz hotel, became a subsidiary of the Company with effect from 10 February
2026.

42. In the opinion of the Board of Directors of the company, the current assets, loans and advances are expected to realize in
the ordinary course of business approximately the value at which they are stated in accounts.

43. Segmental Reporting:

The Company's only business being hoteliering, disclosure of segment-wise information under Accounting Standard (AS)
108 "Segmental Information" notified by the Companies (Accounting Standards) Rules, 2006 (as amended) does not arise.
There is no geographical segment to be reported since all the operations are undertaken in India.

44. Audit Trail

The Company has conducted a greenfield implementation of SAP S/4HANA RISE and migrated from its legacy accounting
system with effect from April 1, 2025. During the hypercare period, post go live, certain privileged users were granted access
to transactional data to support and stabilise the application, including monitoring system integrations and accounting
transactions. Such access was granted and used under Company's supervision and was progressively withdrawn by June 26,
2025 once system stability was achieved.

The feature of recording audit trail (edit log) facility has been activated in SAP S/4HANA RISE and has operated effectively
throughout the year for all relevant transactions recorded in the software.

Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

45. Risk Management, Objectives and Policies:

Risks and Concerns

Economic Risks: Hotel business in general is sensitive to fluctuations in the economy. The hotel sector may be unfavourably
affected by changes in global and domestic economies, changes in local market conditions, excess room supply, reduced
international or local demand for hotel rooms and associated services, competition in the industry, government policies
and regulations, fluctuations in interest rates and foreign exchange rates and other natural and social factors. Since
demand for hotels is affected by world economic growth, a global recession could lead to a downturn in the hotel industry.

Socio-Political Risks: The Hotel industry faces risk from volatile socio-political environment, internationally as well as
within the country. India, being one of the fastest growing economies of the world in the recent past, continues to attract
investments. However, any adverse events such as political instability, conflict between nations, terrorist attacks or spread
of any epidemic or security threats to any countries may affect the level of travel and business activity.

Security Risks: The Hotel industry demands peace at all times to flourish. The biggest villain in South East Asia has been
terrorism supplemented by political instability. Subsequent to the Mumbai terror attacks in November 2008, the hotel
industry has invested substantially on security and intelligence. The security concerns have been duly addressed instilling
confidence in the customer by providing international standards of safety.

Business interruption risk on account of unprecedented events like a pandemic: A pandemic like the Covid-19 outbreak
confronts the hospitality industry with an unprecedented challenge. It causes a severe downturn in all streams of business.
With lockdowns and resultant travel and mobility restrictions, all corporate and leisure travel comes to a halt. With the fear
of pandemic spread in enclosed spaces, stay-at-home orders, social distancing and community lockdowns, all restaurants
and banquet business get severely affected with restaurants resorting to business from take-outs and banquet functions
being conducted with limited attendance. Hygiene standards and pandemic protocols need to be strictly implemented to
instill confidence into the customer and recover from any such incidence.

Company-specific Risks
Heavy Dependence on India

Risk of wage inflation: The hotel industry needs quality employees and with demand for the same improving across the
industry, the Company feels that wage inflation would be a critical factor in determining costs for the Company. Thus, your
Company will continue to focus on improving manpower efficiencies and creating a lean organization, while maximizing
effectiveness in terms of customer service and satisfaction, which is an area of great importance for your Company.

Foreign Exchange Risk: Your Company may be impacted by the fluctuation of the Indian Rupee against other foreign
currencies. To mitigate this risk the Company is operating on single currency billing in Indian Rupees.

Project Implementation Risk: Your Company may be impacted by delays in implementation of projects which would result
in increasing project cost and loss of potential revenue. To mitigate this risk, the Company has in place an experienced
project team supported by the leading external technical consultants and a dedicated project management company. The
Company will endeavour to complete its projects on time at optimal cost so as to maximize the profitability.

46. Capital Management

The Company's policy is to maintain strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of business.

The Company manages its Capital structure through a balanced mix of debt and equity. The Company's capital structure is
influenced by the changes in the regulatory frameworks, government policies, available options of financing and impact of
the same on liquidity position.

The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash
equivalents. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.
The table below shows the Gearing ratio for FY 2025-26 and FY 2024-25.

49. Financial rrisk management objectives and policies

The Company is exposed to financial risk such as Market Risk (Interest Rate Risk, fluctuation in foreign exchange rates and
price risk), credit risk and liquidity risk. The general risk management program of the Company focuses on the unpredictability
of the financial markets and attempts to minimize their potential negative influence on the financial performance of the
Company. The Company continuously reviews its risk exposures and takes measures to limit it to acceptable levels. The
Board of Directors have the overall responsibility for the establishment and oversight of the Company's risk management
framework.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises three types of risk i.e. interest rate risk, foreign currency risk and other price risk.
Financial instruments of the Company affected by market risk include borrowings and deposits.

The sensitivity analysis in the following sections relate to the position as at 31 March 2026 and 31 March 2025.

The analysis exclude the impact of movements in market variables on the carrying values of gratuity and other post¬
retirement obligations; provisions; and the non-financial assets and liabilities.

The following assumptions have been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based
on the financial assets and financial liabilities held at 31 March 2026 and 31 March 2025.

Interest rate risk

The interest rate risk arises from long term borrowing of the company with variable interest rates (Bank one-year MCLR
plus spread). Although the spread is fixed, it is subject to change at fixed time interval or occurrence of specified event(s).
Management monitors the movement in interest rate and, wherever possible, reacts to material movements in such rates by
restructuring its financing arrangement.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held
constant, the Company's profit before tax is affected through the impact on floating rate borrowings, as follows::

Price risk

Price risk is the risk of fluctuations in the change in prices of equity Investments. The Company's investment in JV company is
of strategic in nature rather than for trading purpose.

Credit risk

Credit risk is the risk arising from credit exposure to customers and the counterparty will default on its contractual obligations.

The Company has adopted a policy of only dealing with creditworthy customers/ corporates to minimise collection losses.
Credit Control team assesses the credit quality of the customers, their financial position, past experience in payments and
other relevant factors. Advance payments are obtained from customers in banquets, as a means of mitigating the risk of
financial loss from defaults.

The carrying amount of trade and other receivables, advances to suppliers, cash and short-term deposits and interest
receivable on deposits represents company's maximum exposure to the credit risk. No other financial asset carry a significant
exposure with respect to the credit risk. Deposits and cash balances are placed with Schedule Commercial banks.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number
of minor receivables are assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is
the carrying value of each class of financial assets. The Company also holds advances as security from customers to mitigate
credit risk.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in
accordance with the Company's policy. Investments held by the Company are in the nature of investment in jointly controlled
entity and also an investment in an alternate energy supply company as required under the respective State energy policy.
Both the categories are unquoted non-trade equity.

Liquidity risk

Liquidity risk is the risk that the Company will have difficulty in raising the financial resources required to fulfill its
commitments. Liquidity risk is held at low levels through effective cash flow management. Cash flow forecasting is performed
internally by rolling forecasts of the Company's liquidity requirements to ensure that it has sufficient cash to meet operational
requirements, to fund scheduled capex and debt repayments and to comply with the terms of financing documents.

The Company primarily uses short-term bank facilities in the nature of bank overdraft facility to fund its ongoing working
capital requirements.

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

Explanations to variance in Ratios:

• Debt-Equity Ratio is not comparable with the previous year as there were no outstanding borrowings in the previous year.
The ratio for the current year is 0.09 times due to borrowings availed during the year.

• Debt Service Coverage Ratio improved due to lower debt servicing obligations during the current year following the
repayment of borrowings in the previous year.

• Trade receivable turnover ratio decreased due to increase in average trade receivables outstanding during the year.

• Net Capital Turnover Ratio decreased due to a significant increase in average working capital during the current year.

• Return on Investment increased due to the receipt of dividend income from the Company's subsidiary during the current
year.

• The Company has not presented Inventory turnover ratio since it holds inventory for consumption in the service of food and
beverages and the proportion of such inventory is insignificant to total assets.

51. The Company has a policy of conducting physical verification of property, plant and equipment once every three years in
a phased manner. In accordance with this policy, physical verification was carried out during the financial year 2025-26.
The Company is in the process of reconciling the results of the physical verification, and any discrepancies identified will
be appropriately adjusted in the books of account.

52. The Company does not have any transactions with companies struck off under section 248 of Companies Act 2013 or
Section 560 of Companies Act 1956.

53. The Company does not have any charge or satisfaction which is yet to be registered with ROC beyond the statutory period.

54. The Company has not revalued its PPE including Right-of-Use assets and Intangible Assets during the year.

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

56. The the title deeds of immovable properties disclosed in the financial statements as at 31 March 2026 are held in the name
of the Company, except for properties where the Company is the lessee and the lease agreements are duly executed in
favour of the Company.

57. The Company has not advanced, loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall: 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 provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

58. Company has not defaulted in the repayment of loans or borrowings or in the payment of interest thereon to any bank
or financial institution and has not been declared a wilful defaulter by any bank, financial institution, government or
government authority. Further, the Company has not taken any funds from any entity or person on account of or to meet
the obligations of its subsidiaries or joint venture. The term loans obtained by the Company during the year were applied
for the purposes for which such loans were obtained. Further, funds raised on a short-term basis have not been used for
long-term purposes by the Company.

59. No proceedings have been initiated or are pending against the Company as at 31st March, 2026 for holding any Benami
property under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) and rules made thereunder.

60. Balances in the accounts of various parties are subject to confirmation and reconciliation.

61. The Company had been sanctioned working capital limits in excess of Rs. Five Crores in aggregate from banks against the
security of its current assets. The sanctioned limits include an overdraft facility which remained unutilised throughout
the year. In accordance with the terms of the sanction, no periodic returns or statements of current assets were required
to be submitted to the bank in respect of the said facility. The Company has complied with all other applicable terms and
conditions of the sanctioned working capital limits.

62. Previous year figures have been regrouped / reclassified, wherever necessary, to correspond with the current year
classification. Figures in brackets relate to the previous year.

63. The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to the approval
of financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions
in the financial statements. As of May 28, 2026, there are no subsequent events to be recognised or reported that are not
already disclosed.