2.13 Provisions, Contingent Liabilities and Contingent Assets:

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that
is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are determined based on the best estimate required to settle the obligation at the balance sheet date.

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

Contingent assets are not recognised in standalone financial statements since this may result in the recognition of
income that may never be realised. However, when the realisation of income is virtually certain, then the related asset
is not a contingent asset and its recognition is appropriate.

2.14 Foreign Currency Transactions:Functional currency:

The functional currency of the Company is Indian National Rupees ('INR'/ ^ /Rs.). These standalone financial statements
are presented in Indian Rupees and all values are rounded to the nearest Lakh, except otherwise indicated.

Transactions and translations:

Foreign-currency denominated monetary assets and liabilities are translated into the functional currency at exchange
rates in effect at the balance sheet date. Gains and losses, if any, at the year-end in respect of monetary assets and
monetary liabilities not covered by the forward contracts are recognised in Statement of Profit & Loss Account.
Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net
profit for the period in which the transaction is settled.

Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

2.15 Borrowing Cost:

Borrowing costs that are attributable to acquisition and construction of qualifying assets are capitalized till the asset is
ready for its intended use, based on borrowings incurred specifically for financing the asset or the weighted average
rate of all other borrowings, if no specific borrowings have been incurred for the asset. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its intended use.

All other borrowing costs are recognized as expenditure in the year in which they are incurred.

Income earned on temporary investment made out of the borrowings pending utilization for expenditure on the
qualifying assets is deducted from the borrowing costs eligible for capitalization.

Capitalization of borrowing costs ceases when substantially all the activities necessary to prepare the qualifying assets
for their intended use are complete,

2.16 Earnings per equity share:Basic earnings per share:

Basic earnings per share is calculated by dividing:

- the profit attributable to equity shareholders of the Company

- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus
elements in equity shares issued during the year and excluding treasury shares, if any.

Diluted earnings per share:

Diluted earnings per share is calculated by adjusting the profit attributable to equity shareholders and the weighted
average number of equity shares outstanding to reflect the effects of all dilutive potential equity shares.

In calculating diluted EPS:

- the profit attributable to equity shareholders is adjusted for the after tax effects of dividend, interest and other
charges to income or expense associated with dilutive potential equity shares, and

- The weighted average number of equity shares is increased by the weighted average number of additional equity
shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually
issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are
deemed to be converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares
are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented
for any share splits and bonus shares issues including for changes effected

2.17 Employee Benefits:Short Term benefits:

Benefits such as salaries, wages, performance incentives etc., and the expected cost of bonus, ex-gratia are recognised
during the period in which the employee renders related service.

Liabilities recognized in respect of short term benefits are measured at the undiscounted amount of the benefit
expected to be paid in exchange for the related services,

Post employment benefits:

The company operates the following post employment schemes:

Defined Contribution plans such as provident fund, superannuation, pension, employee state insurance scheme

- Payments to defined contribution retirement benefit plans are recognised as an expense when employees have
rendered the service entitling them to the contribution.

Defined Benefit plans such as provident fund and Gratuity

The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method
with actuarial valuations being carried out at each balance sheet date, which recognises each period of service as
giving rise to additional unit of employee benefit entitlement and measure each unit separately to build up the final
obligation.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.

The Company recognises the following changes in the net defined benefit obligation under employee benefit expenses
in the statement of profit and loss.

• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non¬
routine settlements,

• Net interest expense or income,

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in
net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest
on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or
credit to retained earnings through other comprehensive income in the period in which they occur. Remeasurements
are not reclassified to the statement of profit and loss in subsequent periods.

Other Long-term employee benefits:

Compensated absences which are not expected to occur wholly within twelve months after the end of the period in
which the employee renders the related services are recognised as a liability using the projected unit credit method
with actuarial valuation carried out at the balance sheet date.

Termination benefits:

Termination benefits are recognised as an expense in the period in which they are incurred.

Employee Share based payment:

The Company operates equity settled share based plan for the employees. The fair value of equity settled share options
based on shares of the Company is initially measured at grant date and is charged to the Statement of Profit and Loss
over the vesting period, which is the period over which all of the specified vesting conditions are satisfied, and with a
corresponding increase in equity. The fair value excludes the effect of non market based vesting conditions.

2.18 Cash Flow Statement:

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of
transactions of a non-cash nature, deferrals or accruals of past or future operating cash receipts or payments and item
of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and
financing activities of the Company are segregated.

2.19 Cash and Cash Equivalents:

Cash and cash equivalents comprise cash on hand and demand deposits with banks which are short-term, highly liquid
investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of
changes in value,

2.20 Short-term leases and leases of low-value assets:

The Company has elected not to recognise right of use assets and lease liabilities for short term leases that have a
lease term of less than or equal to 12 months with no purchase option and assets with low value leases. The Company
recognises the lease payments associated with these leases as an expense in statement of profit and loss over the lease
term,

2.21 Government grants:

Government grants are recognized where there is reasonable assurance that the grant will be received and all attached
conditions will be complied with.

Grants relating to expenses are recognized as income on a systematic basis over the periods that the related costs, for
which it is intended to compensate, are incurred.

Grants relating to assets are recognized as income over the expected useful life of the related asset on a systematic
basis,

2.22 Exceptional Items:

Certain occasions, the size, type or incidence of an item of income or expense that are material, pertaining to the
ordinary activities of the Company is such that its disclosure relevant to explain the performance of the Company, such
income or expense is disclosed separately as an exceptional item.

2.23 Segment reporting:

The Board of Directors of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by
Ind AS 108, "Operating Segments. Operating segments are reported in a manner consistent with the internal reporting
provided to the CODM.

The accounting policies adopted for segment reporting are in conformity with the accounting policies adopted for the
Company. Revenue and expenses have been identified to segments on the basis of their relationship to the operating
activities of the segment. Income/Costs which relate to the Company as a whole and are not allocable to segments on a
reasonable basis, have been included under Unallocated Income/Costs. Interest income and expense are not allocated
to respective segments (except in case of Financial Services segment).

In accordance with Ind AS 108 'Operating Segments', segment information has been given in the consolidated financial
statements of the Company, which are presented in the same annual report and therefore, no separate disclosure on
segment information is given in these Standalone financial statements,

2.24 Trade receivables:

Trade receivables are amounts of consideration that is unconditional due from customers (i.e., only the passage of time
is required before payment of the consideration is due) for goods sold or services performed in the ordinary course
of business. They are generally due for settlement within one year and therefore are all classified as current. Where
the settlement is due after one year, they are classified as non-current. Trade receivables are recognised initially at the
amount of consideration that is unconditional unless they contain significant financing components, in which case they
are recognised at fair value. The Company holds the trade receivables with the objective to collect the contractual cash
flows and therefore measures them subsequently at amortised cost using the effective interest method.

Provision towards dividend payable is made when the amount of any dividend declared, is appropriately authorised
and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end
of the reporting period.

2.25 New and amended standards:

The Company applied for the first-time certain standards and amendments, which are effective for annual periods
beginning on or after April 1, 2025. The Company has not early adopted any standard, interpretation or amendment
that has been issued but is not yet effective.

In May 2025, MCA notified amendments to Ind AS 21 - The Effects of Changes in Foreign Exchange Rates, applicable
w.e.f. April 1, 2025. The Company has reviewed the amendment and based on its evaluation has determined that it
does not have any significant impact in its financial statements.

In August 2025, MCA notified the following amendments to:

1. 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 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 financial statements.

2. Ind AS 12, 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. This relief is immediate and applies retrospectively. The amendments also require companies to provide
new disclosures to compensate for potential loss of information resulting from the relief. Such disclosures are to
be provided for annual reporting periods beginning on or after April 1, 2025. The Company has no impact of these
amendments,

2.26 Standards issued but not effective:

There are no standards that are notified and not yet effective as on the date.

Critical Management judgements and Accounting Estimates

Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to
Ind AS 1- The amendments clarify that lender waivers obtained after the reporting date cannot be considered for the
purpose of classifying liabilities as current or non current and require retrospective application in accordance with Ind
AS 8. These amendments are effective for reporting periods beginning on or after April 1, 2026. The Company does not
expect any impact on its financial statements.

(b) Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of ' 10/- per share. Each holder of equity shares is
entitled to one vote per share. 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.

The equity shareholders are entitled to receive dividend as declared from time to time.

As per records of the Company, including its register of shareholders/ members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of
shares.

Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back
during the period of five years immediately preceding the reporting date:

(a) No shares have been issued as bonus shares,

(b) No shares have been bought back,

(c) Aggregate number of shares issued for consideration other than cash during the period of five years immediately
preceding the reporting date:

NOTE 41.Corporate Social Responsibility (CSR)

As per the provisions of Section 135 of the Companies Act, 2013, the Company is required to constitute a Corporate
Social Responsibility (CSR) Committee and undertake CSR activities, as the thresholds prescribed under the said section
are met.

However, in accordance with Rule 3(2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 and the
provisions of Section 135(5) read with Section 198 of the Companies Act, 2013, the Company has accumulated losses
as per the computation under Section 198. Accordingly, the Company is not required to spend any amount towards
CSR activities during the financial year 2025-26. Therefore, the disclosure requirement as per Schedule Ill has not been
provided by the Company. The Company continues to have CSR Committee.

NOTE 42:Employee Benefits

a. Defined Contribution Plan

Contributions are made to provident fund for employees at the rate as per Employees' Provident Funds &
Miscellaneous Provisions Act, 1952. The contributions are made to registered provident fund administered by the
government. The obligation of the Company is limited to the amount contributed and it has no further contractual
nor any constructive obligation. The expense recognized during the year towards defined contribution plan is
' 214.02 Lakhs (' 202.90 Lakhs)

b. Defined Benefits Plan
Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. The gratuity
plan is funded through an 'Approved Trust'. The Trust has taken a Policy from the HDFC Life Insurance and the
management / investment of the fund is undertaken by the insurer.

The Company Contributes all ascertained liabilities towards gratuity to the "Imagicaaworld Entertainment Limited
Employee's Gratuity Trust" The Trustees administer contributions made to the trust. As of 31st March 2026, the
plan assets have been primarily invested in insurer - managed funds.

The Gratuity Plan provides a lumpsum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective employee's salary and the tenure of
employment with the Company

The Company's secured working capital and term loan facility ' 3,100 Lakhs from HDFC Bank Limited is additionally
secured by Personal Guarantee given by promoter directors of the Company i.e Mr. Rajesh Malpani - Chairman,
Mr. Manish Malpani - Non Executive, Non Independent Director and Mr. Jai Malpani - Managing director
(Refer Note 52 (i))

The Company's secured long term facility towards acquisition of Lonavala and Shirdi Business Park undertaking
amounting to ' 27,500 Lakhs from HDFC Bank Limited is additionally secured by Personal Guarantee given by promoter
directors of the Company i.e. KMPs, Mr. Rajesh Malpani - Chairman, Mr. Manish Malpani - Non Executive, Non
Independent Director and Mr. Jai Malpani - Managing director (Refer Note 52 (ii))

NOTE 44:Fair Value Measurement

Financial Instrument by category and hierarchy

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values

Fair value of cash and short-term deposits, trade and other short-term receivables, trade payables, other current
liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due
to short term maturities of these instruments.

Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such
as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to
account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different
from their carrying amounts.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable
inputs

The fair values for Non-Current borrowings, loans and security deposits were calculated based on cash flows discounted
using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of
unobservable inputs including counter party credit risk

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

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

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

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

Fair Value measurements using significant unobservable inputs (Level 3)

The Company has performed sensitivity analysis around the base fair value inputs and assumptions and has concluded
that there are no reasonably possible changes to the inputs or assumptions would cause the fair value of the investment
to materially change

The following table presents the changes in Level 3 items for the year ended

NOTE 45:Financial Risk Management Objectives and Policies

The Company's financial risk management is an integral part of how to plan and execute its business strategies. The
Company's financial risk management policy is set by the Management Board.

Market Risk is the risk of loss of future earning, fair values or future cash flow that may result from a change in the price
of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates,
foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments.
Market Risk is attributable to all market risk sensitive financial instruments including investment and deposits, payables
and loans and borrowings

The Company manages market risk through its finance department, which evaluate and exercises independent control
over the entire process of market risk management. The activities of this department include management of cash
resources, borrowing strategies, and ensuring compliance with market risk limits and policies.

Interest Rate Risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates

The Company aims to manage its capital efficiently to optimise returns to our shareholders

The Company is in a growth and expansion phase and continues to evaluate opportunities to expand its portfolio of
entertainment destinations across geographies. During the year, the Company strengthened its capital base through
fund raising initiatives, with the proceeds being deployed towards repayment of borrowings, funding of acquisitions
and strategic business requirements. The Company expects that future expansion will be funded through a mix of
internal accruals and debt. The Company remains committed to maintaining a prudent capital structure while ensuring
that capital is deployed towards projects and initiatives that are expected to generate sustainable long-term value for
stakeholders,

NOTE 47:Segment Reporting

The Segment information has been provided in the consolidated financial statements as permitted by Ind AS 108.
NOTE 48:Employee Share Based Payment Plans

In meeting dated September 14, 2020, the Board of Directors of the Company had approved grant of Employee Stock
Option under the Scheme approved under SEBI (Share Based Employee Benefits) Regulations, 2014, as amended, in
order to retain key talents and also to compensate the key talent. The total number of such stock options under said
grant were 3,994,891 Shares of face value of ' 10 (Rupees Ten) each fully paid-up, with each such Option conferring
a right upon the Employee to apply for one Share of the Company. Upon receipt of shareholders and stock exchange
approvals, the said ESOPs were duly granted in the FY 2020-2021.

As per the terms of grant of options, the granted options got vested to the grantees on February 04, 2022 ("First
Vesting"). The ESOS Allotment Committee is granted the powers to allot such shares in line with the Resolution passed
by the Nomination and Remuneration Committee on February 09, 2022. Based upon the options exercised by the
eligible employees, the ESOS Allotment Committee as on March 31,2026 approved the allotment of 49,556 fully paid-
up equity shares of face value of ' 10/-exercised by the said employees. (31st March, 2025 - 30,000)

The management is confident that the current borrowings of ' 5,781.24 Lakhs, plus the current financial liabilities of
' 10,737.22 Lakhs are manageable and the liquidity of the company is comfortable combined with cash on hand, internal
accruals during the year and availability of long term and short facilities. Further, warrants issued by the Company in FY
2024-25 can be exercised any time into equity shares till September 2026 wherein additional equity of around ' 13,000 Lakhs
could get infused. Notably majority of the warrants are held by the promoter Malpani Parks Pvt Ltd

NOTE 51: Other Disclosures

a) No funds have been advanced or loaned or invested by the company to or in any other persons or entities, including
foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, 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 on
behalf of the Ultimate Beneficiaries.

b) No funds have been received by the company from any persons or entities, including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

c) The Company does not have any long-term contracts including derivative contracts for which there are any material
foreseeable losses,

d) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company.

e) No proceedings have been initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988).

f) During the year, the Company has not entered into any transactions with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956

g) There are no charges or satisfaction yet to be registered with the registrar of companies beyond the statutory period.

h) The Company does not have layers beyond the number prescribed under clause (87) of section 2 of the Act read with

Companies (Restriction on number of Layers) Rules, 2017.

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

j) The Company has not paid or declared dividend during the year.

k) No Schemes of Arrangements have been applied or approved by the Competent Authority in terms of Section 230 to
237 of the Companies Act, 2013.

l) The Company has no 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 surveyor
any other relevant provisions of the Income Tax Act, 1961).

m) The title deeds of all immovable properties, (other than immovable properties where the Company is the lessee and
the lease agreements are duly executed in favour of the Company) disclosed in the Standalone Financial Statements
included in property, plant and equipment and capital work-in-progress are held in the name of the Company as at the
balance sheet date , other than those mentioned below:

i) The Company has availed working capital facility against which an outstanding amount of ' 879.10 Lakhs (PY ' 974.58
Lakhs ) from HDFC Bank Limited bearing the interest rate of 8.33% p.a

Further, the Company has availed long term secured loan facility outstanding as on 31st March ,2026 amounted to
' 3,071.44 Lakhs (' 4,798.44 Lakhs ), from HDFC Bank Limited bearing the interest rate of 8.08% p.a, the tenor of the
said loan is 5 years commencing from Oct, 2024 onwards and is repayable in equal monthly instalment.

The said secured working capital and Term Loan facility is secured by way of first and pari passu charge on all assets
of the Company including movable and immovable Fixed Assets and current assets of the Company including both
present and future. The said facility is additionally secured by Personal Guarantee given by promoter directors of the
Company.

ii) During the year, the Company has availed secured long term facility amounting to ' 21,704.33 Lakhs (PY? 9,200.00
Lakhs) from HDFC Bank Limited bearing the the Interest Rate of 8.26% p.a.; the said facility is for the tenor of 10 years
and the repayment in quarterly instalment starting from June,2025 onwards and ballooning in nature.

The said term loan facility is secured by way of exclusive charge on property acquired i.e. immovable and movable
assets and current assets of the Company both present and future.

iii) The Company has not defaulted in the repayment of loans or interest and has not been declared as a wilful defaulter
by any bank or financial institution or other lender in accordance with the guidelines on wilful defaulters issued by the
Reserve Bank of India.

iv) The Company has used the working capital facilities and term loans facility for the purpose for which it was taken.

v) The Company has been sanctioned secured working capital facility in the form of Overdraft and Dropline Overdraft
Facility in excess of ' five crore, from lender on the basis of security of all assets including immovable, movable and
current assets of the Company. The Company has been waived for the requirement of submission of various fillings
with Bank considering the nature of facility sanctioned and utilised.

NOTE 53:Business Transfer Agreement (BTA)

During the previous year, the Board of Directors and the Shareholders had approved acquisition of Park Business
Undertaking of GiriraJ Enterprises located at Lonavala and Shirdi.

The Company (purchaser) on June 28, 2024 achieved completion of closing of the transaction in respect of the
acquisition and purchase of water parks, theme park and amusement park owned by GiriraJ Enterprises (seller) and/
or its partners located at Lonavala and Shirdi in the State of Maharashtra i.e (A) "Wet n Joy Water Park", located at
Lonavala ("Lonavala Water Park"); (B) "Wet n Joy Amusement Park", located at Lonavala ("Lonavala Amusement Park");
(C) "Sai Teerth Theme Park", located at Shird ("Shirdi Theme Park"); and (D) "Wet n Joy Water Park", located at Shirdi
("Shirdi Water Park") (collectively, the Lonavala Water Park, the Lonavala Amusement Park, the Shirdi Theme Park and
the Shirdi Water Park are collectively referred to as the "Park Business Undertaking") on a 'slump sale' basis as a going
concern, in accordance with the terms of Business Transfer Agreement ("BTA") entered into between the Company
and GiriraJ Enterprises on March 29, 2024, for an aggregate lump-sum purchase consideration of ' 62,938.42 Lakhs
after effecting necessary adjustments defined in the said BTA. The appointed date i.e. the date from which the Park
Business Undertaking was deemed to be transferred or sold was April 1, 2024 (acquisition date) as agreed to between
the purchaser and seller in terms of the said BTA.

The seller is was a related party as per the definition of Section 2(76) of the Companies Act, 2013.and based on
the Management's evaluation the acquisition was accounted for as business Combination under Common Control of
Appendix C to Ind As 103.

Goodwill on the above transaction reflects synergy of operations, brand loyalty and consequent increase in scale of
operations. Goodwill is allocated entirely to parks segment of the Group at consolidated financial statements level. The
goodwill recognised is not expected to be deductible for income tax purposes.

Till March 31, 2026 the Company has paid ' 52,938.42 Lakhs out of the total purchase consideration of ' 62,938.42
Lakhs as per the schedule of payment agreed. The balance consideration of ' 10,000 Lakhs is payable as per agreed
terms by Oct, 2026.

The Company performed its annual impairment test in March, 2026. The Company analyses both quantitative and
qualitative triggers that may indicate that a CGU is impaired. Qualitative indicators include significant adverse changes
in expected footfall and sales values, power prices and changes in regulations. The Company also considers the
relationship between its market capitalisation and its book value, among other factors, when reviewing for indicators
of impairment.

The recoverable amount of each cash generating unit is the higher of the cash-generating unit's fair value less cost of
disposal ('Fair Value') and its value-in-use. Discounted cash flow models are applied to determine the fair value. Key
assumptions used are footfall, sales prices and volumes and discount rates. A range of important assumptions used
in the impairment assessment are to large extent determined at the Company level in relation with the budget and
strategic forecast process.

The projections cover a period of five years, as the Company believes this to be the most appropriate timescale over
which to review and consider annual performances before applying a terminal value multiple to the final year cash
flows. The growth rates and segmental margins used to estimate cash flows for the first five years are based on past
industry performance, and on the Company's five-year strategic plan.

During the year, the Company entered into Business Transfer Agreement ("BTA") dated September 6, 2025 with Giriraj
Enterprises ( a Related Party ) for acquisition of a Solar Power Plant of 6.65 MW at Mandrup, Solapur, Maharashtra
("Business Undertaking") on a slump sale basis, as going concern for a total purchase consideration of ' 1,600.00 Lakhs.
The acquisition was undertaken pursuant to approval of shareholders of the Company obtained on March 13, 2025.

The acquisition of the Business Undertaking was completed in accordance with the terms and conditions of the BTA.
The Business Undertaking has been acquired on a going concern basis and the assets and liabilities, as applicable, have
been recognised in the books of account in accordance with the applicable accounting framework.

The Company has obtained fair valuation report from a registered valuer for the purpose of determining the fair values
of Assets.

This Acquisition did not constitute Business Combination under Ins AS 103. The Acquisition was accounted for under
Ins AS 16

NOTE 55.Audit Trail

The Company has been maintaining its books of accounts primarily in the SAP for Parks Division and Sun System for
Hotel Division which has feature of recording audit trail and has enabled the same throughout the year. However, the
audit trail feature is not enabled for direct changes to data in the underlying database. Further, the Company also uses
accounting software to maintain point of sales records which is currently not equipped with the audit log functionality.

Additionally, the audit trail of prior year has been preserved by the Company as per the statutory requirements for
record retention to the extent it was enabled and recorded in the respective year.

NOTE 56.Subsequent Events

The Company has evaluated events occurring after the reporting date up to the date of approval of the standalone
financial statements by the Board of Directors. There have been no material events that would require adjustment to
or disclosure in the standalone financial statements

NOTE 57.Issuance of Equity Shares and Warrants on Preferential Basis:

On February 12, 2025 the Board of Directors and on March 13, 2025 the shareholders of the Company approved the
issue of below securities on preferential basis to persons in the category of Promoter and Non Promoter:

- upto 2,34,82,500 equity shares of face value of '. 10/- each at issue price of ' 73.50/- (including share premium
of ' 63.50/- per equity share) aggregating to ' 17,259.64 Lakhs.

- upto 2,34,82,500 Convertible Warrants, convertible into equivalent equity shares within the period of 18 months
from the date of allotment of Warrants, at an issue price of ' 73.50/- per Warrant aggregating to ' 17,259.64
Lakhs.

The Board of Directors of the Company had on March 27, 2025, approved the allotment of the above mentioned equity
shares and Warrants to Promoter and to Non-Promoters. As per the terms of the issue, the Company has received full
amount of ' 17,259.64 Lakhs towards the equity shares and an amount of ' 4,314.91 Lakhs, i.e. 25% of the issue price
of the Warrants towards allotment of Warrants.

Out of above proceeds, ' 21,574.14 Lakhs have been utilised up to March 31, 2026.

- ' 13,917.24 Lakhs has been utilised for giving loan to Malpani Parks Indore Private Limited, a wholly owned
subsidiary, for repayment of existing loan outstanding after take over as wholly owned subsidiary of the Company.

- ' 5,500.00 Lakhs has been utilised towards repayment of loan borrowed by the Company from related party,
Malpani Retails Private Limited, towards purchase of 100% equity shares of Malpani Parks Indore Private Limited.

- ' 2,155.00 Lakhs has been utilized towards payment under Business Transfer Agreement ("BTA") to GiriraJ
Enterprises a related party.

- ' 1.90 Lakhs has been utilized towards General corporate purpose.

The balance amount ' 0.41 Lakhs had been temporarily parked in Current Account, pending utilization.

As per the regulatory requirement, Monitoring Agency was appointed and accordingly the report of Monitoring Agency
towards utilization of funds has been submitted to stock exchanges and also uploaded on the website of the Company
www.imagicaaworld.com.

NOTE 58: The Government of India has consolidated 29 existing labour legislations into a united framework comprising
four Labour Code viz Code on wages 2019, Code on Social Security 2020, Industrial Relation Code 2020, and
Occupational Safety, Health and Working Condition Code 2020 (collectively referred to as the New Labour Codes).
These Codes have been made effective from November 21, 2025. 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 recognised the incremental impact (under head 'Employee benefit cost') of these changes
on the basis of currently ascertainable incremental liability towards resultant past service cost towards gratuity
and leave encashment benefits of its own employees (pending the issuance of state-wise rules and other
clarifications), consistent with the guidance provided by the Institute of Chartered Accountants of India. . The
incremental impact resulting from these changes is ' 53.62 Lakhs. This is on account of past service cost charge
for gratuity benefits and leave encashment. The Company continues to monitor the finalisation of Central/
State Rules and clarifications from the Government on other aspects of the Labour Codes and would provide
appropriate accounting effect on the basis of such developments as needed.

NOTE 59: The Company received Eligibility Certificate (EC) from Department of Tourism, Government of Maharashtra in
respect of it's Hotel Business operated under the name "Novotel Imagicaa" vide letter No. TP-2024/2024/EC-
01 dated 08/10/2024, with the incentive period starting from 1st November, 2024 to 31st October 2034 i.e. an
overall period of 10 years. The Company has accounted for government grant income in statement of Profit and
Loss in line with Ind AS 20. The management is confident of realizing the outstanding amount in the due course.
There are no significant unfulfilled conditions pertaining to the above government grant.

NOTE 60: The figures for the previous year's have been regrouped/rearranged wherever necessary to conform with current
year's classification.