xii) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be
made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its
carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If
it is no longer probable that an outflow of resources would be required to settle the obligation, the provision is
reversed.

Warranties

The estimated liability for product warranties is recorded when products are sold. These estimates are established
using historical information on the nature, frequency and average cost of warranty claims and management
estimates regarding possible future incidence based on corrective actions on product failures. The timing of
outflows will vary as and when warranty claim will arise- being typically two to five years. The estimate of such
warranty-related costs is revised annually.

xiii) Contingent liabilities

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 or a reliable estimate of the amount cannot be
made.

xiv) Contingent assets

Contingent assets are disclosed in the financial statements only when an inflow of economic benefits is probable.

xv) Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual
provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial
assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately
in the Statement of Profit and Loss.

a) Financial assets

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair
value, depending on the classification of the financial assets

Classification of financial assets

Debt instruments that meet the following conditions are subsequently measured at amortised cost (except
for debt instruments that are designated as at fair value through profit or loss on initial recognition):

• the asset is held within a business model whose objective is to hold assets in order to collect contractual
cash flows; and the contractual terms of the instrument give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding

Debt instruments that meet the following conditions are subsequently measured at fair value through other
comprehensive income ("FVTOG") (except for debt instruments that are designated as at fair value through
profit or loss on initial recognition): the asset is held within a business model whose objective is achieved both
by collecting contractual cash flows and selling financial assets; and the contractual terms of the instrument

give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.

Interest income is recognised in profit or loss for FVTOCI debt instruments.

All other financial assets are subsequently measured at fair value.

Trade receivables that do not contain a significant financing component are measured at transaction price.
Effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of
allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts
estimated future cash receipts (including all fees and points paid or received that form an integral part of the
effective interest rate, transaction costs and other premiums or discounts) through the expected life of the
debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Income is recognised on an effective interest basis for debt instruments other than those financial assets
classified as at FVTPL. Interest income is recognised in the Statement of Profit and Loss and is included in the
"Other income" line item.

Financial assets at fair value through profit or loss (FVTPL)

Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial
recognition to present subsequent changes in fair value in other comprehensive income for investments in
equity instruments which are not held for trading.

Debt instruments that do not meet the amortised cost criteria or FVTOCI criteria are measured at FVTPL. In
addition, debt instruments that meet the amortised cost criteria or the FVTOCI criteria but are designated as
at FVTPL are measured at FVTPL.

A financial asset that meets the amortised cost criteria or debt instruments that meet the FVTOCI criteria may
be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a
measurement or recognition inconsistency that would arise from measuring assets or liabilities or recognising
the gains and losses on them on different bases.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains
or losses arising on re-measurement recognised in the Statement of Profit and Loss. The net gain or loss
recognised in Statement of Profit and Loss incorporates any dividend or interest earned on the financial asset
and is included in the 'Other income' line item. Dividend on financial assets at FVTPL is recognised when the
Company's right to receive the dividends is established, it is probable that the economic benefits associated
with the dividend will flow to the entity, the dividend does not represent a recovery of part of cost of the
investment and the amount of dividend can be measured reliably.

Impairment of financial assets

The Company applies the expected credit loss model for recognising impairment loss on financial assets
measured at amortised cost, debt instruments at FVTOCI, trade receivables, other contractual rights to receive
cash or other financial asset, and financial guarantees not designated as at FVTPL.

Expected credit losses are the weighted average of credit losses with the respective risks of default occurring
as the weights.

De-recognition of financial assets

The Company de-recognises a financial asset when the contractual rights to the cash flows from the asset
expires, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the
asset to another party.

b) Financial liabilities and equity instruments

Classification as debt or equity

Debt and equity instruments issued by Company are classified as either financial liabilities or as' equity

in accordance with the substance of the contractual arrangements and the definitions of a financial liability
and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting
all of its liabilities.

Financial liabilities

Financial liabilities that are not held-for-trading and are not designated as at FVTPL are measured at amortised
cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that are
subsequently measured at amortised cost are determined based on the effective interest method. Interest
expense that is not capitalised as part of costs of an asset is included in the 'Finance costs' Line item.

The effective interest method is a method of calculating the amortised cost of a financial liability and of
allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts
estimated future cash payments (including all fees and points paid or received that form an integral part of
the effective interest rate, transaction costs and other premiums or discounts) through the expected life of
the financial liability.

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at
FVTPL.

De-recognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company's obligations are
discharged, cancelled or have expired.

c) Derivative financial instruments

The Company enters into a variety of derivative financial instruments to manage its exposure to foreign
exchange rate risks, including foreign exchange forward contracts, option contracts, etc.

Embedded derivatives

Derivatives embedded in non-derivative host contracts that are not financial assets within the scope of Ind AS
109 are treated as separate derivatives when their risks and characteristics are not closely related to those of
the host contracts and the host contracts are not measured at FVTPL.

xvi) Equity share capital

Equity shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are
recognised as a deduction from equity, net of any tax effects.

xvii) Impairment of non-financial assets

The carrying amounts of the Company's non-financial assets, other than deferred tax assets, are reviewed at the
end of each reporting period to determine whether there is any indication of impairment. If any such indication
exists, then the asset's recoverable amount is estimated.

The recoverable amount of an asset or cash-generating unit ('CGU') is the greater of its value in use or its fair
value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually
are grouped together into the smallest group of assets that generates cash inflows from continuing use that are
largely independent of the cash inflows of other assets or group of assets ('CGU').

The Company's corporate assets do not generate separate cash inflows. If there is an indication that a corporate
asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset
belongs.

An impairment loss is recognised, if the carrying amount of an asset or its cash-generating unit exceeds its
estimated recoverable amount and are recognised in Statement of Profit and Loss. Impairment losses recognised
in respect of cash-generating units are allocated first to reduce the carrying amount of goodwill, if any, allocated
to the units and then to reduce the carrying amounts of the other assets in the unit on a pro rata basis.

Impairment losses recognised in prior periods are assessed at end of each reporting period for any indications
that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in
the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that
the asset's carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised.

xviii) Employee benefits

Short Term Employee benefits

All employee benefits expected to be settled wholly within twelve months of rendering the service are classified
as short-term employee benefits. When an employee has rendered service to the Company during an accounting
period, the Company recognises the undiscounted amount of short-term employee benefits expected to be paid
in exchange for that service as an expense unless another Ind AS requires or permits the inclusion of the benefits
in the cost of an asset. Benefits such as salaries, wages and short-term compensated absences and bonus etc. are
recognised in Statement of Profit and Loss in the period in which the employee renders the related service.

Defined Contribution Plan

Provident fund and superannuation fund

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions
into a separate entity and has no obligation to pay any further amounts. The Company makes specified monthly
contributions towards provident fund and superannuation fund which are defined contribution plans. The Company
has no obligation, other than the contribution payable to the funds. The Company recognises contribution payable
to the fund in the Statement of Profit and Loss, when an employee renders the related service. If the contribution
payable to the scheme for service received before the balance sheet date exceeds the contribution already paid,
the deficit payable to the scheme is recognised as a liability after deducting the contribution already paid. If the
contribution already paid exceeds the contribution due for services received before the balance sheet date, then
excess is recognised as an asset to the extent that the prepayment will lead to, for example, a reduction in future
payment or a cash refund.

Long term Employee benefits Defined Benefit Plan
Gratuity

The Company's gratuity benefit scheme is a defined benefit plan. The Company's net obligation in respect of
defined benefit plan is calculated by estimating the amount of future benefit that employees have earned in
return for their service in the current and prior periods; this benefit is discounted to determine its present value.
Any unrecognised past service costs and the fair value of any plan assets are deducted. The calculation of the
Company's obligation under this plan is performed annually by a qualified actuary using the projected unit credit
method.

Re-measurements comprising of actuarial gains and losses, the effect of the changes to the asset ceiling (if
applicable) 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. Re-measurements are not reclassified to
profit or loss in subsequent periods.

All other expenses related to defined benefit plans are recognised in the Statement of Profit and Loss as employee
benefit expenses. Gains or losses on the curtailment or settlement of any defined benefit plan are recognised
when the curtailment or settlement occurs. Curtailment gains and losses are accounted for as past service costs.

Compensated absences

The employees can carry forward a portion of the unutilized accrued compensated absences and utilise it in future
service periods or receive cash compensation during termination of employment.

Compensated absence, which is expected to be utilized within the next 12 months, is treated as short-term
employee benefit. The Company measures the expected cost of such absences as the additional amount that it
expects to pay as a result of the unused entitlement that has accumulated at the reporting date. The Company
treats compensated absences expected to be carried forward beyond twelve months, as long-term employee
benefit for measurement purposes. Such long-term compensated absences are provided for based on the actuarial
valuation using the projected unit credit method at the year-end. Actuarial gains/losses are immediately taken to
the Statement of Profit and Loss.

xix) Taxes

Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax'

as reported in the Statement of Profit and Loss because of items of income or expense that are taxable or deductible
in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax
rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in
the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred
tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally

recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be
available against which those deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to
be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which
the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively
enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the
manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount
of its assets and liabilities.

Current and deferred tax for the year

Current and deferred tax are recognised in the Statement of Profit and Loss, except when they relate to items that
are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are
also recognised in other comprehensive income or directly in equity respectively.

xx) Government grants

Government grants are recognised where there is reasonable assurance that the grant will be received and all

attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income
on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.
When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the
related asset.

When the Company receives grants of non-monetary assets, the asset and the grant are recorded at fair value
amounts and released to the Statement of Profit and Loss over the expected useful life in a pattern of consumption
of the benefit of the underlying asset i.e. by equal annual instalments.

xxi) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year.

For calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders
and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive
potential equity shares.

xxii) Dividends

Provision is made for the amount of any dividend declared, being 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.

xxiii) Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company accounting policies, which are described in note 2, the management of the
Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and
liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based

on historical experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and future periods.

The following are the areas of estimation uncertainty and critical judgements that the management has made in
the process of applying the Company's accounting policies:

(a) Impairment of non-financial assets

The carrying amounts of the Company's non-financial assets, other than deferred tax assets, are reviewed
at the end of each reporting period to determine whether there is any indication of impairment. If any such
indication exists, then the asset's recoverable amount is estimated.

The recoverable amount of an asset or cash-generating unit ('CGU') is the greater of its value in use and its
fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be
tested individually are grouped together into the smallest group of assets that generates cash inflows from
continuing use that are largely independent of the cash inflows of other assets or groups of assets ('CGU').

The Company's corporate assets do not generate separate cash inflows. If there is an indication that a corporate
asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset
belongs.

(b) Useful life of depreciable assets

Management reviews the useful lives of depreciable assets at each reporting date. As at March 31, 2026
management assessed that the useful lives represent the expected utility of the assets to the Company.
Further, there is no change in the useful lives as compared to previous year.

(c) Provisions and contingent liabilities

On an ongoing basis, the Company reviews pending cases, claims by third parties and other contingencies.
For contingent losses that are considered probable, an estimated loss is recorded as an accrual in financial
statements. Loss contingencies that are considered possible are not provided for but disclosed as Contingent
liabilities in the financial statements. Contingencies the likelihood of which is remote are not disclosed in the
financial statements.

(d) Estimation of defined employee benefits

The present value of the gratuity and compensated absence obligations are determined using actuarial
valuation. An actuarial valuation involves making various assumptions that may differ from actual
developments in the future. These include the determination of the discount rate, future salary increases and
mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit
obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting
date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for
plans operating in India, the management considers the interest rates of government bonds in currencies

consistent with the currencies of the post-employment benefit obligation. The mortality rate is based on
publicly available mortality tables for the specific countries. Those mortality tables tend to change only at
interval in response to demographic changes. Future salary increases and gratuity increases are based on
expected future inflation rates.

Further details about gratuity obligations are given in Note 28.

(e) Provision for warranty

A provision is recognised for expected warranty claims on products sold during the latest five years (including
current year) as per warranty period on respective models, based on past experience of level of repairs and
returns. Assumption used to calculate the provision for warranties are based on current sales level and current
information available about past returns based on the warranty period for all products sold.

3. APPLICABILITY OF NEW AND REVISED IND AS

New standards, interpretations and amendments adopted by the Company Ministry of Corporate Affairs ("MCA")
notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards)
Rules as issued from time to time.

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

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. 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 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 impact in its financial statements.

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 require companies to 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 reviewed the
amendment and based on its evaluation has determined that it does not have any impact in its financial statements.

Standards notified but not yet effective:

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

B. Terms/Rights attached to equity shares

1. The Company has only one class of equity shares having a par value of ' 2 per share. Each holder of equity
share is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The
final dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing
annual general meeting.

2. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the
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.

(i) Provision for warranties

A provision is recognised for expected warranty claims on products sold during the latest two to five years
(including the current year), as per warranty period on respective models, based on past experience of level of
repairs and returns. Assumption used to calculate the provision for warranties are based on current sales level
and current information available about past returns based on the warranty period for all products sold. The table
below gives information about movement in warranty provision.

28. Employee benefits

Defined Contribution Plans - General Description

The Company makes contribution towards employees' provident fund and superannuation fund. Under the schemes,
the Company is required to contribute a specified percentage of payroll cost, as specified in the rules of the schemes
to these defined contribution schemes. The Company has recognised following amounts as an expense towards
contribution to these schemes.

Defined Benefit Plans - General Description
Gratuity:

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the Act, employees who have completed
five years of service are entitled to specific benefit. The level of benefit provided depends on the member's length of
service, salary and retirement age. The employee is entitled to a benefit equivalent to 15 days salary last drawn for each
completed year of service with part thereof in excess of six months.

The Company makes annual contribution to Life Insurance Corporation (LIC). As LIC does not disclose the composition
of its portfolio investments, break-down of plan investments by investment type is not available to disclose.

Significant actuarial assumptions for the determination of the defined obligation are discount rate and expected salary
increase. The sensitivity analysis below have been determined based on reasonable possible changes of the respective
assumptions occurring at the end of the year, while holding all other assumptions constant.

- If the discount rate is 50 basis points higher/ (lower), the defined benefit obligation would decrease by ' 122.79
lakhs (increase by ' 132.26 lakhs) [as at March 31, 2025: decrease by ' 106.74 lakhs (increase by ' 115.20 lakhs)].

- If the expected salary growth increases/(decreases) by 50 basis points, the defined benefit obligation would
increase by ' 131.35 lakhs (decrease by ' 123.11 lakhs) [as at March 31,2025: increase by ' 113.86 lakhs (decrease
by ' 106.54 lakhs)]

Sensitivities due to change in mortality rate and change in withdrawal rate are not material and hence impact of such
change is not calculated.

Sensitivity Analysis

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using the projected unit credit method at the end of reporting period, which is same as that applied in
calculating the defined benefit obligation liability recognized in the balance sheet.

The Company expects to make a contribution of ' 289.30 lakhs (as at March 31, 2025'219.94 lakhs) to the defined
benefit plans during the next financial year.

29. Ind AS 116: 'Leases'

The Company has entered into cancellable operating lease arrangement for various residential properties for use by
its employees. Considering the nature of these leases, lease payments are recognized as expenses in the Statement of
Profit and Loss during the year ended March 31,2026 is ' 26.90 lakhs (March 31, 2025: ' 25.82 lakhs).

30. Contingent liabilities, commitments and assets (to the extent not provided for)
a. Capital and other commitments

At March 31 2026, the estimated amount of contracts remaining to be executed on capital account was ' 38.26
lakhs (March 31, 2025: ' 33.74 lakhs)

The Company has other commitments, for purchase/sales orders which are issued after considering requirements
per operating cycle for purchase /sale of goods and services, employee's benefits including union agreement in
normal course of business. The Company does not have any long term commitments or material non-cancellable
contractual commitments/contracts, which might have material impact on the financial statements.

The amounts shown above represent the best possible estimates arrived at on the basis of available information. The
uncertainties and possible reimbursements are dependent on the outcome of the different legal processes which have
been invoked by the Company or the claimants as the case may be and therefore cannot be predicted accurately or
relate to a present obligations that arise from past events where it is either not probable that an outflow of resources
will be required to settle or a reliable estimate cannot be made. The Company engages reputed professional advisors
to protect its interests and has been advised that it has strong legal positions against such disputes.

Nature of disputes:

(i) The Company has outstanding Income-tax demands aggregating to ' 12,179.45 lakhs, in relation to disallowance
of royalty and other transfer pricing adjustments with associated enterprises. Considering favourable ITAT
judgements for earlier years viz. AY 2006-07, AY 2007-08 and AY 2008-09, demand for royalty disallowance
aggregating to ' 11,326.72 lakhs have been considered as remote. All other matters, mainly related to domestic
transfer pricing are considered contingent by the Company. As on March 31, 2026, the total amounts paid under
protest, including amounts withheld by tax authorities is ' 6,061.04 lakhs (March 31,2025: ' 6,056.01 lakhs).

(ii) The Company has outstanding demands of ' 50.76 lakhs with Employee state insurance court in relation to
pending submission of requisite details with authorities against which the Company has paid ' 19.54 lakhs
(March 31,2025 ' 19.54 lakhs) under protest.

(iii) Imposition of penalty on the Company for dealing in forged DEPB scrips amounting to ' 129.44 lakhs. The
Company has deposited ' 32.36 lakhs (25% of the penalty amount) and filed an appeal in compliance with the
condition of pre-deposit of 7.5% under section 129E of the Customs Act, 1962.

(iv) The Company has outstanding demand of differential duty amounting to ' 99.32 lakhs including interest and
penalty due to classification of Components of shock absorbers for 2 wheelers and its eligibility for concessional
rate of Basic Customs Duty.

(v) The Company had received demand orders for the financial years 2018-19 amounting to 219.50 lakhs on account
of mismatch of input tax credit between GSTR 2A and GSTR 9 to which the Company has filed an appeal with Joint
Commissioner for the financial years 2018-19. Further for financial year 2022-23 there was difference of ' 3.22
lakhs due to denial of ITC claim by the GST authority as the supplier has not filed the GSTR 3B return the Company
has filed an appeal before commissioner appeal. Considering the facts of the matters involved in the aforesaid
notices/orders and basis legal advice received, the Company has considered these matters as remote.

Note: On November 21, 2025, the Government of India notified provisions of 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, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing
employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces
changes, including a uniform definition of wages and enhanced benefits relating to leave. The Company has assessed
the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service
cost by ' 220.02 lakhs. Considering the impact arising out of an enactment of the new legislation is an event of non¬
recurring nature, the Company has presented this incremental amount as "Impact of Labour Codes" under "Exceptional
Item" in the financial statements.

34. Segment information

The Company primarily operates in the auto components segment. The Company operates as an ancilliary and
manufactures auto components for the two-wheeler and four-wheeler industry, primary products being shock
absorbers, struts and window balancers.

The board of directors of the Company, which has been identified as being the chief operating decision maker (CODM),
evaluates the Company's performance, allocates resources based on the analysis of the various performance indicators
of the Company as a single unit. Therefore, there is no reportable segment for the Company as per the requirement of
IND AS 108 "Operating Segments".

Geographical Locations: The Geographical segments have been considered for disclosure as the secondary segment,
under which the domestic segment includes sales to customers located in India and overseas segment includes sales
to customer located outside India.

35. Capital management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while
maximising the return to stakeholders through efficient allocation of capital towards expansion of business,
optimisation of working capital requirements and deployment of surplus funds into various investment options. The
Company does not have debts and meets its capital requirement through equity.

The Company is not subject to any externally imposed capital requirements

The management of the Company reviews the capital structure of the Company on regular basis. As part of this review,
the Board considers cost of capital and the risks associated with the movement in the working capital.

36.2 Fair value measurements

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

The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3:

Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active
markets for identical assets or liabilities. This category consists of quoted debentures and open-ended mutual funds.

Level 2: This level includes financial assets and liabilities, measured using inputs other than quoted prices included
within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from
prices).

Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable
market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on
assumptions that are neither supported by prices from observable current market transactions in the same instrument
nor are they based on available market data.

Fair value of the Company's financial assets that are measured at fair value on a recurring basis:

There are certain Company's financial assets which are measured at fair value at the end of each reporting period.
Following table gives information about how the fair values of these financial assets are determined:

The fair value of the financial assets and financial liabilities are included at the amount that would be received to sell an

asset and paid to transfer a liability in an orderly transaction between the market participants. The following methods

and assumptions were used to estimate the fair values:

- Investments traded in active markets are determined by reference to quotes from the stock exchanges; for
example: quoted price of debentures in the stock exchange etc. The fair value of listed debentures and mutual
funds are based on direct market observable inputs.

- The fair value of unquoted mutual funds is verified from the Net Assets Value (i.e. NAV) declared by the Mutual
Fund houses / third party websites.

- The fair value of Alternate Investment Fund fund is as per the valuation statement received from the fund.

- Trade receivables, cash and cash equivalents, other bank balances, loans, other current financial assets, trade
payables and other current financial liabilities: Approximate their carrying amounts largely due to short-term
maturities of these instruments.

- Management uses its best judgment in estimating the fair value of its financial instruments. However, there are
inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair
value estimates presented above are not necessarily indicative of all the amounts that the Company could have
realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments
subsequent to the respective reporting dates may be different from the amounts reported at each year end.

The Company seeks to minimise the effects of these risks by using diversification of investments, credit limit to
exposures, etc., to hedge risk exposures. The use of financial instruments is governed by the Company's policies on
foreign exchange risk and the investment. The Company does not enter into or trade financial instruments, including
derivative financial instruments, for speculative purposes.

Market risk

Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from
a change in the price of a financial instrument. The Company's activities expose it primarily to the financial risks of
changes in foreign currency exchange rates and interest rates risk/ liquidity which impact returns on investments.
Future specific market movements cannot be normally predicted with reasonable accuracy. Market risk exposures are
measured using sensitivity analysis.

Foreign currency risk management

The Company undertakes transactions denominated in foreign currencies and consequently, exposures to exchange
rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward
foreign exchange contracts. The counter party for these contracts is generally a bank, however there are no outstanding
forward exchange contracts at year end.

The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at the
end of the reporting period are as follows.

* The Company does not have any hedged foreign currency instruments outstanding as at March 31, 2026/ March 31,
2025.

Foreign currency sensitivity

The following table details the Company's sensitivity to a 5% increase and decrease in the rupee against the
relevant foreign currencies. ( )/(-)5% is the sensitivity rate used when reporting foreign currency risk internally to
key management personnel and represents management's assessment of the reasonably possible change in foreign
exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and
adjusts their translation at the period end for a 5% change in foreign currency rates. A positive number below indicates
an increase in profit or equity. For a 5% strengthening/weakening of the rupee against the relevant currency, there
would be a comparable impact on the profit or equity, and the balances below would be positive or negative.

Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. The Company has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating
the risk of financial loss from defaults. Trade receivables balance at the end of the year includes ' 19,297.74 Lakhs (March
31, 2025: ' 14,192.36 Lakhs) due from the Company's largest customer, which is creditworthy and Company doesn't
have any past history of any losses on account of credit risk. The Company's exposure and wherever appropriate, the
credit ratings of its counterparties are continuously monitored and spread amongst various counterparties. Credit
exposure is controlled by counterparty limits that are reviewed and approved by the management of the Company.

Financial instruments that are subject to concentrations of credit risk, principally consist of balance with banks,
investments in debt instruments/ bonds, trade receivables and loans and advances. Other than trade receivables, none
of the financial instruments of the Company result in material concentrations of credit risks.

Balances with banks were not past due or impaired as at the year end. In other financial assets that are not past dues
and not impaired, there were no indication of default in repayment as at the year end.

The age analysis of trade receivables as of the balance sheet date have been considered from the due date and disclosed
in the note no. 9 above.

The Company has used a practical expedient by computing the expected loss allowance for financial assets based on
historical credit loss experience and adjustments for forward looking information.

Other price risks including interest rate risk

The Company has deployed its surplus funds into various financial instruments including units of mutual funds,
debentures, bonds, etc. The Company is exposed to NAV (net asset value) price risks arising from investments in these
funds. The value of these investments is impacted by movements in interest rates , liquidity and credit quality of
underlying securities.

NAV price sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to NAV price risks at the end of the
reporting period. If NAV prices had been 1% higher/lower:

• profit for the year ended March 31, 2026 would increase/decrease by ' 305.35 lakhs (for the year ended
March 31, 2025: increase/decrease by ' 285.08 lakhs).

Liquidity risk

Liquidity risk represents the inability of the Company to meet its financial obligations within stipulated time. To
mitigate this risk, the Company maintains sufficient liquidity by way of readily convertible instruments and working
capital limits from banks. The company has a sanctioned Cash credit limits of ' 3,000 Lakhs (March 31, 2025 : ' 3,000
Lakhs) which remained unutilised as at March 31, 2026.

Maturity profile of financial liabilities:

The table below provides details regarding the remaining contractual maturities of financial liabilities at the

reporting date.

39. The Company neither had transactions with struck off Company during the year nor does it have any outstanding
balance at reporting date.

40. Additional regulatory information

(a) Borrowings are made from banks/ FI on the basis of security of current asset. The returns or statements viz.
Financial follow-up report/Financial report filed by the Company with such banks are in agreement with the
unaudited books of account of the Company for the said period.

(b) The Company has complied with the number of layers of companies as prescribed under clause (87) of section 2
of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

(c) No proceedings have been initiated or pending against the Company under the Benami Transactions (Prohibition)
Act,1988.

(d) The Company has not been declared as a wilful defaulter by any bank or financial institution or any other lender.

(e) The Company has not advanced or loaned or invested funds to any other person or entity, 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.

(f) The Company has not received any fund from any person or entity, including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall: 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.

(g) Proper books of account as required by law have been kept by the Company including the daily back-up of the
books of account and other books and papers of the Company maintained in electronic mode are kept in servers
physically located in India.

41. The Company has neither traded nor invested in crypto currency or virtual currency during the financial year.

42. Undisclosed Income

The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961).

43. The Company has no cases of any charges or satisfaction yet to be registered with ROC beyond the statutory time
limits.

44. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.

45. As per the proviso to Rule 3(1) of Companies (Accounts) Rules, 2014, for the financial year commencing on or after
the 1st day of April 2023, every company which uses accounting software for maintaining its books of account, shall
use only such accounting software which has a feature of recording audit trail of each and every transaction, creating
an edit log of each change made in the books of account along with the date when such changes were made and
ensuring that the audit trail cannot be disabled.

The Company has used certain accounting software for maintaining its books of account for the year ended March
31, 2026 wherein in respect of an accounting software used by the Company for the period April 1, 2025 to December
31, 2025, audit trail (edit log) feature was enabled and operated throughout the period for all relevant transactions
recorded in the software except that audit trail (edit log) feature was not enabled at database level. The Company has
not noted any instances of tampering with the audit trail facility in respect of this accounting software where such
audit trail feature was enabled and operating.

The Company migrated its accounting software w.e.f. January 1, 2026, wherein, audit trail (edit log) feature was
enabled and operated from January 1, 2026 to March 31, 2026 for all relevant transactions recorded in the software
at application level. Also, in respect of database which is maintained by third party service provider, the independent
auditor's report does not cover whether the audit trail was enabled or not at database level, as per the requirements of
rule 3(1) of the Companies (Accounts) Rules 2014.

In respect of another accounting software used for maintaining and processing certain transactions from
January 1, 2026 to March 31, 2026 operated by third party software service providers, as per the independent
auditor's report, audit trail (edit log) feature was enabled and operated throughout the aforesaid period, as per
the requirements of the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014. No instances of audit trail
feature being tampered with has been reported in such independent auditor's report for the aforesaid period.
The audit trail that was enabled and operated till March 31, 2025, has been preserved by the Company as per the
statutory requirements for record retention.

46. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund. Unpaid dividend (refer note 16 (b)) does not include any amount outstanding as at March 31, 2026 which are
required to be credited to Investor Education and Protection Fund.

47. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However,
the date on which the Code will come into effect has not been notified. Company will assess the impact of the Code
when it comes into effect and will record any related impact in the period the Code becomes effective.

48. The financial statements were approved for issue by the board of directors on May 29, 2026.