xxi. Provisions, Contingent Liabilities and Contingent
Assets

A provision is recognised when the Company has a
present obligation (legal or constructive) as a result of
past events and it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation, in respect of which a reliable estimate
can be made of the amount of obligation. Provisions
(excluding gratuity and compensated absences) are
determined based on management's estimate required
to settle the obligation at the Balance Sheet date. In
case the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects the
risks specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is
recognised as a finance cost. These are reviewed at each
Balance Sheet date and adjusted to reflect the current
management estimates. The Company recognises a
provision in respect of an onerous contract when the
expected benefits to be derived from a contract is
lower than the unavoidable costs of meeting the future
obligations under the contract. The provision is measured
at lower of the expected cost of terminating the contract
and the expected net cost of fulfilling the contract.

Contingent liabilities are disclosed in respect of possible
obligations that arise from past events, whose existence
would be confirmed by the occurrence or non-occurrence
of one or more uncertain future events not wholly within
the control of the Company or is a present obligation

that arises from past events but is not recognised
because it is not probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation or the amount of the obligation cannot be
measured with sufficient reliability. A contingent liability
also arises, in an extremely rare case where no reliable
estimate can be made. Contingent assets are disclosed
where an inflow of economic benefits is probable.

xxii. Foreign currency transactions and balances(a) Initial Recognition

Foreign currency transactions are initially recorded in the
reporting currency, by applying to the foreign currency
amount the exchange rate between the reporting
currency and the foreign currency at the date of the
transaction.

(b) Conversion

Monetary assets and liabilities denominated in foreign
currencies are reported using the closing rate at the
reporting date. Non-monetary items which are carried
in terms of historical cost denominated in a foreign
currency are reported using the exchange rate at the
date of the transaction.

(c) Treatment of Exchange Difference

Exchange differences arising on settlement/ restatement
of short-term foreign currency monetary assets and
liabilities of the Company are recognised as income or
expense in the Statement of Profit and Loss

xxiii. Earnings Before Interest, Tax, Depreciation and
amortisation (EBIDTA)

Earnings Before Interest, Tax, Depreciation and
amortization (EBIDTA) is computed by adding interest
(finance cost), tax expenses and depreciation and
amortization expense to net profit for the period/year.

Note 2.2 Recent accounting pronouncements

a. 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. On August 13,
2025, MCA in consultation with the National Financial
Reporting Authority, notified the Companies (Indian
Accounting Standards) Second Amendment Rules,
2025, introducing the following key amendments:

1. Classification of ‘Liabilities as Current or Non¬
current' and ‘Non-current Liabilities with Covenants'
(Amendments to Ind AS 1)

2. Supplier Finance Arrangements (Amendments to
Ind AS 7 and Ind AS 107)

3. International Tax Reform - Pillar Two Model Rules
(Amendments to Ind AS 12)

The Company has reviewed the new pronouncements
and based on its evaluation has determined it does not
have any significant impact on its financial statements
wherever applicable as at and for the year ended 31
March 2026.

b. Standards issued / amendments to existing
standards issued but are yet not effective.

Amendments to Ind AS 1 - Classification of Liabilities
as Current or Non-current and Non-current Liabilities
with Covenants

This amendment also includes specific provisions
that will take effect for reporting periods beginning
on or after 1 April 2026, as outlined below.

Under the existing Ind AS 1, where there is a breach of
a material provision of a long-term loan arrangement
on or before the end of the reporting period with
the effect that the liability becomes payable on
demand on the reporting date, the entity does not
classify the liability as current, if the lender agreed,
after the reporting period and before the approval
of the financial statements for issue, not to demand
payment as a consequence of the breach.

However, the amended requirements stipulate that
entities will no longer be permitted to consider lender
waivers that are granted after the reporting date but
before the financial statements are approved for the
purpose of classification of loans. This amendment is
required to be applied retrospectively in accordance
with Ind AS 8.

The impact of the aforesaid amendment will be assessed
and, where applicable, appropriately recognised in the
standalone financial statements upon the amendment
becoming effective.

d. Shares reserved for issue under Employee Stock Options Scheme:

As at 31 March 2026, the Company has 432,500 (31 March 2025: 483,700) employee stock options issued under the Employee stock option scheme of the
Company to its employees. [Refer note 42]

e. Bonus shares / buy back / shares for consideration other than cash issued during past five years including current year:

(i) Aggregate number and class of shares allotted as fully paid up pursuant to contracts without payment being received in cash - Nil

(ii) Aggregate number and class of shares allotted as fully paid-up by way of bonus shares - Nil

(iii) Aggregate number and class of shares bought back - Nil

Nature and purpose of reserves

i. Securities premium

Securities premium is used to record the premium on issue of shares. The account is utilised in accordance with the provisions of the Companies Act, 2013

ii. Share option outstanding account

The share option outstanding account represents reserve in respect of equity settled share options granted to the Company's employees in pursuance of the Employee Stock
Option Plans. The amounts recorded in this account are transferred to the securities premium account upon exercise of stock options, as applicable. In case of forfeiture,
corresponding balance is transferred to general reserve.

iii. General reserve

Under the erstwhile Companies Act 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in accordance with applicable
regulations. Consequent to the introduction of the Act, the requirement to mandatorily transfer a specified percentage of net profit to general reserve has been withdrawn.

iv. Retained earnings

Retained earnings represents the profits / losses that the Company has earned / incurred till date including gain / (loss) on remeasurement of defined benefits plans as
adjusted for distributions to owners, transfer to other reserves etc.

Note 15.2:

Working capital demand loans facilities of Company are repayable on demand. They carry interest rate ranging from 7.00% to 8.05% p.a. (31 March 2025:7.95% to 8.42%) and
are secured by all existing and future current assets, movable and immovable property, plant and equipment.

Note 15.3:

Other Bank loans carry interest ranging from 7.20% to 7.60% p.a. (31 March 2025: 7.25% to 8.25% p.a.) and are repayable within 1 year.

Note 15.4:

The Company is in compliance with the applicable debt covenants prescribed in the terms of borrowings. Also, there has been no default in repayment of borrowings and
payment of interest during the year.

Note 15.6: Disclosures pursuant to the requirement as specified under Paragraph 6(L)(ix) (a) and (b) of the General Instructions for preparation of Balance Sheet of
Schedule III to the Act:

Year ended 31 March 2026

During the year ended 31 March 2026, the quarterly statements of current assets filed by the Company with banks are in agreement with the books of account.

Year ended 31 March 2025

During the year ended 31 March 2025, the quarterly statements of current assets filed by the Company with banks are in agreement with the books of account

Sensitivities due to mortality are not material and hence the impact of change due to these are not calculated. When calculating the sensitivity of the defined benefit obligation
to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the
reporting year) has been applied when calculating the provision for defined benefit plan recognised in the Standalone Balance Sheet.

The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the previous years.

Although the analysis does not take account of the full distribution of cash flows expected under the plan, it provides an approximation of the sensitivity of the assumptions
shown.

Risk exposure:

The defined benefit plan is exposed to a number of risks, the most significant of which are detailed below:

a) Salary increases - Actual salary increases will increase the obligation. Increase in salary escalation rate assumption in future valuations will also increase the obligation.

b) Investment risk - If plan is funded then assets/liabilities mismatch and actual investment return on assets lower than the discount rate assumed at the last valuation date
can impact the liability.

c) Discount rate - Reduction in discount rate in subsequent valuations can increase the obligation.

d) Mortality and disability - Actual deaths and disability cases proving lower or higher than assumed in the valuation can impact the obligation.

e) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact obligation.

Effective 21 November 2025, the Government of India has consolidated 29 existing labour laws into a unified framework comprising four Labour Codes collectively referred
to as the 'New Labour Codes'. The Company has recognised the estimated incremental impact of INR 0.47 crore in the standalone financial results for the quarter ended 31
December 2025 and year ended 31 March 2026, primarily due to change in the definition of "wages" . The Company continues to monitor the finalisation of Central and State
Rules, as well as Government clarifications on aspects of Labour Codes and will record for adjustment, if any, based on these developments.

Notes:

i. Compensation to key managerial personnel does not include (i) provisional gratuity liability and compensated absences valued by an actuary, as separate figures are not
available and (ii) reimbursement of expenses related to business.

ii. During the year, the Company granted Stock Options to eligible employees, including KMPs under its Employee Stock Option Schemes. Since such Stock Options are not
tradeable, no perquisite or benefit is immediately conferred upon the employee by grant of such Stock Options and accordingly the said grants have not been considered
as 'remuneration'. However, in accordance with Ind AS -102, the Company has recorded employee benefits expense by way of share based payments to employees at
INR 3.28 crores for the year ended 31 March 2026 (31 March 2025 - INR 3.78 crores), of which INR 0.64 crores (31 March 2025 - INR 0.78 crores) is attributable to Abhishek
Kapoor.

iii. Transactions amongst related parties are made on terms equivalent to those that prevail in arm's length transactions and represent the substance over the legal form.

iv. Trade receivables, trade and other payables as at year-end are unsecured and interest free and settlement occurs in cash. For the year ended 31 March 2026, the Company
has not recorded any impairment of receivables relating to amounts owed by related parties (31 March 2025: Nil). This assessment is undertaken each financial year
through examining the financial position of the related party and the market in which the related party operates.

v. The Company has recognised impairment of investment in Artisan Spirits Private Limited amounting to INR 8.11 crores (31 March 2025: Nil). Refer note 5 (ii).

vi. Refer note 6 for terms and condition with respect to loans given to related parties.

vii. All related party transactions entered into during the period were in the ordinary course of business and conducted at arm's length. These transactions have been duly
approved in compliance with the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Note 36 Financial risk management objectives and policies

The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's focus is to foresee the unpredictabilityof
financialmarkets andseekto minimize potentialadverseeffects on its financialperformance.

i Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises
two types of risk: interest rate riskand currency risk. Major financial instruments affected by market risk includes loans and borrowings.

a Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The
Company'sexposure tothe riskof changesin market interest rates relates primarilytotheCompany'stotal debtobligationswithfloating interest rates.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of borrowings affected. With all other variables
held constant, the Company's profit before taxand other equity is affected by change in interest rate by 50 bps on floating rate borrowings, as follows:

ii Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The company is
exposed to credit risk from its operating activities (primarilytrade receivables) and from its financing activities,financial assets. Managementhas a credit policy in
place andthe exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount.

a Trade receivables

Trade receivables are unsecured and mainly includes two types of customer i.e. receivables from sales to government corporations and receivables from sales to
private parties. A substantial portion of the Company'strade receivables are from government corporation customers having strong creditworthiness. Considering
Company's historical experience of collecting receivable, credit risk is low. Hence, trade receivables are considered to be a single class of financial assets. The
Company measured the expected credit loss of trade receivables from individual customers based on historical trend, industry practices and the business
environment in whichthe entityoperates. Loss rates are based on actual loss experience and pasttrends.

b Financial assets other than trade receivables

Financial assets other than trade receivables comprise of cash and cash equivalents, bank balances other than cash and cash equivalents, financial guarantee,
government grant receivables and loan to subsidiaries / employees. The Company monitors the credit exposure on these financial assets on a case-to-case basis.
Given that grants are receivable from the government, credit risk is considered low with no history of credit loss. In case of bank balances and deposits, risk is
considered low since the counterparties are reputed organisationswith no history of defaultto the Company. Loansto subsidiariesare assessedfor credit risk based
on the underlying valuation of the entity and their ability to repay within the contractual repayment terms. The Company presumes increase in credit risk when
financial assets are past due more than 30 days.

Financial guarantees are issued to banks on behalf of its wholly owned subsidiary in respect of borrowings availed by the subsidiary. Underthese arrangements,the
Company is obligatedto make paymentsto the lenders in the event of default by the subsidiary. The maximumexposure to credit risk underthe financial guarantee
contracts is limited to the guaranteed amountoutstandingas at the reporting date i.e. INR 41.96 crores. The Company managesthe credit risk by issuing guarantees
only for its wholly owned subsidiary and by continuously monitoring the subsidiary'sfinancial performance, cash flows and debt-servicing capability. In accordance
with Ind AS 109, expected credit loss (ECL) on financial guarantee contracts is assessed on a lifetime ECL basis. Based on management's assessment of the
subsidiary'sfinancial position and expected future cash flows, no significant increase in credit risk has been observed, and the resultant ECL is not material as at the
reporting date.

iii Liquidity risk

Liquidity is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company's treasury
department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior
management. Management monitors the Company's net liquidity position through rolling forecasts on the basis of expected cash flows. The maximum amount of
exposure stated above for financial guarantee contracts are the maximum amount the Company could be forced to settle underthe arrangement if that amount is
claimed by the counterparty to the guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than not that
no amount will be payable under the arrangement.

a) The Company is engaged in the business of manufacture, purchase and sale of alcoholic beverages (wines and spirits). The Executive Committee of the company
(being the Chief Operating Decision Maker) assesses performance and allocates resources for the business of the Company as a whole and hence the management
considers Company's business activities as a single operating segment.

Further, the entity wide geographical information as required under Ind AS 108 has been disclosed in the consolidated financial statements of the Company. Accordingly,
no separate disclosure of segment information is required in these standalonefinancial statements.

Note 44 Government grants

(a) Government Grants relate to Wine Incentive Promotion Subsidy (WIPS) scheme launched by the state of Maharashtra. Under the WIPS scheme, Value Added Tax
(VAT) paid by Company on wine manufactured from grapes produced in Maharashtra including blending of wine manufactured from grapes purchased within the state
of Maharashtra and subsequently sold in Maharashtra is eligible for 80% refund. The Company being involved in the business of manufacturing and sale of wine, avails
WIPS incentive. There are no unfulfilled conditions or contingenciesattachedto these grants.

(b) Government grants relating to Electric Vehicle

The government grants relates to asset i.e., purchase of electric vehicles. There are no unfulfilled conditions or contingencies attached to these grants. As the grant
relates to assets, the same will be treated as deferred income and will be recognized in the Standalone Statement of Profit and Loss on a systematic and rational basis
over the useful life ofthe related PPE.

(c) Government grants relating to CEFPPC scheme received from MOFPI

Government Grants relate to Creation / Expansion of Food processing and preservation capacities (CEFPPC scheme) under Ministry of Food processing Industries.
Under this scheme, expenses incurred on purchase of plant, property and equipment by Company towards expansion of cellar door facility are reimbursed to Company
byway of grant inaidas per scheme document. There are no unfulfilled conditions or contingencies attached to these grants. As the grant relates to assets, the samewill
be treated as deferred income andwill be recognized in the StandaloneStatement of Profit and Loss on a systematic and rational basis over the useful life of the related
plant, property and equipment..

Pursuant to the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, as inserted by the Companies (Accounts) Amendment Rules, 2021, companies are required
to maintain their books of account using accounting software having an audit trail (edit log) feature 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 changeswere made and ensuring that the audit trail cannot be disabled. In this regard,
the Company's use of accounting software during the year was as follows;

a. The Company has used an accounting software for maintenance of all accounting records which has a feature of recording audit trail (edit log) facility and the same
has been operated throughout the period for all relevant transactions recorded in the accounting software at the application level. However, the database of the said
accounting software is operated by a third-party software provider. The 'IndependentServiceAuditor'sAssurance Report on the Descriptionof Controls, their Designand
Operating Effectiveness' ('Type 2 report' issued in accordance with ISAE 3402, Assurance Reports on Controls at a Service Organization) does not provide any information
for any direct changes made at the database level of the said software.

b. In respect of the accounting software used for maintenance of sales records for the wine tourism services (resort operations), the Company has migrated to a new
software from 22 November 2025 onwards. The accounting software used until 21 November 2025 did not have a feature of recording audit trail (edit log) facility.
Further, the new accounting software used from 22 November 2025 is operated by a third-party software service provider and has a feature of recording audit trail (edit
log) facility and the same has been operated throughout the period for all relevant transactions recorded in the accounting software at the application level. The
'Independent Service Auditor's Assurance Report on the Description of Controls, their Design and Operating Effectiveness' ('Type 2 report' issued in accordance with
American Institute of Certified Public Accountants (AICPA) Statement on Standards for Attestation Engagements No. 18, Attestation Standards: Clarification and
Recodification (SSAE18)) does not provide any information for any direct changes made at the database level of the said software for the aforesaid period.

c. The Company has used an accounting software for maintenance of sales records for the wine tourism services (other than resort operations) which has a feature of
recording audit trail (edit log) facility and the same has been operated throughout the period for all relevant transactions recorded in the accounting software at the
application level. However, the database of the said accounting software is operated by a third-party software provider. The 'IndependentService Auditor's Assurance
Report on the Description of Controls, their Design and Operating Effectiveness' ('Type 2 report' issued in accordance with SAE 3402, Assurance Reports on Controls at a
Service Organization), is not available.

d. The Company has also used an accounting software for maintenance of payroll records which is operated by a third-party software provider and as per the
'IndependentService Auditor's Report on a Description of the Service Organization's System and the Suitabilityof the Design and Operating Effectiveness of Controls'
('Type2 report'issued in accordancewithattestation standardsestablishedby theAmerican Institute of Certified PublicAccountants ('AICPA')), audittrail is enabledand
operatedthroughoutthe year at theapplicationlevel anddatabaselevel to loganydirectdatachanges

Note 49 Other Statutory Information

(i) The Companydoes not have any Benami property, where any proceeding has been initiated or pendingagainstthe Companyfor holdingany Benami property.

(ii) TheCompanydoes not have anytransactionswithstruckoff companies.

(iii) The Companydoes not have any charges or satisfactionwhich is yet to be registered with Registrar of Companies beyond the statutoryyear.

(iv) The Company has not traded or invested in Crypto currency orVirtual Currencyduring the financialyear.

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries)with the understanding
that the Intermediaryshall:

a. directlyor indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalfof the Company (Ultimate Beneficiaries); or

b. directlyor indirectly provide any guarantee, security or the like to or on behalfof the Ultimate Beneficiaries.

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

a. directlyor indirectly lend or invest in other persons or entities identified inany mannerwhatsoever by or on behalfof the Funding Party (Ultimate Beneficiaries); or

b. provide any guarantee, security or the like on behalfof the Ultimate Beneficiaries.

(vii) The Companydoes not have any such transactionwhich 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).

(viii) The Company has not been declaredwilful defaulter by any bankor financial institution or governmentor anygovernmentauthority.

(ix) The Company has compliedwith the numberof layers prescribed underthe CompaniesAct, 2013.

(x) The Company has not entered into any scheme of arrangementwhich has an accounting impact on the current or previous financialyear.

Note 50

Previous year figures have been re-grouped / re-classifiedwherever necessary, to confirm to the current period's presentation wherever considered necessary