(i) The CY>mpan\ had invested Rs 8300 Lakhs in Non-cumulaiive redeemable preference shares (NCRPS) carrying nosi-cumulative dividend of 9% p.a. of lace value of Rs 10.- each . The preference shares cany discretionary dividend in accordance with the terms ol issue. The dividend proposed in die Board ot Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. Bach NCRPS holder is entitled to one vote per share onlv on resolutions placed before the Company which directly affects the rights attached to NCRPS. These shares mav he redeemed, in whole or in part, at the option of the company at any time subject to satisfaction of certain conditions, at the stipulated redemption amount and if not redeemed earlier, these shares will he redeemed on or before 11 December 2032.
(sii)The Company had received a Onetime settlement proposal (OTS) as given by JCF ARC for an amount of Rs. 7.000 lakhs and the Company has already paid the same within the stipulated time & No Due Certificates were received from the JCF ARC. Reversal ot Corporate guarantee issued to Subsidiaries no longer required amounting to Rs. 53.283 lakhs.
During the previous year, the Company had signed a share purchase agreement for divesting Us entire equity investment in Northroof Ventures Private Limited (NorlhrooD and full sale consideration has already been received and the share transfer executions have been completed on 31 December 2025. The Company has also sinned a share purchase agreement for divesting its equity investment in Marathaiii Ventures Private Limited (Marathalli} and the process ol share transfers and receipt of sale consideration hav e been completed on 9th January 2026. Accordingly both Nonhroot and Marathalli cease to be subsidiaries as on reporting date.
(i) includes payable to landowner for land under Joint Development Agreement <JDA) amounting Rs 1.456 Lakhs (P\ - Rs. 1.456 lakhs) which is payable to land owners and disclosed in note no 17 under the head ''Liability under joint development arrangement".
(ii) The Company has encaged in the business of purchase and sale of shares as per change in the object clause of the Memorandum of Association of the Company from earlier years
i) Advances for land though unsecured, are considered good as the advances have been given based on arrangements memorandum of understanding executed by the Company and the Company seller intermediary is in the course of obtaining clear and marketable title, free from all encumbrances, including for certain properties under litigation.
ii) The Company has granted unsecured loans and advances ofRs. 659 lakhs (PY 1.033 lakhs) to Northroof Ventures Private [.milted in the ordinary course of business. Such advances are part of business policies and are not prejudicial to the interest of the Company.
As the company in the instant ease | Northroof (Subsidiary till 31.12.2025 >] has negative networth. the said advance of Rs. 65c> lakhs has been impaired in the books as indicated above.
iii) Amount paid by the company to the land owners for the land towards joint development of the property is recognised as deposit since it is refundable after completion of the project.
14(i> The Company during the current years had exited Plaza project. Tire Company had received a Onetime settlement proposal (OTS) as given by ,!( F ARC lor an amount of Rs. 7,000 lakhs and the Company has already paid the same within the stipulated time and No Due Certificates were received from the JCF ARC. The Company had also earlier received a OTS from HDFC Limited for an amount of Rs. 4.590 lakhs and after considering payments made the balance outstanding was Rs 1.554 lakhs and this also has now been paid off. Accordingly the Company has reversed disputed liability as per One Time Settlement agreement.
14{ii) The Company has disputed employee liability to the extent of Rs. P lakhs (PY - Rs. IX lakhs) during the year due to certain contractual obligations and lock in periods not being honored.
17 (i} The Company had entered into the Joint Development Agreement (JO A) with land owners for development of the properties at its own cost ot dev elopment and for the consideration of the land of the land owner, the company shares the residential flats or revenue from the commercial property as per joint!) agreed terms and conditions of the agreement. Hie land acquired by the company from the land ow ner was initially recorded in the books of account at the estimated cost of construction for the share of the property to be handed over to land owner on completion of the construction development ot the properly.
lAnj Final settlement is still continuing with Long Island Maintenance Project where the Company renders maintenance services and because ot the dispute, revenue has not been recognized since last year for the maintenance sen ices.
Terms and conditions of transactions wit!) related panics
1) Remuneration paid to KMP includes perquisites evaluated as per Income tax Rules and excludes provision Ibr/contribution to gratuity and unveiled leave which are based on actuarial valuation done on an overall group basis (cannot be individually identified) arc excluded in the disclosure above. Further the remuneration to KMP excludes accrual for bonus/incemives which is considered in the year in which the same is actually paid out.
2) The above information has been determined to the extent such parlies have been identified on the basis of information provided by the Company, winch has been relied upon by the auditors.
Level 1 inpurs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
Level 2 inputs arc inputs other than quoted prices included within level 1 that arc observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.
There have been no transfers between the levels during the period.
The management assessed that the carrying values of cash and cash equivalents, trade receivables, deposits, trade payables and other financial assets and liabilities approximate their fair values largely due to the short-term maturities.
The Companv lias a defined benefit graumy plan (unfunded) as at 51st March 202ft and as at 51st March 2025. The Company's defined benefit gratuity plan is a final salary plan.
a) a) Gratuity - (Unfunded)
As at 51st March 2026 the Graumy plan of the company is unfunded. The company is only making hook provision for the entire Gratuity liability on the valuation and follo\\s"pay as you no" system to meet tire liabilities as and when they fall due. Therefore, the scheme fully unfunded, and no assets are maintained In the company and asset values are taken as zero; there is a liquidity risk in that duty may run out of cash.
b) Cost of f.oim term benefit hv wav of accumulated compensated absence arising during tire service period of employees is calculated based on cost ot service and the pattern oi leave availment. The present value of obligation towards avaitnrem under such long term benefit is determined based on the actuarial valuation earned on by ast Independent Actuary usine protected limit credit method as at tire close of accounting period. The Company is providing liability as per actuarial valuation in its books oi account as the plan is not funded.
The followum tables summarise the components of net benefit expense recognised m the statement of profit or loss and the funded status and amounts recognised in the balance sheet for the respective plans:
vii. The defined benefit obligations have the undermentioned risk exposures-
Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.
Salary Inflation risk : Higher than expected increases in salary will increase the defined benefit obligation.
Demographic risk : This is the risk of volatility of results due to unexpected nature of decrements that irelude mortality attrition, disability and retirement. The effects of this decrement on the DBO depend upon the combination salary increase, discount rate, and vesting criteria and therefore not very straight forward. It is important not to overstate withdrawal rale because the cost of retirement benefit of a short eating eniplovees will be less compared to long service employees.
33 Earnings per share j'EPS'l
Basic FPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number oi Equity shares outstanding during the year.
Diluted FPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of Equity shares outstanding during the Year plus the weighted average number of Equity shares that would be issued on conversion ot all the dilutive potential Equity shares into Equity Shares.
The Company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the acquisition and Company's real estate operations. The Company's principal financial assets include Trade Receivable, cash and cash equivalents that derive direetlv from us operations and refundable deposits which is giv en on acquisition of land to land owners.
The Companv is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the management of these risks. The Company's senior management is supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework for the Company. The financial risk committee provides assurance to the Company's senior management that the Company's financial risk activities are governed bv appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.
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 three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings. The sensitivity analyses in the following sections relate to the position as at 31 March 2026 and 31 March 2025. The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to Healing interest rales ot the debt.
The analyses exclude the impact of movement in market variables on: the carrying values of gratuity and other post retirement obligations: and provisions.
The following assumptions have been made in calculating the sensitivity analysis:
1. The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at 3 \ March 2026 and 3 1 March 2025.
ii. interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's long-term debt obligations with floating interest rates.
iii. Credit risk
Credit risk arises from cash held with banks and financial instinuions. as well as credit exposure to clients, including outstanding accounts receivable. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective ol managing counterparty credit risk is to prevent losses m financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.
Financial Instrument and Cash Deposit
Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in accordance with the Company's police. Investments of surplus funds arc made only with approved counterparties and loans are given only within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company's Board of Directors on an annual basis, and mav be updated throughout the year subject to approval of the Company's Finance Committee. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty's potential failure io make payments. The Company's maximum exposure to credit risk for the components of the statement ot financial position at 3 I March 2026 and 31 March 2025 is the carrying amounts.
Fur the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders oi the Company. The primary objective of the Company's capital management is to maintain strong credit rating and healthy capital ratios in order to support its business and maximise the shareholder \alue.
The Company manaucs its capital structure and makes adjustments in light oi changes in economic conditions and the requirements o! the financial covenants, lo maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares, the Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company's policy is to keep the gearing ratio minimal. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations.
No chamies were matte in tire objectives, policies or processes for managing capital during the y ears ended 3 1st March 202b and 3 1 si March 2025.
40 Recent Pronouncements
Ministry of Corporate Affairs (MCA) notilics new standards or amendments to the existing standards under Companies!Indian Accounting Standard} Rules, as issued from time to tune.
In May. 2025. MCA notified amendments to hid AS 21-The Ffleets of Changes in Foreign Fxehange Rates, applicable w.e.f. 1st April 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. For the year ended 3 t si March 202b. MCA has notified amendments to the following standards:
1. Ind AS L Presentation of Financial Statements, applicable w.e.f. 1st April 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 1 2 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.
2. ind AS 7. Statement of ('ash Flows and Ind AS 107. Financial Instruments : Disclosures, applicable w.e.f. 1st April 2025-The amendment m 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.
3. Ind AS 107 has been amended lo add supplier finance arrangements as a factor that may cause concentration ol liquidity risk. I he Company has reviewed the amendment and based on its evaluation has determined that it does not have any significant impact m its financial statements.
4. Ind AS 12. International Tax Reform - Pillar Tw o 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 Company has no impact of these amendments in its classification criteria of current and non-current liabilities.
41 As per para 4 of Indian Accountin'! Standard (Ind AS) IPS - Operating Segments, if a financial rcpoit contains both the consolidated financial statements ot a parent that is within the scope of this Ind AS as well as the parent's separate financial statements, segment information is required only in the consolidated financial statements. Hence seument information as required under Ind AS 3OX - Operating Segments is given in the Consolidated Ind AS financial statements of the Company.
42 Going C oncern
These financial statements have been prepared on a going concern basis. lienee these iinanciai statements does not require any adjustments relating to recoverability and classification of asset amounts or to classification of liabilities that may be necessary if the Company is unable to continue as a going concern.
43 Prior year comparatives
The figures of the prec ious year have been regrouped / reclassified, where necessary, to conform with the current year's classification.
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