2.14 Provisions, contingent liabilities and contingent
assets

Provisions

A provision is recognised when the Company has a
present obligation (legal or constructive) as a result of

past event, it is probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation and a reliable estimate can be
made of the amount of the obligation. These estimates
are reviewed at each reporting date and adjusted
to reflect the current best estimates. If the effect
of the time value of money is material, provisions
are discounted using a current pretax rate that
reflects, when appropriate, 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.

Contingent liabilities

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or
more uncertain future events beyond the control of
the Company or a present obligation that is not
recognised because it is not probable that an outflow
of resources will be required to settle the obligation. A
contingent liability also arises in extremely rare cases,
where there is a liability that cannot be recognised
because it cannot be measured reliably. the Company
does not recognise a contingent liability but discloses
its existence in the standalone financial statements
unless the probability of outflow of resources is remote.

Contingent assets

A contingent asset is not recognized unless it becomes
virtually certain that an inflow of economic benefits
will arise. When an inflow of economic benefits is
probable, contingent assets are disclosed in the Ind
AS financial statements.

2.15 Foreign currency translation

(i) Foreign currency transactions and
translations

The financial statements of the Company are
presented in Indian Rupee ("Rs."), which is the
functional currency of the Company and the
presentation currency for the financial statements.

In preparing the financial statements, transactions
in currencies other than the entity's functional
currency are recorded at the rates of exchange
prevailing on the date of the transaction. At
the end of each reporting period, monetary
items denominated in foreign currencies are re¬
translated at the rates prevailing at the end of
the reporting period. Non-monetary items carried
at fair value that are denominated in foreign
currencies are retranslated at the rates prevailing

on the date when the fair value was determined.
Non-monetary items that are measured in terms
of historical cost in a foreign currency are
not translated.

Exchange differences arising on the re¬
translation or settlement of other monetary items
are included in the statement of profit and loss
for the period.

2.16 Fair value measurement

The Company measures financial instruments at fair
value at each balance sheet date. Fair value is the
price that would be received to sell an asset or paid
to transfer liability in an ordinary transaction between
market participants at the measurement date. The fair
value measurement is based on the presumption that
the transaction to sell the asset or transfer the liability
takes place either:

(i) In the principal market for asset or liability, or

(ii) In the absence of a principal market, in the
most advantageous market for the asset or
liability. The principal or the most advantageous
market must be accessible by the Company.
The fair value of an asset or liability is measured
using the assumptions that market participants
would use when pricing the asset or liability,
assuming that market participants act in their
economic best interest.

A fair value measurement of a non- financial asset
takes into account a market participant's ability to
generate economic benefits by using the asset in its
highest and best use or by selling it to another market
participant that would use the asset in its highest and
best use. The Company uses valuation techniques
that are appropriate in the circumstances and for
which sufficient data are available to measure fair
value, maximizing the use of relevant observable
inputs and minimizing the use of unobservable
inputs. All assets and liabilities for which fair value is
measured or disclosed in the standalone standalone
financial statements are categorized within the fair
value hierarchy, described as follows, based on the
lowest level input that is significant to the fair value
measurement as a whole:

Level 1- Quoted(unadjusted) market prices in active
markets for identical assets or liabilities

Level 2- Valuation techniques for which the lowest level
input that is significant to the fair value measurement
is directly or indirectly observable

Level 3- Valuation techniques for which the lowest level
input that is significant to the fair value measurement
is unobservable

For assets and liabilities that are recognized in the
standalone standalone financial statements on a
recurring basis, the Company determines whether
transfers have occurred between levels in the hierarchy
by re-assessing categorization (based on the lowest
level input that is significant to fair value measurement
as a whole) at the end of each reporting period. For
the purpose of fair value disclosures, the Company has
determined classes of assets and liabilities on the basis
of the nature, characteristics and risks of the asset or
liability and the level of the fair value hierarchy as
explained above.

2.17 Service Concession arrangements

Service Concession arrangements are based on the
nature of consideration and arising from the power
generation business.

Revenue

The Company recognises revenue when services are
provided to the customer at transaction price that
reflects the consideration to which the Company
expects to receive in exchange for those services.
Revenue from power generation business is accounted
on the basis of billings to the power off takers and
includes unbilled revenue accrued up to the end of
accounting year. Power off takers are billed as per
tariff rate, agreed in purchase power agreement.
Operating or service revenue is recognised in the
period in which services are rendered by the Company.

Intangible assets

The Company recognises an intangible asset arising
from a service concession arrangement when it has right
to charge for usage of the concession infrastructure.
An intangible asset received as consideration for
providing construction services in service concession
arrangement is measured at cost, less accumulated
amortisation, and accumulated impairment losses, if
any. Internal technical team or user assess the useful
lives of intangible asset. Management believes that
assigned useful lives of 25 years of service concession
arrangement projects are reasonable.

Determination of fair value

The fair value of intangible assets is determined
by contract price paid for construction of service
concession arrangement.

2.18 Segment Reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision maker.

The Board of directors of the Company has been
identified as the Chief Operating Decision Maker
which reviews and assesses the financial performance
and makes the strategic decisions.

2.19 Key accounting judgments, estimates and
assumptions

The preparation of the standalone financial statements
requires the management to make judgments, estimates
and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of
contingent liabilities. Uncertainty about these judgements,
assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of
the asset or liability affected in future periods.

a) Company as a lessee

The Company determines the lease term as
the noncancellable term of the lease, together
with any periods covered by an option to
extend the lease if it is reasonably certain to
be exercised, or any periods covered by an
option to terminate the lease, if it is reasonably
certain not to be exercised. The Company has
several lease contracts that include extension
and termination options. The Company applies
judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to
renew or terminate the lease. That is, it considers
all relevant factors that create an economic
incentive for it to exercise either the renewal or
termination. After the commencement date, the
Company reassesses the lease term if there is
a significant event or change in circumstances
that is within its control and affects its ability
to exercise or not to exercise the option to
renew or to terminate (e.g., construction of
significant leasehold improvements or significant
customisation to the leased asset).

b Company as a lessor

The Company has entered into commercial
property leases on its investment property. The
Company has determined, based on an evaluation
of the terms and conditions of the arrangements,
such as the lease term not constituting a major
part of the economic life of the commercial
property and the present value of the minimum

lease payments not amounting to substantially all
of the fair value of the commercial property, that
it retains substantially all the risks and rewards
incidental to ownership of these properties and
accounts for the contracts as operating leases.

c) Defined benefit plans

The cost of defined benefit plans and leave
encashment is determined using actuarial
valuations. An actuarial valuation involves
making various assumptions which may differ
from actual developments in the future. These
include the determination of the discount rate,
future salary increases, mortality rates and future
pension increases.

Due to the complexity of the valuation, the
underlying assumptions 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. In determining the appropriate discount
rate, management considers the interest rates of
long term government bonds with extrapolated
maturity corresponding to the expected duration
of the defined benefit obligation.

The mortality rate is based on publicly available
mortality tables for India. Future salary increases
and pension increases are based on expected
future inflation rates for India. Further details
about the assumptions used, including a
sensitivity analysis, are given in notes to the
financial statement.

d) Impairment of financial assets

The impairment provisions of financial assets are
based on assumptions about risk of default and
expected loss rates. the Company uses judgment
in making these assumptions and selecting the
inputs to the impairment calculation, based
on Company's past history, existing market
conditions as well as forward looking estimates
at the end of each reporting period.

e) Impairment of non-financial assets

The Company assesses at each reporting date
whether there is an indication that an asset may
be impaired. If any indication exists, or when
annual impairment testing for an asset is required,
the Company estimates the asset's recoverable
amount. An assets recoverable amount is the
higher of an asset's CGU's fair value less cost of
disposal and its value in use.

Where the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset is
considered impaired and is written down to its
recoverable amount. In assessing value in use, the
estimated future cash flows are estimated based
on past trend and 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. In determining
fair value less costs of disposal, recent market
transactions are taken into account. If no such
transactions can be identified, an appropriate
valuation model is used.

f) Provision for warranty

Provisions for warranties is measured at
discounted present value using pre-tax discount
rate that reflects the current market assessments
of the time value of money and the risks specific
to the liability. Warranty provisions is determined
based on the historical percentage of warranty
expense to sales for the same types of goods for
which the warranty is currently being determined.
The same percentage to the sales is applied
for the current accounting period to derive the
warranty expense to be accrued. It is very unlikely
that actual warranty claims will exactly match the
historical warrant percentage, so such estimates
are reviewed annually for any material changes in
assumptions and likelihood of occurrence.

g) Property, Plant and Equipment, investment
properties and intangible assets

Property, Plant and Equipment, investment
property, and intangible assets represent
significant portion of the asset base of the
Company. The charge in respect of periodic
depreciation is derived after determining an
estimate of assets expected useful life and
expected value at the end of its useful life.
The useful life and residual value of Company's
assets are determined by Management at the
time asset is acquired and reviewed periodically
including at the end of each year. The Company
uses its technical expertise along with historical
and industry trends for determining the economic

useful life of an asset/component of an asset.
The useful lives are reviewed by management
periodically and revised, if appropriate. In case
of a revision, the unamortised amount is charged
over the remaining useful life of the assets.

2.20Recent accounting pronouncements

The Ministry of Corporate Affairs (MCA) has notified
the following amendments:

Amendments to Ind AS 21 - Lack of exchangeability

On 09 May 2025, Ministry of Corporate Affairs
(MCA) notifies the amendments to Ind AS 21 - Effects
of Changes in Foreign Exchange Rates. These
amendments aim to provide clearer guidance on
assessing currency exchangeability and estimating
exchange rates when currencies are not readily
exchangeable. The amendments are effective for
annual periods beginning on or after April 01, 2025.

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

In August 2025, the MCA notified amendments
to paragraphs 69 to 76 of Ind AS 1 to specify the
requirements for classifying liabilities as current or
non-current. The amendments clarify:

a) What is meant by a right to defer settlement

b) That a right to defer must exist at the end of the
reporting period

c) That classification is unaffected by the likelihood
that an entity will exercise its deferral right

d) That only if an embedded derivative in a
convertible liability is itself an equity instrument
would the terms of a liability not impact
its classification

In addition, a requirement has been introduced to
require disclosure when a liability arising from a loan
agreement is classified as non-current and the entity's
right to defer settlement is contingent on compliance
with future covenants within twelve months.

If there is a breach of a material covenant of a long
term loan arrangement on or before the end of the
reporting period, resulting in the liability becoming
payable on demand as at the reporting date, and the
lender agrees—after the reporting period but before
the financial statements are approved for issue—not
to demand repayment for at least 12 months as a
consequence of the breach, this shall be treated as an
adjusting event. Accordingly, the entity is not required
to classify the liability as current.

The amendments are effective for annual reporting
periods beginning on or after 1 April 2025
retrospectively in accordance with Ind AS 8.

The amendments do not have material impact on the
Company's standalone financial statements.

2.21 Standards issued but not yet effective

The new and amended standards that are notified by
the Ministry of Corporate Affairs (MCA), but not yet
effective, up to the date of issuance of the Company's
standalone financial statements are disclosed below:
The Company will adopt these amendments to the
standards, when they become effective.

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

In accordance with Ind AS 1 currently applicable,
breach of an immaterial covenant is ignored deciding
in current vs. non-current classification of liabilities.
Also, in case of breach of a material covenant of a
non-current loan on or before the reporting date, the
entity can obtain waiver from the lender after the
reporting date and continue to classify the loan as
non-current liability.

In accordance with changes to Ind AS 1 already
notified by the MCA, the above relaxations to classify
loan as non-current liability will not be available
from FY 2026-27 onward and need to be applied
retrospectively. Consequently:

i) A breach of either material or immaterial covenant
will trigger current classification of liability.

ii) To continue classifying loan as non-current
liability, entities will need to obtain waiver from
the breach on or before the reporting date.

The Company is currently assessing the impact
the amendments will have on its standalone
financial statements.

Note:

a) Refer note 21 for the assets forming part of property, plant and equipment which are offered as security/ charge for
the borrowings availed by the Company.

b) The freehold land represents land at Bidadi and Jala Industrial Area IT Park, acquired by the Company during financial
year 2014-15 from Karnataka Industrial Areas Development Board (KIADB), on a lease-cum-sale basis. The land was
under lease for initial period of ten years thereafter the ownership of the land has been transferred in favour of the
Company. Total consideration has been paid by Company at the time of inception of agreement to the KIADB for
acquisition of land and thereafter, the Company having obligations under lease is yearly recurring maintenance
charges during the lease period.

Accordingly, during the current year, the said land has been converted from leasehold to freehold land upon completion
of necessary documentation and formalities with KIADB and the Company has now reclassified the said land from
leasehold land to freehold land under Property, Plant and Equipment.

c) The title deeds of all the immovable properties included in property, plant and equipment, are held in the name of the
Company as at the balance sheet dates.

(b) Investment property represents building at Bidadi, Karnataka given on lease.

(i) The Company had obtained independent valuation of H 373.02 million from certified valuer for its investment
property as at March 31,2026, (H36.67 millions for March 31,2025) and these valuations are based on valuation
performed by an independent valuer registered in terms of the Act.

(ii) There is no contractual obligation to purchase, construct or develop investment property or for repairs, maintenance
and enhancement thereof and there are no restriction on remittance of income and proceeds of disposal.

(iii) The investment property is Building purchased through sale-cum lease agreement. The formalities of registration
of sale cum lease agreement are completed.

(iv) The title deeds of all the immovable properties included in property, plant and equipment, are held in the name
of the Company as at the balance sheet date.

(i) In the current financial year, the Company has acquired additional equity in Pace Renewable Energies Private Limited,
thereby increasing its ownership from 93.87% to 100%. As a result, Pace Renewable Energies Private Limited has
become a wholly owned subsidiary of the Company.

(ii) During the year, AP Digital infra Private Limited, a subsidiary, was struck off from the Register of Companies pursuant to
the provisions of the Companies Act, 2013. Consequently, the Company ceased to hold its investment in the Company.

(iii) During the year, the Company has pledged 3,82,17,777 equity shares held as investments in its wholly owned subisidiary
namely "Pace Renewable Energies Private Limited" (PREPL) with the lenders for loan taken by PREPL

Sub-division of equity shares

During the previous year, the Company approved the sub-division of each equity share having a face value of H 10 into
5 equity shares of H 2 each, pursuant to the resolution passed by the shareholders at the extraordinary general meeting
held on October 16, 2024. The share split became effective from the record date, November 06, 2024.

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

The Company has one class of equity shares having par value of H2 per share (March 31,2025: H2 per share).Accordingly,
all equity shares rank equally with regard to dividends and share in the Company's residual assets. Each shareholder is
eligible to one vote per share held. The equity shareholders are entitled to receive dividend as declared from time to time.

Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders
of the equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

During the current year, there has been a change in the promoter and promoter group shareholding pursuant to a
Initial Public Offer (IPO).

During previous year, there has been a change in the promoter and promoter group shareholding pursuant to a private
placement of equity shares.

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

The Company has not allotted any fully paid up shares pursuant to contract(s) without payment being received in cash.
The Company has not bought back any class of shares during the period of five years immediately preceeding the
balance sheet date except the detail as mentioned below:

Bonus issue of equity shares

During the previous year, the company issued and allotted fully paid-up bonus shares at par in the ratio of 5:1 (i.e., five
equity shares of H2 each for every one fully paid-up equity share of H2 each), pursuant to the approval of shareholders
granted in the Board meeting held on February 03, 2025. The allotment was made based on the record date of
January 31, 2025.

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

Nature and purpose of reserves:

(i) Retained earnings

Retained earning are profit/loss that the Company has earned till date less transfer to other reserve, dividend or other
distribution or transaction with shareholder.

(ii) General reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.
There is no policy of regular transfer. As the general reserve is created by a transfer from one component of equity to
another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified
subsequently to profit or loss.

(iii) Other comprehensive income

Other items of other comprehensive income consist of re-measurement of net defined benefit liability.

(iv) Securities premium

The securities premium account is used to record the premium received on the issue of shares. This reserve can be
utilized only for limited purposes, such as the issuance of bonus shares, in accordance with the provisions of the
Companies Act, 2013.

26 Current financial liabilities - borrowing (Contd..)

i) Secured loans:-

Notes:

From banks

Details of cash credit and working capital demand loan:

(a) The Company has availed cash credit and working capital demand loan facilities from Canara Bank i.e sanctioned
limit of H 550.00 million, outstanding balance as at March 31,2026 : H 398.28 million (March 31, 2025 : H 413.65).
These facilities are secured by pari-passu charge against all inventory and trade receivables,present and future,
and are guranteed by director. The loan are repayable on demand and carry interest rate in the range of
9.70% to 11.75% P.a.

(b) The Company has availed cash credit and working capital demand loan facilities from HDFC Bank i.e sanctioned
limit of H 500 million, outstanding balance as at March 31,2026 : H 495.55 million (March 31, 2025 : HNil). These
facilities are secured by pari-passu charge against all inventory and trade receivables present and future, and
are guaranteed by director. The loan are repayable on demand and carry interest rate in the range of 8.75% P.a.

(c) Certain suppliers are subject to supplier financing arrangements whereby the original obligation to the supplier
is extinguished upon payment by a financing institution and replaced by an obligation to the financier, with a
significantly extended repayment period and outstanding balance as at (March 31,2026: H652.55 million, March
31, 2025: Nil).

ii) Unsecured loan

a) The unsecured loans from related parties and directors are repayable on demand and carries interest rate
at 12.00 % p.a.

Note:

a) The Company engaged in business transactions with the related party, Pace Power Tanzania Limited, in a previous
years for the import of goods or services. As a result, the Company has outstanding foreign currency payables
amounting to H 1.18 million. However, these payables have remained unsettled for more than three years from
the transaction date, as Pace Power Tanzania Limited does not have a bank account to which the company can
transfer the funds within the timeframe prescribed under the Foreign Exchange Management Act, 1999.

In accordance with the Reserve Bank of India's (RBI) Master Direction on the Import of Goods and Services, prior
approval from an AD Category-I Bank/RBI is required for an extension, except in cases where the foreign currency
payable is settled within six months or within 12 months if the shipment date for imports was on or before July
31, 2020. The Company is subject to approval from the AD Category-I Bank/RBI to ensure compliance with the
Foreign Exchange Management Act, 1999.

32 Revenue from operations (Contd..)

B. Disaggregation of revenue from contracts with customers :

The Company undertakes Telecom Towers, Transmission Line Towers survey, Tower Accessories, supply of materials,
design, erection, testing and commissioning on a turnkey basis, development, operation and maintenance of EPC
projects, generation of power from renewable energy sources i.e. solar, rooftop solar projects and related ancillary
services and operating and maintaining solar power plants as an Independent Power Producer (IPP) and Captive
Power Producer (CPP) and trading of goods and other related services.

(b) The details of Corporate Social Responsibility as prescribed under section 135 of the companies Act,
2013 are as follows:

As per provisions of section 135 of the Companies Act, 2013, the Company has to incur at least 2% of average net
profits of the preceding three financial years towards Corporate Social Responsibility ("CSR"). Accordingly, a CSR
committee has been formed for carrying out CSR activities as per the Schedule VII of the Companies Act, 2013.
Details are as below:

Gross amount required to be spent by the Company during the year (March 31,2026 H36.80 million, March 31, 2025 H
16.02 million).

39 Earnings per Share ("EPS")

The Company presents the basic and diluted EPS data for its equity shares

(i) Basic EPS is computed by dividing the net profit for the year attributable to the equity shareholders of the Company
by the weighted average number of equity shares outstanding during the year;

(ii) Diluted EPS is computed by adjusting the net profit for the year attributable to the equity shareholders and the
weighted average number of equity shares considered for deriving basic EPS for the effects of all the equity shares
that could have been issued upon conversion of all dilutive potential equity shares.

Note:

During the current year, the Company issued 3,74,09,047 equity shares of H2 each pursuant to an Initial Public Offer (IPO),
aggregating to H8,191.48 million (including securities premium), comprising 55,080 shares issued to employees at H199 per
share and 3,73,53,967 shares issued to other investors at H219 per share which got alloted on October 03, 2025.

The Board of Directors, at their meeting held on October 16, 2024, recommended for the sub-division of equity shares of the
Company from existing face value of H 10/- each into face value of H 2/- each (i.e. split of 1 equity share of H 10/- each
into 5 equity shares of H 2/- each), and the same has been approved by the shareholders in the extraordinary general
meeting of the Company held on October 16, 2024. Accordingly, face value of the equity shares of the Company now stand
at H 2/- each w.e.f. the record date November 06, 2024.

Pursuant to the approval of shareholders granted in the board meeting held on February 01, 2025, the Company issued and
allotted fully paid-up "bonus shares" at par in the proportion of five new equity shares of H 2 each for every one existing
fully paid-up equity share of H 2 each held as on the record date of February 03, 2025.

e) The Company has entered into leases of low-value assets and short-term leases (less than twelve months). In line with
applicable accounting standards, these leases are not recognized as right-of-use assets or lease liabilities. Instead,
lease payments are expensed on a straight-line basis under "Rent expenses" in the statement of profit and loss.

B. Company's as a lessor

The Company has given a premises under cancellable operating lease arrangement. For gross carrying amount,
accumulated depreciation and depreciation recognized in the statement of profit and loss in respect of such portion
of the leased premises (Refer note 6).Lease income is recognised in the statement of profit and loss under "Other
Income". Initial direct costs incurred, if any, to earn revenues from a lease are recognised as an expense in the
statement of profit and loss in the period in which they are incurred.

i. Company has provided corporate guarantees on behalf of the Pace Renewable Energies Private Limited to
Indian Renewable Energies Development Agency Limited (IREDAL) for the loan facilities extended by the lender.
Further, based on a valuation carried out by an independent valuer, the fair value of the corporate guarantee is
determined, and accordingly,corporate guarantee interest has been charged.

The details of such corporate guarantees provided / (released) during the period and the closing balance of such
corporate guarantees is given below:

42 Related party disclosures: (Contd..)

ii. Company has provided joint corporate guarantees with Pace Renewable Energies Private Limited and Pace
Power System on behalf of the Lineage Power Private Limited to canara bank for the various credit facilities
extended by the lenders (including non-fund based facilities).The said corporate guarantee continues to remain
in force during the current year. Further, based on a valuation carried out by an independent valuer, the fair value
of the corporate guarantee is determined to be Nil, and accordingly, no corporate guarantee interest has been
charged or recognised.

The details of such corporate guarantees provided / (released) during the period and the closing balance of such
corporate guarantees is given below:

iii. Pace Renewable Energies Private Limited, Lineage Power Private Limited and Pace Power System have provided
joint corporate guarantees on behalf of the Company to canara bank for the various credit facilities extended
by the lenders (including non-fund based facilities).The said corporate guarantee continues to remain in force
during the current year. Further, based on a valuation carried out by an independent valuer, the fair value of
the corporate guarantee is determined to be Nil, and accordingly, no corporate guarantee interest has been
charged or recognised.

The details of such corporate guarantees received/ (released) during the period and the closing balance of such
corporate guarantees is given below:

iv. Related parties and their relationships are as identified by the management and relied upon by the auditors. All
transactions are conducted in the ordinary course of business and at arm's length.

v. No termination benefits or share-based payment arrangements existed during the year March 31,2026 and March
31,2025 and accordingly no related expense, liability, or reserve has been recognised.

43 Employee benefits

Disclosures pursuant to Ind AS - 19 "Employee Benefits" (notified under the section 133 of the Companies Act 2013 (the Act)
read with Companies (Indian Accounting Standards) Rule 2015 (as amended from time to time) and other relevant provision
of the Act) are given below :

Defined contribution plans:

The Company makes contribution in the form of provident funds as considered defined contribution plans and contribution
to Employees Provident Fund Organisation.The Company has no further payment obligations once the contributions have
been paid. Following are the schemes covered under defined contributions plans of the Company:

Provident fund plan & Employee pension scheme: The Company makes monthly contributions at prescribed rates towards
Employee Provident Fund administered and managed by Ministry of Labour & Employment, Government of India.

Employee state insurance: The Company makes prescribed monthly contributions towards employees state insurance scheme
and payment made to Employee State Insurance Corporation, Ministry of Labour & Employment, Government of India.

Defined benefit plan- gratuity

The Company operates following defined benefit obligations:

Gratuity: In accordance with the applicable laws, the Company provides for gratuity, a defined benefit retirement
plan ("The Gratuity Plan") covering eligible employees.The gratuity plan provides for a lump sum payment to vested
employees on retirement,death, incapacitation or termination of employment that are based on last drawn salary
and tenure of employment. Liabilities with regard to the gratuity plan are determined by actuarial valuation on the
reporting date.

The following tables summaries the components of net benefits expense recognised in the statement of profit and loss
(including other comprehensive income) and the amount recognised in the statement of assets and liabilities for the
respective period.

i) Reconciliation of opening and closing balances of the present value of the defined benefit obligation:

The following table shows a reconciliation from the opening balances to the closing balances for the net defined
benefit (asset)/liability and its components

The Company has estimated and recognized the impact of the implementation of the new Labour Codes under
employee benefits expense for the year ended March 31, 2026. The impact of the same is not material to the
results for the year.

44 Disclosure on financial instruments

This section gives an overview of the significance of financial instruments for the Company and provides additional
information on balance sheet items that contain financial instruments.

The details of material accounting policies, including the criteria for recognition, the basis of measurement and the basis
on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity
instrument are disclosed in the standalone financial statements.

A. Accounting classification, fair values measurements and fair value hierarchy

The management has assessed that trade receivables, cash and cash equivalents, other bank balances, loans, other
financial assets, investments, borrowings, trade payables, lease liabilities and other financial liabilities approximate
their carrying amounts largely due to the short-term maturities of these instruments and are valued at level 3.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following
methods and assumptions were used to estimate the fair value.

(i) The fair values of the Company's interest-bearing borrowings are determined by using effective interest rate (EIR)
method using discount rate that reflects the issuer's borrowing rate as at the end of the reporting period. The own
non-performance risk as at March 31, 2026 and March 31, 2025 was assessed to be insignificant.

(ii) Long-term borrowings, receivables/payables are evaluated by the Company based on parameters such as
interest rates, risk factors, individual creditworthiness of the counterparty and the risk characteristics of the
financed project. Based on this evaluation, allowances are taken into account for the expected credit losses of
these receivables.

Fair value hierarchy

All financial instrument for which fair value is measured or disclosed in the standalone financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to
the fair value measurement as a whole:

Level 1 - Quoted (unadjusted) market prices in active markets for identical financial instrument

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement
is unobservable

44 Financial instrument- Fair values and risk management

The Company's principal financial liabilities comprise loans and borrowings, trade payables, lease liabilities, security
deposits received, etc. The main purpose of these financial liabilities is to manage finances for the Company's operations.
The Company's principal financial assets include investment, trade receivables, unbilled revenue, cash and cash
equivalents, security deposits paid, etc. that derive directly from its operations.The Company holds both amotised cost and
FVTPL investments.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the
management of these risks.This process of risk management is critical to the Company's continuing profitability and each
individual within the Company is accountable for the risk exposures relating to his or her responsibilities.

The Company's Board of Directors is ultimately responsible for the overall risk management approach and for approving
the risk strategies and principles. No significant changes were made in the risk management objectives and policies during
the years ended March 31,2026, and March 31, 2025 . The management of the Company reviews and agrees policies for
managing each of these risks which are summarised below:

The Company has exposure to the following risks arising from financial instruments:

1) Credit risk

2) Liquidity risk

3) Market risk

This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies
and processes for measuring and managing risk, and the Company's management of capital.

1) Credit risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the
Company. The Company is exposed to credit risk from its operating activities, primarily trade receivables. The credit risks
in respect of deposits with the banks, foreign exchange transactions and other financial instruments are only nominal.

a) Trade receivables

Customer credit risk is managed in accordance with Company's established policy, procedures and control
relating to customer credit risk management. Trade receivables are non-interest bearing and due after 0 to 90
days from the date of invoice. The Company is entitled to demand interest, wherever applicable in case the
customer does not pay within the due date. Outstanding customer receivables are regularly monitored. The
ageing analysis of trade receivables as of the reporting date is as follows:

In order to contain the business risk especially with respect to long-duration construction & supply contracts,
creditworthiness of the customer is ensured through scrutiny of its financials, status of financial closure of the
project, if required, market reports and reference checks. The Company remains vigilant and regularly assesses
the financial position of customers during execution of contracts with a view to restrict risks of delays and default.
In view of its diversified business profile and considering the size of the Company,credit risks from receivables are
well contained on an overall basis.

The impairment analysis is performed on each reporting period on individual basis for major customers. In
addition, a large number of receivables are grouped and assessed for impairment collectively. The calculation
of impairment loss is based on historical data of losses, current conditions and forecasts and future economic
conditions. The Company's maximum exposure to credit risk at the reporting date is the carrying amount of each
financial asset.

Overall, the credit risk from receivable is low in view of diverse businesses and government customers.

The Company's customer base primarily comprises public sector undertakings (PSUs), government-owned entities,
and large private sector corporates. Accordingly, the credit risk associated with its customers is considered low.
The average project execution cycle ranges from 0 to 90 days. Payment terms generally include a mobilisation
advance, monthly progress-based payments with credit periods ranging from 0 to 90 days, and retention amounts
that are released upon completion of the project.

The Company has established a robust mechanism for periodic review of overdue trade receivables at various
levels of the organisation to ensure timely collection and effective monitoring. The Company recognises impairment
provisions on trade receivables using the Expected Credit Loss (ECL) model in accordance with the applicable
accounting standards.

(ii) Financial instruments and cash deposits:

The credit risk for cash deposits with banks and cash and cash equivalents is considered negligible, since the
counterparties are reputable banks with high quality external credit ratings. Also, no impairment loss has been
recorded in respect of fixed deposits that are with recognized commercial banks and are not past due. The
carrying amounts disclosed above are the Company's maximum possible credit risk exposure in relation to
these deposits.

Other financial assets being security deposits and others are also due from several counter parties and based on
historical information about defaults from the counter parties, management considers the quality of such assets
that are not past due to be good.

Impairment on cash and cash equivalents, deposits and other financial instruments has been measured on the
12-month expected credit loss basis and reflects the short maturities of the exposures. The Company considers
that its cash and cash equivalents have low credit risk based on external credit ratings of counterparties.

Based on the assessment there is no impairment in the above financial assets.

Liquidity risk is the risk that the Company will encounter difficultly in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial assets. For the Company, liquidity risk arises
from obligations on account of financial liabilities - lease liabilities, trade payables and other financial liabilities.

The Company continues to maintain adequate amount of liquidity to meet strategic and growth objectives. The
Company finance department is responsible for liquidity and fund management. In addition, processes and policies
related to such risks are overseen by senior management. Management monitors the Company liquidity position
through forecasts on the basis of expected cash flows.

3) Market risk

Market risk is the risk that changes in the market prices such as foreign currency risk, interest risk, equity price and
commodity prices. The market risk will affect the company's income or value of its holding of financial instruments. The
objective of the market risk management is to manage and control market risk exposure within acceptable parameters,
while optimizing the returns.

(a) Commodity price risks

Fluctuation in commodity price in market affects directly or indirectly the price of raw material and components
used by the company. The Company regularly negotiates / adjust of sale prices on the basis of changes in
commodity prices. The Company is not significantly impacted by commodity price risk.

(b) 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 main interest rate risk arises from long term borrowings with
floating interest rates. The company optimises the interest rate risk by regularly monitory the interest rate in the
best interest of the compnay. The compnay has following fixed rate and floating interest rate long term borrowing:

(4) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in exchange rates. The Company's exposure to the risk of changes in exchange rates relates primarily to the company's
operations in foreign subsidiaries.

The Company is exposed to foreign currency risks arising from various currency exposures, with respect to the U.S.
dollar. Foreign currency risks arise from future commercial transactions and recognized assets and liabilities, when
they are denominated in a currency other than Indian Rupee.

45 Capital management

The Company manages its capital structure in a manner to ensure that it will be able to continue as a going concern while
optimising the return to stakeholders through the appropriate debt and equity balance.

The capital structure of the Company consists of debt, cash and cash equivalents and equity attributable to equity
shareholders of the Company which comprises issued share capital (including premium) and accumulated reserves disclosed
in the Statement of changes in equity.

The Company's management reviews the capital structure of the Company on an annual basis. As part of this review, the
management considers the cost of capital and the risks associated with each class of capital. The Company's plan is to
ensure that the gearing ratio (debt equity ratio) is well within the limit. No changes were made in the objectives, policies
or process for managing its capital during the year ended March 31, 2026 and March 31, 2025 .The Company reviews its
dividend policy from time to time.

Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio:

• net debt (total borrowings and lease liabilities net of cash and cash equivalents)

• divided by total 'equity' (as shown in the balance sheet)

• there have been no breaches in the financial covenants of any interest-bearing loans and borrowings in the
current period.

47 Additional regulatory information required by Schedule III of Companies Act, 2013

(a) Details of benami property held

The Company does not have any benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

(b) Relationship with struck off companies

The Company has not entered into any transaction with struck off companies during the current or previous year.

(c) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(d) Details of transaction disclosed under Income Tax Act

The Company has not any such 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

47 Additional regulatory information required by Schedule III of Companies Act, 2013 (Contd..)

(e) Details of advanced or loaned or invested funds

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 intermediary shall:

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(f) Details of fund received

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 Company shall:

(a) 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

(b) Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(g) Borrowing secured against assets

The Company has borrowings from banks and financial institutions on the basis of security of current assets.

(h) Willful defaulter

The Company is not a willful defaulter of any loan or other borrowing from any lender.

(i) Compliance with number of layers of companies

The Company has complied with the number of layers of companies prescribed under the Companies Act, 2013.

(j) Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

(k) Revaluation

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or
both during the current or previous year.

(l) Charges or satisfaction

The Company does not have any charges or satisfaction which are yet to be registered with the Registrar of Companies
beyond the statutory period.

(m) Purpose of borrowings

The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for
which such loans were taken and the Company has not used funds raised on short term basis for long term purpose.

The Company pending litigations comprise of claims against the proceedings pending with various direct tax, indirect
tax. The Management has reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required or disclosed as contingent liabilities where applicable, in its standalone financial statements.
The Management does not expect the outcome of these proceedings to have a materially adverse effect on its
standalone financial statements.

49 In pursuant to borrowing taken by the Company from banks on security of current assets, the Company is required to submit
the information periodically which includes the stock statement, revenue, trade receivable and trade payable etc. During the
current year and previous year, the Company has submitted the following financial information to all banks, from whom working
capital demand loan has been taken, on quarterly basis which in some of these cases is not reconciled with books as follows:

As per Ind AS 108 - Operating segments, operating segments are defined as components of an entity for which discrete
financial information is available and which are regularly reviewed by the Chief Operating Decision Maker (CODM) for
the purpose of resource allocation and performance assessment. The Company is a holding company, which prepares
consolidated financial statements in accordance with Ind AS. The CODM for the group is at the holding company level, where
the operating results and segment performance of all group entities are evaluated on a consolidated basis. Accordingly,
segment disclosures in accordance with Ind AS 108 are presented in the consolidated financial statements of the holding
company. However, the Company primarily operates in three key business segments: Telecom, Energy, and Power

Appropriate regrouping/reclassification have been made in the standalone balance sheet, statement of cash flows
wherever required, by reclassification of the corresponding items of assets and cash flows, in order to bring them in line
with the accounting policies and classification as per the financial statements of the Company prepared in accordance
with Schedule III (Division II) of the Act, requirements of Ind AS 1 - 'Presentation of financial statements' and other applicable
Ind AS principles and the requirements of the Securities and Exchange Board of India (Issue of Capital & Disclosure
Requirements) Regulations, 2018, as amended. The material regrouping has been disclosed as under.

The above reclassifications have been made in the previous year, wherever necessary, to conform to the current year
classification/disclosure and do not have any impact on the profit, hence, there is no change in the basic and diluted
earnings per share of the previous years due to these re-groupings. These reclassifications do not have any impact on the
other equity at the beginning of March 31, 2025.

52 During the current year, the Company issued 3,74,09,047 equity shares of H2 each pursuant to an Initial Public Offer
(IPO), aggregating to H8,191.48 (including securities premium), comprising fresh issue of 55,080 shares issued to employees
at H199 per share (including share premium of H197 per share) and 3,73,53,967 shares issued to other investors at H219 per
share (including share premium of H217 per share) respectively.The equity shares of the Company were listed on BSE Limited
('BSE') and National Stock Exchange of India Limited ('NSE') on October 06, 2025.

53 Data backup

The books of account along with other relevant records and papers of the Company are maintained in electronic mode.
These are readily accessible in India at all times and a back-up is maintained in servers situated in India and the Company
and its officers have full access to the data in the servers.

54 Audit trail

The Company has maintained its books of account using accounting software that did not have the functionality to record
an audit trail (edit log) for all relevant transactions throughout the year. Audit trail feature in the said software along with
the preservation of the same was not active during the year.

55 Subsequent event

The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to the issuance
of the financial statements to determine the necessity for recognition and/or reporting of any such events and transactions
in the standalone financial statements and as of May 25,2026, there were no subsequent events to be recognized or
reported in these financial statements.