Provision for loss orders

A provision for expected loss on project contracts is recognised when it is probable that the contract costs will exceed
total contract revenue. For all other contracts loss order provisions are made when the unavoidable costs of meeting the
obligation under the contract exceed the currently estimated economic benefits.

Provision for other matters

The Company has made provisions for known contractual risks, litigation cases and pending assessments in respect of
taxes, duties and other levies, the outflow of which would depend on the conclusion of the respective events.

39 Disclosure pursuant to Indian Accounting Standard -115 'Revenue from contract with customers':

(i) Out of the total revenue recognised under Ind AS 115 during the year, ' 45,479 (2024: ' 30,052) is recognised over
a period of time and ' 32,346 (2024: ' 17,261) is recognised at a point in time.

Further, service revenue includes ' 12,291 (2024: ' 8,051) recognised over a period of time and ' 7,683 (2024: '
4,412) recognised at a point in time.

(iv) Revenue recognised during the year from opening balance of contract liabilities amounts to ' 6,265 (2024: ' 5,382).

(v) Revenue recognised during the year from the performance obligation satisfied upto previous year (arising out of
contract modifications) amounts to ' Nil (2024: ' Nil).

(vi) Information regarding geographical disaggregation of revenue has been included in segment information
(refer note 41).

43 Disclosure pursuant to Indian Accounting Standard - 19 ’Employee Benefits’

(i) Defined Contribution Plans

The Company has certain defined contribution plans including provident fund, employee state insurance and
superannuation fund. Contributions are made to provident fund for employees at the rate of 12% of basic salary.
Contributions are made to employee state insurance for employees at the rate of 3.25% of basic salary as per
regulations. Defined contributions are made to national pension funds. The obligation of the Company is limited to
the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised
during the period towards contribution to provident fund is ' 314 (2024: ' 143), superannuation fund ' 63 (2024: '
39) and other contribution funds ' 271 (2024: ' 82).

(iii) General descriptions of significant defined plans

I Gratuity Plan

Gratuity is payable to all eligible employees of the Company on separation, superannuation, death and permanent
disablement, in terms of the provisions of the Payment of Gratuity Act, 1972 or as per the Company's Scheme
whichever is more beneficial. Under the Payment of Gratuity Act, 1972, employee who has completed five years
of service is entitled to the benefit. The level of benefits provided depends on the member's length of service
and last drawn salary.

II Medical benefits

Post retirement medical benefit is for the benefit of the retired employees and their spouse till their survival. It
consists of 3 components, which is health insurance, domiciliary medical allowance and Company support in
case the expenses incurred are more than the health insurance coverage subject to the ceiling limit as per the
grades and Company's policy.

III Retirement gift

Retirement gift is paid, as a token of appreciation to the permanent employees who are separating on their
retirement or after their long association with the Company.

The above plans expose the Company to actuarial risks such as interest rate risk, salary inflation risk, demographic
risk and medical inflation risk.

(i) Interest rate risk: The defined benefit obligation is calculated using a discount rate based on government
bonds. If bond yields fall, the defined benefit obligation will tend to increase.

(ii) Salary Inflation risk: Higher than expected increases in salary will increase the defined benefit obligation.

(iii) Demographic risk: This is the risk of variability of results due to unsystematic nature of decrements that include
mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation
is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria.
It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short
career employee typically costs less per year as compared to a long service employee.

(iv) Medical Inflation risk: Higher than expected increase in premium can lead to increase in defined benefit
obligation. Although, this risk is mitigated by capping the benefit paid by the insurance company (limiting
the premium amount for the Company).

44 Capital management

For the purpose of the Company's capital management, equity includes equity share capital and all other equity reserves
attributable to the equity holders of the Company. The Company manages its capital to optimise returns to the shareholders
and makes adjustments to it in light of changes in economic conditions or its business requirements. The Company's
objectives are to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its
business and provide adequate return to shareholders through continuing growth and maximise the shareholder's value.
The Company funds its operations through internal accruals. The management and the Board of Directors monitor the
return on capital as well as the level of dividends to shareholders.

The Company's principal financial liabilities comprise of trade payables, security deposits, lease liabilities and other financial
liabilities. The Company's principal financial assets include trade receivables, cash and cash equivalents, bank balances
other than cash and cash equivalents and other financial assets that arise from its operations. The Company also enters
into hedging transactions to cover foreign exchange exposure and commodity risk. The Company's operating business is
exposed to market risk, credit risk and liquidity risk. In order to optimize the allocation of the financial resources across the
segments, as well as to achieve its objectives, the Company identifies, analyzes and manages the associated market risks.
The Company seeks to manage and control these risks primarily through its regular operating activities and uses derivative
financial instruments when deemed appropriate. All derivative activities for risk management purposes are carried out by
teams that have the appropriate skills, experience and supervision.

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 of currency rate risk and interest rate risk. Financial instrument affected by
market risks includes deposits, derivative financial instruments, trade receivables, trade payables and other financial
assets and liabilities.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because
of changes on foreign exchange rate. The Company operates internationally and transacts in several currencies and
has foreign currency trade receivables and trade payables. Hence, the Company is exposed to foreign exchange risk.
The Company holds derivative financial instruments such as foreign exchange forward contracts to mitigate the risk
of changes in exchange rates on foreign currency exposures.

Foreign currency sensitivity

The following table demonstrate the sensitivity to a reasonably possible change in major currencies like US Dollar and
Euro with all other variables held constant. The impact on the Company's profit before tax is due to changes in the
fair value of monetary assets and liabilities including foreign currency derivatives. The Company's exposure to foreign
currency changes for all other currencies is not material.

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. Consequently, this could have unforeseen impact on Company's returns thus
impacting the profit and loss. The Company does not have any borrowings. Surplus funds are invested in deposits with
banks at fixed interest rates. The tenure of the deposits is managed to match with the liquidity profile of the Company.

Commodity price risk

The Company's exposure to price risk of copper and aluminium ('the Commodities') arise from purchases related to these
commodities. The prices of the commodities are linked to London Metal Exchange (LME) benchmark prices. Accordingly, the
Commodities are subject to price volatility on LME. The Company takes Buy position on MCX by entering into Commodity
Future Contracts to hedge the price risk related to the future forecasted purchase of the Commodities.

The Company also enters into Sell contracts on MCX to hedge the price risk on account of timing difference in
invoicing and procurement in contracts with commodity price variation clauses. The Company presents a net position
for copper contracts on the reporting date, as the Company has a legally enforceable right and intends to offset the
Buy and Sell contracts.

Forecasted purchase of the Commodities results in exposure to commodity price risk due to the volatility of commodity
prices on LME, thereby affecting the profitability and financial position of the Company. The risk management
strategy is to use the Buy future contracts on MCX, where the prices are linked to LME to hedge at least 75% of the
estimated cash flows from future forecasted purchases. These contracts are not designated in a hedging relationship,
and subsequent changes in fair value are recognised in profit and loss.

Credit risk is defined as a potential loss in financial instruments if the counter party is failing to discharge its
obligations in full and on time. The Company is exposed to credit risk from its operating and investing activities like
trade receivables, cash and cash equivalents, contract assets, foreign exchange and derivative transactions and other
financial instruments. There are no loans or other financial assets as at 30 September 2025 and 30 September 2024,
which have significant increase in credit risk or which are credit impaired, other than those disclosed in the Financial
statement.

Receivables

The major exposure to credit risk at the reporting date is primarily from receivables comprising of trade receivables
and contract assets. Credit risk on receivables and contract assets is limited due to the Company's large and diverse
customer base which includes public sector enterprises, state owned companies, private corporate and related parties.
The effective monitoring and controlling of credit risk through credit evaluations and ratings is a core competency
of the Company's risk management system. There is no single customer who contributes more than 10% of the total
revenue or trade receivable balance for the year/period ended as at 30 September 2025 and 30 September 2024.

In respect of trade receivables and contract assets, the Company follows a simplified approach wherein an amount
equal to lifetime expected credit loss (ECL) is measured and recognised as impairment allowance. The Company has
computed ECL allowance based on a provision matrix which is prepared based on historically observed default rates
over the expected life of trade receivables and is adjusted for forward-looking estimates. At every reporting date,
the historical observed default rates are updated and changes in the forward-looking estimates are analysed. The
Company follows provisioning norms based on the roll rate method to estimate the impairment allowance under
ECL. As the risk profiles of the receivables is diverse, the Company further categorises receivables due from various
segments into Government and Private sector for deriving the rates for provision matrix. Further, the Company has
assessed credit risk on an individual basis in respect of certain customers in case of event driven situation such as
litigations, disputes, change in customer's credit risk history, specific provision are made after evaluating the relevant
facts and expected recovery and provides customer specific allowance.

Credit risk from cash and cash equivalents and derivative financial instruments is managed by the Company's treasury
department in accordance with the Company's policy. Credit risk related to cash and cash equivalent is managed by
having transactions with highly rated banks. Management does not expect any losses from non-performance by these
counterparties and the risk of default is considered low or insignificant. The maximum exposure to credit risk at the
reporting date is the carrying value of each class of financial assets.

C Liquidity risk

The Company's principal sources of liquidity are cash and cash equivalents and the cash flows that are generated from
operations. The Company regularly monitors the rolling forecasts and actual cash flows, to ensure it has sufficient
funds to meet the operational needs. There is no supplier having an outstanding amount of more than 10% of the
total trade payable balance as at 30 September 2025.

47 Derivative instruments
a) Forward contracts

The Company uses forward contracts to mitigate its risks associated with foreign currency fluctuations having
underlying transaction and relating to firm commitments or highly probable forecasted transactions. The Company
does not enter into any forward contract which is intended for trading or speculative purposes.

d) Embedded derivatives

The Company recognizes embedded derivatives in respect of revenue contracts where the currency of the contract is
not denominated in the functional currency of the Company or the customer. The embedded derivative element in
the revenue contract is separated from the host contract and accounted for separately. As at 30 September 2025, the
Company has recognized embedded derivative asset of ' 120 (2024: ' 127) and embedded derivative liability of ' 103
(2024: ' 50), which will be ultimately derecognised on the initial recognition of the receivable.

50 Share-based payment transactions

Share matching plan (SMP) and Siemens Stock Awards (SSA) are classified as equity-settled transactions. The employees
of the Company are eligible for the Ultimate Holding Company's share awards, i.e. SMP and SSA. Under SMP the employee
may invest a specified part of their compensation in the Ultimate Holding Company's shares, and at the end of 3 years
(vesting period), employee receives one free share for every three shares purchased. Under SSA, the Company grants stock
awards of the Ultimate Holding Company's shares to the Senior management and other eligible employees. SSA includes
two schemes that have a vesting period upto 4 years. Under Special Allocation Stock Awards, the shares are awarded to
reward the performance of the employee. Under Performance Oriented Siemens Stock Awards (PoSSA), these awards vest
on the achievement of the performance criteria of Ultimate Holding Company.

Stock awards entitle the employees to Ultimate Holding Company's shares without payment of consideration at the end of
the respective vesting period. Fair value is measured at grant date and is recognised as an expense over the vesting period.
Fair value is determined taking into consideration the price of the underlying shares of the Ultimate Holding Company,
dividends during the vesting period, market and non-vesting conditions, as applicable. At the end of each reporting period,
the Company remeasures the fair value of the liability (payable to the Ultimate Holding Company) at the market price of
the Ultimate Holding Company's share, with a corresponding adjustment to equity.

52 Scheme of arrangement

The Scheme of Arrangement between the Company and Siemens Limited and their respective shareholders and creditors,
was approved by the Board of Directors of the Company and Siemens Limited on 14 May 2024, at their respective meetings,
providing for the demerger of Siemens Limited's Energy Business to the Company in compliance with Sections 230 to 232
and other applicable provisions of the Companies Act, 2013 (the Scheme).

During the year ended 30 September 2025, the Scheme has been approved by the Hon'ble National Company Law Tribunal,
Mumbai Bench ("NCLT") vide its Order dated 25 March 2025. The Scheme was made effective on 25 March 2025; in terms
of the Scheme, the Appointed Date of the Scheme is 01 March 2025.

Corresponding financial information has been prepared after giving the effect of the Scheme, which requires the accounting
treatment to be carried out as prescribed under applicable accounting standards as common control transactions in
accordance with the requirements of Appendix C to Ind AS 103, Business Combinations. As the Company and Siemens
Limited were under common control from the date of incorporation i.e. 07 February 2024, the corresponding financial

information has been disclosed considering financial information pertaining to Siemens Limited's Energy Business. The
reserves transferred from Siemens Limited to the Company are recorded and disclosed in the same form as it was disclosed
in the financial statements of Siemens Limited.

On 25 March 2025, the Board of Directors of the Company and Siemens Limited, took on record the sanction of the
Scheme by the NCLT and mutually fixed the record date as 07 April 2025 for the purpose of determining the shareholders
of Siemens Limited who shall be entitled to receive the equity shares of the Company.

In terms of the Scheme and in consideration thereof, the Company had to issue and allot equity shares on a proportionate
basis to the shareholders of Siemens Limited whose names were recorded in the register of members and records of the
depository as shareholders of Siemens Limited as on the record date i.e. 07 April 2025, in the ratio of 1 (One) fully paidup
equity share of the Company having face value of ' 2 (Rupees Two) each for every 1 (One) fully paid-up equity share of '
2 (Rupees Two) each held in Siemens Limited, which has been disclosed as shares pending issuance with a corresponding
debit to capital reserve in the Financial Statements.

On 14 April 2025, the Company has allotted 356,120,505 equity shares having face value of ' 2 (Rupees Two) each to the
shareholders of Siemens Limited as on the record date, pursuant to the Scheme. Further, upon the aforesaid allotment
of equity shares by the Company, the entire pre-Scheme paid-up share capital of the Company of ' 100,000 consisting of
50,000 equity shares having face value of ' 2 (Rupees Two) each held by Siemens Limited stands cancelled and reduced,
without any consideration, as an integral part of the Scheme.

The equity shares of the Company were listed on BSE Limited and the National Stock Exchange of India Limited on 19 June
2025.

53 (i) During the year ended 30 September 2025, pursuant to the Scheme and applicable laws of India, stamp duty, transfer
fees and other registration charges are payable by the Company on the transfer of the title of immovable properties
/ leasehold land from Siemens Limited to the Company. Accordingly, the Company has recorded a provision of ' 546
towards these expenses.

(ii) In June 2020, the Energy business of Siemens Limited was contracted by Siemens Energy LLC Russia (SE Russia) to
supply GIS equipment for Bangladesh's Ruppur Nuclear Power Plant, with Siemens Energy AG, Germany (SE Germany)
providing engineering services. In July 2022, SE Germany cited EU sanctions restricting technical assistance to Russian
entities, affecting the project

Siemens Limited terminated the contract in October 2022, offering a partial refund, but SE Russia demanded a full
refund and penalties. After negotiations in 2023, a verbal settlement was reached in 2024 to refund the advanced
received. However, refunds under this contract would fall under EU sanctions, hence refunds could not be processed.
In December 2024, SE Russia challenged the settlement in a Russian court. This litigation has been transferred to the
Company as part of demerger.

During the current year, the Company has received an unfavorable ruling from the Arbitration Court of St. Petersburg,
Russia ("Court") vide its ruling dated 17 July 2025. In its ruling, the Court declared the supply contract dated 16 July
2021, and the related advance payments made by SE Russia under this contract, as invalid. Accordingly, the Court
awarded SE Russia compensation of ' 444 (including interest of ' 104), along with additional annual interest of
8% p.a., accruing from 30 May 2025, until full payment of the principal amount.

The Company had already recorded advance received from SE Russia as liability amounting to ' 347 under other
financial liabilities. During the current year, the Company has made a provision of ' 104 for an additional obligation
of interest claimed by SE Russia, in accordance with the ruling of the Arbitration Court of St. Petersburg, Russia.

(i) Cost of goods sold = Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished
goods, work-in-progress and stock-in-trade.

(ii) Net credit purchases = Cost of goods sold Project bought outs and other direct costs Other expenses excluding
bad debts, impairment allowance on financial and other assets, exchange loss / (gain), commodity derivatives (gains)
/ loss and Provision for doubtful assets, Bad debt.

** The Company does not have any borrowings. Debt Service coverage ratio and Debt Equity ratio has been computed basis lease liabilities
as per Guidance note on Schedule III issued by the Institute of Chartered Accountants of India.

^A Period from 07 February 2024 (date of incorporation) to 30 September 2024, accordingly previous period ratios are not comparable.

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

(i) Details of Benami property

There are no proceedings have been initiated or are pending against the Company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (as amended from time to time) (earlier Benami Transactions
(Prohibition) Act, 1988) and the rules made thereunder.

(ii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

(iii) Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

(iv) Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017, and there are no companies beyond the specified layers.

(v) Utilisation of borrowed funds and share premium:

(A) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (intermediaries)
with the understanding (whether recorded in writing or otherwise) 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.

(B) The Company has not received any fund from any person(s)/ 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 to or on behalf of the ultimate beneficiaries.

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

During the year, the scheme of Arrangements has been approved by the NCLT in terms of sections 230 to 237 of the
Companies Act, 2013. The Company has complied with the approved scheme (refer note 52).

(vii) Undisclosed income

The Company does not have any transaction 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). Further, there was no previously unrecorded income,
and no additional assets were required to be recorded in the books of account during the year.

(viii) Details of crypto currency or virtual currency

The Company has neither traded nor invested in Crypto currency or Virtual Currency during the year ended 30
September 2025. Further, the Company has also not received any deposits or advances from any person for the
purpose of trading or investing in Crypto Currency or Virtual Currency.

(ix) Valuation of property, plant and equipment and intangible assets

The Company has chosen cost model for valuation of its Property, plant and equipment, Right-of-use assets and
Intangible assets both during the current year or previous period.

(x) Title deeds of immovable properties not held in name of the Company

The title deeds of all the immovable properties, as disclosed in the financial statements, are held in the name of the
Company except certain immovable properties as mentioned below:

(xiii) Registration of charges or satisfaction with the Registrar of Companies

There are no charges or satisfaction yet to be registered with the Registrar of Companies beyond the statutory period.

(xiv) Utilisation of borrowings availed from banks and financial institutions

The Company has not obtained any borrowings from banks or financial institutions during the year. Further, there is

no unutilised balance of borrowings as at beginning of the year.

56 Previous period figures

The Company was incorporated on 07 February 2024. Hence, corresponding figures are not comparable with the current

year.

57 Other accounting policies

(i) Interest income

Interest income on financial assets at amortised cost is recognised on time proportion basis using an effective interest

rate method, based on the underlying interest.

(ii) Employee benefits

(a) Short-term employment benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short¬
term employee benefits. Benefits such as salaries, wages and short-term compensated absences, etc. and the
expected cost of ex-gratia and variable compensation are recognised in the period in which the employee renders
the related service.

(b) Post-employment and other long-term benefits

(i) Defined contribution plans: The Company's employee provident fund, superannuation scheme and
employee state insurance scheme are defined contribution plans. The Company's contribution payable
under the schemes is recognised as expense in the Statement of Profit and Loss during the period in which
the employee renders the related service.

(ii) Defined benefit plans and other long-term benefits: The Company's gratuity and medical benefit schemes
are defined benefit plans. Compensated absences, retirement gifts, silver jubilee and star awards are other
long-term benefits. The present value of the obligation under such defined benefit plans and other long¬
term benefits are determined based on actuarial valuation using the Projected Unit Credit Method, which
recognizes each period of service as giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. In case of funded plans, the fair value of the
plan assets is reduced from the gross obligation under the defined benefit plans to recognize the obligation
on a net basis.

In case of defined benefit plans, comprising gratuity and medical benefits, remeasurement comprising of
actuarial gains and losses, the return on plan assets (excluding amounts included in net interest on the
net defined benefit liability or asset) and any change in the effect of asset ceiling (wherever applicable) is
recognized in other comprehensive income (OCI) and is reflected in retained earnings and is not eligible to
be reclassified to profit or loss. In case of other long term benefits, all remeasurements including actuarial
gain or loss are charged to the Statement of Profit and Loss.

The Company recognizes following items in the net defined benefit obligation as an expense in the
Statement of Profit and Loss:

• Service cost including current service cost, past service cost and gains and losses on curtailments and
settlements; and

• Net interest expense or income.

For the purpose of presentation, the allocation between current and non-current provisions has been made
as determined by an actuary, as applicable.

Provision for compensated absences are presented as current liabilities, as the Company does not have an
unconditional right to defer settlement for atleast 12 months after the reporting period, regardless of when
the actual settlement is expected to occur.

(iii) Share-based payment

Share-based payment consists of share awards of the Ultimate Holding Company to the employees of the
Company, which subsequently makes a recharge to the Company. These awards are predominantly designed
as equity-settled transactions as the ultimate obligation to settle the transaction is on the Ultimate Holding
Company. The costs of stock awards granted to the employees of the Company are measured at the fair value of
the stock awards granted of the Ultimate Holding Company. For each stock award, the measurement of fair value
is performed on the grant date.

The cost is recognised in the Statement of Profit and Loss, together with a corresponding increase in stock awards
reserve in equity, over the period in which the service conditions are fulfilled. At the end of each reporting period
upto the date of settlement, the Company remeasures the fair value of the liability based on the share price of
the Ultimate Holding Company with a corresponding adjustment to equity.

(iv) Financial instruments

Financial assets and/or financial liabilities are recognised when the Company becomes party to a contract
embodying the related financial instruments.

Initial recognition and measurement

On initial recognition, financial assets are recognised at fair value except trade receivables which are recognized
at transaction price which do not contain a significant financing component. In case of financial assets which are
recognised at fair value through profit or loss (FVTPL), its transaction costs are recognised in the Statement of
Profit and Loss. In other cases, the transaction costs are added to the acquisition value of the financial asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in the below categories:

(a) Financial assets at amortised cost;

(b) Financial assets including derivatives at fair value through profit or loss (FVTPL); and

(c) Financial assets at fair value through other comprehensive income (FVTOCI).

For trade and other receivables maturing within one year from the Balance Sheet date, the carrying amounts
approximate fair value, due to the short maturity of these instruments.

(a) Financial assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial assets are held within a
business where the objective is to hold these assets in order to collect contractual cash flows and the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the
Effective Interest Rate (EIR) method. Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included
in finance income in the Statement of Profit and Loss. The losses arising from impairment are recognised in
the Statement of Profit and Loss. This category generally applies to trade and other receivables, loans and
other financial assets.

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

Financial assets are measured at fair value through profit and loss unless it is measured at amortised cost
or at fair value through other comprehensive income on initial recognition. The transaction costs directly
attributable to the acquisition of financial assets at fair value through profit or loss are immediately
recognised in the Statement of Profit and Loss.

(c) Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is subsequently measured at fair value through other comprehensive income if it is held
within a business where the objective is achieved by both collecting contractual cash flows and selling
financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding.

Derecognition

A financial asset is primarily derecognised when:

(a) the right to receive cash flows from the asset has expired, or

(b) the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to
pay the received cash flows in full without material delay to a third party under a pass-through arrangement;
and a) the Company has transferred substantially all the risks and rewards of the asset, or b) the Company
has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.

On derecognition of a financial asset in its entirety, the differences between the carrying amounts measured
at the date of derecognition and the consideration received is recognised in the Statement of Profit and
Loss.

Impairment of financial assets

The Company applies the expected credit loss (ECL) model for recognition and measurement of impairment
losses on the following financial assets and credit risk exposures:

(a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, deposits, and
bank balance.

(b) Financial assets that are debt instruments and are measured at FVTOCI.

(c) Lease receivables under Ind AS 116.

(d) Trade receivables, contract assets or any contractual right to receive cash or another financial asset that
result from transactions that are within the scope of Ind AS 115.

The Company follows the simplified approach for recognition of impairment loss allowance on trade receivables
and contract assets. The application of the simplified approach does not require the Company to track changes
in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date,
right from its initial recognition. As a practical expedient, the Company uses a provision matrix to determine
impairment loss allowance on trade receivables and contract assets.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines whether
there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased
significantly, twelve-month ECL is used to provide for impairment loss. However, if credit risk has increased
significantly, lifetime ECL is used. If in a subsequent period, credit quality of the instrument improves such that
there is no longer a significant increase in credit risk since initial recognition, then the Company reverts to
recognising impairment loss allowance based on twelve-month ECL.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a
financial instrument. The twelve-month ECL is a portion of the lifetime ECL which results from default events
that are possible within twelve months after the reporting date.

ECL is the difference between net of all contractual cash flows that are due to the Company in accordance with
the contract and all the cash flows that the Company expects to receive (i.e., all cash shortfalls), discounted at
the original EIR.

Impairment of non-financial assets

The Company assesses at Balance Sheet date whether there is any indication that an asset or a group of assets
(cash generating unit) may be impaired. If any such indication exists, the Company estimates the recoverable
amount of the asset or cash generating unit.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss
(FVTPL), payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

On initial recognition, financial liabilities are recognised at fair value. In case of financial liabilities which are
recognised at fair value through profit or loss (FVTPL), its transaction costs are recognised in the Statement
of Profit and Loss. In other cases, the transaction costs are added to the acquisition or issue of the financial
liabilities.

The Company's financial liabilities include trade and other payables and derivative financial instruments.
Subsequent measurement

Financial liabilities, including derivatives and embedded derivatives, which are designated for measurement at
FVTPL are subsequently measured at fair value. All other financial liabilities such as deposits are measured at
amortised cost using EIR method.

For trade and other payables maturing within one year from the Balance Sheet date, the carrying amounts
approximate fair value, due to the short maturity of these instruments.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as

the derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the Statement of Profit and Loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is
a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net
basis, to realise the assets and settle the liabilities simultaneously.

(v) Foreign currency transactions

The Company is exposed to currency fluctuations on foreign currency transactions. Transactions denominated in
foreign currency are recorded at the exchange rate prevailing on the date of transactions.

Exchange differences arising on foreign exchange transactions settled during the year are recognised in the
Statement of Profit and Loss for the year.

Translation

Monetary assets and liabilities in foreign currency, which are outstanding as at the Balance Sheet date, are
translated at the Balance Sheet date at the closing exchange rate and the resultant exchange differences are
recognised in the Statement of Profit and Loss. Non-monetary items are stated in the Balance Sheet using the
exchange rate at the date of the transaction / date when fair value was determined.

Derivative instruments and hedge accounting

The Company's exposure to foreign currency fluctuations relates to foreign currency assets, liabilities and
forecasted cash flows. The Company limits the effects of foreign exchange rate fluctuations by following
established risk management policies including the use of derivatives like forward contracts. The Company
enters forward exchange contracts, where the counterparty is a bank. The hedging strategy is used for mitigating
the currency fluctuation risk and the Company does not use the forward exchange contracts for trading or
speculative purpose. The Company uses forward contracts to mitigate its risks associated with foreign currency
fluctuations having underlying transaction and relating to firm commitments or highly probable foreign currency
forecasted purchase and sale transactions.

The forward exchange contracts are re-measured at fair value at each reporting date with the resultant gains/
losses thereon being recorded in the Statement of Profit and Loss, except that are designated as hedges.

Commodity risk is mitigated by entering into future contracts to hedge against fluctuation in commodity prices.

The Company designates some of the foreign currency forward contracts in a cash flow hedging relationship by
applying the hedge accounting principles.

These forward contracts are stated at fair value at each reporting date. Changes in the effective portion of fair
value of these forward contracts that are designated as hedges of future cash flows are recognised directly in OCI
and reflected in cash flow hedge reserve, net of applicable deferred income taxes and the ineffective portion is
recognised immediately in the Statement of Profit and Loss.

Amounts accumulated in cash flow hedge reserve are reclassified to profit and loss in the periods during which
the forecasted transaction materialises.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised,
or no longer qualifies for hedge accounting. For forecasted transactions, any cumulative gain or loss on the
hedging instrument recognised in cash flow hedge reserve is retained there until the forecasted transaction
occurs.

If the forecasted transaction is no longer expected to occur, the net cumulative gain or loss recognised in cash
flow hedge reserve is immediately transferred to the Statement of Profit and Loss.

(vi) Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.

All assets and liabilities for which fair value is measured or disclosed in the Financial Statements are categorised
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 recognised in the Financial Statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the Balance
Sheet date.

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.

In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions
that are based on market conditions and risks existing at each reporting date. The methods used to determine
fair value includes discounted cash flow analysis, available quoted market prices and dealer quotes. All methods
of assessing fair value result from general approximation of value and the same may differ from the actual
realised value.

(vii) Earnings per share

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

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

(viii) Cash and cash equivalents

Cash and cash equivalents include cash, cheques in hand, cash at bank and deposits with banks having original
maturity of three months or less. Bank deposits with original maturity of up to three months are classified as
'Cash and cash equivalents' and with original maturity of more than three months are classified as 'Other bank
balances'.

(ix) Inventories

Inventories comprise all costs of purchase, conversion and other costs incurred in bringing the inventories to
their present location and condition.

Raw materials, work-in-progress, finished goods and traded goods are carried at the lower of cost and net
realisable value. Cost is determined on the basis of weighted average method.

The net realisable value of work-in-progress and finished goods is determined with reference to the estimated
selling price less estimated cost of completion and estimated costs necessary to make the sale. Raw materials held
for the production of finished goods are not written down below cost except in case where material prices have
declined and it is estimated that the cost of the finished product will exceed its net realisable value. Provisions
are made for slow moving and obsolete inventories based on estimates made by the Company.

(x) Provisions and contingencies

Provisions are 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 and a reliable estimate can be made of the amount of the obligation. If the effect is material,
provisions are recognised at present value by discounting the expected future cash flows at a pretax rate that
reflects current market assessments of the time value of money. When a contract becomes onerous, the present
obligation under the contract is recognised as a provision. These are reviewed at end of each reporting period
and adjusted to reflect current best estimates.

Disclosures for contingent liability are made when there is a possible and present obligation that arises from past
events which is not recognised since it is not probable that there will be an outflow of resources. When there is a
possible and present obligation in respect of which the likelihood of outflow of resources is remote, no disclosure
is made.

Loss contingencies arising from claims, litigation, assessment, fines, penalties, etc. are recorded when it is
probable that a liability has been incurred and the amount can be reasonably estimated.

Provisions for warranty related cost are recognised when the product is sold or service is provided to the customer.
Initial recognition is based on past experience.

Contingent assets are not recognised in the Financial Statements.

(xi) Taxation

Income-tax expense comprises current tax (i.e. amount of tax for the year determined in accordance with the
income-tax law) and deferred tax charge or credit (reflecting the tax effect of temporary differences) computed in
accordance with the relevant provisions of the Income Tax Act, 1961. Current tax and deferred tax are recognised
in the Statement of Profit and Loss, except when they relate to items that are recognised in OCI or directly in
equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly
in equity, respectively.

The current tax payable is based on taxable profit for the year. The Company's current tax is calculated using tax
rates that have been enacted or substantively enacted, by the end of the reporting period.

Deferred tax is provided using the balance sheet method on temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using
the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets
are generally recognised for all deductible temporary differences to the extent it is probable that taxable profits
will be available against those deductible temporary differences and can be realised. Deferred tax assets are
reviewed as at each balance sheet date and written down to the extent it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation
authority and the relevant entity intends to settle its current tax assets and liabilities on a net basis.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in
other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying
transaction either in OCI or directly in equity.

Uncertain tax positions are reflected in the overall measurement of the Company's tax expense and are based
on the most likely amount or the expected value arrived by the Company, which provides a better prediction of
the resolution of uncertainty. Uncertain tax positions are monitored and updated as and when new information
becomes available, typically upon examination or action by the taxing authorities or through statute expiration
and judicial precedent.

For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors of Siemens Energy India Limited

ICAI Firm Registration Number: 012754N/N500016 CIN: L28110MH2024PLC418770

Priyanshu Gundana Guilherme Vieira De Mendonca Harish Shekar Vishal Tembe

Partner Managing Director and Executive Director and Company

Membership No: 109553 Chief Executive Officer Chief Financial Officer Secretary

DIN: 09806385 DIN: 10497617 ACS No: 20050

Place: Navi Mumbai Place: Navi Mumbai

Date: 24 November 2025 Date: 24 November 2025