3.11 Provisions and Contingencies

A provision is recognised if, as a result of a past event,

the Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an
outflow of economic benefits will be required to settle the
obligation. Provisions are determined by discounting the
expected future cash flows (representing the best estimate
of the expenditure required to settle the present obligation
at the balance sheet date) at a pre-tax rate that reflects
current market assessments of the time value of money
and the risks specific to the liability. The unwinding of the
discount is recognised as finance cost. Expected future
operating losses are not provided for.

A disclosure for a contingent liability is made when there is
a possible obligation or a present obligation that may, but
probably will not require an outflow of resources embodying
economic benefits or the amount of such obligation cannot
be measured reliably. When there is a possible obligation or
a present obligation in respect of which likelihood of outflow
of resources embodying economic benefits is remote, no
provision or disclosure is made.

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

The policy for contingent asset should be
as under:

A contingent asset is a possible asset that arises from past

events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity.
Contingent Assets are not recognised till the realization
of the income is virtually certain. However the same are
disclosed in the standalone financial statements where an
inflow of economic benefits is probable.

Contingent Liabilities in respect of show cause notices are
considered only when converted into demands.

Onerous contracts

A contract is considered to be onerous when the expected
economic benefits to be derived by the Company from the
contract are lower than the unavoidable cost of meeting its
obligations under the contract. The provision for an onerous
contract is measured at the present value of the lower of the
expected cost of terminating the contract and the expected
net cost of continuing with the contract. Before such a
provision is made, the Company recognises any impairment
loss on the assets associated with that contract.

3.12Revenue recognition

Revenue from contracts with customers:

The Company recognises revenue from contracts with
customers based on a five step model as set out in Ind

AS 115:

Step 1. Identify the contract(s) with a customer: A contract
is defined as an agreement between two or more parties

that creates enforceable rights and obligations and sets out
the criteria for every contract that must be met.

Step 2. Identify the performance obligations in the contract:
A performance obligation is a promise in a contract with a
customer to transfer a good or service to the customer.

Step 3. Determine the transaction price: The transaction
price is the amount of consideration to which the Company
expects to be entitled in exchange for transferring promised
goods or services to a customer, excluding amounts
collected on behalf of third parties.

Step 4. Allocate the transaction price to the performance
obligations in the contract: For a contract that has more
than one performance obligation, the Company will allocate
the transaction price to each performance obligation in
an amount that depicts the amount of consideration to
which the Company expects to be entitled in exchange for
satisfying each performance obligation.

Step 5. Recognise revenue when (or as) the entity satisfies
a performance obligation.

The Company satisfies a performance obligation and
recognises revenue over time, if one of the following criteria
is met:

1. The customer simultaneously receives and consumes
the benefits provided by the Company's performance
as the Company performs; or

2. The Company's performance creates or enhances
an asset that the customer controls as the asset is
created or enhanced; or

3. The Company's performance does not create an asset
with an alternative use to the Company and the entity
has an enforceable right to payment for performance
completed to date.

Revenue towards satisfaction of a performance obligations
is measured at the amount of transaction price allocated
to that performance obligation, taking into account
contractually defined terms of payment and excluding taxes
and duty.

Revenue from works contracts and Income from designing
and engineering services

Revenue from works contracts and Income from designing
and engineering services, where the outcome can be
estimated reliably, is recognised under the percentage of
completion method by reference to the stage of completion
of the contract activity. The stage of completion is measured
by calculating the proportion that costs incurred to date bear
to the estimated total costs of a contract. Determination
of revenues under the percentage of completion method
necessarily involves making estimates by the management.

When the Company satisfies a performance obligation
by delivering the promised goods or services it creates
a contract asset based on the amount of consideration
to be earned by the performance. Where the amount of
consideration received from a customer exceeds the amount
of revenue recognised this gives rise to a contract liability.

Any variations in contract work, claims, incentive payments
are included in the transaction price if it is highly probable
that a significant reversal of revenue will not occur once
associated uncertainties are resolved.

Consideration is adjusted for the time value of money if
the period between the transfer of goods or services and
the receipt of payment exceeds twelve months and there
is a significant financing benefit either to the customer or
the Company.

Revenue from sale of goods

The Company recognises revenue from sale of goods once
the customer takes possession of the goods. Revenue
represents the invoice value of goods provided to third
parties net of discounts and taxes.

Operation and maintenance income

The Company recognises revenue from Operations and
Maintenance services using the time-elapsed measure of
progress i.e. input method on a straight line basis.

Contract assets

Contract assets are recognised when there is excess
of revenue earned over billings on contracts. Contract
assets are classified as unbilled receivables (only act of
invoicing is pending) when there is unconditional right to
receive cash, and only passage of time is required, as per
contractual terms.

Contract liabilities

Contract Liabilities are recognised when there is billing in
excess of revenue and advance received from customers.

3.13Export incentives

Export incentives receivable are accrued for when the
right to receive the credit is established and there is no
significant uncertainty regarding the ultimate collection of
export proceeds. The export incentives are disclosed as
other income in the standalone financial statements.

3.14Recognition of dividend income, interest
income or expense

Dividend income is recognised in the standalone statement
of profit and loss on the date on which the Company's right
to receive payment is established.

Interest income or expense is recognised using the effective
interest method.

The ‘effective interest rate' is the rate that exactly discounts
estimated future cash payments or receipts through the
expected life of the financial instrument to:

• the gross carrying amount of the financial asset; or

• the amortised cost of the financial liability.

I n calculating interest income and expense, the effective
interest rate is applied to the gross carrying amount of
the asset (when the asset is not credit-impaired) or to the
amortised cost of the liability. However, for financial assets

that have become credit-impaired subsequent to initial
recognition, interest income is calculated by applying the
effective interest rate to the amortised cost of the financial
asset. If the asset is no longer credit-impaired, then the
calculation of interest income reverts to the gross basis.

3.15Income tax

Income-tax comprises current and deferred tax. It is
recognised in the standalone statement of profit and loss
except to the extent that it relates to a business combination
or to an item recognised directly in equity or in other
comprehensive income.

Current tax

Current tax comprises the expected tax payable or
receivable on the taxable income or loss for the year and
any adjustment to the tax payable or receivable in respect of
previous years. The amount of current tax reflects the best
estimate of the tax amount expected to be paid or received
after considering the uncertainty, if any, related to income
taxes. It is measured using applicable tax rates (and tax
laws) enacted or substantially enacted by the reporting date.

Current tax assets and current tax liabilities are offset only if
there is a legally enforceable right to set off the recognised
amounts, and it is intended to realise the asset and settle
the liability on a net basis or simultaneously.

Deferred tax

Deferred tax is recognised in respect of temporary
differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the
corresponding amounts used for taxation purposes.
Deferred tax is also recognised in respect of carried forward
tax losses and tax credits.

Deferred tax is not recognised for:

• temporary differences arising on the initial recognition of
assets or liabilities in a transaction that is not a business
combination or for transaction that gives rise to equal
taxable and deductible temporary differences and that
affects neither accounting nor taxable profit or loss at
the time of the transaction;

• temporary differences related to investments in
subsidiaries, associates and joint arrangements to the

extent that the Company is able to control the timing
of the reversal of the temporary differences and it is
probable that they will not reverse in the foreseeable
future; and

• taxable temporary differences arising on the initial
recognition of goodwill.

Deferred tax assets are recognised to the extent that it is
probable that future taxable profits will be available against
which they can be used. The existence of unused tax losses
is strong evidence that future taxable profit may not be
available. Therefore, in case of a history of recent losses, the
Company recognises a deferred tax asset only to the extent
that it has sufficient taxable temporary differences or there
is convincing other evidence that sufficient taxable profit will
be available against which such deferred tax asset can be
realised. Deferred tax assets - unrecognised or recognised,
are reviewed at each reporting date and are recognised/
reduced to the extent that it is probable/ no longer probable
respectively that the related tax benefit will be realised.

Deferred tax is measured at the tax rates that are expected
to apply to the year/period when the asset is realised or the
liability is settled, based on the laws that have been enacted
or substantively enacted by the reporting date.

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

Deferred tax assets and liabilities are offset if there is a
legally enforceable right to offset current tax liabilities and
assets, and they relate to income taxes levied by the same
tax authority on the same taxable entity, or on different tax
entities, but they intend to settle current tax liabilities and
assets on a net basis or their tax assets and liabilities will
be realised simultaneously.

3.16Borrowing costs

Borrowing costs are interest and other costs (including
exchange differences relating to foreign currency borrowings
to the extent that they are regarded as an adjustment to
interest costs) incurred in connection with the borrowing of
funds. Borrowing costs directly attributable to acquisition
or construction of an asset which necessarily take a
substantial period of time to get ready for their intended
use are capitalised as part of the cost of that asset. Other
borrowing costs are recognised as an expense in the period
in which they are incurred.

3.17 Investments

I investments in equity shares of subsidiaries are recorded
at cost and reviewed for impairment at each reporting date.
Where an indication of impairment exists, the carrying
amount of the investment is assessed and written down
immediately to its recoverable amount. On disposal of
investments in subsidiaries, the difference between net
disposal proceeds and the carrying amounts are recognized
in the standalone statement of profit and loss.

I nvestments that are readily realisable and intended to be
held for not more than a year from the date of acquisition
are classified as current investments. All other investments
are classified as long-term investments. Any reductions in
the carrying amount and any reversals of such reductions
are charged or credited to the standalone statement of profit
and loss. Cost of investments include acquisition charges
such as brokerage, fees and duties. Profit or loss on sale
of investments is determined on the basis of first in first out
(FIFO) basis of carrying amount of investment disposed off.

3.18 Standalone statement of cash flows

The Company's standalone statement of cash flows are
prepared using the indirect method, whereby profit / (loss)
for the year is adjusted for the effects of transactions of a

non-cash nature, any deferrals or accruals of past or future
operating cash receipts or payments and item of income or
expenses associated with investing or financing cash flows.
The cash flows from operating, investing and financing
activities of the Company are segregated.

Cash and cash equivalents comprise cash and bank
balances and short-term fixed bank deposits that are
subject to an insignificant risk of changes in value. These
also include bank overdrafts that form an integral part of the
Company's cash management.

3.19 Earnings per share

The basic earnings per share (‘EPS') is computed by
dividing the net profit attributable to equity shareholders
for the period, by the weighted average number of equity
shares outstanding during the year.

Diluted EPS is computed using the weighted average
number of equity and dilutive (potential ) equity equivalent
shares outstanding during the year except where the results
would be anti-dilutive.

3.20 Events after reporting date

Where events occurring after the balance sheet date
provide evidence of conditions that existed at the end of

the reporting period, the impact of such events is adjusted
with the standalone financial statements. Otherwise, events
after the balance sheet date of material size or nature are
only disclosed.

3.21 Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or
amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time.

I n May 2025, MCA notified amendments to Ind AS 21 -
The Effects of Changes in Foreign Exchange Rates,
applicable w.e.f. April 1, 2025. The Company has
reviewed the amendment and based on its evaluation has
determined that it does not have any significant impact in
its financial statements.

In August 2025, MCA notified the following amendments to:

1. Ind AS 1, Presentation of Financial Statements,
applicable w.e.f. April 1, 2025 - The amendment
relates to classification of liabilities as current or non¬
current and non-current liabilities with covenants.
In the context of classifying a liability as current, it
removes the requirement of existence of a right to defer
settlement for at least 12 months after the reporting
date and instead requires that the said right should
exist on the reporting date and have substance. The
amendment also introduces guidance on classification
of liabilities with covenants. The Company has no
impact of these amendments in its classification
criteria of current and non-current liabilities.

2. I nd AS 7, Statement of Cash Flows and Ind AS 107,
Financial Instruments: Disclosures, applicable w.e.f.
April 1,2025 - The amendment in Ind AS 7 requires to
inform users of financial statements of the existence of
supplier finance arrangements and explain the nature
of the arrangements, the carrying amount of liabilities
and the range of payment due dates. Ind AS 107 has
been amended to add supplier finance arrangements
as a factor that may cause concentration of liquidity
risk. The Company has reviewed the amendment and
based on its evaluation has determined that it does
not have any impact in its financial statements.

3. I nd AS 12, International Tax Reform - Pillar Two Model

Rules applicable immediately - The amendments provide
a temporary mandatory relief from deferred tax accounting
for top-up tax and disclose that they have applied the
relief. This relief is immediate and applies retrospectively.
The company has reviewed the amendment and based
on its evaluation has determined that it does not have
any impact on its financial statements.

Notes:

a) Movable fixed assets with carrying amount of INR 11.57 crore (31 March, 2025: INR 9.63 crore) are subject to first charge
to secured bank loans obtained by the Company. Refer Note no. - 22

b) INR Nil amount of impairment loss is recognised during the year ended 31 March, 2026 and 31 March, 2025.

c) Adjustments includes the exchange fluctuation of INR 0.09 crore on gross block for the year ended 31 March, 2026 (31
March, 2025: INR (0.01) crore) and INR 0.12 crore on accumulated depreciation / amortisation for year ended 31 March,
2026 (31 March, 2025: INR (0.02) crore) due to translation of property, plant and equipment of all foreign branches at closing
exchange rate.

d) The Company has not revalued its property, plant and equipment during the current and previous year.

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

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in
the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of
an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.
Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.
Failure to pay any amount called up on shares may lead to forfeiture of the shares. On winding up of the Company, the holders of
equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts
in proportion to the number of equity shares held.

(E) Equity Shares allotted as fully paid-up without payment being received in cash in last 5 years : None

(F) Employee stock option

ESOP I -On 27 March 2019, the Board of Directors of the Company proposed the Scheme for Employee Stock Option Plan
(‘ESOP' or ‘Scheme') which was approved by the Shareholders on 30 May 2021 and grant of the stock options was approved
by Nomination and Remuneration Committee effective 15 July 2021. Pursuant to Scheme, the Company has granted and has
reserved 1,301,213 new stock grants to eligible employees, the exercise price of these ESOP is INR 238 per share and the same
would get vested in 4 annual tranches of 25% each, commencing one year from date of grant, i.e. 15 July 2021. Refer note 45
for disclosure on share based payments.

ESOP II - On 24 April 2025, the Board of Directors of the Company proposed the Scheme for Employee Stock Option Plan (‘ESOP'
or ‘Scheme') which has been approved by the Shareholders on 21 August 2025 and grant of the stock options was approved
by Nomination and Remuneration Committee effective 17 February 2026. Pursuant to Scheme, the Company has granted and
has reserved 2,148,822 stock grants to eligible employees, the exercise price of these ESOP is INR 172 per share and the same
would get vested in 3 equal annual tranches, commencing one year from date of grant, i.e. 17 February 2026. The employees
can avail the ESOPs within four years from the date of vesting of each tranches.

Notes:

(i) Capital reserve on demerger

The Company's capital reserve on demerger is on account of the difference between the net assets and liabilities taken over relating to
the Solar-EPC business pursuant to the scheme of arrangement.

(ii) Capital redemption reserve

Capital redemption reserve comprises of an amount equal to nominal value of Class B share bought back out of free reserves of Sterling &
Wilson - Waaree Private Limited (‘SWWPL'), SWWPL has been merged with the Company effective from 1 April, 2020. Capital redemption
reserve is created out of profits available for distribution towards buy back of equity share of the SWWPL. This reserve can be used for the
purpose of issue of Bonus shares.

(iii) Securities Premium reserve

Securities premium is used to record the premium received on issue of shares. It will be utilised in accordance with the provisions of the
Companies Act, 2013.

(iv) Employee stock option reserve

Employee stock option reserve represents the cumulative amounts charged to profit in respect of employee share option arrangements
where the scheme has not yet been settled by means of an award of shares to employees.

(v) Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions
paid to the shareholders of the Company and also includes remeasurements of defined benefit liability, net of tax.

(vi) Effective portion of cash flow hedge

The Company has designated its hedging instruments as cash flow hedges and any effective portion of cash flow hedge is maintained in
the said reserve. In case the hedging becomes ineffective, the amount is recognised in the standalone statement of profit and loss. On
settlement of the hedging instruments, the balance is re-cycled to the standalone statement of profit and loss.

Details of the security and repayment terms :

(a) Term loan from banks aggregating to INR 274.17 crore (31 March, 2025: INR 373.51 crore) are secured by first pari passu
charge over current assets and movable fixed assets (excluding leasehold improvements and capital work in progress)
of the Company and the remaining term loans from banks with carrying amount aggregating to INR Nil (31 March, 2025:
INR 31.63 crore) are secured by second pari passu charge over the current assets and movable fixed assets (excluding
leasehold improvements and capital work in progress) of the Company. The loans carry variable interest rate ranging from
10.10% p.a. to 11.00% p.a. (31 March, 2025 - 10.40% p.a. to 11.75% p.a.). Term Loan of INR 75 crore will be repaid in 3
quarterly instalments from April 2026 to October 2026. Term Loan of INR 199.17 crore will be repaid in 8 quarterly instalments
commencing from June 2026 to March 2028.

(b) Term loan from financial institutions with carrying amount INR 842.23 crore (31 March, 2025: INR 466.64 crore) are secured
by first pari passu charge over the current assets and movable fixed assets (excluding leasehold improvements and capital
work-in progress) of the Company. The loans carry variable interest rate ranging from 11.15% p.a. to 11.50% p.a. (31 March,
2025 - 11.60% p.a.). The term loan of INR 274.11 crore will be repaid in 5 quarterly installments commencing from June 2026
to June 2027. Term loan of INR 469.97 crore will be repaid in 9 quarterly installments commencing from June 2026 to June
2028. Term loan of INR 98.15 crore will be repaid in 23 quarterly installments commencing from April 2026 to October 2031.

(c) There are no charges or satisfaction which are to be registered with Registrar of Companies beyond the statutory period,
except on term loan from financial institution for which the Company is in process of creation of charge.

Details of the security and repayment terms :

(a) Secured working capital loans from bank amounting to INR 22.50 crore (31 March, 2025:INR Nil) is secured by fixed deposits
and is repayable within 60 days. It carries an interest rate of 8.61% p.a.

(b) Supplier credit facilities with carrying amount INR 14.99 crore (31 March, 2025: INR 29.69 crore) are unsecured and carries
an interest rate of 13.00% p.a. and is repayable within 90 days from draw down date.

(c) Supplier credit facilities with carrying amount INR 9.90 crore (31 March, 2025: INR Nil) are secured by Bank Guarantee and
carries an interest rate of 12.00% p.a. and is repayable within 120 days from draw down date.

(d) There are no charges or satisfaction which are to be registered with Registrar of Companies beyond the statutory period,
except on Term loan from Financial Institution for which the company is in process of creation of charge.

(e) The Company has been sanctioned working capital from banks on the basis of security of current assets and moveable
fixed assets. The Company in this regard has been duly submitting with all such banks from whom such facilities are taken,
the quarterly statements as per the terms of the sanction. The said quarterly statements are in agreement with the books
of account of the Company of the respective quarters at the point of time of reporting.

Provision for liquidated damages: Liquidated damages are contractual obligations affecting the contract revenue in case
of the works contracts with customers arising as a result of penalties from delays caused in the completion of a contract or
performance obligations.

Provision for foreseeable loss contracts: In case of construction contracts, when it is probable that total contract costs will
exceed total contract revenue, the expected loss (foreseeable loss) is recognised as an expense immediately in the statement
of profit and loss.

Provision for warranties: The warranty provision represents management's best estimate of the Company's liability under
warranties granted on certain products supplied under a contract, based on prior experience and industry averages.

Notes

(a) The increase in the debt-equity ratio is mainly attributable to a reduction in total equity, resulting from impairment provisions as disclosed
in Exceptional item (Refer note 39(b).

(b) The loss after tax for the year ended 31 March, 2026 was primarily attributable to impairment provisions disclosed under Exceptional Items
(refer Note 39(b)), which adversely impacted the Return on equity ratio.

(c) The decrease in the trade receivables to turnover ratio is primarily attributable to higher billing at the end of the current year compared to
the previous year.

(d) The net capital turnover ratio has improved due to higher revenue and better employment of working capital.

(e) The Company incurred a loss during the year ended 31 March, 2026; accordingly, the net profit ratio for the current year is not applicable.

(f) Positive Earnings before interest and taxes ( EBITDA) as compared to Previous year has led to an improvement in this ratio.

(g) Lower yields on liquid mutual funds resulted in reduced returns during the year as compared to the previous year.

(h) The Company is not engaged in the business of manufacturing or trading of goods or services and consequently this ratio is not applicable.

C. Other commitments

a) The Company has issued letters of undertakings to
provide need based financial support to its subsidiaries
Sterling and Wilson International Solar FZCO and
Sterling and Wilson Saudi Arabia Limited.

b) The Company has extended validity of corporate
guarantee issued to Union Bank of India, DIFC
Branch (‘UBI') which is outstanding as at 31 March,
2026 - USD 70.00 million (INR 656.98 crore) (31
March, 2025: USD 70.00 million (INR 598.18 crore))
in respect of borrowing facility to be extended by the
UBI to the Company's subsidiary, Sterling and Wilson
International Solar FZCO. The Corporate Guarantee
shall be valid till 1 March, 2030.

c) The Company had signed Corporate Guarantee
cum Indemnity Agreement dated 30 March, 2022
with its wholly owned subsidiary Sterling and Wilson
International FZCO in respect of the Indemnity
Agreement signed by the Company with Shapoorji
Pallonji and Company Private Limited, Khurshed Yazdi
Daruvala (jointly the “Promoter Selling Shareholders”)
and Reliance New Energy Limited (formerly known
as Reliance New Energy Solar Limited). The validity
of Corporate Guarantee has been extended from

30 September, 2024 to 30 September, 2026 and
outstanding amount as at 31 March, 2026 is USD 12
million (INR 112.62 crore) (31 March, 2025: USD 46.80
million (INR 393.93 crore)). Also Refer Note 54.

d) The Company had issued surety bond dated 17
January, 2023 to Atlantic Insurance Company, Intact
Insurance Group USA LLC, which is outstanding as at

31 March, 2026 - USD Nil million (INR Nil) (31 March,
2025: USD 12.50 million (INR 106.47 crore)) in respect
of surety bond to be extended by Atlantic Insurance
Company to the Company's step down subsidiary,
Sterling and Wilson Solar Solutions Inc. The surety
bond is released on 31 March, 2026.

e) The Company has issued corporate guarantee to
Banco Bilbao Vizcaya Argentaria SA, Spain (‘Bank')
which is outstanding as at 31 March, 2026 -EUR 25.00
million (INR 269.92 crore) (31 March, 2025: EUR 25
million (INR 231.16 crore) in respect of borrowing
facility extended by the Bank to the Company's step-
down subsidiary, Sterling and Wilson Renewable

Energy Spain SLU . The corporate guarantee shall be
valid till 30 April, 2026.

f) The Company has issued corporate guarantee
to Nedbank Ltd, South Africa (‘Bank') which is
outstanding as at 31 March, 2026 - USD 35.00
million (INR 328.49 crore) (31 March, 2025: USD 35
million (INR 299.09 crore) in respect of borrowing
facility extended by the Bank to the Company's step-
down subsidiary, Sterling and Wilson Engineering
Pty Ltd. The corporate guarantee shall be valid till 11
November, 2026.

g) During the year, the company has issued Corporate
guarantee to ABSA Bank Ltd, SA (Bank) & outstanding
as at 31 March 2026 is USD 31 Million (INR 290.95
crore) (31 March 2025: USD Nil (INR Nil) in respect

of borrowing facility extended by the Bank to the
Company's step-down subsidiary, Sterling and Wilson
Engineering Pty Ltd. The corporate guarantee shall be
valid till 30 March 2032.

h) The Hon'ble Supreme Court of India (“SC”) by it's order
dated 28 February, 2019, in the case of Surya Roshani
Limited & others v/s EPFO, set out the principles based
on which allowances paid to the employees should be
identified for inclusion in basic wages for the purposes
of computation of Provident Fund contribution.
Subsequently, a review petition against this decision
has been filed and is pending before the SC for disposal.
In view of the management, the liability for the period
from date of the SC order to 31 March, 2019 is not
significant. Further, pending decision on the subject
review petition and directions from the EPFO, the
impact for the past period, if any, is not ascertainable
and consequently no effect has been given in
the accounts.

i) The Company is subject to legal proceedings and
claims, which have arisen in the ordinary course of
business. The Company has reviewed all its pending
litigations and proceedings and has adequately
provided for where provisions are required and
disclosed as contingent liability, where applicable in
its standalone financial statements. The Company's
management does not reasonably expect that
these legal notices, when ultimately concluded and
determined, will have a material and adverse effect on
Company's results of operations or financial condition.

44 Employee benefits

Defined contribution plan:

Contribution to provident fund and other funds aggregating to INR 15.15 crore (31 March, 2025: INR 11.69 crore) is recognised
as an expense and included in 'Employee benefits expenses'.

Defined benefit plan and long-term employee benefits:

Gratuity (Defined benefit plan)

In accordance with Indian law, the Company has a defined benefit gratuity plan. Every employee in India who has completed five
years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn basic salary) for each
completed year of service.

Compensated absences (Long-term employee benefits)

The Company makes provision for compensated absences based on actuarial valuation report.

The above sensitivity analysis have been calculated to show the movement in defined benefit obligation in isolation and
assuming there are no other changes in market conditions at the reporting date. In practice, generally it does not occur.
When we change one variable, it affects to others. In calculating the sensitivity, project unit credit method at the end of the
reporting period has been applied.

Estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment market.

The Company's liability on account of gratuity is not funded and hence the disclosures relating to the planned assets are
not applicable to the Company.

Compensated absences

Compensated absences for employee benefits of INR 5.29 crore (31 March, 2025: INR 11.09 crore) expected to be paid in
exchange for the services is recognised as an expense during the year.

45 Share based payments

ESOP I - On 27 March 2019, the Board of Directors of the Company proposed the Scheme for Employee Stock Option Plan
(‘ESOP' or ‘Scheme') which has been approved by the Shareholders on 30 May 2021 and grant of the stock options was approved
by Nomination and Remuneration Committee effective 15 July 2021. Pursuant to Scheme, the Company has granted and has
reserved 1,301,213 new stock grants to eligible employees, the exercise price of these ESOP is INR 238 per share and the same
would get vested in 4 annual tranches of 25% each, commencing one year from date of grant, i.e. 15 July 2021. The employees
can avail the ESOPs within four years from the date of vesting of each tranches.

ESOP II - On 24 April 2025, the Board of Directors of the Company proposed the Scheme for Employee Stock Option Plan (‘ESOP'
or ‘Scheme') which has been approved by the Shareholders on 21 August 2025 and grant of the stock options was approved
by Nomination and Remuneration Committee effective 17 February 2026. Pursuant to Scheme, the Company has granted and
has reserved 2,148,822 stock grants to eligible employees, the exercise price of these ESOP is INR 172 per share and the same
would get vested in 3 equal annual tranches, commencing one year from date of grant, i.e. 17 February 2026. The employees
can avail the ESOPs within four years from the date of vesting of each tranches.

C. Disclosure under Rule 11(e) of the Companies (Audit and Auditors Rules), 2014

a) To the best of our knowledge and belief, other than the details mentioned below, the Company has not advanced or loaned
or invested (either from borrowed funds or share premium or any other sources or kind of funds) to or in any other person(s) or
entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b) To the best of our knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like to or on behalf of the
Ultimate Beneficiaries.

49 Disclosure under Ind AS 115 - Revenue from Contracts with Customers

A) The Company is in Engineering, Procurement and Construction business. The ongoing contracts with customers are for Solar
utility. The type of work in these contracts involve construction, engineering, designing, supply of materials, development of
system, installation, project management, operations and maintenance etc.

B) Disaggregation of revenue from contracts with customers

Revenue from contracts with customers is disaggregated by primary geographical area and the type of contract of revenue
recognition. Disaggregated revenue with the Company's reportable segments is given in the note 51.

E) Performance obligation

The Company is in the Solar EPC Solutions business. The ongoing contracts with customers are for solar utility projects. The type
of work in these contracts involve construction, engineering, designing, supply of materials, development of system, installation,
project management, operations and maintenance, etc.

The Company evaluates whether each contract consists of a single performance obligation or multiple performance obligations.
Contracts where the Company provides a significant integration service to the customer by combining all the goods and services
are concluded to have a single performance obligations. Contracts with no significant integration service, and where the customer
can benefit from each unit on its own, are concluded to have multiple performance obligations. In such cases consideration is
allocated to each performance obligation, based on standalone selling prices. Where the Company enters into multiple contracts
with the same customer, the Company evaluates whether the contract is to be combined or not by evaluating factors such as
commercial objective of the contract, consideration negotiated with the customer and whether the individual contracts have
single performance obligations or not.

The Company recognises contract revenue over time as the performance creates or enhances an asset controlled by the
customer. For such arrangements revenue is recognised using cost based input methods. Revenue is recognised with respect
to the stage of completion, which is assessed with reference to the proportion of contract costs incurred for the work performed
at the balance sheet date relative to the estimated total contract costs.

Any costs incurred that do not contribute to satisfying performance obligations are excluded from the Company's input methods
of revenue recognition as the amounts are not reflective of our transferring control of the system to the customer. Significant
judgment is required to evaluate assumptions related to the amount of net contract revenues, including the impact of any
performance incentives, liquidated damages, and other forms of variable consideration.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognizes the entire
estimated loss in the year/period the loss becomes known. Variations in contract work, claims, incentive payments are included
in contract revenue to the extent that may have been agreed with the customer and are capable of being reliably measured.

The Company recognises revenue from Operations and Maintenance services using the time-elapsed measure of progress i.e.
input method on a straight line basis.

There is no revenue to be recognised in future related to performance obligations that are unsatisfied (or partially satisfied) as at
31 March, 2026 and 31 March, 2025, except as disclosed below.

The following table includes revenue to be recognised in future related to performance obligations that are unsatisfied (or partially
satisfied) as at 31 March, 2026 in respect of EPC contracts that have original expected duration of more than one year:

F) Practical expedients:

Applying the practical expedient in paragraph 63 of Ind AS 115, the Company does not adjust the promised amount of consideration
for the effects of a significant financing component if at contract inception it is expected that the period between when the entity
transfers a promised goods or service to a customer and when the customer pays for that goods or service will be one year
or less.

The Company applies practical expedient in paragraph 121 of Ind AS 115 and does not disclose information about remaining
performance obligations for EPC contracts that have original expected duration of one year or less.

50 Related party disclosures
A. Related parties and their relationship
Category of related parties

A) Entities which exercise significant influence over the Company

Reliance New Energy Limited (wholly owned subsidiary of Reliance Industries Limited)

Reliance Industries Limited (100% Holding Company of Reliance New Energy Limited) (‘ RIL)

Shapoorji Pallonji and Company Private Limited (‘SPCPL')

51 Segment reporting

A. Basis for segmentation

The Company is primarily engaged in the business of complete Turnkey solution for Engineering, Procurement, Construction,
Operation and Maintenance of Renewable Energy Power projects. The Company's Chief Operating Decision Maker (CODM)
reviews the internal management reports prepared based on financial information for Engineering, Procurement and Construction
(EPC) and Operation and maintenance service based on analysis of certain performance indicators viz. Gross margin, Profit after
tax, etc. Accordingly, the Company has determined its reportable segments under Ind AS 108 “Operating Segments” as follows:

• Engineering, Procurement and Construction ('EPC' business) and

• Operation and Maintenance service.

B. Business Segment

The Company's revenues and assets represents company's businesses viz. Renewable Energy Power projects EPC and
Renewable Energy Power projects Operation and maintenance service. Accordingly, revenue and expenses have been identified
to a segment on the basis of direct relationship to operating activities of the segment. Expenditure which are not directly identifiable
but has a relationship to the operating activities of the segment are allocated on a reasonable basis.

Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been
disclosed as “Unallocable”.

Segment assets and segment liabilities represent assets and liabilities of respective segment. Investments, tax related assets/
liabilities and other common assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed
as ""Unallocable"".

(b) Measurement of fair values

Valuation techniques and significant unobservable inputs

The valuation techniques used in measuring Level 2 and Level 3 fair values for financial instruments measured at fair value in the
Balance sheet as well as the significant unobservable inputs used.

Transfers between Levels 1 and 2

There have been no transfers between Level 1 and Level 2 during the reporting year.

(c) Financial risk management

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

i) Credit risk ;

ii) Liquidity risk ; and

iii) Market risk

Risk management framework

The Company's Board of directors has overall responsibility for the establishment and oversight of the Company's risk management
framework. The Board of directors is responsible for developing and monitoring the Company's risk management policies.

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Company's activities. The Company, through its training
and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all
employees understand their roles and obligations.

The Audit Committee oversees how management monitors compliance with the Company's risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The
Audit Committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of
risk management controls and procedures, the results of which are reported to the Board of directors.

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company's receivables from customers and other receivables. The carrying
amounts of financial assets represent the maximum credit exposure.

Loans, Investments, Trade and other receivables/payables

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics
of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on
credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring
the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company
establishes an allowances for doubtful debts and impairments that represents its estimates of incurred losses in respect of trade
and other receivable and investment.

Net trade receivable as on 31 March, 2026 is INR 1,613.00 crore (31 March, 2025: INR 1,098.76 crore).

Two largest customers (net of expected credit loss provision) have a total concentration of 52.19% (31 March, 2025: Two largest
customers had a total concentration of 54.64%) of net trade receivable.

The Company makes provision of expected credit losses on trade receivables and other receivables to mitigate the risk of
default payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves
higher risk.

During the year, the Company has reviewed the carrying amounts of loans, investments and other receivables/payables in group
companies to determine whether there is any indication that those assets have suffered an impairment loss and accordingly the
Company has recognised impairment loss of INR 2,802.18 crore in the books.(Refer Note 56).

Other than the trade receivables, other receivables, investments and loans, the Company has no other financial assets that are
past due but not impaired.

Item under litigation are disclosed in note no 43.

The movement in the allowance for impairment in respect of trade and other receivables during the year was as follows:

Cash and bank balances

The Company held cash and cash equivalents and other bank balances with credit worthy banks of INR 403.57 crore and INR
480.91 crore as at 31 March, 2026 and 31 March, 2025 respectively. The credit worthiness of the such banks is evaluated by

management on an ongoing basis and is considered to be good.

Other bank balances

Other bank balances are held with bank with good credit rating.

Derivatives

The derivatives are entered with the credit worthy banks and financial institutions counter parties. The Credit worthiness of such
banks and financial institutions is evaluated by the management on an ongoing basis is considered to be good.

Guarantees

The Company's policy is to provide the financial guarantees and surety bonds for its subsidiaries. The outstanding guarantee
and surety bonds as at 31 March, 2026 is INR 1,658.95 crore and INR Nil respectively (31 March, 2025: INR 1,528.35 crore and
INR 106.47 crore respectively), these guarantee were given to banks and the surety bond was given to an Insurance Company
in respect of credit facilities availed by a subsidiary of the Company.

Security deposits given to lessors

The Company has given security deposit to lessors for premises leased to the Company as at 31 March, 2026 and 31 March,
2025. The Company monitors the credit worthiness of such lessors where the amount of security deposit is material.

Loans, investments and other receivables in group companies

The Company has investment in a subsidiary, loans given along with accrued interest thereon and other receivables as at 31
March, 2026 and 31 March, 2025. The Company has reviewed the carrying amounts of loans to determine whether there is
any indication that those assets have suffered an impairment loss and the Company is of the view and as at 31 March, 2026,
provision of INR 2,802.18 crores is recognised in the books.(Refer Note 56).

Other than the trade receivables, other receivables, investments and loans, the Company has no other financial assets that are
past due but not impaired.

Item under litigation are disclosed in note no 43.

ii Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due,
under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company's reputation.

As at 31 March, 2026, the Company had unsecured borrowings from others of INR 14.99 crore (31 March, 2025: INR 29.69
crore), secured borrowings from others of INR 9.90 crore (31 March, 2025: INR Nil), secured borrowings from banks of INR
296.67 crore (31 March, 2025: INR 405.14 crore), secured loans from financial institutions of INR 842.23 crore (31 March, 2025:

INR 466.64 crore), cash and cash equivalents of INR 205.16 crore (31 March, 2025: INR 380.73 crore) and other bank balances
of INR 198.41 crore (31 March, 2025: INR 100.18 crore).

During the year ended 31 March, 2026 and 31 March, 2025, there were no instances of delay in repayment of working capital
loans and term loans.

iii Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates
and prices (such as interest rates, foreign currency exchange rates) or in the price of market risk-sensitive instruments as a result
of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial instruments, all
foreign currency receivables and payables and all short term and long-term debt. The Company is exposed to market risk primarily
related to foreign exchange rate risk, interest rate risk and the market value of its investments. Thus, the Company's exposure to
market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currencies.

(a) Currency Risk

The Company is exposed to currency risk on account of its operating and financing activities. The functional currency of the
Company is Indian Rupee.

(b) Interest rate risk

I nterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company's exposure to market risk for changes in interest rates relates to borrowings from banks and
financial institutions.

For details of the Company's short-term and long-term borrowings, including interest rate profiles, refer to Note 22 & 25 of these
financial statements.

Interest rate sensitivity - fixed rate instruments

The Company's fixed rate bank deposits and loan given are carried at amortised cost. They are therefore not subject to interest
rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flow will fluctuate because of a change
in market interest rates. Financial liabilities included in fixed rate instruments are short term borrowings which are repaid within
period of one year.

The risk estimates provided assume a change of 100 basis points interest rate for the interest rate benchmark as applicable to
the borrowings summarised above. This calculation also assumes that the change occurs at the balance sheet date and has
been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative
of the average debt outstanding during the year.

(c) Capital Management

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. Management monitors the return on capital as well as the level of dividends to
ordinary shareholders.

The Company monitors capital using a ratio of ‘adjusted net debt' to ‘adjusted equity'. For this purpose, adjusted net debt is
defined as total borrowings, comprising interest-bearing loans and borrowings and obligations under leases, less cash and cash
equivalents. Adjusted equity comprises all components of equity.

54 On 29 December, 2021, the Company had signed an Indemnity Agreement with Shapoorji Pallonji and Company Private Limited,
Khurshed Yazdi Daruvala (jointly the “"Promoter Selling Shareholders””) and Reliance New Energy Limited pursuant to which, the
Promoter Selling Shareholders would indemnify and re-imburse the Company and its subsidiaries/branches for a net amount,
if it exceeds INR 300.00 crore, on settlement of liquidated damages pertaining to certain identified past and existing projects
(as on the date of signing the aforementioned agreements), old receivables, direct and indirect tax litigations as well as certain
legal and regulatory matters. These amounts would be crystallized by 30 September, 2022 and thereafter on 30 September of
each succeeding year, on the basis of the final settlement amounts with customers/suppliers/other authorities. Consequently,
trade receivables from customer undergoing a resolution process under the supervision of the National Company Law Tribunal
(‘NCLT') and bank guarantees, if related to liquidated damages, encashed by certain customers would also be recoverable from
the Promoter Selling Shareholders once crystallized, if not recovered from the customers. The Promoter Selling Shareholders
are consequently entitled to net off the amounts payable, with specific counter-claims levied and recovered by the Company and
its subsidiaries/branches on its customers/vendors relating to these matters.

I n line with the terms of the Indemnity Agreement, the Company has subsequent to 30 September, 2025, raised the claim
amounting to INR 174.54 crore to be recovered from the Promoter Selling Shareholders on the basis of crystallized items for the
period from 1 October, 2024 to 30 September, 2025, which has been received by the Company.

55 The Company had entered into a contract for a 100 MW AC Photovoltaic plant with an infrastructure company (“Customer”) to
cater to power demands of a real estate developer (“Developer”). In October 2018, proceedings were initiated in the National
Company Law Tribunal (“NCLT”) against the Customer group and the Company issued a work suspension notice to the Customer,
on account of non-receipt of balance of payments, with a copy to the Developer. The Developer directed the Company, vide a
letter, to go ahead with the works/maintenance of the plant wherein they also assured the payment if the Customer failed to pay.
Based on this assurance, the Company completed the works and as on date, the Customer / Developer owes the Company
INR 92.45 crore. Company initiated the following actions: (i) Filed a claim before the Claim Management Advisors in respect of
amount recoverable from the Customer group and the same has been admitted; (ii) An appeal has been admitted by the Hon'ble

Supreme Court of India Vide Order dated 11 September, 2023 towards proceedings against the Developer under Insolvency
and Bankruptcy Code; (iii) Filed a chargesheet before the Magistrate Court, Mumbai pursuant to the criminal complaint against
the Developer during the quarter ended 31 December, 2024. The Court has taken the chargesheet into cognisance; (iv) also
filed Summary Suit against the Developer before the Bangalore City Civil Court during the quarter ended 31 December, 2024.
In addition, an amount of INR 64.10 crore, under confirmed irrevocable Letters of Credit (LC) arranged by the Customer were
discounted by the Company after confirmation by its and Customer's bank. However, the Customer's bank refused to honour
the payment citing the NCLT proceedings and the Company had to refund the amount back to its bank. The Company initiated
the following actions: (i) Initiated legal proceedings before National Company Law Appellate Tribunal (“NCLAT”) in respect of
amount receivable under LC by filing an Intervention Application in the main proceedings filed by Union of India against the
Customer group; (ii) Lodged a Summary Suit to recover the amount receivable under the LC i.e. 764.10 crore plus interest against
the Customer's Bank before the Hon'ble Bombay High Court, which is pending for adjudication and during the current quarter,
the Customer's Bank deposited 761.40 crore with the Court towards the Court granting them leave to defend the Summary
Suit. The amounts of INR 92.45 crore and INR 64.10 crore are classified under the head Trade Receivables and Other Financial
Assets, respectively. Based on the legal evaluation, the Company is confident that both above amounts are recoverable. Also,
both the above claims i.e. on the Developer and Customer's Bank are covered under the Indemnity Agreement as referred in
Note 54 above.

56 The Company's investment in a subsidiary, loans given along with accrued interest thereon and other receivables aggregated to
INR 3,654.75 crore (including revaluation and excluding the corporate guarantees issued in favour of the said subsidiary of INR
1,658.95 crore which is not expected to be invoked) as at 31 March, 2026.

(a) Considering the unfavourable outcome arising from the arbitration order during the quarter ended 30 September, 2025,
resulting in loss of amounts that were considered recoverable and the outflows towards honouring settlement with a
subcontractor, INR 599.70 crore was considered non recoverable from the wholly owned subsidiary and consequently
written off.

(b) Also, during the quarter ended 30 September, 2025, in respect of a contract where Memorandum of Understanding
was signed, due to request for revisions to the key contract terms and it's resultant outcome, this had resulted in
uncertainty with respect to the projected cashflows thereof. Consequently, considering the projected cashflows,
the Company had recognized an impairment of INR 2,038.72 crore. Further, during the quarter ended 31
March, 2026, considering the projected cashflows, the Company has recognized an additional impairment of
INR 163.76 crore. (said impairments being revalued to INR 2,386.73 crore as at 31 March, 2026).

The said amounts under (a) and (b) aggregating to INR 2,802.18 crore have been classified under Exceptional Item in the Financial
Statements for the year ended 31 March, 2026.

57 Events after the reporting period

There are no material adjusting and non adjusting subsequent events which occurred after the balance sheet date and upto the
date of approval of the financial statements by the Board of Directors.

58 Pursuant to the implementation of the New Labour Codes with effect from 21 November, 2025 (the supporting Rules are yet to
be notified), the Company has reassessed its employee benefit obligations and recognised an incremental expense of INR 1.21
crore for the year ended 31 March, 2026, under employee benefit expenses as past service cost. Company is in the process of
evaluating other possible impacts if any. However, management is of the view that impact, if any, is unlikely to be material.

59 During the current year, the managerial remuneration paid by the Company in relation to its Manager is in excess of the limits
laid down under Section 197 of the Companies Act, 2013, read with Schedule V to the Act by INR 4.58 crore. The Company is
in the process of obtaining approval by way of special resolution towards the excess managerial remuneration for the financial
year 2025-2026 from its shareholders at the forthcoming annual general meeting.

60 Other matters

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

(ii) There are no charges or satisfaction which are to be registered with Registrar of Companies beyond the statutory period,
except on term loan from financial institution for which the Company is in process of creation of charge.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(iv) The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act,
2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).

(v) The Company have 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).

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

(vii) The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for which
such loans were obtained other than temporary deployment pending application in respect of term loans raised towards
the end of the year.

(viii) The Company has no transactions or outstanding balances with the companies struck off under Companies Act, 2013 or
Companies Act, 1956.

(ix) I nformation with regard to other matters specified in Schedule III to the Act is either nil or not applicable to the Company
for the year.

(x) These standalone financial statement which are published in accordance with Regulation 33 of the Securities Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations')
have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on
23 April, 2026.