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 under finance costs. Expected future
operating losses are not provided for. Provision in respect of loss contingencies relating to claims, litigations,
assessments, fines and penalties are recognised when it is probable that a liability has been incurred and the
amount can be estimated reliably.

A contingent liability exists when there is a possible but not probable obligation, or a present obligation that
may, but probably will not, require an outflow of resources, or a present obligation whose amount cannot be
estimated reliably. Contingent liabilities do not warrant provisions, but are disclosed unless the possibility of
outflow of resources is remote.

Contingent assets are not recognised in Standalone Financial Statements since this may result in the
recognition of income that may never be realised.

However, when the realisation of income is virtually certain, then the related asset is not a contingent asset
and is recognised.

L Earnings per share

Basic Earnings Per Share ('EPS') is computed by dividing the net profit attributable to the equity shareholders
by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the net profit by the weighted average number of equity
shares considered for deriving basic earnings per share and also the weighted average number of equity
shares that could have been issued upon conversion of all dilutive potential equity shares. Dilutive potential
equity shares are deemed converted as of the beginning of the year, unless issued at a later date. In computing
diluted earnings per share, only potential equity shares that are dilutive and that either reduces earnings per
share or increases loss per share are included. The number of shares and potentially dilutive equity shares
are adjusted retrospectively for all periods presented for the share splits.

M Cash flow statement

Cash flows are reported using the indirect method, whereby net profit/ (loss) before tax is adjusted for the
effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or
payments and item of income or expenses associated with investing or financing cash flows. The cash flows
from regular revenue generating (operating activities), investing and financing activities of the Company are
segregated.

N Cash and cash equivalents

Cash and cash equivalents in the Balance Sheet comprise cash at bank and in hand and short-term deposits
with banks that are readily convertible into cash which are subject to insignificant risk of changes in value and
are held for the purpose of meeting short-term cash commitments.

O Foreign currency transactions and balances

In preparing the Standalone Financial Statements of the Company, transactions in currencies other than the
Company's functional currency (i.e. foreign currencies) are recognised at the rates of exchange prevailing
at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign
currencies are translated at the rates prevailing at that date.

Monetary assets and liabilities denominated in foreign currencies are translated at INR spot rates of exchange
at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognised in the statement of profit and loss.

Net loss relating to translation or settlement of borrowings denominated in foreign currency are reported
within finance costs. Non-monetary items that are measured in terms of historical cost in a foreign currency
are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured
at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is

determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in
line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences
on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit
or loss, respectively).

In determining the spot exchange rate to use on initial recognition of the related asset, expense or income
(or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance
consideration, the date of the transaction is the date on which the Company initially recognises the
nonmonetary asset or non-monetary liability arising from the advance consideration. If there are multiple
payments or receipts in advance, the Company determines the transaction date for each payment or receipt
of advance consideration.

P Financial liabilities and equity instruments:

Classification as debt or equity:

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in
accordance with the substance of the contractual arrangements and the definitions of a financial liability and
an equity instrument.

Equity instruments:

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting
all of its liabilities. Equity instruments issued by a Company are recognised at the proceeds received, net of
direct issue costs.

Q 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.

In 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.

1. Amendment to Ind AS 1 - Classification of liabilities as current or non-current and non-current liabilities
with covenants:

The amendment specifies the requirements for classifying liabilities as current or non-current in the
balance sheet, and clarifies the following:

a) An entity's right to defer settlement of a liability for at least twelve months after the reporting period
must have substance and must exist at the end of the reporting period. The classification of a
liability as current or non-current is unaffected by the likelihood that the entity will exercise its right
to defer settlement.

b) If an entity's right to defer settlement of a liability is subject to covenants, such covenants affect
whether that right exists at the end of the reporting period only if the entity is required to comply with
the covenant on or before the end of the reporting period.

c) In case of a liability that can be settled, at the option of the counterparty, by the transfer of the
entity's own equity instruments, such settlement terms do not affect the classification of the liability
as current or non-current only if the option is classified as an equity instrument.

These amendments have no effect on the measurement of any items in the financial statements of the
Company. The Company did not make retrospective adjustments as a result of adopting the amendments
to Ind AS 1.

2. Amendment to Ind AS 7 and Ind AS 107 - Supplier Finance Arrangement:

Disclosures' clarify the characteristics of supplier finance arrangements and require additional disclosures
for such arrangements. The disclosure requirements in the amendments are intended to assist users of
financial statements in understanding the effects of the Company is not within the scope of the OECD
Pillar Two Model Rules, as Pillar Two legislation has not yet been enacted in any of the jurisdiction in
which the Company operates. Supplier finance arrangements on an entity's liabilities, cash flows and
exposure to liquidity risk.

The Company does not have any supplier finance arrangements during the reporting period.

3. Amendment to Ind AS 12 - Pillar-Two Tax Reforms

The Company is not within the scope of the OECD Pillar Two Model Rules, as Pillar Two legislation has
not yet been enacted in the jurisdiction in which the Company operates.

4. Amendment to Ind AS 21-Lack of exchangeability

The amendments introduces requirement to assess when a currency is exchangeable into another
currency and when it is not. The amendment requires an entity to estimate the spot exchange rate when
it concludes that a currency is not exchangeable into another currency. These amendments had no
effect on the financial statements of the Company.

The below amendments are notified but not yet effective amendment to Ind AS 1 'Presentation of
Financial Statements'- Classification of Liabilities as current or non-current and non-current liabilities
with covenants:

The amendment includes specific provisions that will take effect for reporting periods beginning on or
after 1 April 2026, retrospectively, as outlined below:

a) Breach of material covenant for long-term loan arrangement on or before end of reporting period
with effect that liability becomes payable on demand as on reporting date, then it shall be classified
as current liability, if lender agreed after reporting period and before approval of financial statements
to not demand payment as a consequence of breach.

b) Classify as non-current liability, if lender agreed by end of reporting period to provide grace period
ending at least 12 months after reporting period within which entity can rectify the breach provided
lender does not demand immediate repayment.

c) Disclose information about the timing of settlement to understand the impact of the liability on the
financial statements.

The Company does not expect this amendment to have an impact on its operations or financial statements.

Notes:

1. The Company was Initial subscriber with 100% shareholding in its Subsidiary - Azad Prime Private Limited ('Azad
Prime'), incorporated in April 2024. As per terms of Shareholders Agreement [SHA] dated July 25, 2024 entered
between the Company & Leo Primecomp Private Limited ('Leo Prime'), during the quarter ended September 30,
2024, Azad Prime has issued additional equity shares to Leo Prime, consequently, the revised shareholding stands
at 51% by Company and 49% by Leo Prime. Further as per terms of SHA, the Company has Call Option [right to
buy] and Leo Prime has Put Option [right to Sell] - to the equity shares owned by Leo Prime upon occurrence of
events agreed in SHA. Price payable to the Call Option / Put Option, by the Transferor for the purchase/sale of the
securities pursuant to exercise of the qualified Call Option / Put Option on account of events mentioned in SHA -
shall be the higher of: (i) Fair Market Value of the securities held by such Call / Put Option Transferor as on the date
of such purchase/sale, or (ii) an amount of C225.63. During quarter ended December 31, 2024, the Company has
paid an advance of C54.13 to purchase the balance 49% of Shares held by Leo Prime on occurrence of the events
as mentioned in SHA. The said advance is non-refundable and such amount shall be deducted from any amount
payable to the Leo Prime pursuant to exercise of Call/Put Option. The Company has evaluated above transaction
and accounted as per applicable accounting standards.

2. The Company was Initial subscriber with 100% shareholding in its Subsidiary - Azad VTC Private Limited. As per
terms of Shareholders Agreement [SHA] dated May 9, 2024 entered between the Company and other shareholder,
during the quarter ended September 30, 2024, Azad VTC has issued additional equity shares to other shareholder,
consequently, the revised shareholding stands at 51% by Holding Company and 49% by other shareholder.
Further, as per terms of SHA, the Company has an Call Option [right to buy] to purchase the shares held by other
shareholder. The Company paid an advance of C23.30 to other shareholder to acquire the remaining 49% of shares
in the future. This amount is refundable and can be deducted from amount payable to the other share holder on
exercise of Call Option. The Company has evaluated above transaction and accounted as per applicable accounting
standards.

Notes:

i No trade receivables are due from directors or other officers of the Company either severally or jointly with any other
person or firms or private companies in which any director is a partner, a director or a member.

ii Trade receivables are non-interest bearing and generally on terms of 30 to 180 days

iii Trade receivables include debts from related parties (refer note 31)

iv The Company's exposure to credit and currency risks, and loss allowances related to trade receivables are disclosed
in Note 36

(iii) Rights, preferences and restrictions attached to equity shares of D 2 each, fully paid up:

The Company had only one class of equity shares having par value of C2 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In
the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.

(vi) There were no shares issued pursuant to contract without payment being received in cash, allotted as fully paid up
by way of bonus issues and there were no buy back of shares during the last 5 years immediately preceding 31
March 2026 other than 4,12,95,650 bonus equity shares of Rs. 2/- each issued and allotted to its shareholders
by capitalising General reserves amounting to C825.90 in the financial year 2023-24.

Notes:

i) Terms of long term loan from consortium banks (Union Bank of India(UBI), IndusInd Bank Limited(IndusInd),
ICICI Bank Limited(ICICI))

The Company has taken the term loan under consortium arrangement which is lead by UBI- C400.33 (March
31, 2025: 411.80), IndusInd C477.25 (March 31, 2025: 420.04) and ICICI Bank C417.81 (March 31, 2025:
C394.56) as other members, with interest rate ranging from 6.5%-10.9% which are repayable in 22 quarterly
installments for Indusind, 66 Monthly equal installments for ICICI & UBI

The primary security for the loans consists of:

a. First pari-passu charge by way of hypothecation on the Company's entire property, plant and equipment
(present and future).

b. Second pari-passu charge by way of hypothecation on the company's entire current assets (present and
future).

The collateral security for the loan includes:

a. First pari passu charge on Phase III Industrial Park APIIC plot 17/B Pashamylaram, Patancheru, Medak
Hyderabad 502307 Sangareddy Telangana India.

b. First pari passu charge on Plot no. 85 to 92,118,119 SYNO 340 Mulugumandal jyotishmathi college
TunikiBollarum Medak 502279 Siddipet Telangana India.

(ii) Terms of Long-Term Loan (Equipment Finance) from HDFC Bank

The Company has taken equipment finance loan with interest rate ranging from 8.05% to 9.05% repayable in 72
monthly equal installments which is secured by way of Hypothecation of machinery purchased / to be purchased
out of fund. Outstanding balance as of C383.51 (March 31, 2025: C187.04)

(iii) Terms of Long-Term Loan (Equipment Finance) from Yes Bank

The Company has taken Equipment Finance loan with interest rate ranging from 8.15%-9.30% repayable in 60
monthly equal installments which is secured by way of Hypothecation of machinery purchased / to be purchased
out of fund. Outstanding balance of C489.16 (March 31, 2025: C227.67)

(iv) Terms of Long-Term Loan (Equipment Finance) from TATA Capital

The Company has taken Equipment Finance loan with interest rate ranging from 9.32%-14.05% repayable in
48-60 monthly equal/unequal installments which is secured by way of Hypothecation of machinery purchased /
to be purchased out of fund. Outstanding balance of C163.53 (March 31, 2025: C236.53)

(v) Terms of Long-Term Loan (Equipment Finance) from Bandhan Bank

The Company has taken equipment finance loan with interest rate 8.25% repayable in 52 monthly equal installments
which is secured by way of Hypothecation of machinery purchased / to be purchased out of fund. Outstanding
balance as of C537.18 (March 31, 2025: CNil)

(vi) Terms of Long-Term Loan (Equipment Finance) from Bajaj Finance

The Company has taken equipment finance loan with interest rate 8.45% to 8.70% repayable in 60 monthly equal
installments which is secured by way of Hypothecation of machinery purchased / to be purchased out of fund.
Outstanding balance as of C399.16 (March 31, 2025: CNil)

(vii) Vehicle loans

The Company has taken vehicle loans from Yes bank C0.37 (March 31, 2025: C4.32), IDFC First bank CNil (March
31, 2025: C1.24), HDFC Bank C36.54 (March 31, 2025: C20.98), Bank of Baroda C5.94 (March 31, 2025:
C12.30 ) and ICICI C29.31 (March 31, 2025: CNIL ) with interest ranging from 8.06% to 11.04% which are
repayable in 24-60 monthly equal installments. The said loans are secured by way of hypothecation on vehicles
purchased.

Details of terms and security in respect of the short-term borrowings:

1. The Company has taken working capital demand loan under consortium arrangement which is lead by UBI C491.82
(March 31, 2025: 148.15) and has IndusInd C385.66 (March 31, 2025: 171.49) and ICICI Bank C298.23 (March
31, 2025: C147.25 ) as other members, with interest rate ranging from 6.3%-9.75% and repayable on demand.

The primary security for the loans consists of:

a. First pari-passu charge by way of hypothecation on the company's entire fixed assets (present and future).

b. First pari-passu charge by way of hypothecation on the company's entire current assets (present and future).
The collateral security for the loan includes:

a. First pari passu charge on Phase III Industrial Park APIIC plot 17/B Pashamylaram, Patancheru, Medak
Hyderabad 502307 Sangareddy Telangana India.

b. First pari passu charge on Plot no. 85 to 92,118,119 SYNO 340 Mulugumandal jyotishmathi college
TunikiBollarum Medak 502279 Siddipet Telangana India.

Note (ii) Details of Corporate social responsibility (CSR) expenditure:

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at
least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility
(CSR) activities. The areas for CSR activities are Education, Health & Wellness. A CSR committee has been formed by
the company as per the Act. The funds are utilized through the year on these activities which are specified in Schedule
VII of the Companies Act, 2013.

Direct tax:

For AY 2022-23, a demand of C15.71 arose out of an intimation order dated July 26, 2023 passed u/s 143(1)
on processing of return of income. The demand was due to credit not allowed in respect of a challan of C2.00 due
to mismatch and denial of deduction claimed u/s 80JJAA amounting to C33.76. The Company has submitted a
request for allowing the credit and submitted necessary application to the authority seeking relief in this matter.
Based on the facts and circumstances of the case, management is of the view that application would be considered
favourably by the respective authority and necessary relief would be granted.

For AY 2021-22 a demand of C3.96 was received vide an intimation order dated March 7, 2023 passed u/s
143(1) while processing the of return of income. The demand arose due to denial of deduction claimed u/s
80JJAA amounting to C7.72. However, the management has submitted necessary application to the authority
seeking relief in this matter, based on the facts and circumstances of the case, necessary relief would be granted.

Goods and Services Tax Act, 2017

The Company had received demand orders from the Adjudicating Authority, namely the Assistant Commissioner
of Central Tax, pursuant to GST audit proceedings for FY 2019-20 and FY 2020-21, against which appeals were
filed before the Commissioner (Appeals).

For FY 2019-20, the Commissioner (Appeals) has dropped the tax demand raised by the department; however,
interest and penalty aggregating to C0.09 is outstanding.

For FY 2020-21, tax demand of C0.98 along with applicable interest and penalty aggregating to C1.04 have been
confirmed by the Commissioner (Appeals). Based on the evaluation, the Company believes that it has a reasonably
strong case on merits and is in the process of filing further appeals before the GST Appellate Tribunal against the
amounts confirmed in the appellate orders

Customs duty:

All of the customs duty notices relate to Advance authorization/ EPCG Authorization licenses granted to the
company. These licenses will enable the company to import the goods by claiming upfront exemption from
payment of customs duty for Raw materials and Capital equipment's respectively. However, the grant of these
licenses stipulate for fulfillment of specified export obligation. While the company has largely met the stipulated
export obligation, it is yet to obtain and submit export obligation discharge certificate to the customs authorities.
The reason for non submission of this document is attributable to delay in fixation of norms by norms committee
and EODS pending. Thus, as soon as the input output norms are finalized the company will furnish the requisite
documents to customs authorities asking for the closure of the issue. The Company has received intimation from
Customs towards payment of duty amounting to C218.57 Mn.

The Company has filed an appeal against an order passed by the Additional Commissioner of Customs confirming
recovery of duty drawback amounting to C2.37 along with applicable interest, on the grounds that export proceeds
relating to exports made during FY 2014-15 were realized beyond the timelines prescribed under FEMA. The
drawback pertained to exports undertaken under the erstwhile Drawback Rules, 1995.

32 Earnings per share (EPS)

Basic earnings per share amounts is calculated by dividing the profit for the year attributable to equity holders by the
weighted average number of equity shares outstanding during the year. Diluted earnings per share amounts is calculated
by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding during
the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive
potential equity shares into equity shares.

Note: No potential equity shares are outstanding as at March 31, 2026 and there are no items giving rise to dilutive
equity shares. Hence basic EPS is considered dilutive EPS.

33 Segment reporting

In accordance with Ind AS 108 - 'Operating segments', segment information has been disclosed in the consolidated
financial statements of the Company and therefore no separate disclosure on segment information is provided in the
standalone financial statements.

34 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006:

The amount due to Micro and Small Enterprises as defined in the 'The Micro, Small and Medium Enterprises Development
Act, 2006' has been determined to the extent such parties have been identified on the basis of information available
with the Company. The disclosures relating to Micro, Small and Medium Enterprises are as under:

35 Employee benefits

a) Defined contribution plan

Provident Fund: Contributions were made to provident fund and Employee State Insurance in India for the
employees of the Company as per the regulations. These contributions are made to registered funds administered
by the Government of India. The obligation of the Company is limited to the amount contributed and it has no
further contractual nor any other constructive obligation.

b) Defined benefit plan

Gratuity: The Company provides Gratuity for employees in India as per the Payment of Gratuity Act, 1972. All
employees are entitled to gratuity benefits on exit from service due to retirement, resignation or death. There is a
vesting period of 5 years on exits due to retirement or resignation. This defined benefit plans expose the Company
to actuarial risks, such as longevity risk, interest rate risk and market (investment) risk. The present value of the
defined benefit obligation and the relevant current service cost are measured using the Projected Unit Credit
Method, with actuarial valuations being carried out at each Balance sheet date.

c) Amounts recognised as expense:

i) Defined contribution plan
Provident fund

Contribution towards employee provident fund, which is a defined contribution plan for the year March 31,
2026 aggregated to C26.65 (March 31, 2025 : C17.72) (refer note 26)

Employees' State Insurance & Labour welfare fund

Contribution towards Employees' State Insurance & Labour welfare fund, which is a defined contribution plan
for the year March 31, 2026 aggregated to C4.16 (March 31, 2025 : C3.82) (refer note 26)

ii) Defined benefit plan

Gratuity expenses for the year March 31, 2026 aggregated to C18.41 (March 31, 2025: C11.47). The
Company's gratuity plan is unfunded. (refer note 26)

The management assessed that fair value of cash and short-term deposits, trade receivables, trade payables,
and other current financial assets and liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments.

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

Note 1: For the purpose of above abbreviations, FVTOCI - Fair value through other comprehensive income;
amortised cost - fair value through amortized cost.

Note 2: Other financial assets and liabilities relate to level 3 financial instruments where the carrying value
reasonably approximates to their fair value.

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:

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

• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable
inputs).

There have been no transfers among level 1, level 2 and Level 3 during the year
B. Financial risk management

The Company activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk
which the entity is exposed to and how the entity manages the risk.

The Company risk management is carried out by the senior management under policies approved by the board of
directors. The board provides guiding principles for overall risk management, as well as policies covering specific
areas such as credit risk and liquidity risk.

Risk management framework

The board of directors have overall responsibility for the risk management framework. The board of directors are
responsible for developing and monitoring the risk management policies. The board of directors monitors the
compliance with the risk management policies and procedures, and reviews the adequacy of the risk management
framework in relation to the risks faced by the Company.

The risk management policies are 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 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.

i. Credit risk management

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. Credit risk arises principally from the Company's receivables from
deposits with landlords and other statutory deposits with regulatory agencies and also arises from cash held
with banks and financial institutions. The maximum exposure to credit risk is equal to the carrying value of the
financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets.
The Company assesses the credit quality of the counterparties, taking into account their financial position,
past experience and other factors.

The Company limits its exposure to credit risk of cash held with banks by dealing with highly rated banks and
institutions and retaining sufficient balances in bank accounts required to meet a month's operational costs.
The Management reviews the bank accounts on regular basis and fund drawdowns are planned to ensure
that there is minimal surplus cash in bank accounts. The Company does a proper financial and credibility
check on the landlords before taking any property on lease and hasn't had a single instance of non-refund
of security deposit on vacating the leased property. The Company also in some cases ensure that the notice
period rentals are adjusted against the security deposits and only differential, if any, is paid out thereby further
mitigating the non-realization risk. The Company does not foresee any credit risks on deposits with regulatory
authorities.

ii. Trade receivables

Customer credit risk is managed by each business unit subject to the Company established policy, procedures
and control relating to customer credit risk management. Credit quality of a customer is assessed based on an
extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment.
Outstanding customer receivables are regularly monitored.

Two customers accounts for more than 10% of the revenue for the year ended March 31, 2026 (March 31,
2025: One customer).

An impairment analysis is performed at each reporting date using a provision matrix to measure expected
credit losses. The provision rates are based on days past due for group of various customer segments with
similar loss patterns (i.e., by geographical region, product type, customer type and rating). The calculation
reflects the probability-weighted outcome, the time value of money and reasonable and supportable
information that is available at the reporting date about past events, current conditions and forecasts of future
economic conditions.

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to
managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they
are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to
the Company's reputation.

The Company has secured loans from bank that contain loan covenants. A future breach of covenant may require
the Company to repay the loan earlier than indicated in the above table.

C. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price
risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include borrowings
and derivative financial instruments.

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign
exchange rates relates primarily to the Company's operating activities (when revenue or expense is
denominated in a different currency from the Company's functional currency).

The following table demonstrates the sensitivity to a reasonably possible change in the USD/EUR exchange
rate (or any other material currency), with all other variables held constant, of the Company's profit before
tax (due to changes in the fair value of monetary assets and liabilities). The Company's exposure to foreign
currency changes for all other currencies is not material.

The following table demonstrates the sensitivity to a reasonably possible change in the US dollar exchange
rate (or any other material currency), with all other variables held constant, of the Company's profit before
tax (due to changes in the fair value of monetary assets and liabilities). The Company's exposure to foreign
currency changes for all other currencies is not material. The effect of a 5% strengthening or weakening of
the respective currencies on the profit and loss account is demonstrated in the following table.

37 Capital Management

The Board'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. The Board of Directors monitors the return on capital, which the Company
defines as result from operating activities divided by total shareholders' equity. The Board of Directors also monitors the
level of dividends to equity shareholders.

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all
other equity reserves attributable to the equity holders. The primary objective of the Company's capital management is
to maximize the shareholder value and to ensure the Company's ability to continue as a going concern.

The Company has not distributed any dividend to its shareholders. The Company monitors gearing ratio i.e. total debt
in proportion to its overall financing structure, i.e. equity and debt. Total debt comprises of non-current borrowing
which represents liability component of Compulsory Convertible Debentures and current borrowing from banks and
financial institutions. The Company manages the capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of the underlying assets.

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure
that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and
borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in
the current period.

No changes were made in the objectives, policies or processes for managing capital during the year March 31, 2026
and March 31, 2025.

The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets
and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same
tax authority.

Significant management judgment is required in determining provision for income tax, deferred income tax assets and
liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on
estimates of taxable income in which the relevant entity operates and the period over which deferred income tax assets
will be recovered.

Performance obligation:

Sale of products:

Performance obligation in respect of sale of goods is satisfied when control of the goods is transferred to the customer,
generally on delivery of the goods and payment is generally due as per the terms of contract with customers.

Sales of services:

The performance obligation in respect of Job work services is satisfied at point of time and acceptance of the customer.
In respect of these services, payment is generally due upon completion of the job work and acceptance of the customer.

40 The Company did not have any long term contracts including derivative contracts for which there were any material
foreseeable losses.

41 Subsequent events

Subsequent to March 31, 2026, the Nomination and Remuneration Committee (NRC) of the Board of Directors at its
meeting held on May 12, 2026, approved a grant of 80,000 options to eligible employee(s) under the Employee Stock
Option Scheme. Each option provides the right to apply for one equity share of face value of C2/- each at an exercise
price of C1050/-

As these options were granted subsequent to the reporting date, they do not impact the employee compensation cost
or the basic/diluted earnings per share reported for the financial year ended March 31, 2026.

42 Utilisation of funds raised through Qualified Instituions Placement (QIP)

During the quarter ended March 31, 2025, pursuant to Qualified Institutions Placement ('QIP') the Company issued and
allotted 5,468,750 equity shares of face value of C2 each, to eligible Qualified Institutional Buyers ('QIBs') at the issue
price of C1,280 (including a premium of C1,278 per equity share) aggregating to C7,000.00 Mn. The issue was made
in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The details of funds raised
through Qualified Institutional Placement (QIP) by the Company and utilisation of said funds as of March 31, 2026 are
as follows

43 Other disclosures

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

(b) The Company does not have any transactions with companies struck off under section 248 of the Companies
Act, 2013 or section 560 of Companies Act, 1956.

(c) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

(d) The Company have not traded or invested in Crypto currency or Virtual currency during the financial year.

(e) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall: (i) 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 (ii) provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.

(f) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall: (i) 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 (ii) provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(g) The Company does not have 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).

(h) The Company does not have any borrowings from banks and financial institutions that are used for any other
purpose other than the specific purpose for which it was taken at the reporting balance sheet date.

(i) 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.

(j) The Company is not declared as a wilful defaulter by any bank or financial institution or other lender during the
any reporting period.

(k) There are no scheme of arrangements which have been approved by the Competent Authority in terms of
sections 230 to 237 of the Companies Act, 2013 during the reporting period.

(l) The Company has neither declared nor paid any dividend during the reporting period.

(m) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee) are held in the name of the Company except for building
constructed on the lease hold land as disclosed in note 3(a) and 3(b) in the standalone financial statements.

(n) The Company has not revalued its property, plant and equipment and right of use asset during the financial year.

(o) Quarterly returns and statements filed by the Company with banks or financial institutions are in agreement
with the books of accounts

(p) The Company has used an accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility, except that audit trail feature was not enabled at the database level in
respect of accounting software to log any direct data changes.

Further, to the extent enabled, audit trail feature has operated throughout the year for all relevant transactions recorded
in the accounting software. Also, we did not come across any instance of audit trail feature being tampered with.
Additionally, the audit trail of prior year has been preserved by the Company as per the statutory requirements for
record retention to the extent it was enabled and recorded in previous year.

44 Note on Social Security Code: On November 21, 2025, the Government of India notified the four Labour Codes - the
Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational
Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour
& Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes
in regulations. The Company has evaluated the potential impact of these changes based on the Labour Codes, draft
rules, FAQs, and available legal opinions. Based on the assessment carried out, no material impact is envisaged at
present. The Company continues to monitor the finalisation of Central / State Rules and further clarifications from the
Government and will account for any consequential impact, if required, upon such developments.