r. Provision And Contingencies

A provision is recognised if as a result of past event the Company has a present legal or constructive obligation
that is reasonably estimated and it is probable that an outflow of resources will be required to settle the
obligation. Provisions are determined by discontinuing the expected cash flow at a pre-tax rate that reflects
current market assessments of the time value of the money and the risk specific to the liabilities. When
discounting is used, the increase in the provision due to the passage of time is recognised as a borrowing cost.
Provisions are measured at the present value of management's best estimate of the expenditure required to
settle the present obligation at the end of the reporting period.

Contingent liabilities, if material, are disclosed by way of notes to the accounts. These are reviewed at each
balance sheet date and adjusted to reflect the current management estimate.

Contingent assets are not recognised in the Financial Statements, as they are dependent on the outcome of
legal or other processes.

s. Segment Reporting

Operating segments are those components of the business whose operating results are regularly reviewed by
the chief operating decision making body in the Company to make decisions for performance assessment and
resource allocation. The reporting of segment information is the same as provided to the management for the
purpose of the performance assessment and resource allocation to the segments. The Company's operating
business predominantly relates to manufacturing of Iron & Steel and allied products.

2.5 Recent accounting pronouncements :

The below amendments to the existing standard which are notified by Ministry of Corporate affairs but are 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^st 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.

3.2 Property, plant and equipment includes assets pledged as security to bank for working capital loan (Refer note no.
17.1).

3.3 Refer Note No. 33.2.1 for disclosure of contractual commitments for the acquisition of Property, Plant and Equipment.

3.4 The Capital WIP amount to ? 1,137.69 lakhs (Previous year ? 719.96 lakhs).

3.5 Amount of Borrowing costs capitalised during the year ? 6.40 lakhs (Previous year ? Nil).

34. SEGMENT REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker ("CODM") of the Company. The CODM, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Managing Director of the Company. The Company
is predominantly engaged in a single reportable segment of Iron & Steel during the year. The risks and returns of
manufacturing of pig iron and trading of its raw material are directly associated with Iron & Steel business and hence
treated as single reportable business segment. The Company does not have any export hence Company does not have any
geographical segment, hence does not have any reportable Segments as per Ind AS 108 "Operating Segments"

(xi) Risk exposure and asset liability matching

Provision of a defined benefit scheme poses certain risks, some of which are detailed here under, as companies take on
uncertain long term obligations to make future benefit payments.

1) Liability risks

(i) Asset-Liability Mismatch Risk

Risk which arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching duration with
the defined benefit liabilities, the Company is successfully able to neutralize valuation swings caused by interest rate
movements. Hence companies are encouraged to adopt asset-liability management.

(ii) Discount Rate Risk

Variations in the discount rate used to compute the present value of the liabilities may seem small, but in practise can
have a significant impact on the defined benefit liabilities.

(iii) Future Salary Escalation and Inflation Risk

Since price inflation and salary growth are linked economically, they are combined for disclosure purposes. Rising
salaries will often result in higher future defined benefit payments resulting in a higher present value of liabilities
especially unexpected salary increases provided at management's discretion may lead to uncertainities in estimating
this increasing risk.

All plan assets are maintained in a trust fund managed by a public sector insurer viz; LIC of India. LIC has a sovereign
guarantee and has been providing consistent and competitive returns over the year.

The Company has opted for a traditional fund where in all assets are invested primarily in risk averse markets. The
Company has no control over the management of funds but this option provides a high level of safety for the total corpus.
A single account is maintained for both the investment and claim settlement and hence 100% liquidity is ensured. Also
interest rate and inflation risk are taken care of.

37. FINANCIAL INSTRUMENTS

Fair Value Measurements Hierarchy

Refer to financial instruments by category table below for the disclosure on carrying value and fair value of financial
assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and
which are not carried at fair value, the carrying amount is the approximate fair value due to short maturity of these
instruments.

FAIR VALUE HIERARCHY

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in
the principal (or most advantageous) market at the measurement date under current market conditions (i.e., an exit
price), regardless of whether that price is directly observable or estimates using a valuation technique.

The Company determines fair values of its financial instruments according to the following hierarchy :

Level 1 - valuation based on quoted market price: financial instruments with quoted prices for identical instruments
in active markets that the Company can access at the measurement date.

Level 2 - valuation using observable inputs: financial instruments with quoted prices for similar instruments in
active markets or quoted prices for identical or similar instruments in inactive markets and financial instruments
valued using models where all significant inputs are observable.

Level 3 - valuation technique with significant unobservable inputs: financial instruments valued using valuation
techniques where one or more significant inputs are unobservable.

37.2 Capital management

The Company's policy is to maintain a stable and strong capital structure with a focus on total equity so as to
maintain investors, creditors and market confidence and to sustain future development and growth of its business.
In order to maintain the capital structure, the Company monitors the return on capital, as well as the level of
dividends to equity shareholder. The Company aims to manage its capital efficiently so as to safeguard its ability
to continue as a going concern and to optimise returns to all its shareholder. For the purpose of the Company's
capital management, capital includes issued capital and all other equity reserves and debt includes non-current
borrowings, current borrowings and certain components of other financial liabilities.

38.1 Risk management framework

Managing director and Chief Financial Officer of the Company evaluates and manages the uncertainties in the Company.
They conduct meetings at regular intervals involving other high level officers of the Company and provides updates to
the Audit Committee/Board.

The management of financial risks by the Company is summarized below :-

38.1.1 Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk as a result of the risk of counterparties defaulting on
their obligations. The Company's exposure to credit risk primarily relates to investments, accounts receivable and cash
and cash equivalents. The Company monitors and limits its exposure to credit risk on a continuous basis. To manage this
the Company periodically reviews the financial reliability of its customers, taking into account the financial condition,
current economic trends and analysis of historical bad debts and ageing of accounts receivables.

38.1.2 Liquidity risk

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an
appropriate liquidity risk management framework for the management of the Company's short-term,and long-term
funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate
reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows,
and by matching the maturity profiles of financial assets and liabilities. All current financial liabilities are repayable within
one year.

The following table detail the Company's remaining contractual maturity for its non-derivative financial liabilities with
agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial laibilities
based on the earliest date on which the Company can be required to pay.

38. FINANCIAL RISK MANAGEMENT

The Company's principal financial liabilities comprises of loans and borrowings, trade and other payables. The main
purpose of these financial liabilities are to finance the Company's operations and to support its operations. The
Company's principal financial assets include trade and other receivables, and cash and short-term deposits that
derive directly from its operations.

The Company's business activities expose it to a variety of financial risks, namely credit risk, liquidity risk, market risk
and foreign currency risk.

Explanation for the change in ratio by more than 25% :

1. The Debt service coverage ratio has increased due to increase in earnings and repayment of term loan during the
current year.

2. The Return on equity ratio has increased due to increase in earnings during the current year.

3. The Net profit ratio has increased due to increase in margin during the current year.

4. The Return on capital employed has increased due to increase in operating profits during the current year.

42. OTHER STATUTORY INFORMATION

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

iii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall :

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (ultimate beneficiaries) or

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

iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party)
with the understanding (whether recorded in writing or otherwise) that the Company shall :

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the funding party (ultimate beneficiaries) or

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

v) 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.)

vi) The Company has complied with the number of layers prescribed under Clause (87) of Section 2 of the Act read with
the Companies (Restriction on number of Layers) Rules, 2017.

vii) The Company is not declared wilful defaulter by any bank or financial institution or lender during the year.

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

ix) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it
was obtained.

x) The title deeds of all the immovable properties, (other than immovable properties where the Company is the
lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements
included in property, plant and equipment and capital work-in progress are held in the name of the Company as at
the Balance Sheet date.

xi) The Company does not have any transactions with companies which are struck off.

xii) The Company has not given any loans or advances to Promoters, Directors, KMPs and related parties ( as defined
under Companies Act, 2013), either severally or jointly with any other person.

43. The Company has used accounting software for maintaining its Books of Accounts which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in
the software. Further, no instance of audit trail feature being tampered with was noted in respect of software.

44. The Government of India, vide notification dated November 21 , 2025, has notified 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 (collectively referred to as "the Labour Codes"), which consolidate and replace existing
multiple labour legislations. In accordance with the requirements of Ind AS 19, "Employee Benefits," changes to
employee benefit plans resulting from legislative amendments constitute a plan amendment, necessitating
the immediate recognition of any variation in the cost upon such notification. Consequently, the Company has
evaluated the impact of the Labour Codes and determined an incremental gratuity liability of 24,75,137/-, which
has been duly provided for. As the underlying Rules to the Labour Codes are yet to be notified, the Company will
continue to monitor further developments and will evaluate and give effect to any consequential adjustments
arising subsequently in this respect.

45. Previous year's figure have been re-grouped/re-classified wherever necessary.