5.1 The company has elected an irrevocable option to designate its investments in equity instruments through FVOCI, as the said investments are not held for trading and company continues to invest for long term and remain invested in leaders in sectors, which it believes to have potential to remain accretive over the long term.
5.2 *These Companies are under liquidation and hence the fair value of their shares are considered as Nil/Zero.
5.3 During the current year, the Company has disposed off some of its Investments measured at FVOCI to acheive its business objective. The Fair value of Invesments at sold is Rs. 1494.18 lakhs (Previous Year Rs. Nil) and cumulative gain on sale of investments is Rs.407.84 Lakhs (previous Year Rs. Nil).
5.4 During the Current year, the Company has sold some of its Investments measured at FVTPL to acheive it business objective. The Fair value of Invesments at sold is Rs. 3100.01 lakhs (Previous year Rs. 4585.31 lakhs) and cumulative gain on sale of investments is Rs. 135.13 Lakhs (Previous year Rs. 120.31 lakhs).
5.5 Unquoted Investments include investments which were subsequently delisted.
5.6 # These Companies are related parties as per Ind AS 24.
5.7 $The Physical share certificate of the Company could not be traced. The Company is in the process to locate it.
5.8 All the above Investments are held in India.
5.9 ** Undrawn Capital Commitment in respect of Venture Capital as on 31.03.2026 is Rs. 2154.70 Lakhs (Previous Year Rs. 700.00 Lakhs). Capital Commitment in respect of Inflexor Technology Discovery Fund -1 as on 31.03.2026 is Rs. 300.00 lakhs which is not included above.
17.1 The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity is entitled to one vote per share. The Company may declare and pay dividends. The dividend, if any proposed by the Board of Directors of the Company 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 in proportion to the number of equity shares held by them.
17.5 There are no shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestments.
17.6 For the period of five years immediately preceding the date as at which the Balance Sheet is prepared, the Company has not allotted any shares without payment being received.
17.7 There are no securities which are convertible into Equity/Preference shares.
17.8 There is no calls which are being unpaid.
17.9 There is no forfeited shares.
18.1 Securities Premium
Securities Premium Reserve represents the amount received in excess of par value of securities and is available for utilisation as specified under Section 52 of Companies Act, 2013.
18.2 Special Reserve (u/s 45-IC of RBI Act, 1934)
Statutory Reserve represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (the "RBI Act”) and related regulations applicable to those companies. Under the RBI Act, a non-banking finance company is required to transfer an amount not less than 20% of its net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for the purposes specified by the RBI.
18.3 Retained Earnings
Retained earnings generally represent the undistributed profit/ amount of accumulated earnings of the company.
18.4 General Reserve
The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income. Items included in the General reserve will not be reclassified subsequently to the statement of profit and loss.
18.5 Other Comprehensive Income(OCI)
Other Comprehensive Income (OCI) represents Cumulative Fair Value Gain/(Loss) on Investments measured at Fair value through Other Comprehensive Income (FVOCI) net of Deferred Tax.
Note 29 : Segment Information as per Ind AS 108
Pursuant to Ind AS 108 - 'Operating Segments', the Company has only one Reportable segment , hence the disclosure requirement under Ind AS 108 "Operating Segment” is not applicable.
Closing balances of Investments and Share Capital of other related parties are shown in the respective schedules of the financial statement.
C) Terms and conditions of transactions with related parties
The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions and in ordinary course of business.
*Amount is below the rounding off norms adopted by the company.
Note 32 : Employee Benefits
The disclosures required under Indian Accounting Standard 19 on ''Employee Benefits'' are given below:
a) Defined Contribution Plan:
The contribution made to various statutory funds is recognised as expense and included in Note 26 "Employee benefits expenses' under 'Contribution to provident and other funds' in Statement of Profit and Loss
b) Defined Benefit Plans
The employees' gratuity scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet.
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit
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The projections carried out based on current data and above mentioned assumptions are prone to below risks in future
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Investment Risk
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The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to the market yields on government bonds denominated in Indian Rupees. If the actual return on plan asset is below this rate, it will create a plan deficit.
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Interest Risk
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A decrease in the bond interest rate will increase the plan liability. However, this will be partially offset by an increase in the return on the plan's debt investments.
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Longevity Risk
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The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability.
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Salary Risk
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The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.
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32.1 On 21st November 2025, the Government of India notified the four new Labour codes (the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety. Health and Working Conditions Code, 2020) consolidating 29 labour laws.
The Ministry of Labout & Employment has also published draft Central Rules and FAQ's to enable the assessment and necessary imiplementation of the financial impact due to these regulatory changes. According to the guidance and FAQ's issued by the Institute of Chartered Accountants of India, the new labour code is effective from 21st November, 2025 and its impact is not ordinarly deferred solely due to non-notification of relevant rules.
Hence, the Company has done a preliminary assessment and considered an impact of the changes and accordingly accounted additional expense of ' 1.06 Lakhs towards gratuity under the head Exployee Benefits Expense. The company continues to monitor the finanlization of Centreal/State Rules and clarifications from the Government on other aspects of the Labour Codes and will account for such development as needed.
(b) Measurement of fair values
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below:
Level I: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level II: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level III: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
(i) The management assessed that fair value of cash and cash equivalents, trade receivables, trade payables, and other financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
(ii) Financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.
(iii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets. The Investments measured at fair value and falling under fair value hierarchy Level 3 are valued on the basis of valuation reports provided by external valuers with the exception of certain investments, where cost/net asset value has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost/net asset value represents the best estimate of fair values within that range.
(iv) The fair value of the financial instruments that are not traded in an active market is determined using valuation techniques. The Company uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period.
(v) There have been no transfers between Level I, Level II and Level III for the years ended 31st March, 2026 and 31st March, 2025.
Note 34 : (c) FINANCIAL RISK MANAGEMENT
The Company's activities are exposed to variety of financial risks. The key financial risks include market risk, credit risk and liquidity risk. The Company's focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Board of Directors reviews and approves policies for managing these risks. The risks are governed by appropriate policies and procedures and accordingly financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives.
CREDIT RISK
Credit risk is the risk of financial loss to the company if a counter-party fails to meet its contractual obligations.
Cash and cash equivalents
The company holds cash and cash equivalents of Rs. 486.90 Lakhs at 31st March 2026 (31st March 2025: Rs. 13.04 Lakhs ). The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.
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 equity price, interest rates etc.) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. The Company is exposed to market risk primarily related to the market value of its investments
Interest rate risk
Interest rate risk is the risk that the fair value or future cash fows of a fnancial instrument will fuctuate because of changes in market interest rates.
Exposure to interest rate risk :
Since the Company does not have any financial assets or financial liabilities bearing floating interest rates, any change in interest rates at the reporting date would not have any significant impact on the financial statements of the Company.
Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company doesn't have exposure to the risk of changes in foreign exchange rates and hence is not subjected to such risk.
Price Risk
(a) Exposure
The Company is exposed to equity price risk arising from equity shares held by the Company and classified in the balance sheet either as fair value through OCI or fair value through profit or loss.
To manage its price risk arising from investment in equity securities, the Company diversifies its portfolio.
The majority of the Company's equity investments are listed on the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE) in India.
(b) Sensitivity analysis - Equity price risk
The table below summarises the impact of increase/decrease of the market price of the listed instruments on the Company's equity and profit for the period. The analysis is based on the assumption that market price had increased by 2% or decreased by 2 %.
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.
The table below analyses the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for all non derivative financial liabilities
Note 37
The Company is registered as non-banking financial company with Reserve Bank of India vide Certificate No. B.05.02574 dated 0912-2004. The Board of Directors at its meeting held on 17-04-2025 has passed a resolution not to accept any public deposit and the Company has not accepted public deposits during the year ended 31.03.2026.
Note 38
The Company has complied with the Prudential norms relating to income recognition accounting standards, assets classification and provisioning for bad and doubtful debts as applicable to it in terms of Reserve Bank of India (Non-Banking Financial Companies-Income Recognition Asset Classification and Provisioning) Directions, 2025, Reserve Bank of India (Non-Banking Financial Companies-Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 as amended from time to time. Schedule to the Balance Sheet as required under Reserve Bank of India direction has been enclosed with these financial statements.
C.5 Unhedged Foreign Currency Exposures
The Company's exposure to unhedged foreign currency exposure is Rs. Nil (31st March 2025 Rs. Nil)
C.6 Related party dislclosure
Refer Note 31 for Related Party disclosure. The disclosure requirement as per Reserve Bank of India for related party transaction has been considered and given on Note 31 of these Financial Statements.
C.7 The Company has no exposure to related parties with regard to loans given or contracts and arrangements involving Related parties which require disclosure under para 21(9A) of the Reserve Bank of India (Non-Banking Financial Companies - Financial Statements: Presentation and Disclosures) Directions, 2025, as amended from time to time.
C.8 The Company has not received any complaints from its customer/borrower during the year as well as in the previous year.
C.9 There were no penalties levied by any regulator.
C.11 There were no Loans to directors, senior officers and relatives of directors during the current/previous year.
(D) As required by Reserve Bank of India under Regulation No. RBI/DOR/2025-26/355, DoR.LRG.REC.No.274/13-10-004/2025-26 on November, 28, 2025 - Non-Banking Financial Companies - Asset Liability Management) Directions, 2025, as amended from time to time:
(vi) Institutional set-up for liquidity risk management
Board has setup the Asset Liability Management Committee (ALCO) and Risk Management Committee to manage various risks of the Company. ALCO meets on a regular basis and is responsible for ensuring adherence to the risk tolerance/limits set by the Board including the Liquidity risk of the Company. The performance of the ALCO is reviewed by Audit Committee / Board. The Company has formulated a policy on Liquidity Risk Management Framework. Accordingly, the Company:
1. Performs stress testing on a quarterly basis which enables the Company to estimate the liquidity requirements as well as adequacy and cost of the liquidity buffer under stressed conditions.
2. Has also formulated a contingency funding plan as a part of the outcome of stress testing results.
3. Monitors liquidity risk based on 'Stock' approach to liquidity by way of pre-defined internal limits for various critical ratios pertaining to liquidity risk.
The Company has diversified source of funding to ensure that there is no significant source, the withdrawal of which could trigger liquidity problems.
The Company monitors cumulative mismatches across all time buckets by establishing internal prudential limits. The Company maintains adequate liquidity buffer of readily marketable assets, to protect itself against any liquidity risk at the same time is mindful of the cost associated with it.
Note 43 :
The dividend declared by the Company is based on profits available for distribution as reported in the financial statements of the Company. On 29th May, 2026 the Board of Directors of the Company has proposed a dividend of '2.50 per equity share of 10 each in respect of the year ended 31st March, 2026 subject to the approval of shareholders at the Annual General Meeting. If approved, the dividend would result in a cash outflow of ' 250 Lakhs.
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Note 44 : Contingent Liabilities and Commitments
(i) Contingent Liabilities: Nil (Previous Year Nil)
(ii) Commitments:
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Particulars
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As at
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As at
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31st March, 2026
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31st March, 2025
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Undrawn Capital Commitment in respect of Investments in Venture Capital
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^^^^2454.70
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700.00
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(' in lakhs)
Note 45 : Relationship with Struck off Companies
The Company does not have any transactions with companies struck off.
Note 46 :
The Company does not have any Benami property, where any proceeding has been initiated or is pending against the Company for holding any Benami property.
Note 47 :
The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
Note 48 :
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
Note 49 :
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 to 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
Note 50 :
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 to or on behalf of the Ultimate Beneficiaries
Note 51 :
The Company has no such transaction which is not recorded in the books of accounts but 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).
Note 52 :
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.
Note 53 :
Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/ disclosure.
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