i) Trade Payables and Other Financial Liabilities

Trade Payables and Other Financial Liabilities are initially recognised at the value of the respective
contractual obligations. Trade and other payables represent liabilities for goods and services
provided to the Company prior to the end of financial year which are unpaid. The amounts are
unsecured and presented as current liabilities unless payment is not due within 12 months after the
reporting period.

ii) Borrowings

Borrowings are removed from the balance sheet when the obligation specified in the contract is
discharged, cancelled or expired. The difference between the carrying amount of a financial liability
that has been extinguished or transferred to another party and the consideration paid, including any
non-cash assets transferred or liabilities assumed, is recognized in profit or loss as other
gains/(losses).

Borrowings are classified as current liabilities unless the Company has an unconditional right to
defer settlement of the liability for at least 12 months after the reporting period. Where there is a
breach of a material provision of a long-term loan arrangement on or before the end of the reporting
period with the effect that the liability becomes payable on demand on the reporting date, the entity
does not classify the liability as current, if the lender agreed, after the reporting period and before
the approval of the standalone financial statements for issue, not to demand payment as a
consequence of the breach.

Equity Instruments

Equity shares are classified as equity. Incremental costs directly attributable to the issue of new shares
or options are shown in equity as deduction, net of tax, from the proceeds.

1.12 Revenue Recognition

(a) Sale of Shares & Securities

Revenue from sales is recognized at the completion of each settlement of the capital market segment of
the Stock Exchange.

In respect of non-delivery based transactions in capital market segment, the profit/loss is accounted for
at the end of each settlement.

Revenue from Shares borrowed under Securities Lending and Borrowing Scheme (SLBS)

i) the borrowed equity shares sold and repurchased during the year are considered as sales in the
standalone financial statements.

ii) the borrowed equity shares sold but not yet purchased at the end of the financial year are valued at
closing rates and shown in the financial statements as Obligation of Borrowed Shares & Securities
under SLB Segment under the head 'Purchase of Stock-In-Trade.

Revenue from derivative market segment:¬
- in respect of settled contracts the difference between the transaction price and settlement price is
recognized in the Standalone Statement of Profit and Loss; and

- in respect of open interests as on the balance sheet date, the derivatives are valued at fair value, and
the difference between the fair value and the transaction price, is recognized in the Statement of Profit
and Loss.

Income from Dividend is recognized when the right to receive payment is established. Income from
Bonus shares is recognised at the time of actual sales on FIFO basis.

(b) Revenue is measured at the fair value of the consideration received or receivable for goods supplied, net
of returns, if any. Revenue from the sale of goods is net of direct taxes, etc.

(c) Other Income

Gain on Sale of Investment is recorded on transfer of title from the Company and is determined as the
difference between the sale price and carrying value of the investment.

The revenue from Interest & Other Income is recognized on accrual basis as part of Other Income in the
standalone Statement of Profit and Loss.

1.13 Employee Benefitsa. Short-term Obligations

Liabilities for wages, salaries and bonus, including non-monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related service are
recognised in respect of employees' services up to the end of the reporting period and are measured at
the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current
employee benefit obligations in the balance sheet.

b. Post-Employment Obligations

The Company operates the following post-employment schemes:

- defined benefit plans for gratuity, and

- defined contribution plans for provident fund.

Defined Benefit Plans

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the
present value of the defined benefit obligation at the end of the reporting period less the fair value of plan
assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit
method. The present value of the defined benefit obligation is determined by discounting the estimated
future cash outflows by reference to market yields at the end of the reporting period on government
bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the
standalone statement of profit and loss. Remeasurement gains and losses arising from experience
adjustments and changes in actuarial assumptions are recognised in the period in which they occur,
directly in other comprehensive income. They are included in retained earnings in the standalone
statement of changes in equity and in the standalone balance sheet. Changes in the present value of the
defined benefit obligation resulting from plan amendments or curtailments are recognised immediately
in profit or loss as past service cost.

Defined Contribution Plans

The Company pays provident fund contributions to publicly administered provident funds as per local
regulations. The Company has no further payment obligations once the contributions have been paid.
The contributions are accounted for as defined contribution plans and the contributions are recognised
as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the
extent that a cash refund or a reduction in the future payments is available.

1.14 Derivatives

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
subsequently re-measured to their fair value at the end of each reporting period. The Company enters
into certain derivative contracts to hedge risks which are not designated as hedges. Such contracts are
accounted for at fair value through profit or loss and are included in Net Gain on Settlement of Future
Contracts (Refer Note no: 17)

1.15 Impairment of Non-Financial Assets

Intangible assets and property, plant and equipment are evaluated for recoverability whenever events or
changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose
of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the
value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows
that are largely independent of those from other assets. In such cases, the recoverable amount is
determined for the cash generating unit to which the asset belongs.

1.16 Borrowing Costs

Borrowings are measured at amortized cost. Fees paid on the establishment of loan facilities are
recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility
will be drawn down. To the extent there is no evidence that it is probable that some or all of the facility will
be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the
period of the facility to which it relates.

General and specific borrowing costs that are directly attributable to the acquisition, construction or
production of a qualifying asset are capitalised during the period of time that is required to complete and
prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a
substantial period of time to get ready for their intended use or sale. Investment income earned on the
temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalisation. Other borrowing costs are expensed in the period in
which they are incurred.

1.17 Income Tax

Income tax expense comprises current tax expense and the net change in the deferred tax asset or
liability during the year. Current and deferred tax are recognised in the Standalone Statement of Profit
and Loss, except when they relate to items that are recognised in Other Comprehensive Income or
directly in equity, in which case, the current and deferred tax are also recognised in Other
Comprehensive Income or directly in equity, respectively.

(i) Current tax:

Current tax expenses are accounted in the same period to which the revenue and expenses relate.
Provision for current income tax is made for the tax liability payable on taxable income after considering
tax allowances, deductions and exemptions determined in accordance with the applicable tax rates and
the prevailing tax laws.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off
the recognised amounts and there is an intention to settle the asset and the liability on a net basis.

(ii) Deferred tax :

Deferred income tax is recognised using the balance sheet approach. Deferred tax assets and liabilities
are recognised for deductible and taxable temporary differences arising between the tax base of assets
and liabilities and their carrying amount in standalone financial statements, except when the deferred tax
arises from the initial recognition of goodwill, an asset or liability in a transaction that is not a business
combination and affects neither accounting nor taxable profits or loss at the time of the transaction.

Deferred income tax assets are recognised to the extent that it is probable that taxable profit will be
available against which the deductible temporary differences and the carry forward of unused tax credits
and unused tax losses can be utilised.

Deferred tax liabilities are generally recognised for all taxable temporary differences except in respect of
taxable temporary differences associated with investments in subsidiaries, associates and interests in
joint ventures where the timing of the reversal of the temporary difference can be controlled and it is
probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been
enacted or substantially enacted by the end of the reporting period.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation
authority and the Company intends to settle its current tax assets and liabilities on a net basis.

1.18 Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the
management of the company. The Board of Directors assesses the financial performance and position of
the Company and makes strategic decisions.

1.19 Earnings Per Sharea. Basic Earnings Per Share

Basic earnings per share is calculated by dividing:

- the profit attributable to owners of the Company

- by the weighted average number of equity shares outstanding during the financial year

b. Diluted Earnings Per Share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account the after-income tax effect of interest and other financing costs associated with
dilutive potential equity shares, and the weighted average number of additional equity shares that would
have been outstanding assuming the conversion of all dilutive potential equity shares.

1.20 Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/loss for the period 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.

1.21 Recent 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
Management has reviewed the amendment and based on its evaluation has determined that it does not
have any significant impact in its standalone financial statements

In August 2025, MCA notified the following amendments to

a. 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

b. Ind 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 significant impact in its financial statements.

c. Ind 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

1.22 Events occurring after the Balance Sheet date

There were no material events other than disclosed in the standalone financial statements after
reporting date which would require disclosure or adjustments to the financial statements as of and for
the year ended 31st March 2026.

During the year, the Company subscribed the entire equity share capital of BLB Growth Ventures Private
Limited, making it a wholly-owned subsidiary. Out of the total shares invested, 1 (One) equity share is
held by a director of the Company as nominee to comply with the statutory requirements of the
Companies Act, 2013. The entire beneficial interest in the said share is held by and vests with the
Company.

Additional Information

i) The entire non-current and current fixed deposits with banks are restricted deposits and held by the
Banks, Stock Exchange, etc as security deposits and margin money.

' 525.00 lacs (2025: ' 50.00 lacs) with National Stock Exchange towards Capital adequacy
deposits/margins.

' 48.75 lacs (2025: Nil) with Bombay Stock Exchange towards Capital adequacy deposits/margins.

' 4,983.75 lacs (2025: ' 4,708.75 lacs) with Banks against various facilities provided by them.

' 7.71 lacs (2025: ' 7.71 lacs) with various VAT Departments, Mandi Samitis etc. towards security
deposits.

ii) The Security Deposits include ' 9.50 lacs (2025: ' 9.50 lacs) given to NSEL by BLB Commodities Ltd
(erstwhile wholly-owned subsidiary) is due for refund as the membership was surrendered in the
earlier year.

Post-Employment Obligations - Gratuity

The Company provides gratuity for employees as per the Payment of Gratuity Act, 1972. Employees who
are in continuous service for a period of 5 years are eligible for gratuity. The Company contributes
Gratuity liabilities to the BLB Limited Employees Group Gratuity Scheme (the Trust). Trustees administer
contributions made to the Trust and contributions are invested in schemes with the Life Insurance
Corporation of India as permitted by Indian law. The amounts recognised in the balance sheet and the
movements in the net defined benefit obligation over the year are as follows:

Defined Contribution Plans

The Company has defined contribution plan of provident fund for employees for which contribution at the
rate of 12% of basic salary were made as per regulations. The contributions are made to registered
provident fund administered by the government. The obligation of the Company is limited to the amount
contributed and it has no further contractual or any constructive obligation. The expense recognised
during the period towards defined contribution plan is ? 5.45 Lacs (31st March 2025 : ? 5.14 Lacs).

i) In the opinion of the management, all current assets, advances and non-current investments unless
stated otherwise have a value on realization in the ordinary course of the business at least equal to
the amount at which they are stated in the books of accounts and the provision for all known
liabilities is adequate and considered reasonable.

ii) The Company does not have any Benami property, where any proceeding has been initiated or
pending against the Company for holding any Benami property under the Benami Transactions
(Prohibition) Act, 1988 and rules made thereunder.

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

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

v) The Company has no transactions, not recorded in the books of accounts that have been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax
Act, 1961.

vi) The Company has not advanced or loaned or invested funds to any other person or entity, 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 in
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"

vii) The Company has not received any funds from any person(s) or entity(is) 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 in
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

ix) Previous Year's figures have been regrouped, reclassified and rearranged wherever necessary to
conform to this year's classification.

x) During the year, HDFC Bank has sanctioned bank guarantee limits of Rs. 12,000.00 lakhs (2025 : Rs.
10,000.00 lakhs), overdraft facility (ODD) of Rs. 1,400.00 lakhs (2025 : Rs. 1,400.00 lakhs) and
overdraft - intraday facility of Rs. 4,000.00 lakhs (2025 : Rs. 3,000.00 lakhs) to the Company. The
said bank limits are secured against the security of commercial space situated at Greater Noida,
fixed deposits with Bank, an exclusive charge on the current assets of the Company; personal
guarantees and immovable properties owned by the managing director cum chairman of the
Company & his two relatives. The Company has utilised the said limits for the specific purposes for
which it were taken.

xi) The Company has used a third party operated accounting software for maintaining its books of
account, 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. The Company has
concluded that the audit trail in respect of such software has been recorded and preserved in
compliance with the requirements of section 128(5) of the Companies Act, 2013, in respect of the
financial year ended 31st March 2026. There has been no instance of audit trail feature being
tampered with.

xii) Compliance with the number of layers of companies

The company does not have any layer of companies and hence no compliance is required
prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number
of Layers) Rules, 2017.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-
the counter derivatives) is determined using valuation techniques which maximise the use of observable
market data and rely as little as possible on entity-specific estimates. If all significant inputs required to
fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3.

31.2 Valuation Technique used to determine Fair Value

Specific valuation techniques used to value financial instruments include:

- the use of quoted market prices

31.3 Fair value of Financial Assets and Liabilities measured at Amortised Cost

The carrying amounts of financial assets comprising trade receivables cash and cash equivalents, fixed
deposits with banks, security and other deposits and carrying value of financial liabilities comprising
borrowings and trade and other payables are considered to be the same as their fair values, due to their
short-term nature and covered under level 3 category.

31.4 Financial Risk Management

The Company's activities expose it to market risk, liquidity risk and credit risk.

This note explains the sources of risk which the Company is exposed to and how such risk were
managed.

The Company's risk management is carried out under the policies approved by the board of directors.
The board regularly reviews overall risk management, as well as policies covering specific areas,
Securities price risk, credit risk, use of derivative financial instruments and non-derivative financial
instruments, and investment of excess liquidity.

31.5 Credit Risk Management

The risk of financial loss due to counterparty's failure to honour its obligations arises principally in relation
to transactions where the Company provides goods on deferred terms.

The Company's policies are aimed at minimising such losses, and require that deferred terms are granted
only to customers who demonstrate an appropriate payment history and satisfy creditworthiness
procedures. Individual exposures are monitored with customers subject to credit limits to ensure that the
Company's exposure to bad debts is not significant. The maximum exposure to credit risk regarding
financial assets is the carrying amount as disclosed in the balance sheet. With respect to credit risk
arising from all other financial assets of the Company, the Company's exposure to credit risk arises from
default of the counterparty, with a maximum exposure equal to the corresponding carrying amount of
these instruments.

On account of the adoption of Ind AS 109, the Company uses expected credit loss model to assess the
impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss
allowance for trade receivables. The provision matrix takes into account available external and internal
credit risk factors such as historical experience for customers. The Company's receivable are high quality
with negligible credit risk and the counter-party has strong capacity to meet the obligations and where
the risk of default is negligible or nil. Accordingly, no provision for expected credit loss is recognised.

31.6 Liquidity Risk Management

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations
when due and to close out market positions. Due to the dynamic nature of the underlying businesses,
Company treasury maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Company's liquidity position (comprising the undrawn
borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows. In
addition, the Company's liquidity management policy involves monitoring balance sheet liquidity ratios
against internal and external regulatory requirements and maintaining debt financing plans.

Maturities of Financial Liabilities

The table below analyse the Company's financial liabilities into relevant maturity groupings based on
their contractual maturities for:

- all non-derivative financial liabilities, and

- net settled derivative financial instruments for which the contractual maturities are essential for an
understanding of the timing of the cash flows.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12
months equal their carrying balances as the impact of discounting is not significant.

31.7 Market Risk Management
Interest Rate Risk

The Company's main risk i.e. interest rate risk arises from borrowings with variable rates, which expose
the Company to cash flow interest rate risk. During 31st March 2026 and 31st March 2025, the
Company's borrowings at variable rate were mainly denominated in ?.

The Company's fixed rate borrowings 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 flows will
fluctuate because of a change in market interest rates.

The long term variable interest rate borrowings are not significant and accordingly, no such sensitivity for
interest rate cash flow has been disclosed.

32 Capital Management32.1 Risk Management

The Company's objectives when managing capital are to

- safeguard their ability to continue as a going concern, so that they can continue to provide returns for
shareholders and benefits for other stakeholders, and

- Maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company issue new shares. Consistent with
others in the industry, the Company monitors capital on the basis of the following gearing ratio: Net debt
(total borrowings net of cash and cash equivalents) divided by Total 'equity' (as shown in the balance
sheet).

35 Segment informationDescription of segments and principal activities

Based on the guiding principles given in Ind AS 108 on 'Operating Segments', during the year the
Company's business activity falls within a single operating segment, namely Shares, securities &
commodities which has been considered by the management to be the only reportable business
segment. The Company is primarily operating in India, which is considered as a single geographical
segment.

36 Arrears of Fixed Cumulative Preference Dividends

During the financial year 2025-26, the Company acquired 9% Cumulative Optionally Convertible
Redeemable Preference Shares of BRSB Securities Private Limited at a total cost of ? 12.50 per share
(Face Value of ? 10/- each at a premium of ? 2.50 each).

As of March 31, 2026, no dividend has been declared by the said company on these preference shares.
Consequently, the fixed cumulative dividend amounting to ? 16.09 Lacs (Calculated at 9% per annum on
the face value from the date of allotment / purchase to March 31,2026) is in arrears.

a) During the financial year 2018-19, M/s Balcorp Ltd, Canada has filed a Suit for Recovery with
Hon'ble Delhi High Court claiming USD 16,68,669 (Principal USD 13,02,532 and Interest USD
3,66,136.40) against the erstwhile amalgamated Wholly Owned subsidiary BLB Commodities Ltd for
alleged breach of contract for import of almonds, which was however mutually settled earlier by the
two parties. The company is contesting the same.

b) The Ahmedabad VAT Department has demanded additional VAT in the case of the erstwhile
amalgamated subsidiary - BLB Commodities Ltd . The said company has challenged the said
demands in appeals filed with Gujarat VAT Tribunal, Ahmedabad and is hopeful of getting necessary
relief.

39 Earnings Per Share

The calculations of profit attributable to equity shareholders and weighted average number of equity
shares outstanding for the purposes of calculation of basic earnings per share as well as diluted earnings
per share are as follows: