(m) Provisions and contingent liabilities

Provisions are recognized when there is a
present obligation as a result of a past event,
it is probable that an outflow of resources
embodying economic benefits will be required
to settle the obligation and there is a reliable
estimate of the amount of the obligation.
Provisions are measured at the best estimate of
the expenditure required to settle the present
obligation at the Balance Sheet date.

If the effect of the time value of money is material,
provisions are discounted using a current

pre-tax rate that reflects, when appropriate, the
risks specific to the liability. When discounting
is used, the increase in the provision due to the
passage of time is recognized as a finance cost.

Contingent liabilities are disclosed when there
is a possible obligation arising from past events,
the existence of which will be confirmed only
by the occurrence or non occurrence of one
or more uncertain future events not wholly
within the control of the Company or a present
obligation that arises from past events where it is
either not probable that an outflow of resources
will be required to settle or a reliable estimate of
the amount cannot be made.

(n) Cash and cash equivalents

Cash and cash equivalents in the Balance Sheet
comprise balance with banks, cash on hand,
cheques/ draft on hand and short-term deposits
net of bank overdraft with an original maturity
of three months or less, which are subject to an
insignificant risk of changes in value.

For the purposes of the cash flow statement,
cash and cash equivalents include balance with
banks, cash on hand, cheques/ draft on hand
and short-term deposits net of bank overdraft.

(o) Financial instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a
financial liability or equity instrument of another
entity.

(i) Financial assets

(I) Initial recognition and measurement

At initial recognition, financial asset is
measured at its fair value plus, in the case
of a financial asset not at fair value through
profit or loss, transaction costs that are
directly attributable to the acquisition of the
financial asset. Transaction costs of financial
assets carried at fair value through profit or
loss are expensed in profit or loss.

(II) Subsequent measurement

For purposes of subsequent measurement,
financial assets are classified in following
categories:

a) at amortized cost; or

b) at fair value through other
comprehensive income; or

c) at fair value through profit or loss.

The classification depends on the entity's
business model for managing the financial
assets and the contractual terms of the cash
flows.

Amortized cost: Assets that are held for
collection of contractual cash flows where
those cash flows represent solely payments
of principal and interest are measured
at amortized cost. Interest income from
these financial assets is included in finance
income using the effective interest rate
method (EIR).

Fair value through other comprehensive
income (FVOCI): Assets that are held for
collection of contractual cash flows and
for selling the financial assets, where the
assets'cash flows represent solely payments
of principal and interest, are measured at
fair value through other comprehensive
income (FVOCI). Movements in the carrying
amount are taken through OCI, except
for the recognition of impairment gains
or losses, interest revenue and foreign
exchange gains and losses which are
recognized in Statement of Profit and Loss.
When the financial asset is derecognized,
the cumulative gain or loss previously
recognized in OCI is reclassified from
equity to Statement of Profit and Loss
and recognized in other gains/ (losses).
Interest income from these financial assets
is included in other income using the
effective interest rate method.

Fair value through profit or loss (FVTPL):
Assets that do not meet the criteria for
amortized cost or FVOCI are measured at fair
value through profit or loss. Interest income
from these financial assets is included in
other income.

Equity instruments: All equity investments
in scope of Ind AS 109 are measured at fair
value. Equity instruments which are held
for trading and contingent consideration
recognised by an acquirer in a business
combination to which Ind AS103 applies
are classified as at FVTPL. For all other
equity instruments, the Company may
make an irrevocable election to present in
other comprehensive income subsequent
changes in the fair value. The Company
makes such election on an instrument- by¬
instrument basis. The classification is made
on initial recognition and is irrevocable.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding
dividends, are recognized in the OCI. There
is no recycling of the amounts from OCI to
P&L, even on sale of investment. However,
the Company may transfer the cumulative
gain or loss within equity.

Equity instruments included within the
FVTPL category are measured at fair value
with all changes recognized in the profit
and loss.

(III) Impairment of financial assets

In accordance with Ind AS 109, Financial
Instruments, the Company applies expected
credit loss (ECL) model for measurement
and recognition of impairment loss on
financial assets that are measured at
amortized cost and FVOCI.

For recognition of impairment loss on
financial assets and risk exposure, the
Company determines that whether there
has been a significant increase in the credit
risk since initial recognition. If credit risk
has not increased significantly, 12-month
ECL is used to provide for impairment
loss. However, if credit risk has increased

significantly, lifetime ECL is used. If in
subsequent years, credit quality of the
instrument improves such that there is no
longer a significant increase in credit risk
since initial recognition, then the entity
reverts to recognizing impairment loss
allowance based on 12 month ECL.

Life time ECLs are the expected credit
losses resulting from all possible default
events over the expected life of a financial
instrument. The 12 month ECL is a portion
of the lifetime ECL which results from
default events that are possible within 12
months after the year end.

ECL is the difference between all contractual
cash flows that are due to the Company in
accordance with the contract and all the
cash flows that the entity expects to receive
(i.e. all shortfalls), discounted at the original
EIR. When estimating the cash flows, an
entity is required to consider all contractual
terms of the financial instrument (including
prepayment, extension etc.) over the
expected life of the financial instrument.
However, in rare cases when the expected
life of the financial instrument cannot
be estimated reliably, then the entity is
required to use the remaining contractual
term of the financial instrument.

I n general, it is presumed that credit risk
has significantly increased since initial
recognition if the payment is more than 30
days past due.

ECL impairment loss allowance (or reversal)
recognized during the year is recognized as
income/expense in the Statement of Profit
and Loss. In Balance Sheet ECL for financial
assets measured at amortized cost is
presented as an allowance, i.e. as an integral
part of the measurement of those assets in
the Balance Sheet. The allowance reduces
the net carrying amount. Until the asset
meets write off criteria, the Company does
not reduce impairment allowance from the
gross carrying amount.

(IV) Derecognition of financial assets

A financial asset is derecognized only when

a) the rights to receive cash flows from
the financial asset is transferred or

b) retains the contractual rights to receive
the cash flows of the financial asset,
but assumes a contractual obligation
to pay the cash flows to one or more
recipients.

Where the financial asset is transferred
then in that case financial asset is
derecognized only if substantially all risks
and rewards of ownership of the financial
asset is transferred. Where the entity has
not transferred substantially all risks and
rewards of ownership of the financial asset,
the financial asset is not derecognized.

(ii) Financial liabilities(I) Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair
value through profit or loss and at amortized
cost, as appropriate.

All financial liabilities are recognized initially
at fair value and, in the case of borrowings
and payables, net of directly attributable
transaction costs.

(II) Subsequent measurement

The measurement of financial liabilities
depends on their classification, as described
below:

Financial liabilities at fair value through
profit or loss

Financial liabilities at fair value through
profit or loss include financial liabilities
held for trading and financial liabilities
designated upon initial recognition as at
fair value through profit or loss. Separated
embedded derivatives are also classified as
held for trading unless they are designated
as effective hedging instruments. Gains

or losses on liabilities held for trading are
recognized in the Statement of Profit and
Loss.

Borrowings

After initial recognition, interest-bearing
loans and borrowings are subsequently
measured at amortized cost using the EIR
method. Gains and losses are recognized
in Statement of Profit and Loss when
the liabilities are derecognized as well
as through the EIR amortization process.
Amortized cost is calculated by taking
into account any discount or premium on
acquisition and fees or costs that are an
integral part of the EIR. The EIR amortization
is included as finance costs in the Statement
of Profit and Loss.

Borrowing Cost: Borrowing costs directly
attributable to the acquisition, construction
or production of an asset that necessarily
takes a substantial period of time to get
ready for its intended use or sale are
capitalised as part of the cost of the asset.
All other borrowing costs are expensed in
the period in which they occur. Borrowing
costs consist of interest and other costs
that an entity incurs in connection with
the borrowing of funds. Borrowing cost
also includes exchange differences to the
extent regarded as an adjustment to the
borrowing costs.

(III) Derecognition

A financial liability is derecognized when the
obligation under the liability is discharged
or cancelled or expires. When an existing
financial liability is replaced by another from
the same lender on substantially different
terms, or the terms of an existing liability are
substantially modified, such an exchange or
modification is treated as the derecognition
of the original liability and the recognition
of a new liability. The difference in the
respective carrying amounts is recognized
in the Statement of Profit and Loss as
finance costs.

(iii) Offsetting financial instruments

Financial assets and liabilities are offset and
the net amount is reported in the Balance
Sheet where there is a legally enforceable
right to offset the recognized amounts and
there is an intention to settle on a net basis
or realize the asset and settle the liability
simultaneously. The legally enforceable
right must not be contingent on future
events and must be enforceable in the
normal course of business and in the event
of default, insolvency or bankruptcy of the
Company or the counterparty.

(p) Employee Benefits(i) Short-term obligations

Liabilities for wages and salaries, including
non-monetary benefits that are expected
to be settled wholly within 12 months after
the end of the year in which the employees
render the related service are recognized
in respect of employees' services up to
the end of the year 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.

(ii) Defined contribution plan

Provident Fund: Contribution towards
provident fund is made to the regulatory
authorities, where the Company has no
further obligations. Such benefits are
classified as Defined Contribution Schemes
as the Company does not carry any further
obligations, apart from the contributions
made on a monthly basis which are charged
to the Statement of Profit and Loss.

Employee's State Insurance Scheme:
Contribution towards employees' state
insurance scheme is made to the regulatory
authorities, where the Company has no
further obligations. Such benefits are
classified as Defined Contribution Schemes
as the Company does not carry any further
obligations, apart from the contributions

made on a monthly basis which are charged
to the Statement of Profit and Loss.

(iii) Defined benefit plans
Gratuity

The Company provides for gratuity, a
defined benefit plan (the 'Gratuity Plan')
covering eligible employees in accordance
with the Payment of Gratuity Act, 1972. The
Gratuity Plan provides a lump sum payment
to vested employees at retirement,
death, incapacitation or termination of
employment, of an amount based on
the respective employee's salary. The
Company's liability is actuarially determined
(using the Projected Unit Credit method) at
the end of each year. Actuarial losses/gains
are recognized in the other comprehensive
income in the year in which they arise.

The present value of the defined benefit
obligation denominated in ' 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 estimated future payments
which are denominated in a currency other
than ', are discounted using market yields
determined by reference to high-quality
corporate bonds that are denominated in
the currency in which the benefits will be
paid, and 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 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
statement of changes in equity and in the
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.

Compensated absences

Accumulated compensated absences are
treated as short term employee benefits
since the Company does not have an
conditional right to defer settlement for any
of the obligations beyond 12 months. The
obligation towards the same is measured
at the expected cost of accumulating
compensated absences as the additional
amount expected to be paid as a result of
the unused entitlement as at the year end.

The Company's liability is actuarially
determined (using the Projected Unit
Credit method) at the end of each year.
Actuarial losses/gains are recognized in
the statement of profit and loss in the year
in which they arise. Leaves under define
benefit plans can be encashed only on
discontinuation of service by employee.

(iv) Other long-term employee benefit
obligations

Liabilities recognised in respect of other
long-term employee benefits are measured
at the present value of the estimated future
cash outflows expected to be made by the
Company in respect of services provided by
employees up to the reporting date.

(q) Earnings Per Equity Share

Basic earnings per share is calculated by dividing
the net profit or loss for the year attributable to
equity shareholders by the weighted average
number of equity shares outstanding during
the year. Earnings considered in ascertaining the
Company's earnings per share is the net profit
or loss for the year after deducting preference
dividends and any attributable tax thereto for
the year. The weighted average number of

equity shares outstanding during the year and
for all the years presented is adjusted for events,
such as bonus shares, other than the conversion
of potential equity shares, that have changed the
number of equity shares outstanding, without a
corresponding change in resources.

For the purpose of calculating diluted earnings
per share, the net profit or loss for the year
attributable to equity shareholders and the
weighted average number of shares outstanding
during the year is adjusted for the effects of all
dilutive potential equity shares.

(r) Segment Reporting

Operating segments are reported in a manner
consistent with the internal reporting provided
to the Chief Operating Decision Maker ('CODM').
The Board of directors monitors the operating
results of all product segments separately for
the purpose of making decisions about resource
allocation and performance assessment.
Segment performance is evaluated based on
profit and loss and is measured consistently with
profit and loss in the Summary Statements.

The operating segments have been identified
on the basis of the nature of products/services.
Further:

i. Segment revenue includes sales and other
income directly identifiable with / allocable
to the segment including inter - segment
revenue. Expenses that are directly
identifiable with / allocable to segments are
considered for determining the segment
result.

ii. Expenses which relate to the Company as
a whole and not allocable to segments are
included under un-allocable expenditure.

iii. I ncome which relates to the Company as
a whole and not allocable to segments is
included in unallocable income.

iv. Segment results includes margins on inter¬
segment sales which are reduced in arriving
at the profit before tax of the Company.

v. Segment assets and liabilities include those
directly identifiable with the respective
segments. Unallocable assets and liabilities
represent the assets and liabilities that
relate to the Company as a whole and not
allocable to any segment.

vi. Segment revenue resulting from
transactions with other business segments
is accounted on the basis of transfer price
agreed between the segments. Such
transfer prices are either determined to yield
a desired margin or agreed on a negotiated
business.

(s) Business combinations

The Company accounts for acquisitions of
businesses (other than acquisitions of equity
interests in entities, which are recognised as
investments in accordance with Ind AS 27) using
the acquisition method prescribed under Ind
AS 103 Business Combinations, with effect from
the acquisition date, being the date on which
control over the acquired business passes to the
Company.

Consideration transferred for the acquired
business is measured at its acquisition date fair
value and comprises the fair value of assets
transferred, liabilities incurred to the former
owners of the acquired business and equity
instruments issued by the Company, together
with the acquisition date fair value of any
contingent consideration arrangement and,
where the business combination is achieved
in stages, the acquisition date fair value of
any equity interest in the acquired business
previously held by the Company. Any gain or loss
arising on remeasurement of such previously
held interest is recognised in profit or loss, or
in other comprehensive income where the
previously held interest was so classified.

Acquisition-related costs are recognised as an
expense in the period in which the costs are
incurred and the services are received, except
for costs of issuing debt or equity instruments,

which are accounted for in accordance with
Ind AS 109 Financial Instruments and Ind AS 32
Financial Instruments: Presentation.

Identifiable assets acquired and liabilities
and contingent liabilities assumed in the
business combination are measured at their
acquisition date fair values. Contingent liabilities
representing a present obligation arising from
past events are recognised at fair value at the
acquisition date, even where the outflow of
resources embodying economic benefits is
not probable, provided their fair value can be
measured reliably. Financial assets acquired and
financial liabilities assumed are classified and
designated on the basis of the contractual terms,
economic conditions, the Company's operating
and accounting policies and other pertinent
conditions existing at the acquisition date, and
embedded derivatives in host contracts of the
acquired business are separated where required
by Ind AS 109.

Goodwill arising on a business combination
represents the excess of the consideration
transferred over the Company's interest in the
net fair value of the identifiable assets acquired
and liabilities and contingent liabilities assumed
at the acquisition date. Goodwill is recognised as
an intangible asset, is not amortised and is tested
for impairment annually, and whenever there is
an indication of impairment, in accordance with
Ind AS 36 Impairment of Assets. Impairment
losses on goodwill are recognised in the
statement of profit and loss and are not reversed
in subsequent periods.

Where the net fair value of the identifiable assets
acquired and liabilities and contingent liabilities
assumed exceeds the consideration transferred,
the Company reassesses whether it has correctly
identified all of the assets acquired and all of the
liabilities assumed and reviews the procedures
used to measure the amounts to be recognised
at the acquisition date. If the excess remains
after that reassessment, it is recognised in other

comprehensive income on the acquisition date
and accumulated in equity as a capital reserve.

If the initial accounting for a business
combination is incomplete by the end of the
reporting period in which the combination
occurs, the Company reports provisional
amounts for the items for which the accounting
is incomplete. Those provisional amounts are
adjusted during the measurement period (not
exceeding twelve months from the acquisition
date) to reflect new information obtained about
facts and circumstances that existed as at the
acquisition date and, if known, would have
affected the amounts recognised as at that date.

(t) All amounts disclosed in financial statements
and notes have been rounded off to the nearest
thousands as per requirement of Schedule III of
the Act, unless otherwise stated.

2B SIGNIFICANT ACCOUNTING JUDGMENTS,
ESTIMATES AND ASSUMPTIONS

The preparation of financial statements requires
management to make judgments, estimates and
assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes
that require a material adjustment to the carrying
amount of assets or liabilities affected in future years.

The key assumptions concerning the future and other
key sources of estimation uncertainty at the year end
date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described
below. The Company based its assumptions and
estimates on parameters available when the financial
statements were prepared. Existing circumstances and
assumptions about future developments, however,
may change due to market changes or circumstances
arising that are beyond the control of the Company.
Such changes are reflected in the assumptions when
they occur.

(a) Useful lives of property, plant and
equipment, right-of-use assets and
intangible assets

The Company reviews the useful life of property,
plant and equipment, right-of-use assets and
intangible assets at the end of each reporting
period. This reassessment may result in change
in depreciation and amortisation expense in
future periods.

(b) Deferred tax assets

Deferred tax assets are recognized for unused
tax losses to the extent that it is probable that
taxable profit will be available against which the
losses can be utilized. Significant management
judgment is required to determine the amount
of deferred tax assets that can be recognized,
based upon the likely timing and the level of
future taxable profits together with future tax
planning strategies.

(c) Provisions and contingent liabilities

A provision is recognised when the Company has
a present obligation as result of a past event and
it is probable that the outflow of resources will
be required to settle the obligation, in respect
of which a reliable estimate can be made. These
are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates.
Contingent liabilities are not recognised in the
financial statements.

(d) Fair value measurements of financial
instruments

When the fair value of financial assets and
financial liabilities recorded in the Balance Sheet
cannot be measured based on quoted prices in
active markets, their fair value is measured using
valuation techniques including Discounted Cash
Flow Model. The inputs to these models are taken
from observable markets where possible, but
where this is not feasible, a degree of judgement
is required in establishing fair values. Judgements

include considerations of inputs such as liquidity
risks, credit risks and volatility. Changes in
assumptions about these factors could affect the
reported fair value of financial instruments.

(e) Defined benefit plans (gratuity benefits)

The cost of the defined benefit plans such
as gratuity and compensated absences are
determined using actuarial valuations. An
actuarial valuation involves making various
assumptions that may differ from actual
developments in the future. These include
the determination of the discount rate, future
salary increases and mortality rates. Due to the
complexities involved in the valuation and its
long-term nature, a defined benefit obligation is
highly sensitive to changes in these assumptions.
All assumptions are reviewed at each year end.

The principal assumptions are the discount and
salary growth rate. The discount rate is based
upon the market yields available on government
bonds at the accounting date with a term
that matches that of liabilities. Salary increase
rate takes into account of inflation, seniority,
promotion and other relevant factors on long
term basis. For details refer Note 41.

(f) Allocation of consideration over the fair
value of assets and liabilities acquired in a
business combination

Assets and liabilities acquired pursuant to
business combination are stated at the fair values
determined as of the date of acquisition. The
carrying values of assets acquired are determined
based on estimate of a valuation carried out by
independent professional valuers appointed by
the Company. The values have been assessed
based on the technical estimates of useful lives
of tangible assets and benefits expected from
the use of intangible assets. Other assets and
liabilities were recorded at values that were
expected to be realised or settled respectively.

2C NEW STANDARDS, INTERPRETATIONS AND
AMENDMENTS ADOPTED BY THE COMPANY

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.

The Ministry of corporate Affairs ("MCA”) notified
amendments on May 07 2025 and August 13 2025
under the Companies (Indian Accounting Standards)
Amendment Rules, 2025 and the Companies (Indian
Accounting Standards) Second Amendment Rules,
2025, respectively, which is effective from annual
reporting periods beginning on or after April 01 2025.

(a) Amendment to Ind AS 7 and Ind AS 107 -
Supplier Finance Arrangement:

The amendments to Ind AS 7 'Statement of Cash
Flows' and Ind AS 107 'Financial Instruments:
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 supplier finance
arrangements on an entity's liabilities, cash flows
and exposure to liquidity risk.

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

(b) Amendments to Ind AS 1 - Classification
of liabilities as current or non-current and
non-current liabilities with covenants:

The amendments aim to clarify the below:

(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.

(c) 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 any of the
jurisdiction in which the Company operates.

(d) 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:

(a) 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 April 01 2026, retrospectively, as
outlined below:

(i) 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.

(ii) 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.

(iii) 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.

NOTE:

(i) Refer note 19 for information on property, plant and equipment hypothecated as security for borrowing facilities
availed by the Company.

(ii) Refer note 40(B) for details on contractual commitments for acquiring property, plant and equipment.

(iii) Freehold land includes an amount of ' 109.22 million on account of revaluation carried out prior to April 01 2016.

(iv) Leasehold land pertains to industrial land obtained on lease at Kalyani, West Bengal State, unexpired lease period
being in excess of 900 years, hence no depreciation has been considered. Further, it also includes an amount of
' 122.74 million on account of revaluation carried out prior to April 01 2016.

Notes:Company as a Lessee

(a) The Company as a lessee has obtained certain assets such as immovable properties on various leasing arrangements
for the purposes of setting-up gas filling stations, offices and guest houses. With the exception of short-term leased
underlying assets, each lease is reflected on the Balance Sheet as a right-to-use asset and a lease liability. The
Company has presented its right-of-use assets separately from other assets. Each lease contain an option to extend
the lease for a further term.

Note:

Company as a Lessor (Finance Lease) - Ind AS 116

Certain plant and machinery has been made available by the Company to the customers under a finance lease
arrangement. The arrangements covers a substantial part of the economic life of the underlying asset and contain a
renewal option on expiry. Receivables under long-term arrangements involving use of dedicated assets are based on the
underlying contractual terms and conditions. Any change in the assumptions may have an impact on lease assessment
and/or lease classification. Such assets given under the lease arrangement have been recognised, at the inception of the
lease as a receivable at an amount equal to the net investment in the lease. The finance income arising from the lease is
being allocated based on a pattern reflecting constant periodic return on the net investment in the lease. The income
arising on account of finance lease arrangement is ' 188.71 million (March 31 2025 - ' 46.24 million)

our Company has been split into five Equity Shares having face value of ' 2 each. Accordingly, the issued,
subscribed and paid up capital of our Company was sub-divided from 6,546,780 equity shares of face value
having ' 10 each to 32,733,900 Equity Shares of face value of ' 2 each.

(**) During the previous financial year, the Company has allotted 98,201,700 equity shares having face value of
' 2 each as bonus shares in proportion of three (3) new bonus equity shares having face value of ' 2 each for
every one (1) equity share having face value of ' 2 each. This has been approved by the Board of Directors of
the Company and the Shareholders on April 01 2024 and April 29 2024, respectively.

(***) During the current financial year, the Company concluded its Initial Public Offer ('IPO') of 21,313,130 equity
shares having face value ' 2 each at an issue price of ' 400 per equity share (including a share premium of
' 398 per equity share), aggregating to ' 8,525.25 million. The IPO comprised of fresh issue of 10,000,000
equity shares amounting to ' 4000.00 million and an offer for sale of 11,313,130 equity shares by the selling
shareholders amounting to ' 4525.25 million.

(c) Rights attached to the Equity shares
Equity shares:

The Company has a single class of equity share with par value of ' 2/- per share (March 31 2025 - ' 2/- per
share). Accordingly, all equity shares rank equally with regard to dividends and shares in the Company's residual
assets. The equity shareholders are entitled to receive dividend as declared from time to time. The voting rights
of an equity shareholder is in proportion to its share of the paid-up equity capital of the Company.

On winding up of the Company, the shareholders of the equity shares will be entitled to receive the residual
assets of the Company remaining after distribution for all preferential amounts in proportion to the number of
equity shares held.

(a) General reserve: The Company has transferred a portion of the net profit to general reserve pursuant to the
erstwhile provisions of the Companies Act 1956. Mandatory transfer to general reserve is not required under
the Companies Act 2013.

(b) Retained earnings: It comprises of Company's undistributed earnings after taxes. It also includes
remeasurement loss/(gain) on defined benefit plans, net of taxes that will not be reclassified to profit and loss.

(c) Securities premium: It represents the excess of the issue price of equity shares over their face value and is
disclosed under the head "Other Equity - Securities Premium” in the Balance Sheet. Additions and deductions
during the year are disclosed separately in accordance with Schedule III to the Companies Act, 2013.

(d) Capital Reserve: Comprises of the amounts recognised pursuant to business combination in the Company
during current and previous financial years.

(e) Capital redemption reserve: Represents reserve created out of surplus profits during earlier years upon
redemption of preference shares.

(f) Revaluation reserve: Gains/losses arising on the revaluation of the Company's owned properties. On disposal
of the asset, the balance of the revaluation reserve is transferred to retained earnings.

(g) Equity instruments through OCI: The Company has elected to recognise changes in the fair value of certain
investments in equity securities in other comprehensive income. The Company transfers amounts from this
reserve to retained earnings when the underlying equity securities are derecognised.

(a) From Banks: Consists of below:

(i) During the current financial year, the Company has utilised proceeds from its Initial Public Offer ('IPO')
towards repayment of term loans, amounting to ' 1258.97 million, carrying a rate of interest ranging
between 7.16% - 8.80% p.a (March 31 2025: 8.16% - 9.00% p.a).

(ii) Term loan amounting to ' 39.17 million (March 31 2025 - ' 49.94 million) repayable in 78 monthly equal
instalments of ' 3.59 million each, beginning January 2026 and carries a rate of interest of 8.00%-8.73%
p.a. (March 31 2025 - 9.00% p.a.);

(iii) Term loan amounting to ' 182.44 million (March 31 2025- ' Nil) repayable in 76 monthly instalments each,
beginning January 2027 and carries a rate of interest ranging between 7.85% - 8.40% p.a. (March 31 2025 - Nil)

(iv) Term loan amounting to ' 76.15 million (March 31 2025- ' Nil) repayable in 25 quarterly instalments each,
beginning June 2027 and carries a rate of interest ranging between 8.15% p.a. (March 31 2025 - Nil)

(v) Hedged foreign currency loan amounting to ' 138.11 million (March 31 2025- ' Nil) repayable within
January 2027 and carries a interest rate of 7.00% p.a. (March 31 2025- Nil)

(vi) Unhedged foreign currency loan amounting to ' 87.88 million (March 31 2025- ' Nil) repayable within
March 2027 and carries a interest rate of 3.97% p.a. (March 31 2025- Nil)

(b) From Others: Consists of term loan amounting to ' Nil (March 31 2025 - ' 100.00 million) repaid during the
month of July 2025 out of IPO proceeds and carried a rate of interest between 9.55% p.a. until full and final
repayment, (March 31 2025 - 9.20% - 9.40% p.a.).

(c) Security: Aforementioned facilities as referred to in notes (a) and (b) are secured with lead bank having a
first-charge, other bank and other non-banking financial company ("NBFC”) having a first pari-passu charge
on trade receivables, inventories, certain items of property, plant and equipment of the Company along with
equitable mortgage on immovable properties located at Hyderabad (Jadcherla), West Bengal (Kalyani) and
Vishakhapatnam and negative lien on immovable property located in West Bengal (Uluberia) and personal
guarantees of Mr. Padam Kumar Agarwala (Chairman & Managing Director), Mr. Varun Agarwal (Joint Managing
Director) and Corporate Guarantee from Varun Tea Plantations Private Limited.

(d) There has been no default in repayment of loan or interest in respect of any of the above loans, during the year.

(e) Includes cash credit facilities, which are repayable on demand and carries an interest rate of 7.50% - 8.95% p.a.
(March 31 2025 - 8.13% - 9.50% p.a.)

(f) Includes short-term revolving loans, which are repayable within twelve months and carries an interest of 7.01%
- 10.50% p.a. (March 31 2025 - 8.95% - 9.50% p.a.)

(g) Security: Aforementioned facilities as referred to under (e) from banks are secured by way of first charge on
trade receivables, inventories, investments in bonds, mutual funds and equity shares, certain items of property,
plant and equipment of the Company along with equitable mortgage on immovable properties located at
Hyderabad (Jadcherla), West Bengal (Kalyani) and Vishakhapatnam and negative lien on immovable property
located West Bengal (Uluberia) of the Company and personal guarantees of Mr. Padam Kumar Agarwala
(Chairman & Managing Director), Mr. Varun Agarwal (Joint Managing Director) and Corporate Guarantee from
Varun Tea Plantations Private Limited.

(h) Security: Aforementioned secured facilities in note (f) are secured by way of pledge of specified investments
made by the Company.

(*) During the current financial year, the Company has utilised proceeds from its Initial Public Offer ('IPO')
towards repayment of working capital loans, amounting to ' 841.03 million, carrying a rate of interest ranging
between 5.43%-10.70% p.a (March 31 2025: 8.13% - 9.50% p.a).

' 2 each. Further, the Company allotted bonus shares in proportion of three (3) new bonus equity shares of ' 2 each for
every one (1) equity share of ' 2 each. Accordingly, the Company has allotted 98,201,700 equity shares of ' 2 each.

Consequently, in accordance with Ind AS 33 "Earning per share”, the above sub-division and issue of bonus shares
have been retrospectively considered for the purposes of computation of weighted average number of equity shares
outstanding during the year.

As referred in Note 53, the Company has completed its Initial Public Offer ('IPO') of 21,313,130 equity shares having face
value of ' 2 each at an issue price of ' 400 per share (including a share premium of ' 398 per share) comprising of a fresh
issue of 10,000,000 equity shares and offer for sale of 11,313,130 equity shares by selling shareholders, aggregating to
' 8,525.25 million. The equity shares were allotted/transferred to all eligible shareholders on June 27 2025. Accordingly, the
disclosures pertaining to 'Equity Share Capital' and the 'Earnings per equity share', have been presented after considering
the aforesaid allotment of equity shares.

(b) A supplier has preferred a claim against the Company for about ' 35 million for non-acceptance of delivery
which has been disputed by the Company. Additionally, the Company has filed a suit for damages against
the supplier for failure to meet contractual obligations. This matters is pending at various stages before the
courts. The management of the Company remains fairly confident of a favourable outcome and therefore,
does not foresee any material financial liability devolving on the Company and accordingly, no provision has
been made.

(c) I n the ordinary course of business, the Company faces claims and assertions by various authorities. The
Management of the Company assesses such claims and assertions and monitors the legal environment on
an on-going basis with the assistance of external legal counsel, wherever necessary. The Company records
a liability for any claims where a potential loss is probable and capable of being estimated and discloses
such matters in its financial statements, if material. For potential losses that are considered possible, but not
probable, the Company provides disclosure in the financial statements but does not record a liability in its
accounts unless the loss becomes probable.

It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect to the above
pending resolution of the respective proceedings. The management of the Company remains fairly confident
of a favourable outcome and therefore, does not foresee any material financial liability devolving on the
Company and accordingly, no provision has been made.

41 EMPLOYEE BENEFITS(A) Defined contribution plans

The Company makes contributions, determined as a specified percentage of employees salaries, in respect of
qualifying employees towards provident fund, which is a defined contribution plan. The Company has no further
obligations towards specified contributions. The contributions are charged to the Statement of Profit and Loss as
and when they accrue.

(B) Defined benefit plans
Compensated absences:

The Company provides for encashment of accumulated leaves standing at the credit of its employees at the time
of their exit by way of retirement (on superannuation or otherwise), death or disability, subject to certain limits and
rules framed by the Company. Liability is provided based on the number of days of unutilized leave at each balance
sheet date based on actuarial valuation done by a certified actuary using projected unit credit method.

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 date of the Balance Sheet.
The gratuity benefit is provided through a Gratuity Fund administered and managed by the Life Insurance
Corporation of India. The annual contributions are charged to Statement of Profit and Loss.

(ix) Gratuity is a defined benefit plan and entity is exposed to the Following Risks:

(a) Interest rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates
will result in an increase in the ultimate cost of providing the above benefit and will thus result in an
increase in the value of the liability.

(b) Salary Risk: The present value of the defined benefit plan is calculated with the assumption of salary
increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan
participants from the rate of increase in salary used to determine the present value of obligation will have
a bearing on the plan's liability.

(c) Liquidity Risk:This is the risk that the Company is not able to meet the short-term gratuity payouts. This
may arise due to non-availability of enough cash / cash equivalent to meet the liabilities or holding of
illiquid assets not being sold in time

(d) Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of
the liability. The Company is exposed to the risk of actual experience turning out to be worse compared
to the assumption

(e) Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity
Act , 1972(as amended from time to time). There is a risk of change in regulations requiring higher gratuity
payouts (e.g. Increase in the maximum limit on gratuity of ' 20 Lacs).

Notes:

(i) Based on management's internal assessment of all transactions with related parties, these are incurred at an
arm's length Price.

(ii) Related parties have been identified by the Management and relied upon by the auditors.

(iii) The remuneration to Key Managerial Personnel does not include provision for gratuity, as they are determined
for the Company as a whole.

(iv) Personal guarantees from the Director's of the Company (Mr. Padam Kumar Agarwala and Mr. Varun Agarwal)
and Corporate guarantee from Varun tea plantations private limited ("to the extent of value of the land relating
to Uluberia-II”) against the borrowing facilities availed from Banks and Others. The total outstanding balances
from these facilities amounts to ' 1491.13 million (March 31 2025 - ' 2,064.28 million )

(B) Fair value hierarchy

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments, mutual funds and other funds that have quoted price. The fair value of all equity instruments
which are traded in the stock exchanges is valued using the closing price as at the reporting period. The
mutual funds are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market 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. This is the case for unlisted equity securities, unlisted alternative investment funds included in
level 3.

(C) Fair value measurements

(i) Short-term financial assets and liabilities are stated at carrying value which is approximately equal to their fair
value.

(ii) Investments carried at fair value are generally based on market price quotations. Fair values of unquoted equity
instruments has been considered as an appropriate estimate of fair value because of a wide range of possible
fair value measurements and co represents the best estimate of fair value within that range.

(iii) Fair value of borrowings which have a quoted market price in an active market is based on its market price
which is categorized as level 1. Fair value of borrowings which do not have an active market or are unquoted
is estimated by discounting expected future cash flows using a discount rate equivalent to the risk-free
rate of return adjusted for credit spread considered by lenders for instruments of similar maturities which is
categorized as level 2 in the fair value hierarchy.

(iv) Management uses its Best judgment in estimating the fair value of its financial instruments. However, there
are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the
fair value estimates presented above are not necessarily indicative of the amounts that the Company could
have realised or paid in sale transactions as of respective dates. As such, fair value of financial instruments
subsequent to the reporting dates may be different from the amounts reported at each reporting date.

(v) There have been no transfers between Level 1 and Level 2 during the year ended March 31 2026 and
March 31 2025.

(D) Risk management framework

The Company's principal financial liabilities comprise of borrowings, trade and other payables, lease liabilities and
other financial liabilities. The main purpose of these financial liabilities is to finance the Company's operations and
to support its operations. The Company's financial assets include investments, loans, trade and other receivables,
and cash & cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The company's senior management oversees
the management of these risks. The company's senior management is supported by a financial risk committee that
advises on financial risks and the appropriate financial risk governance framework for the Company. This financial
risk committee provides assurance to the Company's senior management that the Company's financial risk activities
are governed by appropriate policies and procedure and that financial risks are identified, measured and managed
in accordance with the Company's policies and risk objectives. The Board of Directors reviews and agrees policies
for managing each risk, which are summarised as below:

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

• Market risk

• Credit risk

• Liquidity risk, and

(A) 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 risks. Financial instruments affected by market risk include loans and borrowings in foreign currencies.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company's exposure to the risk of changes in market
interest rates relates primarily to the Company's long term debt obligations with floating interest rates.
The Company is carrying its borrowings primarily at variable rate. The Company expects the variable rate
to decline, accordingly the Company is currently carrying its loans at variable interest rates.

(B) Credit risk

Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt according to
the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of
deterioration of creditworthiness as well as concentration risks.

The Company has a policy of dealing only with credit worthy counter parties and obtaining sufficient collateral,
where appropriate as a means of mitigating the risk of financial loss from defaults. Financial instruments that
are subject to credit risk and concentration thereof principally consist of trade receivables, loans receivables,
investments, cash and cash equivalents, derivatives and financial guarantees provided by the Company. None
of the financial instruments of the Company result in material concentration of credit risk.

The carrying value of financial assets represents the maximum credit risk. The maximum exposure to credit risk
pertains to the total carrying values of trade receivables, balances with bank, bank deposits, investments in
debt securities and other financial assets as disclosed under note 43(A).

(i) Trade receivables

Customer credit risk is managed by each business location subject to the Company's established policy,
procedures and control relating to Customer credit risk management. Credit quality of a Customer is
assessed and individual credit limits are defined in accordance with the assessment both in terms of
number of days and amount. Any Credit risk is curtailed with arrangements with third parties .

An impairment analysis is performed at each reporting date on an individual basis for major clients. In
addition, a large number of minor receivables are grouped into homogenous groups and assessed for
impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying value
of each class of financial assets disclosed in note 13. The Company does not hold collateral as security.

(ii) Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company's treasury
department in accordance with the Company's policy. Investment of surplus funds are made only with
approved counterparties. The Company's maximum exposure to credit risk for the components of the
Balance Sheet at March 31 2026 and March 31 2025 is the carrying amount as illustrated in note 43(A).

(C) Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of
liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per
requirements. The Company monitors its risk of a shortage of funds by estimating the future cash flows. The
Company's objective is to maintain a balance between continuity of funding and flexibility through the use
of bank overdrafts, cash credit facilities and bank loans. The Company assessed the concentration of risk with
respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of
sources of funding and debt maturity within 12 months can be rolled over with existing lenders.

The Company has obtained fund and non-fund based working capital lines from various banks. Furthermore,
the Company has access to funds from debt markets through commercial paper programs, non-convertible
debentures and other debt instruments. The Company invest its surplus funds in bank fixed deposit and in
mutual funds, which carry no or low market risk.

The table below summarises the maturity profile of the Company's financial liabilities based on contractual
undiscounted payments:

(D) Foreign Currency Risk

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 foreign currency risk arises
primarily from its operating activities (where revenue or expenses are denominated in a currency other than
the Company's functional currency), its investing activities (imports of capital assets denominated in foreign
currency) and its financing activities (in respect of unhedged foreign currency borrowings).

Foreign currency sensitivity analysis

The following table demonstrates the sensitivity to a reasonably possible change in the foreign exchange
rates, 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.

Note:

Additionally, the Company is exposed to foreign exchange risk arising from foreign currency loan. The foreign
currency exposure of USD 1.50 million and its associated interest and principal payments are 100% fully
hedged up to the maturity date of January 2027 at a locked-in forward exchange rate of ' 91.96 per USD.

44 CAPITAL MANAGEMENT

The Company's capital management is intended to create value for shareholders by facilitating the meeting of long
term and short term goals of the Company. The Company determines the amount of capital required on the basis of
annual business plan coupled with long term and short term strategic investment and expansion plans. The funding
needs are met through equity, cash generated from operations, long term and short term bank borrowings and issue of
non-convertible debt securities. The Company monitors the capital structure on the basis of net debt to equity ratio and
maturity profile of the overall debt portfolio of the Company.

Notes:

(a) 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.

(b) 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.

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

(d) During the year, the Company concluded its Initial Public Offer ('IPO') of 21,313,130 equity shares having face value
' 2 each at an issue price of ' 400 per equity share (including a share premium of ' 398 per equity share), aggregating
to ' 8,525.25 million. The IPO comprised of fresh issue of 10,000,000 equity shares amounting to ' 4000.00 million
and an offer for sale of 11,313,130 equity shares by the selling shareholders amounting to ' 4525.25 million.
Pursuant to the Fresh Issue, the Company received gross proceeds of ' 4,000.00 million after adjusting IPO-related
expenses amounting to ' 268.64 million (including taxes), the net proceeds available to the Company amounted to
' 3,731.36 million. The infusion of funds through the IPO has significantly strengthened the Company's net worth
and liquidity position during the year. Consequently, certain financial ratios, particularly those linked to shareholders'
funds, capital structure, liquidity and return metrics, have witnessed significant variations compared to the previous
financial year and such changes are primarily attributable to the increase in equity share capital and securities
premium arising from the IPO proceeds. Details regarding the utilization of IPO proceeds are disclosed in Note 53.

45 SEGMENT INFORMATION(a) Gases, related products & services from which reportable segments derive their revenues

Information reported to the Chief Operating Decision Maker (CODM) for the purpose of resource allocation and
assessment of segment performance is based on product and services. Accordingly, management of the company
has chosen to organise the segment based on its products and services as follows:

- Gases, related products & services - Manufacture and supply industrial gases including by-products.

- Project engineering - Design, engineering, supply, installation and commissioning of air separation units
("ASUs”) and related products.

The Company's Chief Operating Decision Maker is the Managing Director.

Segment revenue, results, assets and liabilities include the respective amounts that are directly attributable to or
can be allocated on a reasonable basis to each of the segments. Revenue, expenses, assets and liabilities which
relate to the enterprise as a whole and are neither attributable to nor can be allocated on a reasonable basis to each
of the segments, have been disclosed as unallocable.

The Company's financing and income taxes are managed on a company level and are not allocated to operating
segments. Inter-segment revenue has been recognised at cost.

(a) Explanations have not been furnished for changes in ratio by less than 25% as compared to the preceding year as
stipulated in Schedule III to the Act.

(b) Variance is primarily due to overall growth in operations of the Company.

(c) Variance is primarily due to fair value changes in the investments of the Company.

(d) Variance is due to the proceeds received by the company pursuant to its Initial Public Offer ('IPO'). The infusion of
funds through the IPO has significantly strengthened the Company's net worth and liquidity position during the
year. Consequently, certain financial ratios, particularly those linked to shareholders' funds, capital structure, liquidity
and return metrics, have witnessed significant variations compared to the previous financial year. Details regarding
the utilization of IPO proceeds are disclosed in Note 53.

(e) Variance is primarily due to increase in treasury activities and overall market movements during the year.

(f) Definitions:

(i) Current Assets = Inventories current investments trade receivable cash & cash equivalents other
current assets other financial assets (current)

(ii) Current Liabilities = Current borrowings trade payables other financial liability current tax liabilities
provisions other current liability other financial liabilities (current)”

(iii) Debt = Non-current borrowings and current maturities of non-current borrowings

(iv) Earning for available for debt service = Profit before taxes Non-cash operating expenses like depreciation
and other amortisations Interest other adjustments like loss on sale of property, plant and equipment's
etc.

(v) Debt service = Interest & lease payments principal repayments

(vi) Working capital = Current assets - Current liabilities.

(vii) Earning before interest and taxes = Profit before exceptional items and tax Finance costs - Other Income

(viii) Capital employed = Tangible net-worth (*) debt deferred tax liabilities (net)

(*) Net worth means the aggregate of equity share capital and other equity inclusive of net gain consequent to fair
valuation of certain financial assets but excluding intangible assets.

47 DETAILS RELATED TO BORROWINGS SECURED AGAINST CURRENT ASSETS

The Company has given current assets as security for borrowings obtained from banks and financial institutions. The
Company duly submitted the required information with the banks and financial institutions on regular basis and the
required reconciliation is presented below:

(a) The variation is due to submission of the statement to the banks and financial institutions prior to the financial
statements closure process.

48 RELATIONSHIP WITH STRUCK-OFF COMPANIES

The Company did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or

Section 560 of Companies Act, 1956 during the years ended March 31 2026 and March 31 2025.

49 OTHER REGULATORY INFORMATION

(a) The title deeds of all the 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.

(b) There were no amounts which were required to be transferred to the Investor Education and Protection Fund.

(c) The Company does not hold any Benami Property and hence there were no proceedings initiated or pending
against the Company for holding any benami property under the Benami Transactions (Prohibitions) Act, 1988 and
the Rules made there under, hence no disclosure is required to be given as such.

(d) The Company has not been declared as wilful defaulter as at the date of the Balance Sheet or on the date of
approval of the financial statements, hence no disclosure is required as such.

(e) There are no charges against the companies which are yet to be registered or satisfaction yet to be registered with
ROC beyond the statutory period, hence no disclosures are required as such.

(f) The Company does not have any investment in any downstream companies for which it has to comply with the
number of layers prescribed under Clause (87) of Section 2 of the Companies Act, 2013 read with Companies
(Restriction on number of layers) Rules, 2017, hence no disclosure is required as such.

(g) Borrowings taken by the company have been utilized only for the purpose for which it was obtained.

(h) The Company has not traded or invested in Crypto Currency or Virtual Currency during the current and previous
financial year, hence disclosure requirements for the same is not applicable.

(i) 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:

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 on behalf of the Ultimate Beneficiaries.

(j) 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 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 Company (Ultimate Beneficiaries) or

ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(k) The Company does not have any undisclosed income not recorded in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

50 The Company has used accounting softwares for maintaining its books of account which has a feature of recording audit
trail (edit log) facility, except that audit trail feature was enabled at the database level only with effect from April 29 2025
to log any direct data changes in respect of one of the accounting software. In case of another accounting software used
for payroll management, no audit trail feature was enabled at the database level to log any direct data changes.

Further, to the extent enabled, audit trail feature has been 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 years has been preserved by the Company as per the statutory requirements for
record retention to the extent it was enabled and recorded in respective years.

51 CODE OF SOCIAL SECURITY, 2020

The Government of India had announced the implementation of 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 (collectively referred to as 'the New Labour Codes') with effect from November 21 2025. On
May 08 2026, the Ministry of Labour & Employment notified the final Central Rules under these Codes. The Company
has assessed the impact of these changes, including the notified Rules, based on available information and actuarial
valuation, and concluded that the impact is not material to these audited financial statements. The Company continues
to monitor the notification of State Rules.

52 Pursuant to the Business Transfer Agreement dated August 05 2025, the Company acquired the manufacturing facilities
of M/s Truair Industrial Gases, on a slump sale basis for a consideration of ' 54.09 million, with effect from September 07
2025. The acquisition has been accounted for under Ind AS 103 - Business Combinations. The Purchase Price Allocation
has been concluded during the year and the resulting adjustment amounting to ' 2.23 million, which is not material to
these audited financial statements, has been adjusted in Capital Reserve.

53 During the year, the Company concluded its Initial Public Offer ('IPO') of 21,313,130 equity shares having face value
' 2 each at an issue price of ' 400 per equity share (including a share premium of ' 398 per equity share), aggregating to
' 8,525.25 million. The IPO comprised of fresh issue of 10,000,000 equity shares amounting to ' 4000.00 million and an
offer for sale of 11,313,130 equity shares by the selling shareholders amounting to ' 4525.25 million

The equity shares were allotted/transferred to the eligible applicants on June 27 2025 and which got subsequently listed
on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on July 01 2025.

The unutilized portion of IPO Proceeds has been classified in Other bank balances which includes fixed deposit of
' 677.5 million, balances lying in designated current account (monitoring account) amounting to ' 0.42 million and in
designated current account (escrow account) amounting to to ' 2.49 million.

54 Figures of previous years have been regrouped / rearranged wherever necessary to make them comparable with the
current year figures.