i. Provision (other than for employee benefits)

Provisions are recognised when the Company has a
present obligation (legal or constructive) 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 a reliable estimate can be made of the
amount of the obligation. When the Company expects
some or all of a provision to be reimbursed, for example,
under an insurance contract, the reimbursement is
recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense relating
to a provision is presented in the Statement of Profit and
Loss net of any reimbursement.

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 recognised as
a finance cost.

j. Revenue from contracts with customers

Under Ind AS 115, the Company recognised revenue
when (or as) a performance obligation is satisfied, i.e.
when ‘control' of the goods or services underlying
the particular performance obligation are transferred
to the customer.

Further, revenue from sale of goods and servicesis
recognised based on a 5-Step Methodology
which is as follows:

Step 1: Identify the contract(s) with a customer

Step 2: Identify the performance obligation in contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance
obligations in the contract

Step 5: Recognize revenue when (or as) the entity satisfies
a performance obligation

Contract assets are recognised when there is excess
of revenue earned over billings on contracts. Contract
assets are classified as unbilled receivables (only act of

invoicing is pending) when there is unconditional right to
receive cash, and only passage of time is required, as per
contractual terms.

Contract liability is recognised when billings are in
excess of revenues.

Contracts are subject to modification to account for
changes in contract specification and requirements. The
Company reviews modification to contract in conjunction
with the original contract, basis which the transaction
price could be allocated to a new performance
obligation, or transaction price of an existing obligation
could undergo a change. In the event transaction price is
revised for existing obligation, a cumulative adjustment
is accounted for.

The Company disaggregates revenue from contracts
with customers by geography.

Invoices are usually payable within a range of
90 to 180 days.

Use of significant judgments in revenue recognition:

The Company's contracts with customers could include
promises to transfer multiple products and services
to a customer. The Company assesses the products /
services promised in a contract and identifies distinct
performance obligations in the contract.

The Company considers indicators such as how customer
consumes benefits as services are rendered or who
controls the asset as it is being created or existence
of enforceable right to payment for performance to
date and alternate use of such product or service,
transfer of significant risks and rewards to the customer,
acceptance of delivery by the customer, etc. In case
where performance obligation is satisfied at a point in
time, revenue is recognised when control over goods is
transferred to the customers, generally on dispatch of
goods. In case where performance obligation is satisfied
over a period of time, revenue is recognised on the basis
of actual cost incurred plus mark up as agreed with
the customers under each agreement. Sale of services
includes processing charges in respect of job work
services provided by the Company. Revenue in respect
of sale of services is recognised over time in accordance
with the terms of the contract.

Variable consideration: If the consideration in a contract
includes a variable amount such as discount, the
Company estimates the amount of consideration to
which it will be entitled in exchange for transferring the

goods to the customer. The variable consideration is
estimated at contract inception and constrained until it
is highly probable that a significant revenue reversal in
the amount of cumulative revenue recognised will not
occur when the associated uncertainty with the variable
consideration is subsequently resolved.

Revenue is measured at the transaction price based on
the consideration specified in a contract with a customer,
excluding taxes or duties collected on behalf of the
government, net of applicable discounts. In arriving at
the transaction price, the Company considers the terms
of the contract with the customers and its customary
business practices. The transaction price is the amount
of consideration the Company is entitled to receive in
exchange for transferring promised goods or services,
excluding amounts collected on behalf of third parties

Other operating revenues

Duty benefits are recognised on accrual basis and when
the right to entitlement has been established.

k. Recognition of dividend income, interest income or
expense

Dividend income is recognised in the Statement of Profit
and Loss on the date on which the Company's right to
receive payment is established.

Interest income or expense is recognised using the
effective interest method.

The ‘effective interest rate' is the rate that exactly
discounts estimated future cash payments or receipts
through the expected life of the financial instrument to:

- the gross carrying amount of the financial asset; or

- the amortised cost of the financial liability.

In calculating interest income and expense, the effective
interest rate is applied to the gross carrying amount of
the asset (when the asset is not credit-impaired) or to
the amortised cost of the liability. However, for financial
assets that have become credit-impaired subsequent
to initial recognition, interest income is calculated by
applying the effective interest rate to the amortised cost
of the financial asset. If the asset is no longer credit-
impaired, then the calculation of interest income reverts
to the gross basis.

l. Leases

The Company evaluates if an arrangement qualifies to
be a lease as per the requirements of Ind AS 116. The
Company uses significant judgement in assessing the
applicable discount rate.

The Company determines the lease term as the non¬
cancellable period of a lease, together with both
periods covered by an option to extend the lease if the
Company is reasonably certain to exercise that option;
and periods covered by an option to terminate the lease
if the Company is reasonably certain not to exercise that
option. In assessing whether the Company is reasonably
certain to exercise an option to extend a lease, or not to
exercise an option to terminate a lease, it considers all
relevant facts and circumstances that create

an economic incentive for the Company to exercise
the option to extend the lease, or not to exercise the
option to terminate the lease. The Company revises the
lease term if there is a change in the non-cancellable
period of a lease.

The discount rate is generally based on the incremental
borrowing rate specific to the lease being evaluated or
for a portfolio of leases with similar characteristics. The
Company determines its incremental borrowing rate by
obtaining interest rates from various external financing
sources and makes certain adjustments to reflect the
terms of the lease and type of the asset leased. A contract
is, or contains, a lease if the contract conveys the right to
control the use of an identified asset for a period of time
in exchange for consideration.

Company as a lessee

The Company accounts for each lease component
within the contract as a lease separately from non¬
lease components of the contract and allocates the
consideration in the contract to each lease component
on the basis of the relative stand-alone price of the lease
component and the aggregate stand-alone price of the
non-lease components.

The Company recognises right-of-use asset representing
its right to use the underlying asset for the lease term
at the lease commencement date. The cost of the right-
of-use asset measured at inception shall comprise of the
amount of the initial measurement of the lease liability
adjusted for any lease payments made at or before the
commencement date less any lease incentives received,
plus any initial direct costs incurred and an estimate of
costs to be incurred by the lessee in dismantling and
removing the underlying asset or restoring the underlying
asset or site on which it is located. The right-of-use assets
is subsequently measured at cost less any accumulated
depreciation, accumulated impairment losses, if any and
adjusted for any remeasurement of the lease liability. The
right-of-use assets is depreciated using the straight-line
method from the commencement date over the shorter
of lease term or useful life of right-of-use asset unless

the lease transfers ownership of the underlying asset to
the Group by the end of the lease term or the cost of the
right-of-use asset reflects that the Group will exercise a
purchase option. In that case the right-of-use asset will
be depreciated over the useful life of the underlying
asset, which is determined on the same basis as those
of property and equipment. The estimated useful lives
of right-of-use assets are determined on the same basis
as those of property, plant and equipment. Right-of-
use assets are tested for impairment whenever there is
any indication that their carrying amounts may not be
recoverable. Impairment loss, if any, is recognised in the
Statement of Profit and Loss.

The Company measures the lease liability at the present
value of the lease payments that are not paid at the
commencement date of the lease. The lease payments
are discounted using the interest rate implicit in the
leases if that rate can be readily determined. If that
rate cannot be readily determined, the Company uses
incremental borrowing rate. For leases with reasonably
similar characteristics, the Company, on a lease-by-lease
basis, may adopt either the incremental borrowing rate
specific to the lease or the incremental borrowing rate for
the portfolio as a whole. The lease payments shall include
fixed payments, variable lease payments that depend on
an index or a rate, initially measured using the index or rate
as at the commencement date, amounts expected to be
payable under a residual value guarantee, exercise price
of a purchase option where the Company is reasonably
certain to exercise that option and payments of penalties
for terminating the lease, if the lease term reflects the
lessee exercising an option to terminate the lease. The
lease liability is subsequently remeasured by increasing
the carrying amount to reflect interest on the lease
liability, reducing the carrying amount to reflect the lease
payments made and remeasuring the carrying amount
to reflect any reassessment or lease modifications or to
reflect revised in-substance fixed lease payments. The
company recognises the amount of the re-measurement
of lease liability due to modification as an adjustment to
the right-of-use asset and Statement of Profit and Loss
depending upon the nature of modification. Where the
carrying amount of the right-of-use asset is reduced to
zero and there is a further reduction in the measurement
of the lease liability, the Company recognises any
remaining amount of the re-measurement in Statement
of Profit and Loss.

The Company has elected not to recognise the right-of-
use assets and lease liabilities for leases of low-value
assets and short-term leases, including IT equipment's.
The Company recognises the lease payments associated
with these leases as an expense in profit or loss on a

straight-line basis over the lease term.

m. Tax Expense

Tax expenses comprise current and deferred tax.

i. Current tax

Current tax comprises the expected tax payable or
receivable on the taxable income or loss for the year
and any adjustment to the tax payable or receivable
in respect of previous years. The amount of current
tax reflects the best estimate of the tax amount
expected to be paid or received after considering
the uncertainty, if any, related to income taxes. It is
measured using tax rates (and tax laws) enacted or
substantively enacted by the reporting date.

Current tax assets and current tax liabilities are offset
only if there is a legally enforceable right to set off
the recognised amounts, and it is intended to realise
the asset and settle the liability on a net basis or
simultaneously.

ii. Deferred tax

Deferred tax is provided using the balance sheet
approach on temporary differences between the
tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes at the
reporting date.

Deferred tax is recognised in respect of temporary
differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the
corresponding amounts used for taxation purposes.
Deferred tax is also recognised in respect of carried
forward tax losses and tax credits.

Deferred tax assets are recognised to the extent
that it is probable that future taxable profits will
be available against which they can be used. The
existence of unused tax losses is strong evidence
that future taxable profit may not be available.
Therefore, in case of a history of recent losses, the
Company recognises a deferred tax asset only to
the extent that it has sufficient taxable temporary
differences or there is convincing other evidence
that sufficient taxable profit will be available against
which such deferred tax asset can be realised.
Deferred tax assets - unrecognised or recognised,
are reviewed at each reporting date and are
recognised/ reduced to the extent that it is probable/
no longer probable respectively that the related tax
benefit will be realised.

Deferred tax is measured at the tax rates that are
expected to apply to the period when the asset is
realised or the liability is settled, based on the laws
that have been enacted or substantively enacted by
the reporting date.

Deferred tax items are recognised in correlation to
the underlying transaction either in OCI or directly in
equity. The measurement of deferred tax reflects the
tax consequences that would follow from the manner
in which the Company expects, at the reporting date,
to recover or settle the carrying amount of its assets
and liabilities.

Deferred tax assets and liabilities are offset if there
is a legally enforceable right to offset current tax
liabilities and assets, and they relate to income taxes
levied by the same tax authority on the same taxable
entity, or on different tax entities, but they intend
to settle current tax liabilities and assets on a net
basis or their tax assets and liabilities will be realised
simultaneously.

iii. Minimum Alternative Tax (MAT)

Minimum Alternative Tax (MAT) is recognised as an
asset only when and to the extent there is convincing
evidence that the Company will pay normal income
tax during the specified period. In the year in which
the MAT credit becomes eligible to be recognised as
an asset the said asset is created by way of credit
to the Statement of Profit and Loss and included in
deferred tax assets. The Company reviews the same
at each balance sheet date and writes down the
carrying amount of MAT entitlement to the extent
there is no longer convincing evidence to the effect
that Company will pay normal income tax during the
specified period.

Pursuant to the changes introduced through the
Finance Act, 2026 and basis approval of the Board
of Directors, the Company has elected to transition
into the new tax regime effective 1 April 2026. The
new tax regime allows MAT credit available as of 31
March 2026 to be set off up to 25% of tax payable
in a year. The Company has therefore reassessed
the recoverability of previously recognised and
unrecognised MAT credit asset.

n. Goods and services tax (GST)

Expenses and assets are recognised net of the amount

of sales/ value added taxes/ goods and services

tax paid, except:

• When the tax incurred on a purchase of assets
or services is not recoverable from the taxation
authority, in which case, the tax paid is recognised as
part of the cost of acquisition of the asset or as part
of the expense item, as applicable; and

• When receivables and payables are stated with the
amount of tax included.

The net amount of tax recoverable from, or payable to,
the taxation authority is included as part of receivables or
payables in the balance sheet.

o. Borrowing cost

Borrowing costs are interest and other costs (including
exchange differences relating to foreign currency
borrowings to the extent that they are regarded as an
adjustment to interest costs) incurred in connection with
the borrowing of funds. The borrowing cost includes
interest expense accrued on gold on loan taken from
banks. Other borrowing costs are recognised as an
expense in the period in which they are incurred.

p. Treasury shares

The Company has created an Employee Benefit
Trust (EBT) for providing share-based payment to its
employees. The Company uses EBT as a vehicle for
distributing shares to employees under the employee
remuneration schemes. Company issues shares to
EBT for allotting them to the employees. EBT is treated
as an extension of the Company, and accordingly,
shares held by EBT are netted off from the total share
capital. Consequently, all the assets, liabilities, income
and expenses of the trust are accounted for as assets,
liabilities, income and expenses of the Company, except
for profit / loss on issue of shares to the employees and
the dividend earned by the trust which are directly taken
to the Share Based Payment Reserve.

q. Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits with
a maturity of three months or less, which are subject to an
insignificant risk of changes in value.

r. Dividend

Final dividends proposed by the Board of Directors are
recognised upon approval by the shareholders who
have the right to decrease but not increase the amount
of dividend recommended by the Board of Directors.
Interim dividends are recognised on declaration by the
Board of Directors.

s. Earnings per share (EPS)

Basic EPS amounts are computed by dividing the net
profit attributable to the equity holders of the parent
company by the weighted average number of equity
shares outstanding during the period.

Diluted EPS amounts are computed by dividing the net
profit attributable to the equity holders of the parent
company by the weighted average number of equity
shares considered for deriving basic earnings per share
and also the weighted average number of equity shares
that could have been issued upon conversion of all
dilutive potential equity shares. The diluted potential
equity shares are adjusted for the proceeds receivable
had the shares been actually issued at fair value (i.e.
the average market value of the outstanding shares).
Dilutive potential equity shares are deemed converted
as of the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined
independently for each period presented.

t. Exceptional items

When an item of income or expense within statement of
profit and loss from ordinary activity is of such size, nature
and incidence that its disclosure is relevant to explain
more meaningfully the performance of the Company for
the year, the nature and amount of such items is disclosed
as exceptional items.

u. Significant accounting estimates and assumptions

The preparation of the Company's standalone financial
statements requires management to make 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 periods. The key
assumptions concerning the future and other key sources
of estimation uncertainty at the reporting 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 standalone 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.

v. Contingent liability

Contingent liability is a possible obligation arising from
past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of
the entity or a present obligation that arises from past
events but is not recognised because it is not probable
that an outflow of resources embodying economic
benefits will be required to settle the obligation or the
amount of the obligation cannot be measured with
sufficient reliability. The Company does not recognize
a contingent liability but discloses its existence in the
standalone financial statements.

Contingent assets

Contingent asset is not recognised in standalone
financial statements since this may result in the recognition
of income that may not be realised. However, when the
realization of income is virtually certain, then the related
asset is not a contingent asset and is recognised.

Provisions, contingent liabilities, contingent assets and
commitments are reviewed at each balance sheet date.

w. Segment reporting

As per Ind AS - 108, ‘Operating Segments', if a
financial report contains both the consolidated financial
statements of a parent that is within the scope of Ind AS -
108, as well as the parent's separate financial statements,
segment information is required only in the consolidated
financial statements. Accordingly, information required to
be presented under Ind AS - 108, Operating Segments
is given in the consolidated financial statements.

x. Recent pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new
standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as
issued from time to time. The Company has reviewed the
new pronouncements and based on its evaluation has
determined that it does not have any significant impact in
its financial statements.

On 7 May 2025, the Ministry of Corporate Affairs (MCA)
notified amendments to Ind AS 21 - The Effects of
Changes in Foreign Exchange Rates, applicable w.e.f.
April 1,2025. The Company has reviewed the amendment
and based on its evaluation has determined that it does
not have any significant impact in its financial statements

On 13 August 2025, the Ministry of Corporate Affairs
(MCA) notified Companies (Indian Accounting Standards)
Amendment Rules, 2025 which amends certain
accounting standards, and are effective 1 April 2025.

The key amendments are as follow:

1. Ind AS 1, Presentation of Financial Statements,
applicable w.e.f. 01 April 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.

2. I nd 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.

3. 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

Standards issued but not yet effective

1. I nd AS 1 - Presentation of Financial Statements: If a
covenant breach occurs on or before the reporting
date and the liability becomes payable on demand,
it must be classified as current, even if the lender
subsequently agrees not to demand repayment.
It is classified as current because, at the reporting
date, the entity does not have the right to defer
settlement for at least 12 months. However, if the
lender has already provided - by the reporting date -
a grace period extending at least 12 months beyond
that date, during which the breach can be rectified
and repayment cannot be demanded, the liability is
classified as non-current. This amendment is to be
applied retrospectively for annual reporting periods
beginning on or after 1 April 2026, in accordance
with Ind AS 8, Accounting Policies, Changes in
Accounting Estimates and Errors.

B. Nature of reserve

i. Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilized in accordance with the provision
of the Companies Act, 2013.

ii. Share based payment reserve

Share based payment reserve is used to recognize the grant date fair value of options issued to employees under the Employees Stock
Option Schemes. Refer note 39 for further details of the plan.

iii. Capital redemption reserve

As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of free reserves or
securities premium. A sum equal to the nominal value of the shares so purchased is transferred to capital redemption reserve.

iv. Capital reserve

The Company recognises profit and loss on purchase, sale, issue or cancellation of the Company's own equity instruments to capital
reserve.

v. General reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general
reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items
included in the general reserve will not be reclassified subsequently to statement of profit and loss.

vi. Retained earnings

Retained earnings comprises of undistributed earnings after taxes.

C. Dividends

Dividend declared by the Company are based on the profit available for distribution in accordance with Section 123 of the Companies Act,
2013. The following dividends were declared and paid by the Company during the year:

^A Nature of security:-

(i) Secured by charge on all the current assets viz inventory, bill receivable, book debts and all other current assets.

(ii) Further Secured, on pari-passu basis, by :-

a) Equitable mortgage of land and building situated at F-64, E-68 & E-69, EPIP Zone, Sitapura, E-1 & E-2, SEZ-II, Sitapura, Jaipur and
negative lien on Office No. HW4070, BKC Mumbai

b) First charge on block of assets of the company (excluding land & building and vehicles) situated at F-64, E-68, E-69, EPIP Zone,
Sitapura, and E-1 & E-2, SEZ-II, Sitapura, Jaipur

(iii) Pledge against fixed deposits with HDFC Bank and Yes Bank.

(iv) Personal guarantee of Mr. Sunil Agrawal, Managing Director of the Company.

Notes

Information about company exposure to interest rate, foreign currency and liquidity risk is given in note 50

(ii) Details of corporate social responsibility expenditure

As per Section 135 of Companies Act,2013, a Company needs to spend at least 2% of its average net profit for the immediately
preceding three financial years on Corporate Social Responsibility (CSR) activities. A CSR Committee has been formed by the Company
as per act. The CSR Committee and Board had approved the projects with specific outlay on the activities as specified in Schedule VII
of the act, in pursuant of the CSR policy.

B) Defined benefit plan

(i) Gratuity

The Company has a defined benefit gratuity plan. Every employee gets a gratuity on retirement termination/
resignation at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an
insurance company in the form of a qualifying insurance policy. The following tables summarize the components of
net benefit expense recognised in the statement of profit or loss and the funded status and amounts recognised in
the balance sheet for the respective plans:

39 EMPLOYEE BENEFIT OBLIGATION (Contd..)

Sensitivities due to mortality & withdrawals are insignificant. Sensitivities as to rate of inflation, rate of increase of
pensions in payment, rate of increase of pensions before retirement & life expectancy are not applicable being a
lump sum benefit on retirement. In presenting the above sensitivity analysis, the present value of defined benefit
obligation has been calculated using the projected unit credit method at the end of reporting period, which is
the same as that applied in calculating the defined obligation liability recognised in the balance sheet.

(g) Defined benefit liability and employer contributions:

Expected contributions to defined benefit obligation for the year ending 31 March 2026 are ' 1,213.58 lakhs
(Previous Year: ' 1,180.19 lakhs). The expected maturity analysis of defined benefit plan is as follows:

40 SHARE-BASED PAYMENTS (Contd..)

b) Vaibhav Global Limited Restricted Stock Unit Plan - 2019

During the financial year 2018-19, the shareholders have approved the Vaibhav Global Limited Restricted Stock Unit Plan - 2019 (herein
referred as 'RSU Plan') through postal ballot resolution dated 30 March 2019. According to RSU Plan, the Nomination and Remuneration
Committee decides upon the employees who qualify under the Plan and the number of Restricted Stock Unit (RSU) to be issued to
such employees. The exercise price of the RSU shall be the face value of the equity shares as on date of exercise unless otherwise
determined by the Board / Committee. The exercise price shall not be less than the face value of equity share of the Company. Out of
RSU granted, 20% RSU will vest at the end of one year from the date of grant, 30% at the end of the second year and balance 50% at the
end of third year. The Company has constituted “ Vaibhav Global Employee Stock Option Welfare Trust” to administer & implement RSU
Plan. The fair value of the RSU will be estimated at the grant date using a Black-Scholes pricing model, taking into account the terms
and conditions upon which the RSU were granted. However, the above performance condition is only considered in determining the
number of instruments that will ultimately vest. The exercise period for all the RSU will be 3 months from the date of respective vesting.
During the year, the Nomination and Remuneration Committee has granted 1,048,021 RSU (previous year: 677,768).

(ii) Leave obligations

The amount of the provision of ' 361.57 lakhs (31 March 2025: ' 418.88 lakhs) is presented as current of ' 96.84 lakhs
(31 March 2025: ' 108.09 lakhs) and non-current of ' 264.73 lakhs (31 March 2025: ' 310.79 lakhs). The Company has
provided for the liability on the basis of actuarial valuation.

40 SHARE-BASED PAYMENTS

A. Description of share-based payment arrangements

a) Vaibhav Global Limited, Employee Stock Options Plan - 2006

Under the Vaibhav Global Limited, Employee Stock Options Plan (As amended) - 2006 (herein referred as 'ESOP Plan'), the Nomination
and Remuneration Committee decides upon the employees who qualify under the ESOP Plan and the number of options to be issued
to such employees. The exercise price of the share options shall be the market price which would be the latest available closing price
of the shares on the stock exchange, which records the highest trading volume of the Company's shares on the date prior to date of
meeting of the Compensation committee at which the options are granted, unless otherwise determined by the Board / Committee. Out
of stock option granted, 20% stock option will vest at the end of one year from the date of Grant, 30% at the end of the second year and
balance 50% at the end of third year. The Company has constituted “ Vaibhav Global Employee Stock Option Welfare Trust” to administer
& implement various ESOP Plan. The fair value of the share options is estimated at the grant date using a Black-Scholes pricing model,
taking into account the terms and conditions upon which the share options were granted. However, the above performance condition is
only considered in determining the number of instruments that will ultimately vest. The exercise period for all the options under various
tranches is 7 years from the date of vesting.

c) Vaibhav Global Limited Employee Stock Options Plan - 2021

During the financial year 2021-22, the shareholders have approved the Vaibhav Global Limited Employee Stock Option Plan - 2021
(herein referred as 'ESOP Plan 2021') through postal ballot resolution dated 21 March 2022. According to ESOP Plan 2021, the
Nomination and Remuneration Committee (hereinafter referred as "Committee") decides upon the employees who qualify under the
ESOP Plan 2021 and the number of stock options to be issued to such employees. The exercise price of the stock options shall be
determined by the Committee / Board of Directors from time to time as on the date of grant, which shall not be less than the face value
of the equity share and not more than the market price. Out of ESOP granted, vesting period shall be determined by the Committee
/ Board of Directors at the time of grant of stock options ranging between one to three years from the date of grant of option. The
Company has constituted “ Vaibhav Global Employee Stock Option Welfare Trust” to administer and implement the plans. The fair value
of the stock option will be estimated at the grant date using a Black-Scholes pricing model taking into account the terms and conditions
upon which the stock options were granted. However, the above performance condition is only considered in determining the number
of instruments that will ultimately vest. The exercise period for all such stock option will be 7 years from the date of respective vesting.
During the year, the Company has granted 277,442 options (previous year: 60,507) under the ESOP Plan 2021.

40 SHARE-BASED PAYMENTS (Contd..)

d) Vaibhav Global Limited Management Stock Options Plan - 2021

During the financial year 2021-22, the shareholders have approved the Vaibhav Global Limited Management Stock Option Plan - 2021
(herein referred as 'MSOP Plan') through postal ballot resolution dated 21 March 2022. According to MSOP Plan, the Nomination and
Remuneration Committee (hereinafter referred as "Committee") decides upon the employees who qualify under the MSOP Plan and
the number of stock options to be issued to such employees. The exercise price of the such stock options shall be the face value of
the equity shares as on date of exercise. For stock options granted, the vesting period shall be determined by the Committee / Board
of Directors at the time of grant of stock option ranging between one to three years from the date of grant of options. The Company
has constituted “Vaibhav Global Employee Stock Option Welfare Trust” to administer and implement MSOP Plan. The fair value of the
stock options will be estimated at the grant date using a Black-Scholes pricing model taking into account the terms and conditions upon
which the stock options were granted. However, the above performance condition is only considered in determining the number of
instruments that will ultimately vest. The exercise period for all such stock options will be 7 years from the date of respective vesting.
During the year, the Nomination and Remuneration Committee has granted 86,810 (previous year: 88,224) stock options.

42 CONTINGENT LIABILITIES AND COMMITMENTS (Contd..)

The Department issued notices under Section 153C for Assessment Year 2010-11 to Assessment Year 2016-17, leading the Company to
file a writ petition before the High Court and subsequently an SLP before the Supreme Court. In previous quarter, the Supreme Court
stayed further proceedings under Section 153C. Further the Department has passed favorable order for AY 2010-11, accepting the
returned income without additions.

Considering the nature and merits of the matter, the management does not anticipate any liability arising from these proceedings in
respect of Assessment Years 2011-12 to Assessment Year 2016-17.

B. The Income Tax Department ("the ITD") conducted a Survey proceeding under section 133A of the Act at the premises of the Company
in November 2021. During earlier years, the Company also received notices under Section 142(1) for Assessment Year 2019-20 to
Assessment Year 2022-23 requiring further information. Subsequently, the Company provided all cooperation and necessary data/
documents/information. In previous quarter of the current financial year, all the proceedings related to the survey for the above-
mentioned assessment years have been concluded in the Company's favor by the relevant authorities.

C. During the financial year 2019-20, pursuant to the shareholder's approval, the Company has bought back and extinguished a total of
865,675 equity shares at an average buyback price of ' 831.72 per equity share. Basis external opinion obtained by the Company, the
Company believes that provisions of Section 115QA of Income Tax Act 1961 is not applicable to the Company.

D. The Company is required to comply with the transfer pricing regulations, which are contemporaneous in nature. The Company appoints
independent consultant annually for conducting transfer pricing studies to determine whether transactions with associate enterprises
undertaken during the financial year, are on an arm's length basis. Adjustments, if any, arising from the transfer pricing studies will be
accounted for when the study is completed for the current financial year. The management is of the opinion that its transactions with
associates are at arm's length so that the outcome of the studies to corroborate compliance with legislation will not have any material
adverse impact on these standalone financial statements.

E. The Company has certain pending litigations and claims filed by various forums/ authorities and third parties in the normal course
of business. The Company has reviewed all pending litigations and claims files by various forums/ authorities and has adequately
provided, wherever provisions are required and disclosed as contingent liabilities, as applicable. In the opinion of management and
legal advice obtained, the claims filed by third parties are speculative and frivolous and amount is unquantifiable at this point of time.
The Company also believes that the above issues, when finally settled, are not likely to have any significant impact on the financial
position of the Company.

44 SEGMENT REPORTING

As per Ind AS 108 ‘Operating Segments', the Company has disclosed the segment information only as part of the consolidated financial
statements.

45 CAPITAL MANAGEMENT

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and the market confidence and to
sustain future development of the business. Management monitors the return on capital, as well as the level of dividends to equity
shareholders.

The board of directors seeks to maintain a balance between the higher returns that might be possible with the higher level of borrowings
and the advantages and security afforded by a sound capital position. The Company monitors capital using a ratio of 'adjusted net debt'
to 'adjusted equity'. For this purpose, adjusted net debt is defined as total liabilities, comprising interest-bearing short term borrowing less
cash and cash equivalents. Adjusted equity comprises of all components of equity. The Company's adjusted net debt to equity ratio is as
follows:

46 OTHER REGULATORY INFORMATION (Contd..)

(vii) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961)

(viii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.

(ix) The Company does not have any charges or satisfaction which are yet to be registered with Registrar of Companies ('ROC') beyond the
statutory period.

(x) The Company does not have any immovable property whose title deeds are not held in the name of the Company.

(xi) As per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016, the Company is not a Core Investment
Company (CIC) and the group does not have any CIC.

(xii) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

46 OTHER REGULATORY INFORMATION

(i) The Company does not have any benami property where any proceedings have been initiated or pending against the Company for
holding such benami property.

(ii) The Company doesn't have any transactions with companies that have been struck off.

(iii) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the
current or previous year.

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

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company
(Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries) or;

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(ii) Fair value hierarchy

The table shown below analysis financial instruments carried at fair value, by valuation method. The different levels have been defined below:

a) Level 1:

Level 1 hierarchy includes financial instrument measured using quoted prices. This includes listed equity instruments that have a 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 end.

b) Level 2:

If inputs required to fair value an instrument other than quoted prices included within Level 1 are observable, either directly (i.e., as
prices) or indirectly (i.e., derived from prices), the instruments are included in Level 2.

49 FAIR VALUE MEASUREMENTS (Contd..)

c) Level 3:

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

The fair value of the financial assets and liabilities are included at the amount that would be received to sell an asset and paid to transfer
a liability in an orderly transaction between market participants. The following methods and assumptions were used to estimate the fair
values:

• Other non-current financial assets and liabilities: Fair value is calculated using a discounted cash flow model with income approach,
unless the carrying value is considered to approximate to fair value.

• Trade receivables, cash and cash equivalents, other bank balances, loans, other current financial assets, current borrowings, trade
payables and other current financial liabilities: Approximate their carrying amounts largely due to the short-term maturities of these
instruments.

50 FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES

This section gives an overview of the significance of financial instruments for the Company and provides additional information on the
balance sheet. Details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on
which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed
in these financial statements.

Risk management framework

Company is being driven by the market forces, its businesses are subject to several risks and uncertainties including financial risks. The
Company's documented risk management policies act as an effective tool in mitigating the various financial risks to which the business is
exposed to, in the course of their daily operations.

The risk management policies cover areas around all identified business risks including commodity price risk, foreign exchange risk etc.,
Risks are identified through a formal risk management programme with active involvement of senior management personnel and business
managers. The Company has in place risk management processes in line with the Company's policy. Each significant risk has an owner, who
coordinates the risk management process.

The risk management framework aims to:

• Better understand our risk profile;

• Understand and better manage the uncertainties which impact our performance;

• Contribute to safeguarding Company value and interest of various stakeholders;

• Ensure that sound business opportunities are identified and pursued without exposing the business to an unacceptable level of
risk;

• Improve compliance with good corporate governance guidelines and practices as well as laws & regulations; and

• Improve financial returns

Treasury management

The Company's treasury function provides services to the business, co-ordinates access to domestic and international financial markets,
monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse exposures by
degree and magnitude of risks. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk,
liquidity risk and cash flow interest rate risk.

Treasury management focuses on capital protection, liquidity maintenance and yield maximization. The treasury operates as per the
delegation of authority from the Board. Day-to-day treasury operations are managed by Company's finance team. Long-term fund raising.

50 FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (Contd..)

including strategic treasury initiatives are handled by a Treasury team. A monthly reporting system exists to inform senior management of
investments, debt, currency and interest rate derivatives. The Company has a strong system of internal control which enables effective
monitoring of adherence to Company's policies.

Commodity price risk

Fluctuation in commodity price in market affects directly or indirectly the price of raw material and components used by the Company. The
Company is exposed to fluctuations in gold price (including fluctuations in foreign currency) arising on purchase/sale of gold towards which
it has a risk management strategy against gold price fluctuation. The Company sells its products mainly to its Group Companies, whereby
there is a regular negotiation/adjustment of prices on the basis of changes in the commodity prices.

Financial risk

The Company's Board approved financial risk policies comprise liquidity, currency, interest rate and counterparty risk. The Company does
not engage in speculative treasury activity but seeks to manage risk and optimize interest through proven financial instruments.

(a) Liquidity

The Company requires funds both for short-term operational needs as well as for long-term investment programmes mainly in growth
projects. The Company generates sufficient cash flows from the current operations which together with the available cash and cash
equivalents and short-term investments provide liquidity both in the short-term as well as in the long-term. The Company has been rated
by Care Ratings Ltd (CARE) for its banking facilities in line norms.

The Company remains committed to maintaining a healthy liquidity, gearing ratio, deleveraging and strengthening balance sheet. The
maturity profile of the Company's financial liabilities based on the remaining period from the date of balance sheet to the contractual
maturity date is given in the table below. The figures reflect the contractual cash obligation of the Company.

In accordance with amendment Ministry of Corporate Affairs notified in Ind AS 113 on March 30, 2019, fair value measurement of lease
liabilities is not required.

Collateral

The Company has hypothecated its trade receivables, inventory, advances, bank deposits and other current assets in order to fulfil the
collateral requirements for the financial facilities in place. There are no other significant terms and conditions associated with the use of
collateral.

(b) Foreign exchange risk

The Company operates internationally and exposed to foreign exchange risk arising from various currency exposures, primarily with
respect to US dollar, GBP and EURO. The Company is subject to the risk that changes in foreign currency values impact the Company
exports revenue and purchases from overseas suppliers in foreign currency and foreign currency denominated borrowings.

(d) Counterparty and concentration of credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company.
The Company is exposed to credit risk from its operating activities (primarily trade receivables), deposits with banks, short term
investments, foreign exchange transactions and other financial assets. The Company has adopted a policy of only dealing with
creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from
defaults.

50 FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (Contd..)

Trade Receivable

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to
customer credit risk management. In monitoring customer credit risk, customers are grouped according to their credit characteristics,
including whether they are wholesale or end-user customer, their geographic location, trade history with the Company. An impairment
analysis is performed quarterly. The calculation is based on historical experience/ current facts available in relation to default and delays
in collection thereof. The management historical experience of collecting receivables is that credit risk is low. Hence, trade receivables
are considered to be a single class of financial assets.

Financial assets other than trade receivables

With regards to other financial assets with contractual cash flows other than trade receivable, management believes these to be high
quality assets with negligible credit risk. The management believes that the parties from which these financial assets are recoverable,
have strong capacity to meet the obligations and where the risk of default is negligible and accordingly no provision for expected
credit loss has been provided on these financial assets. Defined limits are in place for exposure to individual counterparties in case
of mutual funds schemes. The carrying value of other financial assets other than cash and cash equivalents represents the maximum
credit exposure. The Company's maximum exposure to credit risk at 31 March 2026 is ' 48,838.23 lakhs (31 March 2025 is ' 26,304.69
lakhs).