7.5 The Company had executed a Limited Liability Partnership Agreement with Jupiter Green Energy Pvt Ltd (building and developing renewable energy assets in India) on 5th December 2018, to jointly carry out business activities in the field of EPC Turnkey Projects related to renewable energy. Pursuant to this, an LLP was incorporated on 5th December, 2018, wherein as on 31st March, 2026 and previous year ended 31st March 2025,the Company holds 15% partnership Interest in the LLP.
7.6 During the year, the Company incorporated a wholly owned subsidiary, Lumino Green Energy Private Limited, on 9th May, 2025 to undertake business activities in the renewable energy sector. Further, on 28th March 2026, the Company acquired a 100% equity stake in RJ Green Private Limited, with the objective of expanding its presence in renewable energy projects.
14.1 Foreign currency balance with bank on March 31st, 2026 - ETB 4880.00 (March 31st, 2025 -ETB 4880.0) has been shown as bank balance after converting the same at the year end currency rate as required by Ind AS 21: The effect of changes in foreign exchange rates amounting to H Nil ( March 31st, 2025- Nil)
14.2 Foreign currency balance on March 31st, 2026 with bank - RWF 1,96,41,439.85 and USD 28,382.88 (March 31st, 2025 -RWF 45,69,35,339 and USD 225.42) and cash on hand - RWF 7,41,629.00 (March 31st, 2025 - RWF 10,774.41 ) has been shown after converting the same at the year end currency rate as required by Ind AS 21: The effect of changes in foreign exchange rates amounting to ( H2.24) Lakhs ; March 31st, 2025- (H19.90) Lakhs.
D. Rights, preferences and restrictions attached to Equity shares
The Company has only one class of shares referred to as equity shares having a par value of H5 per share. Each holder of equity shares is entitled to one vote per share. The dividend, if any proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual general Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.
F. The Company does not have any holding Company.
G. Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash.
Shares worth H1400.33 Lakhs out of the issued, subscribed & paid up capital was allotted on 22nd March, 2022, pursuant to the composite scheme of arrangement sanctioned by the Hon’ble NCLT which became effective from 22nd Dec, 2021 and appointed date of this scheme of arrangement was 1st April, 2019. The consideration is paid through non-cash equity swap transactions in which 1,40,03,257 numbers of equity shares of the Company issued at the value of H10/-each subsequently to which 2,18,87,400 number of shares were cancelled.
H. 42,90,000 number of equity shares of H10/- each were bought back and extinguished during the year 2019-20.
I. Details of Splitting of shares
During the previous year ended i.e. 31st March, 2025 equity shares have been split through extra-ordinary general meeting dated 14th November, 2024 to Face value of H5/- each from Face value H10/- each.
J. Details of bonus shares issued
During the year ended 31st March 2023, the Company has issued fully paid-up bonus shares in the ratio of 2 (two) equity shares for every 3 (three) equity shares held, outstanding on the record date i.e. September 1st, 2022, thereby increasing the issued, subscribed and paid up share capital from H1,826.84 lakhs to H3,044.73 lakhs. The paid-up capital on account of Bonus issue of H1,217.89 lakhs has been appropriated from general reserve.
During the previous year ended 31st March 2025, the Company has issued fully paid-up bonus shares in the ratio of 3 (three) equity shares for every 1 (one) equity shares held, outstanding on the record date i.e. November 23rd, 2024, thereby increasing the issued, subscribed and paid up share capital from H3,044.73 lakhs to H12,178.90 lakhs. The paid-up capital on account of Bonus issue has been appropriated from Capital Redemption reserve for H429.00 lakhs, from Securities Premium account for H2,932.16 lakhs, from General reserve for H977.48 lakhs and H4,795.53 lakhs from Retained earnings.
K. There are no calls unpaid by the Directors/Officers.
L. The Company has not forfeited any shares.
M. There are no securities as on 31st March 2026 (31st March 2025- Nil) that are convertible into Equity/Preference Shares.
20.2 The Company has identified errors which are immaterial and have a cumulative impact of H35.06 lakhs on the standalone financial statements till March 31, 2024, on account of actuarial valuation on compensated employee benefits and gain on investment due to change in fair value of investment classified through FVTOCI. The company has corrected the error by adjusting the opening balance of Retained Earnings & OCI reserve as on April 1, 2024 in line with the requirements of Ind AS 8.
20.3 Nature and purpose of reserves:
Capital redemption reserve
Capital redemption reserve is created consequent to buy-back of equity shares. This reserve has been utilised in accordance with the provisions of the Companies Act, 2013.
Capital reserve
Capital reserve comprise of reserve arising consequent to business combination in earlier years, in accordance with applicable accounting standards & in terms of relevant scheme sanctioned by NCLT.
Securities premium
Securities premium is used to record the premium on issue of shares. The reserve has been be utilised in accordance with the provisions of the Companies Act, 2013.
General reserve
General reserve is created out of retained earnings and being used for appropriation purpose.
Retained earnings
Retained earnings represents the undistributed profit/ amount of accumulated earnings of the Company.
Equity instruments through Other Comprehensive Income
This reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value through other comprehensive income, net of amounts reclassified to retained earnings when those equity instruments are disposed off.
Foreign currency translation reserve through OCI
Exchange differences relating to the translation of the results and net assets of foreign operations from their functional currencies to presentation currency (?) are recognised directly in the other comprehensive income and accumulated in foreign currency translation reserve.
21.1 Nature of securities details for the borrowings balances are :
(i) Vehicle Loan from banks is hypothecated against the Motor cars purchased under the respective hire purchase agreements.
(ii) Rupee Term Loan is secured against First Pari Passu on the movable assets and Land & Building created out of the term loan along with personal guarantee of Mr. Devendra Goel (Director) and Mr. Jay Goel (Director).
(iii) Refer Note 25.1 for the security details of Rupee Working Capital Loan
25.1 Nature of security given:
Secured loan has been availed by the Company on the basis of fund based and non-fund based facilities from various
banks under consortium banking arrangements and are secured against:
Primary security
(a) Pari passu charge on inventories and book debts and on entire current assets of the Company including present and future.
Collateral security
(a) Equitable Mortgage (EMT) of factory land & building in the name of the Company and Mr. Devendra Goel (Director) situated at Jalan industrial estate complex, Jamalpur, Domjur with a total area of 407.925 decimal.
(b) Equitable Mortgage (EMT) of office units at 12/3 and 12/4 in “ Merlin Acropolis” in the name of M/s. Brijdham Infrastructure Pvt. Ltd. and M/s. DRP Realtors Pvt. Ltd with a total built up area of respectively 5194 & 4740 Sqft (approx).
(c) Fixed deposit pledged except fixed deposit of H2137.48 Lakhs (Previous year- H4,957.61 Lakhs).
(d) Hypothecation of plant & machinery and other miscellaneous assets.
(e) Bank Overdraft facility taken against pledge of Fixed Deposit and Government Securities.
Guarantee:
(a) Personal guarantee of Mr. Devendra Goel (Director) and Mr. Jay Goel (Director) and Mr. Deepak Goel (Relative of director).
(b) Corporate guarantee of M/s. DRP Realtors Pvt. Ltd &. M/s Brijdham Infrastructures Pvt Ltd, whose property value is offered as collateral security to the extent of the market value of the properties, whose market value is H1,364.00 Lakhs and H1,460.00 Lakhs respectively.
Others:
(a) Interest on working capital facilities from banks carries interest ranging from 6.21% to 8.75% per annum.
(b) The Company has not availed borrowings based on the security of current assets of any Group Company.
28.1 The Company has entered into supplier payment arrangements whereby banks and other financial institutions make payments to certain suppliers for goods/services (supplies) procured by the Company. The payment for these supplies is subsequently made by the Company on the respective due dates. Applying the indicators provided in Ind AS 7, which became effective from this financial year, the Company has disclosed the amounts outstanding on these facilities as a separate line item under Financial Liabilities as “’’Trade Acceptances””. Further, for the purpose of cash flow statement, the supplies have been treated as a part of Operating Activities. The interest cost specifically incurred by the Company on these facilities has been treated as financing cost.
Accordingly, previous year figures have been regrouped, rearranged and reclassified to align with the current year presentation and to improve the understandability of the financial statements.
During the current financial year, management reassessed the financial statement presentation of Supplier Finance Arrangements (SFAs) to explicitly reflect their dual nature as both operational working capital obligations and structured financing setups. Consequently, in accordance with Ind AS 1 Presentation of Financial Statements, Ind AS 7 Statement of Cash Flows, and Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors, outstanding SFA obligations have been reclassified from ‘Borrowings’ into a separate line item under Financial Liabilities, and their corresponding cash settlements have been shifted from ‘Financing Activities’ to ‘Operating Activities’. This voluntary change in presentation provides a more faithful and relevant representation of the Company’s operational leverage and liquidity dependencies by acknowledging this dual characteristic. It ensures that while the structured funding mechanism is transparently isolated on the balance sheet, the final cash outflows directly originating from core inventory and raw material procurement are accurately captured within operational metrics rather than being classified as pure financial debt. In line with statutory requirements, comparative financial information for the reported prior period has been restated, resulting in no impact on the reported net profit, earnings per share, or total equity of the Company for any of the periods presented.
NOTE: 44 OTHER DISCLOSURES
44.1 Contingent liabilities and commitments
i) 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.
Provisions is measured using the cash flows estimated to settle the present obligation and when the effect of time value of money is material, Provisions are determined by discounting the expected future cash flows (representing the best estimate of the expenditure required to settle the present obligation at the balance sheet date) at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received.
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(a) Contingent Liabilities: (H in Lakhs)
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Particulars
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As at
31st March, 2026
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As at
31st March, 2025
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Claims against the Company not acknowledged as debts :
(a) Claims by customers/suppliers and other third parties.
(b) Representation have been filed before the respective authorities against;
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93.79
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96.65
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- Income Tax under appeal/ litigation
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-
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1,748.05
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' ’ (H in Lakhs)
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Particulars
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As at
31st March, 2026
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As at
31st March, 2025
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- Customs uner appeal/litigation
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946.67
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-
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- GST under appeal/ litigation
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1,435.96
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243.37
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- High Court-Patna relating to Civil Writ Jurisdiction
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9.38
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9.38
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i) The amounts shown in above represent the best possible estimates arrived at on the basis of available information. The uncertainties and timing of the cash flows are dependent on the outcome of different legal processes which have been invoked by the Company or the claimants, as the case may be and, therefore, cannot be estimated accurately. The Company does not expect any reimbursement in respect of above contingent liabilities.
ii) One of the claim with respect to (a) above the Company has made counter claims/ has a right to recover money in the event of claims crystallizing amounting to H87.16 Lakhs (Previous year ended 31/03/2025 - H87.16 Lakhs)
iii) The Company has received several demand orders under WBGST and CGST Act. The management firmly believes that the Company has a strong case and such demand is not tenable as per law. The Company has filed appeal against this orders.
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44.4 Employee Benefit Plans
As per Ind AS - 19 “ Employee Benefits”, the disclosures of Employee Benefits are as follows:
44.4.1 Defined Contribution Plans
The Company makes contribution towards provident fund and employees state insurance as defined contribution plan.The contributions to the respective fund are made in accordance with the relevant statute and are recognised as expense when employees have rendered service entitling them to the contribution. The contributions to defined contribution plan,recognised as expense in the Statement of Profit and Loss are as under :
44.4.2 Defined Benefit Plans Gratuity
The contribution towards employees benefit scheme is made to Lumino Industries Ltd. Employee Gratuity Fund which is managed & certified by Life Insurance Corporation of India and HDFC Life Group Unit Linked Future Secure Plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
Leave
The Leave scheme followed by Lumino Industries Limited allows only availment of accumulated leave during the period of service and does not provide for any lump sum payment made on exit either by way of retirement, death, disability or voluntary withdrawal.
The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.
Interest Risk The defined benefit obligation calculated uses a discount rate based on
government bonds. If bond yields fall, the defined benefit obligation will tend to increase.
Demographic risk This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.
Salary inflation Risk Higher than expected increases in salary will increase the defined benefit obligation.
Regulatory Risk Gratuity benefit is paid in accordance with the requirements of the Payment of
Gratuity Act, 1972 (as amended from time to time) and New Labour Code. There is a risk of change in regulations requiring higher gratuity payouts.
44.4.12 The Gratuity and contribution to defined contribution plans have been recognised under “ Contribution to provident, gratuity and other funds” clubbed with “ Salaries and wages” under Note No.38 - Employee benefits expenses.
44.4.13 On 21 November 2025, the Government of India notified 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 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations.
The Company has re-assessed its liability for Gratuity and Leave Encashment using this revised wage base. The resulting increase in the Present Value of Defined Benefit Obligation (PVDBO) has been recognized as a past service cost. In accordance with the ICAI FAQ on Labour codes, the total impact of INR 2.34 Lakhs has been debited to the Statement of Profit and Loss for the period ended 31 March 2026.
The Company continues to monitor the developments relating to the implementation of the Labour Codes and will review the estimates as further clarification and Rules are notified.
44.5 Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in the financial statement is determined on such a basis, leasing transactions and measurements that have some similarities to fair value but are not fair value, such as net realisable value in Inventories or value in use in Impairment of Assets.
44.5.1 Financial Instruments
The estimated fair value of the Company’s financial instruments is based on market prices and valuation techniques. Valuations are made with the objective to include relevant factors that market participants would consider in setting a price, and to apply accepted economic and financial methodologies for the pricing of financial instruments. References for less active markets are carefully reviewed to establish relevant and comparable data.
44.5.2 Fair Value Measurement & Hierarchy
The fair values of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The Company has established the following fair value hierarchy that categories the values into 3 heads. The inputs to valuation technique used to measure the fair value of the financial instruments are:
Level 1: Quoted prices (unadjusted ) in the active markets for identical assets or liabilities that the entity can access at the measurement date.
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly i.e. fair value of financial instruments that are not traded in an active market
is determined using valuation techniques which maximises the use of observable market data and rely as little as possible on Company specific estimates. If all the significant inputs required to fair value an instrument are observable, the instruments is included in level 2.
Level 3: Unobservable inputs for the assets or liability i.e. if one or more of the significant inputs is not based on observable market data, the instruments is included in level 3.
The following tables provide the fair value hierarchy of the Company’s assets and liabilities measured at fair value on a recurring basis:
44.6 Financial risk management objectives and policies
The Company uses derivative financial instruments such as forward, swap, options etc. to hedge against interest rate and foreign exchange rate risks, including foreign exchange fluctuation related to highly probable forecast sale. The realized gain / loss in respect of hedged foreign exchange contracts which has expired / unwinded during the year are recognized in the standalone statement of profit and loss and included in other operating revenue / other expense as the case may be. However, in respect of foreign exchange forward contracts period of which extends beyond the balance sheet date, the fair value of outstanding derivative contracts is marked to market and resultant net loss/gain is accounted in the standalone statement of profit and loss. Company does not hold derivative financial instruments for speculative purposes.
The Company’s principal financial liabilities other than derivatives comprise long-term and short-term borrowings, capital creditors and trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets other than derivatives include trade and other receivables, cash and cash equivalents and deposits that derive directly from its operation.
The Company is exposed to market, credit, liquidity and regulatory risks. The Company’s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below :
(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 : commodity risk, interest rate risk, foreign currency risk.
The Company is affected by the price volatility of certain commodities, primarily, Aluminum,Steel, Copper, XLPE and PVC compound. Its operating activities require the on-going purchase of these materials. The Company has arrangement to pass-through the increase/decrease in Aluminium, Copper and Steel price through price variance clause in majority of the contract. XLPE and PVC compound being not a material item, hence price sensitivity is not disclosed.
Decrease in prices by 10% will have equal and opposite impact in financial statements. Sensitivity analysis has been computed by stress testing the market price of the underlying price index on the outstanding derivative position as on the reporting date by assuming all other factors constant.
(ii) 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.
For details of the Company’s long and short term borrowings, including interest rate profiles, refer to Note 22 and 26
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rate relates primarily to the Company’s operating activities (when revenue or expense is denominated in a foreign currency). Further,the Company has foreign currency risk on import of input materials, capital commitment and also borrow funds in foreign currency for its business. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. Certain transactions of the Company act as a natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies, for the remaining exposers to foreign exchange risks, the Company adopts a policy of selective hedging based on risk perception of management using derivative, whenever required, to mitigate or eliminate the risks.
Hedges of foreign currency risk and derivative financial instruments
The Company has established risk management policies to hedge the volatility in cashflows arising from exchange rate fluctuations in respect of firm commitments and highly probable forecast transactions, through foreign exchange forward, futures and options contracts.The proportion of forecast transactions that are to be hedged is decided based on the size of the forecast transaction and market conditions.As the counterparty for such transactions are highly rated banks, the risk of their non-performance is considered to be insignificant. The Company uses derivatives to hedge its exposure to foreign exchange rate fluctuations. Where such derivatives are not designated under hedge accounting, changes in the fair value of such hedges are recognised in the Statement of Profit and Loss.
(B) Liquidity risk
The Company determines its liquidity requirement in the short, medium and long term. Its objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times. The Company relies on a mix of borrowings and excess operating cash flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium/ long term expansion needs. The Company monitors rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs.
(C) Credit risk management
The credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Majority of the Company transaction are earned in cash or cash equivalents. The trade receivable comprise of mainly of receivables from Corporate customers, Public Sector undertakings, State/Central Governments and hence no issues of credit worthiness.
Customer credit risk is managed by the Company subject to the Company’s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivable disclosed in Note no 13.
(D) Regulatory risk
The Company performance may be impacted due to change in Regulatory Environment. The Company is closely monitoring the regulatory developments and risks thereof and proactively implementing course correction for proper compliance commensurate with new regulatory requirements.
44.7 Capital Management
The Company’s objective to manage its capital is to ensure continuity of business while at the same time provide reasonable returns to its various stakeholders but keep associated costs under control. In order to achieve this, requirement of capital is reviewed periodically with reference to operating and business plans that take into account capital expenditure and strategic investments. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. Apart from internal accrual, sourcing of capital is done through judicious combination of equity and borrowing, both short term and long term. The Company is not subject to any externally imposed capital requirements. The Company monitors capital using a debt equity ratio.
44.8 Leases
(a) The Company has taken certain parcels of land and building on lease which has been classified as “Right of Use” assets and amortised over the lease term, where the original lease term ranges from 5 - 25 years. Amortisation charges from right of use assets is included under Depreciation And Amortisation Expenses.
(Refer Note 40) in the Statement of Profit & Loss
(b) Further, to above, the Company has certain lease arrangements on short term basis and lease of low value assets, expenditure on which amounting to H734.86 Lakhs (March 31st, 2025 : H546.67 Lakhs) has been recognised under line item “Rent Expenses “ under “Other Expenses” in the Statement of Profit & Loss. The interest expenses on lease liabilities has amounting to H175.30 Lakhs (March 31st, 2025 : H192.42 Lacs) has been grouped under “Finance Cost” in the Statement of Profit & Loss.
(c) None of the assets taken on lease, both long term and short term, has been let out on sub-lease basis. The total cash outflow for the leases during the year amounts to H1,098.24 Lakhs (March 31st, 2025 : H894.69 Lakhs).
44.13 Disclosure pursuant to Ind AS 108 “Operating Segment”
The Company’s Chief Operating Decision Maker (CODM) evaluates the Company’s performance and allocates resources based on an analysis of various performance indicators by Business segments. The CODM of the Company evaluates the segments based on their revenue growth, operating income and return on capital employed. No operating segments have been aggregated in arriving at the Business segment of the Company.
The Company has identified two reportable segments viz. Manufacturing and EPC division. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting segments.
Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as “Unallocable”.
Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “Unallocable”
Basis for Change in Segment Reporting-
Effective March 31, 2026, the Company reorganized its segment reporting to align with a change in the internal financial information reviewed by the Chief Operating Decision Maker (CODM).
Previously, reportable segments were determined based on contract type:
Manufacturing: Direct sale of goods to customers.
EPC Contracts: A bundled segment comprising manufactured goods, third-party "bought-out" items, and services. Revised Management Approach:
The CODM now monitors performance based on the nature of the economic activity rather than the legal contract form. This allows for a granular assessment of the manufacturing plant’s operational efficiency separate from project-specific service execution. Management has determined that product manufacturing and service execution represent distinct economic activities. Accordingly, these components are now measured and reported separately, even when they originate from a single legal customer contract. This allows management to isolate the operational efficiency of the manufacturing plants from the project-specific risks of EPC execution and to provide better visibility into production margins Consequently, the business is now organized into:
Manufacturing Segment: Includes all proprietary manufactured product sales, whether sold directly or delivered as part of an EPC contract.
EPC Segment: Focused strictly on project management, engineering design, site services, and the supply of third-party ""bought-out"" items.
In accordance with Ind AS 108, segment information for the previous period has been restated to conform to this revised functional organization, ensuring consistency in the comparative analysis.
Revenue Attribution and Ind AS 115 Alignment-
For external financial reporting under Ind AS 115, revenue from certain EPC contracts is recognized as a single performance obligation satisfied over time. However, for segment reporting purposes, the CODM bifurcates this revenue and attributable cost based on the underlying nature of the components (Manufacturing vs. EPC).
This internal allocation for segment disclosure does not alter the timing or measurement of revenue recognition at the entity level. Revenue from manufactured goods used in EPC contracts is attributed to the Manufacturing segment’s external revenue to reflect the segment's economic contribution to the total contract value
(C) Information about major customers
During the year ended March 31, 2026, revenue arising from any single customer is not contributing to more than 10% of the company’s revenue.
During the year ended March 31, 2025, revenue arising from three customers amounting to H1,04,089.12 lakhs is contributing to more than 10% of the Company’s revenue related to manufacturing and EPC segment.
44.14 Other Statutory Information
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
(ii) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
(iii) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
Further, the Company has not advanced or lent or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary 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 to or on behalf of the Ultimate Beneficiaries.”
(iv) The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).
(v) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)
(vi) Relationship with struck off companies-
Disclosure related to relationship of the Company with a Company which is struck off under Section 248 of the Companies Act, 2013 or Section 530 of Companies Act, 1956 are as follows:
There are no stuck off companies with whom transactions have taken place during the year ended 31st March, 2026 and previous year ended 31st March, 2025.
(vii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(viii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
(ix) The Company has not entered into any scheme of arrangement which has an accounting impact on the current period or previous financial years.
(x) The borrowings obtained by the company from banks and financial institutions have been applied for the purposes for which such loans were was taken.
(xi) During the year ended 31st March, 2026 the company did not provide any Loans or advances which remains outstanding (repayable on demand or without specifying any terms or period of repayment) to specified persons ( H Nil as at 31st March, 2025).
44.15 For details of Investments covered under section 186(4) of the Companies Act, 2013, refer note no. 7.
44.16 During the financial year ended 31st March, 2026, one of the client of the Company i.e WBSEDCL issued a notification dated 02.02.2026 vide office order no 2546 for the temporary suspension of works in respect of the contracts issued under RDSS.The order primarily relates to downward revision in the quantity of work to be executed under the respective contracts. The management has assessed the implications of the said order and is of the view that the same does not have any material adverse impact on the Company's normal business operations and financial statement.
44.17 The Company has used an accounting softwares for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software except that, the audit trail feature is not enabled at the database level in all the softwares. Further, there was no instance of audit trail feature being tampered with and the same has been preserved by the Company as per the statutory requirements for record retention, where such feature is enabled.
44.18 The management has evaluated all activity of the Company till June 5th, 2026 and concluded that there were no additional subsequent events required to be reflected in the Company’s standalone financial statements.
44.20 The standalone financial statements have been approved by Board of Directors of the Company in their meeting held on June 5th, 2026.
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