Nature and purpose of Reserves
(i) Capital redemption reserve
Capital redemption reserve represents the statutory reserve created by the Company for the redemption of its preference share capital. The same can be utilised by the Company for issuing fully paid bonus shares.
(ii) Capital reserve
The Capital reserve includes government grant received in the nature of subsidy, where no repayment is ordinarily expected in respect thereof and on amalgamation where the net value of the assets acquired exceeded the purchase consideration.
(iii) Securities premium
This reserve represents the premium on issue of shares and can be utilised in accordance with the provisions of the Companies Act, 2013.
(iv) General reserve
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. There is no policy of regular transfer. 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 profit or loss.
(v) Retained earnings
Retained earnings represents accumulated profits of the Company. It can be utilised in accordance with the provisions of the Companies Act, 2013.
a) During the current year, the Government of India notified provisions of 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 "Labour Codes") which consolidate multiple existing labour laws into a unified framework governing employment and post-employment benefits.
The Company has assessed the financial implications of these changes and, pursuant to such assessment, recognised an incremental obligation of Rs. 32.82 Million on account of increase in employee benefit liabilities arising from past service. Considering the impact is arising from enactment of the new legislation and its nonrecurring nature, the said amount has been presented under Exceptional Items in the Statement of Profit and Loss.
b) During the current year, Trident Jaipur, a hotel owned by the Company, was temporarily closed effective 1st July 2025 for renovation, pursuant to the approval granted by the Board of Directors on 26th June 2025. The Company assessed
its impact on carrying value of assets and accounted for an adjustment of Rs. 13.11 Million as an "Exceptional Item". Subsequently, the Company realised net gain of Rs. 8.39 Million on disposal of property, plant and equipment relating to the said hotel and recorded the same as "Exceptional Item". Accordingly, the net impact of Rs. 4.72 Million is included under "Exceptional Items" in the Statement of Profit and Loss.
c) During the year ended 31st March 2025, the Company had entered into an agreement to sub-lease the land along with building and facilities at Cochin, operated as "Trident Hotel, Cochin" ("Hotel") for the residual validity of Head Lease. Based on the terms of lease, the management had assessed the recoverable value of assets at the Hotel and determined that the carrying amount of the assets exceeded its recoverable amount. Accordingly, the Company had recognised an impairment loss of Rs. 41.93 Million which had been disclosed under "Exceptional items" in the Statement of Profit and Loss.
The recoverable amount of the assets at Trident Hotel, Cochin has been determined based on the value-in-use using discounted cash flow method based on projected future cash flows over the remaining lease period of 8 years. The discount rate applied was derived from the weighted average cost of capital which comprises of the risk-free rate based on 10-year Government bond yield along with risk premium to account for the risk of achieving the projected cash flows. The overall recoverable amount was determined at Rs. 77.03 Million against carrying value of Rs. 118.96 Million.
(ii) Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed financial instruments that have quoted price. The fair value of all financial instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. Fair value of mutual funds is determined based on 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, security deposits included in level 3.
(iii) Assets and liabilities which are measured at amortised cost for which fair values are disclosed
All the financial assets and financial liabilities measured at amortised cost, carrying value is an approximation of their respective fair value.
(iv) Valuation technique used to determine fair value
Specific valuation techniques used to value financial instruments include:
- Investment in Green Infra Wind Generation Limited has been made pursuant to the contract for procuring electricity supply at the hotel unit.
Investment in the said company is not usually traded in market. Considering the terms of the contract and best information available in the market, cost of investment is considered as fair value of the investments.
(A) Market risk
(i) Foreign currency risk
Foreign currency risk arises from future commercial transactions and recognised assets or liabilities denominated in a currency that are not the Company's functional currency (Rs.).
Significant estimates
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Company uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period.
40 FINANCIAL RISK MANAGEMENT
The Company's activities expose it to market risk (including currency risk, interest rate risk and other price risk), liquidity risk and credit risk.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk :
The Company's risk management is carried out by a treasury department under policies approved by the Board of Directors. The Company treasury identifies, evaluates and hedges financial risks in close co-operation with the Company's operating units. The Board of Directors provide principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of non-derivative financial instruments and investment of excess liquidity.
(ii) Interest rate risk
As at the end of the reporting period, the Company does not have any variable rate borrowings outstanding, therefore,the Company is not exposed to any interest rate risk.
(iii) Price risk
The Company's exposure to securities' price risk arises from investments held by the Company in listed securities and classified in the balance sheet as fair value through profit or loss (refer note 8 and 13-Investments). As at the reporting date the Company primarily holds investments in mutual funds (other than equity oriented) for investment of excess liquidity and accordingly, the Company is not exposed to significant market price risk.
(B) Credit risk
Credit risk arises when a counter party defaults on contractual obligations resulting in financial loss to the Company.
Trade receivables consist of large number of customers, spread across diverse industries and geographical areas. In order to mitigate the risk of financial loss from defaulters, the Company has an ongoing credit evaluation process in respect of customers who are allowed credit period. In respect of walk-in customers the Company does not allow any credit period and therefore, is not exposed to any credit risk.
The Company does not have any derivative transaction and therefore is not exposed to any credit risk on account of derivatives. The Company does not have any long-term contracts for which there were any material foreseeable losses.
(C) Liquidity risk
The Company has a liquidity risk management framework for managing its short term, medium term and long term sources of funding vis-a-vis short term and long term utilisation requirement. This is monitored through a rolling forecast showing the expected net cash flow, likely availability of cash and cash equivalents, and available undrawn borrowing facilities.
The cash credit facility from HDFC Bank Limited (together with interest) is secured by way of hypothecation of stock and book debts of the entire Company and hypothecation of entire movable plant and equipment including all spare parts and other movable property, plant and equipment both present and future pertaining to Trident, Chennai and by way of mortgage of the said property. The Company has not utilised the cash credit facility during the year to the extent listed above.
The bank cash credit facilities and WCDL facility may be drawn at any time and may be terminated by the bank without notice.
41 CAPITAL MANAGEMENT Risk management
The Company's objectives when managing capital are to
• safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.
The Company's strategy is to maintain a gearing ratio within 30%. Gearing ratio is ratio of net debts to total equity. The Company does not have any borrowings during the current and the previous year.
42 I) DEFINED BENEFIT PLANS a) Gratuity
(i) Permanent Employees
The gratuity plan provides for a lump sum payment to vested employees at retirement/ termination of employment in accordance with the provisions under the Code on Social Security, 2020 or as per the Company Scheme, as applicable. Permanent employees who have completed five years of continuous service are eligible to receive gratuity upon retirement, resignation, termination of employment, death, or disablement, in accordance with applicable law. The amount of gratuity payable is calculated at the rate of 15 days' salary for each completed year of service, based on the employee's last drawn Salary/ Wages, as applicable, computed proportionately for the actual period of service rendered by the employee.
(ii) Fixed Term employees (FTEs)
The Company provides gratuity benefits to Fixed-Term Employees (FTEs) in accordance with the Code on Social Security, 2020, effective 21st November 2025. Gratuity shall be payable to FTEs upon expiry of the fixed-term contract or earlier termination, provided the employee has completed at least one year of continuous service, as prescribed under the Code. The amount of gratuity payable shall be calculated at the rate of 15 days' salary for each completed year of service, computed on the basis of the employee's last drawn Wages, and calculated proportionately for the actual period of service rendered during the contract tenure.
b) Leave encashment
As per the policy of the Company, leave obligations on account of accumulated leave of an employee is settled only on termination/retirement of the employee. Such liability is recognised on the basis of actuarial valuation following Projected Unit Credit Method. It is an unfunded plan.
(ii) Defined contribution plans
The Company also has certain defined contribution plans. Contributions are made to provident fund in India for employees as per applicable regulations. The contributions are made to registered provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the year towards contribution plans is Rs. 25.82 Million (March 2025 - Rs. 27.16 Million)
(vii) Risk exposure
The defined benefit obligations have the under-mentioned risk exposures:
Interest rate risk : The defined benefit obligation is calculated using discount rate based on government bonds. If bond yields fall, the defined benefit obligation will likely to increase.
Salary Inflation risk : Higher than expected increases in salary.
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 depends upon the combination of salary increase, discount rate and vesting criteria.
Investment risk: This may arise from volatility in asset values due to market fluctuations and impairment of assets due to credit losses. LIC of India primarily invests in debt instruments such as Government securities and highly rated corporate bonds wherein the risk of downward fluctuation in value is minimal.
(viii) Defined benefit liability and employer contributions
Expected contributions to post employment benefit plan for the year ending 31st March 2027 is Rs. 26.22 Million.
The weighted average duration of defined benefit obligation in case of Gratuity is 6 years (2025-6.2 years) and in case of Leave obligation 7 years (2025-8 years)
Note:
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44 CONTINGENT LIABILITIES AND CONTINGENT ASSETS (a) Contingent liabilities
The Company had contingent liabilities at the year end in respect of: Claims against the Company not acknowledged as debts
|
|
Rupees Million
|
| |
31st March 2026
|
31st March 2025
|
|
Value added tax
|
11.26
|
11.26
|
|
Income tax*
|
7.81
|
7.81
|
|
Service tax
|
20.06
|
20.06
|
|
Luxury tax
|
34.75
|
34.75
|
|
Goods and services tax
|
46.45
|
25.53
|
|
Land and building tax
|
4.38
|
4.38
|
|
Other claims
|
5.93
|
3.05
|
|
Total
|
130.64
|
106.84
|
|
* This includes demands of Rs. 2.78 Million and Rs. 1.20 Million pertaining to financial years 2016-17 and 2017-18, respectively, for
|
|
which the Company had filed appeals before the Commissioner of Income Tax (Appeals) and received favourable orders subsequent to the year end.
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The matters listed above are in the nature of statutory dues, namely, property tax, value added tax, income tax, service tax, luxury tax, goods and services tax, land and building tax and other claims, all of which are under litigation, the outcome of which would depend on the merits of facts and law at an uncertain future date. The amounts shown in the items above represent the best possible estimates arrived at, are on the basis of currently available information. The Company engages reputed professional advisors to protect its interest, and cases that are disputed by the Company are those where the management has been advised that it has strong legal positions. Hence, the outcomes of these matters are not envisaged to have any material adverse impact on the Company's financial position.
(b) Pending litigation
In respect of an order passed by the Revenue Minister of the State of Rajasthan and a subsequent order passed by the District Collector, Jaipur in earlier years, unilaterally withdrawing the lease deed related to Trident Hotel, Jaipur, the Company had filed a civil writ petition and a civil miscellaneous appeal ("Appeal") before the Rajasthan High Court at Jaipur. The Hon'ble High Court had granted an interim order of status quo in favour of the Company with respect to the order of the District Collector and had appointed an arbitrator to decide inter-alia the validity of the order of the District Collector. The arbitrator had passed the arbitral award in favour of the Company and had set aside the order of the District Collector whereby the lease was withdrawn.
During the year ended 31st March 2022, the Company withdrew its appeal pending before the Hon'ble High Court of Rajasthan. Subsequently, the District Collector, Jaipur, filed an appeal in the Commercial Court of Jaipur seeking to set aside the arbitral award. On 14th August 2023, the Commercial Court ruled in favor of the Company. The District Collector's appeal against this decision before the Hon'ble High Court of Rajasthan was later dismissed on 21st January 2025. The civil writ petition filed by the Company in respect of the order of the Revenue Minister is pending before the Hon'ble High Court of Rajasthan.
Further, a settlement agreement had been entered into in respect of the ongoing disputes amongst the Company and other parties (collectively referred to as "parties"), with respect to the lease deed of the land related to Trident Hotel, Jaipur. Based on the settlement agreement the parties have withdrawn/ settled all pending cases except for one case filed by the Company which is pending consideration before Rajasthan High Court and will be taken up for hearing in due course.
As at 31st March 2026, buildings included in property, plant and equipment amounted to Rs. 95.89 Million (As at 31st March 2025: Rs. 118.89 Million) and right-of-use assets in respect of land amounted to Rs. 64.01 Million (As at 31st March 2025: Rs. 66.23 Million) relating to the Trident Jaipur hotel.
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45 COMMITMENTS
|
|
|
|
(i) Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
Rupees Million
|
|
Particulars
|
Ý 31st March 2026
|
31st March 2025
|
|
Property, plant and equipment (net of capital advances)
|
700.79
|
130.55
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(ii) On 31st March 2023, the Company had entered into a lease agreement with the Andhra Pradesh Tourism Development Corporation for a period of 90 years towards developing and operating a 5 star Trident hotel at Vishakhapatnam, Andhra Pradesh based on an in-principal approval from the Board of Directors and had recognised a right-of-use asset amounting to Rs. 14.75 Million and lease liability amounting Rs. 14.26 Million. As per the terms of the lease, the Company has to complete the project (i.e., development of a hotel) within a period of 4 years from 31st March 2023, and apply for the occupancy certificate immediately thereafter.
(b) Company as a lessor
During the year ended 31st March 2025, the company had entered into an agreement to sub-lease the land along with building and facilities at Cochin, operated as "Trident Hotel, Cochin" for the residual period of head lease which ends on 27th April 2032 with handover date of 1st November 2024. The Lease has been classified as finance lease. The arrangement was recorded in terms of IndAS 116 - Leases with effect from 1st November 2024 and recognised loss of Rs. 8.81 Million in the Statement of Profit or Loss account.
50 DISCLOSURE ON CONTRACT BALANCES : a) Trade receivables
A trade receivable is recorded when the Company has an unconditional right to receive payment. In respect of revenue from rooms, food and beverages and other services invoice is typically issued as the related performance obligations are satisfied as described in note 1(b) - Significant accounting policies (Revenue recognition) (Refer note 14-Trade receivables).
51 There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the Company.
52 On 21st November 2025, the Government of India notified provisions of 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 "Labour Codes"), which consolidate multiple existing labour laws into a unified framework governing employment and post-employment benefits. The Ministry of Labour & Employment has further published Central Rules and FAQs for implementation of these codes.
The Company has assessed the financial implications of these changes and, pursuant to such assessment, recognised an incremental obligation of Rs. 32.82 Millions on account of increase in employee benefit liabilities arising from past service. Considering the impact is arising from enactment of the new legislation and its nonrecurring nature, the said amount has been presented under Exceptional Items in the statement of profit and loss for the year ended 31st March 2026.
The Company continues to monitor developments relating to the Labour Codes, including issuance of further rules, clarifications or amendments, and will evaluate and account for the impact, as applicable, in the periods in which such developments occur.
55 OTHER STATUTORY INFORMATION
1. Title deeds of immovable properties are in the name of the Company, other than as disclosed in note 53(i), and details where the title/lease agreements are under dispute/ litigation are set out in note 53(ii).
2. The Company had not granted any loans or advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment.
3. The Company was not holding any benami property and no proceedings were initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
4. The Company had not been declared a wilful defaulter by any bank or financial institution or other lender (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.
5. The Company did not have any transactions with struck off companies under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956 during the year ended 31st March 2026.
56 The Company has maintained books of account as required by law including back up on daily basis of books of account maintained in electronic mode in a server physically located in India.
57 As per the requirements of the Rule 3(1) of the Companies (Accounts) Rules, 2014 the Company has used only such accounting softwares for maintaining its books of account that have a feature of recording audit trail of each and every transaction creating an edit log of each change made in the books of account along with the date when such changes were made and who made those changes within such accounting softwares for the year ended 31st March 2026 except for for one software which did not have a feature of recording audit trail (edit log) facility at the database level to log any direct data changes throughout the year.
The Company has not noted any tampering of the audit trail feature in respect of the software for which the audit trail feature was operating. Further, the audit trail to the extent enabled and operated has been preserved by the Company as per the statutory requirements for record retention.
The Company has established and maintained internal financial controls over financial reporting and such internal financial controls were operating effectively throughout the respective years.
58 The financial statements were approved for issue by the Board of Directors on 22nd May 2026.
6. The Company did not have any charges or satisfaction which were yet to be registered with ROC beyond the statutory period.
7. The Company has not traded or invested in Crypto currency or Virtual Currency during year ended 31st March 2026.
8. The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) any funds to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
9. The Company has not received any funds from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
10. The Company did not have any transaction which had not been recorded in the books of account that had 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).
11. The Company has been sanctioned a fund based and non fund based working capital facility from the HDFC Bank Limited on the basis of security of current assets. Based on sanction letter/acknowledgement of correspondence with the bank, the quarterly returns or statements comprising stock statements and book debt statements filed by the Company with the bank till the date of this report are in agreement with unaudited books of account of the Company for the quarter ended 30th June 2025, 30th September 2025 and 31st December 2025. The Company intends to submit the return/statement as at 31st March 2026 within the stipulated timelines.
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