(xii) Provisions (other than 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 obligations and a reliable estimate can be made of
the amount of the obligation. Expected future operating
losses are not provided for.

Where the Company expects some or all of the expenditure
required to settle a provision will be reimbursed by
another party, the reimbursement is recognised when,
and only when, it is virtually certain that reimbursement
will be received if the entity settles the liability. The
reimbursement is treated as a separate asset.

Provisions are reviewed at each balance sheet date and
adjusted to reflect the current best estimate. If it is no
longer probable that the outflow of resources would be
required to settle the liability, the provision is reversed.

Provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and risk
specific to the liability. The unwinding of the discount is
recognised as the finance cost.

(xiii) Leases

At inception of a contract, the Company assesses whether
a contract is, or contains, a lease. 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.

The Company as a lessee

The Company's lease asset classes primarily consist of
leases for premises and concession rights.

To assess whether a contract conveys the right to
control the use of an identified asset, the Company
assesses whether:

(1) the contract involves the use of an identified asset

(2) the company has substantially all of the economic
benefits from use of the asset through the period
of the lease and

(3) the company has the right to direct the use of
the asset.

At the date of commencement of the lease, the company
recognises a "Right of Use" ("ROU") asset and a
corresponding lease liability for all lease arrangements in
which it is a lessee, except for leases with a term of twelve
months or less (short-term leases) and low value leases.
For these short-term and low value leases, the company
recognizes the lease payments as an operating expense
on a straight-line basis over the term of the lease.

The ROU assets are initially recognised at cost, which
comprises the initial amount of the lease liability adjusted for
any lease payments made at or prior to the commencement
date of the lease plus any initial direct costs less any lease
incentives. They are subsequently measured at cost less
accumulated depreciation and impairment losses if any and
adjusted for any remeasurement of the lease liability.

ROU assets are depreciated from the commencement
date on a straight-line basis over the shorter of the lease
term and useful life of the underlying asset.

The lease liability is initially measured at amortised cost at
the present value of the future lease payments. The lease
payments are discounted using the interest rate implicit
in the lease or, if not readily determinable, using the
incremental borrowing rates in the country of domicile
of the leases. Lease liabilities are remeasured with a
corresponding adjustment to the related right of use
asset if the company changes its assessment if whether it
will exercise an extension or a termination option.

(xiv) Impairment of assets

(a) Financial assets

A financial asset not carried at fair value is assessed
at each reporting date to determine whether there
is objective evidence that it is impaired. A financial
asset is impaired if objective evidence indicates that
a loss event has occurred after the initial recognition
of the asset, and that the loss event had a negative
effect on the estimated future cash flows of that
asset that can be estimated reliably.

Objective evidence that financial assets are impaired can
include default or delinquency by a debtor, restructuring
of an amount due to the Company on terms that the
Company would not otherwise consider, indications that a
debtor or issuer will enter bankruptcy, the disappearance
of an active market for a security. The entity considers
evidence of impairment for receivables for each specific
asset. All individually significant receivables are assessed
for specific impairment.

An impairment loss in respect of a financial asset
measured at amortised cost is calculated as the difference
between its carrying amount and the present value of the
estimated future cash flows discounted at the asset's
original effective interest rate. Losses are recognised
in statement of profit and loss and are reflected as
an allowance account against receivables. Interest
on the impaired asset continues to be recognised as
income through the unwinding of the discount. When a
subsequent event causes the amount of impairment loss
to decrease, the decrease in impairment loss is reversed
through statement of profit and loss.

The company assesses at each date of Balance sheet
whether a financial assets or Company of financial assets
is impaired. In accordance with Ind-AS 109, the Company
applies expected credit loss (ECL) model for measurement
and recognition of impairment loss on the financial assets
and credit risk exposure:

The Company follows 'simplified approach' for recognition
of impairment loss allowance on Trade receivables and
contract assets. The application of simplified approach
does not require the Company to track changes in credit
risk. Rather, it recognises impairment loss allowance
based on lifetime ECLs at each reporting date, right from
its initial recognition.

For recognition of impairment loss on other financial
assets and risk exposure, the Company determines that
whether there has been a significant increase in the
credit risk since initial recognition. The Company applies
a simplified approach in calculating ECLs. Therefore,

the Company does not track changes in credit risk, but
instead recognises a loss allowance based on lifetime ECLs
at each reporting date. The Company has established a
provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific
to the debtors and the economic environment.

(b) Non financial assets

Other assets are tested for impairment whenever
events or changes in circumstances indicate that
the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by
which the asset's carrying amount exceeds its
recoverable amount. The recoverable amount is the
higher of an asset's fair value less costs of disposal
and value in use. For the purposes of assessing
impairment, assets are combined at the lowest
levels for which there are separately identifiable
cash inflows which are largely independent of the
cash inflows from other assets or Company's of
assets (cash-generating units). Non-financial assets
that suffered impairment are reviewed for possible
reversal of the impairment at the end of each
reporting period.

(xv) Common control business combinations transactions

Business combinations involving entities or businesses
in which all the combining entities or businesses are
ultimately controlled by the same party or parties both
before and after the business combination and where
that control is not transitory are accounted for as per the
pooling of interest method. The business combination is
accounted for as if the business combination had occurred
at the beginning of the earliest comparative period
presented or, if later, at the date that common control
was established; for this purpose, comparatives are
revised. The assets and liabilities acquired are recognised
at their carrying amounts. The identity of the reserves is
preserved, and they appear in the standalone financial
statements of the Company in the same form in which
they appeared in the financial statements of the acquired
entity. The difference, if any, between the consideration
and the amount of share capital of the acquired entity is
transferred to capital reserve.

(xvi) Contingent liability and contingent asset

A 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 Liability 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 Liability
or the amount of the Liability cannot be measured with

(xvi) Contingent liability and contingent asset (continued)

sufficient reliability. The Company does not recognize a
contingent liability but discloses its existence in these
Standalone Financial Statement.

Contingent asset is not recognised in standalone financial
statements since this may result in the recognition of
income that may never be realised. However, when
the realisation of income is virtually certain, then the
related asset is not a contingent asset and is recognised.
Provisions, contingent liabilities and contingent assets are
reviewed at each Balance Sheet date.

(xvii) Cash and Cash Equivalents

Cash flows are prepared using the indirect method,
whereby profit/loss before extraordinary items and tax
for the period is adjusted for the effects of transactions
of non- cash nature, any deferrals or accruals of past or
future operating cash receipts and payments and item of
income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and
financing activities of the Company are segregated.

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

(xviii) Earnings per share
Basic Earnings Per Share

Basic earnings/(loss) per share is calculated by dividing
the net profit or loss for the period attributable to equity
shareholders (after deducting preference dividends and

attributable taxes) by the weighted average number of
equity shares outstanding during the period. The weighted
average number of equity shares outstanding during the year
is adjusted for events, other than conversion of potential
equity shares, that have changed the number of equity shares
outstanding without a corresponding change in resources.

Diluted Earnings Per Share

For the purpose of calculating diluted earnings/(loss) per
share, the net profit or loss for the period attributable to
equity shareholders and the weighted average number of
shares outstanding during the period are adjusted after
considering the effect of interest and other financing
costs or income (net of attributable taxes) associated with
dilutive potential equity shares.

(xix) Operating segment

An operating segment is a component of the Company that
engages in business activities from which it may earn revenues
and incur expenses (including revenues and expenses relating
to transactions with other components of the Company),
whose operating results are regularly reviewed by the
Company's chief operating decision maker to make decisions
about resources to be allocated to the segment and assess its
performance, and for which discrete financial information is
available. Operating segments of the Company are reported
in a manner consistent with the internal reporting provided
to the chief operating decision maker.

(xx) Dividend payment

Provision is made for the amount of any dividend
declared, being appropriately authorised and no longer
at the discretion of the entity, on or before the end of
the reporting period but not distributed at the end of the
reporting period.

2C. Recent pronouncements

Recent pronouncements Ministry of Corporate Affairs
("MCA") notifies new standards or amendments to the
existing standards under Companies (Indian Accounting
Standards) Rules as issued from time to time.

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

In August 2025, MCA notified the following
amendments to:

1. Ind AS 1, Presentation of Financial Statements,
applicable w.e.f. 1 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. Ind AS 7, Statement of Cash Flows and Ind AS 107,
Financial Instruments: Disclosures, applicable w.e.f.
1 April, 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 require companies to disclose that
they have applied the relief. This relief is immediate and
applies retrospectively. The amendments also require
companies to provide new disclosures to compensate
for potential loss of information resulting from the relief.
Such disclosures are to be provided for annual reporting
periods beginning on or after 1 April 2025.

(a) During the year ended 31 March 2025, the Company has pledged 29,48,400 equity shares of GMR Hospitality Limited ('GMR')
(representing 8.40% of GMR's total Equity share capital and 28.00% of the Company's holding) in favour of a bank as collateral
security to enable GMR to obtain following facilities :

(i) Term Loan facility for an aggregate amount not exceeding INR 640.00 million; and

(ii) Overdraft Facility of INR 30.00 million.

The carrying value of the pledged shares as at the reporting date was of INR 29.48 million.

The pledge of shares does not involve any transfer of voting rights or decision-making authority to the lender bank. The
Company continues to exercise joint control over GMR in accordance with the shareholder agreement.

(b) During the year ended 31 March 2026, the Company subscribed to 18,15,000 equity shares of GMR pursuant to a rights issue
at an issue price of Rs. 10 per equity share, aggregating to INR 18.15 million, as per board resolution dated 27 February 2026.

The rights issue was subscribed to proportionately by all shareholders of the joint venture and accordingly, the Company's
shareholding in GMR remained unchanged at 30.00% before and after the allotment. Consequently, there was no change in
the Company's joint control over the joint venture and no gain or loss was recognised in the stndalone financial statements
on account of such subscription.

The investment in the joint venture continues to be accounted for under the equity method in accordance with applicable Ind
AS requirements.

(c) During the year ended 31 March 2025, the Company has sold its stake of 75.01% in Semolina Kitchens Limited (formerly
known as Semolina Kitchens Private Limited) (Semolina) (Wholly owned subsidiary) as on 14 October 2024. This has resulted
in loss of control and effective from 15 October 2024 Semolina is being treated as a Joint venture.

(d) During the year ended 31 March 2026, the Company tendered 16,01,851 equity shares of its subsidiary, Travel Food Services
(Delhi Terminal 3) Private Limited, pursuant to a buyback scheme. The resulting gain, representing the excess of the sale
consideration over the proportionate carrying value of the shares tendered, has been recognised under 'Other Income'
(Refer note 27).

(a) Loan amount of INR 927.39 million (31 March 2025: INR 1052.94 million) given to SSP Malaysia Sdn Bhd at 7.00% - 9.30 % for
capital expenses, working capital management and other operational expenses. Loan amount is repayable in January 2028.

(b) Inter-corporate deposit amount of INR 84.40 million (31 March 2025: INR 164.00 million) given to Semolina Kitchens Limited
(formerly known as Semolina Kitchens Private Limited) at 12.25% p.a for capital expenses, working capital management and
other operational expenses. Loan amount is repayable at the end of tenure of the loans falling due after 1 to 2 years

(c) Loan amount of INR 60.00 million (31 March 2025: INR 60.00 million) was given to Meghalaya Hotels Private Limited ("MHPL")
during the year ended 31 March 2023 to create a step down subsidiary of MHPL ("SPV"). As per the terms of loan, upon
creation of the SPV, the loan amount was to be converted into equity holding in the SPV and if SPV was not incorporated by
the closing date specified in the agreement, the entire loan amount was to be repaid to Company by 31 December 2023 with
accrued interest at 9.50% p.a. Since MHPL was unable to incorporate the SPV and the loan continues to be outstanding past
due date, management believes there is a significant increase in credit risk and hence the entire amount loan was impaired
during the year ended 31 March 2024.

(d) Inter-corporate deposit amount of INR 153.70 million (31 March 2025: INR 27.60) given to QMT Lifestyle and Technology
Services Private Limited at 9.00% p.a for capital expenses, working capital management and other operational expenses.
Loan amount is repayable at the end of tenure of the loans falling due after 4 to 5 years

(e) Inter-corporate deposit amount of INR 40.24 million (31 March 2025: INR 13.24) given to Eliteassist Technology and Services
Private Limited (formerly known as 'TFS Yamuna Airport Services Private Limited' and 'TFS (R&R Works) Private Limited') at
9.00% p.a for capital expenses, working capital management and other operational expenses. Loan amount is repayable at
the end of tenure of the loan falling due in FY 2029-30

(f) Inter-corporate deposit amount of INR 488.50 million (31 March 2025: INR 72.50) given to TFS Gurgaon Airport Services
Private Limited at 9.00% p.a for capital expenses, working capital management and other operational expenses. Loan amount
is repayable at the end of tenure of the loans falling due after 4 to 5 years

(a) Deposits amounting to INR 12.19 million (31 March 2025: INR 7.74 million) is for the purpose of bank guarantee given to
Airport Authority of India (AAI) in accordance with concessionaire agreement.

(b) Bank deposit amounting to INR 3.29 million (31 March 2025: INR 2.06 million) with bank for the purpose of bank guarantee
given to airport authority for airport concession awarded to QMT Lifestyle and Technology Services Private Limited (previously
awarded to Eliteassist Technology and Services Private Limited (formerly known as 'TFS Yamuna Airport Services Private
Limited' and 'TFS (R&R Works) Private Limited') in accordance with concessionaire agreement.

(c) Includes eligible expenses incurred in connection with initial public offer of equity shares of the Company amounting to INR
7.66 million (31 March 2025: INR 237.45 million), recoverable from selling shareholder.

Terms and rights attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share
in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting
rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital
of the company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable
have not been paid.

Failure to pay any amount called up on shares may lead to forfeiture of the shares.

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

(e) The Company has not made any buy-back, nor there has been an issue of shares by way of bonus shares during the period of
five years immediately preceding the reporting date except issue of bonus and split of equity shares as mentioned in (f) below
and issue of shares pursuant to Business combination as mentioned in note 54.

(f) Changes to share capital

(i) NCLT vide it's order dated 30 September 2024, had approved a scheme of amalgamation. As per the scheme SNVK
Hospitality and Management Private Limited ('SNVK'), erstwhile holding company has merged with the Company. Kapur
Family Trust (KFT) (shareholder of SNVK, before amalgamation) now directly holds 51.00% shares of the Company.
The Company has made the requisite filing with the Registrar of Companies on 16 October 2024 intimating increase
in Authorised Share Capital to INR 701.60 million divided into 7,01,60,000 equity shares of Rs. 10 each and hence the
effective date of merger is 16 October 2024. (Also refer note 54)

(ii) The Board of Directors of the Company, at its meeting held on 24 October 2024 had approved the sub division of the
existing authorised share capital of the Company from 7,01,60,000 equity shares of Rs.10 each into 70,16,00,000 equity
shares of Re. 1 each and also approved the sub division of the existing paid up shares of the Company from 38,72,926
equity shares of Rs. 10 each into 3,87,29,260 equity shares of Re. 1 each, which was approved by the shareholders in
Extraordinary General Meeting held on 24 October 2024.

(iii) The Board of Directors at its meeting held on 5 November 2024 had approved the bonus issue of 2.4 (two point four)
new equity Share for every one share held on record date which was approved by the shareholders by means of a special
resolution dated 5 November 2024. Through a Board resolution dated 08 November 2024, the Company has allotted
9,29,50,224 equity shares of Re. 1 each as bonus shares to the existing equity shareholders of the Company. The record
date for the bonus share is 5 November 2024.

(a) Provision for disputed rentals

During the year ended 31 March 2026, the Hon'ble Delhi High Court set aside the arbitral award in respect of space occupied
for Transit QSR outlets at Goa Airport and remanded the matter for fresh adjudication. Without prejudice to the Company's
rights, contentions and interests and pending conclusion of the arbitration proceedings, on a conservative and prudence
basis, the Company recorded provision of the disputed concession fee and interest thereon.

26. Revenue from operations (continued)

The contract liabilities primarily related to the advance consideration received from the customer for which revenue is
recognised at a point in time.

The amount of INR 16.20 million included in contract liabilities at 31 March 2025 has been recognised as revenue during the
year ended 31 March 2026.

The amount of INR 15.13 million included in contract liabilities at 31 March 2024 has been recognised as revenue during the
year ended 31 March 2025.

e) Revenues from three customers (31 March 2025: two customers) of the Company represented approximately INR 4,323.56
million (31 March 2025: INR 4,333.92 million) of the Company's total revenues.

The Company has a defined benefit plan for gratuity which provides for a lumpsum payment to vested employees on
departure i.e. at retirement, death while in employment or on termination of employment. Vesting occurs upon completion
of five years of service except death while in employment. Every employee who has completed five years or more of service
gets a gratuity on departure at last drawn eligible monthly salary for each completed year of service. The Company provides
for the liability in its books of accounts based on an actuarial valuation carried out by a qualified independent actuary.

The Gratuity scheme is not funded.

Benefit on normal retirement (i.e. 60 years): as per the provisions of The Payment of Gratuity Act, 1972 with Limit of
INR 2.00 million.

Benefit on death in service : Same as normal retirement benefit except that no vesting conditions apply.

Based on the actuarial valuation report obtained in this respect, the following table sets out the status of the gratuity plan
and the amounts recognised in the Company's financial statements as at balance sheet date:

Interest rate 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.

Salary inflation risk:

Higher than expected increases in salary will increase the defined benefit obligation.

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.

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In
practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity
of the defined benefit obligation to significant actuarial assumptions the same methods (present value of defined benefit
obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when
calculating the defined benefit liability recognised in the balance sheet.

(d) Effective 21 November 2025, the Government of India consolidated 29 existing labour regulations into four Labour
codes, namely, The Code on Wages, 2019, The Industrial Relations Code, 2020, The Code on Social Security, 2020 and the
Occupational Safety, Health and Working Conditions Code, 2020, collectively referred to as the 'New Labour Codes'. Based
on the requirements of New Labour Codes and relevant Accounting Standards, the Company has estimated the liability
for employee benefits, which has resulted in an incremental expense on account of recognition of past service costs. The
Company has presented the same under 'Employee benefit expenses" in the Statement amounting to INR 79.93 million.
The Company continues to monitor the finalisation of Central/State Rules and clarification from the Government on other
aspects of the Labour code and would provide appropriately accounting effect on the basis of such developments, if any, in
subsequent period.

37. Share-based payment arrangements

a. Description of share-based payment arrangements

As at 31 March 2026, the Company had the following Share option plan (equity-settled):

On 18 June 2025, the Company established share option plans that entitle employees and Key managerial personnel to
purchase shares in the Company. Under this plan, holders of vested options are entitled to purchase shares at Re. 1 at the
respective grant date of options. Currently, these plans are limited to key management personnel and other senior employees.

The key terms and conditions related to the grants under these plans are as follows; all options are to be settled by the
delivery of shares.

37. Share-based payment arrangements (continued)

b. Measurement of fair values

The fair value of the employee share options has been measured using the Black-Scholes formula. Service and non-market
performance conditions attached to the arrangements were not taken into account in measuring fair value.

The requirement that the employee has to save in order to purchase shares under the share purchase plan has been
incorporated into the fair value at grant date by applying a discount to the valuation obtained. The discount has been
determined by estimating the probability that the employee will stop saving based on historical behaviour2. The inputs used
in the measurement of the fair values at grant date of the equity-settled share-based payment plans are as follows:

38. Earnings Per Share (EPS) (continued)

Pursuant to resolutions passed by the Board of Directors and the Shareholders in their respective meetings held on 24
October 2024, the face value of the equity shares of the Company was sub-divided from INR 10 each to Re. 1 each.

The Board of Directors at its meeting held on 5 November 2024 had approved the bonus issue of 2.4 new Equity Shares
for every one share held on record date which was approved by the shareholders by means of a special resolution dated 8
November 2024. Through a Board resolution dated 8 November 2024, the Company has allotted 9,29,50,224 equity shares
of Re. 1 each as bonus shares to the existing equity shareholders of the Company.

(D) There are no material related party transactions during the year that have conflict with the interest of the Company.

Transactions entered into with related parties during the period were in the ordinary course of business and at arms' length
basis. All the balances of related parties are unsecured.

There are no transaction with KMP during the year ended 31 March 2026 and 31 March 2025 other than disclosed above.

43. Financial value measurements

A 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 material 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 Note 2(B).

B Accounting classifications and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels
in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured
at fair value if the carrying amount is a reasonable approximation of fair value. Trade receivables and trade payables carrying
amount is a reasonable approximation of fair value.

Note: The above excludes investments in Subsidiaries, Associates and Joint ventures amounting to INR 608.13 million (31
March 2025: 602.28 million)

** FVTOCI Fair Value Through Other comprehensive income
* FVTPL Fair Value Through Profit and Loss

C Measurement of fair values

The three levels of the fair-value-hierarchy under Ind AS 107 are described below:

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

Level 2: The fair value of financial instruments that are not traded in an active market 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.
D Financial Instruments not measured at fair value

Other financial liabilities - Discounted cash flows: The valuation model considers the present value of expected payments,
discounted using a risk-adjusted discount rate. The own non-performance risk was assessed to be insignificant.

E Fair value of financial assets and liabilities measured at amortised cost

The carrying amounts of cash and cash equivalents, other bank balances, trade receivables, trade payables, other short term
financial assets and financial liabilities are considered to be the same as their fair values due to their short-term nature.

F Financial risk management

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

(a) liquidity risk

(b) market risk

(c) credit risk

43. Financial value measurements (continued)

G Risk management framework

The Company's activities expose it to a variety of financial risks, including credit risk, liquidity risk and market risk. The
Company's primary risk management focus is to minimise potential adverse effects of market risk on its financial performance.
The Company's risk management assessment and policies and processes are established to identify and analyse the risks
faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the policies
and processes. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market
conditions and the Company's activities. The Board of Directors and the management is responsible for overseeing the
Company's risk assessment and management policies and processes.

(a) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The
Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the
Company's reputation.

Exposure to liquidity risk

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

(b) Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes
in market rates and prices (such as interest rates, foreign currency exchange rates and commodity prices) or in the
price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is
attributable to all market risk-sensitive financial instruments, all foreign currency receivables and payables and all short
term and long-term debt.

G Risk management framework (continued)

(b) Market risk (continued)

(i) 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 market risk for changes in interest rates relates to
deposits with bank and financial institutions.

The exposure of the Company's financial assets as at 31 March 2026 to interest rate risk is as follows:

(ii) Currency risk

Foreign exchange risk arises on all recognised monetary assets and liabilities, which are denominated in a currency
other than the functional currency of the company. The company has not hedged any of the foreign currency
transactions by derivative contracts/ forward contracts.

Exposure to Currency risk

The summary quantitative data about the Company's exposure to currency risk as reported to the management of
the Company is as follows

(iii) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations, and arises principally from the Company's receivables from customers, security
deposits with lessors, loans and investments.

Credit risk in Cash and cash equivalents and investments in mutual funds is limited as the Company generally invests
in deposits or mutual funds schemes with banks and financial institutions, respectively, with high rating assigned by
credit-rating agencies. All of the Company's loans at amortised cost are considered to have low credit risk, and the
loss allowance, if any, is limited to 12 months' expected losses. Management considers instruments to be low credit
risk when they have a low risk of default and the borrower has a strong capacity to meet its contractual cash flow
liabilities in the near term.

The Company also carries credit risk on security deposits with landlords for properties taken on leases. The risk
relating to refund of security after vacating the property is low since the lessors have strong capability to meet its
contractual cashflow obligation and the possession of premises is retained till the refund is collected.

Trade and other receivables

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer.
The demographics of the customer, including the default risk of the industry and country in which the customer
operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals,
establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company
grants credit terms in the normal course of business.

The following table provides information about the exposure to credit risk and ECLs for trade receivables from
individual customers:

G Risk management framework (continued)

(b) Market risk (continued)

(ii) Currency risk (continued)

Exposure to credit risk

Credit risk refers to the risk that counterparty will default on its contractual liabilities resulting in financial loss to
the company. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables.
Trade receivables are typically unsecured and are derived from revenue earned from customers. Credit risk has
always been managed by the company by continuously monitoring the credit worthiness of customers to which
the company grants credit terms in the normal course of business.

At 31 March 2026, the carrying amount of the trade receivables from the Company's significant customers (three
customers (31 March 2025: two customers)) INR 2,613.20 million (31 March 2025: INR 747.95 million).

Expected credit loss assessment for trade receivables from customers

Based on the industry practices and the business environment in which the entity operates, management considers
that generally trade receivables and loans are in default (credit impaired) if the payments are more than 180 days
past due. Management believes that the unimpaired amounts that are past due by more than 180 days are still
collectible in full, based on extensive analysis of customer credit risk.

For the purpose of measuring lifetime ECL allowance for trade receivables and contract assets, the company has
established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking
factors specific to the debtors and the economic environment. Individual trade receivables are written off when
management deems them not to be collectible. The company follows a 'simplified approach' (i.e. based on lifetime
ECL) for recognition of impairment loss allowance on Trade receivables and contract balances.

Management believes there is a significant increase in credit risk in respect of a loan of INR 60.00 millons given by
the Company as explained in note 7(c). Accordingly, the management has made a provision of entire loan balance
in the previous year.

The movement in the allowance for impairment in respect of trade and finance lease receivables and contract
assets during the period was as follows:

Cash and cash equivalents and other bank balances

The Company considers that its cash and cash equivalents have low credit risk based on the external credit ratings
of the counterparties. The Company uses a similar approach for assessment of ECLs for cash and cash equivalents
to those used for debt securities.

Loans

All of the Company's loans at amortised cost are considered to have low credit risk, and the loss allowance, if
any, is limited to 12 months' expected losses. Management considers instruments to be low credit risk when they
have a low risk of default and the borrower has a strong capacity to meet its contractual cash flow obligations
in the near term.

44. Capital management

The Company defines capital as total equity including issued equity capital, share premium and all other equity reserves attributable
to equity holders of the Company (which is the Company's net asset value). The primary objective of the Company's financial
framework is to support the pursuit of value growth for shareholders, while ensuring a secure financial base.

The Company monitors capital using a ratio of 'net debt' to 'total equity'. For this purpose, net debt is defined as total interest¬
bearing loans and borrowings less cash and bank balances. Total equity comprises all components of equity.

45. Disclosures pursuant to Ind AS 116

(i) The Company has elected to apply the following practical expedients available under Ind AS 116:

(a) Discount rate - The Company applied a single discount rate to a portfolio of leases of similar assets in similar economic
environment with a similar end date.

(b) Segregation of lease/non lease component - As a practical expedient, Ind AS 116 permits a lessee not to separate non¬
lease components, and instead account for any lease and associated non-lease components as a single arrangement.
Contracts for buildings includes non-lease component as well i.e. services for common area maintenance. The Company
adopted the practical expedient given to not to segregate lease or non-lease component.

(c) Determination of lease term - The Company applied practical expedient available for use of hindsight in determination
of lease term where contract contains options to extend or terminate the lease.

49. Operating Segment

The Company mainly derives revenue from Travel QSR outlets and Lounge services. In addition, the Company also derives revenue from
management and other services. The Company has disclosed products and service lines in "Note 26 - Revenue from operations" because
of the nature and expected infrequency of the events giving rise to them, so as to allow users to understand better. These products and
service lines comprise of only one operating segment, whose operating results are regularly reviewed by the entity's Board of Directors
('Chief Operating Decision Maker') to make decisions about resources to be allocated and assess its performance. Hence, there are
no separate reportable segments, as required by the Ind AS 108 - Operating Segment. The Company primarily operates within India.

50. Investment in Subsidiary

The Company has investment of INR 88.46 million in equity shares of its wholly owned subsidiary, Eliteassist Technology and
Services Private Limited (formerly known as 'TFS Yamuna Airport Services Private Limited' and 'TFS (R&R Works) Private Limited')
("the Subsidiary Company") as at 31 March 2026. The carrying value of investment in subsidiary remains impaired during the year.

51. Transfer pricing

The Company's management has developed a system of maintenance of information and documents as required by the transfer
pricing legislation under Section 92 to 92F of the Income Tax Act, 1961. The company's management is of the opinion that its
international transactions are at arm's length so the aforesaid legislation will not have any impact on the financial statements,
particularly on the amount of tax expense and that of provision for taxation.

52. 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 does not have any transactions with companies 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) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person(s) or entity(ies), 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.

(vi) No funds have been received by or from any person(s) or entity(ies), 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 Parties ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

(viii) The Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks on the basis
of security of current assets. The quarterly returns or statements filed by the Company with such banks are in agreement with
the books of account of the Company.

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

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

(xi) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

(xii) The Company does not have any charge or satisfaction which is yet to be registered with ROC beyond the statutory period.

53. Impairment of non-financial assets

(a) The Company had entered into an agreement to operate a lounge and food & beverages outlet at Mumbai Airport. During
the year, the Company terminated the said contract.

Pursuant to the termination, the Company assessed the recoverable amount of the related property, plant and equipment
and determined that it was lower than its carrying amount. Accordingly, the Company had recognised an impairment loss
equivalent to carrying value of Property, Plant and Equipment on such assets as at 31 March 2025 of INR 4.39 million, in
accordance with Ind AS 36 - Impairment of assets.

(b) The Company had entered into arrangements to operate food and beverage outlets at Behror, Karnal Haveli, Manesar, and
Banur. During the year ended 31 March 2026, the Company decided to terminate these arrangements, as the recoverable
amount of the related equipment was lower than its carrying amount.

Accordingly, considering the uncertainty regarding the continuation of operations at these locations, the Company has
recognised an impairment loss equivalent to carrying value of Property, Plant and Equipment of such assets as at 31 March
2026 of INR 41.33 million, in accordance with Ind AS 36 - Impairment of assets.

54. Business Combination

In pursuant to scheme of arrangement and amalgamation (the 'Scheme') under Sections 230-232 of the Companies Act, 2013 (the
'Act'), and the rules framed there under for the Scheme of Amalgamation (Merger by Absorption) and also read with the proviso to
clause (87) of Section 2 of the Companies Act, 2013 and the Companies (Restrictions on number of layers) Rules, 2017 entered into
between the Company and its co-holding company SNVK Hospitality and Management Private Limited (referred to as 'Transferor
Company' or 'SNVK') which was sanctioned by National Company Law Tribunal ('NCLT') by virtue of its Order dated 30 September
2024, the transferor company has merged into the Company on a going concern basis from the appointed date specified in the
scheme i.e. 16 October 2024.

The arrangement has been accounted in the books of account of the Company in accordance with Appendix C of Ind AS 103
and considering that the transferor companies are ultimately controlled by the same entity both before and after the business
combination, the said transaction is a common control transaction and has been accounted under pooling of interest method.

In accordance with the scheme, the Company has issued and allotted 19,75,193 equity shares of face value Rs. 10 each to the
shareholders of the Transferor Company (Kapur Family Trust) and cancelled 19,75,193 shares of face value Rs. 10 each earlier
issued to the Transferor Company (SNVK Hospitality and Management Private Limited).

55. The Company does not have any immovable property other than immovable properties where Company is the lessee and
the leases agreements are duly executed in favour of the lessee except for the following which are not held in the name of the
Company:

56. During the year ended 31 March 2026, the Company had formed a wholly owned subsidiary Travel Food Services Worldwide
- FZCO on 10 July 2025 in United Arab Emirates. It is formed for managing global lounge business and will also act as a holding
company for any global lounge entities.

57.Subsequent events

The Board of Directors has recommended a dividend of Rs. 10.25 per equity share of the face value of Re.1 each for the financial
year ended 31 March 2026, subject to the approval of the shareholders at the ensuing Annual General Meeting.