n. Provision and contingent liabilities

Provisions

A provision is recognized when the Company has a
present obligation (legal or constructive) as a result of
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 are
not discounted to their present value (except where
time value of money is material) and are determined
based on the best estimate required to settle the
obligation at the reporting date when discounting
is used, the increase in provision due to passage of
time is recognised as finance cost. These estimates
are reviewed at each reporting date and adjusted to
reflect the current best estimates.

Contingent liabilities

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non-occurrence
of one or more uncertain future events beyond the
control of the Company or a present obligation that
is not recognized because it is not probable that
an outflow of resources will be required to settle
the obligation. A contingent liability also arises
in extremely rare cases, where there is a liability
that cannot be recognized because it cannot be
measured reliably. the Company does not recognize
a contingent liability but discloses its existence in
the financial statements unless the probability of
outflow of resources is remote.

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

o. Retirement and other employee benefits

Provident fund

The Company contributed to employee’s provident
fund benefits through a trust "Max Financial
Services Limited Provident Fund Trust" managed
by Max Financial Services Limited (erstwhile Max
India Limited) whereby amounts determined at a
fixed percentage of basic salaries of the employees
are deposited to the trust every month. The benefit
vests upon commencement of the employment. The
interest rate payable by the trust to the beneficiaries
every year is notified by the government and
the Company has an obligation to make good
the shortfall, if any, between the return from the
investments of the trust and the notified interest
rate. The Company has obtained actuarial valuation

to determine the shortfall, if any, as at the Balance
Sheet date.

Gratuity

Gratuity liability is a defined benefit obligation and
is provided for on the basis of an actuarial valuation
on projected unit credit method made at the end of
each financial year

Remeasurements, comprising of actuarial
gains and losses, the effect of the asset ceiling,
excluding amounts included in net interest on
the net defined benefit liability and the return on
plan assets (excluding amounts included in net
interest on the net defined benefit liability), are
recognized immediately in the Balance Sheet with
a corresponding debit or credit to retained earnings
through OCI in the period in which they occur.
Remeasurements are not reclassified to profit or
loss in subsequent periods.

Net interest is calculated by applying the discount
rate to the net defined benefit (liabilities/assets).

The Company recognized the following changes in
the net defined benefit obligation under employee
benefit expenses in statement of profit and loss

a) Service cost comprising current service cost,
past service cost, gain & loss on curtailments
and non-routine settlements.

b) Net interest expenses or income

Leave Compensation/Compensated Absences

Accumulated leave, which is expected to be utilized
within the next 12 months, is treated as short-term
employee benefit. The Company measures the
expected cost of such absences as the additional
amount that it expects to pay as a result of the
unused entitlement that has accumulated at the
reporting date.

The Company treats accumulated leave expected to
be carried forward beyond twelve months, as long¬
term employee benefit for measurement purposes.
Such long-term compensated absences are
provided for based on the actuarial valuation using
the projected unit credit method at the yearend.
Actuarial gains/losses are immediately taken to the
statement of profit and loss and are not deferred.
The Company presents the leave as a current liability
in the balance sheet, to the extent it does not have
an unconditional right to defer its settlement for 12
months after the reporting date. Where Company

has the unconditional legal and contractual right
to defer the settlement for a period 12 months, the
same is presented as non-current liability.

Short-term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within twelve months after the end of the
period in which the employees render the related
service are recognized in respect of employee
service up to the end of the reporting period and
are measured at the amount expected to be paid
when the liabilities are settled. the liabilities are
presented as current employee benefit obligations
in the balance sheet.

Long term incentive plan

The Company has a long-term incentive plan for
certain employees. The Company recognises benefit
payable to employee as an expenditure, when an
employee renders the related service on actual basis.

p. Share-based payments

Employees of the Company receive remuneration
in the form of share-based payment transaction,
whereby employees render services as a
consideration for equity instruments (equity- settled
transactions).

Equity-settled transactions

The cost of equity-settled transactions is determined
by the fair value at the date when the grant is made
using an appropriate valuation model.

That cost is recognized, together with a
corresponding increase in share-based payment
(SBP) reserves in equity, over the period in which the
performance and/or service conditions are fulfilled
in employee benefits expense. The cumulative
expense recognized for equity-settled transactions
at each reporting date until the vesting date reflects
the extent to which the vesting period has expired
and the Company's best estimate of the number
of equity instruments that will ultimately vest. The
statement of profit and loss expense or credit for
a period represents the movement in cumulative
expense recognized as at the beginning and
end of that period and is recognized in employee
benefits expense.

Service and non-market performance conditions
are not taken into account when determining the
grant date fair value of awards, but the likelihood

of the conditions being met is assessed as part
of the Company's best estimate of the number of
equity instruments that will ultimately vest. Market
performance conditions are reflected within the
grant date fair value. Any other conditions attached
to an award, but without an associated service
requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in
the fair value of an award and lead to an immediate
expensing of an award unless there are also service
and/or performance conditions.

No expense is recognized for awards that do not
ultimately vest because non-market performance
and/or service conditions have not been met. Where
awards include a market or non-vesting condition,
the transactions are treated as vested irrespective
of whether the market or non-vesting condition is
satisfied, provided that all other performance and/
or service conditions are satisfied.

When the terms of an equity-settled award are
modified, the minimum expense recognized is the
expense had the terms had not been modified, if the
original terms of the award are met. An additional
expense is recognized for any modification that
increases the total fair value of the share-based
payment transaction or is otherwise beneficial to the
employee as measured at the date of modification.
Where an award is cancelled by the entity or by the
counterparty, any remaining element of the fair
value of the award is expensed immediately through
profit or loss.

The dilutive effect of outstanding options is reflected
as additional share dilution in the computation of
diluted earnings per share.

Cash-settled transactions

The cost of cash-settled transactions is measured
initially at fair value at the grant date using a
binomial model. This fair value is expensed over the
period until the vesting date with recognition of a
corresponding liability. The liability is remeasured to
fair value at each reporting date up to, and including
the settlement date, with changes in fair value
recognized in employee benefits expense.

q. Cash and cash equivalents

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

r. Earnings per share

Basic earnings per share are calculated by dividing
the net profit or loss for the period attributable
to equity shareholders by the weighted average
number of equity shares outstanding during the
period. The weighted average number of equity
shares outstanding during the period is adjusted
for events such as bonus issue, bonus element in
a rights issue, share split, and reverse share split
(consolidation of shares) that have changed the
number of equities shares outstanding, without a
corresponding change in resources.

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

s. Foreign currencies

Items included in the standalone financial
statements are measured using the currency of
the primary economic environment in which the
company operates (‘the functional currency’). The
Company’s standalone financial statements are
presented in Indian rupee (‘^’) which is also the
Company’s functional and presentation currency.

Foreign currency transactions are recorded on initial
recognition in the functional currency, using the
exchange rate prevailing at the date of transaction.
However, for practical reasons, the Company uses an
average rate if the average approximates the actual
rate at the date of the transaction.

Measurement of foreign currency items at the
balance sheet date

Foreign currency monetary assets and liabilities
denominated in foreign currencies are translated at
the functional currency spot rates of exchange at the
reporting date.

Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated
using the exchange rates at the dates of the initial
transactions. Non-monetary items measured at
fair value in a foreign currency are translated using
the exchange rates at the date when the fair value
is determined.

Exchange differences arising on settlement or
translation of monetary items are recognized as
income or expense in the period in which they arise
with the exception of exchange differences on gain
or loss arising on translation of non-monetary items

measured at fair value which is treated in line with
the recognition of the gain or loss on the change
in fair value of the item (i.e., translation differences
on items whose fair value gain or loss is recognized
in OCI or profit or loss are also recognized in OCI or
profit or loss, respectively).

t. Fair value

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. The fair value measurement is
based on the presumption that the transaction to sell
the asset or transfer the liability takes place either:

a) In the principal market for the asset or liability, or

b) In the absence of a principal market, in the most
advantageous market for the asset or liability

The principal or the most advantageous market
must be accessible by the Company.

The fair value of an asset or a liability is measured
using the assumptions that market participants
would use when pricing the asset or liability,
assuming that market participants act in their
economic best interest.

A fair value measurement of a non-financial asset
takes into account a market participant's ability to
generate economic benefits by using the asset in
its highest and best use or by selling it to another
market participant that would use the asset in its
highest and best use.

The Company uses valuation techniques that are
appropriate in the circumstances and for which
sufficient date are available to measure fair value,
maximising the use of relevant observable inputs
and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is
measured or disclosed in the restated financial
statements are categorized within the fair value
hierarchy, described as follows, based on the
lowest level input that is significant to the fair value
measurement as a whole:

a) Level 1 - Quoted (unadjusted) market prices in
active markets for identical assets or liabilities

b) Level 2 - Valuation techniques for which
the lowest level input that is significant to
the fair value measurement is directly or
indirectly observable

c) Level 3 - Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is unobservable

For assets and liabilities that are recognized in the
restated financial statements on a recurring basis,
the Company determines whether transfers have
occurred between levels in the hierarchy by re¬
assessing categorization (based on the lowest level
input that is significant to the fair value measurement
as a whole) at the end of each reporting period.

The Company’s management determines the
policies and procedures for both recurring and
non-recurring fair value measurement measured at
fair value.

At each reporting date, the management analyses
the movements in the values of assets and liabilities
which are required to be remeasured or re-assessed
as per the Company’s accounting policies.

For the purpose of fair value disclosures, the
Company has determined classes of assets and
liabilities on the basis of the nature, characteristics
and risks of the asset or liability and the level of the
fair value hierarchy as explained above.

This note summarises accounting policy for fair
value. Other fair value related disclosures are given
in the relevant notes.

- Disclosures for valuation methods, significant
estimates and assumptions (note 36)

- Quantitative disclosures of fair value
measurement hierarchy (note 36)

- Financial instruments (including those carried
at amortised cost) (note 36)

2C Accounting judgements, estimates and
assumptions

The preparation of the Company's standalone Ind
AS financial statements requires management to
make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses,
assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions and
estimates could result in outcomes that require a
material adjustment to the carrying amount of the
asset or liability affected in future periods.

Other disclosures relating to the Company’s
exposure to risks and uncertainties includes:

- Capital management Note 43

- Financial risk management objectives and
policies Note 37

Judgements

In the process of applying the Company's accounting
policies, management has made the following
judgements, which have the most significant effect
on the amounts recognized in the standalone Ind AS
financial statements.

(a) Determining the lease term of contracts
with renewal and termination options -
Company as lessee

The Company determines the lease term as the
non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it
is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is
reasonably certain not to be exercised.

The Company applies judgement in evaluating
whether it is reasonably certain whether or not to
exercise the option to renew or terminate the lease.
That is, it considers all relevant factors that create
an economic incentive for it to exercise either the
renewal or termination. After the commencement
date, the Company reassesses the lease term if there
is a significant event or change in circumstances
that is within its control and affects its ability to
exercise or not to exercise the option to renew or to
terminate (e.g., construction of significant leasehold
improvements or significant customisation to the
leased asset)

Property lease classification - Company as
lessor

The Company has entered into commercial property
leases on its investment property portfolio. The
Company has determined, based on an evaluation
of the terms and conditions of the arrangements,
such as the lease term not constituting a major part
of the economic life of the commercial property and
the present value of the minimum lease payments
not amounting to substantially all of the fair value of
the commercial property, that it retains substantially
all the risks and rewards incidental to ownership of
these properties and accounts for the contracts as
operating leases.

Determining the lease term of contracts
with renewal and termination options-
Company as lessor

As a lessor, the Company determines the lease term
as the non-cancellable term of the lease, together
with any periods covered by an option to extend the
lease if it is reasonably certain to be exercised, or any
periods covered by an option to terminate the lease,
if it is reasonably certain not to be exercised, the
Company has several lease contracts that include
extension and termination options. The Company
applies judgement in evaluating whether it is
reasonably certain whether or not the lessee shall
exercise the option to renew or terminate the lease.

That is. it considers all relevant factors that create an
economic incentive for the lessee to exercise either
the renewal or termination.

The Company has neither included the renewal
period nor the period covered by an option to
terminate the lease as part of the lease term for
buildings given to leases to tenants considering
the following:

- Option of renewal of lease term is solely at
the option of lessee and the Company is not
reasonably certain that the lessee may exercise
the option of renewal, as this is outside the
control of the Company.

- Considering the current market dynamics of
rental market, the Company has estimated
that lease term for the leases will be non¬
cancellable period.

Estimates and assumptions

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

(a) Defined benefit plans

The cost of defined benefit plans (i.e. Gratuity
benefit) is determined using actuarial
valuations. An actuarial valuation involves
making various assumptions which may differ
from actual developments in the future. These
include the determination of the discount rate,
future salary increases, mortality rates and
future pension increases. Due to the complexity
of the valuation, the underlying assumptions
and its long-term nature, a defined benefit
obligation is highly sensitive to changes
in these assumptions. All assumptions are
reviewed at each reporting date. In determining
the appropriate discount rate, management
considers the interest rates of long-term
government bonds with extrapolated maturity
corresponding to the expected duration of the
defined benefit obligation. The mortality rate is
based on publicly available mortality tables for
the specific countries. Future salary increases
and pension increases are based on expected
future inflation rates. Further details about
the assumptions used, including a sensitivity
analysis, are given in Note 32(i).

(b) Fair value measurement of financial
instruments

When the fair value of financial assets and
financial liabilities recorded in the balance sheet
cannot be measured based on quoted prices in
active markets, their fair value is measured using
valuation techniques including the Discounted
Cash Flow (DCF) model. The inputs to these
models are taken from observable markets
where possible, but where this is not feasible, a
degree ofjudgement is required in establishing
fair values. Judgements include considerations
of inputs such as liquidity risk, credit risk and
volatility. Changes in assumptions about these
factors could affect the reported fair value
of financial instruments. The Company use
Net asset value for valuation of investment
in mutual fund. Refer note 36 related to fair
valuation disclosures.

(c) Impairment of Financial assets

The impairment provisions of financial assets
are based on assumptions about risk of default
and expected loss rates. the Company uses

judgement in making these assumptions
and selecting the inputs to the impairment
calculation, based on Company's past
history, existing market conditions as well as
forward looking estimates at the end of each
reporting period.

(d) Impairment of non-financial assets

The Company assesses at each reporting
date whether there is an indication that an
asset may be impaired. If any indication exists,
or when annual impairment testing for an
asset is required, the Company estimates
the asset's recoverable amount. An assets
recoverable amount is the higher of an asset's
CGU'S fair value less cost of disposal and its
value in use. It is determined for an individual
asset, unless the asset does not generate
cash inflows that are largely independent of
those from other assets or Company's assets.
Where the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset is
considered impaired and is written down to
its recoverable amount. In assessing value
in use, the estimated future cash flows are
discounted to their present value using a pre¬
tax discount rate that reflects current market
assessments of the time value of money and
the risks specific to the asset. In determining
fair value less costs of disposal, recent market
transactions are taken into account. If no such
transactions can be identified, an appropriate
valuation model is used. These calculations are
corroborated by valuation multiples, or other
fair value indicators.

(e) Share based payments

The Company initially measures the cost of cash
settled transactions with employees using a
binomial model to determine the fair value of
the liability incurred. Estimating fair value for
share based payment transactions requires
determination of the most appropriate valuation
model, which is dependent on the terms and
conditions of the grant. This estimate also
requires determination of the most appropriate
inputs to the valuation model including the
expected life of the share option, volatility
and dividend yield and making assumptions
about them. For cash settled share-based
payment transactions, the liability needs to be

remeasured at the end of each reporting period
up to the date of settlement, with any changes
in fair value recognized in the profit or loss.
This requires a reassessment of the estimates
used at the end of each reporting period. The
assumptions and models used for estimating
fair value for share based payment transactions
are disclosed in note 35.

2.4 A. New and Amended Standards

The Company applied for the first-time certain
standards and amendments, which are effective for
annual periods beginning on or after April 01, 2024.
The Company has not early adopted any standard,
interpretation or amendment that has been issued
but is not yet effective.

a. Ind AS 117 Insurance Contracts

The Ministry of Corporate Affairs (MCA) notified
the Ind AS 117, Insurance Contracts, vide
notification dated August 12, 2024, under
the Companies (Indian Accounting Standards)
Amendment Rules, 2024, which is effective
from annual reporting periods beginning on or
after April 01, 2024.

Ind AS 117 Insurance Contracts is a
comprehensive new accounting standard for
insurance contracts covering recognition and
measurement, presentation and disclosure.
Ind AS 117 replaces Ind AS 104 Insurance
Contracts. Ind AS 117 applies to all types of
insurance contracts, regardless of the type of
entities that issue them as well as to certain
guarantees and financial instruments with
discretionary participation features; a few scope
exceptions will apply. Ind AS 117 is based on a
general model, supplemented by:

- A specific adaptation for contracts with
direct participation features (the variable
fee approach)

- A simplified approach (the premium allocation

approach) mainly for short-duration contracts

The application of Ind AS 117 does not have material
impact on the Company’s financial statements as
the Company has not entered any contracts in the
nature of insurance contracts covered under Ind
AS 117.

b. Amendments to Ind AS 116 Leases -
Lease Liability in a Sale and Leaseback

The MCA notified the Companies (Indian
Accounting Standards) Second Amendment
Rules, 2024, which amend Ind AS 116,
Leases, with respect to Lease Liability in a Sale
and Leaseback.

The amendment specifies the requirements
that a seller-lessee uses in measuring the
lease liability arising in a sale and leaseback
transaction, to ensure the seller-lessee does not
recognise any amount of the gain or loss that
relates to the right of use it retains.

The amendment is effective for annual
reporting periods beginning on or after April
01, 2024 and must be applied retrospectively
to sale and leaseback transactions entered
into after the date of initial application of Ind
AS 116.

The amendments do not have a material impact
on the Company’s financial statements.

B. Standard Notified but not yet effective

There are no standards that are notified and not yet
effective as on the date.

Note:

a. During the current financial year, the Company obtained approval from the Hon’ble National Company Law
Appellate Tribunal (NCLAT) on October 25, 2024 under the approved resolution plan, for the acquisition of
Boulevard Projects Private Limited (BPPL) and development of BPPL’s mixed-use plot located in NOIDA.
The acquisition was completed subsequent to the year-end, on April 23, 2025, consequently BPPL became
a wholly owned subsidiary of the Company. As at March 31, 2025, the Company has capital commitments
of ^1,33,486 lakhs, including ^60,290.40 lakhs payable through allotment of flats to allottees. The balance
^73,196.09 lakhs is to be settled in cash towards banks, authorities, and other creditors.

Guarantee given by the Company on behalf of its subsidiaries are as follows:

a) Max Square Limited - loan of ^21,998.13 lakhs (March 31, 2024: ^25,925.66) (Sanctioned Limit as at March
31, 2025 - ^4-0,000.00 lakhs from Axis Bank).

b) Max 128 Limited loan of ^45,000.00 lakhs (March 31, 2024: Nil) (Sanctioned Limit as at March 31, 2025
^45,000.00 lakhs) from Standard Chartered Bank and Standard Chartered Capital Limited and on Aditya
Birla Finance Bank - guarantee Nil (March 31, 2024: 7,397.09 lakhs) (Sanctioned Limit as at March 31, 2025
Nil).

c) Acreage Builders Private Limited 15,000.00 (March 31, 2024: ^Nil ) (Sanctioned limit as at March 31, 2025
^80,000.00 lakhs) from SBI, ICICI and Axis Bank respectively.

d) Max Towers Private Limited loan ^ Nil guarantee (March 31, 2024: ^23,969.12 lakhs) (Sanctioned limit as at
March 31, 2025 Nil) from HDFC Bank Limited and Bajaj Housing Finance Limited.

e) Pharmax Corporation Limited loan Nil guarantee (March 31, 2024: ^6,462.24 lakhs) (Sanctioned limit as at
March 31, 2025 Nil) from IDFC First Bank Limited.

32 Investment in subsidiaries

(a) These financial statement are separate financial statements prepared in accordance with Ind AS-27” Separate

Financial Statements”.

Note:

a. The Company has given a bank guarantee of ^5,000.00 lakhs issued by IDFC First Bank Limited (March 31,
2024 - ^5,000.00 lakhs IDFC First Bank Limited) in favor of Acre 133 Trust, Asset Care and Reconstruction
Enterprise Limited (March 31, 2024 - Acre 133 Trust, Asset Care and Reconstruction Enterprise Limited ) for
bid submitted for Delhi One project.

b. The Company has received a notice under Section 25(7) of the Value Added Tax Act, 2005 for the assessment
year (AY) 2016-17. The Company declared a taxable turnover of ^3,261.22 lakhs after accounting for ^4,024.49
lakhs in expenses. The notice indicates that the deduction of expenses is allowed on the percentage of
advance received of the total consideration. The expenses above such proportionate amount were disallowed
and a revised taxable income is ^325.55 lakhs was calculated, leading to a demand of ^21.24 lakhs for the
shortfall in tax payment. The Company has replied to the above order and has assessed that it is only possible,
but not probable, that outflow of economic resources will be required. Hence, no impact thereof has been
taken in these Ind AS financial statements for the year ended March 31, 2025.

i) The average duration of the defined benefit plan obligation at the end of the reporting period is 15.74 Years
(March 31, 2024 : 15.71 years)

j) The estimates of rate of escalation in salary considered in actuarial valuation are after taking into account inflation,
seniority, promotion and other relevant factors including supply and demand in the employment market. The
above information is as certified by the Actuary.

k) Discount rate is based on the prevailing market yields of Indian Government securities as at the balance sheet
date for the estimated term of the obligations.

l) The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined
benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting year.

m) Risk Exposure: Valuations are performed on certain basic set of pre-determined assumptions and other
regulatory framework which may vary over time. Thus, the Company is exposed to various risks in providing the
above gratuity benefit which are as follows:

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

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

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

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

Prior to consummation to of above transaction, the Company converted its investment in compulsory convertible
preference shares of PCL in equity shares and post consummation Company now holds 51% and NYL holds 49%
of the share capital of MTPL and PCL. Consequently, During the current year, the Company has accounted a gain
of ^21,889.39 lakhs on its direct sale of shares to NYL and corresponding capital gain tax of ^3,268.04 lakhs
under the head other income and current tax, respectively.

Further as a precondition to the aforesaid transaction, the Company has also sold its ownership in Max House
A to Pharmax Corporation Limited (a subsidiary Company) for a consideration of ^12,500 lakhs in the quarter
ended September 30, 2024. Accordingly in current year, the Company has recognised a gain of ^5,621.06 lakhs
and corresponding capital gain tax of ^851.03 lakhs under the head other income and current tax, respectively
for this transaction.

34 Segment reporting

The Company’s business activities which are primarily real estate development through its subsidiaries and related
activities falls within a single reportable segment as the management of the Company views the entire business
activities as real estate development. Accordingly, there are no additional disclosures to be furnished in accordance
with the requirement of Ind AS 108 - Operating Segments with respect to single reportable segment. Further, the
operations of the Company are domiciled in India and therefore there are no reportable geographical segment.

35 Employee Stock Option Plan

Max Estates Employee Stock Option Plan 2023 (ESOP Plan 2023):

The Company has constituted an “Max Estates Employee Stock Option Plan 2023” (‘ESOP Plan 2023’) which have
been approved by the Board in the meeting held on July 31, 2023 and by shareholders of the Company in its annual
general meeting held on December 22, 2023 generally based on similar terms and conditions to the relevant ESOP
plan of erstwhile Holding Company, Max Ventures and Industries Limited, which was merged into the Company
pursuant to the Composite Scheme of Amalgamation and Arrangement. The ESOP Plan 2023 provides for grant of
stock options aggregating not more than 5% of number of issued equity shares of the Company to eligible employees
of the Company and to the eligible employees of the group company(ies), including subsidiary company(ies) and/or
associate company(ies) (present or future) of the Company. The ESOP Plan 2023 is administered by the Nomination
and Remuneration Committee constituted by the Board of Directors. The ESOP Plan 2023 gives an option to the
employee to purchase the share at a price determined by Nomination and Remuneration committee (NRC) subject
to minimum par value of shares (^10/-).

33 Pursuant to the binding MoU signed with New York Life Insurance Company (NYL) for investment in Max

Towers Private Limited (MTPL) and Pharmax Corporation Limited (PCL), subsidiaries of the Company, NYL has
subscribed to and acquired shares in both MTPL and PCL by entering in Securities Purchase and Subscription
agreement and Shareholding agreement in the current year are as follows:

The management has assessed fair valuation of above balances by considering nature, maturity, reset terms,
interest rate movement over period, and any other relevant factor to that financial instrument. Basis this and
in view of the fact, majority of above mentioned financial instrument have short term maturity or reset period,
their carrying value is assessed to be not materially different to respective fair value.

B. Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments
by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable,
either directly or indirectly.

Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on
observable market data.

37 Financial risk management objectives and policies

The Company’s has instituted an overall risk management programme which also focuses on the unpredictability
of financial markets and seeks to minimize potential adverse effects on the Company's financial performance. The
Corporate Finance department, evaluates financial risks in close co-operation with the various stakeholders.

The Company is exposed to capital risk, market risk, credit risk and liquidity risk. These risks are managed pro-actively
by the Senior Management of the Company, duly supported by various Groups and Committees.

a) Capital risk

The Company's objective when managing capital is to safeguard its ability to continue as a going concern in order
to provide returns to its shareholders and benefits for other stakeholders and to provide for sufficient capital
expansion. The capital structure of the Company consists of debt, which includes the borrowings disclosed in
notes 13 and 18(i), cash and cash equivalents disclosed in note 10(iii) and equity as disclosed in the statement
of financial position.

b) 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 employees prudent liquidity risk management practices which inter alia means maintaining sufficient
cash and marketable securities and the availability of funding through an adequate amount of committed credit
facilities. Given the nature of the underlying businesses, the corporate finance maintains flexibility in funding by
maintaining availability under committed credit lines and this way liquidity risk is mitigated by the availability of
funds to cover future commitments. Cash flow forecasts are prepared not only for the entities but the Group as
a whole and the utilized borrowing facilities are monitored on a daily basis and there is adequate focus on good
management practices whereby the collections are managed efficiently. The Company while borrowing funds for
large capital project, negotiates the repayment schedule in such a manner that these match with the generation
of cash on such investment. Longer term cash flow forecasts are updated from time to time and reviewed by the
Investment and Performance Review Committee of the Board.

c) Credit risk

Credit Risk is the risk that the counter party will not meet its obligation under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks, foreign exchange transactions
and other financial instruments.

(i) Trade receivables

Customer credit risk is managed subject to the Company’s established policy, procedures and control relating to
customer credit risk management. Management evaluate credit risk relating to customers on an ongoing basis.
Receivable control management team assesses the credit quality of the customer, taking into account its financial
position, past experience and other factors. Outstanding customer receivables are regularly monitored and any
shipments to major customers are generally covered by letters of credit or other forms of credit insurance. An
impairment analysis is performed at each reporting date on Company category basis. The calculation is based
on exchange losses historical data and available facts as on date of evaluation. Trade receivables comprise a
widespread customer base. The Company evaluates the concentration of risk with respect to trade receivables as
low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

(ii) Financial instruments and cash deposit

Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department
in accordance with the Company’s policy. Investments of surplus funds are made in bank deposits and other
risk free securities. The limits are set to minimize the concentration of risks and therefore mitigate financial loss
through counter party’s potential failure to make payments. Credit limits of all authorities are reviewed by the
management on regular basis. All balances with banks and financial institutions is subject to low credit risk due
to good credit ratings assigned to the Company.

d) 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 risks comprises three types of risk: currency rate risk, interest rate risk and
other price risks, such as equity price risk and commodity price risk. Financial instruments affected by market
risks include loans and borrowings, deposits, investments and foreign currency receivables and payables. The
sensitivity analyses in the following sections relate to the position as at March 31, 2024 and March 31, 2025.
The analyses exclude the impact of movements in market variables on; the carrying values of gratuity and other
post-retirement obligations; provisions; and the non-financial assets and liabilities. The sensitivity of the relevant
Profit and Loss item is the effect of the assumed changes in the respective market risks. This is based on the
financial assets and financial liabilities held as of March 31, 2024, and March 31, 2025.

(i) Interest rate risk

Interest rate 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 obligation at fixed interest rate.

(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange
rates relates primarily to the Company’s operating activities (when revenue, expense or capital expenditure is
denominated in foreign currency). Foreign currency exchange rate exposure is partly balanced by purchasing
of goods in foreign currency. The Company evaluates exchange rate exposure arising from foreign currency
transactions and follows established risk management policies. The Company does not have any material foreign
currency risk as at March 31, 2025 and March 31, 2024.

(iii) Price risk

The Company’s exposure to price risk arises from investments held and classified as FVTPL and FVOCI. To manage
the price risk arising from investments in mutual funds, the Company diversifies its portfolio of assets.

Terms and conditions of transactions with related parties

The Company has entered into above transactions with its related parties in the ordinary course of business and
on an arm’s length basis. These transactions are all governed by commercially agreed terms and periodically
reviewed to ensure compliance with arm’s length principles. Loans and advances to or from related parties are
unsecured, provided based on business needs, and are repayable on demand, with interest, where applicable,
charged or paid at market-comparable rates. Investments in related parties are made in the form of equity
shares, debentures, compulsorily convertible debentures (CCDs), or preference shares and corporate guarantees,
aligned with the Company’s strategic objectives and governed by the respective investment agreements or
resolutions. Instruments such as CCDs and CCPS carry specific terms of conversion, coupon rates, and maturity,
consistent with applicable regulatory requirements. Employee benefit expenses include costs of share-based
payments under ESOP schemes extended to employees of subsidiaries, as accounted for under Ind AS 102. The
remuneration of Key Managerial Personnel (KMP) includes only short-term employee benefits as per Ind AS 19,
and actuarially determined long-term benefits are not included in this disclosure.

40 As per the Investment and Finance Committee meeting held on September 03, 2024, the committee has
approved the issue and allotment of 1,33,89,121 equity shares to 25 eligible qualified institutional buyers at the
issue price of ^597.50 per Equity Share, i.e. at a premium of ^587.50 per Equity Share, which included a discount
of 4.97% to the floor price aggregating to approximate ^80,000 lakhs (Indian Rupees Eighty Thousand lakhs
Only), pursuant to the Issue. Pursuant to the allotment of Equity Shares in the Issue, the paid-up equity share
capital of the Company stands increased to ^16,095.11 lakhs consisting of 1,609.51 lakhs Equity Shares.

The utilisation of QIP proceeds from fresh issue of ^77,957.55 (net of expenses of ^2,042.45 lakhs) is
summarized below:
*includes amount unutilized of T5,638.41 lakhs which have been temporarily invested in mutual funds by the subsidiary and
kept in it current account as at March 31, 2025.

Net Proceeds available for utilization of funds as on date have been temporarily invested in fixed deposits with
scheduled bank and mutual funds and kept in current account with monitoring agency bank account.

Of the total QIP related expenses, ^1,976.87 lakhs have been adjusted against Securities Premium as per Section
52 of the Companies Act, 2013.

41 During the year, Investment and Finance Committee in its meeting held on October 29, 2024, approved
the allotment of 22,83,104 Warrants to the below mentioned allottees at the issue price of ^657/-under the
provisions of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018, as amended (the “ICDR Regulations”), and Sections 42 and 62 of the Companies Act, 2013 (including the
rules made thereunder), as amended (the “Issue”).

43 Capital Management

For the purpose of the Company’s capital management, capital includes issued equity capital attributable to the
equity shareholders of the Group, securities premium and all other equity reserves. The primary objective of the
Company’s capital management is that it maintain an efficient capital structure and maximize the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants. To maintain or adjust the capital structure, The Company may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital
using a gearing ratio, which is net debt divided by total capital plus net debt. The Company’s policy is to keep the
gearing ratio between 30% to 60%. The Company includes within net debt, interest bearing loans and borrowings,
trade and other payables, less cash and cash equivalents, other bank balances.

The above information has been determined to the extent such parties could be identified on the basis of the

information available with the Company regarding the status of suppliers under the MSMED.

45 Audit Trail

The Company has used accounting software 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 audit trail feature is not enabled for certain changes made directly to the database
using privileged/ administrative access rights to the application. Further, no instance of audit trail feature being
tampered with was noted in respect of accounting software wherever audit log was enabled. Additionally, the
audit trail in respect of the prior years has not been preserved by the company as per the statutory requirements
for record retention to the extend it was enabled from the prior years.

46 During the year, company has entered into a binding Memorandum of Understanding (“MoU”) with New York
Life Insurance Company (“NYL”), for a proposed investment of ^33,340.00 lakhs and ^29,300.00 lakhs by MEL
and NYL respectively in Max Estates Noida Private Limited (“MENPL”), a subsidiary of the Company. The MoU
sets out the key terms and conditions under which NYL and MEL propose to invest in MENPL, by subscribing
to compulsorily convertible debentures (“CCDs”). This investment will fund development of the leasehold land
secured by MENPL.

47 During the year, Company has entered into a binding Memorandum of Understanding (“MoU”) with New York
Life Insurance Company (“NYL”), for a proposed investment of ^26,750.00 lakhs and ^25,700.00 lakhs by MEL
and NYL respectively in Boulevard Projects Private Limited (“BPPL”). The MoU sets forth the key terms under
which NYL and MEL propose to invest in BPPL by subscribing to compulsorily convertible debentures (“CCDs”).
Proceeds will be utilized for the development of bearing the leasehold land held by BPPL.

48 During the year, the Company along with its consortium partners, acquired a mixed-use land parcel located in
Sector 105 on Noida-Greater Noida Expressway, for a total consideration of ^71,112.99 lakhs. The acquisition
has been structured under a deferred payment arrangement, comprising an Earnest money deposit (EMD) of
10% and an upfront payment of 30% of the total consideration. The remaining 60% is payable in eight equal
half-yearly instalments.

49 Re-Grouping/Re-classification:

In accordance with recent expert advisory committee, the Company has reclassified accrued interest which has
been included in the respective balances of assets and liabilities. Previously, accrued interest was presented as a
separate line item in respective notes. Further, amounts payable to employees, which were previously classified
under Trade Payables, have been reclassified under Other Current Financial Liabilities and Leave encashment,
which was earlier grouped under Salaries, Wages and Bonus within Employee Benefit Expenses, has now been
presented separately as Compensated Absences under Employee Benefit Expenses. Except mentioned, there
are no other re-grouping/ reclassification done during the current year.

49A Except for events mentioned in relevant notes, there are no events occurred after the reporting year which
may impact the financial position as on March 31, 2025.

50 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post
employment benefits received Presidential assent in September 2020. The Code has been published in
the Gazette of India. Certain sections of the Code came into effect on May 3, 2023. However, the final rules/
interpretation have not yet been issued. Based on a preliminary assessment, the Company believes the impact
of the change will not be significant.

51 Other disclosure requirement of Schedule III of Companies Act, 2013:

(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 that are struck off.

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

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

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

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

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

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

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

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

(viii) The borrowings obtained by the Company from banks and financial institutions have been applied for the
purposes for which such loans were was taken.

(ix) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the
lease agreements are duly executed in favour of the lessee), as disclosed in Note 3 to the financial statements,
are held in the name of the Company.

(x) The Company does not have borrowings from banks and financial institutions on the basis of security of current
assets. Hence, company is not required to file the quarterly returns or statements of current assets with banks
and financial institutions.

(xi) None of the entities in the group have been declared wilful defaulter by any bank or financial institution or
government or any government authority.

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

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

(xiv) 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.

(xv) The Company has complied with the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of
1999) and the Companies Act, 2013 for the above transactions and the transactions are not violative of the Prevention
of Money-Laundering Act, 2002 (15 of 2003)

(xvi) The figures have been rounded off to the nearest lakhs of rupees up to two decimal places. The figure 0.00
wherever stated represents value less than ^50,000/-.

For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of Max Estates Limited

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Pravin Tulsyan Sahil Vachani Dinesh Kumar Mittal

Partner (Vice-Chairman & Managing Director) (Director)

Membership Number: 108044 DIN: 00761695 DIN: 00040000

Nitin Kumar Kansal Abhishek Mishra

(Chief Financial Officer) (Company Secretary)

Membership No. - 098640 Membership No. - F9566

Place: Gurugram Place : Noida

Date: May 22, 2025 Date: May 22, 2025