2.9 Provisions and Contingent Liabilities

A provision is recognised when the Company has a present legal or constructive obligation as a result
of a past event, and it is probable that an outflow of economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation.

Provisions (excluding retirement benefits and compensated absences) are determined at present
value based on best estimate required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date adjusted to reflect the current best estimates.

Contingent liabilities are disclosed when there is a possible obligation arising from past events,
the existence of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company or a present obligation that
arises from past events where it is either not probable that an outflow of resources will be required to
settle the obligation or a reliable estimate of the amount cannot be made.

2.10 Income taxes

Income tax comprises of current tax and deferred tax.

(a) Current Tax

Current income tax for the current and prior periods are measured at the amount expected to be
recovered from or paid to the taxation authorities based on the taxable profit for the period. The tax
rates and tax laws used to compute the amount are those that are enacted or substantially enacted by
the reporting date and applicable for the period. The Company offsets current tax assets and current
tax liabilities where it has a legally enforceable right to set off the recognized amounts and where it
intends either to settle on a net basis, or to realise the asset and liability simultaneously.

(b) Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the Balance Sheet and their tax bases. Deferred tax liabilities are recognised for all taxable
temporary differences. Deferred tax assets are recognised for all deductible temporary differences
and incurred tax losses to the extent that it is probable that taxable profits will be available against
which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities
are not recognised if the temporary difference arises from the initial recognition of goodwill or initial
recognition of assets and liabilities (other than in a business combination) in a transaction that affects
neither the taxable profit nor the accounting profit.

The Company recognises deferred tax liabilities for all taxable temporary differences except those
associated with the investments in subsidiaries where the timing of the reversal of the temporary
difference can be controlled and it is probable that the temporary difference will not reverse in the
foreseeable future.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period
in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the reporting period.

The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part
of the deferred income tax asset to be utilised.

2.11 Borrowing Costs

Borrowing costs are interest and other costs that the Company incurs in connection with the borrowing
of funds and is measured with reference to the effective interest rate (EIR) applicable to the respective
borrowing. Borrowing costs include interest costs measured at EIR.

Borrowing costs, allocated to qualifying assets, pertaining to the period from commencement of
activities relating to construction/development of the qualifying asset up to the date of capitalisation
of such asset or upto the date the assets are ready for its intended use are added to the cost of the
assets. Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and
Loss during extended periods when active development activity on the qualifying assets is interrupted.

All other borrowing costs are recognized as an expense in the period which they are incurred.”

2.12 Earnings Per Share (EPS)

Basic earnings per share is computed by dividing the profit/(loss) after tax by the weighted average
number of equity shares outstanding during the year. The weighted average number of equity shares
outstanding during the year is adjusted for the events for bonus issue, bonus element in a rights issue
to existing shareholders, share split and reverse share split (consolidation of shares).

Diluted earnings per share is computed by dividing the profit/(loss) after tax as adjusted for dividend,
interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive
potential equity shares, by the weighted average number of equity shares considered for deriving
basic earnings per

share and the weighted average number of equity shares which could have been issued on conversion
of all dilutive potential equity shares. The calculation of diluted earnings per share does not assume
conversion, exercise, or other issue of potential ordinary shares that would have an antidilutive effect
on earnings per share.

2.13 Foreign Currency Transactions

(i) Transactions in foreign currencies are translated to the respective functional currencies of Company
at exchange rates at the dates of the transactions.

(ii) Monetary assets and liabilities denominated in foreign currencies at the reporting date are
translated into the functional currency at the exchange rate of the reporting date. Non-monetary
assets and liabilities that are measured based on historical cost in a foreign currency are translated at
the exchange rate at the date of the transaction.

(iii) Exchange differences arising on the settlement of monetary items or on translating monetary
items at reporting date at rates different from those at which they were translated on initial recognition
during the period or in previous financial statements are recognised in the Statement of Profit and
Loss in the period in which they arise.

2.14 Treasury share reserve

The Company’s equity shares held by Jaro Education Welfare Trust, which is consolidated as a part of
the Company, are classified as Treasury shares. Treasury shares are carried at acquisition cost and
presented as a deduction from total equity as “Treasury share reserve”.

3. Recent accounting 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. April 1, 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. April 1, 2025 - The amendment in Ind AS 7 requires to inform users of financial statements
of the existence of supplier finance arrangements and explain the nature of the arrangements, the
carrying amount of liabilities and the range of payment due dates. Ind AS 107 has been amended to
add supplier finance arrangements as a factor that may cause concentration of liquidity risk. The
Company has reviewed the amendment and based on its evaluation has determined that it does not
have any significant impact in its financial statements.

3. Ind AS 12, International Tax Reform - Pillar Two Model Rules applicable immediately - The
amendments provide a temporary mandatory relief from deferred tax accounting for top-up tax and
disclose that they have applied the relief. This relief is immediate and applies retrospectively.”

(B) Rights, preferences and restrictions attached to the equity shares:

The Company has only one class of equity shares having par value of INR 10 per share. Each shareholder is entitled
to one vote per share held. The Company declares and pay dividend in Indian Rupees. The dividend is proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting.
During the year ended March 31,2026, the amount of per share dividend is recognised as distributions to equity shareholders
was INR 2 per share (March 31, 2025: Re 1 per share) am in the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts.

The distribution will be in proportion to the number of equity shares held by the shareholders.
During the year 2024-25, the Board of Directors of Company has passed a resolution on May 3,2024 and approved the issue
of bonus equity shares in its meeting which was further approved by Shareholders in the meeting held on May 24, 2024
in the ratio of 1 equity shares of INR 10 for every 3 equity share of INR 10 each by capitalization of such sum standing to the
credit of free reserves of the Company.

Pursuant to the provisions of Section 123 of the Companies Act 2013, provisions of the Income Tax Act, 1961 as well as other
applicable provisions. Board of Directors passed a resolution at its meeting held on May 3, 2024 approving payment of
interim dividend of INR 1 per share amounting to INR 151.69 lakhs for shareholders as of the record date, i.e. May 28, 2024.

(E) Nature and purpose of Other Reserves

Securities Premium

Securities Premium has been created consequent to issue of shares at premium. The reserve can be utilised in
accordance with the provisions of the Companies Act 2013.

Retained Earnings

Retained earnings comprises of prior years and current year's undistributed earnings/(accumulated losses) after tax.
Share Based Payment Reserve

The share based payment reserve is used to recognise the grant date fair value of options issued to employees under
Employee Stock Option Plan.

Treasury Share Reserve

Refer note 2.14 of Material Accounting Policies.

17.2 Current Borrowings

a. Term Loan (Secured)

During the year ended March 31, 2023, the Company had taken car loan from HDFC bank amouting to INR 94.60 Lakhs
which is secured against car purchased. The said car is registered in the name of the Company.

b. Cash credit facility (Secured)

During the year ended March 31,2025, the Company had availed cash credit facility from Union Bank of India amounting
to INR 2,500 Lakhs. This loan is secured against Fixed Deposit amounting to INR 1,275 Lakhs. The Company had taken
cash credit facility for the purpose of Business purpose. The Company has used such borrowings for the purpose as
mentioned in the loan agreement.

c. Cash credit facility (Secured)

During the year ended March 31, 2025, the Company had availed cash credit facility from ICICI Bank amounting to INR

3.000 lakhs. This loan is secured against Land and Building of 1101/02, llth floor, Vikas Centre, CG road, near Basant
Theatre, Vasa, Vihar complex, Chembur, Mumbai, Maharashtra, India, 400074. The Company had taken cash credit
facility for the purpose of Working Capital Management. The Company has used such borrowings for the purpose as
mentioned in the loan agreement.

d. Cash credit (Secured)

During the year ended March 31, 2025, the Company had availed cash credit facility from ICICI Bank amounting to INR

3.000 lakhs. This loan is secured against Fixed Deposit. The Company had taken cash credit facility for the purpose
of working capital management. The Company has used such borrowings for the purpose as mentioned in the loan
agreement.

Note 30: Earnings Per Share (EPS)

Basic earnings /(loss) per share amounts are calculated by dividing the profit / loss for the year attributable to equity
holders by the weighted overage number of equity shares outstanding during the year.

Diluted earnings /(loss) per share amounts are calculated by dividing the profit/loss attributable to equity holders by
the weighted average number of equity shares outstanding during the year plus the weighted average number of equity
shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.

(i) The sensitivity analysis have been determined based on reasonably possible changes of the respective
assumptions occurring at the end of the reporting period, while holding all other assumptions
constant. The sensitivity analysis presented above may not be representative of the actual change in
the Defined Benefit Obligation as it is unlikely that the change in assumptions would occur in isolation
of one another as some of the assumptions may be correlated. Furthermore, in presenting the above
sensitivity analysis, the present value of the Defined Benefit Obligation has been calculated using the
projected unit credit method at the end of the reporting period, which is the same method as applied
in calculating the Defined Benefit Obligation as recognised in the balance sheet.

(ii) There was no change in the methods and assumptions used in preparing the sensitivity analysis from
prior year

B. Compensated absences

The obligation for compensated absences as at the year end amounts to INR 14.36 Lakhs (March 31, 2025: INR
11.28 Lakhs). Expense recognised in profit and loss for the year amounts to INR 3.08 Lakhs (March 31, 2025: INR
0.98 Lakhs).

b. m/s Bennet, Coleman and Co. Ltd. (“Plaintiff”) has filed a civil suit bearing number 510 of 2023 against the
Company and certain individuals (collectively, the "Defendants") before the High Court of Judicature at
Bombay under sections 43(a) and 43(b) of the Information Technology Act, 2000, as amended, seeking (i)
damages by way of compensation aggregating to INR 717.50 Lakhs at the rate of 21% per annum from the date
of filing of the suit till the actual date of payment to the Plaintiff for unauthorized access and data theft from
the Plaintiff's computer system and (ii) grant of injunction against the Defendants from the use or access
to the said data, in addition, the Plaintiff has also filed an interim application dated July 17, 2023 to restrain the
Defendants by an order of injunction from accessing and transferring in any manner the confidential information
from the computer systems of the Plaintiff and the Defendants filed an written statement on November 9, 2023
rejecting the claims of the Plaintiff seeking dismissal of the matter. The matter was subsequently transferred to
the Court of Additional Sessions Judge, City Civil Court, Mumbai. The matter was referred to Lok-Adalat by the
Court of Additional Sessions Judge vide order dated February 24, 2026. As neither the plaintiff nor the defendant
appeared for the hearing scheduled on March 14, 2026, the matter has been adjourned to July 10, 2026.

c. Mr. Aksh Sodhie ("Plaintiff"), a learner enrolled in the Master of Science in Data Science program offered by IU
International University of Applied Sciences, Germany, in November 2021, has filed a case against the Company
and certain other parties ("Defendants") alleging non-delivery of the course as promised and unilateral
termination of enrolment without access to the necessary course materials. The Defendants have filed written
statements and applications contesting the claims of the Plaintiff. The matter is currently pending before the
District Judge-02 (West), Tis Hazari Courts, Delhi, and is listed for hearing on April 29, 2026.

> The Company cannot determine the timing of any cash outflows related to the above until the proceedings
are resolved and judgements/ decisions are received from different forums / authorities.

it.The Company has clearly examined all of its ongoing legal cases and has made appropriate provisions
where necessary. The Company believes that the outcome of these cases will not significantly impact its
financial position. Additionally, the Company does not expect any reimbursements in respect of the above
contingent liabilities.

B. Commitments

There are no commitments existing as on March 31, 2026 and March 31,2025.

Note 34: Segment reporting

The Company's business activities which are primarily education program services and related activities falls
within a single reportable segment as the management of the Company views the entire business activities
as education program services. 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 segments.

The Chief Operating Decision Maker ("CODM") which is Board of Directors evaluates the Company's performance and
allocates resources based on an analysis of various performance indicators at operational unit level. Since the Company's
business is from single business reporting segment, there are no other primary reportable segments. Thus, the segment
revenue, segment results, total carrying amount of segment assets, total carrying amount of segment liabilities, total cost
incurred to acquire segment assets, total amount of charge for depreciation during the year is as reflected in the Financial
Information.

Note 36: Corporate Social Responsibility (CSR)

As per Section 135 of the Companies Act, 2013, during the year, Company is required to comply with the CSR
requirements which is formation of the CSR committee, identification of the CSR projects and funding such projects
for at least two percent of the average net profits of the Company during the three immediately preceding financial
years. The Company has spent the following amount during the year towards corporate social responsibility (CSR)
for activities listed under schedule VII of the Companies Act, 2013

Notes:

to Nature of CSR activities undertaken during the current year include donation to lISc Bengaluru (Support for
HSc Medical school) of Rs 56.00 lakhs and to Khan Foundation (Healthcare) of Rs 51.00 lakhs.

<n) Nature of CSR activities undertaken during the previous year include donation to Anvi Medical and Educational
Foundation (for promotion education) of Rs 20.00 lakhs and to Raginiben Bipinchandra Seva Karya Trust (for
promotion education) of Rs 36.00 lakhs.

(i»u The amount has been spent for the purpose other than towards construction/acquisition of any asset as
approved in the meeting of the Board of Directors.

Note 38: Financial Risk Management

in the course of its business, the Company is exposed primarily to liquidity risk, interest rate fluctuation risk, credit risk and
foreign exchange fluctuation risk
A. Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity
risk is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under
normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. Typically,
the Company ensures that it has sufficient cash on demand to meet expected operational expenses and service
financial obligations.

0) Maturities of financial liabilities

The table below summarises the maturity profile of the Company's financial liabilities based on contractual
payments at each reporting date:

B. Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: Foreign currency risk, interest rate risk and credit
risk. The details are given below:

Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed. Trade
receivables are typically unsecured and are derived from revenue earned from customers located in India. Credit
risk is managed through periodic assessment of the financial reliability of customers, taking into account the
financial condition, current economic trends, analysis of historical bad debts and ageing of trade receivables. Other
financial instruments that are subject to credit risk includes cash and cash equivalents, bank deposits, loans and
security deposits.

The maximum exposure to credit risk at the reporting date is primarily from trade receivables which amounted to
INR 1,368.68 Lakhs and INR 3,621.78 Lakhs as at March 31,2026 and March 31,2025 respectively. The Company provides
impairment allowance using the ECL model on trade receivables by following simplified approach. An impairment
analysis is performed at each reporting date on an individual customer basis.

The credit risk on cash and cash equivalents and bank deposits is limited because the counterparties are banks
with high credit ratings.

The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing
counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the
counterparties, taking into account their financial position, past experience and other factors.

The Company does a credibility check on the landlords before taking any property on lease and hasn't had a single
instance of non-refund of security deposit on vacating the leased property. The Company also in some cases
ensure that the notice period rentals are adjusted against the security deposits and only differential, if any, is paid
out thereby further mitigating the non-realization risk.

(iii) Foreign currency risk

The Company has limited international transactions and thus its exposure to foreign exchange fluctuation risk is
low. The Company has following foreign currency exposures:

Note 39: Capital management policies and procedures

The Company's objectives when maintaining capital are:

(a) to safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for
shareholders and benefits for other stakeholders, and

(b) to provide an adequate return to shareholders by pricing services commensurately with the level of risk.

The Company sets the amount of capital it requires in proportion to risk. The Company manages its capital structure
and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the
underlying assets, in order to maintain or adjust the capital structure. The Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

The Company monitors capital on the basis of gearing ratio. This ratio is calculated as net debt divided by total
equity. Net debt is calculated as the total borrowings less cash and cash equivalents and other bank balances. Total
equity includes all components of equity.

Note 40: Share Based Payments

Employee Share Option Plan (ESOP)

The Board vide its resolution dated April 4, 2022 approved “ESOP 2022“ plan for granting Employee Stock Options
in form of equity shares linked to the completion of a minimum period of continued employment to the eligible
employees of the Company, monitored and supervised by the Board of Directors.

The options granted shall vest in 3 tranches as follows: (l) l/3rd of the options shall vest after at the end of 12 months
from the date of grant, (2) l/3rd of the options shall vest at the end of 24 months from the date of grant and (3) l/3rd
of the options shall vest at the end of 36 months from the date of grant.

The exercisable period of the options is 4 years from the date of grant. When exercisable, each option is convertible
into one equity share. The exercise price of the options is INR 10 per option.

The scheme was amended for granting Employee Stock Options to additional employees of the Company pursuant
to the resolution passed by the Board on July 27, 2024.

Note 42: Additional Regulatory Information

i. Title deeds of Immovable Properties not held in name of the Company

There are no immovable properties held by the Company.

ii. Utilisation of Borrowed funds

(a) 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 lend or invest in party identified by or on behalf of the Company (ultimate
Beneficiaries).

(b) The Company has not received any fund from any party(s) (Funding Party) with the understanding that
the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by
or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

by a registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017
is not applicable.

The Company does not have any Intangible Assets thus, disclosures relating to revaluation of Intangible Assets
is not applicable.

iv. Details of benami property held

The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property.

v. Wilful Defaulter

The Company has not defaulted nor been declared wilful defaulter by any bank or financial institution or other
lender.

vi. Relationship with struck off companies

The Company does not have any transactions with the Companies struck off under section 248 of the Companies
Act, 2013 or section 560 of the Companies Act, 1956.

vii. Registration of charges or satisfaction with Registrar of Companies (ROC)

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

viii. Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read
with Companies (Restriction on number of Layers) Rules, 2017.

lx. Compliance with approved Scheme(s) of Arrangements

The Company has not entered into any scheme of arrangements as approved by the competent authority
in terms of Section 230 to 237 of the Companies Act, 2013, thus, the disclosures relating to compliance with
approved scheme of arrangements is not applicable to the Company.

x. Undisclosed income

The Company does not have any undisclosed income which is not recorded in the books of account that has
been surrendered or disclosed as income during the year (previous year) in the tax assessments under the
Income Tax Act, 1961.

xi. Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous
year.

Note 43:

The Government of India has consolidated 29 existing labour legislations into a united framework comprising four
Labour Code viz Code on wages 2019, Code on Social Security 2020, Industrial Relation Code 2020, and Occupational
Safety, Health and Working Condition Code 2020 (collectively referred to as the New Labour Codes). These Codes
have been made effective from November 21,2025. The corresponding all supporting rules under these codes are yet
to be notified. On the basis of information available and actuarial valuation, the company assessed the impact of
these changes. The Company has estimated and accounted for incremental liability for own employees aggregating
to INR 10.76 lakhs. The Company continues to monitor the notification of Central / State rules.

Note 44:

During the year ended March 31, 2026, the Company had completed an Initial Public Offer (IPO) of 50,56,179 equity
shares of face value of INR 10 each at an Issue price of INR 890 per share (including a share premium of INR 880 per
share). The issue comprised of a fresh issue of 19,10,112 equity shares aggregating to INR 17,000.00 lakhs and offer for
sale of 31,46,067 equity shares by selling shareholders aggregating to INR 28,000.00 lakhs, totalling to INR 45,000.00
lakhs. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited
(NSE) and BSE Limited (BSE) on September 30, 2025.

The utilisation of the IPO proceeds in relation to fresh issue is summarised below:

Note 45:

During the year ended March 31, 2026, the Company has appointed Jaro Education Welfare Trust (“The ESOP Trust")
to administer the employee stock option scheme. For the said purpose, the ESOP Trust borrowed funds from the
Company and purchased the Company's shares from open market for allotting the same to eligible employees. Till
March 31, 2026 the ESOP Trust has purchased 3,99,595 number of shares of the Company from open market.

The Company has adopted the accounting policy to consolidate the ESOP Trust in the financial
statements. Consequently, in the financial statements of the Company, the loan given to ESOP
Trust (including interest) is eliminated and investment in own equity shares that are purchased
(i.e. treasury shares) are recognised at cost and disclosed as deduction from equity and reserves.

Note 46: Subsequent Event

The Board of Directors have at its meeting held on May 07, 2026, proposed a final dividend of INR 3 per equity share,
however this does not require any adjustment in the financial statements. There are no events or transactions that
have occurred subsequently since the date of Balance Sheet or are pending that would have a material effect on
the financial statements at that date or for the period then ended, other than those reflected or fully disclosed in the
financial statements.

Note 47:

This Financial Statements have been approved for issue by the board of directors at its meeting held on May 07,
2026.