Notes :

a) Terms and restrictions attached to the OCDs issued by PEPL is as under:

(i) Term: The OCDs shall have a term of 10 years from the date of allotment i.e. March 25, 2025

(ii) Conversion terms: At the option of the Company, the OCDs shall be fully convertible into equity shares at or any time before completion of the term, at fair value
of equity shares of PECPL as on the date of conversion

(ill) Redemption terms: if not converted, the OCDs shall be redeemed at face value along with applicable interest accrued and remaining unpaid of the OCDs

(iv) Coupon: The OCDs shall not carry any interest till March 31, 2027. The interest post March 31, 2027 shall be mutually agreed between the parties.

(v) Voting rights: The OCDs do not cany any voting rights.

b) in earlier years, the Company had issued 12,404 partly paid equity shares at a subscription price of INR 202.30 per share and 16,851 partly paid equity shares at a
subscription price of INR 503.31 per share to eligible employees of Good Host Spaces (Sonipat) Private Limited, the subsidiary company. Accordingly, the Company
has considered the related share based payments expense amounting to INR 5.83 mitlion incurred till March 31, 2026 (March 31, 2025: INR 5.83 million) as deemed
capital contribution in the subsidiary company in accordance with Ind AS 102 'Share based payment'.

c) Terms and restrictions attached to the OCDs Issued by Good Host Spaces (Sonipat) Private Limited is as under:

(i) Term: The OCDs shall have a term of 30 years from the date of allotment.

(ii) Conversion terms: At the option of the Issuer, the OCDs shall be fully convertible into equivalent number of equity shares at any time on or before completion of
the term, if not converted / redeemed before the expiry of tenure, the OCDs shall be either converted into equity shares or shall be redeemed, at the option of the
Issuer.

(ili) Redemption terms: The OCDs cannot be redeemed by the Issuer till the time the Issuer has borrowings from specified lender. Further, the OCDs cannot be
redeemed by the Issuer for a period of five years from the date of allotment.

(iv) Coupon: The OCDs shall not carry any interest till the time the Issuer has borrowings from specified lender. Post repayment of the lender dues, the interest rate
may be mutually discussed and agreed between the parties.

(v) Voting rights: The OCDs do not carry any voting rights

d) Terms and restrictions attached to the OCDs issued by Elevate Hostel Management Services Private Limited is as under:

(i) Term: The OCDs shall have a term of 20 years from the date of allotment

(ii) Conversion terms : At the option of the Issuer, the OCDs shall be fully convertible into equivalent number of equity shares at any time on or before completion of
the term. If not converted / redeemed before the expiry of tenure, the OCDs shall be either converted into equity shares or shall be redeemed, at the option of the
Issuer.

(iii) Redemption terms: Upon redemption, the Company shall pay to the holder of OCDs the face value of the OCDs plus any accrued interest, a

(iv) Coupon: The OCDs shall not carry any interest until the expiry of 24 months time from the date of allotment- After expiry of 24 months, the interest rate may be
determined based on arms length rate of interest.

(v) Voting rights: The OCDs do not carry any voting rights

e) Terms and restrictions attached to the OCDs issued by Data Ram Sons Private Limited is as under:

(i) Term: The OCDs shall have a term of 10 years from the date of allotment

(ii) Conversion terms: At the option of the holder, the OCD shall be convertible into equivalent number of Equity Shares at any time during the term. Outstanding
OCDs, at the end of the term, shall be automatically converted into Equity Shares in the ratio of 1:1 or be repaid in full at the option of the Issuer.

(iii) Redemption terms: At the option of the holder, the OCD shall be redeemed at face value along with applicable accrued interest.

(iv) Coupon: The OCDs shall carry a coupon of 9.40% p.a.

(v) Voting rights: The OCDs do not carry any voting rights.

f) Terms and restrictions attached to the OCRPS issued by Elevate UAE Assetco Pte. Ltd.:

(i) Term: The OCRPS shall have a term of 20 years from the date of allotment

(ii) Conversion terms : At the option of the Issuer, the OCRPS shall be fully convertible into equivalent number of equity shares at any time on or before completion
of the term. If not converted / redeemed before the expiry of tenure, the OCRPS shall be either converted into equity shares or shall be redeemed, at the option of
the Issuer.

(iii) Redemption terms: At the option of the Issuer, the OCRPS shall be redeemed at USD 1.

(iv) Dividend: The OCRPS shall not non-cumulative and shall be payable only if declared by the board of directors of the Issuer at its sole discretion.

(v) Voting rights: The OCRPS do not carry any voting rights.

g) Terms and restrictions attached to the OCDs issued by Elevate Hostel Management Services Private Limited is as under:

(i) Term: The OCDs shall have a term of 20 years from the date of allotment

(ii) Conversion terms : At the option of the Holder, the OCDs shall be fully convertible into equivalent number of equity shares at any time on or before completion of
the term. If not converted / redeemed before the expiry of tenure, the OCDs shall be either converted into equity shares or shall be redeemed, at the option of the
Issuer.

(iii) Redemption terms: Upon redemption, the Company shall pay to the holder of OCDs the face value of the OCDs plus any accrued interest, n

(iv) Coupon: The OCDs shall not carry any interest until the expiry of 24 months time from the date of allotment. After expiry of 24 months, the interest rate may be

(v) Voting rights: The OCDs do not carry any voting rights

h) The carrying amount of the investment includes INR 100.14 million relating to the Company's obligation in respect of the acquisition of the remaining non¬
controlling interest in the subsidiary. A corresponding financial liability has been recognized under financial liabilities.

(ii) Pursuant to a resolution passed in the extra ordinary general meeting of the shareholders of the Company held on February 6, 2026, the present authorized share
capital of the Company of INR 200.00 million divided into 100,000,000 equity shares of INR 1 each and 100,000,000 compulsorily convertible preference shares of INR 1
each has been increased to INR 300.00 million divided into 200,000,000 equity shares of INR 1 each and 100,000,000 compulsorily convertible preference shares of INR
1 each.

(iii) During the year ended March 31, 2025, the Board of Directors of the Company approved forfeiture of its partly paid up shares held by certain employees of the
Company and its subsidiary for a consideration of INR 52.16 million towards extinguishment of their interest in such partly paid up shares. Accordingly, the
consideration paid has been adjusted against the paid up capital on such partly paid up shares amounting to INR 0.01 million and the balance has been debited to
Employee share based payments reserve. Consequently, the balance in the Employee share based payments reserve amounting to INR 28.68 million has been
transferred to Retained earnings during the year ended March 31, 2025.

(iv) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having par value of INR 1 per share. Each holder of equity share is entitled to one vote per share. The Company
declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholdings.

(iii) Terms and conditions of Class A CCPS

Conversion terms: The CCPS shall be mandatorily and compulsorily converted into equivalent no. of fully paid-up equity shares on or before filing of red herring
prospectus ("RHP") by the Company or June 30, 2028, whichever is earlier

Voting rights: The CCPS do not carry any voting rights, unless converted. Post conversion, the CCPS shall rank pari passu with the existing equity shares
Accordingly, given the above mentioned terms, the Class A CCPS has been classified within equity

(iv) Rights, preferences and restrictions attached to shares

Each Class A CCPS has a par value of INR 1 and is compulsorily and mandatorily convertible into fully paid up equity shares of the Company in the ratio of 1:1 prior to
the Holding Company filing its red herring prospectus with the Registrar of Companies, stock exchanges, the Securities and Exchange Board of India and any other
regulatory authorities or on or before June 30, 2028, whichever is earlier. The holder of the said Class A CCPS are entitled to a non-cumulative, non-participating
dividend at the rate of 0.001% per annum. Upon conversion of the said Class A CCPS into equity shares, the equity shares allotted pursuant to the conversion shall be
entitled to all voting rights and all other entitlements, including any dividends or other distributions, as are available to equity shares.

(ii) The Company is required to comply with certain financial covenants on semi-annual and annual basis in accordance with the financial covenants clause of the borrowings
agreement, breach of which entitles the banks to demand accelerated repayment of the outstanding borrowings. The Company has satisfied all the applicable financial covenants
prescribed in terms of the borrowings agreement during the year ended March 31, 2026. Further, the Company has no indication that it will have difficulty in complying with the
applicable covenants.

(iii) Terms and conditions of CDs is as under:

During the year ended March 31, 2026, the Company has issued 52.50 mitlion CDs of face value of INR 200 each, totalling to INR 10,500.00 million to Genius Rajkot Investment
Holdings Pte. Ltd.

(a) Term: The CDs shall have a term of 20 years from the date of allotment i.e. September 24, 2025

(b) Conversion terms: The CDs shall be mandatorily and compulsorily converted into fully paid equity shares at the fair market value on the date of conversion ("conversion price"),
with such conversion price not being lower than the offer price offerred in the initial public offering of the Company. Further, the conversion shall be completed prior to filing of
RHP with the Registrar of Companies, stock exchanges, Securities and Exchange Board of India and any other regulator, but no later than June 30, 2028 i.e. Long Stop Date.

(c) Redemption terms: In case the Company has resolved not to file RHP on or before the Long Stop Date, the Holding shall have an option to redeem the CDs, in whole, at the fair
values i.e. face value of CDs along with interest determined based on transfer pricing study

(d) Coupon: The CDs shall not carry any interest if converted at any time prior to June 30, 2028 or as otherwise mutually agreed between the Company and CD holder

(e) Voting rights: The CDs do not carry any voting rights, unless converted. Post conversion, the CDs shall rank pari passu with the existing equity shares

Accordingly, given the above mentioned terms, the CDs have been considered as a compound financial instrument. Consequently, the Company has recognised CDs at fair value
viz. liability component and equity component thereon amounting to INR 10,276.00 million and INR 224.00 million respectively. Subsequently, the Company has recognised
notional finance cost of INR 224.00 million pursuant to unwinding of the liability component of the CDs.

Performance Obligation

The performance obligation of the Company in case of facility management fee income is satisfied over-time and other operating income is satisfied at a point
of time. The Company raises invoices as per the terms of the contract, upon which the payment is due to be made by the customers.

As per the terms of the service contracts with the customers, the Company has right to consideration from customers in an amount that directly corresponds
with the value to the customers of the Company's performance obligation completed till date. Accordingly, the Company has used the practical expedient under
Ind AS 115 'Revenue from contracts with customers' and has disclosed information relating to performance obligations to the extent required under Ind AS 115.
The entire revenue is earned from the customers located in India.

Note 30 - Assets held for sale

On February 24, 2025, the Board of Directors of the Company approved a plan to transfer of all rights, title and interest in the hostel at T.A. Pai Management
Institute, including surrender of leasehold rights over the underlying land. Accordingly, as at March 31, 2025, the assets and liabilities related to the said hostel is
classified as a disposal group held for sale in accordance with Ind AS 105 - "Non-current Assets Held for Sale and Discontinued Operations". The Company has entered
into an agreement dated April 9, 2025 with Manipal Academy of Higher Education to transfer the hostel for a consideration of INR 2,075.00 million, pursuant to which
the Company has recognized a gain on sale amounting to INR 1,094.42 million. The said gain has been recognized as an exceptional item in the Statement of Profit
and Loss.

Further, as required by Ind AS 105, the said disposal company has been measured at the lower of carrying amount and fair value less costs to sell.

The major classes of assets and liabilities, pertaining to the hostel business classified as held for sale, as at March 31, 2025 are as follows:

Risk management framework

The Company's Board of Directors (Board) have overall responsibility for the establishment and oversight of the Company's risk management framework. The risk management
policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions and its activities.

The Company's Board oversees how management monitors compliance with risk management policies and procedures, and reviews the adequacy of the risk management
framework in relation to the risks faced by the Company. The Board is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews
of risk management controls and procedures, the results of which are reported to the Board.

The Company’s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s
operations. The Company's principal financial assets include finance lease receivable, trade receivables and cash and cash equivalents that is derived directly from its
operations.

I. 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, loans and cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure.
The Company has established a process of dealing with only reputed counterparties as a means of mitigating the risk of financial loss from defaults. The credit risk is restricted
as the entire fees for the academic term / year are collected in advance from the students on semi-annual or annual basis. Further, the Company collects security deposits from
most of the University students before commencement of the academic year and from commercial outlets before commencement of the lease and therefore does not foresee
any significant credit loss risk.

The Company reviews the credit risk on a periodic basis and ensures that the receivables are good and collectible. The Company evaluates the concentration of risk with
respect to trade receivables as low, as students form a significant part of its customer base, fees from whom are collected in advance. The maximum exposure to credit risk at
the reporting date is the carrying value of each class of financial assets.

II. 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. Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due,
under both normal and stressed conditions, without incurring unacceptable losses or risking damage to Company's reputation.

The Company manages liquidity risk by monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The Company collects the hostel fees for the entire year in advance from the students annually or semi anually, which is invested in mutual funds and fixed deposits and
withdrawn on monthly basis to meet the working capital requirements.

111. 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: currency risk, interest rate risk and other price risk, such as equity price risk and commodity risk.

(a) Currency risk

Currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. At the reporting date, there are no
significant exchange rate risks as all financial assets, except investments held by the Company in foreign subsidiaries and financial liabilities are denominated in Indian Rupees.
The Company does not have any unhedged foreign currency exposure as on March 31, 2026.

(b) Interest rate risk management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates. The Company's exposure to the
risk of changes in interest rates relates primarily to the long-term debt obligations with floating interest rates.

(c) Price risk

Price risk is the risk of fluctuations in the value of assets and liabilities as a result of changes in market prices of investments. The Company has no material exposure to equity
securities price risk and is not exposed to commodity risk. The Group's exposure to price risk arises from investments held by the Company in mutual funds and classified in the
balance sheet as fair value through statement of profit or loss. The fair value of these investments is marked to an active market. The financial assets carried at fair value by
the Company are mainly investments in liquid and overnight debt mutual funds and accordingly no material volatility is expected.

Risk exposure

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below :

(A) Asset volatility: The plan liabilities are calculated using a discount rate set with reference to bond yields, these are subject to interest rate risk.

(B) Salary growth & demographic assumptions: The plan liabilities are calculated using the salary escalation and demographic assumptions which is sponsored by the
Company and hence it underwrites all the risks pertaining to the plan. In particular, there is a risk for the Company that any adverse salary growth or demographic
experience or inadequate returns on underlying plan assets can result in an increase in cost of providing these benefits to employees in future. Since the benefits are
lumpsum in nature the plan is not subject to any longevity risks.

(C) Defined benefit obligation - average duration

The weighted average duration of the defined benefit obligation as at March 31, 2026 is 1.09 - 9.06 years (March 31, 2025: 8 - 9 years)

Note:

(i) The Company has received a show cause notice dated September 25, 2025 alleging non-payment of GST on goodwill and right to provide facility services
arising pursuant to acquisition of business undertakings through slump sale in the financial year 2017-18, resulting in a tax liability, including interest and
penalty, of INR 496.12 million. The Company has responded to the said notice vide its submission dated October 30, 2025, subsequent to which demand
order dated December 26, 2025 amounting INR 96.83 million has been issued by the GST authorities. The Company is in process to file its submissions /
appeal before the appropriate authorities. Based on the facts of the case and legal assessment, the management believes that the Company has a strong
case on merits and accordingly no provision has been recognized in the Standalone Financial Statements.

Other matters

In 2022, "services by way of renting of residential dwelling for use as residence except where the residential dwelling is rented to a registered person" was
exempted from the levy of GST vide amendment in GST Act vide Notification No. 04/2022 - Central Tax (Rate) dated July 13, 2022. Pursuant to the said
amendment, the management of the Company, based on legal opinion from independent expert, believes that the hostel accommodation services provided
to the University students by the Company continues to be eligible for exemption from levy of GST. Subsequently, through Notification No. 04/2024 -
Central Tax (Rate), the Government of India has added a new Entry 12A to Notification no 12/2017 Central Tax Rate dated July 28, 2017 specifically
exempting supply of accommodation services less than or equal to INR twenty thousand rupees per month provided service is provided for a minimum
continuous period of ninety days.

For the supply of accommodation services prior to July 15, 2024 which had a value of more than 20,000 per month, the Company believes that it is in the
nature of residential accommodation services and hence exempt from levy of GST, which is supported by judgment of the Supreme Court in Taghar
Vasudeva Ambrish case in December 2025 and Madras High Court in Thai Mookambikaa Ladies Hostel case in March 2024.

Accordingly, the management believes that they have merits to the stand taken and accordingly no provision w.r.t. GST liability on residential
accommodation services is recognized in the standalone financial statements for the year ended March 31, 2026 (March 31,2025: Nil).

(b) Company as a lessee

The Company has lease contracts for various items of building, plant and machinery and land with lease term ranging between 2 year and 60 years. There
are certain lease contracts that include extension and termination options, which are further discussed below. The Company does not have any contract
with variable lease payments.

The Company also has certain leases of building with lease terms of 12 months or less and leases of land with low value. The Company applies the ‘short¬
term lease’ and 'lease of low-value assets’ recognition exemptions for these leases.

The Company has several lease contracts that include extension and termination options. These options are negotiated by management to provide
flexibility in managing the leased-asset portfolio and align with the Company’s business needs. Management exercises significant judgement in determining
whether these extension and termination options are reasonably certain to be exercised.

Fair value hierarchy

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

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived
from prices).

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

During the year, there were no transfer between level 1 & level 2 and no transfer into & out of level 3 fair value measurements.

Fair value measurements using significant unobservable inputs (Level 3)

The following table summairses the valuation techniques used and the quantitative information about the significant unobservable inputs used in Level 3 fair value
measurements:

Terms and conditions of transaction with related parties
Interest on loans / inter corporate borrowing (ICD)

The Company has given / taken loans / ICDs to / from subsidiary companies and KMPs. The said loans/ICDs are interest free in the case of KMPs and carries repo based interest rate, for other related
parties (members of the same group and subsidiaries), with repayment terms generally on demand. •

Terms of investment in OCD's, CD's, OCRPS - For the terms refer Note 6.

Remuneration to KMP's

The amounts disclosed in the table above are the amounts recognised as an expense during the financial year related to KMPs which are duly approved by the Board of Directors. The amounts do not
include expense, if any, recognised toward post-employment benefits and other long-term benefits of key managerial personnel. Such expenses are measured based on an actuarial valuation done for
each entity as a whole. Hence, amounts attributable to KMPs are not separately determinable.

Reimbursement of expenses and related Receivables/Payables

The Company makes certain payments or incurs expenses on behalf of the other party. Such amounts, whether receivable or payable, are typically settled within 30-90 days from the invoice date. These
balances are unsecured, interest-free, and are settled in cash.

Leasing arrangements

The Company has entered into a long-term leasing agreement with a related party during year ended March 31, 2026. The lease agreement requires the Company to pay fixed lease rentals on a monthly
basis at the beginning of each month. The terms are similar as applicable to third parties in an arm's length transaction and in the ordinary course of business. The Company mutually negotiates and
agrees the price and payment terms with the related party by benchmarking the same to similar services rendered by non-related parties. The amount payable is unsecured, interest free and require
settlement in cash.

Other general terms and conditions

The transactions from related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the year-end are unsecured and non interest bearing and
settlement will occur in cash. There have been no guarantees provided or received for any related party receivables or payables.

Note 39 - Segment Information

The Company is providing leasing services and facility management services to University students. The Company is currently predominantly operating in a single geography i.e. India. Based on
the "management approach" as defined in Ind AS 108 Operating Segments", a representative of the Company - the Chief Operating Decision Marker ("CODM") evaluates the Company's performance
and allocates resources based on an analysis of various performance indicators by the overall business segment. As the allocation of resources and profitability of the business is evaluated by the
CODMon an overall basis, a single segment has been identified and there are no other reportable segment as per Ind AS 108 "Operating Segments'. Accordingly no additional disclosure has been
made for the segmental revenue, segmental results and the segmental assets and liabilities. Further,

(i) the Company operates within India and does not have operations in economic environments with different risks and returns. Hence, it is considered operating in single geographical segment;
and

(ii) there are no major customers having revenue more than 10% of the reportable segment.

Note 40 - Capital management

For the purpose of the Company’s capital management, equity includes issued equity capital, share premium and alt other equity reserves of the Company. The primary objective of the
Company’s capital management is to maximise the shareholder value. The Company's Capital Management objectives are to maintain equity including all reserves to protect economic viability
and to finance any growth opportunities that may be available in future so as to maximize shareholders' value. The Company is monitoring capital using debt equity ratio as its base, which is
debt to equity. The Company's policy is to keep debt equity ratio below two and half and infuse capital if and when required through issue of new shares and/or better operational results and
efficient working capital management.

Note 42 - Maintenance and preservation of audit trail

(0 The Company has used SAP HANA, an Enterprise Resource Planning ("ERP") 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 the audit trail feature is not enabled throughout the year for certain
changes made, if any, using privileged / administrative access rights. However, there were no such instances of change made using privileged / administrative access rights during the current
financial year. Further, no instance of audit trail feature being tampered with was noted in respect of the said accounting software. Additionally, the Company has recorded and preserved audit
trail in full compliance with the requirements of section 128(5) of the Companies Act, 2013, to the extent it was enabled and recorded in the respective years.

(ii) The Company has defined process to take daily back-up of books of account maintained electronically in servers physically located in India, However, the logs of the back-up of the books of
accounts was not maintained by the Company on a daily basis during the current financial year. The management is in process to take adequate steps to configure the system to ensure that logs
of daily back up of the books of account is maintained so long as they are required to be maintained under applicable statute.

Note 43 - 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 under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

(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 persons or entities, 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 Company (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 persons or entities, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the
Company shall

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

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

(vii) The Company does not have any 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 Company has not been declared wilful defaulter by any bank or financial institution or other lender,

(ix) The Company is not required to file quarterly returns or statements of current assets with banks or financial institutions.

Note 44 - Events after the reporting period

(i) Subsequent to year ended March 31, 2026, the Board of Directors of the Company in their meeting held on May 20, 2026 have approved Company’s intention to convert (i) 52,500,000 CDs of
face value of I NR 200 each into 1,82,70,000 equity shares of face value of INR 1 each; and (ii) 66,313,116 CCPS of face value of INR 1 each into equivalent no. of equity shares of face value of INR
1 each.

(ii) Subsequent to year ended March 31, 2026, the Nomination and Remuneration Committee of the Board of Directors of the Company, in their meeting held on May 20, 2026, has approved grant
of 21,50,000 stock options to eligible employees of the Company and its subsidiaries under the Elevate Campuses Limited Employee Stock Option Scheme 2025. The related share-based payment
expense arising from the grant wilt be recognized over the applicable vesting period in accordance with Ind AS 102 '5hare-based Payments’.

The aforementioned transactions do not have any impact on the Standalone financial statements of the Company.

Note 45 - Other notes

(i) During the year ended March 31, 2026, the Company has entered into a Lease Deed dated March 23, 2026, for a period of 4 years and 3 months commencing from April 1,2026 and Hostel
Accommodation and Services Agreement (‘HSA’) dated March 23, 2026, for a period of 4 years commencing from July 1, 2026, with International Institute of Information Technology, Bangalore
('IIITB' or the ‘University’) to lease the academic block and provide student accommodation services respectively, to students of the University.

(ii) During the year ended March 31, 2026, the Company has entered into Share Purchase Agreements dated September 24, 2025 for acquisition of Infraschool Services Chintamani Private
Limited, Infraschool Services Kadiri Private Limited, Infraschool Services Korba Private Limited, Infraschool Services Tumkur Private Limited, Pureleam Eduinfra Kanakapura Private Limited,
Pureleam Eduinfra Ramanagara SH Private Limited, Pureleam Eduinfra Bangalore Private Limited, CUIB Eduinfra Bangalore Private Limited; Infraschool Services Gurgaon Private Limited,
Pureleam Eduinfra Bowenpally Private Limited ('PEBPL'), Pureleam Eduinfra Hyderabad Private Limited, Pureleam Eduinfra Chennai Private Limited, Pureleam Eduinfra Hisar Private Limited, St.
Michael's Educational Services Private Limited. The consideration towards the said acquisitions shall be discharged in cash, out of proceeds received from initial public offering. The said
acquisitions have not been consummated as at the date of approval of these standalone financial statements. Being entities under common control, upon consummation, the said acquisitions
shall be accounted for in accordance with Appendix C of Ind AS 103 'Business Combinations'.

Note 46 -Pursuant to a special resolution passed in the extraordinary general meeting of the shareholders of the Company held on July 29, 2025, the Company was converted from Private
Limited Company to Public Limited Company and consequently the name of the Company has changed from Good Host Space Private Limited to Good Host Spaces Limited, pursuant to a fresh
certificate of incorporation by the Registrar of Companies on August 20, 2025. Thereafter, the name of the Company is changed to "Elevate Campuses Limited”, pursuant to a re-branding
exercise and a fresh certificate of incorporation was issued by the Registrar of Companies, Central Processing Centre on September 8, 2025.