(v) Provisions, contingent assets and contingent
liabilities

Provisions are recognized only when there is a present
obligation (legal or constructive), as a result of past
events, and it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and when a reliable estimate of the
amount of obligation can be made at the reporting date.
Provisions are discounted to their present values, where
the time value of money is material, using a current
pre-tax rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is
recognised as a finance cost.

When the Company expects some or all of a provision
to be reimbursed, the reimbursement is recognised as
a separate asset, but only when the reimbursement is
virtually certain. The expense relating to a provision is
presented in the statement of profit and loss net of any
reimbursement.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed only
by future events not wholly within the control of the
Company; or

• Present obligations arising from past events where
it is not probable that an outflow of resources will
be required to settle the obligation or a reliable
estimate of the amount of the obligation cannot be
made.

Contingent assets are neither recognised nor disclosed
except when realisation of income is virtually certain,
related asset is disclosed.

(w) Cash and cash equivalents

Cash and cash equivalents for the purposes of statement
of cash flow comprise cash at bank and in hand and
short-term bank deposits with an original maturity of
three months or less.

(x) Income taxes

Tax expense comprises current and deferred tax.
Current and deferred tax is recognised in statement of
profit and loss except to the extent that it relates to items
recognised directly in equity or other comprehensive
income.

The current income-tax charge is calculated on the
basis of the tax laws enacted at the balance sheet date.
Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable
tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.

Deferred tax is provided in full, on temporary differences
arising between the tax base of assets and liabilities
and their carrying amounts in the financial statements.
Deferred tax is determined using tax rates (and laws)
that have been enacted or substantially enacted by the
end of the reporting period and are expected to apply
when the related deferred tax asset is realised or the
deferred tax liability is settled. Deferred tax assets are
recognised for all deductible temporary differences and
unused tax losses only if it is probable that future taxable
amounts will be available to utilise those temporary
differences and losses.

In the situations where the company is entitled to a
tax holiday under the Income-tax Act, 1961 enacted in
India, no deferred tax (asset or liability) is recognized in
respect of temporary differences which reverse during
the tax holiday period, to the extent the concerned
entity's gross total income is subject to the deduction
during the tax holiday period. Deferred tax in respect
of temporary differences which reverse after the tax
holiday period is recognized in the year in which the
temporary differences originate. However, the Company
restricts recognition of deferred tax assets to the extent
it is probable that sufficient future taxable income will be
available against which such deferred tax assets can be
realized. For recognition of deferred taxes, the temporary
differences which originate first are considered to
reverse first.

Current tax assets and tax liabilities are offset where
the entity has a legally enforceable right to offset and
intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously. Deferred tax
assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to
the same taxation authority.

(y) Non-current assets held for sale

The Company classifies non-current assets as held for
sale if their carrying amounts will be recovered principally
through a sale rather than through continuing use.
Actions required to complete the sale should indicate
that it is unlikely that significant changes to the sale will
be made or that the decision to sell will be withdrawn.
Management must be committed to the sale expected
within one year from the date of classification.

The criteria for held for sale classification is regarded
met only when the assets or disposal group is available
for immediate sale in its present condition, subject only
to terms that are usual and customary for sales of such
assets, its sale is highly probable; and it will genuinely
be sold, not abandoned. The Company treats sale of the
asset to be highly probable when:

i. The appropriate level of management is committed
to a plan to sell the asset;

ii. An active programme to locate a buyer and
complete the plan has been initiated;

iii. The asset is being actively marketed for sale at a
price that is reasonable in relation to its current fair
value;

iv. The sale is expected to qualify for recognition as
a completed sale within one year from the date of
classification; and

v. Actions required to complete the plan indicate that
it is unlikely that significant changes to the plan will
be made or that the plan will be withdrawn.

Non-current assets held for sale are measured at the
lower of their carrying amount and the fair value less
costs to sell. Assets and liabilities classified as held for
sale are presented separately in the standalone balance
sheet.

Assets once classified as held for sale is not depreciated
or amortised.

(z) Critical estimates and judgements

The preparation of the Company’s 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
judgements, assumptions and estimates could result
in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future
periods.

Judgements

Impairment of non-financial assets

The evaluation of applicability of indicators of impairment
of assets requires assessment of several external and
internal factors which could result in deterioration of
recoverable amount of the assets.

Impairment of financial assets

The Company estimates the recoverable amount of trade
receivables and other financial assets where collection
of the full amount is expected to be no longer probable.
For individually significant amounts, this estimation is
performed on an individual basis considering the length
of time past due, financial condition of the counter- party,
impending legal disputes, if any and other relevant
factors.

Recognition of deferred tax assets

The extent to which deferred tax assets can be
recognized is based on an assessment of the probability
of the Company's future taxable income against which
the deferred tax assets can be utilized.

Provisions

At each balance sheet date basis the management
judgment, changes in facts and legal aspects, the
Company assesses the requirement of provisions against
the outstanding contingent liabilities. However, the actual
future outcome may be different from this judgement.

Contingencies

In the normal course of business, contingent liabilities
may arise from litigation, taxation and other claims
against the Company. A tax provision is recognised
when the Company has a present obligation as a
result of a past event; it is probable that the Company
will be required to settle that obligation. Where it is

management's assessment that the outcome cannot be
reliably quantified or is uncertain the claims are disclosed
as contingent liabilities unless the likelihood of an
adverse outcome is remote. Such liabilities are disclosed
in the notes but are not provided for in the financial
statements. When considering the classification of a
legal or tax cases as probable, possible or remote there
is judgement involved. This pertains to the application
of the legislation, which in certain cases is based upon
management’s interpretation of country specific tax
law, in particular India, and the likelihood of settlement.
Management uses in-house and external legal
professionals to inform their decision. Although there
can be no assurance regarding the final outcome of the
legal proceedings, the Company does not expect them
to have a materially adverse impact on the Company's
financial position or profitability.

Leases

The Company evaluates if an arrangement qualifies
to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgment.
The Company uses significant judgement in assessing
the lease term (including anticipated renewals) and the
applicable discount rate. The Company determines the
lease term as the non-cancellable period of a lease,
together with both periods covered by an option to
extend the lease if the Company is reasonably certain to
exercise that option; and periods covered by an option to
terminate the lease if the Company is reasonably certain
not to exercise that option. In assessing whether the
Company is reasonably certain to exercise an option to
extend a lease, or not to exercise an option to terminate
a lease, it considers all relevant facts and circumstances
that create an economic incentive for the Company to
exercise the option to extend the lease, or not to exercise
the option to terminate the lease. The Company revises
the lease term if there is a change in the non-cancellable
period of a lease.

Estimates

Revenue and inventories

The estimates around total budgeted cost i.e., outcomes
of underlying construction and service contracts, which
further require estimates to be made for changes in work
scopes, claims (compensation, rebates, etc.), the cost of
meeting other contractual obligations to the customers
and other payments to the extent they are probable, and
they are capable of being reliably measured. For the

purpose of making these estimates, the Company used
the available contractual and historical information and
also its expectations of future costs. The estimates of the
saleable area are also reviewed periodically and effect
of any changes in such estimates is recognised in the
period such changes are determined.

Estimation of net realisable value for inventory
Inventory is stated at the lower of cost and net realisable
value (NRV). NRV for completed inventory is assessed
by reference to market conditions and prices existing at
the reporting date and is determined by the Company,
based on comparable transactions identified by the
Company for properties in the same geographical
market serving the same real estate segment. NRV in
respect of inventory under construction is assessed with
reference to market prices at the reporting date for similar
completed property, less estimated costs to complete
construction and an estimate of the time value of money
to the date of completion.

Accounting for revenue and land cost for projects
executed through joint development arrangements with
revenue sharing arrangement

For projects executed through joint development
arrangements with revenue sharing arrangements, the
Company has evaluated that land owners are engaged
in the same line of business as the Company and
such contracts are not contracts with customers, but a
transaction for purchase of land/development rights.

The corresponding land/ development rights received
under joint development arrangement is measured at
the fair value of the estimated consideration payable to
the land owner and the same is accounted on launch of
the project. The fair value is estimated with reference
to the terms of the joint development arrangement.
Such assessment is carried out at the launch of the
real estate project and is reassessed at each reporting
period. The management is of the view that the fair
value method and estimates are reflective of the current
market condition.

Accounting for revenue and land cost for projects
executed through joint development arrangements with
area share arrangement

For projects executed through joint development with
area share arrangement, the Company has evaluated that
land owners are not engaged in the same line of business
as the Company and hence, has concluded that such

arrangements are contracts with customers. The revenue
from the development and transfer of constructed area
and the corresponding land/ development rights received
under joint development arrangements is measured
at the fair value of the estimated construction service
to be rendered to the land-owners plus an appropriate
margin and the same is accounted from launch of
the project. The fair value is estimated with reference
to the terms of the joint development arrangements
and the related cost that is allocable to discharge the
obligation of the Company under the joint development
arrangements. The management is of the view that the
fair value method and estimates are reflective of the
prevailing market condition at the relevant time.

Useful lives of depreciable/amortisable assets

Management reviews its estimate of the useful lives of
depreciable/amortisable assets at each reporting date,
based on the expected utility of the assets. Uncertainties
in these estimates relate to technical and economic
obsolescence that may change the utilisation of assets.

Fair value measurement

Management applies valuation techniques to determine
the fair value of financial instruments (where active
market quotes are not available). This involves

developing estimates and assumptions consistent with
how market participants would price the instrument.

Fair valuation of investment property

Investment property is stated at cost. However, as per
Ind AS 40, there is a requirement to disclose fair value
as at the balance sheet date. The Company engaged
independent valuation specialists to determine the fair
value of its investment property as at reporting date.
Sales comparison method/ market survey method
under market approach is used to estimate the market
value of the land. Cost of construction method under
cost approach is adopted for building valuation.
The determination of the fair value of investment
properties requires the prevailing market rates for similar
size plots in the same locality which is to be considered
after enquiries being done from local property dealers
and real estate agents.

Defined benefit obligation (DBO)

Management’s estimate of the DBO is based on a
number of underlying assumptions such as standard
rates of inflation, mortality, discount rate and anticipation
of future salary increases. Variation in these assumptions
may significantly impact the DBO amount and the annual
defined benefit expenses.

Notes:

(i) Book value is considered as the best estimate of fair value.

(ii) These investments are not held for trading. Accordingly, the Company has elected to present changes in the fair
value of these investments in other comprehensive income.

(iii) The Company's investment in Maa-Vaishno Net-Tech Limited was for funding the development of real estate project
in the subsidiary company. In the absence of visibility of future business activities for project development in near
future in the said subsidiary, the value of investment and other recoverable balances have been impaired.

(iv) The Board of Directors of the Company at their meeting held on 15 May 2025 decided to acquire the balance equity
shares of Indeed Fincap Private Limited (Indeed), a subsidiary company i.e. 415,600 equity shares of ' 10 each, at a
consideration of ' 28.23 million. Pursuant to the said acquisition of equity shares, Indeed has become a wholly owned
subsidiary of the Company with effect from 20 June 2025.

(v) These investments are on account of stock options issued to employees of subsidiaries and joint venture (refer note
42).

b. Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of ' 1 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed
by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General
Meeting. In the event of liquidation of the Company, all preferential amounts, if any, shall be discharged by the
Company. The remaining assets of the Company shall be distributed to the holders of equity shares in proportion to
the number of shares held to the total equity shares outstanding as on that date. All shares rank equally with regard
to the Company's residual assets.

d. Aggregate number of shares issued, for consideration other than cash

(i) During the year ended 31 March 2022, the Board of Directors of the Company had approved share split of equity shares
from ' 10 per share to ' 1 per share and the same was duly approved by the shareholders ofthe Company. Accordingly, the
number of issued, subscribed and fully paid up shares had increased from 5,687,940 shares to 56,879,400 shares.
Further, during the year ended 31 March 2022, the Company had also issued 56,879,400 bonus shares in the ratio
of 1:1 to the existing shareholders as on 23 March 2022 by utilising the securities premium account.

(ii) During the year ended 31 March 2023, the Board of Directors and the Shareholders of the Company had passed
a resolution to convert all CCDs of the Company into equity shares in connection with the Initial Public Offer by the
Company. Accordingly, such CCDs were converted into 11,089,554 equity shares at ' 417 per equity share (including
'416 per share as securities premium) in accordance with the terms of the agreements with the CCD holders.

Notes:

Nature and purpose of other reserves

Securities premium

Securities premium is used to record the premium on issue of shares. This balance can be utilised in accordance with
provisions of the Act.

Capital reserve

Capital reserve represents balance recognized at the time of acquisitions as per the Scheme of Amalgamation.

Retained earnings

Retained earnings is used to record balance of statement of profit and loss and other equity adjustments.

Employee stock compensation plan reserve

The Company has established an Employee Stock Options Plan (ESOP) to grant options to eligible employees, which
entitle them to purchase equity shares of the Company at a predetermined exercise price. In accordance with applicable
accounting standards, the cost of options granted under the ESOP is measured at fair value on the grant date and is
recognized as an employee compensation expense over the vesting period, with a corresponding credit to the ESOP
reserve under 'other equity'.

Debenture redemption reserve

Debenture Redemption Reserve ('DRR') in respect of Non- convertible debentures issued by the Company, is not required
to be maintained as per Rule 18(7)(b)(iii) of Companies (Share Capital and Debentures) Rules, 2014.

33 EARNINGS PER SHARE

Earnings per share ('EPS') is determined based on the net profit attributable to the shareholders. Basic earnings per share
is computed using the weighted average number of shares outstanding during the period. Diluted earnings per share is
computed using the weighted average number of common and dilutive common equivalent shares outstanding during the
period, except where the result would be anti-dilutive.

ii) Fair value hierarchy

Financial assets and financial liabilities are measured at fair value in the financial statements and are grouped into
three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the
measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs;
and

Level 3: Inputs which are not based on observable market data (unobservable inputs).The input factors considered are
Estimated cash flows and other assumptions.

35 FINANCIAL RISK MANAGEMENT

The Company's activities expose it to credit risk, liquidity risk and market risk. The Company's board of directors has overall
responsibility for the establishment and oversight of the Company's risk management framework. This note explains the
sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the standalone
financial statements.

A) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial asset fails to meet its
contractual obligations. The Company’s exposure to credit risk is influenced mainly by the individual characteristics of
each financial asset. The carrying amounts of financial assets represent the maximum credit risk exposure. The Company
monitors its exposure to credit risk on an ongoing basis.

a) Credit risk management

i) Credit risk rating

The Company assesses and manages credit risk of financial assets based on following categories arrived on the
basis of assumptions, inputs and factors specific to the class of financial assets. The Company assigns the following
credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of
financial assets.

A: Low credit risk
B: Moderate credit risk
C: High credit risk

Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or
a litigation decided against the Company. The Company continues to engage with parties whose balances are written
off and attempts to enforce repayment. Recoveries made are recognized in statement of profit and loss.

Trade receivables

The Company closely monitors the credit-worthiness of customers, thereby, limiting the credit risk. The Company
uses a simplified approach (lifetime expected credit loss model) for the purpose of computation of expected credit
loss for trade receivables. Trade receivables also include receivables from group companies where the credit risk is
assessed as low.

Cash and cash equivalents and other bank balances

Credit risk related to cash and cash equivalents and bank deposits is managed by only diversifying bank deposits and
accounts in different banks. Credit risk is considered low because the Company deals with reputed banks.

Loans and other financial assets

Loans and other financial assets measured at amortized cost includes security deposits and other receivables.
Credit risk related to these financial assets is managed by monitoring the recoverability of such amounts continuously.
With respect to other financial assets, credit risk is considered low because the Company is in possession of the
underlying asset. Further, the Company creates provision by assessing individual financial asset for expectation of
any credit loss basis expected credit loss model.

ii) Concentration of financial assets

The Company carries on the business as a real estate developer including provision of construction services.
Loans and other financial assets majorly represents loans to related parties and deposits given for business
purposes.

b) Credit risk exposure

i) Provision for expected credit losses

The Company provides for 12 month expected credit losses for following financial assets:

The credit risk for cash and cash equivalents and other bank balances is considered negligible, since the counterparties
are reputable banks with high quality external credit ratings. Loan is given to subsidiaries. Accordingly, credit risk
for loan is considered negligible. Other financial assets includes fixed deposits, unbilled revenue, land advances,
security deposits receivable for which credit risk is considered negligible considering the Company is already in
possession of the property against which the deposit/advance is given and significant part of unbilled revenue is due
from subsidiary companies.

Expected credit loss for trade receivables under simplified approach

As at 31 March 2026 and 31 March 2025, the Company considered the individual probabilities of default of its
financial assets (other than trade receivables) and determined that in respect of counterparties with low credit risk,
no default events other than mentioned above are considered to be possible within the 12 months after the reporting
date. In respect of trade receivables, the Company measures the loss allowance at an amount equal to lifetime
expected credit losses using a simplified approach.

The Company measures the expected credit loss of trade receivables based on historical trend, industry practices
and the business environment in which the entity operates. Loss rates are based on the actual credit loss experience
and past trends. Based on historical data, loss of collection on receivables is not material. Hence, no additional
provision is required.

C) Market risk

Interest rate risk
i) Liabilities

The Company’s policy is to minimise interest rate cash flow risk exposures on financing. At 31 March 2026, the
Company is exposed to changes in market interest rates as the Company has borrowings from banks and financial
institutions.

ii) Assets

The Company’s fixed deposits are carried at amortised cost and are fixed rate deposits. They are therefore not
subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will
fluctuate because of a change in market interest rates.

iii) Foreign exchange risk

The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to
the USD. Foreign exchange risk arises from recognised liabilities denominated in a currency that is not the functional
currency of any of the Company. Considering the low volume of foreign currency transactions, the Company's
exposure to foreign currency risk is limited.

There are no unhedged foreign currency exposures as at 31 March 2026 and 31 March 2025.

iv) Price risk

The Company’s exposure price risk arises from investments held and classified in the balance sheet either as fair
value through other comprehensive income or at fair value through profit or loss. To manage the price risk arising
from investments, the Company diversifies its portfolio of assets.

Customer related and other matters

(a) During the year ended 31 March 2026, the Company received orders from the Haryana RERA authority, awarding delay
compensation in favour of certain customers with respect to 1 of its real estate project. The Company has filed an appeal
before the Hon'ble Haryana Real Estate Appellate Tribunal ('HREAT') and deposited ' 12.33 millions (31 March 2025:
6.59 millions) under protest. The Company is under litigation to defend its cause of delay due to Force Majeure events
beyond the Company’s control, specifically due to COVID-19 and National Green Tribunal (NGT) bans, non-availability
of raw material due to various orders of Hon’ble Punjab & Haryana High Court and NGT thereby regulating the mining
activities, brick kilns, regulation of the construction and development activities by the judicial authorities in NCR, on
account of the environmental conditions, restrictions on usage of water, etc.

The Hon’ble Punjab & Haryana High Court has remanded the matters back to HREAT for a fresh decision and the appeal
is currently pending for hearing.

The management has assessed the matter in consultation with its legal experts and is of the view that no material liability
shall devolve on the Company, in respect of the above matter. However, on a prudent basis, the management has
recorded a provision of ' 20.00 million and believes that no further adjustment is required in these standalone financial
statements.

(b) Litigation with contractor-Refer Note F

(c) The Company has certain other litigations involving customers, vendors, contractors labourers and land-owners in the
normal course of business. The management has assessed the above matters in consultation with its legal experts and is
of the view that no material liability shall devolve on the Company, requiring any adjustment in these standalone financial
statements.

A For assessment year 2014-15, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023 against
the Company raising demand of ' 1.04 millions on account of various additions. On this, the Company had filed a
rectification request before assessing officer on 31 March 2023 which is currently pending disposal. The said demand
has been currently adjusted with the refund claim for assessment year 2022-23.

B For assessment year 2015-16, an order was passed by DCIT Central Circle (4), New Delhi on 28 March 2023
against the Company raising demand of ' 4.38 millions on account of various additions. On this, the Company had
filed an appeal before National Faceless Appeal Centre (NFAC), Delhi on 19 April 2023. In the said matter, CIT(A)
has passed an order on 22 February 2025 against the Company. In response, the Company has filed an appeal
before ITAT, Delhi. The appeal was allowed in favor of the Company by ITAT order on 03 July 2025. Earlier, the said
demand had been adjusted with the refund claim for assessment year 2022-23, now as per ITAT order, the refund of
' 4.38 millions is receivable.

C (i) For assessment year 2016-17, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023
against the Company raising demand of ' 13.28 millions on account of various additions. On this, the Company
had filed an appeal before National Faceless Appeal Centre (NFAC), Delhi on 19 April 2023. In the said matter,
CIT(A) has passed an order on 22 February 2025 against the Company. In response, the Company has filed
an appeal before ITAT, Delhi. The appeal was allowed in favor of the Company by ITAT order on 03 July 2025.
Earlier, the said demand had been adjusted with the refund claim for assessment year 2022-23, now as per
ITAT order, the refund of ' 13.28 millions is receivable.

(ii) For assessment year 2016-17, an order was passed by ACIT Central Circle (4), New Delhi on 9 March 2026
against the Company raising demand of ' 2.01 millions under Section 156 of Income tax act, 1961 on account
of various additions. The Company is in the process of filing a rectification request for the same.

D For assessment year 2019-20, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023 against
the Company raising demand of ' 1.21 millions on account of various additions. On this, the Company had filed a
rectification request before assessing officer on 31 March 2023 which is currently pending disposal. The said demand
has been currently adjusted with the refund claim for assessment year 2022-23. During the year, there has been no
major update in the said matter.

E For financial year 2018-19, an order had been passed by the Sales Tax offiicer (SGST Delhi) on 16 April 2024
raising a demand against the company of ' 1.96 million. On this, the Company had filed an appeal on 13 July 2024.
Subsequently, the Company had withdrawn the appeal and filed the waiver application for Amnesty Scheme u/s
128A on 6 March 2025 and further, had deposited the entire demand of tax (excluding interest and penalty of ' 0.99
million as the same is eligible for waiver). The said application has been approved in favor of the Company as per
order dated 28 July 2025 by the goods and services tax authorities.

The Company has assessed that it has strong likelihood of succeeding in the above matters and therefore, no
adjustments are required in the standalone financial statements.The future cash outflows in respect of the above
litigations/demands are determinable only on receipt of judgement/ decision pending with various forums/ authorities.

F The Company had executed Agreement/ Work Orders/LOI with a contractor and its group companies during the
previous periods, for executing civil work at project sites and had given advances aggregating to ' 286.93 millions
(gross).

The progress of work by the contractor was slow due to inadequate deployment of requisite technical manpower,
labour equipment and plant and machinery at site, that resulted in overall slow progress at the project sites.
Consequently, the Company's management served notice informing termination of the contracts and recovery of the
advances given. The management of the Company has also filed complaint u/s 138 of Negotiable Instrument Act
against the contractor and its group companies. The management of the Company believes that this matter has no
impact on the ongoing projects as new contractors have already been appointed.

During the current year, the contractor has filed eleven petitions under the Arbitration and Conciliation Act before
the Delhi High Court. After extensive hearings, the Delhi High Court disposed off six petitions on the ground of lack
of territorial jurisdiction. The remaining petitions were withdrawn by the contractor, owing to lack of jurisdiction.
Thereafter, the contractor has filed four fresh petitions before the Punjab and Haryana High Court, which are presently
pending adjudication.

The management of the Company has obtained a legal assessment from their legal counsel on the said matter.
On the basis of such legal opinion, and assessment of the financial strength of the contractor and its group companies,
the work already completed alongwith the construction assets and equipments of the contractor in Company's
possession, the management of the Company is confident of recovering the due amount. However, considering the
passage of time, the Company, as at 31 March 2026, on conservative and prudent basis, is carrying the provision
towards the unsecured exposure amounting to ' 96.65 millions (31 March 2025: ' 83.70 millions) in these standalone
financial statements.

*Other related parties includes Key Management Personnel and entities in which Key Management Personnel or close members are
interested and entities exercising significant influence over the Company.

"Directors Ravi Aggarwal, Pradeep Kumar Aggarwal, Devender Aggarwal and Lalit Kumar Aggarwal and their relatives have also given
personal guarantees against long term and short term borrowing facilities availed by the Company. (refer note 19D)

***Certain subsidiary companies have also given corporate guarantee and created charge against their assets for borrowings obtained
by the Company (refer note 19D).

d) Others - The Company has provided its inventories as security against the borrowing facilities taken by subsidiaries
companies namely Sternal Buildcon Limited, Signatureglobal Homes Limited, Signatureglobal Developers Limited and
Sarvpriya Securities Private Limited (entity in which Key Management Personnel and Relatives of Key Management
Personnel are interested).

e) During the year ended 31 March 2026, pursuant to the ESOP scheme, the Company granted Stock Options to certain
eligible employees, including KMPs, under its Employees Stock Option plan [within the meaning of the Securities and
Exchange Board of India (Share based Employee Benefits) Regulations, 2021]. Since such stock options are not tradeable,
no perquisite or benefits is immediately conferred upon the employee by grant of such Stock Options, accordingly, the said
grants have not been considered as 'remuneration'. However, in accordance with Ind AS 102, the Company has recorded
employee benefit expenses by way of share-based payments to employees aggregating to ' 243.11 million for the year
ended 31 March 2026, of which ' 107.44 million is attributable to KMPs.

f) Terms and conditions:-

All transactions with related parties are made on the terms equivalent to those that prevail in arm's length transactions
and within the ordinary course of business. Outstanding balances at respective year ends are unsecured and settlement
is generally done in cash.

38 CAPITAL MANAGEMENT

Net debts comprise of non-current and current debts (including trade payables and other financial liabilities) as reduced
by cash and cash equivalents, other bank balances and current investments. Equity comprises all components of equity
including other comprehensive income.

The objective of Company's capital management structure is to ensure that there remains sufficient liquidity within the
Company to carry out committed work requirements. The Company manages its capital structure and makes adjustments
to it, in light of changes to economic conditions. To maintain or adjust the capital structure, the Company may adjust the
dividend payment to shareholders, return capital, issue new shares for cash, repay debt, put in place new debt facilities or
undertake other such restructuring activities as appropriate.

The above sensitivity analysis is based on a change in an assumption of discount rate from 6.65% for the year
ended 31 March 2025 to 7.00% for the year ended 31 March 2026, while holding all other assumptions constant.
In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting year) has been
applied which was applied while calculating the defined benefit obligation liability recognised in the balance sheet.
Further, there is no change in the method of valuation.

Compensated absences (unfunded)

Liability in respect of compensated absences becoming due or expected to be availed within one year from the balance
sheet date is recognised on the basis of undiscounted value of estimated amount required to be paid or estimated value of
benefit expected to be availed by the employees. Liability in respect of compensated absences becoming due or expected
to be availed more than one year after the balance sheet date is estimated on the basis of an actuarial valuation performed
by an independent actuary using the projected unit credit method. Actuarial gains and losses arising from past experience
and changes in actuarial assumptions are credited or charged to the statement of profit and loss in the year in which such
gains or losses are determined.

Based on the independent actuarial valuation, only a certain amount of provision has been presented as current while the
remaining amount has been presented as non-current. The same is in line with the Company's leave policy as employees
do not have unconditional right to avail leaves at any time within next one year. During the current year, an amount of
' 28.17 million (31 March 2025: ' 54.00 million) has been recognised in the statement of profit and loss.

40 LEASES

a) Company as a lessee

The Company has leases for office space and buildings. With the exception of short-term leases and leases of low-value
underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Company
has presented its right-of-use assets in the balance sheet separately from other assets.

42 The Company’s shareholders, at their Annual General Meeting held on 28 September 2024, had approved the
Signatureglobal Employee Stock Plan 2024 (“ESOP Plan”). The ESOP Plan is administered by the 'Nomination and
Remuneration Committee' (‘NRC’) constituted by the Board of Directors of the Company. During the current year, the NRC
in their meeting held on 15 May 2025, approved the grant of 850,000 stock options to eligible employees of the Company,
its subsidiaries and joint venture, under the ESOP Plan, with graded vesting over the period of 1- 4 years, subject to
fulfilment of specified conditions as per the said ESOP Plan.

Vesting schedule

The Company has issued stock options on its own shares to specified employees of the Company, its subsidiaries and
its joint venture. The Company uses fair value to account for the compensation cost of stock options to empoyees in the
standalone financial statements. The following is the vesting pattern of Employee Stock Options Plan.

(ii) The Company has considered the fair value of equity shares for the purpose of ESOP accounting by using Black-Scholes

model of pricing.

(iii) Inputs used for valuation:

a) Time to Maturity: 2 to 4 years

b) Volatility: 38.14% to 43.60%

c) Risk free rate of interest: 5.94% to 6.10%

d) Expected dividend yield: 0.00%

e) Expected option life (in years): 2.5 to 5.5 years

f) Share price at grant date: ' 1,172.70 per share

Notes:

(i) Expected volatility for the options issued by the company has been determined after observing the historical volatility
of the Company and other listed peers.

(ii) Pursuant to recognition of employee stock expense at grant date fair value, expense amounting to ' 243.11 million
(31 March 2025: Nil) has been recognised in the Statement of Profit and Loss and ' 276.30 million (31 March 2025:
Nil) has been recorded as 'employee stock compensation plan reserve' under 'Other Equity' [includes ' 33.19 million
for employees of subsidiaries and joint venture].

Notes:

A Since the change in ratio is less than 25%, no explanation is required to be furnished.

B Variance in ratio is attributable to increase in borrowings as the Company has availed additional loans and NCD's were issued

during the year.

C Variance in ratio is attributable to higher revenue recognised on real estate projects in the previous year as compared to the current year.

D Variance in ratio is attributable to increase in inventories due to land acquisition and active development in existing projects during the year.

E Variance in ratio is attributable to decrease in revenue from operations and increase in trade receivables during the year in comparison

to previous year.

44 The Ministry of Corporate Affairs (MCA) has prescribed requirement for companies under the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies,
which uses accounting software for maintaining its books of account, shall use only such accounting software which has
a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of
account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The accounting software used for maintaining accounting records of the Company has a feature of recording audit trail
(edit log) facility and the same has been enabled and operated throughout the year for all relevant transactions recorded in
the software at the application level. The 'Independent Service Auditor's Assurance Report on the Description of Controls,
their Design and Operating Effectiveness' ('Type 2 report' issued in accordance with ISAE 3402, Assurance Reports on
Controls at a Service Organization’) was available for part of the year. This report does not provide information on audit
trail (edit logs) for any direct changes made at the database level.

Further, the accounting software used for maintaining accounting records of the customer and channel partner master
has a feature of recording audit trail (edit log) facility and the same has been enabled and operated throughout the
year for all relevant transactions recorded in the software at the application level. The 'Independent Service Auditor's
Assurance Reports on the Description of Controls, their Design and Operating Effectiveness' ('Type 2 report' issued in
accordance with ISAE 3402, Assurance Reports on Controls at a Service Organization’) was available. However, the audit
trail logs are retained for six months for any direct data changes made at the database level and the audit trail logs are
not preserved as per the statutory requirements for record retention for any direct data changes made at the database
level. Furthermore, the accounting software used for maintenance of payroll related records has a feature of recording
audit trail (edit log) facility and the same has been enabled and operated throughout the year for all relevant transactions
recorded in the software as per the statutory requirements for record retention from the date the audit trail was enabled
for the software.

C The Company has not advanced or loaned or invested (either from borrowed funds or securities premium or any other
sources or kind of funds) to any person or any entity, 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.

D The Company has not received any fund from any person or any entity (other than disclosed below), 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.

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

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

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

I 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

J The Company has not been declared as a ‘Wilful Defaulter’ by any bank or financial institution (as defined under the
Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve
Bank of India.

K 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.

L The title deeds of all the immovable properties held by the Company are held in the name of the Company.

M The Company has not revalued its property, plant and equipment and right to use assets (ROUs) during the year.

N The figures of previous year have been regrouped/ reclassed to make them comparative with those of current year

wherever considered necessary. The impact of such reclassification/regrouping is not material to the standalone financial
statements.

46 The Company is engaged in the business of providing infrastructural facilities as per Section 186(11) read with Schedule
IV of the Act. Accordingly, disclosures under section 186 of the Act are not applicable to the Company.

47 CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES*

In accordance with the provisions of section 135 of the Act, Schedule VII and Companies (Corporate Social Responsibility
Policy) Rules, 2014, the Company was required to spend ' Nil (31 March 2025: Nil) for Corporate Social Responsibility
activities. The Company has voluntarily incurred corporate social responsibility expenditure of ' 23.19 millions during the
current financial year (31 March 2025: ' 11.59 millions) for promoting education of under privileged children, promoting
healthcare, empowering women and animal welfare. The details of corporate social responsibility activities are as follows:

(i) The Company has opted to carry forward the excess amount ' 36.78 million (31 March 2025: ' 13.59 million) which
is spent over and above the gross amount required to be spent by the Company.

(ii) The Company is not required to deposit any amount in scheduled bank as there is no amount required to be spent
during the year.

(iii) The Company does not carry any provisions for corporate social responsibility expenses for the current year and in
any previous year.

(iv) The Company does not have any ongoing project as at 31 March 2026 and in any previous year.

18 One of the subsidiary company- Gurugram Commercity Limited (‘GCL’), had been owning certain parcels of land at Sector

71, Southern Peripheral Road, Gurugram, Haryana, for the purpose of real estate development.

a) During the current year, GCL acquired additional development rights from third parties for use in development of real
estate project at Sector 71, for a variable consideration, linked to revenue to be earned from the sale of residential
portion of the said project.

b) The Company entered into a Business Transfer Agreement (BTA) with GCL on 29 March 2026, for the acquisition of
Residential Business Undertaking (comprising the business of development, construction, building or improvement
of any nature on the land admeasuring approximately 60 Kanal 02 Marla or 7.513 acres situated at Sector 71, District
Gurugram, Haryana alongwith identified liabilities relating to such Undertaking), on a slump sale basis, for aggregate
consideration of ' 500.00 million.

The Company’s management has assessed that the acquisition does not meet the definition of ‘Business’ in
accordance with Ind AS 103 - Business Combination and accordingly, the said acquisition has been accounted for
as an 'asset acquisition'. The Company has allocated the consideration to the group of assets and liabilities acquired
as below:

c) During the current year, the Company entered into a Securities Subscription and Purchase Agreement ('SSPA')
dated 14 February 2026 for strategic collaboration and creation of joint venture with Millennia Realtors Private
Limited ('RMZ') of RMZ Group, for development of a mixed-use project, comprising of office buildings, hotel(s) and
retail space, utilizing approximately 3.94 million square feet of FSI on the Southern Peripheral Road in Gurugram,
subject to fulfilment of certain conditions. The transaction consummated on 29 March 2026 pursuant to execution
of Closing Agreement and consequently, the Company transferred 3,569,731 equity shares held in GCL to RMZ
for cash consideration of ' 567.03 million (out of these, Company yet to receive ' 373.67 million which is shown as
"Amount receivable from sale of shares") in other current financial assets. Simultaneously, as per the terms of the
executed SSPA, GCL issued and allotted 77,860,538 fresh equity shares at ' 158.84 each, to RMZ for aggregate
consideration of ' 12,367.71 million, that resulted in diluting the Company's shareholding in GCL to 50%.

As per the terms of SSPA, all strategic, financial and operating decisions shall require unanimous consent of both
the shareholders (the Company and RMZ) and the Company has assessed that it does not solely control the relevant
activities of GCL. Consequently, the Company has ceased to exercise control over GCL effective 30 March 2026 and
accordingly, GCL has been classified as a ‘Joint Venture’ in accordance with Ind AS 28 ‘Investment in Associates
and Joint Ventures’ and Ind AS 111 'Joint Arrangements', effective from 30 March 2026.

In accordance with Ind AS 27 'Separate Financial Statements', the Company's investment in GCL had been
accounted for at cost in the standalone financial statements. On account of the above transaction, the Company
has recognised a realised gain of ' 506.88 million (presented as ‘exceptional item’ in these standalone financial
statements), arising from the sale of partial stake in the wholly owned subsidiary company and further, upon loss of
control, the investment previously classified as 'Investment in Subsidiary' has been reclassified to 'Investment in Joint
Venture' at its carrying amount as at 30 March 2026.

49 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 Relations Code, 2020, and Occupational
Safety, Health and Working Conditions Code, 2020 (collectively referred to as the New Labour Codes). These Codes have
been made effective from 21 November 2025. The impact of these changes is not material on the standalone financial
statements.

50 The Company has issued 87,500 rated, listed, secured, redeemable Non-Convertible Debentures (NCDs) having face
value of ' 100,000 each aggregating of ' 8,750.00 million on a private placement basis to International Finance Corporation
(IFC). These NCDs carry an interest rate of 11% per annum payable on quarterly basis and such NCDs got listed on the
BSE Limited on 17 October 2025 and are redeemable in twelve equal quarterly instalments, starting from 15 April 2026 to
15 January 2029. As at the reporting date, the Company has fully utilized the proceeds in accordance with Purpose Clause
14.5 of the Debenture Trust Deed dated 30 September 2025 in the following manner:

51 As per Ind AS 108 "Operating Segments", if a financial report contains both consolidated financial statements and
the separate financial statements of the Parent Company, segment information may be presented on the basis of the
consolidated financial statements. Thus, disclosure required on segment information has been furnished in consolidated
financial statements.