16 Provisions and Contingent Liabilities:
Provisions : Provisions are recognized when
there is a present obligation as a result of a past
event, it is probable that an outflow of resources
embodying economic benefits will be required
to settle the obligation, and there is a reliable
estimate of the amount of the obligation.
Provisions are measured at the best estimate of
the expenditure required to settle the present
obligation at the Balance Sheet date and are
not discounted to their present value unless the
effect of the time value of money is material.
When discounting is used, the increase in
the provision due to the passage of time is
recognized as a finance cost.

Contingent Liabilities : 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 or a reliable estimate of the amount
cannot be made. When there is a possible
obligation or a present obligation in respect of
which the likelihood of an outflow of resources
embodying economic benefits is remote, no
provision or disclosure is made.

17 Earnings Per Share:

Basic Earnings Per Share

Basic earnings per share is calculated by
dividing the profit (or loss) attributable to
the owners of the Company 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 bonus issue, bonus element in a

rights issue to existing shareholders, share split,
and reverse share split (consolidation of shares).

Diluted Earnings Per Share

Diluted earnings per share is computed by
dividing the profit (considered in determination
of basic earnings per share) after considering
the effect of interest and other financing
costs or income (net of attributable taxes)
associated with dilutive potential equity shares
by the weighted average number of equity
shares considered for deriving basic earnings
per share, adjusted for the weighted average
number of equity shares that would have been
issued upon conversion of all dilutive potential
equity shares.

18 Cash & Cash Equivalents:

Cash and cash equivalents comprises cash on
hand and at banks and short-term deposits
with an original maturity of three months
or less that are readily convertible to known
amounts of cash and which are subject to an
insignificant risk of changes in value.

IV. CRITICAL ACCOUNTING JUDGEMENTS,
ASSUMPTIONS AND KEY SOURCES OF
ESTIMATION UNCERTAINTY

The following are the critical judgements,
assumptions concerning the future, and key
sources of estimation uncertainty at the end of
the reporting period that may have a significant
risk of causing a material adjustment to the
carrying amounts of assets and liabilities within
the next financial year for the Company.

1 Useful lives of Property, Plant and Equipment:

As described above, the charge in respect of
periodic depreciation for the year is derived after
determining an estimate of an asset’s expected
useful life and the expected residual value at
the end of its life. The useful lives and residual
values of the Company’s assets are determined
by the management at the time the asset is
acquired and reviewed annually. The lives are
based on historical experience with similar
assets as well as anticipation of future events,
which may impact their life, such as changes in
technical or commercial obsolescence arising
from changes or improvements in production
or from a change in market demand of the
product or service output of the asset.

2 Evaluation of Indicators for Impairment of
Assets:

The evaluation of applicability of indicators
of impairment of assets requires assessment
of several external and internal factors, such
as significant changes in market conditions,
economic environments, technological
advancements, asset utilization, physical
damage, or adverse legal/regulatory changes,
which could result in deterioration of the
recoverable amount of the assets of the
Company.

3 Allowance for Expected Credit Loss:

The allowance for expected credit loss
represents The Company’s estimate of potential
losses within its credit portfolio. This estimate is
based on The Company’s historical experience
with similar receivables, current and past due
balances, dealer termination rates, write-offs,
collections, ongoing monitoring of portfolio
credit quality, and both current and anticipated
economic and market conditions. If the current
economic and financial conditions persist or
worsen, there could be an additional decline
in the financial condition of The Company’s
debtors, which might not have been fully
accounted for when determining the allowances
recorded in the financial statements.

4 Employee Benefits:

The cost of defined benefit plans are
determined using actuarial valuation, which
involves making assumptions about discount
rates, expected rates of return on assets, future
salary increases, and mortality rates. Due to the
long-term nature of these plans, such estimates
are subject to significant uncertainty.

5 Taxation:

Significant assumptions and judgements are
involved in determining the provision for tax
based on tax enactments, relevant judicial
pronouncements and tax expert opinions,
including an estimation of the likely outcome of
any open tax assessments/litigations. Deferred
income tax assets are recognized to the extent
that it is probable that future taxable income
will be available, based on estimates thereof.
Significant assumptions are also involved in
evaluating the recoverability of deferred tax
assets recognised on unused tax losses of the
Company.

6 Contingent Liabilities:

The Company is involved in legal disputes
and tax matters across multiple jurisdictions,
with various cases currently pending. Due
to the inherent uncertainty of such issues,
it is challenging to forecast their ultimate
resolution. These legal cases and claims
present complex factual and legal challenges,
influenced by numerous variables such as the
specific details of each case, the jurisdiction,
and the differences in relevant laws. In the
regular course of operations, the Company
seeks advice from legal professionals and other
experts regarding litigation and tax-related
issues. A liability is recorded by the Company
when it is deemed likely that an unfavourable
outcome will occur, and the potential loss can
be reasonably estimated.

7 Provisions:

At each balance sheet date, based on
management’s judgment and any changes
in facts or legal circumstances, the Company
evaluates the need for provisions related to
outstanding contingent liabilities. However, the
actual outcome in the future may differ from
this assessment.

V. RECENT REGULATORY UPDATES AND
ACCOUNTING PRONOUNCEMENTS

The Ministry of corporate Affairs ("MCA") notified
amendments on 7 May 2025 and 13 August
2025 under the Companies (Indian Accounting
Standards) Amendment Rules, 2025 and the
Companies (Indian Accounting Standards)
Second Amendment Rules, 2025, respectively,
which is effective from annual reporting periods
beginning on or after 1 April 2025.

(a) Amendment to Ind AS 7 and Ind AS 107 -
Supplier Finance Arrangement:

The amendments to Ind AS 7 'Statement
of Cash Flows' and Ind AS 107 'Financial
Instruments: Disclosures' clarify the

characteristics of supplier finance
arrangements and require additional
disclosures for such arrangements.
The disclosure requirements in the
amendments are intended to assist users of

financial statements in understanding the
effects of supplier finance arrangements
on an entity’s liabilities, cash flows and
exposure to liquidity risk. As a result
of implementing the amendments,
the Company has provided additional
disclosures about its supplier finance
arrangement (refer note 20 for further
details).

(b) Amendment to Ind AS 1 - Classification of
liabilities as current or non-current and
non-current liabilities with covenants:

The amendment specifies the
requirements for classifying liabilities as
current or non-current in the balance
sheet, and clarifies the following:

a) An entity's right to defer settlement
of a liability for at least twelve months
after the reporting period must have
substance and must exist at the end of
the reporting period. The classification
of a liability as current or non-current
is unaffected by the likelihood that the
entity will exercise its right to defer
settlement.

b) I f an entity's right to defer settlement
of a liability is subject to covenants,
such covenants affect whether that
right exists at the end of the reporting
period only if the entity is required to
comply with the covenant on or before
the end of the reporting period.

c) In case of a liability that can be settled,
at the option of the counterparty, by
the transfer of the entity's own equity
instruments, such settlement terms
do not affect the classification of the
liability as current or non-current only
if the option is classified as an equity
instrument.

These amendments have no effect on
the measurement of any items in the
standalone financial statements of the
Company. The Company did not make
retrospective adjustments as a result of
adopting the amendments to Ind AS 1.

c Amendment to Ind AS 12 - Pillar-Two Tax
Reforms

The Company is not within the scope of the
OECD Pillar Two Model Rules, as Pillar Two
legislation has not yet been enacted in any
of the jurisdiction in which the Company
operates.

d) Amendment to Ind AS 21-Lack of
exchangeability

The Amendments introduces requirement
to assess when a currency is exchangeable
into another currency and when it is not. The
amendment requires an entity to estimate
the spot exchange rate when it concludes
that a currency is not exchangeable into
another currency. These amendments
had no effect on the standalone financial
statements of the Company.

The below amendments are notified but
not yet effective

Amendment to Ind AS 1 ‘Presentation of
Financial Statements’- Classification of
Liabilities as current or non-current and
non-current liabilities with covenants:

g) Critical Judgements in Determining the Lease Term:

In determining the lease term, management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not to exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is reasonably certain to
be extended (or not terminated).

For leases of buildings, the following factors are normally the most relevant:

(a) I f there are significant penalties to terminate (or not extend), the Company is typically reasonably
certain not terminate (or to extend).

(b) I f any lease hold improvements are expected to have a significant remaining value the Company is
typically reasonably certain to extend (or not terminate).

(c) Otherwise, the Company considers other factors including historical lease durations and the costs and
business disruption required to replace the leased asset.

The lease term is reassessed if an option is actually exercised (or not exercised) or the Company becomes
obliged to exercise (or not exercise it. The assessment of reasonable certainty is only revised if a significant
event or a significant change in circumstances occurs, which affects the assessment, and that is within the
control of the lessee. During the Current Financial Year, there was no revision in the Lease Terms.

h) Extension and Termination Options:

Extension and termination options are included in a number of property leases. These are used to maximise
operational flexibility in terms of managing the assets used in the Company's operations. The majority of
extension and termination options held are exercisable only by the Company and not with the respective
lessor.

5A.2 Pursuant to the resolution of the board dated February 14, 2024 and in accordance with the share purchase
agreement dated May 11, 2024, the Company has acquired 51 shares of Jain Ikon Global Ventures for a
consideration of ' 1.74 Million and in accordance with the share purchase agreement dated December 9,
2024, the Company has acquired additional 19 shares of Jain IKON Global Ventures for a consideration of
' 0.65 Million. Consequent to this acquisition, shareholding of the Company in Jain Ikon Global Ventures
stands at 70.00% as on March 31 2025.

5A.3 During the year ended March 31 2025, in accordance with the share purchase agreement dated August 29,

2024, the Company has acquired 35,000 shares of Sun Minerals Mannar Private Limited for a consideration
of ' 137.14 Million & In accordance with the Memorandum of Understanding dated Febuary 20, 2025, the
Company has acquired addtional 13,125 shares of Sun Minerals Mannar Private Limited for a consideration
of ' 54.13 Million. Consequent to this acquisition, shareholding of the Company in Sun Minerals Mannar
Private Limited stands at 28.88%.

5A.4 During the Year ended March 312026 Jain Ikon Global Ventures FZC has discontinued its operations on
refining of precious metals.

Pursuant to the definitive agreement entered during the Year ended March 312026, the Company has
received the full repayment of the loan and interest from Sun Minerals Mannar Private Limited during the
Year ended March 31 2026. The proposed sale of the Company’s 28.88% equity interest remains pending
as at the board meeting date. Accordingly the investments were classified as current asset as on March 31
2026

5A.5 Provision for Diminution in Value of Investments is created against the Investments in the Equity Shares
of Kamachi Industries Limited and Nagai Power Pvt Ltd as both the companies are under Corporate
Insolvency Resolution Process.

5A.6 The Company has invested in 9.35% Secured Redeemable Non-Convertible Debentures (NCDs) issued
by Edelweiss Financial Services Limited. The NCDs carry an Annual Coupon Rate of 9.35%, payable on a
Monthly Basis. The same was redeemed on August 19, 2025.

5A.7 Pursuant to the approval of the Board of Directors in their meeting held on October 8, 2025 and the
Joint Venture Agreement signed on October 22, 2025 between the Company and C&Y Group Investments,
Inc., "Jain CY Circular Solutions Private Limited”, a Joint Venture, was incorporated on December 08,

2025. As at March 31 2026, the Company has subscribed to 26,00,000 shares of ' 10 each, aggregating to
' 26.00 Million. C&Y Group Investments, Inc. have also contributed to its share of the equity share capital
of the Joint Venture.

13.2 Rights, Preferences and Restrictions attached to Shares:

Equity Shares :

1) The Company has one class of Equity Shares having a par value of ' 2| each.

2) Each holder of Equity Shares is entitled to one vote per share held.

3) In the event of liquidation, the Equity shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion to their shareholding.

4) ' During the year ended 31st March, 2026, the Company completed its Initial Public Offer (IPO) of
5,38,79,309 equity shares of face value of ' 2 each at an issue price of ' 230 per share, aggregating to
' 12,500 Million. The IPO comprised a fresh issue of 2,15,51,724 equity shares, aggregating to ' 5,000
Million, and an Offer for Sale of 3,23,27,585 equity shares by the selling shareholder, aggregating to
' 7,500 Million. The equity shares of the Company were listed on Recognised Stock Exchange on
October 1, 2025.

The Company incurred ' 126.13 Million as IPO-related expenses, this has been adjusted against the
securities premium .

(i) Amount utilized as at March 31 2026, includes ' 540 Million used towards repayment of loans
taken by the Company from the promoter pursuant to approval from Board of Directors in their
meeting held on September 26, 2025.

(ii) The Company has obtained Shareholder's approval vide postal ballot resolution dated April 28,
2026, ratifying utilisation of IPO proceeds under General Corporate Purposes towards repayment
of unsecured loan to the promoter of ' 540 Million

(iii) The revised amount is on account of lesser actual issue expenses as compared to estimated issue
expenses included in prospectus which includes issue expenses pertaining to selling shareholders.

5) During the Reporting Periods, the Company has not issued any bonus shares.

6) During the Reporting Periods, no dividend has been declared or paid by the Company.

7) During the Reporting Periods, the Company has not undertaken any buyback of shares.

13.3 Share Split:

On 18 March 2025, the Company sub-divided each equity share of face value ' 10 into 5 equity shares of '

2 each.As a result, the number of Outstanding Equity Shares increased from 6,47,06,818 to 32,35,34,090.

Accordingly, the Earnings per Share (EPS) for Prior Periods have been Restated, in accordance with IndAS

33.

13.6 Aggregate number of Bonus Shares issued, Shares issued for consideration other than cash and
Shares bought back during the period of five years immediately preceding March 31 2026:

4,00,00,000 Equity Shares out of the issued, subscribed and paid up share capital were allotted for
consideration other than cash for take over of partnership firm Jain Metal Rolling Mills.

There were no bonus shares issued during the period of five years immediately preceding March 31 2026

Pursuant to the Merger Sanctioned by the Order dated February 4, 2025, 2,12,14,393 Equity Shares of Face
Value ' 10/- each were allotted to Kamlesh Jain and Mayank Pareek, the Shareholders of the Merged Entity
(Refer Note No.39.1).

Nature and Purpose of Other Reserves:

(a) Securities Premium Reserve:

Securities premium represents premium received on equity shares, which can be utilised only in accordance
with the provisions of the Companies Act, 2013.

(b) Retained Earnings:

Retained Earnings represents Company's cumulative earnings since its formation less the dividends/
Capitalisation, if any. These reserves are free reserves which can be utilised for any purpose as may be
required. All adjustments arising on account of transition to Ind AS are recorded under this reserve.

(c) Amalgamation Reserve:

Amalgamation Reserve represents the difference between the Share Capital issued and the Book Value
of Assets, Liabilities and Reserves taken over from the Transferor Company, pursuant to the Scheme of
Merger (Refer Note No. 39.2)

Supplier Finance Arrangements

Some of our suppliers elect to discount certain receivables from the Company with financial institutions. In
some instances, the Company provides suppliers and/or banks with visibility of invoices approved for payment,
which helps them receive cash from the bank before the invoice due date, if they choose to do so.

Payment dates and terms for the Company do not vary based on whether the supplier chooses to factor their
receivable. If a receivable is purchased by a third-party bank, that third-party bank does not benefit from
additional security when compared to the security originally enjoyed by the supplier. The Company evaluates
these arrangements to assess if the payable holds the characteristics of a trade payable or should be classified
as a financial liability. At 31st March, 2026 all such liabilities were classified as trade payables

A. Defined Contribution Plans:

The Company makes Contributions, determined as a Specified Percentage of Employee Salaries, in respect
of Qualifying Employees towards the Provident Fund, which is a Defined Contribution Plan. The Company
has No Obligations other than to make the Specified Contributions. These Contributions are charged to
the Statement of Profit and Loss. The Amount Recognized as an Expense towards Contribution to the
Provident Fund for the year ended March 31 2026, aggregates to ' 18.2 Million (year ended March 31 2025: '
12.08 Million).

The Major Defined Contribution plans operated by the Company are as below:

(a) Provident Fund and Pension:

I n accordance with the Employee’s Provident Fund and Miscellaneous Provisions Act, 1952, eligible
employees of the Company are entitled to receive benefits in respect of Provident Fund, a Defined
Contribution Plan, in which both Employees and the Company make monthly contributions at a
Specified Percentage of the Covered Employees’ Salary.

The Contributions, as specified under the law, are made to Employee Provident Fund Organisation.

B. Defined Benefit Plans:

The defined benefit plans operated by the Company are as below:

The Company has a Defined Benefit Gratuity plan for its Employees. Under this plan, every employee who
has completed at least five years of service is entitled to gratuity upon departure, calculated at 15 days of
last drawn salary for each completed year of service. The plan is not funded by the Company, and gratuity
is paid to employees upon separation in accordance with the provisions of the Payment of Gratuity Act,
1972.

The Defined Benefit Plans typically expose the Company to Actuarial Risks such as Investment Risk,
Interest Rate Risk, Longevity Risk, and Salary Risk.

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 as that applied in Calculating the Defined Benefit Obligation Liability
recognised in the Balance Sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from
prior years.

D. Leave Obligations:

The Leave Obligations cover the Company’s Liability for Earned Leave.

The Key Assumptions used for the Calculation of Provision for Long Term Compensated Absences are as
under:

During the year ended March 31 2026, and March 31 2025, certain Customers contributed more than 10% of
the Company’s Total Revenue. The Revenue Concentration from Major Customers is assessed in line with
the requirements of Ind AS 108 - Operating Segments, and Specific Customer Details are Not Disclosed in
Compliance with Reporting Standards.

NOTE NO: 35 COMMITMENTS:

The Company has No Outstanding Commitments as of the Reporting Date that require Disclosure or
Adjustment in the Financial Statements.

The Company does not have any contractual commitments for acquisition of Property, Plant and Equipment
as at March 31 2026 and March 31 2025.

33.1 IMPACT OF CHANGE IN LABOUR CODE:

On November 21, 2025, the Govemment of India notified four Labour Codes, effective immediately, replacing
the existing 29 labour laws. In accordance with Ind AS 19 - Employee benefits, changes to benefit plans arising
from legislative amendments are treated as plan amendments, requiring immediate recognition of past
service cost in the Statement of Profit and Loss. This approach is consistent with the guidance issued by the
Institute of Chartered Accountants of India. The Company has concluded the salary restructuring exercise in
compliance with the Labour Codes. The implementation of the Labour Code has resulted in a net increase of '
7.14 Million in the provision for gratuity which has been recognised as employee benefit expense in the current
year.

34 SEGMENT REPORTING:

The Company is required to disclose segment information in accordance as per para 4 of Indian Accounting
Standard (Ind AS) 108 Operating Segments. As required, segment information has been disclosed in the
consolidated financial statements of the Company. Accordingly, no separate segment information is disclosed
in these standalone financial statements.

The Company was incorporated on 25th February, 2022, on conversion of the partnership firm M/s Jain Metal
Rolling Mills (JMRM), under Chapter XXI-Part I of the Companies Act, 2013. M/s Jain Recycling Private Limited
(JRPL) was later merged into the Company pursuant to the NCLT order dated 21st January, 2025 (Refer Note 39.1).

Both JRPL and the Company were subject to a search under Section 132 of the Income-tax Act, 1961 on 25th
February, 2020, leading to assessments for AY 2014-15 to AY 2020-21. The Company filed a settlement application
on 12th March, 2021, offering additional income of ' 734.40 Million and paying tax of ' 365.40 Million. This was
rejected by the IBS on 31st July, 2023, but remanded by the Madras High Court for reconsideration.

After Joint Verification (ordered 7th October, 2024) by PCIT (Central 1, Chennai), the IBS passed its final order on
30th May, 2025, quantifying further additional income of ' 138.63 Million for the Company (NIL for JRPL), settling
the matter conclusively.

Accordingly, the Company provided ' 44.78 Million as tax for earlier years (previous year) and ' 54.24 Million as
interest (current year); the total liability has been paid.

Note: As part of its statutory and social obligations, the Company has undertaken expenditure towards Corporate
Social Responsibility (CSR) activities during the financial year. CSR investments include contributions to:

(i) Animal welfare initiatives,

(ii) Educational trusts,

(iii) Charitable trusts and

(iv) Other eligible activities in accordance with the provisions of Section 135 of the Companies Act, 2013 and
the CSR Rules.

NOTE NO: 38 DUES TO MICRO AND SMALL ENTERPRISES:

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on
the basis of information collected by the Company. This has been relied upon by the auditors. According to the
records available with the Company certain amount have been identified as dues to suppliers registerd under
Micro, Small and Medium Enterprises Development Act, 2006 ('MSMED Act'). The disclosure pursuant to the
said MSMED Act are as follows:

39.1 Scheme of Merger:

The Board of Directors of the Company in its meeting dated December 14, 2023 had approved merger of
Jain Resource Recycling Private Limited (Transferee Company) and Jain Recycling Private Limited (Transferor
Company). The application for merger was filed by the Company on February 13, 2024 and the same was
approved by the National Company Law Tribunal on January 21, 2025 with appointed date as April 01 2024.
The merger has been accounted for using the pooling of interests method under Ind AS 103 - Business
Combinations and the difference between the fair value of net identifiable assets acquired and consideration
paid on the merger has been adjusted against the reserves and surplus of the Company. Accordingly, previous
years balances have been restated in accordance with provisions of Ind AS 103 - Business Combinations.

The amalgamation has resulted in the merger and dissolution of the Transferor Company without winding up,
and the consequent issuance of the Transferee Company's equity shares. Pursuant to the scheme of merger,
the Company shall issue 2,12,14,393 equity shares of ' 10 each to the shareholders of Jain Recycling Private
Limited in lieu of their shareholding in Jain Recycling Private Limited. The swap ratio for the exchange of shares
between the Transferor and Transferee Companies has been set at 18.27 shares of the Transferee Company for
each share held in the Transferor Company.

On 04 February 2025, the Company has allotted 2,12,14,393 equity shares of ' 10 each to the shareholders of Jain
Recycling Private Limited in lieu of their shareholding in Jain Recycling Private Limited.

Note No: 39.2 Share Exchange Details:

Pursuant to the Scheme:

2,12,14,393 Equity Shares of ' 10 each of the Transferee Company shall be issued to the Shareholders of Jain
Recycling Private Limited, in lieu of their Shareholding in that Company.

The Swap Ratio for the Exchange of Shares between the Transferor and Transferee Companies has been fixed
at 18.27 Equity Shares of the Transferee Company for every 1 Equity Share held in the Transferor Company.

Pursuant to the Scheme of Merger approved by Hon'ble National Company Law Tribunal vide its Order dated
January 21, 2025, 0.01% Optionally Convertible/Redeemable Preference Shares (OCRPS)and 0.01% Compulsorily
Convertible Preference Shares (CCPS) amounting to ' 750.01 Million and ' 600.92 Million respectively were
approved for repayment.

Fair Value Measurement:

This section explains the judgements and estimates made in determining the fair values of the financial
instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for
which fair values are disclosed in the financial statements.

To provide an indication about the reliability of the inputs used in determining fair value, the Company
has classified its financial instruments into the three levels prescribed under the accounting standard. An
explanation of each level is as under:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed
equity instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity
instruments (including bonds) which are traded in the stock exchanges is valued using the closing price as at
the reporting period. The mutual funds are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded
bonds, over-the-counter derivatives) is determined using valuation techniques which maximise the use of
observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required
to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in Level 3. This is the case for unlisted equity securities, contingent consideration and indemnification
asset included in level 3.

Valuation Technique used to Determine Fair Value:

Specific valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments.

- the fair value of the remaining financial instruments is determined using discounted cash flow analysis.

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

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair
values.

The borrowing rate of the Company has been taken as the discount rate used for determination of fair value. ,
Note No: 41.3 Financial Risk Management:

The Company is exposed to Market risk, Credit risk and Liquidity risk. The Company monitors and manages the
financial risks relating to the operations of the Company through internal risk reports which analyse exposures
by degree and magnitude of risks.

The following disclosures summarize the Company's exposure to financial risks and information regarding
use of derivatives employed to manage exposures to such risks. Quantitative sensitivity analysis have been ¹
provided to reflect the impact of reasonably possible changes in market rates on the financial results, cash
flows and financial position of the Company.

Note No: 41.3.1 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 conditions. Market risk mainly comprises of interest rate risk, currency risk. Financial
instruments affected by market risk includes borrowings, investments, trade payables, trade receivables and
derivative financial instruments. The Company's activities expose it primarily to the financial risks of changes
in foreign currency exchange rates, interest rates and other price risk.

There has been no change to the Company's exposure to market risks or the manner in which these risks are
being managed and measured.

(a) Interest Rate Risk

I nterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company monitors its borrowing portfolio and interest
movements on regular basis to mitigate the risk.

(b) Foreign Currency Risk

The Company undertakes transactions denominated in foreign currencies; consequently,
exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within
approved policy parameters utilising derivative contracts. The risk management objective of the
Company is to hedge risk of change in the foreign currency exchange rates associated with it's
direct & indirect transactions denominated in foreign currency. Since most of the transactions of
the Company are denominated in its functional currency (INR), any foreign exchange fluctuation
affects the profitability of the Company and its financial position. Hedging provides stability to

Foreign Currency Sensitivity Analysis:

The below table demonstrates the sensitivity to a 5% increase or decrease in the relevant foreign currency
against INR, with all other variables held constant. The sensitivity analysis is prepared on the net unhedged
exposure of the Company as at the reporting date. 5% represents management’s assessment of reasonable
possible change in foreign exchange rate.

Note No: 41.3.2 Credit Risk:

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial
loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties as
a means of mitigating the risk of financial loss from defaults. The Company's exposure of its counterparties
are continuously monitored and the aggregate value of transactions concluded is spread amongst
counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the
management.

Note No: 41.3.3 Liquidity Risk:

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an
appropriate liquidity risk management framework for the management of the Company's short-term, medium-
term and long-term funding and liquidity management requirements. The Company manages liquidity risk by
maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring
forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The Following Tables detail the Company's remaining Contractual Maturity for its Non-Derivative Financial
Liabilities with agreed Repayment Periods. The tables have been drawn up based on the Undiscounted Cash
Flows of Financial Liabilities based on the Earliest Date on which the Company can be required to pay.

NOTE NO: 42 HEDGE ACCOUNTING:

The Company’s Business Objective includes Safe-Guarding its Earnings against Adverse Price Movements of
Aluminium. The Company has adopted a Structured Risk Management Policy to Hedge all these Risks within
an Acceptable Risk Limit and an Approved Hedge Accounting Framework which allows for Fair Value Hedges.
Hedging Instruments include Exchange Traded Futures and Options and Forward Instruments to Achieve this
Objective.

Fair Value Hedge:

The Fair Value Hedges relate to Future covers taken to Hedge Commodity Price Risk. Gains and Losses on these
Hedge Transactions are Substantially Offset by the Amount of Gains or Losses on the Underlying Transactions.
Net Gains and Losses are recognised in the Statement of Profit and Loss.

NOTE NO: 45 TITLE DEEDS OF IMMOVABLE PROPERTIES NOT HELD IN THE NAME OF THE COMPANY:

There are no immovable properties owned by the Company. Lease agreements for properties held by the
Company under lease are duly executed in favour of the lessee, during the year ended March 31 2026.

NOTE NO: 46 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.

NOTE NO: 47 DETAILS OF TRANSACTIONS WITH STRUCK OFF COMPANIES:

The Company has no transactions with Companies that have been Struck Off under the Companies Act, 2013
or the Companies Act, 1956, during the year ended March 31 2026.

NOTE NO: 48 EVENTS AFTER REPORTING PERIOD:

No Adjusting or Significant Non-Adjusting Events have occurred between the Reporting Date and the Date of
Approval of these Financial Statements.

NOTE NO: 49 REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES:

The Company does not have any Charges or Satisfaction which is yet to be Registered with the RoC beyond
the Statutory Period.

NOTE NO: 50 DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY:

The Company has not Traded or Invested in Crypto Currency or Virtual Currency during the year ended March
31 2026.

NOTE NO: 51 COMPLIANCE WITH APPROVED SCHEME(S) OF ARRANGEMENTS:

The Company does not have any Transactions with Respect to Scheme of Arrangement as under Sections 230
to 237 of the Companies Act, 2013 for the year ended March 31 2026.

NOTE NO: 52 UTILISATION OF BORROWED FUNDS AND SHARE PREMIUM:

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 persons or entities, 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). The Company
has not received any fund from any parties (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.

NOTE NO: 53 UNDISCLOSED INCOME:

The Company has offered income amounting to ' 138.63 Million during the year in the income tax assessments
under the Income Tax Act, 1961 relating to assessment years 2015-16 and 2020-21 as ordered by the Interim
Board for settlement-II, this income has not been accounted in the books of account of the Company during
the year.

NOTE NO: 54 COMPLIANCE WITH NUMBER OF LAYERS OF COMPANIES:

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

NOTE NO: 55 WILFUL DEFAULTER:

The Company has not been declared as wilful defaulter by any bank or financial institution or lender.

NOTE NO: 56 AUDIT TRAIL:

The Company has used two accounting softwares for maintaining its books of account, one of which is managed
and maintained by a third-party software service provider and was implemented from April 01 2025. Both the
softwares have a feature of recording audit trail (edit log) facility at application level and the same has operated
throughout the year for all relevant transactions recorded in the software’s at application level. Further, in
respect of one accounting software there is no feature of recording audit trail(edit log) facility at database level.

The audit trail feature, as enabled, captures each and every transaction-level change made in the books of
account maintained by the Company, including the nature of change, the date and time of change, and the
identity of the user making such change. Further, no instance of audit trail feature being tampered with has
been noted during the year.

The back-up of the books of account and other books and papers maintained in electronic mode, including the
audit trail, is kept on servers physically located in India on a daily basis. Additionally, the audit trail of prior years
has been preserved by the Company as per the statutory requirements for record retention to the extent it was
enabled and recorded in prior years.

NOTE NO: 57

Previous year figures have been regrouped/reclassified wherever necessary to correspond with the current
year's classification/disclosure.