2.15 Provisions

A provision is recognized when the Company has

a present obligation as a result of past event, it is
probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation and a reliable estimate can be made of the
amount of the obligation. If the effect of the time value
of money is material, provisions are measured at the
present value of management's best estimate of the
expenditure required to settle the present obligation at
the end of the reporting period. The discount rate used
to determine the present value is a pre-tax rate that
reflects the risks specific to the liability. The increase in
the provision due to the passage of time is recognized
as a finance cost.

Where the Company expects some or all of a provision
to be reimbursed, for example under an insurance
contract, the reimbursement is recognized as a
separate asset but only when the reimbursement is
virtually certain. The expense relating to any provision
is presented in the standalone statement of profit and
loss net of any reimbursement.

2.16 Contingent liabilities

A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation
that may, but probably will not, require an outflow
of resources. When there is a possible obligation or a
present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or
disclosure is made. The Company does not recognize
a contingent liability but discloses its existence in the
standalone financial statements.

2.17 Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in
hand and short-term deposits with an original maturity
of three months or less (that are readily convertible
to known amounts of cash and cash equivalents and
subject to an insignificant risk of changes in value)
and funds in transit. However, for the purpose of the
standalone statement of cash flows, in addition to
above items, any bank overdrafts / cash credits that
are integral part of the Company's cash management,
are also included as a component of cash and cash
equivalents.

The cash flow has been prepared under the "Indirect
Method" as set out in Indian Accounting Standard (Ind
AS) 7 - statement of cash flows.

2.18 Segment reporting policies

Operating segments are reported in a manner
consistent with the internal reporting provided to the
Chief Operating Decision Maker (CODM). Only those

business activities are identified as operating segment
for which the operating results are regularly reviewed
by the CODM to make decisions about resource
allocation and performance measurement. For details,
refer to note 33.

2.19 Critical accounting estimates and judgements

The preparation of standalone financial statements in
conformity with Ind AS requires management to make

judgments, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and
liabilities and disclosure of contingent liabilities at the
end of the reporting period. Although these estimates
are based upon management's best knowledge of
current events and actions, uncertainty about these
assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying
amounts of assets or liabilities in future periods.
Changes in estimates are reflected in the standalone
financial statements in the period in which changes
are made and if material, their effects are disclosed
in the notes to the standalone financial statements.
Revisions of estimates are recognised on a prospective
basis.

Information about keyjudgments in applying accounting
policies that have the most significant effect on the
standalone financial statements are as follows: -

Note 2.12 - judgment required to determine probability

of recognition of deferred tax assets;

Note 2.16 - judgment is required to ascertain whether

it is probable or not that an outflow of resources
embodying economic benefits will be required to settle

the taxation disputes and legal claim

Note 2.7 - identification of impairment indicators

Information about key areas of estimation /uncertainty
in applying accounting policies that have the most
significant effect on the standalone financial statements
are as follows: -

Note 2.11 and 31 - measurement of defined benefit

obligations: key actuarial assumptions;

Note 2.4, 2.5 and 2.6 - useful life and residual values
of property, plant and equipment, fair valuation of
investment properties and useful life of intangible
assets;

Note 2.2 and 35 - fair value measurement of financial
instruments;

Note 2.7 and 4 - impairment assessment of investment
property - key assumptions underlying recoverable

amount;

Note 2.8 - impairment assessment of financial assets;

Note 2.20 - Assessment of reciprocal interest in own
equity instruments through associates.

There are no assumptions and estimation uncertainties
that have a significant risk of resulting in a material
adjustment within the next financial year except for as
disclosed in these standalone financial statements.

2.20 Investments in associates

An associate is an entity over which the Company has
significant influence. Significant influence is the power
to participate in the financial and operating policy
decisions of the investee but is not control or joint
control over those policies.

The Company's investments in its associates are
accounted at cost less impairment.

Reciprocal interests in own equity instruments through

associates

Where an associate holds equity shares of the Company
and the Company holds an equity interest in such
associate, the arrangement may result in a reciprocal
or circular shareholding structure. The Company
assesses such arrangements based on their substance
and evaluates whether the Company has, directly
or indirectly, an economic interest in its own equity
instruments

To the extent the Company has an indirect economic
interest in its own equity instruments through an
associate, such interest is not recognised as an asset.
The carrying value of the investment in the associate is
reduced to the extent of the reciprocal interest, with
a corresponding adjustment recognised directly in
equity. Gains, losses, fair value movements, dividends
or other income recognised by the associate in
respect of the Company's equity shares are excluded
from the Company's share of profit or loss or other
comprehensive income of the associate, as applicable.

The adjustment is presented within other equity as a
separate deduction, reflecting the capital nature of
the transaction. No gain or loss is recognised in the
statement of profit and loss in respect of such reciprocal
interest

The Company has entered into share swap arrangements
under which certain associates hold equity shares of
the Company. Management has exercised judgement
in assessing whether such arrangements result in the
Company having an indirect economic interest in its
own equity instruments.

Based on the substance of the arrangements and
considering the treasury share principles under Ind AS
32 by analogy, management has concluded that the
reciprocal interest should not be recognised as an asset.
Accordingly, the Company has reduced the carrying
value of investments in associates and recognised the
corresponding adjustment directly in equity

2.21 Recent pronouncements

New standards and amendments to existing Standards
which are issued but are not yet effective and have not
been early adopted by the Company.

Classification of liabilities as current or non-current and
non-current liabilities with covenants - Amendments to
Ind AS-1 paragraph 74 of Ind AS 1 currently effective for
the year ended 31 March 2026 requires the entity not

to classify theliability as current, if there is a breach of
a material covenant of a long-term loan arrangement
on or before the end of the reporting period with the
effect that the liability becomes payable on demand on
the reporting date, however, the lender agreed, after
the reporting period and before the approval of the
financial statements for issue, not to demand payment
as a consequence of the breach.

MCA vide notification dated 13 August 2025, has

introduced amendment under Paragraph 74 of Ind AS
1 which requires the entity to classify the liability as
current under the aforementioned situation because,
at the end of the reporting period, it does not have the
right to defer its settlement for at least twelve months
after that date. Such amendment has been made
effective for annual reporting periods beginning on or
after 01 April 2026 retrospectively in accordance with
Ind AS 8. This amendment is not expected to have a
material impact on the standalone financial statements.

Notes:

(i) There is no capital work in progress as at end of March 31, 2026 and March 31, 2025.

(ii) The title deed of the immovable properties presented under "property plant and equipment" is held in the name

of the Company.

(iii) There is no charge on the "property plant and equipment" of the Company.

(iv) The Company has capital commitments as at March 31, 2026, in respect of the construction and renovation of
buildings, refer note 30(B)

(v) During the year ended March 31, 2026 and March 31, 2025, the Company has followed cost model while valuing its
property, plant & equipments. The same is in accordance with the reporting standard.

Pursuant to the approval of the shareholders through postal ballot (including remote e-voting) on November 14,
2024, the Company on December 02, 2024 allotted 1,772,040,618 bonus equity shares of ' 1/- each as fully paid-up
bonus equity shares, in the proportion of 1 (One) equity share of ' 1/- each for every 1 (One) existing equity share of ' 1/-

each to the eligible shareholders of the Company whose names appear in the Registers of Members or in the Register
of Beneficial Owner maintained by the depositories on the record date, i.e., November 29, 2024. The bonus shares

allotted as above rank pari passu in all respects and carry the same rights as existing equity shares of the Company.
Consequently, the Company classified ' 1,772.04 million from 'retained earnings' to 'equity share capital'.

***During the year, the Company had acquired interest in the following Companies :

i) 49% in Planet Education Australia Pty Limited vide Share Purchase agreement ("SPA") dated December 06,
2024.

ii) 50% in Jeewani Hospitality Private Limited vide Share Subscription Agreement ("SSA") dated December 06,

2024.

iii) 49.03% in Pflege Home Healthcare Center LLC vide Share Purchase agreement (""SPA"") and Investment Cum
Shareholders' Agreement dated December 06, 2024.

The consideration for acquisition of share in these Companies has been discharged through issuance of 92,771,952
of equity shares of the Company @ ? 18.22 per share (including share premium of ?17.22) on preferential basis to

the respective shareholders of above entities.Accordingly equity share capital has increased by ? 92.77 million and
security premium has increased by ? 1,597.53 million. The shares against the above acquisitions were transferred
to the Company on April 12, 2025.

(c) The Company has only one class of equity shares having a par value of ' 1/- per share (March 31, 2025 : ' 1/- each). The
Company declares and pays dividend in Indian rupees. Each holder of equity share is entitled to one vote per share. In
the event of liquidation of the Company, the holders of the equity shares will be entitled to receive any of the remaining
assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number

of equity shares held by the shareholders. During current year, the Company has not declared or paid dividend (March
2025 dividend of ' Nil).

Notes:(i) Nature and purpose of reserves
Retained earnings:

Retained earnings represent cumulative profits of the Company. The reserve can be utilised in accordance with the
provision of the Companies Act, 2013.

Securities premium:

Securities premium is used to record the premium on issue of shares. It will be utilised in accordance with the
provisions of the Companies Act, 2013.

(i) Trade payables are non-interest bearing and are normally settled on 0-60 day terms.

(ii) For related parties payables, refer note 32.

(iii) The amount due to micro, small and medium enterprises as defined in the "The Micro, Small and Medium Enterprises
Development Act, 2006" ("MSMED") has been determined to the extent such parties have been identified on the

basis of information available with Company. The disclosures relating to the micro, small and medium enterprises
are as follows:

27 Sections 92-92F of Income-tax Act, 1961 prescribe Transfer Pricing regulations for computing the taxable income

and expenditure from 'international transactions' between 'associated enterprises' on an 'arm's length' basis.
These regulations, inter alia, also require the maintenance of prescribed documents and information including
furnishing a report from an Accountant within the due date of filing the return of income. The Company has undertaken

necessary steps to comply with the Transfer Pricing regulations. The Management is of the opinion that the international
transactions are at arm's length, and hence the aforesaid legislation will not have any impact on the standalone financial
statements, particularly on the amount of tax expense and that of provision for taxation.

28 EARNINGS PER SHARE (EPS)

(a) Basic and diluted EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the
Company by the weighted average number of equity shares outstanding during the year.

(b) The following table reflects reconciliation of share issued during the year:

29 EMPLOYEE BENEFITS
A. Defined contribution plans

The Company makes contributions towards provident fund and employee's state insurance which are defined
contribution plans for qualifying employees. The contributions are made to the registered provident fund administered
by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual
nor any constructive obligation. The expense recognised during the year towards defined contribution plan is ' 18.81
million (March 31, 2025: ' 14.23 million).

B. Defined Benefit Plans
Gratuity:

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the Act, employees who have completed
five years of service are entitled to specific benefit. The level of benefit provided depends on the member's length of

service and salary retirement age. The employee is entitled to a benefit equivalent to 15 days salary last drawn for each
completed year of service with part thereof in excess of six months subject to maximum limit of ' 2 million. The same is

payable on termination of service or retirement or death whichever is earlier.

The present value of the obligation under such defined benefit plan is determined based on an actuarial valuation as
at the reporting date using the projected unit credit method, which recognises each year of service as giving rise to
additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
The obligations are measured at the present value of the estimated future cash flows. The discount rate used for
determining the present value of the obligation under defined benefit plans is based on the market yields on Government
bonds as at the date of actuarial valuation. Actuarial gains and losses (net of tax) are recognised immediately in the
Other Comprehensive Income (OCI).

(a) The Company has issued a SBLC (Standby letter of credit) to ICICI bank towards issuance of working capital loan to
its wholly owned subsidiary Easemytrip UK Limited against fixed deposits. The bank can invoke the SBLC in full in
case of default of repayments of loan and/or interest by Easemytrip UK Limited. The closing balance of SBLC issued
is ' 99.84 million (March 31, 2025: ' 80.87 million).

(b) For financial year 2016-17 a demand of ' 18.55 million has arisen pursuant to reassessment proceedings under
Section 147 of the Income-tax Act, 1961, the Assessing Officer made an addition of '13.09 million to the Company's

income, in respect of transactions of an unsecured loan under Section 68 and ' 0.39 million towards alleged notional
commission under Section 69C.

(c) The assessment for Financial Year 2022-23 was referred by the Assessing Officer to the Transfer Pricing Officer
(TPO) for determination of the Arm's Length Price (ALP). A demand of ' 0.87 million has arisen pursuant to a

transfer-pricing adjustment of ' 3.48 million towards notional interest on trade receivables.

(d) On February 24, 2025, the GST authorities under Section 73 of the CGST/DGST Act have issued a demand notice of
' 31.70 million pertaining to incorrect declaration of tax on outward supplies and incorrect Input Tax Credit (ITC)

claimed.

Based on internal assessment, Company believes chances of any liability devolving on above matter stated from (b)
to (d), is not probable and hence, Company has not provided for any amounts in the standalone financial statements.

(B) Capital and other commitments

As at March 31, 2026 Company has capital commitment of ' 25.60 million (March 31, 2025: Nil)

(C) Other Commitment

There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company during the year.

31 LEASESCompany as a lessee

The Company's obligations under its leases are secured by the lessor's title to the leased assets. The Company has
also lease contracts for office premise having terms of 12 months or less. The Company applies the 'short-term lease'
recognition exemptions for these leases.

33 SEGMENT REPORTING
Business segments

For management purposes, the Company is organized into Lines of Business (LOBs) based on its products and services and

has three reportable segments (Air Ticketing, Hotels Packages and Other Services) based on the nature of the products
the risks and returns the organisation structure and the internal financial reporting systems. The segment results are
regularly reviewed and performance is assessed by its Chief Operating Decision Maker (CODM), i.e., whole-time director.
LOB wise profits before taxes finance costs other income depreciation and amortisation are reviewed by CODM on
monthly basis. The CODM's monitor the operating results of its business units separately for the purpose of making
decisions about resource allocation and performance assessment.

The Company is presenting detailed segment reporting in the consolidated financial statements.

34 CAPITAL MANAGEMENT

For the purpose of Company's capital management, capital includes issued equity capital, securities premium and all
other equity reserves attributable to the equity holders. The primary objective of the Company's capital management is
to maximise the shareholder value.

The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions.
To maintain or adjust the capital structure, the Company may adjust return capital to shareholders or issue new shares.
The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company
includes within net debt, interest bearing borrowings, less cash and cash equivalents.

36 FAIR VALUE HIERARCHY

AH financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy,
described as follows, based on the lowest level input that is significant to the fair value measurement as a whole.

"Level 1: This level of hierarchy includes financial assets that are measured by reference to quoted (unadjusted) prices in
active markets for identical assets or liabilities.

Measurement of fair value of financial instruments

The Company finance team performs valuations of financial items for financial reporting purposes, in consultation with
third party valuation specialists for complex valuations wherever required. Valuation techniques are selected based on
the characteristics of each instrument, with the overall objective of maximising the use of market-based information.

Note:

The investment in equity shares of subsidiaries are measured at cost and investment in equity shares of associate are
measured through equity method. Refer note 12 for further details.

37 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's activities are exposed to variety of financial risk; credit risk, liquidity risk and foreign currency risk.

The Company's senior management oversees the management of these risks. The Company's senior management
ensures that the Company's financial risk activities are governed by appropriate policies and procedures and that
financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives.
The Company reviews and agrees on policies for managing each of these risks which are summarized below:

(a) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer

contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables), including deposits with banks and financial institutions, foreign exchange transactions and other
financial instruments.

Trade receivable & other financial assets:-

The Company exposure to credit risk is influenced mainly by the individual characteristics of each customer and if a
customer fails to meet its contractual obligations. The demographics of the customer, including the default risk of
the industry and country in which the customer operates, also has an influence on credit risk assessment.

The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables.
The provision matrix takes into account available internal credit risk factors such as the Company's historical
experience for customers. Based on the business environment in which the Company operates, management

considers that the trade receivables are in default (credit impaired) if the payments are more than 180 days past
due (other than receivables from related parties). Majority of trade receivables are from domestic customers, which
are fragmented and are not concentrated to individual customers.

(i) Trade receivables are typically unsecured. Credit risk is managed by the Company through credit approvals,
establishing credit limits and continuously monitoring the creditworthiness of customers to which the
Company grants credit terms in the normal course of business.

The Company is exposed to credit risk in relation to financial guarantee given to bank. The Company's
maximum exposure in this respect is the maximum amount the Company could have to pay if the guarantee
is called on. Financial guarantees are accounted as explained in note 2.8. The maximum amount the Company
could be forced to settle under the arrangement for the Full guaranteed amount if that amount is claimed by
the counterparty to the guarantee is ' 252.12 million (March 31,2025'337.90 million). Based on expectations
at the end of the reporting year, the Company considers that it is more likely than not that such an amount will
not be payable under the arrangement.

(b) Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral
obligations without incurring unacceptable losses. The Company's objective is to, at all times maintain optimum
levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position

and deploys a robust cash management system. It maintains adequate sources of financing including loans from
banks at an optimised cost.

(c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price
risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include trade

payables in foreign currency.

The fluctuation in foreign currency exchange rates may have potential impact on the standalone statement
of profit or loss, where any transaction references more than one currency or where assets/LiabUities are
denominated in a currency other than the functional currency of the standalone Company. The Company
undertakes transactions denominated in foreign currencies and thus it is exposed to exchange rate fluctuations.
The Company has a treasury team which evaluates the impact of foreign exchange rate fluctuations by
assessing its exposure to exchange rate risks and advises the management of any material adverse effect on
the Company.

Exposure to Foreign currency risk

The summary of quantitative data about the Company exposure to currency risk, as expressed in Indian
Rupees, as at March 31, 2026 and March 31, 2025 are as beiow:

(ii) Interest rate risk

There is no borrowings as at March 31, 2026 (March 31, 2025: ' NIL million)

Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company's exposure to the risk of changes in market interest rates
relates primarily to the Company's borrowings with floating interest rates.

(iii) Price risk

The Company is exposed to price risk in respect of its investment in equity securities and classified in the

standalone balance sheet as FVTOCI.

The investments in quoted equity securities and unquoted equity securities are considered long-term, strategic
investments. In accordance with the Company's policies, no specific hedging activities are undertaken in

relation to these investments. The investments are continuously monitored and voting rights arising from
these equity instruments are utilised in the Company's favour.

38 DISCLOSURE REQUIRED UNDER SECTION 186(4) OF THE COMPANIES ACT, 2013

I ncluded in loans and advance are certain intercorporate deposits the particulars of which are disclosed below as
required by Sec 186(4) of the Companies Act 2013:

40 OTHER STATUTORY INFORMATION

i) The Company do not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules

made thereunder.

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

iii) The Company has not traded or invested in crypto currency or virtual currency during the respective financial years

iv) The Company has not advanced any fund to intermediaries for further advancing to other person on behalf of
ultimate beneficiaries for the year ended March 31, 2026 other than below:

v) The Company has not received any fund from any person(s) or entity(ies), 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,

vi) 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).

vii) The Company has not been declared willful defaulter by any bank or financial institution or other lender.

viii) The Company has balance with the below-mentioned companies struck off under section 248 of Companies Act,

2013:

ix) During the year ended March 31, 2026 and March 31, 2025, the Company has followed cost model while valuing its
property, plant & equipment. The same is in accordance with the reporting standard.

x) The Company is not required to file any quarterly return or statement with such banks or financial institutions

against the sanctioned limits.

41 EXCEPTIONAL ITEMS

(a) The Company as at March 31,2026 is holding investment amounting to ' 30.00 million in one of the subsidiary company.
For the year ended March 31, 2026, the subsidiary company s current business is not as per projections. Accordingly, the

Company has recorded an impairment of its investment and disclosed the same as an "exceptional item".

(b) The Company had entered into an exclusive General Sales Agent (GSA) Agreement with a scheduled passenger
airline operator (Operator) under the UDAAN scheme of government of India in January 2022. The Company had
given advance adjustable against ticket sales and refundable GSA deposit, and the agreement with subsequent
addendums was extended to March 31,2028. As at March 31,2026, the total amount recoverable from the Operator
amounts to ' 509.57 million, comprising deposits (f 150.00 million), advances (f 206.41 million), recoverable from
airline (f 4.39 million), receivables (f 33.73 million) and loan (f 115.05 million).

The management of the Company is making continuous efforts towards recovery of aforesaid amounts. However, as
a matter of prudence, the Company has made provision of entire balance recoverable. The amount provided has
been presented as an "exceptional item" in the financial statement. Further, deferred tax credit of ' 99.29 million
has been recognized on provision made for deposits, advances and receivables.

42 The Ministry of Corporate Affairs (MCA) has prescribed a new 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 new requirement is applicable with effect from financial year beginning on April 01, 2023.

The Company uses certain accounting software for maintaining its books of account which have the feature of recording
audit trail (edit log) facility at the application level and the same have been operated throughout the year for all relevant
transactions recorded in the accounting software. The Company has not enabled the feature of recording audit trail (edit
log) at the database level for the accounting software used for maintaining revenue records and accounting software
used for maintaining accounting records to log any direct data changes. Further, there is no instance of audit trail feature
being tampered with in respect of the accounting software where such feature is enabled. Furthermore, audit trail has
been preserved by the Company as per the statutory requirements of record retention.

43 The Company in its board meeting held on August 14, 2025 had proposed equity investments of 50% in Three Falcons
Notting Hill Limited amounting to ' 1,750.00 million and 100% in AB Finance Private Limited amounting to ' 1,944.39
million. The Company further in its board meeting held on October 17, 2025 had proposed equity investments of 49%
in Levo Beauty Private Limited amounting to ' 245.00 million, 49% in Javaphile Hospitality Private Limited amounting to
' 196.00 million and 49% in SSL Nirvana Grand Golf Developers Private Limited amounting to ' 1,005.28 million.

The Company on November 03, 2025 and November 04, 2025 entered into a Share Subscription Agreement (SSA) with

Javaphile Hospitality Private Limited, SSL Nirvana Grand Golf Developers Private Limited and Levo Beauty Private Limited
respectively. Further, the Company on November 03, 2025 and November 04, 2025 entered into a Share Purchase
Agreement (SPA) with AB Finance Private Limited and Three Falcons Notting Hill Limited respectively.

As at March 31, 2026, the Company is in the process of meeting the closing obligations along with the transfer of shares
under SSA and SPA. Accordingly, the impact of the above investments has not been given effect in these standalone
financial statements.

44 The Directorate of Enforcement, Ministry of Finance ('the department'), conducted a search at one of the Company's
premises and at the residence of Nishant Pitti, co-founder of the Company, on April 16, 2025. The Panchnamas' drawn
by the department post the search states that no incriminating documents or digital records were found and no items
were seized other than cash of ' 0.70 Million from the residence of the co-founder of the Company. As on the date of

issuance of these standalone financial statements, the Company has not received any further communication from the
department. The management after considering all available records and facts known to it and based on the available
information as at the date of the approval of the standalone financial statements, has not identified any adjustments,
disclosure or any other impact on these standalone financial statements on account of this matter.

45 SUBSEQUENT EVENTS

(a) The Board of Directors of the Company in their board meeting held on May 13, 2026 has approved the issuance of
equity shares on a rights basis for an amount not exceeding ' 5,000.00 million, in accordance with the Companies
Act, 2013, as amended and the rules made thereunder, Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018 as amended and other applicable laws.

(b) In respect of the proposed equity investments as mentioned in note 43 above, the Company on May 26, 2026
has allotted 347,798,677 equity shares @ ' 9.19/- per share including a premium of ' 8.19/- for each equity share,

ranking pari-passu with the existing equity shares of the Company on preferential basis against non cash / equity
swap consideration. Further in meeting of the board of directors dated 26 May 2026 the board has approved the
termination agreement for the Company's investment of INR 1,944,390,000/- through share swap with AB Finance

Private Limited.

46 RECONCILIATION OF LIABILITIES FROM FINANCING ACTIVITIES

Ind AS 7, Statement of cash flows requires the entities to provide disclosures that enable users of standalone financial
statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash
flows and non-cash changes, via inclusion of a reconciliation between the opening and closing balances in the balance
sheet for liabilities arising from financing activities, to meet the disclosure requirements. This reconciliation does not
have any material impact on the standalone financial statements; accordingly, the reconciliation is not disclosed.

47 INTERIM DIVIDEND

During the current year, the Company has not declared or paid any dividends (March 31, 2025: ' NIL).

48 IMPAIRMENT ASSESSMENT

The Company holds investments amounting to ' 2057.97 millions (March 31, 2025: ' 944.52 millions) in its subsidiaries

and associate companies. The value of the loans to its subsidiaries and associate companies, including interest accrued
thereon is ' 1,269.76 millions (March 31,2025: ' 973.62 millions). As at March 31, 2026, the management of the Company

assessed the recoverability of the investments and loans by carrying out a valuation of its subsidiaries business with the
help of an external valuation expert using the discounted cashflow method.

Key assumptions used in calculating the recoverable value of subsidiaries:

- discount rates ranging from 14% to 20%

- terminal growth rate ranging from 2% to 5%

Considering the recoverable value assessed basis the valuation performed, the management of the Company is of the
view that there is sufficient head room available and hence, no impairment is required to be recorded with respect to
its investments (including loans) to its subsidiaries and associate companies except Glegoo Innovations Private Limited
in which impairment provision of ' 30 million has been recognised during the year. Further, there were no impairment

indicators in the previous year ended March 31, 2025.

49 RECIPROCAL INTEREST IN OWN EQUITY SHARES THROUGH ASSOCIATES

During the year ended March 31, 2026, the Company acquired equity interests in 2 associates through share swap
arrangements, under which the Company issued its own equity shares as consideration. Consequent to these

arrangements, the associates hold equity shares of the Company, resulting in a reciprocal shareholding structure.
Management has evaluated the accounting implications of the arrangement under the applicable Ind AS principles
and has concluded that the reciprocal interest represents, in substance, an indirect interest by the Company in its own
equity instruments. Accordingly, the Company has reduced the carrying value of investments in associates by ?549.03
million and recognised a corresponding debit directly in equity under securities premium. The adjustment has not been
recognised in the standalone statement of profit and loss, as it represents a capital transaction involving the Company's
own equity instruments. Management has assessed the recoverability of the remaining carrying value of the investments
and concluded that no impairment is required as at March 31, 2026.

50 The previous year figures have been regrouped / reclassified wherever necessary to conform to current year presentation.

The impact of such reclassification / regrouping are not material to the financials statements.