5.11.Provisions and contingencies

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result
of a past event, it is probable that the Company will be
required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.

Provisions are measured at the best estimate of the
consideration required to settle the present obligation at
the end of the reporting period, taking into account the
risks and uncertainties surrounding the obligation. When

a provision is measured using the cash flows estimated
to settle the present obligation, its carrying amount is the
present value of those cash flows (when the effect of the
time value of money is material).

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. Information on contingent liability is disclosed in
the Notes to the Financial Statements.

Contingent assets are not recognised but disclosed when
the inflow of economic benefits is probable. However,
when the realization of income is virtually certain, then
the related asset is no longer a contingent asset, but it is
recognised as an asset.

5.12.Employee benefits

5.12.1. Defined Contribution Plans:

Payments to defined contribution retirement
benefit scheme for eligible employees in the form
of superannuation fund and provident fund are
recognised as expense when employees have
rendered services entitling them to the contributions.
The Company has no further payment obligation once
the contributions have been paid. The contributions
are accounted for as defined contribution plans
and the contributions are recognised as employee
benefit expenses when they are incurred.

5.12.2. Defined Benefits Plans:

For defined benefit retirement schemes, the cost of
providing benefits is determined using the Projected
Unit Credit Method, with actuarial valuation being
carried out at each year-end balance sheet date. Re¬
measurement gains and losses of the net defined
benefit liability/(asset) are recognised immediately
in other comprehensive income. The service cost and
net interest on the net defined benefit liability/(asset)
are recognised as an expense within employee costs.

Past service cost is recognised as an expense when
the plan amendment or curtailment occurs or when
any related restructuring costs or termination
benefits are recognised, whichever is earlier.

The retirement benefit obligations recognised in the
balance sheet represents the present value of the
defined benefit obligations as reduced by the fair
value of plan assets.

5.12.3. Compensated absences

Liabilities recognised in respect of other long-term
employee benefits such as annual leave and sick

leave are measured at the present value of the
estimated future cash outflows expected to be made
by the Company in respect of services provided
by employees up to the reporting date using the
projected unit credit method with actuarial valuation
being carried out at each yearend balance sheet date.
Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions
are charged or credited to the statement of profit and
loss in the period in which they arise.

Compensated absences which are not expected
to occur within twelve months after the end of the
period in which the employee renders the related
service are recognised based on actuarial valuation.

5.13.Financial instruments

Financial assets and financial liabilities are recognized
when the Company becomes a party to the contractual
provisions of the instrument. Financial assets and
liabilities are initially measured at fair value. Transaction
costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other
than financial assets and financial liabilities at fair value
through profit and loss) are added to or deducted from
the fair value measured on initial recognition of financial
asset or financial liability. The transaction costs directly
attributable to the acquisition of financial assets and
financial liabilities at fair value through profit and loss
are immediately recognised in the statement of profit and
loss. Trade receivables that do not contain a significant
financing component are measured at transaction price.

i. Financial Assets

Cash and bank balances

Cash and bank balances consist of:

(i) Cash and cash equivalents - which includes
cash in hand, deposits held at call with banks
and other short-term deposits which are
readily convertible into known amounts of cash,
are subject to an insignificant risk of change in
value and have original maturities of less than
three months. These balances with banks are
unrestricted for withdrawal and usage.

(ii) Other balances with banks - which also include
balances and deposits with banks that are
restricted for withdrawal and usage.

Financial assets at amortised cost

Financial assets are subsequently measured at
amortised cost when they are held within a business
model whose objective is to collect contractual cash
flows, and the contractual terms give rise on specified
dates to cash flows that are solely payments of principal
and interest on the outstanding principal amount.

Financial Assets Measured at Fair Value

Financial assets are classified as measured at fair
value through other comprehensive income (FVOCI)
when they are held within a business model whose
objective is both to collect contractual cash flows
and to sell the assets, and where contractual cash
flows represent solely payments of principal and
interest. The Company has made an irrevocable
election for certain equity investments (excluding
investments in associates and joint ventures) not
held for trading to present subsequent fair value
changes in other comprehensive income. This
election is made on an instrument-by-instrument
basis at initial recognition. These investments are
held for medium to long-term strategic purposes.
Management believes that presenting these changes
in OCI better reflects the nature of such investments
than recognizing fair value changes directly in the
Statement of Profit and Loss.

Financial assets that do not meet the criteria for
amortised cost or FVOCI measurement are carried at
fair value through profit or loss (FVTPL).

Interest Income

Interest income is recognized on an accrual basis
using the effective interest rate method, calculated
by applying the effective interest rate to the principal
outstanding, and is recorded in the Statement of
Profit and Loss.

Dividend Income

Dividend income from investments is recognised in
the Statement of Profit and Loss when the Company's
right to receive payment is established.

Impairment of Financial Assets

The Company applies the expected credit loss (ECL)
model for impairment of financial assets measured
at amortised cost and FVOCI. Lifetime expected
credit losses are recognized for all trade receivables
that do not have a financing component. For financial
assets other than these trade receivables, the loss
allowance is measured as 12-month expected credit
losses where the credit risk has not significantly
increased since initial recognition; however, if the
credit risk has increased significantly, lifetime
expected credit losses are recognized.

Derecognition of Financial Assets

The Company derecognizes a financial asset
only when the contractual rights to cash flows
expire or when the asset is transferred along with
substantially all the risks and rewards of ownership
to another party. If the Company neither transfers
nor retains substantially all risks and rewards but
retains control, it continues to recognize the asset

with an associated liability for amounts that may
be payable. If the Company retains substantially
all risks and rewards, the asset continues to be
recognized, together with a borrowing representing
the proceeds received.

Financial Liabilities and Equity Instruments
Classification as Debt or Equity

Financial liabilities and equity instruments issued by
the Company are classified based on the substance
of the contractual arrangements and the definitions
of financial liabilities and equity instruments.

Equity Instruments

An equity instrument is any contract that evidences
a residual interest in the assets of the Company after
deducting all liabilities. Equity instruments are recorded
at the proceeds received, net of direct issuance costs.

Financial Liabilities

Trade payables and other short-term liabilities are
initially measured at fair value minus transaction costs
and subsequently measured at amortised cost using
the effective interest rate method where the time value
of money is significant. Interest-bearing bank loans,
overdrafts, and issued debts are initially recognized at
fair value and subsequently measured at amortised
cost using the effective interest rate method. Any
difference between proceeds (net of transaction costs)
and the redemption amount is recognized over the
term in the Statement of Profit and Loss.

Derecognition of Financial Liabilities

Financial liabilities are derecognized when the
Company's obligations are discharged, cancelled,
or have expired.

5.14.Segments reporting

Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
decision maker.

The Board of directors of the Company has been identified
as the Chief Operating Decision Maker which reviews

and assesses the financial performance and makes the
strategic decisions.

5.15.Earnings per share Basic earnings per share

Basic earnings per share is computed by dividing the net
profit after tax by weighted average number of equity
shares outstanding during the year. The weighted average
number of equity shares outstanding during the year is
adjusted for treasury shares, 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 after tax as adjusted for dividend, interest and other
charges to expense 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 and also the
weighted average number of equity shares that could
have been issued upon conversion of all dilutive potential
equity shares including the treasury shares held by the
Company to satisfy the exercise of the share options
by the employees.

5.16.Share Issue Expenses

The transaction costs of an equity transaction are
accounted for as a deduction from equity to the extent
they are incremental costs directly attributable to the
equity transaction.

5.17. Rounding off amounts

All amounts disclosed in the standalone financial
statements and notes have been rounded off to the
nearest crore as per the requirement of Schedule III,
unless otherwise stated.

5.18. Exceptional items

Exceptional Items include income/expenses that are
considered to be part of ordinary activities, however of
such significance and nature that separate disclosure
enables the users of standalone financial statements
to understand the impact in more meaningful manner.
Exceptional Items are identified by virtue of their size,
nature and incidence.

Note :

During the FY 2024-25, the Company has issued and allotted:

i. 36,75,000 Equity Shares having face value of H10/- each at an issue price of Rs. 183.60/- fully paid up upon exercising the option
available with the Share Warrant Holder (person belonging to the Promoter group) to convert 36,75,000 Convertible Warrants

ii. 45,00,000 Equity Shares to the Non-Promoters (Public Category) on preferential basis of H10/- each for cash at premium of Rs.
350/- aggregating to Rs. 1,62,00,00,000/-.

iii. 93,00,000 Convertible Warrants to persons forming part of promoter group on preferential basis of H10/- each for cash at premium
of Rs. 350/- aggregating to H3,34,80,00,000/-, with an option to convert the same into equal number of equity shares of H10/-
(Rupees Ten) each at an issue price of Rs. 360/- per share within a period of 18 months from the date of allotment of warrants.

During the periods mentioned above, there have been no transfers amongst the levels of hierarchy.

The carrying amounts of current trade receivables, current financial assets, cash and bank balances, loans, trade
payables, current borrowings, current financial liabilities and current lease liabilities are considered to be approximately
equal to their fair value.

The fair value of non current borrowings is considered to be equal to the carrying amount as the same is at variable
rate of interest

b) Financial risk management

Market risk is the potential loss of earnings, fair values, or cash flows due to changes in interest rates, foreign exchange rates,
equity prices, or other market variables affecting financial instruments. The Company's principal financial liabilities comprise
borrowings, lease obligations, and trade payables, while its financial assets mainly include receivables, cash, and deposits.
Key risks arising from these instruments are foreign currency risk, interest rate risk, credit risk, and liquidity risk. The Board
of Directors reviews and approves policies for managing these risks. The Corporate Treasury function facilitates access to
financial markets and oversees risk management in line with approved policies. The Company does not enter into derivatives
for speculative purposes.

1) Market risk

The Company is primarily exposed to risks arising from fluctuations in foreign currency exchange rates, interest rates,
and commodity prices. These risks are managed through prudent financial management, operational efficiencies, and
continuous monitoring rather than through the use of derivative or forward contracts

To address such exposures, the Company has established Risk Management Policies approved by the Board of Directors,
providing a structured framework for identifying, assessing, and mitigating risks. The Treasury Department tracks
foreign exchange exposures and commodity price movements, prepares periodic reports, and submits them to the

Risk Management Committee. These reports are subsequently placed before the Audit Committee to ensure oversight,
compliance, and effective implementation of the approved framework.

The Company does not trade in financial instruments for speculative purposes.

a) Foreign currency risk management

The Company's functional currency is Indian Rupees (H). The Company undertakes transactions denominated in
foreign currencies; consequently, exposure to exchange rate fluctuations arise. Volatility in exchange rates affects
the Company's revenue from export markets. The Company is exposed to exchange rate risk under its trade portfolio.

Adverse movements in the exchange rate between the Rupee and any relevant foreign currency result's in decrease
in the Company's overall receivables in Rupee terms and favourable movements in the exchange rates will
conversely result in increase in the Company's receivables in Rupee terms.

Going by the past trends and future prospects in respect of movement in exchange rate between the Rupee and any
relevant foreign currency, the Board expects that there will be favourable movements in the exchange rate and accordingly
the management has decided not to hedge the foreign currency through any forward exchange contract. Therefore,
receivables aggregating to H 25902.43 lakhs outstanding As at 31 March 2025 represents as unhedged position.

Note: The Company does not have any financial liabilities denominated in foreign currency as at 31 March 2024.

*unhedged currency position

The following table details the Company's sensitivity to a 1% increase and decrease in the H against the relevant
foreign currencies. 1% is the sensitivity rate used when reporting foreign currency risk internally to key management
personnel and represents management's assessment of the reasonably possible change in foreign exchange rates.
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts
their translation at the year-end for a 1% change in foreign currency rates, with all other variables held constant.
A positive number below indicates an increase in profit or equity where H strengthens 1% against the relevant
currency. For a 1% weakening of H against the relevant currency, there would be a comparable impact on profit or
equity, and the balances below would be negative.

The sensitivity analyses below have been determined based on the exposure to interest rates for floating rate
liabilities, assuming the amount of the liability outstanding at the year-end was outstanding for the whole year.

If interest rates had been 100 basis points higher / lower and all other variables were held constant, the Company's
profit for the year ended 31 March 2025 would decrease / increase by H 21.74 Lakhs (for the year ended 31 March
2024: decrease / increase by H 28.43 Lakhs). This is mainly attributable to the Company's exposure to interest rates
on its variable rate borrowings

c) Commodity Price Risk

The Company is primarily exposed to fluctuations in the prices of steel and alloy steels, which are the key raw
materials for manufacturing crankshafts. Most contracts with Indian customers are based on mutually agreed price
mechanisms, which partially offset the impact of raw material price volatility. However, in the case of firm price
orders, any sharp movement in commodity prices may impact profitability.

The Company manages this risk through long-term supplier relationships, bulk procurement strategies, and
continuous monitoring of price trends. Risk management policies approved by the Board of Directors provide a
structured framework for addressing commodity price exposures. The Company does not enter into commodity
derivative contracts and relies on operational measures to mitigate such risks.

2) Credit risk management:

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness as well
as concentration risks. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining
sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.

Company's credit risk arises principally from the trade receivables, loans, cash & cash equivalents.

Trade receivables

Customer credit risk is managed centrally by the Company and subject to established policy, procedures and control
relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating
scorecard and individual credit limits defined in accordance with the assessment.

Trade receivables consist of a large number of customers spread across diverse industries and geographical areas with
no significant concentration of credit risk. The outstanding trade receivables are regularly monitored and appropriate
action is taken for collection of overdue receivables.

Cash and cash equivalents

Credit risks from balances with banks and financial institutions are managed in accordance with the Company policy.
The Company attempts to limit the credit risk by only dealing with reputable banks and financial institutions having high
credit- ratings assigned by credit-rating agencies.

In addition, the Company is not exposed to credit risk in relation to financial guarantees given to banks and other
counterparties.

3. Liquidity risk management

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds
in a situation where business conditions unexpectedly deteriorate and requiring financing. The Company requires funds both for
short term operational needs as well as for long term capital expenditure growth projects. The Company generates sufficient
cash flow for operations, which together with the available cash and cash equivalents and short term investments provide
liquidity in the short-term and long- term. The Company has established an appropriate liquidity risk management framework
for the management of the Company's short, medium 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 and its non-derivative financial assets. 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.
The tables include both interest and principal cash flows.

To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at
the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be
required to pay.

Collateral

The Company has pledged part of its trade receivables, short term investments and cash and cash equivalents in order
to fulfil certain collateral requirements for the banking facilities extended to the Company. There is obligation to return
the securities to the Company once these banking facilities are surrendered (Refer note 23 and 25).

4) Capital Risk management

The Company being in a capital intensive industry, its objective is to maintain a strong credit rating, healthy capital ratios
and establish a capital structure that would maximise the return to stakeholders through optimum mix of debt and equity.

The Company's capital requirement is mainly to fund its capacity expansion and repayment of principal and interest on its
borrowings. The principal source of funding of the Company has been, and is expected to continue to be, cash generated
from its operations supplemented by funding from bank borrowings and the equity capital by way of preferential
allotment. The Company is not subject to any externally imposed capital requirements.

The Company regularly considers other financing and refinancing opportunities to diversify its debt profile, reduce interest
cost and elongate the maturity of its debt portfolio, and closely monitors its judicious allocation amongst competing
capital expansion projects, to capture market opportunities at minimum risk.

The Company monitors its capital using gearing ratio, which is net debt, divided to total equity. Net debt includes, interest
bearing loans and borrowings less cash and cash equivalents, bank balances other than cash and cash equivalents and
current investments.

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in
meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in
the financial covenants of any interest-bearing loans and borrowing in the current period.

45. EMPLOYEE BENEFIT OBLIGATIONS

a. Defined contribution plan

The Company operates defined contribution retirement benefit plans for all qualifying employees. Under these plans, the
Company is required to contribute a specified percentage of payroll costs.

Company's contribution to provident fund recognised in statement of profit and loss of H22.61 Lakhs (31 March 2024:H21.80)
(included in note 33).

b. Defined benefit plans

The level of benefits provided depends on the member's length of service and salary at retirement age.

The gratuity plan is covered by The Payment of Gratuity Act, 1972. Under the gratuity plan, all employees are entitled to Gratuity
Benefits on exit from service due to retirement, resignation or death at the rate of 15 days' salary for each year of service with
payment ceiling of H20 lakhs. The vesting period for gratuity as payable under The Payment of Gratuity Act, 1972 is 5 years.

No other post-retirement benefits are provided to these employees.

The most recent actuarial valuation of the present value of the defined benefit obligation were carried out at 31 March 2025
by Independent, Qualified Actuary. The present value of the defined benefit obligation, and the related current service cost and
past service cost, were measured using the projected unit credit method.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected 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 projected benefit obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied
in calculating the projected benefit obligation as recognised in the balance sheet.

48. ADDITIONAL REGULATORY INFORMATION

Additional Regulatory Information pursuant to Clause 6L of General Instructions for preparation of Balance Sheet as given in Part
I of Division II of Schedule III to the Companies Act, 2013, are given hereunder to the extent relevant and other than those given
elsewhere in any other notes to the Financial Statements.

a) The title in respect of self-constructed buildings and title deeds of all other immovable properties (other than properties where
the Company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the standalone
financial statements included under Property, Plant and Equipment are held in the name of the Company as at the balance
sheet date except for the following:

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

c) The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for which
such loans were taken.

d) The Company has not been declared as a willful defaulter by any lender who has powers to declare a company as a willful

defaulter at any time during the financial year or after the end of reporting period but before the date when the standalone
financial statements are approved.

e) The Company does not have any transactions with struck-off companies.

f) The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies (ROC)

beyond the statutory period except in case of one lender where outstanding balance as on 31.st March 2025 is H29.08 lakhs,

charge is pending on account of certain procedural formalities..

g) The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies Act 2013
read with Companies (Restrictions on number of Layers) Rules, 2017.

h) The company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign
entities(intermediaries), with the understanding that the intermediary shall;

i. 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

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

i) The Company has not received any funds 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;

i. 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

ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

49. Previous period figures have been regrouped / recasted / reclassified wherever necessary.

50. The Company has approved its standalone financial statements in its board meeting dated May 14, 2025.

The accompanying notes form an integral part of the Standalone financial statements.

As per our report of even date

For M. B. Agrawal & Co.

Chartered Accountants
Firm's Reg. No.: 100137W

Sd/- Sd/- Sd/- Sd/-

Leena Agrawal Jaspalsingh Chandock Trimaan Chandock Jaikaran Chandock

Partner Chairman & Managing Director Director Director

Membership No.: 061362 (DIN 00813218) (DIN 02853445) (DIN 06965738)

Sd/- Sd/-

Amit Todkari Tabassum Begum

Mumbai, 14 May 2025 Chief Financial Officer Company Secretary

& Compliance Officer