2.22 Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized when the company has a present obligation (legal or constructive) 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 are liable
estimate can be made of the amount of the obligation.

If the effect of the time value of money is material, provisions are discounted using a current pretax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of
time is recognized as a finance cost.

Contingent Liabilities are not recognized but are disclosed, while Contingent Assets are neither recognized nor disclosed, in
the financial statements.

2.23 Critical accounting estimates and judgments

In the course of applying the policies outlined above, the Company is required to make judgments, estimates and assumptions
about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results
may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision
and future period, if the revision affects current and future periods.

(i) Critical Judgments

In the process of applying the Company's accounting policies, management has made the following judgments, which have
the most significant effect on the amounts recognised in the standalone financial statements:

Leases

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a
lease requires significant judgment. The Company uses significant judgment in assessing the lease term (including anticipated
renewals) and the applicable discount rate.

The Company determines the lease term as the noncancellable period of a lease, together with periods covered by an option
to extend the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate
the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably
certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts
and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to
exercise the option to terminate the lease. The Company revises the lease term if there is a change in the noncancellable
period of a lease

The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio
of leases with similar characteristics.

Impairment of financial assets

The impairment provisions for financial assets are based on assumptions about risk of default and expected loss rates. The
Company uses judgment in making assumption and selecting the inputs to the impairment calculation, based on Company's
past history, existing market conditions as well as forward estimate at the end of each reporting period.

Income taxes

Management judgment is required for the calculation of provision for income taxes and deferred tax assets and liabilities. The
Company reviews at each balance sheet date the carrying amount of deferred tax assets. The amount of tax payable in respect
of any period is dependent upon the interpretation of the relevant tax rules. The factors used in estimates may differ from
actual outcome which could lead to significant adjustment to the amounts reported in the financial statements.

Defined benefit Plan

The cost of the defined benefit plan and other postemployment benefits and the present value of such obligation are
determined using actuarial valuations. A n actuarial valuation involves making various assumptions that may differ from actual
development in the future. These include the determination of the discount rate, future salary increases, mortality rates and
attrition rate. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

Insurance claims and other Miscellaneous Revenues

Insurance claims and other miscellaneous revenues are recognized when the Company has reasonable certainty of recovery.
Subsequently any change in recoverability is provided for.

Contingences and commitments

In the normal course of business, contingent liabilities may arise from litigations and other claims against the Company. Where
the potential liabilities have a low probability of crystallizing or are very difficult to quantify reliably, we treat them as contingent
liabilities. Such liabilities are disclosed in the notes but are not provided for in the standalone financial statements. Although
there can be no assurance regarding the final outcome of the legal proceedings, we do not expect them to have a materially
adverse impact on our financial position or profitability.

(ii) Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are discussed below:

Allowances for doubtful debts

The Company makes allowances for doubtful debts based on an assessment of the recoverability of trade and other
receivables. The identification of doubtful debts requires use of judgments and estimates. Where the expectation is different
from the original estimate, such difference will impact the carrying value of the trade and other receivables and doubtful debts
expenses in the period in which such estimate has been changed.

Allowances for inventories

Management reviews the inventory age listing on a periodic basis. This review involves comparison of the carrying value of
the aged inventory items with the respective net realizable value. The purpose is to ascertain whether an allowance is required
to be made in the standalone financial statements for any obsolete and slow moving items. Management is satisfied that
adequate allowance for obsolete and slow moving inventories has been made in the standalone financial statements.

Liability for sales return

In making judgment for liability for sales return, the management considered the detailed criteria for the recognition of revenue
from the sale of goods set out in Ind AS 115 and in particular, whether the Company had transferred to the buyer the significant
risk and rewards of ownership of the goods. Following the detailed quantification of the Company's liability towards
sales return, the management is satisfied that significant risk and rewards have been transferred and that recognition of the
revenue in the current year is appropriate, in conjunction with the recognition of an appropriate liability for sales return.

Accruals for estimated product returns, which are based on historical experience of actual sales returns and adjustment on
account of current market scenario is considered by Company to be reliable estimate of future sales returns.

Employee benefit obligations

Employee benefit obligations are determined using actuarial valuations. An actuarial valuation involves making various
assumptions that may differ from actual developments. These include the estimation of the appropriate discount rate, future
salary increases and mortality rates. Due to the complexities involved in the valuation and its longterm nature, the employee
benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

Provisions and contingencies

From time to time, the Company is subject to legal proceedings, the ultimate outcome of each being subject to uncertainties
inherent in litigation. A provision for litigation is made when it is considered probable that a payment will be made and the
amount can be reasonably estimated. Significant judgment is required when evaluating the provision including, the probability
of an unfavorable outcome and the ability to make a reasonable estimate of the amount of potential loss. Litigation provisions
are reviewed at each accounting period and revisions made for the changes in facts and circumstances. Contingent liabilities
are disclosed in the notes forming part of the standalone financial statements. Contingent assets are not disclosed in the
standalone financial statements unless an inflow of economic benefits is probable.

Deferred income tax assets and liabilities

Significant management judgment is required to determine the amount of deferred tax assets that can be recognised, based
upon the likely timing and the level of future taxable profits.

The amount of total deferred tax assets could change if management estimates of projected future taxable income or if tax
regulations undergo a change.

Impairment of Financial assets

The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortized
cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. In respect
of trade receivables, the Company applies the simplified approach permitted by Ind AS 109 Financial Instruments, which
requires expected lifetime losses to be recognised upon initial recognition of the receivables. For all other financial assets,
expected credit losses are measured at an amount equal to the 12 months expected credit losses or at an amount equal to
the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.
The Company reviews its carrying value of investment in subsidiaries and goodwill carried at cost (net of impairment, if any)
annually, or more frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount,
the impairment loss is accounted for in the standalone statement of profit and loss.

Impairment of PPE, CWIP and intangible assets

At the end of each reporting period, the Company reviews the carrying amounts of its property, plant and equipment to
determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. Value in use is usually determined on the
basis of discounted estimated future cash flows. This involves management estimates on anticipated commodity prices, market
demand and supply, economic and regulatory environment, discount rates and other factors. Any subsequent changes to cash
flow due to changes in the abovementioned factors could impact the carrying value of assets.

Impairment of Inventories

Inventories are valued at lower of cost (on weighted average basis) and net realisable value after providing for obsolescence
and other losses, where considered necessary. Cost includes all charges in bringing the goods to their present location and
condition, including other levies, transit insurance and receiving charges. Work-in-progress and finished goods include
appropriate proportion of overheads and, where applicable, taxes and duties. Net realisable value is the estimated selling price
in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

Impairment of investments in associate/subsidiaries

Determining whether the investment in associate/subsidiary is impaired requires an estimate in the value in use of investment.
In considering the value in use, the management has anticipated future business orders, operating margins and other factors
of the underlying businesses / operations of the investee company. Any subsequent changes to the cash flows due to changes
in the abovementioned factors could impact the carrying value of investment.

1. Provident Fund - Related to Financial Year 2009-10 and 2010-11 pending at Employees Provident Fund Appellate
Tribunal, Lucknow

2. Income Tax - Related to Financial Year 2011-12 pending at Commissioner of Income Tax (Appeals), Circle 17(2), New
Delhi.

3. Employee Dues - Related to Employee Dues pending at High Court, Allahabad.

Based on legal advice, discussions with the solicitors, etc., the management believes that there is fair chance of decisions in
the company’s favour in respect of all the items listed at (i) to (v) above and hence no provision is considered necessary
against the same. The management believes that the ultimate outcome of these proceedings will not have a material adverse
effect on the company’s financial position and results of operations.

32. The Company incorporated a wholly owned subsidiary Modi Biotech Private Limited in the State of National Capital Territory
of Delhi, on April 27, 2021. In line with the Ethanol Blended Petrol (EBP) program, the Company has diversified into ethanol
manufacturing, with a state-of-the art greenfield Ethanol Plant being established in the state of Chhattisgarh under its wholly
owned subsidiary Modi Biotech Private Limited (MBPL). MBPL has received in-principle approval for a 210 KLD distillery for
the manufacture of ethanol from the Central Government, along with signing an MOU with the Chhattisgarh Government for
the same. The company has also received environment clearance (EC) for the project from the Ministry of Environment, Forest
and Climate change (MoEF & CC). The Company has invested in its wholly owned subsidiary Rs. 35,00,00,000/- (Previous
Year : Rs. 35,00,00,000/-) by way of 1,75,00,000 (Previous Year 1,75,00,000) fully paid-up equity shares having a face value
of Rs.10/- each aggregating Rs. 17,50,00,000/- (Previous Year : Rs. 17,50,00,000/-) and 17,50,000 (Previous Year : 17,50,000)
fully paid up optionally convertible debentures having face value of Rs. 100/- each aggregating Rs 17,50,00,000/- (Previous
Year: Rs. 17,50,00,000/-).

33. There was a fire in the Vegetable Oil Refinery in December 2021, resulting in complete closure of the plant for 13 days and
thereafter running on reduced capacity for about one month. The company had filed an insurance claim for the losses
sustained and the claim is still under process. The Company has adjusted the loss incurred on stock against the insurance
claim filed. The loss incurred on fixed asset has been adjusted to the extent of written down value of the asset. The actual
profit /loss due to fire would be adjusted at the time of settlement of the claim.

Sensitivities due to mortality and withdrawals are not material & hence impact of change not calculated.

Sensitivities as to rate of inflation, rate of increase of pensions in payment, rate of increase of pensions before retirement &
life expectancy are not applicable being a lump sum benefit on retirement.

The estimates of future salary increase considered in actuarial valuation, take account of inflation, seniority, promotion, and
other relevant factors. The above information is certified by the actuary and relied upon by the auditors.

The employer’s best estimate of contribution expected to be paid during the next year is Rs. 55.07 lakhs.

B. Defined Benefit plans - Leave Encashment

Liability in respect of leave encashment is not applicable since the company pays leave encashment to employees every year.

C. Defined Contribution plans - Provident Fund and ESI

The Company has recognized Rs. 100.40 lakhs (As on 31 March,2024: Rs. 109.65 lakhs) in statement of profit and loss as
Company's contribution to provident fund and ESI.

D. Labour codes

The Government of India, vide Notification dated November 21 , 2025, has notified the Code on Wages, 2019, the Industrial
Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code,
2020 (collectively referred to as "the Labour Codes"), which consolidate and replace existing multiple labour legislations. The
Company is continue monitoring developments on the rules to be notified by regulatory authorities, including clarifications/
additional guidance from authorities.

The incremental impact of these changes, assessed by the Company, on the basis of the information available, consistent with
the guidance provided by the Institute of Chartered Accountants of India, is not material and has been recognised in the
financial results of the Company for the quarter and year ended March 31, 2026. Once Central / State Rules are notified by
the Government on all aspects of the Codes, the Company will evaluate impact, if any, on the measurement of employee
benefits and would provide appropriate accounting treatment impact in the period in which the relevant provisions become
effective and the financial impact can be reasonably determined.

Valuation techniques used to determine fair value

Fair value of cash and cash equivalents, loans and advances, receivables, payables, and other current financial assets and liabilities
measured at amortized cost is approximate to their carrying amounts largely due to the shortterm maturities of these instruments.
The fair value of other noncurrent financial assets (Loans and advances) carried at amortized cost is approximately equal to fair
value. Hence carrying value and fair value is taken same.

B. Financial risk management

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk
management framework. The Board of directors is responsible for developing and monitoring the Company's risk management
policies.

The Company's risk management policies are established to identify and analyze the risk faced by the Company, to set appropriate
risks limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly
to reflect changes in the market condition and Company's Activities.

The Company‘s Board of Directors oversee how management monitors compliances with the company's risk management policies
and procedures and reviews the adequacy of the risk management framework in relation to risks faced by the Company.

Financial risk factors

The Company's activities expose it to a variety of financial risks which includes market risk (including currency risk, interest
rate risk and other price risk), credit risk and liquidity risk.

The Company's focus is to ensure liquidity which is sufficient to meet the Company's operational requirements. The Company
monitors and manages key financial risks so as to minimize potential adverse effects on its financial performance. The
Company has a risk management policy which covers the risks associated with the financial assets and liabilities. The details
for managing each of these risks are summarized ahead.

(i) Market Risk:

Market risk is the risk that the expected cash flows or fair value of a financial instrument could change owing to changes in
market prices. The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange
rates, interest rates and commodity prices. The objective of the market risk management is to manage and control market risk
exposure within acceptable parameters, while optimizing the returns.

Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the
Company. The Company's exposure to credit risk primary arises from trade receivables, which are typically unsecured. A part
from this, the Company is exposed to credit risk from its financing activities including deposit with banks and security deposits.

The credit risk on bank balances is limited because the counter parties are banks with good credit ratings.

Financial assets are written off when there is no reasonable expectation of recovery. Where the loans and receivables were
written off and subsequently recoveries are made, these are recognised as an income in the financial statements.

(iii) Foreign Currency Risk

Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes in
exchange rates. The company's functional currency is Indian Rupees (?). During the year, the Company entered into foreign
currency transaction, which were fully realized/paid within the year. Accordingly, there were no outstanding foreign currency
balances as at the reporting date and the exposure to exchange rate fluctuation is considered negligible.

Trade Receivables

Credit risk is managed through credit approvals, establishing credit limits, continuous monitoring of creditworthiness of
customers to which the company grants credit terms in the normal course of business. The Company also assesses the
financial reliability of customers taking into account the financial condition, current economic trends and historical bad debts
and ageing of accounts receivables.

Cash & Cash Equivalents

With respect to credit risk arising from financial assets which comprise of cash and cash equivalents, the Company s risk
exposure arises from the default of the counter party, with a maximum exposure equal to the carrying amount of these financial
assets at the reporting date. Since the counter party involved is a bank, Company considers the risks of nonperformance by
the counter party as nonmaterial.

For financial assets (other than trade receivables), expected credit losses are measured at an amount equal to the 12month
ECI, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at
lifetime ECI. The Company does not have any expected credit loss on financial assets which are measured on 12 month ECI
and also has not observed any significant increase in credit risk since initial recognition of the financial assets.

iii) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable
price. The Company's treasury department is responsible for liquidity, funding as well as settlement management. In addition,
processes and policies related to such risks are overseen by senior management. Management monitors the Company's net
liquidity position through rolling forecasts on the basis of expected cash flows.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date
based on contractual undiscounted payments.

In order to achieve this overall objective, the Group’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 call loans and borrowings or charge some penal interest. There
have been no breaches in the financial covenants of any interest bearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the current years and previous
year.

38. Operating Segment

In accordance with the Indian Accounting Standard -Ind AS 108 ‘Operating Segment, the Company has organised the business
into two segments viz. Branded Business and Bulk Business. The Branded business includes consumer oil and food business.
The Bulk business includes bulk oil business. Summarised segment information for the years ended March 31,2026 and 2025,
is as follows:

Explanation for variance exceeding 25%:

(i) Debt Equity Ratio has decreased due to decrease in debts and increase in shareholder’s equity.

(ii) Debt Service Coverage ratio has increased due to increase in earnings available for debt service.

(iii) Return on Equity Ratio has increased due to increase in profits.

(iv) Trade payables turnover ratio has increased due to decrease in average trade payables.

(v) Net Profit ratio has increased due to increase in profits.

(vi) Return on capital employed has increased due to increase in Earnings Before Interest and Taxes (EBIT).

42. Additional Regulatory Information as required by Schedule III of Companies Act, 2013

(a) There are no proceedings which have been initiated or pending against the Company for holding any Benami property under
the Benami Transactions (Prohibition) Act, 1988.

(b) Title deeds of immovable properties are held in the name of the company.

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

(d) The Company has used accounting software for maintaining its books of account, which has a feature of recording audit trail
facility and the same has operated throughout the year for all relevant transactions recorded in the respective software.
Additionally the audit trail for the year 2024-2025 has been preserved by the company as per the statutory requirement for
record retention.

(e) The Company has not been declared willful defaulter by any bank or financial institution or government or any government
authority.

(f) The company has used the borrowings from banks and financial institutions for the purpose for which it was taken at the
balance sheet date.

(g) There are no transactions not recorded in the books of accounts that have been surrendered or disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961.

(h) There are no Loans or Advances in the nature of Loans granted to promoters, directors, KMPs and the related parties, either
severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment.

(i) The company has borrowings from bank on the basis of security of current assets, and quarterly returns or statements of
current assets filed by the Company with banks or financial institutions are generally in agreement with the books of accounts.

(j) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

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

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

(k) 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:

(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 on behalf of the Ultimate Beneficiaries.

(l) The Company does not have any transactions with companies struck off.

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

(n) The Company has complied with the number of layers for its holdings in downstream companies prescribed under clause 87
of section 1 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

43. Approval of financial statements

The financial statements for the year ended 31^St March 2026 were approved by the Board of Directors and authorize for issue
on 13^th May 2026.

44. The previous periods' figures have been regrouped and reclassified wherever considered necessary to make them
comparable with the current periods' figures.