o) Provisions, contingent liabilities and contingent assets

Provisions are recognised when there is a present obligation
(legal or constructive) as a result of a past event and 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 ofthe amount ofthe obligation.

Provisions are measured at the estimated expenditure
required to settle the present obligation, based on the most
reliable evidence available at the reporting date, including
the risks and uncertainties associated with the present
obligation. Provisions are determined by discounting the
expected future cash flows (representing the best estimate
of the expenditure required to settle the present obligation
at the balance sheet date) at a pre-tax rate that reflects
current market assessments of the time value of money
and the risks specific to the liability. The unwinding of the
discount is recognised as finance cost.

Any reimbursement that the Company can be virtually certain
to collect from a third party with respect to the obligation
is recognised as a separate asset. However, this asset may
not exceed the amount ofthe related provision.

A provision for onerous contracts is measured at the lower
of the present value of expected cost of terminating the
contract and the expected cost of continuing with the
contract. Before a provision is established, the company
recognizes the impairment on the assets, if any, with the
contract.

Commitments include the amount of purchase order (net
of advances) issued to parties for completion of assets.

All provisions are reviewed at each reporting date and
adjusted to reflect the current best estimate.

Any reimbursement that the Company can be virtually certain
to collect from a third party with respect to the obligation
is recognised as a separate asset. However, this asset may
not exceed the amount ofthe related provision.

All provisions are reviewed at each reporting date and
adjusted to reflect the current best estimate.

In those cases where the outflow of economic resources
as a result of present obligations is considered improbable
or remote, no liability is recognised.

Contingent liability is a possible obligation arising from past
events and 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 but is
not recognised because it is not possible that an outflow
of resources embodying economic benefit will be required
to settle the obligations or reliable estimate of the amount
ofthe obligations cannot be made. The Company discloses
the existence of contingent liabilities in other notes to
financial statements.

Contingent assets usually arise from unplanned or other
unexpected events that give rise to the possibility of an
inflow of economic benefits. Contingent assets are not
recognised. However, when inflow of economic benefits is
probable, related asset is disclosed.

p) Earnings per share

Basic earnings per equity share is computed by dividing net
profit or loss for the year attributable to the equity

shareholders of the Company by the weighted average
number of equity shares outstanding during the year. The
weighted average number of equity shares outstanding
during the year and for all periods presented is adjusted for
events, such as bonus shares, other than the conversion of
potential equity shares, that have changed the number of
equity shares outstanding, without a corresponding change
in resources.

Diluted earnings per share is computed by dividing net profit
or loss for the year attributable to the equity shareholders
of the Company and weighted average number of equity
shares considered for deriving basic earnings per equity
share and also the weighted average number of equity
shares that could have been issued upon conversion of all
dilutive potential equity shares. The dilutive potential equity
shares are adjusted for the proceeds receivable had the
equity shares been actually issued at fair value (i.e. the
average market value ofthe outstanding equity shares).

q) Cash and cash equivalents

Cash and cash equivalent comprise cash at banks and on
hand, cheques on hand and short-term deposits with an
original maturity ofthree months or less, which are subject
to an insignificant risk of changes in value.

r) Fairvaluemeasurement

In determining the fair value of its financial instruments, the
Company uses a variety of methods and assumptions that
are based on market conditions and risks existing at each
reporting date. The methods used to determine fair value
include discounted cash flow analysis, available quoted
market prices and dealer quotes. All methods of assessing
fair value result in general approximation of value, and such
value may never actually be realized. For financial assets
and liabilities maturing within one year from the Balance
Sheet date and which are not carried at fair value, the carrying
amounts approximate fair value due to the short maturity
ofthese instruments.

Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date, regardless
of whether that price is directly observable or estimated
using another valuation technique. In estimating the fair
value of an asset or a liability, the Company takes into
accountthe characteristics ofthe asset or liability, if market
participants would take those characteristics into account
when pricing the asset or liability at the measurement date.
In addition, for financial reporting purposes, fair value
measurements are categorized into Level 1, 2 or 3 based
on the degree to which the inputs to the fair value
measurements are observable and the significance ofthe
inputs to the fair value measurement in its entirety, which
are described as follows:

Level 1 inputs are quoted prices/net asset value (unadjusted)
in active markets for identical assets or liabilities that the
company can access at the measurement date;

Level 2 inputs are inputs, other than quoted prices included
within Level 1,thatareobservableforthe asset or liability,
either directly or indirectly; and

Level 3 inputs are unobservable inputs for the asset or
liability.

s) Government grant

Grants from the Government are recognised at their fair
value where there is a reasonable assurance that the grant
will be received and the Company will comply with all
attached conditions. The benefit of a Government loan at
a below-market rate of interest is treated as a Government
grant, measured as the difference between proceeds received
and the fair value of the loan based on prevailing market
interest rates and is being recognised in the Statement of
Profit and Loss.

Government grants that compensate the Company for
expenses incurred are recognised in the Statement of Profit
and Loss, as income or deduction from the relevant expense,
on a systematic basis in the periods in which the expense
is recognised.

t) Segment reporting

Operating segments are reported in a manner consistent
with the internal reporting done to the chief operating
decision maker. The chief operating decision maker regularly
monitors and reviews the operating result of the Company
in a single operating segment and geographical segment.

u) Financial instruments

A Financial instrument is any contract that gives rise to a
financial asset of one entity and a financial liability or equity
instrument of another entity.

Initial recognition and measurement
Financial assets and financial liabilities are recognized when
the Company becomes a party to the contractual provisions
of the financial instrument. Financial instrument (except
trade receivables) are measured initially at fair value adjusted
for transaction costs, except for those carried at fair value
through profit or loss which are measured initially at fair
value. Trade receivables are measured at theirtransaction
price unless it contains a significant financing component
in accordance with Ind AS 115 for pricing adjustments
embedded in the contract.

Subsequent measurement
i) Financial assets carried at amortised cost
A financial asset is measured at the amortised cost, if both
the following conditions are met:

• The asset is held within a business model whose objective
is to hold assets for collecting contractual cash flows, and

• Contractual terms ofthe asset give rise on specified dates
to cash flows that are solely payments of principal and
interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are
subsequently measured at amortised cost using the effective
interest rate (EIR) method.

ii. Fair value through other comprehensive income (FVTOCI)

Financial assets are measured at fair value through other
comprehensive income if these financial assets are held
within a business whose objective is achieved by both
collecting contractual cash flows on specified dates that
are solely payments of principal and interest on the principal
amount outstanding and selling financial assets.

On initial recognition, the Company has an irrevocable option
to present changes in the fair value of equity investments
not held for trading in OCI. This option is made on an
investment-by-investment basis.

Investments in equity instruments at FVTOCI are
subsequently measured at fair value with gains and losses
arising from changes in fair value recognised in other
comprehensive income and accumulated in other Equity.
Where the asset is disposed of, the cumulative gain or loss
previously accumulated in the other Equity is directly
reclassified to retained earnings.

iii. Financial assets at fair value through Profit & Loss
(FVTPL)

Financial assets, which does not meet the criteria for
categorization as at amortized cost or as FVOCI, are
classified as at FVTPL

Financial assets included within the FVTPL category are
measured at fair value with all changes recognized in the
Statement of Profit & Loss.

Derivatives

The Company uses derivative financial instruments, such
as forward currency contracts to hedge its foreign currency
risks and interest rate risk respectively. Such derivative
financial instruments are initially recognised at fair value
on the date on which a derivative contract is entered into
and are subsequently re-measured at fair value provided by
the respective banks. Derivatives are carried as financial
assets when the fair value is positive and as financial
liabilities when the fair value is negative.

Any gains or losses arising from changes in the fair value
of derivatives are recorded directly to statement of profit
and loss.

Non-derivative financial liabilities
Subsequent measurement: Subsequent to initial recognition,
all non-derivative financial liabilities are measured at
amortised cost using the effective interest method.
De-recognition of financial liabilities: A financial liability is
de-recognized when the obligation under the liability is
discharged or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on
substantially different terms or the terms of an existing
liability are substantially modified, such an exchange or
modification is treated as the de-recognition of the original
liability and the recognition of a new liability. The difference
in the respective carrying amounts is recognised in the
statement of profit or loss.

v) Impairment of financial assets

In accordance with Ind AS 109, the Company applies
expected credit loss (ECL) model for measurement and
recognition of impairment loss for financial assets. ECL is
the weighted-average of difference between all contractual
cash flows that are due to the Company in accordance with
the contract and all the cash flows that the Company expects
to receive, discounted at the original effective interest rate,
with the respective risks of default occurring as the weights.
When estimating the cash flows, the Company is required
to consider:

• All contractual terms of the financial assets (including
prepayment and extension) over the expected life of the
assets.

• Cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
Trade receivables: In respect of trade receivables, the
Company applies the simplified approach of Ind AS 109,
which requires measurement of loss allowance at an amount
equal to lifetime expected credit losses. Lifetime expected
credit losses are the expected credit losses that result from
all possible default events over the expected life of a financial
instrument.

Other financial assets: In respect of its other financial assets,
the Company assesses if the credit risk on those financial
assets has increased significantly since initial recognition.
If the credit risk has not increased significantly since initial
recognition, the Company measures the loss allowance at
an amount equal to 12-month expected credit losses, else
at an amount equal to the lifetime expected credit losses.
When making this assessment, the Company uses the
change in the risk of a default occurring over the expected
life of the financial asset. To make that assessment, the
Company compares the risk of a default occurring on the
financial asset as at the balance sheet date with the risk of
a default occurring on the financial asset as at the date of
initial recognition and considers reasonable and supportable
information, that is available without undue cost or effort,
that is indicative of significant increases in credit risk since
initial recognition. The Company assumes that the credit
risk ona financial asset has not increased significantly since
initial recognition ifthe financial asset is determined to have
low credit risk at the balance sheet date.

De-recognition of financial assets: A financial asset is
primarily de-recognised when the contractual rights to receive
cash flows from the asset have expired orthe Company has
transferred its rights to receive cash flows from the asset.
Derivative financial instruments: In the ordinary course of
business,the Company uses derivative financial instruments
to reduce business risks which arise from its exposure to
foreign exchange. The instruments are confined principally
to forward foreign exchange contracts and these contracts
do not generally extend beyond six months.

Derivatives are initially accounted for and measured at fair
value from the date the derivative contract is entered into
and are subsequently re-measured to their fair value at the
end of each reporting period.

w) Recent amendments:

a. New and amended standards adopted bythe Company

The Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued
from time to time. In May 2025 and August 2025, MCA has
notified amendments to various Ind AS which are, applicable
w.e.f. April 1, 2025, are given below. The Company has
reviewed the amendment and based on its evaluation has
determined that it does not have any significant impact in
its financial statements.

I.Ind AS 1, Presentation of Financial Statements, applicable
w.e.f. April 1,2025 - The amendment relates to classification
of liabilities as current or non-current and non-current
liabilities with covenants. In the context of classifying a
liability as current, it removes the requirement of existence
of a right to defer settlement for at least 12 months after
the reporting date and instead requires that the said right
should exist on the reporting date and have substance. The
amendment also introduces guidance on classification of
liabilities with covenants. The Company has no impact of
these amendments in its classification criteria of current
and non-current liabilities.

2.Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial
Instruments: Disclosures, applicable w.e.f. April 1, 2025 -
The amendment in Ind AS 7 requires to inform users of
financial statements of the existence of supplier finance
arrangements and explain the nature ofthe arrangements,
the carrying amount of liabilities and the range of payment
due dates. Ind AS 107 has been amended to add supplier
finance arrangements as a factor that may cause
concentration of liquidity risk. The Company has reviewed
the amendment and based on its evaluation has determined
that it does not have any significant impact in its financial
statements.

3.Ind AS 12, International Tax Reform - Pillar Two Model
Rules applicable immediately - The amendments provide a
temporary mandatory relief from deferred tax accounting
for top-up tax and disclose that they have applied the relief.
This relief is immediate and applies retrospectively.

These do not have a material impact on the financial
statements.

b. New and amended standards issued but not effective

Ministry of Corporate Affairs ("MCA") notifies new standard
or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time
to time. During the year ended March 31, 2026, A new
Standard on Accounting, Ind AS118 (equivalent to IFRS 18)
- Presentation and Disclosure in Financial Statements has
been introduced which will be applicable from April 1,2027
and will replace Ind AS 1 once notified by the Ministry of
Corporate Affairs (MCA). Ind AS 118 sets out general and
specific requirements for the presentation of financial
statements and for disclosures in the notes. Additional
clarifications issued in August 2025 relating to liability
classification have been considered by the Company. These
do not have a material impact on the financial statements.

4 Terms/rights attached to Equity Shares

The Company has one class of equity shares having a par value of ? 10 per share. Each fully paid up share carries one vote. Dividend,
if any, proposed by the Board of Directors is subject to approval of shareholders in an annual general meeting except in the case of
interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets ofthe Company after
distribution ofall preferential payments.

5 In preceding five (5) years, there was no issue of bonus, buy back, cancellation and issue of shares for consideration other than cash
except following :

- In FY 2021-22, 8,03,518 Equity Shares having face value of ?10 each were allotted to eligible shareholders as on the record date of
January 06, 2022 of erstwhile Mangalam Timber Products Limited, in share entitlement ratio of 1:22, pursuant to the Scheme of
Arrangement of Mangalam Timber Products Limited with the Company.

b. The Jute Packaging (Compulsory use in Packing Commodities) Act, 1987 was stayed by the Rajasthan High Court in 1997. However,
the Jute Commissioner issued a show cause notice on 14.08.2002 for non-use ofJute Packaging Material. This has been challenged
by the Company and the amount involved is not quantifiable.

c. In accordance with the license granted by the Government of Odisha in the year 1986, the erstwhile Mangalam Timber Products
Limited ("MTPL") had undertaken plantation on certain Government land. Despite consistent follow up, the Government did not
allow the MTPL to harvest the plantation on the pretext that the certain Special Leave Petition filed by the Government of Odisha
was pending before the Hon'ble Supreme Court. Hon'ble Supreme Court had dismissed the Special Leave Petition filed by the
Government of Odisha. Since the Government of Odisha had not allowed to harvest the plantation done even after the dismissal
of Special Leave Petition filed by the Government of Odisha, the MTPL had no alternative but tofilea writ petition before the Hon'ble
High Court of Odisha seeking direction to allow harvesting of plantations at its own cost by MTPL and also other stipulations
regarding rate of royalty and weighment norms. Hon'ble High Court of Odisha vide order dated 8th July, 2004, had disposed off
the petition with a direction to the Government of Odisha to settle the representations made to them strictly in accordance with
law within a period of six months. In compliance with the direction, the Government of Odisha has reiterated its claim for recovering
cost (amount involved is not quantifiable) of plantation on 244.825 hectares. MTPL has denied its liabilityto any such claim.

d. Pursuant to Rehabilitation Scheme Sanctioned by the Board of Industrial & Financial Reconstruction (BIFR), the erstwhile Mangalam
Timber Products Limited ("MTPL") was exempted from payment of electricity duty on power consumed for a period of 10 years
from the date of sanction of the scheme. BIFRhas discharged the MTPL from the purview of Sick Industrial Companies (Special
Provision) Act, 1985. Accordingly, ? 197.75 Lakhs against demand notice, has been paid under protest against electricity duty for
the periods from 1st April, 2000 to31st March, 2008 which has been shown as Other Advance under "Other Non Current Assets"
and the Company has considered good for recovery.

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is
the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years
of service. Gratuity liability is being partly contributed to the gratuity fund formed by the Company.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for gratuity were carried
out as at March 31,2026. The present value ofthe defined benefit obligations and the related current service cost and past service
cost, were measured using the Projected Unit Credit Method.

XI. Description of Risk Exposures :

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such the Company is
exposed to various risks as follow -

A) Salary Increases- Actual salary increases will increase the Plan's liability. Increase in salary increase rate assumption
in future valuations will also increase the liability.

B) Discount Rate: Reduction in discount rate in subsequent valuations can increase the plan's liability.

C) Mortality & disability - Actual deaths & disability cases proving lower or higher than assumed in the valuation can impact
the liabilities.

D) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates
at subsequent valuations can impact Plan's liability.

The compensated absences covers the company's liability for earned leave and sick leave. The most recent actuarial valuation
for present value of obligation for leave encashment and sick leave carried out as at March 31,2026. The present value of other
long term benefit were measured using the projected unit credit method. Total provision towards earned leave and sick leave
aggregating ? 2569.30 lakhs (Previous year ? 2397.74 lakhs) has been accounted for as at reporting date.

Note No. 43.5 : Changes in Liabilities from Financing Activities are as under:

As per Ind AS 7, the Company is required to provide disclosures that enable users of financial statements to evaluate changes in liabilities
arising from financing activities, including both changes arising from cash flows and non-cash changes. The Company did not have any
material impact on the Statement of Cash Flows other than the following.

Note No. 43.6. Segment Reporting

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur
expenses, whose operating results are regularly reviewed bythe company's ChiefOperating Decision Maker ("CODM") to make decisions
for which discrete financial information is available. Based on the management approach as defined in IndAS108, the CODM evaluates
the Company's performance and allocates resources based on an analysis of various performance indicators by business segments
and geographic segments. The business activity ofthe Company falls within one broad business segment viz. "Cement" and substantially
sale of the product is within the country. Hence, the disclosure requirement of Ind AS 108 of 'Segment Reporting' is not considered
applicable.

There is no revenue of 10% or more of total revenue from a single customer in current year and previous year.

IV. Terms and conditions of transactions with related parties

a. All related party transactions entered during the year were in ordinary course of business and on terms equivalent to those
that prevail in arm's length transactions. Outstanding balances at the year-end is unsecured and settlement occurs in cash.

b. Transactions during the years have been disclosed excluding GST, where applicable.

Note No. 43.8. Capital Management

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders,
return capital to shareholders or issue new shares. The primary objective of the Company's capital management is to maximize
the shareholder value. The Company's primary objective when managing capital is to ensure that it maintains an efficient capital
structure and healthy capital ratios and safeguard the Company's ability to continue as a going concern in order to support its
business and provide maximum returns for shareholders. The Company also proposes to maintain an optimal capital structure
to reduce the cost ofcapital. No changes were made in the objectives, policies or processes during the year ended March 31,2026
and March 31,2025.

For the purpose of the Company's capital management, capital includes issued capital, share premium and all other equity reserves.
Net debt includes, interest bearing loans and borrowings less cash and cash equivalents. The Company monitors capital and net
debts as under:

Note No. 43.9. Financial Instrument - Fair Value and Risk Management

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant
data available. The fair values of the financial assets and liabilities are included at the amount that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

B. FairValueHierarchy

This section explains the judgments and estimates made in determining the fair values of the financial instruments that are:

a. Recognised and measured at fair value and

b. measured at amortised cost and for which fair values are disclosed in the financial statements.

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

Level 1: Hierarchy includes financial instruments measured using quoted prices. The fair value of all equity instruments which are
traded in the stock exchanges is valued using the closing price as at the reporting period.

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

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

There are no transfers between level 1 and level 2 during the year.

(iv) Valuation technique used to determine fair value

The following methods and assumptions were used to estimate the fair values

a. The fair value of the unquoted investments included in level 2 has been determined using valuation techniques with market
observable inputs. The model incorporate various inputs including prevailing market value of investments in listed company.

b. The fair value of the quoted /unquoted investments included in level 3 are based on the cost approach to arrive at their fair
value. The cost of unquoted investments approximate the fair value because there is a range of possible fair value measurements
and the cost represents estimate of fair value within that range.

c. The fair value of forward foreign exchange contracts is calculated as the present value determined using forward exchange
rates and interest rate curve ofthe respective currencies.

d. The fair value of currency swap is calculated as the present value determined using forward exchange rates, currency basis
spreads between the respective currencies and interest rate curves.

e. Fair value of cash and bank and other financial assets and liabilities approximate their carrying amounts largely due to the
short-term maturities ofthese instruments.

f. Fair value of borrowings from banks and other financial liabilities, are estimated by discounting future cash flows using rates
currently available for debt on similar terms and remaining maturities.

g. Specific valuation techniques used to value financial instruments include:

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

- the use of net assets value for investments in unquoted mutual funds and equity securities

- the fair value of forward foreign exchange contracts is determined as per valuation provided by the bank

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

(vi) Valuation Process

The Company has valued investments in equity shares (unlisted) based on net assets value.

Changes in level 2 and 3 fair values are analysed at the end of each reporting year.

Note No. 43.10. Financial risk management objective and policies
Risk Management Framework

The Company's board ofdirectors hasoverall responsibilityforthe establishment and oversight ofthe Company's riskmanagement
framework. The board of directors has established the processes to ensure that executive management controls risks through
the mechanism of property defined framework.

The Company's risk management policies are established to identify and analysethe risks faced bythe Company,to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed by the
board annually to reflect changes in market conditions and the Company's activities. The Company, through its training and
management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees
understand their roles and obligations.

The Company's Audit Committee oversees compliance with the Company's risk management policies and procedures, and reviews
the adequacy of the risk management framework in relation to the risks faced by the Company. The Audit Committee is assisted
in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad-hoc reviews of risk management controls and
procedures, the results of which are reported to the Audit Committee.

The Company has exposure to the following risks arising from financial instruments:

- Credit risk;

- Liquidity risk; and

- Market risk

Credit risk arises when a customer or counterparty does 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) and
from its financing / investing activities, including deposits with banks, mutual fund investments and foreign exchange transactions.
The Company has no significant concentration of credit risk with any counterparty.

Trade receivables

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management
considers the factors that may influence the credit risk of its customer base, including the default risk of the industry. Trade
receivables are consisting of a large number of customers. The Management has established a credit policy under which each
new customer is analysed individually for creditworthiness before the Company's standard payment and delivery terms and
conditions are offered. The Company's review includes market check, industry feedback, past financials and external ratings, if
they are available. Sale limits are established for each customer and reviewed periodically.

The Company establishes an allowance for impairment that represents its expected credit losses in respect of trade and other
receivables. The management uses a simplified approach for the purpose of computation of expected credit loss for trade
receivables.

In monitoring customer credit risk, customers are reviewed according to their credit characteristics, including whether they are
an individual or a legal entity, their geographic location, industry and existence of previous financial difficulties. The ageing analysis
of the receivables has been considered from the date the invoice falls due.

During the year, the Company has made no write-offs oftrade receivables and it does not expect to receive future cash flows or
recoveries from collection of cash flows previously written off. The Company management also pursue all legal option for recovery
of dues wherever necessary based on its internal assessment.

Investments

Investments are reviewed for any fair valuation loss on a periodic basis and necessary provision/fair valuation adjustments have
been made based on the valuation carried by the management to the extent of available sources and the management does not
expect any investee entities to fail to meet its obligations. Investments of surplus funds are made primarily in units of mutual
funds. These mutual funds have low credit risk.

Cash and bank balances

Credit Risk on cash and cash equivalent, deposits with the banks is generally low as the said deposits have been made with the
banks who have been assigned high credit rating by international and domestic rating agencies.

Others

Other than trade receivables and others reported above, the Company has no other material financial assets which carries any
significant credit risk.

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far
as possible, that it will have sufficient liquidity to meet its liabilities when they are fallen due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due
to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability
under committed credit lines.

Management monitors rolling forecasts of the Company's liquidity position (comprising the undrawn borrowing facilities) and
cash and cash equivalents on the basis of expected future cash flows. This is generally carried out in accordance with practice
and limits set by the Company. These limits vary by location to take into account requirement, future cash flow and the liquidity
in which the entity operates. In addition, the Company's liquidity management strategy involves projecting cash flows in major
currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against
internal and external regulatory requirements and maintaining debt financing plans.

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice. Subject to the continuance
of satisfactory credit ratings, the bank loan facilities may be drawn at any time in Indian rupee and have an average maturity within
a year.

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 (excluding transaction cost on borrowings).

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: currency risk, interest rate risk and other price risk, such as commodity price
risk and equity price risk. Financial instruments affected by market risk include trade payables, trade receivables, borrowings, etc.
(i) Foreign currency risk

The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the USD
and EURO. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated
in a currency that is not the company's functional currency (INR). The risk is measured through a forecast of highly probable
foreign currency cash flows. The objective of the hedges is to minimise the volatility of the rupee cash flows of highly probable
forecast transactions by hedging the foreign exchange inflows on regular basis. The Company also take help from external
consultants who for views on the currency rates in volatile foreign exchange markets.

Currency risks related to the principal amounts ofthe Company's foreign currency payables, are generally hedged using derivative
contracts taken by the Company.

In respect of other monetary assets and liabilities denominated in foreign currencies, the Company's policy is to ensure that its
net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when necessary to address short¬
term imbalances.

The summary of quantitative data about the Company's exposure where the Company has taken option contract to mitigate
currency risk as reported to the management of the Company is as follows :

The Company's exposureto the rlskofchanges In market Interest rates relates prlmarllyto debts. To protect Itselffrom the volatility
prevailing, the Company maintain Its long term borrowing on fixed Interest rate through derivative Instruments for borrowings In
foreign currency, In which It agrees to exchange at specific Intervals, the difference between fixed and variable Interest amounts
calculated by reference to an agreed upon principal amount.

(Ill) Commodity price risk

Commodity price risk for the Company Is mainly related to fluctuations In Coal and Pet-coke prices linked to various external
factors, which can affect the production cost of the Company. Since the Energy costs Is one of the primary costs drivers, any
adverse fluctuation In fuel prices can lead to drop In operating margin. To manage this risk, the Company take steps to optimize
the fuel mix and to pursue longer term and fixed contracts, where considered necessary. Additionally, processes and policies
related to such risks are reviewed and fuel requirements are monitored by the central procurement team.

Note No. 43.11. Leases

a. The Company recognizes the expenses of short-term leases on a straight-line basis over the lease term. During the year, expenses
of ? 504.58 lakhs (previous year ? 496.80 lakhs) related to short-term and low value leases were recognised.

b. On March 31,2026, lease liabilities were ? 1891.35 lakhs (Previous Year: ? 1239.77 lakhs). The corresponding Interest expense
fortheyearended March 31,2026 was ? 124.04 lakhs (PreviousYear ? 96.98 lakhs). The portion ofthe lease payments recognized
as a reduction of the lease liabilities and as a cash outflow from financing activities amounted to ? 398.15 lakhs for the year ended
March 31,2026 (Previous Year ? 481.15 lakhs).

d. d.There are no Income from subleasing rlght-of-use assets nor any gains or losses from sales and leaseback for the year ended
March 31,2026 and March 31,2025.

e. The Company does not face a significant liquidity risk with regard to Its lease liabilities as the current assets are sufficient to meet
the obligations related to lease liabilities as and when they fall due.

Note No. 43.12. Contract with customers (Ind AS115)

a. The Company Is primarily In the business of manufacture and sale of Cement and MDF Boards. All sales are made at a point In
time and revenue recognised upon satisfaction of the performance obligations which Is typically upon dispatch/ delivery. The
Company has a credit evaluation policy based on which the credit limits for the trade receivables are established, the Company
does not give significant credit period resulting In no significant financing component. The Company, however, has a policy for
replacement of the damaged goods. However, the Company has no significant replacement track record.

f. The Company does not provide performance warranty for goods sold which is material, therefore no liability towards performance
warranty has been accounted in books.

Note No. 43.13. Events occurring after Balance Sheet Date :

Proposed Dividend

The Board of Directors has proposed a dividend of ? 1.50 (Full value) (Previous year ? 1.50) (Full value) per equity share of ? 10
each and the total proposed dividend amounts to ? 412.46 Lakhs (Previous year ? 412.46 Lakhs) and same is subject to approval
of shareholders at the ensuing Annual General Meeting.

Note No.43.14 Relationship with struck off Companies [to that extent identified by the management]

The following table depicts the details of balances outstanding in respect of transactions undertaken with a company struck-off
under section 248 ofthe Companies Act, 2013:

Note No.43.15 Registration of charge or satisfaction with Registrar of Companies

The Company does not have any charges or satisfaction, which is yet to be registered with Registrar of Companies as at March 31, 2026
and March 31,2025.

Note No. 43.16: Audit Trail

The Company has used accounting software (SAP) for maintaining its books of account for the year ended March 31,2026, which have
a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in
accounting software, except for audit trail feature at the database level to log any direct data changes. There is no any instance of audit
trail feature being tampered with during the year. Additionally, the audit trail has been preserved as per the statutory requirements for
record retention.

Note.No.43.17 Transfer Pricing

The management is confident and ofthe opinion that its specified domestic transactions are at arm's length and on commercial prudence
so that the transfer pricing legislation under Sections 92 - 92F of the Income Tax Act, 1961 will not have any impact on the financial
statements, particularly the amount of tax expenses and provision for tax expenses.

Note.No.43.18 Disclosure under requirements of Section 186(4) of the Companies Act 2013:

Particulars of investments made (under Section 186 (4) ofthe Companies Act 2013) is given below:

Note No. 43.19 : Disclosure of investments in subsidiaries / associates

The Company hold 33.16% (Previousyear26 %) ofthe equity shares in Suryadeep Rj1 Project Private Limited, incorporated in India. However,
in accordance with Ind AS 28 - Investment in Associates and Joint ventures, Suryadeep Rj1 Project Private Limited is not considered an
"Associate" of the Company, as the Company does not have significant influence over its financial and operating policies despite the level
of shareholding.

Note No. 43.20 : Mining Lease

During the year, the Company, has declared the preferred bidder for the "Nimana Duniya Extension Limestone Block" (408.2974 hectares)
in District Kota, Rajasthan, had deposited the prescribed upfront payment of ? 702.81 lakhs in the e-auction process. The Department of
Mines and Petroleum, Government of Rajasthan, vide their order dated December 31, 2025, rejected the Company's bid for reasons not
attributable to the Company. The Company has contested aforesaid rejection in the high court ofjudicate for Rajasthan at Jaipur Bench,
Jaipur and hopeful for the favourable order.

Note No. 44 : Impairment

At each reporting date, the Company evaluate whether there is objective evidence that the property, plant and machinery of the Cash
generating unit "CGIT is impaired in terms of IND AS - 36 "Impairment ofAssets". Ifthere is such evidence, the carrying amount is tested
for impairment by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount and
impairment, if any, is recognized in the financial statement ofthe Company.

Due to competitive pressure and unfavorable market conditions and higher cost of raw wood, the Mangalam Timber unit (the "CGU")
incurred losses. The Company conducted an impairment assessment of the CGU using the fair value less cost to sell model, based on
the replacement value of plant and machinery and the market value of land and building. The fair valuation was calculated using certain
assumptions, including prevailing market dynamics. The Company also engaged an independent valuer to reassess the fair valuation of
the property, plant, and equipment, which was performed. Based on this assessment, no impairment is required to be recognized in the
statement of profit and loss.

Note No. 46

a Utilisation of Borrowed funds and share premium

During the financial year ended March 31,2026 and March 31, 2025, otherthan the transactions undertaken in the normal course of
business and in accordance with extant regulatory guidelines as applicable.

(i) No funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) during the year by the Company to or in any other person or entity,
including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) No funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity,
including foreign entity ("Funding Parties"), with the understanding during the year, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalfofthe Funding Party ("Ultimate Beneficiaries") or provide anyguarantee,security orthe like on behalfofthe Ultimate Beneficiaries.

b Undisclosed Income

The Company does not have any transactions not recorded in the books of accounts that has been surrendered or disclosed as income
in the tax assessments underthe IncomeTaxAct, 1961 during the current and in previous year (such as, search or survey or any other
relevant provisionsofthe IncomeTaxAct, 1961). Also,there are nil previously unrecorded income and related assets.
c Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the current and previous financial year.
d Core Investment Company (CIC)

The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. The Group
has no CICs as part of the Group.

e Compliance with approved Scheme(s) of Arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current and previous financial
year.

f Details of Benami Property held

There are no proceedings which have been initiated or pending against the Company for holding any benami property under the
Prohibition of Benami PropertiesTransactions Act, 1988 and rules made thereunder.
g Wilful Defaulter

The Company is not declared wilful defaulter by any bank or financial institution or Government or any Government authority.
h Compliance with number of layers of companies

The Company has no subsidiary, therefore clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on
number of Layers) Rules, 2017 is not applicable on the Company.