(xviii) 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 an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made
of the amount of the obligation. When the Company
expects some or all of a provision to be reimbursed,
the reimbursement is recognised as a separate asset,
but only when the reimbursement is virtually certain.
The expense relating to a provision is presented in the
statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material,
provisions are discounted using a current pre-tax 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 recognised as a
finance cost.

(xix) Contingent liability

A disclosure for a contingent liability is made when
there is a possible obligation arising from past events
and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity
or a present obligation that arises from past events
but is not recognised because it is not probable that
an outflow of resources embodying economic benefits
will be required to settle the obligation or the amount
of the obligation cannot be measured with sufficient
reliability.

(xx) Share based payment transaction

Selected employees of the Company receive
remuneration in the form of equity settled instruments,
for rendering services over a defined vesting period.
Equity instruments granted are measured by reference
to the fair value of the instrument at the date of grant.

The fair value determined at the grant date of the
equity-settled share-based payments is expensed on
a straight-line basis over the vesting period, based on
the Company's estimate of equity instruments that will
eventually vest, with a corresponding increase in equity.

(xxi) Leases

The Company assesses at contract inception whether
a contract is, or contains, a lease i.e., if the contract
conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.

Company as a lessee

The Company applies a single recognition and
measurement approach for all leases, except for
short-term leases and leases of low-value assets. The
Company recognises lease liabilities to make lease
payments and right-of-use assets representing the
right to use the underlying assets.

(i) Right-of-use assets

The Company recognises right-of-use assets
at the commencement date of the lease (i.e.,
the date the underlying asset is available for
use). Right-of-use assets are measured at
cost, less any accumulated depreciation and
accumulated impairment losses, and adjusted
for any remeasurement of lease liabilities. The
cost of right-of-use assets includes the amount
of lease liabilities recognised, initial direct costs
incurred, and lease payments made at or before
the commencement date less any lease incentives
received. Right-of-use assets are depreciated on a
straight-line basis over the lease term.

The right-of-use assets are also subject to
impairment. Refer to the accounting policies
in section 1.3 (xvii) Impairment of tangible and
intangible assets.

Contingent rents are recognised as revenue in the
period in which they are earned.

(xxii) Segment reporting

Operating segment are reported in a manner consistent
with the internal reporting provided to chief operating
decision maker (CODM). The managing director is
considered to be the 'Chief Operating Decision Maker'
(CODM).

Refer Note 2.40 for segment information presented.

(xxiii) Government grants and subsidies

Grants and subsidies from the government are
recognised when there is reasonable assurance that
the Company will comply with the conditions attached
to them, and the grant/subsidy will be received. When
the grant or subsidy relates to revenue, it is recognised
as income on a systematic basis in profit or loss over
the periods necessary to match them with the related
costs, which they are intended to compensate.

Where the grant relates to an asset, it is recognised
as deferred income and released to income when on a
systematic basis when related conditions or obligations
are met by the Company.

(xxiv) Contract balances

Contract assets

A contract asset is initially recognised for revenue
earned from installation services because the receipt of
consideration is conditional on successful completion of
the installation. Upon completion of the installation and
acceptance by the customer, the amount recognised as
contract assets is reclassified to trade receivables.

Contract assets are subject to impairment assessment.
Financial instruments - initial recognition and
subsequent measurement.

Trade receivables

A receivable is recognised if an amount of consideration
that is unconditional (i.e., only the passage of time is
required before payment of the consideration is due).

Contract liabilities

A contract liability is recognised if a payment is
received or a payment is due (whichever is earlier) from

a customer before the Company transfers the related
goods or services. Contract liabilities are recognised
as revenue when the Company, performs under the
contract (i.e., transfers control of the related goods or
services to the customer).

(xxv) Cash and cash equivalents

Cash and cash equivalents for the purposes of cash
flow statement comprise cash at bank and in hand
and short-term investments with an original maturity
of three months or less, which are subject to an
insignificant risk of changes in value.

For the purpose of statement of cash flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank
overdraft as they are considered an integral part of the
Company's cash management.

(xxvi) Rounding of amounts

All amounts disclosed in the financial statements and
notes have been rounded of the nearest two decimal
lakhs as per the requirement of schedule III, unless
otherwise stated.

NOTE 1.4

Significant accounting judgments, estimates and
assumptions.

The preparation of the financial statements requires
management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in future
periods.

The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment
to the carrying amounts of asset and liabilities within the
next financial year, are described below. The Company
based its assumptions and estimates on parameters
available when the financial statements were prepared.
Existing circumstances and assumptions about future
developments, however, may change due to market changes

or circumstances arising that are beyond the control of the

Company. Such changes are reflected in the assumptions

when they occur

(a) Uncertainty on the Estimation of the Total Construction
Revenue and Total Construction Cost: The Company
recognises revenue from the construction contracts
over the period of contract as per the input method
of IND AS 115 "Revenue from contracts with the
customers". The contract revenue is determined
based on proportion of contract cost incurred to date
compared to estimated total contract cost which
involves significant judgement, identification of
contractual obligations, and the Company's right to
receive payments for performance completed till date,
risk on collectability due to liquidation damages and
other penalties imposed by the customers, change in
scope and consequential revised contract price and
recognition of the liability for loss making contracts/
onerous obligations etc. The Company has efficient,
coordinated system for calculation and forecasting
its revenue and expense reporting. However actual
project outcome may deviate positively or negatively
from the Company's calculation and forecasting which
could impact the revenue recognition up to the stage of
project completion and is recognised prospectively in
the financial statements.

(b) Tax Uncertainties: The Company has open tax issues,
ongoing proceedings and exposures at various levels of
authorities. Where management makes a judgement
that an outflow of funds is probable and a reliable
estimate of the outcome of the dispute can be made,
provision is made for the best estimate of the liability.
In estimating any such liability, the Company applies a
risk-based approach. These estimates take into account
the specific circumstances of each dispute and relevant
external advice and are inherently judgemental and
could change substantially over time as each dispute
progresses.

The Company continues to believe that it has made
adequate provision for the liabilities likely to arise
from open assessments. Where open issues exist the
ultimate liability for such matters may vary from the

amounts provided and is dependent upon the outcome
of assessments with the relevant tax authorities or the
litigation proceedings.

(c) Useful Lives of Property, Plant and Equipment:

The Company uses its technical expertise along with
historical and industry trends for determining the
economic life of an asset/component of an asset.
The useful lives are reviewed by the management
periodically and revised, if appropriate. In case of
a revision, the unamortised depreciable amount is
charged over the remaining useful life of the assets.

(d) Measurement of Defined Benefit Obligation: The cost
of the defined benefit gratuity plan and other Long term
employee benefits (Compensated Absences) and the
present value of the gratuity obligation are determined
using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ
from actual developments in the future. These include
the determination of the discount rate, future salary
increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a
defined benefit obligation is sensitive to changes in
these assumptions.

(e) Share-based Payments: The Company measures the
cost of equity-settled transactions with employees
using Black-Scholes model to determine the fair value
of the liability incurred on the grant date. Estimating
fair value for share-based payment transactions
require determination of the most appropriate valuation
model, which is dependent on the terms and conditions
of the grant. This estimate also requires determination
of the most appropriate inputs to the valuation model
including the expected life of the share option, volatility
and dividend yield and making assumptions about
them.

(f) Impairment in subsidiaries: Determining whether
the investments in subsidiaries are impaired requires
an estimate of the value in use of investments.
In considering the value in use, the management
anticipates the future commodity prices, capacity
utilisation of plant, operating margins, discount
rates and other factors of the underlying businesses/
operations of the subsidiaries.

Standards) Amendment Rules, 2024 to amend the
following. Ind AS which are effective for annual periods
beginning on or after 1^st April 2024.

• Ind AS 117 Insurance Contracts - These amendments
had no significant impact on the accounting policies and
disclosure made in the standalone financial statements
of the Company.

• Amendments to Ind AS 116 Leases - Lease Liability
in a Sale and Leaseback These amendments had no
significant impact on the accounting policies and
disclosure made in the standalone financial statements
of the Company.

Note 1.5 (a)

Recent Pronouncements the Ministry of Corporate Affairs

notifies new standard or amendments to existing standards.

There is no such notification which would have been

applicable from 1^st April 2025.

The Company is of the view that it has a good case with likelihood of liability / any loss arising out of these tax and other

matters being remote. Accordingly, pending settlement of the disputes, no adjustment has been made in the Financial

Statements for the year ended March 31, 2025.

B. Commitments:

a) Estimated amount of contracts remaining to be executed on capital account - Rs. 591.47 Lakhs (net of advances -
Rs. 375.04 Lakhs), [previous year - Rs. 1,048 Lakhs (net of advances Rs. 887.12 Lakhs).

b) The Company has other commitments, for purchases/sales orders which are issued after considering requirements
per operating cycle for purchase/sale of goods and services, in normal course of business.

c) The Company did not have any long term commitments/contracts including derivative contracts for which there will
be any material foreseeable losses.

C. Others:

a) The Company has provided a corporate guarantee of Rs. 14,000 Lakhs for availing long term loan for its subsidiary
for the total exposure.

b) The Company has provided a bank guarantee of Rs. 14,532.88 Lakhs (previous year Rs. 13,867.54 Lakhs).

2.38 EMPLOYEE BENEFIT

a. Defined contribution plan

i) The Company makes contributions towards provident fund, superannuation fund and other retirement benefit plans
for qualifying employees. Under the plans, the Company is required to contribute a specified percentage of payroll
cost to the retirement benefit plan to fund the benefits. The contributions payable to these plans by the Company
are at rates specified in the rules of the schemes.The Company recognised Rs. 28.37 Lakhs (previous year Rs.
32.46 Lakhs) for superannuation fund and Rs. 597.09 Lakhs (previous year Rs.410.40 Lakhs) for providend fund
contributions in the Statement of Profit and Loss.

b. Defined benefit plan
I. Gratuity fund

The Company's contribution towards its gratuity liability is a defined benefit retirement plan. The Company makes
contributions to the trust from time to time which in turn makes contributions to the Employee's Group Gratuity-
cum-Life Assurance scheme of the Life Insurance Corporation of India. The scheme provides for lump sum payment
to vested employees at retirement, death while in employment or on termination of employment of an amount
equivalent to fifteen days salary payable for each completed year of service or part thereof in excess of six months.
Vesting occurs upon completion of five years of service.

Terms and conditions of transactions with related parties

a. Remuneration Paid / Payable (including commission and sitting fees)

The amounts paid/payables are the amounts recognised as an expense during the financial year related to Key
Management Personnel and Directors. The amounts do not include expense, if any, recognised toward post¬
employment benefits of Key Management Personnel. Such expenses are measured based on an actuarial valuation
done for Company. Hence, amounts attributable to KMPs are not separately determinable.

b. Sale of Goods:

Sales are made to related parties on the same terms as applicable to third parties in an arm's length transaction
and in the ordinary course of business. The Company enters into sales transactions with related parties as per
business practice and determines the transaction price considering the amount it expects to be entitled in exchange
of transferring promised goods to the customer The Trade receivable on sale of Goods is not secured and receivable
within credit period of 0 to 90 days.

c. Sale of Property, Plant and Equipment (PPE):

The Company enters into sales transactions with related parties as per business practice and determines the
transaction price considering the amount it expects to be entitled in exchange of transferring PPE. The receivable on
sale of PPE is not secured and receivable within credit period of 30 days.

d. Other Charges:

The Company receives other charges from a subsidiary Company basis the time and efforts spent by employees of
the Company. Receivable balances are unsecured and require settlement in cash.

e. CSR contribution:

CSR contributions are paid to a subsidiary Company which is a section 8 Company. These are paid for CSR activities
carried out by this Subsidiary Company basis the CSR obligations of the Company. The amounts contributed are
utilised for the defined CSR purposes.

f. ICD given to Subsidiary Companies:

The Company has granted ICD to its subsidiary companies which are repayable as per the terms agreed. These ICD
are granted to subsidiary companies at market rate of Interest. There is no impairment accounted in relation to these
ICDs granted to Subsidiary Companies.

g. Reimbursement of expenses:

Reimbursement expenses are incurred and recovered/paid without markup basis the actual amount incurred. The
reimbursement of expenses is for routine expenses paid on behalf of other related parties.

h Security/Guarantee provided for Subsidiaries:

The Company has provided Corporate Guarantee against the borrowings of a Subsidiary Company. The Company has
charged Guarantee fees basis benefit received by the Subsidiary Company basis Guarantee provided by the Company.

2.40 SEGMENT INFORMATION

a. Business segments:

The Company has determined following reporting segments based on the information reviewed by the Chief Operating
Decision Maker (CODM). Building products includes manufacturing and trading of roofing products, boards and panels,
other building products and accessories. Steel buildings consist of manufacture and erection of pre-engineered and
smart steel buildings and its accessories.

b. Geographical segments:

Since the Company's activities/operations are primarily within the country and as such there is only one geographical
segment.

c. Segment accounting policies:

In addition to the significant accounting policies applicable to the business segments as set out in note a above, the
accounting policies in relation to segment accounting are as under:

i. Segment revenue and expenses:

Segment revenue and expenses include the respective amounts identifiable to each of the segments. Unallocable
items in segment results include income from bank deposits and corporate expenses.

ii. Segment assets and liabilities:

Segment assets include all operating assets used by a segment and consist principally of operating cash, trade
receivables, inventories and fixed assets, net of allowances and provisions, which are reported as direct offsets in
the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued
liabilities. Segment assets and liabilities do not include fixed deposits, advance income tax, borrowings and deferred
income tax etc.

The measurement of each segment's revenues, expenses and assets is consistent with the accounting policies that
are used in preparation of the Company's financial statements.

2.42 LEASE COMMITMENTS
Operating lease as lessee

The Company has certain leases of premises with lease terms of 12 months or less. The Company applies the short term lease
and lease of low value assets recognition exemptions for these leases and has recognised rent of Rs. 200.21 Lakhs (previous
year Rs. 532.69 Lakhs). There are no non-cancellable lease arrangements as at the end of the year

The Company has lease contracts for rental property and computers used in its operations and administrative work. Leases of
rental property and computers have lease terms of from 3 to 5 years which is non-cancellable period. The Company obligations
under its leases are secured by the lessor's title to the leased assets (refer note 2.04).

2.53 FINANCIAL INSTRUMENTS - FAIR VALUE HIERARCHY

The fair value of financial instruments have been classified into three categories depending upon the input used in the valuation
technique.

The categories used are as follows :

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.,
as prices) or indirectly (i.e., derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

2.54 CAPITAL MANAGEMENT

For the purposes of the Company's capital management, capital includes issued capital and all other equity reserves. The
primary objective of the Company's capital management is to maximise shareholder value. The Company manages it's capital
structure and makes adjustments in the light of changes in economic environment and the requirements of the financial
covenants. The Company take appropriate steps in order to maintain its capital structure. The Management monitors the return
on capital, as well as the level of dividends to equity share holders. The Company is not subject to any externally imposed
capital requirement.

2.55 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's principal financial liabilities, other than derivatives comprises short term borrowings, trade and other
payables. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal
financial assets include advances, trade and other receivables, and cash and cash equivalents that derive directly from its
operations.

The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises risk of: currency risk and interest rate risk.

The Company is exposed to market risk primarily related to foreign exchange rate risk. Thus, the Company's exposure to
market risk is a function of revenue generating and operating activities in foreign currencies.

Foreign exchange risk #

The Company regularly evaluates exchange rate exposure arising from the foreign currency transaction.

The Company uses forward contracts and derivative instruments to mitigate foreign exchange related risk exposures.
When a forward contract is entered into for the purpose of being a hedge, the Company negotiates the terms of those
contracts to match the terms of the hedged exposure. The Company's exposure to unhedged foreign currency risk as at
March 31, 2025 and March 31, 2024 has been disclosed in note 2.37.

For the year ended March 31, 2025, every 5 percentage point depreciation/appreciation in the exchange rate between the
Indian rupee and U.S. dollar, would have affected the Company's profit before tax by Rs.29.33 Lakhs/ Rs. (29.33 ) Lakhs
respectively.

For the year ended March 31, 2025, every 5 percentage point depreciation/appreciation in the exchange rate between the
Indian rupee and Euro would have affected the Company's profit before tax by Rs.0.76 Lakhs/ Rs. (0.76) Lakhs respectively.

For the year ended March 31, 2025, every 5 percentage point depreciation/appreciation in the exchange rate between the
Indian rupee and GBP would have affected the Company's profit before tax by Rs. 0.08 Lakhs/ Rs. (0.08) Lakhs respectively.

For the year ended March 31, 2024, every 5 percentage point depreciation/appreciation in the exchange rate between
the Indian rupee and U.S. dollar, would have affected the Group's profit before tax by Rs. 37.21 Lakhs/ Rs. (37.21) Lakhs
respectively.

For the year ended March 31, 2024, every 5 percentage point depreciation/appreciation in the exchange rate between the
Indian rupee and Euro , would have affected the Group's profit before tax by Rs. 2.08 Lakhs/ Rs. (2.08) Lakhs respectively.

For the year ended March 31, 2024, every 5 percentage point depreciation/appreciation in the exchange rate between the
Indian rupee and GBP would have affected the Company's profit before tax by Rs. 7.08 Lakhs/ Rs. (7.08) Lakhs respectively.

# The amount for AED is not disclosed as it is immaterial.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company exposure to the risk of changes in market interest rates relates primarily
to the Companies short-term debt obligations with floating interest rates. The Company manages its interest rate risk by
having a balanced portfolio of fixed and variable rate loans and borrowings.

Trade receivables

To manage the credit risk the Company periodically assesses the financial reliability of customers taking into account the
financial condition and ageing of accounts receivable (refer note 2.11).

An impairment analysis is performed for all major customers at each reporting date on an individual basis. The calculation
is based on historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class
of financial assets disclosed in note.

Reconciliation of the allowances for credit losses :

The details of changes in allowances for credit losses for the year ended March 31, 2025 and March 31, 2024 are as
follows:

a. In April 2024, Company sold its property at Noida resulting in profit of Rs. 384 Lakhs which is disclosed as an exceptional
item in the financial statement. This property was classified as 'Asset Held for Sale' in the audited balance sheet as of
March 31, 2024.

During the year ended March 31,2024, the Company sold its property at Nashik, resulting in profit of Rs. 760 Lakhs which
is disclosed as exceptional items in the Financial Statements. This property was classified as 'Asset Held for Sale' in the
audited balance sheet as of March 31, 2023.

b. Pursuant to the issuance of an Eligibility Certificate to the Company under the Package Scheme of Incentives, 2013 for its
Lakhmapur plant expansion, the Company is entitled to receive GST incentives. Accordingly, the Company has recognized
income of Rs.949.63 Lakhs in the year ended March 31, 2025, representing GST incentives receivable of this amount:

(i) Rs.778.92 Lakhs pertains to the period from the commencement of production in October 201 9 up to March 31,2024,
and has been disclosed as an Exceptional Item; and

(ii) Rs.170.71 Lakhs pertains to the financial year 2024-25 and has been included under 'Revenue from Operations'.

2.57 During the year ended March 31,2024, the Company had entered into a agreement to sale for its property at Noida. During
the current year, the Company has executed the sale deed on April 22, 2024. Hence the said asset was classified as Assets
held for Sale as on March 31, 2024.

2.58 The Company has used accounting software SAP for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the
software, except that audit trail feature is not enabled for certain changes made using privileged/ administrative access
rights to the SAP application and the underlying database. Further no instance of audit trail feature being tampered with
was noted in respect of accounting software where the audit trail has been enabled. Additionally, the audit trail of prior
years has been preserved by the Company as per the statutory requirements for record retention to the extent it was
enabled and recorded in the respective years.

2.60 OTHER STATUTORY INFORMATION

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

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

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

(iv) The Company has not advanced or loaned or invested funds to any other person(s) or entity, 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

(v) The Company has not received any fund from any person or entity, including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Group shall:

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

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(vi) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961

(vii) Quarterly returns or statements of current assets filed by the Company with the banks in connection with the working
capital limit sanctioned are agreement with the books of accounts.

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

The accompanying notes form an intergral part of the Standalone Financial Statements
As per our report of even date attached

For S R B C & CO LLP For and on behalf of the Board of Directors

Chartered Accountants

ICAI Firm's Registration No : 324982E/E300003

per Vinayak Pujare Anant Talaulicar Rajesh Joshi

Partner Chairman Managing Director &

CEO

Membership No : 101143 DIN No. 00031051 DIN No. 08855031

Mumbai Mumbai Mumbai

May 19, 2025 May 19, 2025 May 19, 2025

Arpit Kumar Nagori Amruta Avasare

Chief Financial Officer Company Secretary

Mumbai Mumbai

May 19, 2025 May 19, 2025