(xi) Provisions, contingent liabilities and
contingent assets

Provisions are recognised when the Company has a
present obligation as a result of past events, for which
it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
and a reliable estimate of the amount can be made.
Provisions (excluding defined benefit obligation and
compensated absences) are discounted to its present
value only where the effect is material and are determined
based on best estimate required to settle the obligation
at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current
best estimates. Provisions are reviewed regularly and
are adjusted where necessary to reflect the current
best estimates of the obligation. Where the Company
expects a provision to be reimbursed, the reimbursement
is recognised as a separate asset, only when such
reimbursement is virtually certain.

A disclosure for a contingent liability is made where there is
a possible obligation that arises 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 the past events where it is
either not probable that an outflow of resources will be
required to settle the obligation or a reliable estimate of
the amount cannot be made. Initially, Company makes an
assessment of whether a transaction is to be disclosed
as a contingent liability or to be recorded as provision.

Also at each balance sheet date, basis the management
judgement, changes in facts and legal aspects, the
Company assesses the requirement of provisions against
the outstanding contingent liabilities. However, the actual
future outcome may be different from this judgement.

Contingent asset is not recognised in the standalone
financial statement. However, it is recognised only when
an inflow of economic benefits is probable.

(xii) Income recognition

When a performance obligation is satisfied, the Company
recognises as revenue the amount of the transaction price
(which excludes estimates of variable consideration) that
is allocated to that performance obligation. Transaction
price is the amount of consideration to which the Company
expects to be entitled in exchange for transferring
promised goods or services to a customer, excluding
amounts collected on behalf of third parties.

The Company derives revenue primarily from Information
Technology services which includes IT Outsourcing
services, support and maintenance services. The Company
recognises revenue over time, over the period of the
contract, on transfer of control of deliverables (solutions
and services) to its customers in an amount reflecting
the consideration to which the Company expects to be
entitled. To recognise revenues, Company applies the
following five step approach: (1) identify the contract with
a customer, (2) identify the performance obligations in the
contract, (3) determine the transaction price, (4) allocate
the transaction price to the performance obligations in the
contract, and (5) recognise revenues when a performance
obligation is satisfied.

Company accounts for a contract when it has approval and
commitment from all parties, the rights of the parties are
identified, payment terms are identified, the contract has
commercial substance and collectability of consideration
is probable.

Contracts may include incentives, service penalties and
rewards. The Company includes an estimate of the amount
it expects to receive for the total transaction price if it is
probable that a significant reversal of cumulative revenue

recognised will not occur and when the uncertainty
associated with the variable consideration is resolved. Any
modification or change in existing performance obligations
is assessed whether the services are added to the existing
contracts or not. The distinct services are accounted for
as a new contract and services which are not distinct are
accounted for on a cumulative catch-up basis.

Fixed Price contracts related to application development,
consulting and other services are single performance
obligation or a stand-ready performance obligation, which
in either case is comprised of a series of distinct services
that are substantially the same and have the same pattern
of transfer to the customer (i.e. distinct days or months
of service). Revenue is recognised in accordance with the
methods prescribed for measuring progress i.e. percentage
of completion method. Percentage of completion is
determined based on project costs incurred to date as
a percentage of total estimated project costs required
to complete the project. The cost expended (or input)
method has been used to measure progress towards
completion as there is a direct relationship between
input and productivity. Revenues relating to time and
material contracts are recognised as the related services
are rendered.

Multiple element arrangements

In contracts with multiple performance obligations,
Company accounts for individual performance obligations
separately if they are distinct and allocate the transaction
price to each performance obligation based on its relative
standalone selling price out of total consideration of
the contract. Standalone selling price is determined
utilising observable prices to the extent available. If the
standalone selling price for a performance obligation is
not directly observable, Company uses expected cost plus
margin approach.

IT support and maintenance

Contracts related to maintenance and support services are
either fixed price or time and material. In these contracts,
the performance obligations are satisfied, and revenues
are recognised, over time as the services are provided.
Revenue from maintenance contracts is recognised ratably
over the period of the contract because the Company
transfers the control evenly by providing standard
services. The term of the maintenance contract is usually
one year. Renewals of maintenance contracts create new
performance obligations that are satisfied over the term
with the revenues recognised ratably over the term.

Any modification or change in existing performance
obligations is assessed whether the services are added
to the existing contracts or not. The distinct services are
accounted for as a new contract and services which are not
distinct are accounted for on a cumulative catch-up basis.

Cost to fulfil the contracts

Recurring operating costs for contracts with customers
are recognised as incurred. Revenue recognition excludes
any government taxes but includes reimbursement of
out of pocket expenses. Provisions of onerous contracts
are recognised when the expected benefits to be derived
by the company from a contract are lower than the
unavoidable cost of meeting the future obligations under
the contract. The provision is measured at present value of
the lower of the expected cost of terminating the contract
and the expected net cost of continuing with the contract.

Incremental costs of obtaining a contract

The incremental costs of obtaining a contract are those
costs that an entity incurs to obtain a contract with a
customer that it would not have incurred if the contract had
not been obtained. For certain contracts, the Company does
incur insignificant incremental costs to obtain the contract.
Company applies practical expedient by recognising
such cost as expense, when incurred, in the standalone
statement of profit and loss instead of creating an asset
as the amortisation period of the asset that the Company
otherwise would have recognised is one year or less.

Significant financing component

Company considers all relevant facts and circumstances
in assessing whether a contract contains a financing
component and whether that financing component is
significant to the contract, including both the conditions:

(a) the difference, if any, between the amount of
promised consideration and the cash selling price of
the promised goods or services; and

(b) the combined effect of both the following conditions:

i) the expected length of time between when the
entity transfers the promised goods or services
to the customer and when the customer pays
for those goods or services; and

ii) the prevailing interest rates in the
relevant market.

Other operating revenue - It includes revenue arising
from Company's ancillary revenue-generating activities.
Revenue from these activities are recorded only when
Company is reasonably certain of such income.

Trade receivables, contract assets and contract liabilities -

Trade Receivable is primarily comprised of billed and
unbilled receivables (i.e. only the passage of time is
required before payment is due) for which the Company
has an unconditional right to consideration, net of an
allowance for expected credit loss. A contract asset is a
right to consideration that is conditional upon factors other
than the passage of time. Contract assets are presented
separately in the standalone financial statements and
primarily relate to unbilled amounts on fixed-price
contracts utilising the cost-to-cost method i.e. percentage
of completion method (POCM) of revenue recognition.

A contract liability is the obligation to transfer goods
or services to a customer for which the Company has
received consideration from the customer. If a customer
pays consideration before the Company transfers goods or
services to the customer, a contract liability is recognised
when the payment is received. Contract liabilities are
recognised as revenue when the Company performs under
the contract.

The difference between opening and closing balance of
the contract assets and liabilities results from the timing
differences between the performance obligation and
customer payments.

(xiii) Income tax

Tax expense for the year comprises of current tax and
deferred tax.

Current tax is measured by the amount of tax expected to
be paid to the taxation authorities on the taxable profits
after considering tax allowances and exemptions and using
applicable tax rates and tax laws.

Deferred income tax is recognised using the balance
sheet approach. Deferred income tax assets and liabilities
are recognised for deductible and taxable temporary
differences arising between the tax base of assets and
liabilities and their carrying amount in standalone financial
statements, except when the deferred income tax arises
from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination
and affects neither accounting nor taxable profits or loss
at the time of the transaction.

Deferred income tax asset is recognised to the extent that
it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses can
be utilized. Deferred income tax liabilities are recognised
for all taxable temporary differences.

Current Tax and deferred income tax assets and liabilities
are offset when there is a legally enforceable right to set
off the recognised amount and there is an intention to
settle the asset and liability on a net basis.

(xiv) Other income

Interest income is recognised using the effective interest
method. Dividend income is recognised when the right to
receive payment is established.

(xv) Finance / Borrowing costs

Borrowing costs includes interest, amortisation of ancillary
costs incurred in connection with the arrangement of
borrowings and exchange differences arising from foreign
currency borrowings to the extent they are regarded as an
adjustment to the interest cost.

Borrowing costs directly attributable to the acquisition,
construction or production of an asset that necessarily
takes a substantial period of time to get ready for its
intended use or sale are capitalised as part of the cost
of the respective asset. All other borrowing costs are
expensed in the period in which they occur.

(xvi) Investment property

Property that is held either for long term rental yield or for
capital appreciation or both, but not for sale in ordinary
course of the business, use in the production or supply
of goods or services or for administrative purposes is
classified as investment property. Upon initial recognition,
an investment property is measured at cost. Subsequent to
initial recognition, investment property is measured at cost
less accumulated depreciation and accumulated impairment
loss, if any. Depreciation is provided in the same manner as
PPE. Any gain or loss on disposal of an investment property
is recognised in standalone statement of profit and loss.

(xvii) Financial guarantee contract/ Guarantee commission

Financial guarantee contracts issued by the Company
are those contracts that require a payment to be made
to reimburse the holder for a loss it incurs because the
specified debtor fails to make a payment when due in
accordance with the terms of a debt instrument. Financial
guarantee contracts are recognised initially as a liability
at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee.
Subsequently, the liability is measured at the higher of the
amount of loss allowance determined as per impairment
requirements of Ind AS 109 and the amount recognised
less, when appropriate, the cumulative amount of income
recognised in accordance with the principles of Ind AS 115
"Revenue from Contracts with Customers" ('Ind AS 115').

(xviii) Exceptional items

When items of income and expense within profit or
loss from ordinary activities are of such size, nature or
incidence that their disclosure is relevant to assist users
in understanding the financial performance achieved
and in making projections of financial performance, the
nature and amount of such material items are disclosed
separately as exceptional items.

(xix) Cash flow hedge

The effective portion of changes in the fair value of
derivatives that are designated and qualify as cash flow
hedge is recognised in other comprehensive income and
accumulated under cash flow hedge reserve. The Company
classifies its forward contract that hedge foreign currency
risk associated as cash flow hedge and measures them at
fair value. The gain or loss relating to the ineffective portion
is recognised immediately in the standalone statement of
profit and loss and is included in the 'other expense/ other
income' line item. Amounts previously recognised in other
comprehensive income and accumulated in equity relating
to effective portion (as described above) are reclassified to
the standalone statement of profit and loss in the periods
when the hedged item affects the standalone statement of
profit and loss, in the same line as the recognised hedged
item. When the hedging instrument expires or is sold or
terminated or when a hedge no longer meets the criteria
for hedge accounting, any cumulative deferred gain or loss
at that time remains in equity until the forecast transaction
occurs and when the forecast transaction is no longer
expected to occur, the cumulative gain or loss that was
reported in equity are immediately reclassified to standalone
statement of profit and loss within other income.

(xx) Recent accounting pronouncements

The Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to existing standards under
the Companies (Indian Accounting Standards) Rules from
time to time.

In May 2025, the MCA notified amendments to Ind AS
21 - The Effects of Changes in Foreign Exchange Rates,
applicable w.e.f. April 1, 2025. The Company has reviewed
the amendment and, based on its evaluation, determined
that it does not have any significant impact on its
financial statements.

In August 2025, the MCA notified the following amendments:

Ind AS 1 - Presentation of Financial Statements: The

Company has adopted the amendments to Ind AS 1,
Presentation of Financial Statements, effective April 1,
2025. The amendments clarify that the classification of
liabilities as current or non-current is based on rights
that are in existence at the end of the reporting period.

The Company has evaluated its loan arrangements and
associated covenants. Since the Company's right to defer
settlement of its non-current liabilities is not subject
to any compliance breaches of substantive covenants
existing at the reporting date, these amendments do not
have any impact on the classification of liabilities in the
Company's financial statements for the year ended March
31, 2026.

Ind AS 7 and Ind AS 107 - Supplier Finance Arrangements
(SFA): The Company has evaluated the recent
amendments to Ind AS 7 and Ind AS 107 regarding
Supplier Finance Arrangements, effective from April 1,
2025. These amendments require enhanced disclosures
regarding the nature, carrying amounts, and liquidity
risks associated with arrangements where a finance
provider pays the Company's suppliers on its behalf. As the
Company does not currently utilize any supplier finance
or reverse factoring arrangements for its working capital
requirements, these amendments do not have any impact
on the Company's financial position, cash flows, or liquidity
risk disclosures for the year ended March 31, 2026.

Ind AS 12 Income Taxes - International Tax Reform (Pillar
Two Model Rules): The Ministry of Corporate Affairs (MCA)
has amended Ind AS 12, Income Taxes, to incorporate the
Pillar Two Model Rules published by the OECD.

The Pillar Two legislation applies to multinational
enterprise (MNE) companies with consolidated annual
revenue exceeding €750 million in at least two of the
four preceding years. Based on the Company's current
assessment of its consolidated revenue and geographical
footprint, Mastek Limited does not fall within the scope
of the Pillar Two model rules. Consequently, the Company
does not expect any impact on its tax expense or financial
position for the year ended March 31, 2026. The Company
will continue to monitor the legislative developments and
revenue thresholds for future reporting periods.

Standards issued but not yet effective

Ind AS 118 Presentation and Disclosure in Financial
Statements: Ind AS 118 will replace Ind AS 1 "Presentation
of Financial Statements" and is effective for annual
reporting periods beginning on or after April 1, 2027. Ind
AS 118 introduces revised presentation requirements in
the statement of profit and loss and enhanced disclosure
requirements. The standard is expected to impact
presentation and disclosures but not the recognition and
measurement. The Company is currently evaluating the
impact of this standard on the accompanying standalone
financial statements.

The amendments are not expected to have a material
impact on the Company's financial statements.

i) Investment properties includes Prabhadevi, Mumbai property. The valuation was based on valuations performed by Vision Civil
Engineers Contractors and Valuers, an accredited independent valuer. Vision Civil Engineers Contractors and Valuers, are specialists
in valuing these types of investment properties and are a registered valuer as defined under rule 2 of Companies (Registered Valuers
and Valuation) Rules, 2017. A valuation approach in accordance with the Indian Accounting Standards was applied.

ii) The Company has no restrictions on the realisability of its investment property and no contractual obligations to purchase,
construct or develop investment property or for repairs, maintenance and enhancements.

iii) Refer note 36(b) for maturity analysis for future lease receivables.

Note:

* Management identified indicators of impairment in its investment in Evolutionary Systems Qatar WLL ('EVQR') and Mastek Systems
(Singapore) PTE Ltd. ('EVSG'), primarily due to business performance and lower net worth than carrying amount of investment.
Accordingly, the Company, with the assistance of an independent external valuer, performed an impairment assessment of its
investment in the Subsidiaries in accordance with Ind AS 36, Impairment of Assets. Based on this assessment, an provision for

impairment loss of I 363 lakhs has been recognised on investment in EVQR, during the year ended March 31, 2026 (March 31, 2025 :
I 2,417 lakhs) and no impairment loss has been recognised in EVSG during the year ended March 31, 2026 (March 31, 2025
I 1,200 lakhs).

The recoverable amount of the investment in the Subsidiaries was determined based on its value in use using the discounted
cash flow method. The estimate was derived from discounted future cash flow projections covering a period of five years. The key
assumptions used in the valuation include projected revenue growth, EBITDA margins, a terminal growth rate of 2.00% (March
31, 2025 : 2.00%) and a discount rate of 11.60% and 17.00% for EVQR and EVSG respectively (March 31, 2025 : 15.00% and 14.50%
respectively).

Management believes that the assumptions used are reasonable and represent its best estimate of the economic conditions that will
exist over the forecast period. However, changes in these assumptions, including adverse changes in market conditions or operating
performance, could result in a adjustment to the carrying value of the investment.

(i) Trade receivables are non-interest bearing and are generally settled in 30 to 45 days.

(ii) Refer note 33 for information on credit risk and market risk.

(iii) Refer note 13 for information on assets provided as collateral or security for borrowings or finance facilities availed by the
Company.

(iv) Refer note 29 for outstanding with related parties.

Distributions made and proposed

The Board of Directors of the Company at its meeting held on January 20, 2026 to January 21, 2026 had declared an interim
dividend of 160% (I 8 per equity share of par value of I 5 each). This has resulted in cash outflow of I 2,479 lakhs. Further,
the Board of Directors of the Company at its meeting held on April 17, 2026 have recommended a final dividend of 320% (I 16
per equity share of par value of I 5 each), which is subject to approval by the shareholders of the Company at ensuing Annual
General Meeting. The maximum (estimated) cash outflow will be I 4,960 lakhs. Proposed dividend on equity shares is not
recognised as a liability as at March 31, 2026. Dividend declared by the Company is based on profit available for distribution.

For previous year

The Board of Directors of the Company at its meeting held on January 16, 2025 had declared an interim dividend of 140% (I 7 per
equity share of par value of I 5 each). This has resulted in cash outflow of I 2,161 lakhs. Further, the Board of Directors of the
Company at its meeting held on April 18, 2025 have recommended a final dividend of 320% (I 16 per equity share of par value of
I 5 each), which was approved by the shareholders of the Company at its Annual General Meeting held on September 23, 2025.
This resulted in cash outflow of I 4,956 lakhs. Proposed dividend on equity shares was not recognised as a liability as at March
31, 2025. Dividend declared by the Company was based on profit available for distribution.

Notes:

(i) Vehicle loans are secured by hypothecation of assets (vehicles) purchased thereagainst.

Repayment terms: Monthly payment of equated monthly instalments beginning from the month subsequent to taking the
loan along with interest at 7.40% - 11.05% p.a. (March 31, 2025: 7.40% - 9.70% p.a.). Vehicle loans are repayable in 1 to 60
instalments from March 31, 2026 (March 31, 2025: 1 to 60 instalments).

(ii) Refer note 33 for liquidity risk.

(iii) There was no default in repayment of borrowings and interest thereon during current and previous year.

(iv) Borrowings were applied for the purpose for which they were availed.

(i) Trade payables are non-interest bearing and are generally settled in 30 to 60 days.

(ii) The Company did not have dues to micro enterprises and small enterprises registered under Micro, Small and Medium
Enterprises Development Act, 2006 ('MSMED Act') as at beginning and end of the year. Also, all the payment to MSME
during the current and previous year was made within the statutory deadline under MSMED Act and there was no overdue
amount at any point during the current and previous year.

(iii) Above disclosure on MSME is based on the information available with the Company regarding the status of registration of
such vendors under the said act, as per the intimation received from them on requests made by the Company.

(iv) All amounts are short-term. The carrying values of trade payables are considered to be a reasonable approximation of
fair value.

(v) Refer note 33 for liquidity risk.

(a) Company does not have any significant obligations for returns and refunds.

(b) Contracts do not have a significant financing component and contracts do not have element of variable consideration.

(iv) Remaining performance obligation

As of March 31, 2026 the aggregate amount of transaction price allocated to remaining performance obligations, was I 23 lakhs
(March 31, 2025: I 16 lakhs) of which approximately 100% (March 31, 2025: 100%) is expected to be recognised as revenues
within three years (March 31, 2025: one year).

(viii) Performance obligation

(a) Fixed price contracts: Revenue is recognised in accordance with the methods prescribed for measuring progress i.e.
percentage of completion method. Percentage of completion is determined based on project costs incurred to date as a
percentage of total estimated project costs required to complete the project. The cost expended (or input) method has been
used to measure progress towards completion as there is a direct relationship between input and productivity.

(b) Time and material contracts: Revenue relating to time and material contracts is recognised as the related services
are rendered.

(c) IT support and maintenance: Contracts related to maintenance and support services are either fixed price or time and
material. In these contracts, the performance obligations are satisfied, and revenues are recognised, over time as the services
are provided. Revenue from maintenance contracts are recognised ratably over the period of the contract because the Company
transfers the control evenly by providing standard services.

On November 21, 2025, the Government of India notified the four Labour Codes - 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 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs
to enable assessment of the financial impact due to changes in regulations. The Company has assessed and disclosed the
incremental impact of these changes on the basis of internal analysis and the best information available, consistent with the
guidance provided by the Institute of Chartered Accountants of India. The incremental impact consisting of gratuity of I 2,135
lakhs and long-term compensated absences of I 877 lakhs primarily arises due to change in wage definition. The Company
continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the
Labour Code and would provide appropriate accounting effect on the basis of such developments as needed.

26 Earnings Per Share ('EPS')

Basic EPS is calculated by dividing the net profit or loss for the period attributable to equity shareholders of the Company by
the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted EPS, the
net profit or loss for the period attributable to equity shareholders of the Company and the weighted average number of shares
outstanding during the period, are adjusted for the effects of all dilutive potential equity shares.

The weighted average duration of the defined benefit obligation of the Company as at March 31, 2026 is 3.75 years (March 31,
2025: 6.21 years to 13.56 years).

These assumptions were developed by the management with the assistance of independent actuarial appraiser. Discount
factors are determined close to each year end by reference to government bonds of relevant economic markets and that
have terms to maturity approximating to the terms of the related obligation. Other assumptions are based on management's
historical experience. The estimates of future salary increases, considered in actuarial valuation, takes into account inflation,
seniority, promotion and other relevant factors such as supply and demand factors in the employment market. The expected
return on plan assets is based on expectation of the average long term rate of return expected on investments of the fund
during the estimated term of the obligations.

Pursuant to the provisions of the Code, the Company confirms that gratuity benefits applicable to eligible Full-Time Employees
("FTEs") are being administered in compliance with Chapter V of the Code relating to payment of gratuity. The company will
continue to monitor finalisation of rules and clarifications from government and would provide appropriate accounting effect on
the basis of such developments as needed.

Notes:

i) The Company has setup an income tax approved irrevocable trust fund to finance the plan liability. The trustees of the
trust fund are responsible for the overall governance of the plan. Expected contribution to the fund in FY 2026-27 is I
1,874 lakhs (FY 2025-26: I 532 lakhs).

ii) Plan assets are investment in unquoted insurer managed funds (100%) for current and previous year.

(b) The obligation for compensated absence is recognised basis Company's leave policy. Company follows calendar year for leave
accumulation. Maximum of 18 days can be accrued during a year and maximum cap on accumulation is 30 days. Leaves in excess
of maximum cap shall be encashed up to 31 December 2026 and thereafter no encashment will be allowed as per policy. Net
charge to the standalone statement of profit and loss for the year ended March 31, 2026 is I 993 lakhs (March 31, 2025: I 925
lakhs).

Notes:

1. Foreign currency balances (other than advances) are reinstated in I using year end exchange rate.

2. Equity and equity like investments (as at balance sheet date) are not considered under 'Balances outstanding (as at year-
end)' as these are not considered 'outstanding' exposures.

3. All the amounts due to / from related parties (as at year-end) are unsecured.

4. All the amounts due to / from related parties (as at year-end), other than advances, will be cash-settled. Services will be
received/ provided against the advance given/ taken, if any.

5. For security provided by Mastek Limited for the loans availed by subsidiary companies, refer note (iii) to 3(a)(i).

* The guarantees have been given for loans availed by the respective subsidiaries. Also, the disclosure is of guarantee equivalent to
amount of loan availed (for transactions during the year) which includes loan availed against unutilised guarantees of previous years and
loan outstanding (balance outstanding as at reporting date). The amounts disclosed does not include unutilised guarantees. Refer note 38
for guarantees outstanding of contingent nature.

^A This also includes foreign exchange adjustments/ fair value adjustments.

* The KMP's are covered under the gratuity policy and compensated absences policy along with other eligible employee of the Company.
Proportionate amount of gratuity and compensated absences expenses and provision for gratuity and compensated absences, which are
determined actuarially are not mentioned in the aforementioned disclosure as these are computed for the Company as a whole.

** Represents the perquisite component, i.e., the difference between exercise price and fair market value of the option.

Notes:

1. Company has paid the remuneration to its directors during the year ended March 31, 2026 and March 31, 2025 in
accordance with the provision of and limits laid down under section 197 read with Schedule V to the Act.

2. There are no commitments with any related party during the year or as at years ended March 31, 2026 and March 31, 2025.

3. All the related party transactions are made on terms equivalent to those that prevail in an arm's length transaction,
for which prior approval of Audit Committee was obtained during the years ended March 31, 2026 and March 31, 2025.
Outstanding balances at the year end are unsecured and interest free.

4. There is no allowances for receivables in relation to any outstanding balances, and no less allowance has been recognised
during the year in respect of receivables due to related parties.

30 Segment reporting

The Company has opted to present information relating to its segments in its consolidated financial statements for the year
ended March 31, 2026 and March 31, 2025 which are included in the same annual report. In accordance with Ind AS 108 -
'Operating Segments', no disclosures related to segment are therefore presented in these standalone financial statements.

32 Fair value hierarchy

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).

There have been no transfers amongst the level of hierarchy during the current and previous year.

For assets and liabilities that are recognised in the standalone financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the
lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions
are used to estimate the fair values.

1. Fair value of cash and cash equivalents, other bank balances, trade receivables, trade payables, other current financial
assets/ liabilities and short term borrowings approximate their carrying amounts largely due to short term maturities of
these instruments.

2. Financial instruments are evaluated by the Company based on parameters such as individual credit worthiness of the
counter-party. Based on this evaluation, allowances are taken to account for expected losses of these receivables.
Accordingly, fair value of such instruments is not materially different from their carrying amounts.

3. The fair values for finance lease contracts and financial guarantee contract were calculated based on cash flows
discounted using market interest rate on the date of initial recognition and fair values for deposits were calculated based
on cash flows discounted using market interest rate on the date of initial recognition and subsequently on each reporting
date. The lease liability is initially recognised at the present value of the future lease payments and is discounted using the
interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates and subsequently
measured at amortised cost. Investment in mutual funds are designated at FVTPL and mark to market gain/ loss is
recorded in statement of profit and loss on each reporting date.

4. Fair value of long term borrowings approximate their carrying amounts due to the fact that no upfront fees is paid as
compensation to secure the borrowing and the interest rate is equal to the market interest rate.

The following table presents the fair value measurement hierarchy of financial assets and liabilities measured at fair value on
recurring basis as at March 31, 2026 and March 31, 2025:

33 Financial risk management

The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's primary
focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial
performance. The Company's management oversees the management of these risk and formulates the policies which are
reviewed and approved by the Board of Directors and Audit Committee. Such risks are summarised below:

(i) Market risk: Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of change in market prices. The primary market risk to the Company is currency risk and other price risk. The Company does
not have any borrowings with floating interest rate, thus interest rate risk is not applicable.

(ii) Currency risk

The Company's exposure to risk of change in foreign currency exchange rates arising from foreign currency transactions,
is primarily with respect to the currencies which are not fixed. Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated in a currency that is not the functional currency of the
Company. The Company uses derivative financial instruments to mitigate foreign exchange related risk exposures. The
counter party of these derivative instruments are primarily banks. These derivative financial instruments are valued based
on inputs that is directly or indirectly observable in the marketplace.

All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills,
experience and supervision. It is on basis of board approved Company's hedging policy that no trading in derivative for
speculative purposes may be undertaken.

These derivative financial instruments are forward contracts and are qualified for cash flow hedge accounting when the
instrument is designated as hedge. Company has designated major portion of derivative instruments as cash flow hedges
to mitigate the foreign exchange exposure of highly probable future forecasted sales.

Accounting for cash flow hedge

The objective of hedge accounting is to represent, in the Company's standalone financial statements, the effect of the
Company's use of financial instruments to manage exposures arising from particular risks that could affect profit or loss. As
part of its risk management strategy, the Company makes use of derivative financial instruments for hedging the risk arising on
account of highly probable future forecasted sales.

The Company has a Board approved policy on assessment, measurement and monitoring of hedge effectiveness which
provides a guideline for the evaluation of hedge effectiveness, treatment and monitoring of the hedge effective position from
an accounting and risk monitoring perspective. Hedge effectiveness is ascertained at the time of inception of the hedge and
periodically thereafter. The Company assesses hedge effectiveness on prospective basis. The prospective hedge effectiveness
test is a forward looking evaluation of whether or not the changes in the fair value or cash flows of the hedging position are
expected to be highly effective in offsetting the changes in the fair value or cash flows of the hedged position over the term of
the relationship.

For derivative financial instruments designated as hedge, the Company documents, at inception, the economic relationship
between the hedging instrument and the hedged item, the hedge ratio, the risk management objective for undertaking the
hedge and the methods used to assess the hedge effectiveness. The hedge ratio is 1:1.

The Company determines the existence of an economic relationship between the hedging instrument and hedged item based on
the currency, amount and timing of their respective cash flows. The foreign exchange forward contracts are denominated in the
same currency as the highly probable forecasted sales. Further, the entity has included the foreign currency basis spread and
takes the forward rates in hedging relationship.

Hedge effectiveness is assessed through the application of dollar offset method and designation of forward contract as the
hedging instrument. Further to determine hedge effectiveness, Company creates the hypothetical forward contract rate as
on the date of reporting and takes mark-to-market rate of forward contract rate in order to determine hedge ineffectiveness.
Hedge effectiveness is calculated using the following formula: Change in fair value of hedging instrument / change in fair value
of hedged item. Effective portion of cash flow hedge is taken to cashflow hedge reserve, which is a separate portion within
equity i.e. OCI and ineffective portion is immediately charged to the standalone statement of profit and loss. Balances in
cashflow hedge reserve are transferred to the standalone statement of profit and loss in the period, when sales occur and cash
flows actually effects the profit or loss.

The Company had outstanding corporate guarantee (in USD) on behalf of its subsidiary - Mastek Inc. equivalent to I 41,737
lakhs (March 31, 2025: I 54,944 lakhs). It is contingent in nature and Company does not expect any liability against the same in
foreseeable future (Refer note 29 and 39).

Sensitivity to foreign currency risk

The following table demonstrates the sensitivity in significant foreign currencies with all other variables held constant. The
below impact on the Company's standalone profit or loss before tax and equity is based on changes in the fair value of unhedged
foreign currency monetary assets and liabilities as at standalone balance sheet date:

(iv) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises from cash and cash equivalents, bank balances, other financial assets as well as credit
exposures to customers including outstanding receivables. The maximum exposure to credit risk is equal to the carrying value of
the financial assets.

Trade receivables

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. To manage
this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition,
current economic trends, forward looking macroeconomic information, analysis of historical bad debts and ageing of accounts
receivables. Individual risk limits are set accordingly.

The expected credit loss rates are based on the payment profiles of sales over a period of of time and the corresponding
historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward¬
looking information on macro-economic factors affecting the ability of the customers to settle the receivables. The Company
recognises lifetime expected losses for all trade receivables that do not constitute a financing component.

Outstanding customer receivables are regularly monitored.

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics
of the customer including the default risk of the industry and country in which the customer operates also has an influence on
credit risk assessment.

Major revenue is earned from related entities / group companies and management do not foresee any concentration risk or
credit risk.

Other financial assets

The Company periodically monitors the recoverability and credit risks of its other financial assets. The Company evaluates 12
months expected credit losses for all the financial assets for which credit risk has not increased significantly. In case credit risk
has increased significantly, the Company considers life time expected credit losses for the purpose of impairment provisioning.
The Company has considered financial condition, current economic trends, forward looking macroeconomic information,
analysis of historical bad or doubtful receivables and ageing of receivables related to cash and cash equivalents, bank balances,
bank and margin deposits, security deposits and other financial assets. In most of the cases, risk is considered low since the
counterparties are reputed organisations with no history of default to the Company and no unfavourable forward looking macro
economic factors. Wherever applicable, expected credit loss allowance is recorded.

The Company does not require collateral in respect of trade receivables. Also, there are no such receivables for which no loss
allowance is recognised because of collateral.

In respect of financial guarantees provided by the Company to banks, the maximum exposure which the Company is exposed to
is the maximum amount which the Company would have to pay if the guarantee is called upon. Based on the expectation at the
end of the reporting period, the Company considers that it is more likely than not that such an amount will not be payable under
the guarantees provided.

(v) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when
due. Also, the Company has unutilized credit limits with banks. The Company's corporate treasury department is responsible for
liquidity, funding and settlement management. In addition, processes and policies related to such risks are overseen by senior
management of the Company. The Company's management monitors the net liquidation position through rolling forecast on the
basis of expected cash flows.

The Company has I 5,600 lakhs (March 31, 2025: I 5,600 lakhs) credit line facility that is unsecured and can be drawn down tc
meet short-term financing needs. Interest would be payable at a rate mutually agreed with banks at the time of drawdown.

34 Capital management

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The Company monitors the return on capital as well as the level of dividends
on its equity shares. The Company's objective when managing capital is to maintain an optimal structure so as to maximise
shareholder value. The capital structure is as follows:

Volatility : Volatility is a measure of the amount by which a price has fluctuated or is expected to fluctuate during the period.
The measure of volatility is used in Black-Scholes option pricing model is the annualised standard deviation of the continuously
compounded rates of return on the stock over a period of time. The Company considered the daily historical volatility of the
Company's stock price on the National Stock Exchange over the expected life of each vest.

Risk free rate : The risk free rate being considered for the calculation is the interest rate applicable for a maturity equal to the
expected life of the options based on zero coupon yield curve for government securities.

Expected life of the options: Expected life of the options is the period for which the Company expects the options to be live.

The minimum life of stock options is the minimum period before which the options can't be exercised and the maximum life of
the option is the maximum period after which the options can't be exercised. The Company has calculated expected life as the
average of the minimum and the maximum life of the options.

Dividend yield: Expected dividend yield has been calculated as total of interim and final dividend declared in last year preceding
date of grant.

36 Leases

Company as lessee

i) The Company's leased assets primarily consist of leases for office premises. Leases of office premises have remaining
lease term between 1 to 40 years (31 March 2025 : 1 to 41 years). There are several lease agreements with extension and
termination options, for which management exercises significant judgement in determining whether these extension and
termination options are reasonably certain to be exercised. Since it is reasonably certain to exercise extension option and
not to exercise termination option, the Company has opted to include such extended term and ignore termination option in
determination of lease term. Further, Company is not exposed to any variable lease payments or residual value guarantee.

There are several lease agreements with extension and termination options, for which management exercises significant
judgement in determining whether these extension and termination options are reasonably certain to be exercised. Since
it is reasonably certain to exercise extension option and not to exercise termination option, the Company has opted to
include such extended term and ignore termination option in determination of lease term.

During the year, the Company has foreclosed few of its lease arrangements prior to their original contractual expiry dates.
Accordingly, the related lease liabilities and right-of-use assets were derecognised on the effective dates of termination in
accordance with the requirements of Ind AS 116 "Leases" ('Ind AS116') . Consequently, the Company has derecognised its
lease liabilities amounting to Rs. 32 lakhs and right-of-use assets amounting to Rs. 30 lakhs, and the difference of Rs. 2
lakhs has been recognised in standalone statement of profit and loss (March 31, 2025: Rs. Nil).

Company as a lessor

i) Company has leased out its investment property. The lease is classified as operating lease from a lessor perspective as
Company has not transferred substantially all of the risks and rewards incidental to the ownership of the asset.

37 Capital commitment

Estimated amount of contracts remaining to be executed on capital account and not provided for as at March 31, 2026 is I 107
lakhs (March 31, 2025: I 152 lakhs).

* Amount outstanding as at balance sheet date represents gross demand raised by the tax authorities excluding amount paid under protest as it
is not charged to the standalone statement of profit and loss by the Company.

^A Further in relation to AY 2011-12, there was an addition on account of transfer pricing matter which the Honorable ITAT has remanded back
to the file of the Transfer Pricing Officer for fresh adjudication. Since the matter has been remanded back, the outcome of the same cannot be
ascertained at the moment.

The Company is also involved in various other litigations under income tax act with various appellate authorities on account of
transfer pricing litigations, deductions u/s 10A, u/s 10AA, u/s 80HHE, u/s 40(a)(i), claim of foreign tax credit, other allowance/
disallowance u/s 37 of the Income-tax Act, 1961. These matters are pending before various income tax appellate authorities
and the management and its tax advisors expect that its tax position will likely be upheld, and will not have a material
adverse effect on the Company's financial position and result of operations. For these cases, the possibility of an outflow of
resources embodying economic resources is remote according to the management and hence the same is not disclosed as a
contingent liability.

Notes:

1. Company is contesting all of the above demands mentioned in (2) above and the management believes that its positions
are likely to be upheld at the appellate stage. No expense has been accrued in the standalone financial statements for the
aforesaid demands. The management believes that the ultimate outcome of these proceedings are not expected to have
a material adverse effect on the Company's financial position and results of operations and hence no provision has been
made in this regard.

2. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending
resolution of the respective proceedings.

3. The amounts disclosed above represent the best possible estimates arrived at on the basis of available information and do
not include any penalty payable.

4. The Company does not expect any reimbursements in respect of the above contingent liabilities.

5. Based on the judgement by the Honourable Supreme Court dated February 28, 2019, past provident fund liability, is not
determinable at present, in view of uncertainty on the applicability of the judgement to the Company with respect to timing
and the components of its compensation structure. In absence of further clarification, the Company has been advised to
await further developments in this matter to reasonably assess the implications on its standalone financial statements,

if any.

40 Note on Merger

Pursuant to the Scheme of amalgamation (the 'Scheme') as approved by the Hon'ble National Company Law Tribunal ('NCLT'),
Ahmedabad on May 02, 2025, Mastek Enterprise Solutions Private Limited, wholly owned subsidiary of the Company
(hereinafter referred to as 'Transferor Company'), was merged with Mastek Limited ('Transferee Company'), with April 01, 2024
as the appointed date. Both Transferor Company and Transferee Company had filed the approved scheme with ROC, Ahmedabad
on May 31, 2025, which had been considered as effective date as per the Scheme. Pursuant to the Scheme, the assets, liabilities
and reserves of the Transferor Company are transferred to and vested in the Transferee Company. The said transfer had
been accounted for in accordance with the accounting treatment prescribed in the approved Scheme which is in line with the
accounting principles as laid down under Appendix C to Indian Accounting Standard 103 ("Ind AS 103") "Business Combinations",
applicable to 'common control business combination' and the comparative financial information presented in the Statement
was restated from the beginning of the earliest period presented, being April 01, 2024. The Scheme had accordingly been given
effect to in the Statement, pursuant to which the comparative financial information for the period namely year ended March
31, 2025 was restated. The accounting for this Scheme does not have any impact on the consolidated financial statements. The
impact of the restatement is summarised below:

41 Expenditure on corporate social responsibilities ('CSR')

As per section 135 of the Act, and rules therein, the Company is required to spend at least 2% of its average net profits made
during the three immediately preceding financial years towards CSR activities. The Company has CSR committee as per the Act.
The funds are utilised on the activities which are specified in Schedule VII of the Act. Details of CSR expenditure are as follows:

Notes:

(i) Debt = Non-current borrowings Current borrowings

(ii) Net worth = Paid-up share capital Reserves created out of profit - Accumulated losses

(iii) Earnings available for debt service = Net profit for the year Non operating expenses like depreciation and amortisation
Interest expense

(iv) Debt service = Interest expense Lease payment within next 12 months Principal repayment of borrowings within next
12 months

(v) Net Purchase = Purchase of Stock in Trade Cost of Materials Consumed Closing inventory of raw material - Opening
inventory of raw material

(vi) EBIT = Earnings before exceptional items, interest and tax

(vii) Capital employed = Tangible net worth Total debt Deferred tax liabilities

(viii) Tangible net worth = Total equity - Other intangible assets

43 Utilisation of borrowed funds and share premium (for the years ended March 31, 2026 and
March 31, 2025)

(i) The Company has not advanced or loaned or invested funds to any person or any 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 a 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.

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

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

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

44 The Company does not have any transactions and outstanding balances during the current as well previous year with
Companies struck off under section 248 of the Act or section 560 of Companies Act, 1956.

45 The Company has not granted any loan or advance in the nature of loan, during the current and previous year, to promoters,
directors, KMPs or other related parties, either severally or jointly with any other person, that is repayable on demand or
without specifying any terms or period of repayment. Also, no such loan or advance in nature of loan is outstanding as at March
31, 2026 and March 31, 2025.

46 The Company is not holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules
made thereunder as at March 31, 2026 and March 31, 2025. Further, no proceedings have been initiated or pending against the
Company for holding any benami property under the said act and rules mentioned above for the years ended March 31, 2026
and March 31, 2025.

47 The Company does not have any charge or satisfaction which is yet to be registered with ROC beyond the statutory period as at
March 31, 2026 and March 31, 2025.

48 The Company has not traded or invested in Crypto currency or Virtual currency during the current and previous year.

49 The Company does not has any such transaction which is not recorded in the books of account 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 provision of the Income-tax Act, 1961).

50 The Company has not revalued its PPE, ROU assets and other intangible assets during the current and previous year.

51 The Company has not been declared wilful defaulter by any bank or financial institution or any other lender for the years ended
March 31, 2026 and March 31, 2025.

52 The Company has complied with the number of layers prescribed under section 2(87) of the Act for the years ended March 31,
2026 and March 31, 2025.

53 The Company has not entered into any scheme of arrangement in terms of section 230 to 237 of the Act apart from those
disclosed in note 40 for the year ended March 31, 2026 and March 31, 2025.

54 The Company has not given any loan or advance in the nature of loan to its subsidiary or other entity during the year ended
March 31, 2026 and March 31, 2025.

Therefore, disclosure under Regulation 53(1)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is
not applicable.

55 As per the transfer pricing rules, the Company has examined international transactions and documentation in respect thereof
to ensure compliance with the said rules. The management does not anticipate any material adjustments with regard to the
transactions involved.

56 The Ministry of Corporate Affairs (MCA) has prescribed a requirement for companies under the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies, which
uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of
recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with
the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company has used an accounting software for maintaining their books of account which has a feature of audit trail (edit
log) facility and the same was enabled at the application level. During the year ended March 31, 2026, the Company has not
enabled the feature of recording audit trail (edit log) at the database level for the said accounting software to log any direct
data changes.

The Company also uses a software to maintain vendor invoice bookings, purchase requisitions and goods receipt note records
and the same is operated throughout the year for all relevant transactions recorded in the same at application level. The
'Independent Service Auditor's Assurance Report on the Description of Controls, their Design and Operating Effectiveness'
('Type 2 report' issued in accordance with SAE 3402, Assurance Reports on Controls at a Service Organization), does not provide
any information for any direct changes made at the database level of the said software throughout the year.

Except for the instances mentioned above the audit trail has been preserved by the Company as per the statutory requirements
for record retention.

57 There are no subsequent events which warrants adjustment or disclosure in the standalone financial statements.

58 The standalone financial statements as at and for the year ended March 31, 2026 were approved by the Board of Directors on
April 17, 2026.

59 Previous year figures have been regrouped, reclassified and rearranged wherever necessary, to conform to this year's
presentation, and these are not material to the standalone financial statements.