p. Provisions, contingent liabilities and contingent
assets

Provisions are recognised when present obligations as
a result of a past event will probably lead to an outflow
of economic resources and amounts can be estimated
reliably. Timing or amount of the outflow may still be
uncertain. A present obligation arises when there is a
presence of a legal or constructive commitment that has
resulted from past events, for example, legal disputes
or onerous contracts. Provisions are not recognised for
future operating losses.

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 discounted to their
present values, where the time value of money is material.

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 disclosed for:

Ý Possible obligations which will be confirmed only
by future events not wholly within the control of the
Company or

Ý Present obligations arising from past events where
it is not probable that an outflow of resources will
be required to settle the obligation or a reliable
estimate of the amount of the obligation cannot be
made.

Contingent assets are not recognised.

q. Employee benefits

Expenses and liabilities in respect of employee benefits
are recorded in accordance with Indian Accounting
Standard 19- Employee Benefits.

Defined benefit plans

Long-term employee benefits

Gratuity: The Company has computed its liability
towards future payments of gratuity to employees, on
actuarial valuation basis which is determined based on
project unit credit method and the charge for current
year is debited to the Statement of Profit and Loss.
Actuarial gains and losses arising on the measurement
of defined benefit obligation is charged/ credited to other
comprehensive income.

Compensated absences: Liability for compensated
absences that are not short term, are determined on
actuarial valuation basis which is determined based on
project unit credit method and the charge for current year
is debited to the Statement of Profit and Loss. Actuarial
gains and losses arising on the measurement of defined
benefit obligation is charged/ credited to profit or loss.

Short-term employee benefits

Expense in respect of other short-term benefits is
recognised on the basis of the amount paid or payable
for the period during which services are rendered by the
employee.

r. Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the
weighted average number of equity shares outstanding
during the period. The weighted average number of
equity shares outstanding during the period is adjusted
for events including a bonus issue.

For the purpose of calculating diluted earnings per share,
the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares
outstanding during the period are adjusted for the effects
of all dilutive potential equity shares.

s. Segment reporting

Operating segments are reported in a manner consistent
with the internal reporting provided to the chief
operating decision maker. In accordance with Ind AS 108
- Operating Segments, the operating segments used to
present segment information are identified on the basis
of internal reports used by the Company's Management
to allocate resources to the segments and assess their
performance.

t. Dividend Payout

Dividend distributions payable to equity shareholders
are debited directly to equity, net of any related income
tax benefit. It is included in other liabilities when the
dividends have been approved in a general meeting but
not distributed prior to the reporting date.

u. Contract assets/liabilities

Contract assets are recognised when there is excess
of revenue earned over billings on contracts. Contract
assets are classified as unbilled receivables (only act of
invoicing is pending) when there is unconditional right
to receive cash, and only passage of time is required, as
per contractual terms. Contract liabilities (Unearned or
deferred revenue is recognised when there is billings in
excess of revenues). Contracts are subject to modification
to account for changes in contract specification and
requirements. The Company reviews modification to
contract in conjunction with the original contract, basis
which the transaction price could be allocated to a
new performance obligation, or transaction price of an
existing obligation could undergo a change. In the event
transaction price is revised for existing obligation, a
cumulative adjustment is accounted for.

v. Interest income

Interest income is recognised on time proportion basis
taking into account the amount outstanding and rate
applicable. For all financial assets measured at amortised
cost, interest income is recorded using the effective
interest rate (EIR) i.e. the rate that exactly discounts
estimated future cash receipts through the expected
life of the financial asset to the net carrying amount of
the financial assets. The future cash flows include all
other transaction costs paid or received, premiums or
discounts if any, etc.

2.1 Recent accounting pronouncement

Recent accounting pronouncement issued but
not made effective

There are no standards that are issued but not yet
effective as on 31 March 2025.

Recent pronouncements

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.

Amendments to Ind AS 116 - Lease liability in a sale
and leaseback

The amendments require an entity to recognise lease
liability including variable lease payments which are not
linked to index or a rate in a way it does not result into
gain on Right of Use asset it retains.

Introduction of Ind AS 117

MCA notified Ind AS 117, a comprehensive standard that
prescribe, recognition, measurement and disclosure
requirements, to avoid diversities in practice for
accounting insurance contracts and it applies to all
companies i.e., to all "insurance contracts" regardless of
the issuer. However, Ind AS 117 is not applicable to the
entities which are insurance companies registered with
IRDAI.

The Company has reviewed the new pronouncements
and based on its evaluation has determined that these
amendments do not have a significant impact on the
Financial Statements.

2.2 Significant accounting judgments, estimates
and assumptions

When preparing the financial statements, the
Management undertakes a number of judgments,
estimates and assumptions about recognition and
measurement of assets, liabilities, income and expenses.
The actual results are likely to differ from the judgments,
estimates and assumptions made by management, and
will seldom equal the estimated results. Information
about significant judgments, estimates and assumptions
that have the most significant effect on recognition and
measurement of assets, liabilities, income and expenses
are discussed below:

(i) Evaluation of indicators for impairment of
non-financial assets

The evaluation of indicators for impairment of non¬
financial assets requires assessment of several
external and internal factors which could result in
impact the recoverable amount of the assets.

(ii) Contingent liabilities

The Company has certain legal proceedings which
are pending in various jurisdictions. Due to the
uncertainty inherent in such matters, it is difficult
to predict the final outcome of such matters. The
cases and claims against the Company often raise
difficult and complex factual and legal issues,
which are subject to many uncertainties, including
but not limited to the facts and circumstances of
each particular case and claim, the jurisdiction
and the differences in applicable law. In the normal
course of business, management consults with
legal counsel and certain other experts on matters
related to litigation and taxes. The Company accrues
a liability when it is determined that an adverse
outcome is probable and the amount of the loss can
be reasonably estimated.

(iii) Recoverability of financial assets

At each balance sheet date, based on historical
default rates and other factors, the Management

assesses the expected credit loss on outstanding
financial assets.

(iv) Evaluation of indicators for impairment of
Goodwill

The evaluation of indicators for impairment of
Goodwill requires assessment of several external
and internal factors which could result in impact the
carrying amount of the Goodwill.

(v) Inventories

Management estimates the net realisable values of
inventories, taking into account the most reliable
evidence available at each reporting date. The future
realisation of these inventories may be affected by
future technology or other market-driven changes
that may reduce future selling prices.

(vi) Defined benefit obligation (DBO)

Management's estimate of the DBO is based on a
number of critical underlying assumptions such
as standard rates of inflation, mortality, discount
rate and anticipation of future salary increases.
Variation in these assumptions may significantly
impact the DBO amount and the annual defined
benefit expenses amount

6. Goodwill (contd.)

Note: Goodwill was recognised in financial year 2016-17 post acquisition of Jupiter Alloys & Steel India Limited amounting to
' 5,104.00 lakhs. It was amortised upto financial year 2019-20 under earlier accounting standards. Post transitioning of the
Company into Indian Accounting Standard, the Company has not amortised Goodwill as per the requirement of Ind AS 38. Carrying
amount of the goodwill has been allocated to the entire Company in the absence of any separate cash generating units (CGUs).
The recoverable amount of the CGUs is determined based on value-in-use calculations.

The Company tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount of the CGU is
determined based on value-in-use calculations by discounting the future cash flows to be generated from the continuing use of
the CGU. The calculations use cash flow projections based on financial budgets approved by management covering a three year
period. The recoverable amount of the CGU was determined to be higher than its carrying amount and hence no impairment loss
was recognised during the year.

Nature and purpose of reserve

i. Capital reserve

Represents excess of net assets taken over by the Company over purchase consideration, as per the Scheme of Amalgamation,
which took place during the earlier year w.e.f., 01 October 2019.

ii. Securities premium

Securities premium is used to record the premium on issue of shares. The reserves is utilized in accordance with the
provision of the act.

iii. Retained earnings

Retained earnings represents the accumulated profits / losses made by the Company over the years.

iv. Share Warrant

On 29 June 2024, the Company has approved the issuance of upto 2,872,340 Convertible Warrants at a price of ' 470/- (Rupees
Four Hundred and Seventy Only) per Warrant (including Premium of '460/-) at an aggregate consideration not exceeding
'1,35,00,00,000/-(Rupees One Hundred Thirty Five Crores Only),in cash, to Promoter, Tatravagonka A.S.

Terms of allotment of convertible warrants ("Warrants")

On Allotment of Warrants: 25% of the total consideration towards respective Warrants are paid prior to the allotment and
the balance shall be payable on or before conversion of the Warrants into Equity Shares.

Conversion Ratio and Timeline: Each Warrant is convertible into one (01) Equity Share and the conversion can be exercised
at any time within a period of 18 months from the date of allotment, in one or more tranches, as the case may be and on such
other terms and conditions as applicable.

40. Segment reporting (contd.)

C. Non-current operating assets

All non-current assets (excluding Financial Assets) of the Company are located in India.

D. Major customers

Revenue from one customer (31 March 2024: three customers) have contributed in more than 10 percent of the total revenue
amounting to ' 166,542.71 lakhs

(31 March 2024: 189,851.55 lakhs). The customer wise revenue break up for the year ended 31 March 2024 includes Customer
A ' 74,739.71 Lakhs, Customer B ' 62,718.56 Lakhs and Customer C ' 52,393.28 Lakhs.

The above matters are subject to legal proceedings in the ordinary course of business. The legal proceedings, when ultimately
concluded will not, in the opinion of the management that it is possible, but not probable, that the action will succeed and
accordingly no provision for any liability has been made in the financial statements. In respect of above contingent liabilities,
it is not practicable for the Company to estimate the timings of cash outflows, if any, pending resolution of the respective
proceedings.

B. Commitments

a. Capital commitments: Estimated amount of contracts remaining to be executed on capital account excluding GST and
not provided for (net of advances) amounts to ' 1,061.97 lakhs (31 March 2024: ' 4,809.11 lakhs).

b. Other commitments: The Company does not have any long term commitments / contracts including derivative
contracts for which there will be any material foreseeable losses.

c. Lease commitments: Refer note 41 in respect of commitment with regard to leases.

43. Earning per share

Basic and diluted earning per share

Basic and diluted earning/(loss) per share is calculated by dividing the profit / (loss) during the year attributable to equity
shareholders of the Company by the weighted number of equity shares outstanding during the year.

C. Risk exposure

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

(i) Interest risk

The present value of the defined benefit plan liability (denominated in Indian Rupee) is calculated using a discount rate
which is determined by reference to market yields at the end of the reporting period on government bonds.

(ii) Longitivity risk

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of
plan participants both during and after their employment. An increase in the life expectancy of the plan participants
will increase the plan's liability.

(iii) Salary risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants.
As such, an increase in the salary of the plan participants will increase the plan's liability.

D. Other long term benefits:

Compensated absences recognised in the Statement of profit and loss for the current year, under the employee cost in Note
35, is ' 81.85 lakhs (31 March 2024: ' 78.11 lakhs).

47. Financial instruments - Fair values and risk management (contd.)

(ii) Non-current loans, non-current financial assets and non-current financial liabilities are evaluated by the Company based
on parameters such as interest rates, individual creditworthiness of the counterparty/borrower and other market risk
factor. These are classified as Level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs
including counter party credit risk.

(iii) The carrying amounts of current loans, trade receivables, trade payables, cash and cash equivalents, bank balances
other than cash and cash equivalents and other financial assets (current) and liabilities, approximates the fair values.

(iv) Investments in mutual funds are mandatorily classified as fair value through profit and loss. Other investment has
been made during the year and there is no material change in fair value as compared to investment made. Investment
in equity instruments of joint ventures and subsidiary are measured at cost as per Ind AS 27, 'Separate financial
statements' and hence, not presented here.

(v) There have been no transfers between Level 1, Level 2 and Level 3 for the years ended 31 March 2025 and 31 March
2024.

b) Financial risk management

The Company’s principal financial liabilities comprise 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 loans, trade
and other receivables, investments and cash and cash equivalents that derive directly from its operations.

The Company is exposed to the following risks arising from financial instruments:

- Credit risk;

- Liquidity risk;

- Market risk - Foreign exchange

- Market risk - Interest rate

- Market risk - Price risk

Risk management framework

The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk
management framework. The board of directors have authorised senior management to establish the processes, who ensures
that executive management controls risks through the mechanism of properly defined framework.

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risks limits and controls, to monitor risks and adherence to limits. Risk management policies are reviewed
regularly 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.

(i) Credit risk

The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in the Balance
Sheet:

(ii) Liquidity risk

Liquidity risk refers to the probability of loss arising from a situation where there will not be enough cash and/or cash
equivalents to meet the needs of depositors and borrowers, sale of illiquid assets will yield less than their fair value and
illiquid assets will not be sold at the desired time due to lack of buyers. The primary objective of liquidity management is
to provide for sufficient cash and cash equivalents at all times and any place in the world to enable us to meet our payment
obligations.

The Company's finance department is responsible for liquidity and funding as well as settlement management. In addition,
processes and policies related to such risks are overseen by senior management. Management monitors the Company’s net
liquidity position through rolling forecasts on the basis of expected cash flows.

48. Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all
other equity reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital
management is to maximise the shareholder value.

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.

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirement.

No changes were made in the objectives, policies or processes for managing capital during the year ended 31 March 2025.

(a) Variation is owing to the fact that submission to the banks were made before financial reporting closure process.

(b) The trade receivable balances in information disclosed to banks do not include balances which are overdue for a period
of more than 90 days and also the balances which has been discounted with the banks by the Company.

53. As at 31 March 2025, the register of charges of the Company are available in records of the Ministry of Corporate Affairs
(MCA). Out of these charges registered, there are few charges which involves practical challenges in obtaining no objection
certificates (NOC) from the charge holders, despite of repayment of the underlined loans. The Company will file the e-form
with MCA towards satisfaction of such charges, within the time lines, as and when it receives NOC from the respective
charge holders.

54. Other Statutory Information

a. The Company does not have any Benami property not has any proceeding has been initiated or pending against the
Company for holding any Benami property.

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

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

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

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

d. 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 Company shall:

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

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

e. 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.

f. The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

g. The Company has complied with the number of layers prescribed under the Companies Act, 2013.

h. The title deeds of all the immovable properties including Freehold land and buildings are held in the name of the
Company.

i. There has been no revaluation of property, plant and equipment, Right-of-Use Assets and Intangible assets during the
current and previous year

j. During the year ended 31 March 2025 (31 March 2024: None) no scheme of arrangement has been approved by the
Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

55. 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 use accounting software for maintaining its books of account, shall only use 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 new
requirement is applicable with effect from the financial year beginning on 1 April 2023.

The company was maintaining its accounting records in SAP Hana up to 17^th November 2024 and then migrated to SAP Rise
PCE with effect from 18^th November 2024.The audit trail (edit log) feature for any direct changes made at the database level
was not available for SAP Hana ERP as it was decommissioned. In the case of SAP Rise PCE there was an absence of any
information on the existence of audit trail (edit logs) for any direct changes made at the database level in the 'Independent
Service Auditor's Assurance Report on the Description of Controls, their Design and Operating Effectiveness’ ('Type 2 report'
issued in accordance with ISAE 3402, Assurance Reports on Controls at a Service Organization).

However, the audit trail (edit log) at the application level (entered from the frontend by users) for the accounting software
were operating for all relevant transactions recorded in the software. The audit trail has been preserved by the Company
as per the statutory requirements for record retention where such features were enabled.

56. Post reporting date events

No adjusting or significant non-adjusting events have occurred between the 31 March 2025 and the date of authorisation.

57. Previous year figures have been re-grouped / re-classified wherever necessary, to conform to current year's classification.
The impact of such reclassification/regrouping is not material to the financial statements.

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of

Chartered Accountants Jupiter Wagons Limited

Firm's Registration No.: 001076N/N500013

Nikhil Vaid Vivek Lohia Abhishek Jaiswal

Partner Managing Director Whole Time Director & CEO

Membership No.: 213356 DIN: 00574035 DIN: 07936627

Place: Kolkata Place: Jabalpur

Place: Hyderabad Date: 19 May 2025 Date: 19 May 2025

Date: 19 May 2025

Sanjiv Keshri Ritesh Kumar Singh

Chief Financial Officer Company Secretary

Membership No.:F9722

Place: Kolkata Place: Kolkata

Date: 19 May 2025 Date: 19 May 2025