19 PROVISIONS AND CONTINGENCIES
Accounting Policy:-

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will
be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are measured at
the present value of management's best estimate of the expenditure required to settle the present obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. Contingent
assets are not recognised in the financial statements.

Warranties

Provisions for service warranties and returns are recognised when the Company has a present or constructive obligation as a result of past events,
it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably measured.

21 TRADE PAYABLES
Accounting Policy:-

Trade payables represent liabilities for goods and services provided to the Company and are unpaid at the reporting period. The amounts are unsecured
and usually paid within time limits as contracted. Trade and other payables are presented as current liabilities unless the payment is not due within
12 months after the reporting period.

They are recognised initially at their transactional value which represents the fair value and subsequently measured at amortised cost using the
effective interest method wherever applicable.

23 REVENUE FROM OPERATIONS
Accounting Policy:-

Revenue is measured at the fair value of the consideration received or receivable,

Sale of goods

Revenue from sale of goods is recognised when control of the products has transferred and there is no unfulfilled obligation that could affect
the customer's acceptance of the products. Revenue is recognised based on the price specified in the contract, net of the estimated discounts.
Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the
extent that it is highly probable that a significant reversal will not occur. A contract liability is recognised for expected discounts payable to customers
in relation to sales made until the end of the reporting period. A receivable is recognised when the goods are dispatched as this is the point in time
that the consideration is unconditional because only the passage of time is required before the payment is due.

Revenue excludes Goods and Services Tax (GST)

Unfulfilled Performance Obligations

The Company provides certain benefits to customers for purchasing products from the Company. These provide a material right to customers that
they would not receive without entering into a contract. Therefore the promise to provide such benefits to the customer is a separate performance
obligation. The transaction price is allocated to the product and the benefit to be provided on a relative stand-alone selling price basis. The management
estimates the stand-alone selling price per unit on the basis of providing cost of such benefit. These estimates are established using historical
information on the nature, frequency and average cost of obligations and management estimates regarding possible future incidents. To the extent
these benefits are not settled/ disbursed till the end of a reporting period these are recorded. Contract liability is recognised until the benefit is
provided which is expected to be less than 12 months.

Government grants and subsidies

Government grants and subsidies are recognised when there is reasonable assurance that the Company will comply with the conditions attached
to them and the grants / subsidy will be received. Government grants and subsidies are recognised as income over the periods necessary to match
them with the costs for which they are intended to compensate, on a systematic basis.

26 EMPLOYEE BENEFITS EXPENSE (CONTD)

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at
the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets.
This cost is included in 'Employee Benefits Expense' in the Statement of Profit and Loss.

Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets
(excluding interest), is reflected in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which they
occur. Remeasurement recognised in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to the
statement of profit and loss. Past service cost is recognised in the statement of profit and loss in the period of a plan amendment. Net interest is
calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.

Defined Contribution Plans

Contributions under Defined Contribution Plans payable in keeping with the related schemes are recognised as expenses for the period in which the
employee has rendered the service entitling them to the contributions.

The retirement benefit obligation recognised in the balance sheet represents the actual deficit or surplus in the Company's defined benefit plans.
Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or
reductions in future contributions to the plans.

Other long-term employee benefits

The liabilities for leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related
service. They are therefore measured annually at year end by actuaries as the present value of expected future benefits in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields on
government bonds at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a
result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.

Short-term and other long-term employee benefits

A liability is recognised for benefits accruing to employees in respect of wages and salaries and sick leave in the period the related service is rendered
at the undiscounted amount of the benefits expected to be paid in exchange for that service.

26.b EMPLOYEE BENEFIT PLANS (CONTD)Provident Fund

Contributions towards provident funds are recognised as an expense for the year. The Company has set up a Provident Fund Trust which is administered
by Trustees. Both the employees and the Company make monthly contributions to the fund at specified percentage of the employee's salary and
aggregate contributions along with interest thereon are paid to the employees/nominees at retirement, death or cessation of employment.

The Trust invests funds following a pattern of investments prescribed by the Government. The interest rate payable to the members of the Trust is
not lower than the rate of interest declared annually by the Government under 'The Employees' Provident Funds and Miscellaneous Provisions Act,
1952' and shortfall, if any, on account of interest is to be made good by the Company.

The Actuary has carried out actuarial valuation of plan's liabilities and interest rate guarantee obligations as at the Balance Sheet date using Projected
Unit Credit Method and Deterministic Approach as outlined in the Guidance Note 29 issued by the Institute of Actuaries of India. Based on such
valuation, no amount is required to be provided towards future anticipated shortfall with regard to interest rate obligation of the Company as at the
Balance Sheet date. Disclosures given hereunder are restricted to the information available as per the Actuary's Report.

Total amount charged to the Statement of Profit and Loss for the year ended March 31, 2026: ' 420.10 lakhs (For the year ended March 31, 2025:
' 397.84 lakhs).

Pension fund

Contribution towards Pension fund -total amount charged to the Statement of Profit and Loss for the year ended March 31, 2026'349.97 lakhs (For
the year ended March 31, 2025: ' 409.79 lakhs).

7 FINANCE COSTS
Accounting Policy:-

Borrowing costs include interest, amortisation of ancillary costs incurred. Costs in connection with the borrowing of funds to the extent not directly
related to the acquisition of qualifying assets are charged to the Statement of Profit and Loss over the tenure of the loan. Borrowing costs, allocated
to and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifying
asset upto the date of capitalisation of such asset are added to the cost of the assets.

Note 1: 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 the implications of these Labour Codes on its employee benefit obligations. Based on an actuarial valuation in
accordance with Ind AS 19- Employee Benefits, the Company has recognised an incremental liability of ' 937.78 Lakhs in respect of its own employees
as at March 31, 2026. The Company has further evaluated the impact of the Occupational Safety, Health and Working Conditions (OSHWC) Code,
2020 regarding contract labour. Based on this assessment and existing service contracts, there is no financial impact on the current reporting period.
The Company continues to monitor the notification of the relevant Central and State Rules.

Note 2: During the year the Company has recognized non-recurring ex gratia to workmen on separation amounting to ' 3,225.11 Lakhs.

Note 3: The Company was impleaded as a party to an arbitration proceeding under the rules of the International Chambers of Commerce in relation
to certain alleged dues of the promoters of the Company under a facility agreement entered into by such promoters in the year 2017 with the
Claimant (an NBFC). The Company was neither a signatory to such facility agreement nor to any related documentation, but had been impleaded
on account of' group of Companies' doctrine. During the year the Company and the Claimant, Real Touch Finance Limited (a NBFC), entered into
a settlement agreement on July 25, 2025 pursuant to which the company paid ' 1,500.00 lakhs and assigned and transferred to the Claimant
certain loan receivables and recoverables of the Company (having a carrying value oft Nil) which had been fully provided/write-off in the financial
year 2020-21 along with all connected rights and interest. The settlement is without admission of liability and was entered into in the commercial
interest of the Company to bring the arbitration to an end, vacate the restraint order, and restore operational and financial flexibility of the companies.
On October 1,2025, the Company received the final award from the Arbitral Tribunal, dated September 22, 2025, taking on record the said settlement,
stating that arbitration proceedings are withdrawn and stand terminated and vacating the restraint order qua the Company. Accordingly, the Company
has recognized the settlement payment of ' 1,500.00 lakhs and derecognized the loans receivables and recoverable (as explained above) along with
related tax implications in the standalone financial statements for the year ended March 31, 2026. The arbitration proceedings are now concluded
and no further liability is expected to arise from this matter.

Note 4: On March 30, 2026, the Company completed the formal transfer of its leasehold rights, including builtup structures and attached fittings, for
Plot B1 at the Noida plant. Consequently, a net profit of '10,519.69 lakhs (net of incidental expenses incurred in connection with the sale) has been
recognized and disclosed as an 'Exceptional Item' in the Statement of Profit and Loss for the year ended March 31, 2026.

31.c. The Company has evaluated the option under Section 115BAA (introduced by the Taxation Laws (Amendment) Ordinance, 2019) to pay tax at a
concessional rate of 22% (plus surcharge and cess) and intends to transition post cessation of benefits under Section 80IE. In line with Ind AS 12,
deferred tax balances have been re-measured based on the expected reversal period, resulting in a charge of ' 2,983.69 Lakhs to the Statement of
Profit and Loss for the year ended March 31, 2026.

Furthermore, pursuant to the amendments introduced by the Finance Act, 2026, which permit the utilization of previously accumulated Minimum
Alternate Tax (MAT) credit under the concessional tax regime, the Company has recognized a Deferred Tax Asset of ' 8,508.71 Lakhs. This asset
represents MAT credit accumulated from previous years. Management has recognized this Deferred Tax Asset based on its assessment of probable
utilization against projected future taxable profits over the residual validity period of the credit.

31.d. For Accounting policy relating to income Tax expenses refer note 8.

Note:

** The Competition Commission of India ("CCI") issued an Order dated April 19, 2018, imposing penalty on certain zinc carbon dry cell battery
manufacturers, concerning contravention of the Competition Act, 2002 (The Act). The penalty imposed on the Company was ' 17,155.00 lakhs. The
Company filed an appeal and stay application before the National Company Law Appellate Tribunal, New Delhi, (NCLAT) against the CCI's said Order.
Since then, the NCLAT vide its order dated May 09, 2018, has stayed the penalty with the direction of depositing 10% of the penalty amount within
15 days with the Registry of the NCLAT. The Company has complied with the said direction of the NCLAT. Meanwhile, the Company received legal
advice to the effect that given the factual background and the judicial precedents, there are reasonable grounds on the basis of which the NCLAT
will allow the appeal and will either adjudicate upon the quantum of penalty imposed or remand it to the CCI for de novo consideration. It may also be
noted that a certain amount of penalty will be levied on the Company as it had also earlier filed an application under the Lesser Penalty Regulations
under the Act. However, at this stage it is not possible to quantify or even make a reasonable estimate of the quantum of penalty that may be imposed
on the Company. According to the aforesaid legal advice, the matter should be recognized as a contingent liability as defined under Ind-AS 37 and
there should be no adjustment required in the financial statements of the Company in accordance with Ind-AS 10. Accordingly, pending the final
disposal of the appeal, the amount has been disclosed as contingent liability in the financial statements. It may also be noted that penalty imposed
in this connection on certain officers of the Company amounting ' 53.41 Lakhs has been included in the above.

32.2 Particulars of Loans, Guarantees or Investments covered under Section 186(4) of the Companies Act, 2013

No loans/guarantees/investments have been given/provided/made during the year ended March 31, 2026

Pursuant to the settlement proceedings, the related loan receivables and recoverables, having a carrying value of Nil and which had been fully
provided/written off in FY 2020-21, were derecognised upon assignment and transfer to the claimant (Refer Note 30).

32 ADDITIONAL INFORMATION TO THE STANDALONE FINANCIAL STATEMENTS (CONTD)32.3 Segment information

The Company is engaged in the business of marketing of dry cell batteries, rechargeable batteries, flashlights and general lighting products which
come under a single business segment known as Consumer Goods.The financial performance relating to this single business segment is evaluated
regularly by the CEO (Chief Executive Officer) and CFO (Chief Financial Officer).

The company is domiciled in India. The amount of its revenue from external customers is broken down by location of the customers is shown in the
table below.

32.7 Financial instruments

32.7.1 Capital management

The Company's capital management objective is to maintain an optimal debt-equity structure so as to reduce the cost of capital, thereby enhancing
returns to shareholders. The Company also has a policy of making judicious use of various available debt instruments within its overall working capital
drawing limit. This interest arbitrage helps the Company to contain / reduce the cost of capital

The Company is having non-current financial assets amounting to ' 927.09 Lakhs (As at 31/03/2025 : ' 1,716.1 Lakhs). The fair value of these non¬
current financial assets is not materially different from its carrying value.

The carrying amounts of trade receivables, cash and cash equivalents and bank balances other than cash and cash equivalents, trade payables, other
current financial liabilities and short term borrowings are considered to be same as their fair values, due to their short term nature

32.7.3 Financial risk management objectives

The Company endeavours to manage the financial risks related to it's operations through specified policies, which deals with various market risks
(foreign currency exchange risk, interest rate risks and commodity price risks), credit risks and liquidity risks. In order to minimize any adverse effects
on the financial performance of the Company, derivative financial instruments like foreign exchange forward contracts, commodity future and option
contracts, maintaining proper mix between fixed and floating rate of borrowings are undertaken to hedge the various financial risks as per guidelines
set in those policies. Credit risk management is done through managing credit limits and transactions through letters of credit. Liquidity risk is managed
through availability of committed credit lines and borrowing facilities.

32.7.4 Market risk

The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates, interest rates and commodity prices
in international markets. The Company enters into foreign exchange forward contracts and commodity futures contracts to manage it's market risks.

32 ADDITIONAL INFORMATION TO THE STANDALONE FINANCIAL STATEMENTS (CONTD)32.7.5 Foreign currency risk management

Hedge Instruments Accounting Policy:-

The Company uses hedge instruments that are governed by the policies of the Company which are approved by the Board of Directors, which provide
written principles on the use of such financial derivatives consistent with the risk management strategy of the Company.

The Company uses certain forward foreign exchange contracts as hedge instruments in respect of foreign exchange fluctuation risk. These hedge
contracts do not generally extend beyond 6 months.

These hedges are accounted for and measured at fair value from the date the hedge contract is entered into and are subsequently re-measured to their
fair value at the end of each reporting period. The fair values for forward currency contracts are marked-to-market at the end of each reporting period.

The Company undertakes transactions denominated in foreign currencies; consequently, exposure to exchange rate fluctuations arise. Exchange rate
exposures are managed within the approved policy utilising forward foreign exchange contracts as and when required depending upon market volatility.

Derivative Instruments and Unhedged Foreign Currency Exposure :

32.7.5.1 Foreign currency sensitivity analysis

The Company is mainly exposed to the currency US Dollar and Japanese Yen .This sensitivity analysis mentioned in the below table has been based
on the composition of the Company's financial assets and liabilities exposed to foreign currency as at year end. A positive number below indicates an
increase in profit before tax where the INR(') strengthens 5% against the relevant currency. For a 5% weakening of the INR(') against the relevant
currency, there would be a comparable impact on the profit and the balances below would be negative.

32 ADDITIONAL INFORMATION TO THE STANDALONE FINANCIAL STATEMENTS (CONTD)32.7.6 Interest rate risk management

The Company is exposed to interest rate risk because it borrows funds at both fixed and floating interest rates. The risk is managed by the Company
by maintaining an appropriate mix between fixed and floating rate borrowings contracts.

32.7.6.1 Interest rate sensitivity analysis

The sensitivity analysis below have been determined based on the exposure to interest rates for non-derivative instruments (borrowings) at the end
of the reporting period. For liabilities with floating rate, the analysis is prepared considering average amount outstanding at the end of each month. A
100 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's
assessment of the reasonably possible change in interest rates. If interest rates had been 100 basis points higher/lower and all other variables were
held constant, the Company's:

Ý profit before tax for the year ended March 31, 2026 would decrease/increase by ' 98.45 Lakhs (for the year ended March 31, 2025: decrease/
increase by ' 57.68 Lakhs). This is mainly attributable to the Company's exposure to interest rates on its variable rate borrowings.

32.7.7 Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has
adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The Company's
exposure of its counterparties are continuously monitored.

Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit evaluation is
performed on the financial condition of accounts receivable and, where appropriate, credit guarantee insurance cover is purchased.

Concentration of credit risk to any counterparty did not exceed 5% of gross monetary assets at any time during the year.

32.7.7.1 Collateral held as security and other credit enhancements

The Company does not collect any collateral or other credit enhancements to cover its credit risks associated with its finacial assets.

32.7.8 Liquidity risk management

The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring
forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

32.7.10 Fair value measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair
value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those
characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in
the financial statement is determined on such a basis, except for share-based payment transactions, leasing transactions and measurements that
have some similarities to fair value but are not fair value, such as net realisable value in Inventories or value in use in Impairment of Assets. The basis
of fair valuation of these items are given as part of their respective accounting policies.

Financial instruments

The estimated fair value of the Company's financial instruments is based on market prices and valuation techniques. Valuations are made with the objective
to include relevant factors that market participants would consider in setting a price, and to apply accepted economic and financial methodologies for the
pricing of financial instruments. References for less active markets are carefully reviewed to establish relevant and comparable data.

This note provides information about how the Company determines fair values of various financial assets and financial liabilities.

32.7.10.1 Fair value of the Company's financial assets and liabilities that are measured at fair value on a recurring basis.

Some of the Company's financial assets and liabilities are measured at fair value at the end of each reporting period. The following table gives
information about how the fair values of these financial assets and liabilities are determined:

32 ADDITIONAL INFORMATION TO THE STANDALONE FINANCIAL STATEMENTS (CONTD)

Level 1:- Hierarchy includes financial instruments valued using quoted market prices. Listed equity instruments and traded debt instruments which
are traded in the stock exchanges are valued using the closing price at the reporting date. Mutual funds are valued using the closing NAV.

Level 2:- Hierarchy includes financial instruments that are not traded in active market. This includes over the counter (OTC) derivatives, close ended mutual
funds and debt instruments valued using observable market data such as yield etc. of similar instruments traded in active market. All derivative are reported
at discounted values hence are included in level 2. Borrowings have been fair valued using credit adjusted interest rate prevailing on the reporting date.

Level 3:- If one or more significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted
equity instruments and certain debt instruments which are valued using assumptions from market participants.

32.7.10.2 Fair value of the financial assets and liabilities that are not measured at fair value (but fair value disclosures are required)

Except as detailed in the following table, the directors consider that the carrying amounts of financial assets and financial liabilities recognised in the
financial statements approximate their fair values.

32.9 Additional disclosures relating to the requirement of revised Schedule III

32.9.1 Loans or advances (repayable on demand or without specifying any terms or period of repayment) to specified persons

During the year ended March 31,2026 the Company did not provide any Loans or advances which remains outstanding (repayable on demand or
without specifying any terms or period of repayment) to specified persons ( Nil as on March 31, 2025).

32.9.2 Relationship with Struck off Companies

The Company did not have any transaction with Companies, struck off during the year ended March 31,2026 and the year ended March 31,2025.

32.9.3 Disclosure in relation to undisclosed income

The Company did 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 ended March 31,2026 and March 31, 2025 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.

32.9.4 Details of Benami Property held

The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company , during the year ended
March 31, 2026 and March 31, 2025 for holding any Benami property.

32 ADDITIONAL INFORMATION TO THE STANDALONE FINANCIAL STATEMENTS (CONTD)

32.9.5 Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended March 31, 2026 and March 31, 2025.

32.9.6 Utilisation of Borrowed Fund & Share Premium

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

The Company has not advanced or lent or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the
understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

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

32.9.8 Borrowings secured against current assets

The Company has filed quarterly returns / statements with the banks in lieu of the sanctioned working capital facilities, which are in agreement with
the books of account other than those as set out below :

32 ADDITIONAL INFORMATION TO THE STANDALONE FINANCIAL STATEMENTS (CONTD)

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

32.9.10 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies
(Restriction on number of Layers) Rules, 2017.

32.9.11 The Company has not entered into any scheme of arrangement which has accounting impact on current year.

32.10 During the year ended March 31, 2026 the Company has reclassified and regrouped following comparatives. These reclassifications and regroupings
are primarily to conform to the current year's classification, which do not have material impact on the Financial Statements.

32.11 The Company has used accounting software 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. Further, there are no instance of audit trail feature
being tampered with, and the Audit trail has been preserved by the Company as per the Statutory requirements for record retention.

32.12 The Board of Directors at its meeting held on February 5, 2026 and the shareholders vide Postal Ballot dated March 18, 2026 have approved the
introduction of the Employee Stock Option Plan 2026 (ESOP), in accordance with applicable laws and regulations. The scheme provides for grant
of upto 21,81,000 equity - settled option to the eligible employees.

As at March 31, 2026, the Company has submitted applications to the three stock exchanges where the equity shares of the Company are listed,
seeking in-principle approval for the implementation of the said ESOP scheme. Upon receipt of the requisite approvals, stock options shall be granted to eligible
employees in accordance with the terms of the scheme.

Consequently, as the formal grant date has not yet occurred and the service period has not commenced, no share-based payment expense has been
recognized in the financial statements for the year ended March 31, 2026.

32.13 Approval of financial statements

The financial statements were approved for issue by the Board of Directors on April 30, 2026.