(k) Provisions, Contingent Liabilities and Contingent
Assets

Provisions

Provisions are recognised when the Company has a
present legal 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
has been reliably estimated.

Provisions are measured at the present value of
management’s best estimate of the expenditure
required to settle the present obligation at the end
of the reporting period. The discount rate used to
determine the present value is a pre-tax rate that
reflects current market assessments of the time value
of money and the risks specific to the liability. The
increase in the provision due to the passage of time is
recognised as interest expense.

Contingent liabilities

Contingent liabilities are disclosed when there
is a possible obligation arising from past events,
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. A present obligation that arises from past
events but it is not recognized because it is not probable
that an outflow of resources embodying economic
benefits will be required to settle the obligation or
the amount of obligation cannot be measured with
sufficient reliability is termed as contingent liability.

Contingent Assets

A contingent asset is disclosed, where an inflow of
economic benefits is probable.

(l) Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of the
Company are measured using the currency of
the primary economic environment in which the
Company operates (‘the functional currency’).
The financial statements are presented in
‘Indian Rupees’ (H), which is the Company’s
functional and presentation currency, all
amounts are rounded to the nearest lakhs,
unless otherwise stated.

(ii) Transactions and balances

(a) Foreign currency transactions are
translated into the functional currency
using the exchange rates prevailing at the
dates of the transactions.

(b) All exchange differences arising on
reporting on foreign currency monetary
items at rates different from those at which
they were initially recorded are recognised
in the Statement of Profit and Loss.

(c) In respect of foreign exchange differences
arising on restatement or settlement of long
term foreign currency monetary items, the
Company has availed the option available
in Ind AS 101to continue the policy adopted
for accounting for exchange differences
arising from translation of long-term foreign
currency monetary items outstanding as
on March 31,2016, wherein:

• Foreign exchange differences on
account of depreciable asset, are
adjusted in the cost of depreciable
asset and would be depreciated over
the balance life of asset.

• In other cases, foreign exchange
difference is accumulated in “foreign
currency monetary item translation
difference account” and amortised
over the balance period of such long
term asset / liabilities.

(d) Non-monetary items denominated in
foreign currency are stated at the rates
prevailing on the date of the transactions
/ exchange rate at which transaction is
actually effected.

(m) Revenue from Contracts with Customers and
Other Income

The Company recognises revenue when the amount of
revenue can be reliably measured at transaction price (net
of variable consideration) allocated to that performance
obligation, it is probable that future economic benefits
will flow to the entity and specific criteria have been
met for each of the Company’s activities, as described
below. The Company bases its estimate on historical
results, taking into consideration the type of transactions
and specifics of each arrangement.

(i) Sale of energy

Revenue from operations comprises of sale of
power. Revenue is recognized at an amount that
reflect the consideration for which the Company
expects to be entitled in exchange for transfer of
power (goods / service) to the customer.

Revenue from sale of power is accounted for
in accordance with tariff provided in Power
Purchase Agreement (PPA) read with the
regulations of Maharashtra Electricity Regulatory

Commission (MERC) / Tamil Nadu Electricity
Regulatory Commission (TNERC) and no
significant uncertainty as to the measurability or
collectability exist.

There is no impact on the adoption of the
standard in the financial statement as the
Company’s revenue primarily comprised of
revenue from sale of power and the recognition
criteria of this revenue stream is largely
unchanged by Ind AS 115.

(ii) Management fees

Management fees represents income from
support services recognised as per the terms
of the service agreements entered into with the
respective parties.

(iii) Income on Generation Based Incentive

Income on Generation Based incentive is
accounted on accrual basis considering eligibility
for project for availing the incentive.

(iv) For income recognition refer note 2.1(g) (V).

(n) Employee benefits
Short-term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in
which the employees render the related service are
recognised in respect of employees’ services up to
the end of the reporting period and are measured at
the amounts expected to be paid when the liabilities
are settled. The liabilities are presented as current
employee benefit obligations in the balance sheet.

Other long-term employee benefit obligations

The liabilities for earned leave and sick 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 as
the present value of expected future payments to be
made 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 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 Statement of profit and loss.

The obligations are presented as current liabilities
in the balance sheet if the entity does not have an
unconditional right to defer settlement for at least
twelve months after the reporting period, regardless
of when the actual settlement is expected to occur.

Post employment obligations

The Company operates the following post¬
employment schemes:

- defined benefit plans such as gratuity

- defined contribution plans such as provident
fund and superannuation fund.

Gratuity obligations

The liability or asset recognised in the balance sheet in
respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of
the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually
by actuaries using the projected unit credit method.

The present value of the defined benefit obligation
denominated in Rupees 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 benefit expense in the
statement of profit and loss.

Remeasurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognised in the period in which they
occur, directly in Other Comprehensive Income. They
are included in Retained Earnings in the Statement of
Changes in Equity and in the Balance Sheet.

Changes in the present value of the defined benefit
obligation resulting from plan amendments or
curtailments are recognised immediately in profit or
loss as past service cost.

Defined contribution plans

Provident fund

The Company pays provident fund contributions
to publicly administered provident funds as per

local regulations. The Company has no further
payment obligations once the contributions have
been paid. The contributions are accounted for as
defined contribution plans and the contributions are
recognised as employee benefit expense when they
are due. Prepaid contributions are recognised as an
asset to the extent that a cash refund or a reduction in
the future payments is available.

Superannuation

Certain employees of the Company are participants in
a defined contribution plan wherein, the Company has
no further obligations to the plan beyond its monthly
contributions which are contributed to a trust fund,
the corpus of which is invested with Life Insurance
Corporation of India Limited.

(o) Share based payments
Employees stock options plan (ESOP)

The employees of the Company are entitled for
grant of stock options (equity shares), based on the
eligibility criteria set in ESOP of the Company.

The fair value of options granted under the ESOP
is recognised as an employee benefit expense
with a corresponding increase in equity. The total
expense is recognised over the vesting period, which
is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each
period, the entity revises its estimates of the number
of options that are expected to vest based on the non¬
market vesting and service conditions. It recognises
the impact of the revision to original estimates, if any,
in Statement of Profit and Loss, with a corresponding
adjustment to equity.

In case of Group equity settled share based payment
transactions, where the Company grants stock options
to the employees of its subsidiaries, the transactions
are accounted by increasing the cost of investment
in respective subsidiary with a corresponding credit
in the equity.

(p) Non-current assets held for sale

Non-current assets are classified as held for sale if their
carrying amount will be recovered principally through
a sale transaction rather than through continuing use
and a sale is considered highly probable. They are
measured at the lower of their carrying amount and
fair value less costs to sell.

Non-current assets classified as held for sale and the
assets of a disposal group classified as held for sale
are presented separately from the other assets in
the balance sheet. The liabilities of a disposal group
classified as held for sale are presented separately
from other liabilities in the balance sheet.

A discontinued operation is a component of the entity
that has been disposed of or is classified as held for
sale and that represents a separate major line of
business, exclusively with a view to sale.

The results of discontinued operations are presented
separately in the Statement of Profit and Loss.

(q) Income tax

The income tax expense or credit for the period
is the tax payable on the current period’s taxable
income based on the applicable income tax rate for
each jurisdiction adjusted by changes in deferred
tax assets and liabilities attributable to temporary
differences and to unused tax losses.

The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted
at the end of the reporting period. Management
periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax
regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.

Deferred income tax is provided in full, on temporary
differences arising between the tax base of assets and
liabilities and their carrying amounts in the financial
statements. Deferred income tax is not accounted for
if it arises from initial recognition of an asset or liability
in a transaction other than a business combination
that at the time of the transaction affects neither
accounting profit nor taxable profit (tax loss). Deferred
income tax is determined using tax rates (and laws)
that have been enacted or substantively enacted by
the end of the reporting period and are expected to
apply when the related deferred income tax asset is
realised or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible
temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available
to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset when
there is a legally enforceable right to offset current
tax assets and liabilities. Current tax assets and tax
liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle
on a net basis or to realise the asset and settle the
liability simultaneously.

Current and deferred tax is recognised in statement
of profit or loss, except to the extent that it relates to
items recognised in Other Comprehensive Income or
directly in equity, in which case, the tax is recognised
in Other Comprehensive Income or directly in
equity, respectively.

(r) Cash and cash equivalents

Cash equivalents include cash on hand, demand
deposits with banks, short-term balances (with an
original maturity of three months or less from date of
acquisition), highly liquid investments that are readily
convertible into known amounts of cash and which
are subject to insignificant risk of changes in value.

(s) Earnings per share
Basic earnings per share

Basic earnings per share is calculated by dividing:

- the profit attributable to owners of the Company

- by the weighted average number of equity
shares outstanding during the financial year.

Diluted earnings per share

Diluted earnings per share adjusts the figures used
in the determination of basic earnings per share to
take into account:

- the after income tax effect of interest and other
financing costs associated with dilutive potential
equity shares, and

- the weighted average number of additional
equity shares that would have been outstanding
assuming the conversion of all dilutive
potential equity shares.

(t) Statement of cash flow

Statement of cash flow is reported using the indirect
method, whereby profit before tax is adjusted for
the effects of transactions of non-cash nature and
any deferrals or accruals of past or future cash

receipts or payments. The cash flows from operating,
investing and financing activities of the Company are
segregated based on the available information.

(u) Segment reporting

The operating segment has been identified and
reported taking into account its internal financial
reporting, performance evaluation and organizational
structure of its operations. Operating segment
is reported in the manner evaluated by Board,
considered as Chief Operating Decision Maker under
Ind AS 108 “Operating Segment”.

(v) Business combinations

Business combinations involving entities that are
controlled by the Company are accounted for using
the pooling of interests method as follows:

(i) The assets and liabilities of the combining
entities are reflected at their carrying amounts.

(ii) No adjustments are made to reflect fair values,
or recognise any new assets or liabilities.

(iii) Adjustments are only made to harmonise
accounting policies.

(iv) The financial information in the financial
statements in respect of prior periods is restated
as if the business combination had occurred
from the beginning of the preceding period in the
financial statements, irrespective of the actual
date of the combination. However, where the
business combination had occurred after that
date, the prior period information is restated only
from that date.

(v) The balance of the retained earnings appearing
in the financial statements of the transferor
is aggregated with the corresponding
balance appearing in the financial statements
of the transferee or is adjusted against
General Reserve.

(vi) The identities of the reserves are preserved
and the reserves of the transferor become the
reserves of the transferee.

(vii) The difference, if any, between the amounts
recorded as share capital issued plus any
additional consideration in the form of cash or
other assets and the amount of share capital of
the transferor is transferred to capital reserve.

(w) Dividends

Provision is made for the amount of any dividend
declared, being appropriately authorised and no
longer at the discretion of the entity, on or before the
end of the reporting period but not distributed at the
end of the reporting period.

(x) Exceptional items

The Company discloses certain financial information
both including / excluding exceptional items. The
presentation of information excluding exceptional
items allows a better understanding of underlying
operating performance of the Company and provides
consistency with the Company’s internal management
reporting. Exceptional items are identified by virtue of
either size or nature so as to facilitate the comparison
with prior period and to assess underlying trends in
financial performance of the Company.

2.2 Critical accounting estimates and judgements

The preparation of the financial statements under Ind
AS requires management to take decisions and make
estimates and assumptions that may impact the value
of revenues, costs, assets and liabilities and the related
disclosures concerning the items involved as well as
contingent assets and liabilities at the balance sheet date.
Estimates and judgements are continually evaluated and
are based on historical experience and other factors,
including expectations of future events that are believed to
be reasonable under the circumstances.

The Company makes estimates and assumptions
concerning the future. The resulting accounting estimates
will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk
of causing a material adjustment to the carrying amounts
of assets and liabilities within the next financial year are
discussed below:

(a) Useful lives of Property, Plant and Equipment

The Company has estimated its useful lives of wind
power assets based on the expected wear and tear,
industry trends etc. In actual, the wear and tear can
be different. When the useful lives differ from the
original estimated useful lives, the Company will
adjust the estimated useful lives accordingly. It is
possible that the estimates made based on existing
experience are different to the actual outcomes within
the next financial period and could cause a material
adjustment to the carrying amount of Property,
Plant and Equipment.

(b) Income taxes

There are transactions and calculations for which
the ultimate tax determination is uncertain and would
get finalized on completion of assessment by tax
authorities. Where the final tax outcome is different
from the amounts that were initially recorded,
such differences will impact the income tax and
deferred tax provisions in the period in which such
determination is made.

The Company is eligible to claim tax holiday on income
generated from wind power generation. The deferred
tax on temporary differences which are reversing
after the tax holiday period have been estimated
considering future projections and Company’s plan
to start claiming tax holiday in certain years. It is
possible that this estimate may be different to the
actual outcome within the next financial periods and
could cause material adjustments to the deferred tax
recognised in financial statements. (Refer note 15)

Deferred tax assets are recognised for unused tax
losses to the extent that it is probable that taxable
profit will be available against which the same can
be utilised. Significant management judgement is
required to determine the amount of deferred tax
assets that can be recognised, based upon the likely
timing and the level of future taxable profits together
with future tax planning strategies.

(c) Fair value measurement and valuation process

The Company measured its investments in equity
shares of subsidiaries at fair value and certain financial
assets and liabilities for financial reporting purposes.

The fair values of investments in subsidiaries are
not quoted in an active market and are determined
by using valuation techniques, primarily earnings
multiples and discounted cash flows. The models
used to determine fair values including estimates /
judgements involved are validated and periodically
reviewed by the management. The inputs used in the
valuation models include unobservable data of the
Companies which are categorised within level III fair
value measurements. They are based on historical
experience, technical evaluation and other factors,
including expectations of future events. Considering
the level of estimation involved and unobservable
inputs, the Company has engaged a third party
qualified valuer to perform the valuation. Based on
the actual performance of respective subsidiaries
project, the inputs considered for valuation may vary
materially and could cause a material adjustment to
carrying amount of investments. (Refer note 16).

(d) Impairment of financial assets

Refer note 2.1(g)(iii)

(e) Estimation of employee benefit obligation

Refer note 2.1(n)

¹ 7.5% Compulsory Convertible Redeemable Non-Cumulative Preference Shares (CCRPS)

For Sasan Power Limited & Rosa Power Supply Company Limited

The issuer companies have issued CCRPS which are non-cumulative, at coupon rate of 7.5% and have a tenure of 20 years
from the date of allotment, with a conversion option into equity shares at any time during the said tenure, subject to the lender's
prior written consent. Upon conversion, each CCRPS shall be converted into one fully paid equity share of H 10/- at a premium
of H 990/-. At the end of the tenure, any outstanding CCRPS shall be compulsorily converted into equity shares. Furthermore,
no interest or dividend shall be payable on CCRPS, and the Company shall not initiate any recovery proceedings to recover,
repay, or redeem the CCRPS or exercise any set-off or lien rights against the issuer companies assets until final settlement with
the lender. In the event of an default, any amount otherwise due and payable towards CCRPS shall stand waived and shall not
be recoverable.

Considering the said terms, these investments have been classified as equity and fair valued through other comprehensive income.

For other subsidiaries

The issuer companies shall have a call option on the CCRPS which can be exercised by them in one or more tranches and in
part or in full before the end of agreed tenure from November, 2029 to March 2035 (20 years/ 15 years) of the said shares. In
case the call option is exercised, the CCRPS shall be redeemed at an issue price (i.e. face value and premium at the time of
issue). The Company, however, shall have an option to convert the CCRPS into equity shares at any time during the tenure of
such CCRPS. At the end of tenure and to the extent the issuer Companies or the CCRPS holders thereof have not exercised
their options, the CCRPS shall be compulsorily converted into equity shares. On conversion, in either case, each CCRPS
shall be converted into equity shares of corresponding value (including the premium applicable thereon). In case the issuer
companies declare dividend on their equity shares, the CCRPS holders will also be entitled to the equity dividend in addition
to the coupon rate of dividend. Considering the said terms, these investments have been classified as equity and fair valued
through other comprehensive income.

² 6% Compulsory Convertible Redeemable Non-Cumulative Preference Shares (CCRPS)

The issuer companies shall have a call option on the CCRPS which can be exercised by them in one or more tranches and in
part or in full before the end of agreed tenure upto June, 2026 (5 years) of the said shares. In case the call option is exercised,
the CCRPS shall be redeemed at an issue price equivalent to face value. The Company, however, shall have an option to convert
the CCRPS into equity shares at any time during the tenure of such CCRPS. At the end of tenure and to the extent the issuer
Companies or the CCRPS holders thereof have not exercised their options, the CCRPS shall be compulsorily converted into
equity shares. On conversion, in either case, each CCRPS shall be converted into equity shares of corresponding value. In case
the Issuer companies declare dividend on their equity shares, the CCRPS holders will also be entitled to the equity dividend in
addition to the coupon rate of dividend.

Considering the said terms, these investments have been classified as equity and fair valued through other comprehensive income.

³ Convertible Preference Shares (CPS)

The holder of convertible preference shares shall not be entitled to receive dividend to be paid out of the distributable profits of
the Company for any financial period. The holder shall have the conversion right in relation to his convertible preference shares
and shall be entitled at any time and at his option, to exercise the conversion right in respect of all or any of his convertible
preference shares to convert such convertible preference shares into one ordinary share of USD 1 each credited as fully paid
with a conversion premium of 5% per annum payable in cash, upto and including the date of conversion, calculated on annual
basis for every convertible preference shares held. CPS issued on July, 2018 have conversion auction which can be exercised
by them before the end of agreed tenure upto June, 2028.

* The above subsidiaries are wholly owned by the Company, except Reliance NU Wind One Private Limited (formerly known
as "Urthing Sobla Hydro Power Private Limited") and Reliance Neo Energies Private Limited (RNEOPL) (formerly known as
"Reliance Geothermal Power Private Limited").

Notes : -

1) For pledge of shareholding in subsidiaries (Refer note 12(C)(iii)).

2) During the previous year ended March 31,2025, the Company transferred its investments in certain subsidiaries to Reliance
NU Energies Private Limited (formerly known as 'Atos Trading Private Limited'), a wholly-owned subsidiary of the Company
(Refer note12(C)).

Nature and purpose of other reserves:

a) Capital reserve

The capital reserve had arisen pursuant to the composite scheme of arrangement on account of net assets taken over from
Reliance Futura Limited, forfeiture of unexercised share warrants and pursuant to the Business Transfer Agreement (Refer note
31) entered with Optivion Ventures Private Limited for the acquisition of a 5 MW Wind power project located at Tamil Nadu.

b) Capital reserve (arisen pursuant to scheme of amalgamation)

The capital reserve had arisen pursuant to the composite scheme of arrangement with erstwhile Reliance Clean Energy Private
Limited. The said scheme was sanctioned by Hon’ble High Court of Bombay vide order dated April 05, 2013. The capital reserve
shall be a reserve which arose pursuant to the above scheme and shall not be and shall not for any purpose be considered to
be a reserve created by the Company.

c) Securities premium

Securities premium is created to record premium received on issue of shares. The reserve is utilized in accordance with the
provision of the Companies Act, 2013.

d) General reserve (arisen pursuant to various schemes)

All below general reserve arisen pursuant to schemes and shall not be and shall not for any purpose be considered to be a
reserve created by the Company.

i. General reserves (arisen pursuant to composite scheme of arrangement)

The general reserve had arisen pursuant to the composite scheme of arrangement between the Company, Reliance Natural
Resources Limited, erstwhile Reliance Futura Limited and four wholly owned subsidiaries viz. Reliance NU Energies
Private Limited (formerly known as "Atos Trading Private Limited"), Tiyara Power Private Limited (formerly known as "Atos
Mercantile Private Limited"), Reliance Prima Limited and Reliance NU Energies One Limited (formerly known as "Reliance
NU PSP One Limited" / "Coastal Andhra Power Infrastructure Limited"). The said scheme was sanctioned by Hon’ble High
Court of Judicature at Bombay vide order dated October 15, 2010.

ii. General reserve (arisen pursuant to scheme of amalgamation with erstwhile Sasan Power Infraventures Private
Limited)

The General reserve had arisen pursuant to the scheme of amalgamation with erstwhile Sasan Power Infraventure Private
Limited, sanctioned by the Hon’ble High Court of Bombay vide order dated April 29, 2011. The scheme was effective from
January 01,2011.

iii. General reserve (arisen pursuant to scheme of amalgamation with erstwhile Sasan Power Infrastructure Limited)

The General reserve had arisen pursuant to the scheme of amalgamation with erstwhile Sasan Power Infrastructure
Limited, sanctioned by the Hon’ble High Court of Bombay, vide order dated December 23, 2011. The scheme was effective
from September 01,2011.

e) Debentures redemption reserve

The Company is required to create a debenture redemption reserve out of the profits of the Company for the purpose of
redemption of debentures.

f) Treasury shares

The reserve comprises loss on sale of treasury shares. During the previous year ended March 31,2025, Reliance Power ESOS
Trust has been discontinued and accordingly balance has been transferred to retained earnings.

g) Share based payment reserve (Refer note 30)

The share base payment reserve is used to recognize the grant date fair value of options issued to eligible employees under
stock option scheme.

h) Equity instruments / others through Other Comprehensive Income:

The Company has elected to recognise changes in the fair value of investments in equity instruments in subsidiaries in other
comprehensive income. The changes are accumulated within the FVOCI equity instruments reserve within equity. The Company
transfers amount from this reserve to retained earnings when the relevant equity securities are derecognised.

Other relates to remeasurement of post employment benefit obligations.

3.9 (1) Nature of security

(i) 2500 Series III (2017) listed, rated, secured, redeemable non-convertible debentures of H 21,831 lakhs (March 31, 2025
- H 19,580 lakhs) are secured by pledge over 60,30,44,493 equity shares of Dhirubhai Ambani Green Tech Park Limited
(formerly known as Coastal Andhra Power Limited) (DAGTPL). The fair value of immovable property of DAGTPL has
sufficient asset cover to discharge the borrowing.

(ii) Inter-corporate deposits from subsidiary is secured against perpetual inter-corporate deposits given to Sasan Power
Limited, Charge is yet to be created.

3.9 (2) Terms of repayment and interest

(i) 2500 Series III (2017) listed, rated, secured, redeemable non convertible debentures are redeemable in 5 structured annual
instalments starting from June 30, 2031 and interest is payable at the end of tenure on June 30, 2035.

(ii) Inter-corporate deposits from others are repayable in 5 structured instalments starting from June 30, 2031 and interest is
payable at the end of tenure of June 30, 2035.

4 Contingent liabilities and commitments

(a) Bank guarantees outstanding as at balance sheet date aggregating to H 14,171 lakhs (March 31,2025 - H 14,471 lakhs) issued
in favor of subsidiaries by banks. For others Nil (March 31,2025 - H 80 lakhs).

(b) Corporate guarantee issued to banks and financial institutions for loan facilities availed by subsidiary, outstanding as at balance
sheet date aggregating to H1,81,994 lakhs (March 31,2025 - H 1,58,231 lakhs).

(c) Disputed tax dues aggregating to H 3,158 lakhs (March 31,2025 - H 5,780 lakhs) for direct tax.

(d) Insurance surety bond issued on behalf of the subsidiaries aggregating to H 17,000 lakhs (March 31,2025 - H 1,000 lakhs).

(e) In respect of subsidiaries, the Company has committed/ guaranteed to extend financial support in the form of equity or debt
as per the agreed means of finance, in respect of the projects being undertaken by the respective subsidiaries, including any
capital expenditure for regulatory compliance and to meet shortfall in the expected revenues/debt servicing. Future cash flows
in respect of the above matters can only be determined based on the future outcome of various uncertain factors.

(f) As on March 31,2026 there were no contracts remaining unexecuted on capital account.

6 Strategic developments in renewable energy initiatives

(a) Award and signing of Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI)

On May 2, 2025, the Company, through its wholly owned subsidiary Reliance NU Suntech Private Limited (formerly known as
“Siyom Hydro Power Private Limited”), signed a 25-year PPA with the SECI. This agreement pertains to the supply of 930 MW of
solar power integrated with a 465 MW/1,860 MWh Battery Energy Storage System (BESS). The project, awarded under SECI’s
Tranche XVII auction in December 2024, is scheduled for commissioning within 24 months.

On June 12, 2026, Reliance NU Suntech Private Limited received a final grant of connectivity for 930 MW at Kurnool-IV PS. The
start date of connectivity for the substation is May 30, 2029.

(b) Partnership with Bhutan for renewable energy projects

In October 2024, Reliance Enterprises Private Limited (REPL), a joint venture between the Company and Reliance Infrastructure
Limited, entered into a strategic partnership with Druk Holding and Investments Ltd. (DHI), the investment arm of the Royal
Government of Bhutan. Under this partnership, the entities agreed to jointly develop a portfolio of renewable energy projects in
Bhutan, notably, 500 MWp solar power project and 770 MW hydroelectric project.

(c) Award of two projects from SJVN Limited

Reliance NU Energies Private Limited (formerly known as “Atos Trading Private Limited”), a wholly owned subsidiary of the
Company, was awarded two projects from SJVN Limited. One project, awarded on May 28, 2025, pertains to supply of 350 MW
of solar power integrated with 175MW / 700 MWh Battery Energy Storage System (BESS), and the other project, awarded on
November 10, 2025, pertains of FDRE - Assure Peak supply of 750 MW / 3,000 MWh BESS with co-located solar project to
generate power. Both these projects are scheduled for commissioning within 24 months.

7 Project status of subsidiaries

(a) Dhirubhai Ambani Green Tech Park Limited (DAGTPL) (formerly known as "Coastal Andhra Power Limited")

DAGTPL was incorporated to develop an imported coal-based Ultra Mega Power Project (UMPP) of 3,960 MW capacity located
in Krishnapatnam, District Nellore, in the State of Andhra Pradesh.

The project was awarded to Reliance Power Limited (RPL) through international tariff-based competitive bidding process. On
emerging successful, 100% ownership of DAGTPL was transferred to RPL pursuant to execution of a Share Purchase Agreement
(SPA); thereafter RPL became the Parent Company of DAGTPL.

Consequent to change in Indonesian law, that led to increase in coal cost, the project became unviable. DAGTPL made various
attempts to restore viability through appropriate changes in PPA with the Procurers. Since no resolution could be arrived,
DAGTPL invoked the dispute resolution provision of the PPA. The procurers also issued a notice for termination of the PPA and
raised a demand for liquidated damages of H 40,000 lakhs. The procurers have encashed the Performance Bank Guarantees of
H 30,000 lakhs towards recovery of their liquidated damages claim.

DAGTPL filed a petition before the Central Electricity Regulatory Commission (CERC) for referring the dispute to arbitration.
Subsequently DAGTPL requested CERC to adjudicate the dispute itself and allow to file substantive petition which CERC
vide order dated October 23, 2021 granted and disposed of the said Petition as withdrawn, with a liberty to DAGTPL & RPL to

approach this Hon’ble Commission with a substantive petition. Accordingly substantive petition is filed before CERC and the
petition is currently pending adjudication before CERC. This has been shown as receivable from procurer.

Government of Andhra Pradesh (GoAP), citing that the project has not been developed for last 10 years; has issued three land
resumption orders dated July 22, 2017, February 25, 2021 and February 27, 2021. Aggrieved by this, DAGTPL and RPL have
filed a Writ Petitions (WP 33246 of 2017 and WP 5058 of 2021) in High Court of Andhra Pradesh at Amaravati praying for setting
aside the relevant land resumption orders.

Currently, as there is an increased awareness on environment and climate change aspects from pollution arising from usage of
conventional fossil fuels, India has embarked on an ambitious target of 500 GW of renewable energy capacity by 2030. Recently
the Government of India (“GOI”) has approved National Hydrogen Mission and Green Hydrogen is becoming a strong agent to
drive industrial decarbonization. GoAP also announced a green hydrogen and green ammonia policy 2023.

Considering the above, DAGTPL submitted a proposal to set up green hydrogen / green ammonia and integrated solar PV based
power generation project in Krishnapatnam and submitted a request to GoAP for inter alia change of land use from coal based
UMPP to renewable energy based projects. GoAP considered the request of DAGTPL and approved the same. DAGTPL has
withdrawn the Writ Petitions 33246 of 2017 and 5058 of 2021 pending before Hon’ble Andhra Pradesh High Court. Thereafter,
District Administration has handed over the land back to DAGTPL.

DGTPL has submitted a proposal to GoAP for converting the land held by it into an Industrial Park under the Andhra Pradesh
- Policy for Establishment of Private Industrial Parks with “Plug & Play” Industrial Infrastructure (4.0). The proposal is currently
under consideration of the GoAP.

(b) Samalkot Power Limited ("SMPL")

The management had planned to set up a gas-based power plant consisting of 3 modules of 754 MW each at Samalkot
(Andhra Pradesh), with gas being sourced from KG-D6 basin. After making significant progress in the construction of the said
plant, SMPL stopped further construction of the plant due to severe domestic gas shortage and non-availability of long-term
domestic gas linkage.

Out of the three modules, one module has been moved to Bangladesh. Reliance Power Limited, the ultimate holding company,
had entered into a Memorandum of Understanding (MOU) with Bangladesh Power Development Board (BPDB) in June 2015
for developing a gas-based project of 3000 MW capacity in a phased manner. Pursuant to the above, Reliance Bangladesh
LNG and Power Limited (RBLPL), has concluded a long-term power purchase agreement (PPA) for supply of 718 MW (net)
power from a combined cycle gas-based power plant to be set up at Meghnaghat near Dhaka in Bangladesh as Phase-1
project. RBLPL has signed all the project agreements (Power Purchase Agreement, Implementation Agreement, Land Lease
Agreement and Gas Supply Agreement) with Government of Bangladesh authorities on September 1,2019, and also inducted a
strategic partner JERA Power International (Netherlands) - a subsidiary of JERA Co. Inc. (Japan) to invest 49% equity in RBLPL
on September 2, 2019. Samsung C&T (South Korea) has been appointed as the EPC contractor for the Bangladesh project.
Samalkot Power Ltd. has signed an Equipment Supply Contract (ESC) with Samsung C&T (South Korea) on March 11,2020
to sell one module of equipment for the Phase-1 project in Bangladesh and the same was amended between the Parties and
approved by US Exim Bank vide a side letter dated December 3, 2020. All the project lenders including ADB, JBIC and NEXI
have approved the financing of the project and financing agreements were signed in July 2020. All the conditions for achieving
financial closure were satisfied and Financial Closure achieved and NTP issued by Samsung on February 02, 2021. Customs
authorities have approved the export of equipment by SMPL, and the first consignment was exported on March 3, 2021. All the
equipment to be supplied by SMPL under the ESC were shipped by November 2021.

SMPL has already realized the proceeds from sale of one Module and these have been used to repay a major portion of the
outstanding US Exim loan.

For balance two modules, SMPL has received a binding offer from AM Green Energies B.V. (Refer note 28).

8 Applicability of NBFC regulations

The Company, based on the objects given in the Memorandum and Articles of Association, its role in construction and operation of
power plants through its subsidiaries and other considerations, has been legally advised that the Company is not covered under the
provisions of Non-Banking Financial Company as defined in Reserve Bank of India Act, 1934 and accordingly is not required to be
registered under section 45 IA of the said Act.

9 Dadri Project

The Company proposed to develop a 7,480 MW gas-based power project to be located at Dadri, District Hapur, Uttar Pradesh in the
year 2003. The Government of Uttar Pradesh (the GoUP) in the year 2004 acquired 2,100 acres of land and conveyed the same to
the Company in the year 2005, However, certain land owners challenged the acquisition of land by the GoUP for the project before
the Hon’ble Allahabad High Court. The Hon’ble Allahabad High Court quashed a part of land acquisition proceedings. Subsequently,
in the appeals filed by the Company and land owners against the findings of the Hon’ble Allahabad High Court, the Hon’ble Supreme
Court held the land acquisition proceedings as lapsed but upheld the right of the Company to recover the amount paid in any other
proceeding. The Company has represented the GoUP seeking compensation towards the cost incurred on the land acquisition as well
as other incidental expenditure thereto. Considering the above facts, the Company has classified assets related to the Dadri project
under the head ‘Assets classified as held for sale’ the Company has fully provided for receivables of H 15,005 lakhs against the Dadri
project. However, GoUP did not pay the agreed balance amount hence Company invoked Arbitration Clause. Arbitration Tribunal
pronounced the Award on June 20, 2022 allowing claim of H 9,955 lakhs to the Company from Government of Uttar Pradesh (GoUP).
Subsequently GoUP challenged the said Award under Section 34 of Arbitration & Conciliation Act 1994 before Delhi High Court. On
September 05, 2023, this Section 34 was heard in part and the Hon'ble Court granted stay to GoUP subject to deposit of entire award
amount along with upto date interest, in court within one week and adjourned to October 03, 2023 for further hearing. Thereafter GoUP
deposited the amount in the Court on September 13, 2023. Moreover, the Company has also filed petition before Delhi High Court for
execution of Award under section 36 of the Arbitration and Conciliation Act, 1994 which is listed on August 10, 2026.

(b) Defined contribution plans

(i) Provident fund

(ii) State defined contribution plans

(iii) Employees’ Pension Scheme, 1995

The provident fund and the state defined contribution plan are operated by the regional provident fund commissioner and
the superannuation fund is administered by the trust. Under the schemes, the Company is required to contribute a specified
percentage of payroll cost to the retirement benefit schemes to fund the benefits.

(c) Post employment obligation
Gratuity

The Company has a defined benefit plan, governed by the Payment of Gratuity Act, 1972 and Code on Social Security, 2020
(w.e.f. November 21, 2025). The plan entitles an employee, who has rendered at least five years of continuous service, to
gratuity at the rate of fifteen days basic salary for every completed year of services or part thereof in excess of six months, based
on the rate of basic salary last drawn by the employee concerned.

(i) Significant estimates: actuarial assumptions

Valuations in respect of gratuity have been carried out by an independent actuary, as at the balance sheet date, based on
the following assumptions:

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant.

In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. While calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
applied as when calculating the defined benefit liability recognised in the balance sheet. The methods and types of
assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

(iv) The above defined benefit gratuity plan was administrated 100% by Life Insurance Corporation of India (LIC).

(v) Defined benefit liability and employer contributions. The Company will pay demand raised by LIC towards gratuity liability
on a time-to-time basis to eliminate the deficit in the defined benefit plan. The weighted average duration of the defined
benefit obligation is 2.61 years (March 31,2025 - 2.88 years).

(vi) The plan liabilities are calculated using a discount rate set with reference to bond yields, if plan assets under perform this
yield, this will create a deficit.

Associates

1 RPL Sun Power Private Limited (RSUNPPL) (Struck off as on June 28, 2024)

2 RPL Photon Private Limited (Struck off as on June 28, 2024)

3 RPL Sun Technique Private Limited (Struck off as on June 28, 2024)

4 Reliance Enterprises Private Limited (w.e.f. October 01,2024)

B (I) Promoters:

(a) Promoter

Reliance Infrastructure Limited (R Infra)

Shri Anil D. Ambani

(b) Promoter / investing party having significant influence on the Company:

Reliance Infrastructure Limited (R Infra)

(II) Other related parties with whom transactions have taken place during the year

(a) Key Managerial Personnel (including directors)

1 Shri Neeraj Parakh (Executive Director & Chief Executive Officer w.e.f. January 20, 2025) (Chief Financial Officer
w.e.f. October 11,2025)

2 Smt. Ramandeep Kaur (Company Secretary)

3 Shri Ashok Kumar Pal (Executive Director w.e.f. November 12, 2024 upto October 11,2025) (Chief Financial Officer
upto October 11,2025) (Manager upto November 12, 2024)

4 Shri Ashok Ramaswamy (Non-Executive and Independent Director)

5 Shri Vijay Kumar Sharma (Non-Executive and Independent Director)

6 Dr. Vijayalakshmy Gupta (Non-Executive and Independent Director w.e.f November 15, 2024 upto November 03, 2025)

7 Dr. Thomas Mathew (Non-Executive and Independent Director w.e.f December 25, 2024 upto August 29, 2025)

8 Dr. Zohra Chatterji (Non-Executive and Independent Director w.e.f October 28, 2025)

9 Shri Harmanjit Singh Nagi (Non-Executive and Non-Independent Director w.e.f November 15, 2024 upto August 29, 2025)

10 Shri Sachin Mohapatra (Non-Executive and Non-Independent Director w.e.f November 15, 2024)

11 Shri Arup Ashok Gupta (Non-Executive and Non-Independent Director w.e.f October 11,2025)

12 Dr. Avinash Gupta (Non-Executive and Independent Director w.e.f May 21,2026)

(b) Enterprises over which company decribed in clause B(I)(b) have control.

1 Reliance Velocity Limited (RVL) (Merged with R Infra w.e.f. September 30, 2025)

Details of material transactions: Management fees includes H 3,960 lakhs from SPL, H 2,400 lakhs from RPSCL and
H 820 lakhs from RVL (March 31, 2025 - H 600 lakhs from SPL & H 2,400 lakhs from RPSCL), Interest income on ICD
given includes H 1,330 lakhs from RNSOPL, H 1,174 lakhs from RNSPL, H 295 lakhs from RNEPL (March 31, 2025 -
H 2,193 lakhs from RCRPL, H 1,330 lakhs from RNSOPL), Interest expense on ICD includes H 2,956 lakhs to Rinfra (March
31, 2025 - H 3,451 lakhs to Rinfra), Assignment of ICD payable includes H 17,555 lakhs to RPSCL (March 31, 2025 -
H 23,624 lakhs) and H 14,583 lakhs to Rinfra (March 31,2025 - H 7,156 lakhs), Assignment of ICD receivable includes
H 17,555 lakhs from RCRPL (March 31, 2025 - Nil) and H 14,583 lakhs from RNSOPL (March 31, 2025 - Nil), Amount
written off - Nil (March 31,2025 - H 10,190 lakhs of SPL), Conversion of ICD into perpetual ICD - Nil (March 31, 2025 -
H 1,06,703 lakhs of SMPL), Impairment of perpetual ICD of Nil (March 31,2025 - H 1,06,703 lakhs), ICD given includes
H 4,375 lakhs to RNSPL (March 31,2025 - Rs.16,832 lakhs), H 1,065 lakhs to RNSPL (March 31,2025 - H 14,916 lakhs),
and H 13,443 lakhs to RNEPL (March 31, 2025 - H 4,823 lakhs), ICD given repaid includes H 1,840 lakhs from RNEPL
(March 31, 2025 - Nil), ICD taken includes Nil from ROSA (March 31, 2025 - H 2,60,300 lakhs) and Nil from DAGTPL
(March 31,2025 - H 3,500 lakhs), ICD taken repaid includes H 700 lakhs to DSPPL (March 31,2025 - Nil), Insurance surety
bond issued on behalf of RNSPL - H 13,500 lakhs and RNEPL - H 3,500 lakhs (March 31,2025 - H 1,000 lakhs).

Details of material balances: Investment in equity shares include SPL H 5,75,152 lakhs and RPSCL H 2,16,601 lakhs
(March 31, 2025 - SPL H 5,80,647 lakhs and RPSCL H 2,09,554 lakhs), Investment in Preference shares include SPL
H 4,71,448 lakhs, (March 31,2025 - SPL H 4,75,953 lakhs), Short term borrowing - Inter- corporate deposit includes H 2,82,252
lakhs from RPSCL (March 31,2025 - H 2,99,807 lakhs from RPSCL), Long term borrowing - Inter- corporate deposit includes
H 2,24,564 lakhs from RPSCL (March 31, 2025 - H 2,24,564 lakhs from RPSCL), Bank/ corporate guarantee issued to
banks/ financial institutions includes H 1,81,994 lakhs to SMPL, H 13,500 lakhs to RNSPL, H 3,500 lakhs to RNEPL, H11,471
to RSTEPL and H 2,700 to RGPPL - (March 31,2025 - H 1,58,231 lakhs to SMPL and H 1,000 lakhs to RNEPL).

(iii) Other transactions

As per the terms of sponsor support agreement entered for the purpose of security of term loans availed by subsidiaries,
the Company has pledged following percentage of its shareholding in the respective subsidiaries.

• 100% of equity shares of Rosa Power Supply Company Limited

• 100% of equity shares of Sasan Power Limited

• 100% of equity shares of Dhursar Solar Power Private Limited

• 100% of equity shares of Rajasthan Sun Technique Energy Private Limited

• 100% of equity shares of Dhirubhai Ambani Green Tech Park Limited (formerly known as "Coastal Andhra
Power Limited")

• 100% of equity shares of Samalkot Power Limited

• 100% of preference shares of Rosa Power Supply Company Limited

• 100% of preference shares of Sasan Power Limited

• 100% of preference shares of Dhursar Solar Power Private Limited

• 100% of preference shares of Rajasthan Sun Technique Energy Private Limited

The Company has given commitments / guarantees for loans taken by RPSCL, SPL, DSPPL, RSTEPL and SMPL
(Refer note 4(e)).

(iv) The list of investment in subsidiaries along with proportion of ownership interest held and country of incorporation are
disclosed in Note 2.1 (c) (V) of consolidated financial statements.

(vi) Transactions and balances with related parties which are in excess of 10% of the total revenue and 10% of net worth
respectively of the Company are considered as material transactions.

(vii) Transactions with related parties are made on terms equivalent to those that prevail in case of arm’s length transactions.

(b) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a)
recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial
statement. The Company has not disclosed the fair values of financial instruments such as short-term loans, trade receivables,
trade payables, cash and cash equivalents, fixed deposits, etc. as their carrying value is a reasonable approximation of the fair
values. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its
financial instruments into the three levels prescribed under the Indian Accounting Standards. An explanation of each level follows
underneath the table:

(e) Valuation technique used to determine fair values

The fair value of financial instruments is determined using discounted cash flow analysis.

The carrying amount of current financial assets and liabilities are considered to be the same as their fair values, due to their
short-term nature.

The fair value of the long-term borrowings with floating rate of interest is not impacted due to interest rate changes and will be
evaluated for their carrying amounts based on any change in the under-lying credit risk of the Company borrowing (since the
date of inception of the loans).

Note

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

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

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

There are no transfers between any levels during the year.

The Company’s policy is to recognise transfer into and transfer out of fair value hierarchy levels as at the end of the reporting period.

(a) Credit risk

The Company is exposed to credit risk, which is the risk that the counterparty will default on its contractual obligation resulting in
a financial loss to the Company. Credit risk arises from cash and cash equivalents, financial assets carried at amortised cost and
deposits with banks and financial institutions, as well as credit exposure to trade customers including outstanding receivables.

Credit risk management

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss.

The Company’s credit risk arises from accounts receivable balances on sale of electricity is based on tariff rate approved by
electricity regulator and inter-corporate deposits/loans are given to subsidiaries / step-down subsidiaries incorporated as special
purpose vehicle for power projects awarded to the Company. The credit risk is very low as the sale of electricity is based on the
terms of the PPA which has been approved by the Regulator. With respect to inter-corporate deposits/ loans given to subsidiaries
/ step-down subsidiaries, the Company will be able to control the cash flows of those subsidiaries / step-down subsidiaries as the
subsidiaries / step-down subsidiaries are wholly owned by the Company.

For deposits with banks and financial institutions, only highly rated banks/institutions are accepted. Generally, all policies
surrounding credit risk have been managed at the Company level. The Company’s policy to manage this risk is to invest in debt
securities that have a good credit rating.

(b) Liquidity risk

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

Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of expected
cash flows. This is generally carried out at the operating subsidiaries level of the Company in accordance with practice and limits
set by the Company. These limits vary by location to take into account the liquidity of the market in which the entity operates.
In addition, the Company’s liquidity management policy involves projecting cash flows in major currencies and considering the

level of liquid assets necessary to meet these monitoring balance sheet liquidity ratios against internal and external regulatory
requirements and maintained debt financing plans.

Periodic budgets and rolling forecasts are prepared at the level of operating subsidiaries as regular practice and in accordance
with limits specified by the Company. The Company has been pursuing proposed strategic transactions/ sale of assets and
overall financial restructuring, when executed, would make available the required liquidity for the continuing business.

Maturities of financial liabilities

The amounts disclosed below are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying
balances as the impact of discounting is not significant.

(c) Market risk

Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of volatility of prices
in the financial markets. Currently the Company has no risk due to volatility of prices in the financial markets.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. The Company does not engage in any foreign currency transactions or hold any foreign
currency assets / liabilities, hence, it is not susceptible to foreign currency risk.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company does not have any variable interest-bearing assets or liabilities, hence, it is not
exposed to interest rate risk.

The Company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as
defined in Ind AS-107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in
market interest rates.

18 Capital management

(a) Risk management

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern to
provide returns for shareholders and benefits other stakeholders and maintain an optimal capital structure to reduce the cost of
capital. To maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets to reduce debt.

The Company monitors capital based on total equity and debt on a periodic basis. Equity comprises all components of equity
including the fair value impact. Debt includes long-term loans and short-term loans. The following table summarizes the capital
of the Company:

(b) Final dividends for the year ended March 31,2026 is Nil (March 31,2025 - Nil).

19 Segment reporting

Presently, the Company is engaged in only one segment viz ‘Generation of Power’ and as such there is no separate reportable
segment as per Ind AS 108 ‘Operating Segments’. Presently, the Company’s operations are predominantly confined in India.

Information about major customer

Revenue from sale of energy for the year ended March 31,2026 and March 31,2025 were from customers located in India. Customers
include private distribution entities. Revenue from sale of energy to specific customers exceeding 10% of total revenue for the years
ended March 31,2026 and March 31,2025 were as follows:

23 During the year ended March 31,2026, certain financial assets amounting to H 94 lakhs has been written off and impairment
allowance on the same amounting to H 83 lakhs is reversed. Further, during the previous year ended March 31,2025, loans amounting
to H 3,748 lakhs has been written off and impairment allowance on the same is reversed.

Additionally, during the previous year ended March 31, 2025, the Company created provision / impaired H 10,513 lakhs againts its
certain financial assets and charged the same to the statement of profit and loss.

24 During the year ended March 31,2026, the Company has undertaken an conversion of 10,55,00,000 and 1,33,00,000 warrants
and allotted an equivalent number of fully paid-up equity shares of face value H 10 each on May 07, 2025 and May 20, 2025
respectively, at H 33 per share, aggregating to H 39,204 lakhs. The allotment includes 9,88,00,000 equity shares issued to Reliance
Infrastructure Limited, and 2,00,00,000 equity shares issued to Basera Home Finance Private Limited. Pursuant to this allotment,
the paid-up equity share capital of the Company has increased from H 4,01,697 lakhs (401,69,70,966 equity shares of H 10 each) to
H 4,13,578 lakhs (413,57,70,966 equity shares of H 10 each). The newly allotted equity shares rank pari-passu in all respects with the
existing equity shares of the Company.

Subsequent to the year ended March 31,2026, 34,32,00,000 outstanding equity share warrants issued by the Company lapsed on
account of non-conversion within the prescribed period of 18 months. Consequently, the amount of H 30,262 lakhs received against
such warrants has been forfeited.

During the previous year ended March 31,2025, the members of the Company approved the issue of up to 46,20,00,000 warrants,
each convertible into one equity share of face value H 10, at an issue price of H 33 per share, in accordance with the provisions
of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR
Regulations”). The Company received in-principle approvals from BSE and NSE on October 24, 2024, and accordingly, allotted
46,20,00,000 warrants on a preferential basis. Against this allotment, the Company received H 54,359 lakhs (H 49,409 lakhs in March
31,2025 and H 4,950 lakhs in March 31,2026) and H 15,105 lakhs was adjusted against existing outstanding debt. Each warrant is
convertible into one fully paid-up equity share upon payment of the balance amount, within 18 months from the date of allotment. The
money has been utilised for the purpose for which it was raised.

25 The Company's leased assets primarily consist of office premises which are of short-term in nature. Accordingly, the Company
recognizes the lease payments as an expense in the Statement of Profit and Loss on a straight-line basis over the term of lease.

During the year, the Company has recognized H 336 lakhs (March 31, 2025 - H 336 lakhs) as rent expenses in the Statement of
Profit and Loss.

26 Assets held for sale and discontinued operations

During the year ended March 31,2024, the Company has entered into a Business Transfer agreement (“BTA”) with JSW Renewal
Energy (Coated) Limited for transfer of 45MW wind farm power project (“project”) located at Vashpet, Maharashtra on slump sale
basis for a consideration of H 13,253 lakhs. Pursuant to the compliance of underlying conditions of BTA, all the associated assets and
liabilities with the project has been transferred on April 12, 2024. For segment reporting, Refer note 19.

27 During the previous year ended March 31, 2025, pledge over 1,49,16,280 shares representing 100% equity share capital of
Vidarbha Industries Power Limited (VIPL), created by the Company and its subsidiary Rosa Power Supply Company Limited, was
enforced by Axis Trustee Services Limited as trustee for CFM Asset Reconstruction Private Limited and Axis Bank Limited, the lenders
of VIPL (the “Lenders”) on September 17, 2024, whereby all voting rights in respect of the shares of VIPL shall be solely exercised by
them along with takeover of the management and control of VIPL. Pursuant to the settlement agreement entered between the above
parties, the entire obligations of the Company as a Guarantor on behalf of VIPL stands fully settled resulting in release and discharge
of Corporate Guarantee, undertakings and all obligations and claims thereunder in relation to the outstanding debt of VIPL. Further,
Section 7 of the Insolvency and Bankruptcy Code, 2016, application filed by the CFM Asset Reconstruction Private Limited stands
dismissed as the application is withdrawn on September 25, 2024.

In line with the provisions of Ind AS 109 “Financial Instruments”, the cumulative fair value loss of H 11,109 lakhs on equity instruments
of VIPL, previously recognised in other comprehensive income, has been reclassified and transferred to retained earnings during
the previous year.

28 The lender of SMPL raised a demand amounting to H 1,81,994 lakhs (including interest), invoking the guarantee agreement
executed by the Company. Subsequently, SMPL has initiated arbitration proceedings against the lender and Citibank N.A. (facility
agent) before the London Court of International Arbitration, in accordance with the terms of the Amended and Restated Credit
Agreement dated June 28, 2019, read with the marketing agreements executed among, inter alia, the lender, SMPL, and the marketing
consultants. The arbitration has been initiated on the ground that no debt was due under the aforesaid agreements. Considering the
above, the Company has communicated to the lender and the facility agent that, since the debt has not fallen due and there is no
default, the guarantee provided by the Company cannot be invoked. The arbitration proceeding is ongoing as of March 31, 2026
and currently matter is sub judice. Subsequent to the year ended March 31,2026, the lender has initiated the Corporate Insolvency
Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Company and the management
is currently evaluating the appropriate legal course of action. Further, SMPL has discharged all interest obligations up to June 30,
2025, and the interest for the period July to March 31, 2026 has been appropriately provided in the books of account. SMPL has
also received a binding offer from AM Green Energies B.V. for purchase of project equipment relating to the 1500 MW (2 x 750
MW) Combined Cycle Power Plant (Module 2 and Module 3). Discussions for finalization of the Equipment Sale Agreement (ESA)
and Letter of Credit are in progress, subject to requisite approvals from the Board of Directors and lenders. Upon consummation of
the proposed asset monetization transaction and receipt of requisite approvals, the management expects the outstanding lender
obligations to be completely addressed. The management has considered the ongoing arbitration proceedings, proposed monetization
of assets and ongoing discussions with lenders while assessing the appropriateness of the going concern assumption. Accordingly,
the management believes that, it will be able to realize its assets and discharge its liabilities in the normal course of business.

29 During the year ended March 31,2026, the Company assigned its ICD receivable along with the interest receivable from Reliance
Coal Resources Private Limited, amounting to H 17,555 lakhs, to Rosa Power Supply Company Limited. Further, the Company
entered into an assignment agreement whereby the ICD receivable along with the interest receivable from Reliance NU Suntech
One Private Limited (formerly known as "Tato Hydro Power Private Limited"), amounting to H 14,583 lakhs, was assigned to Reliance
Infrastructure Limited.

During the previous year ended March 31,2025, the Company has assigned its ICD payable to Reliance Natural Resources Limited
amounting to H 23,624 lakhs to Rosa Power Supply Company Limited. Additionally, the Company entered into an assignment
agreement, whereby an ICD of H 12,844 lakhs given by Reliance NU BESS One Private Limited (formerly known as “Kalai Power
Private Limited”) to Reliance NU Suntech One Private Limited (formerly known as “Tato Hydro Power Private Limited”) is assigned to
Reliance Power Limited.

30 Share Based Payments
(a) Scheme Details

During the previous year ended March 31,2025, the members of the Company has approved ‘Reliance Power Employee Stock
Option Scheme 2024’ (“the Scheme” / “ESOS - 2024”) in terms of SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations 2021. The Scheme contemplates grant of stock options upto 22,00,00,000 fully paid-up equity shares each of face
value of H 10 each to the eligible employees of the Company and its group companies including its subsidiaries and its associates
(present and future, if any). The Nomination and Remuneration Committee (“NRC”) of the Company, acting as the Compensation
Committee shall implement, administer and monitor the Scheme.

Accordingly, the NRC granted 13,66,504 Employee Stock Options (ESOPs) under the said scheme to eligible employees of the
Company. The ESOPs granted are subject to achievement of specified performance conditions and continued employment and
shall vest equally in four annual tranches over a total vesting period of four years from the date of grant. Details of number of
options outstanding have been tabulated below:

(b) Fair Value on the grant date

The fair value at grant date is determined using "Black Scholes Model" which takes into account the exercise price, term of the
option, share price at grant date and expected price volatility of the underlying shares, expected dividend yield and the risk free
interest rate for the term of the option.

31 Business combination

During the previous year ended March 31,2025, the Company entered into a Business Transfer Agreement (“BTA”) dated March 01,
2025, with Optivion Ventures Private Limited ("Optivion"), for the acquisition of a 5 MW Wind power project located at Tamil Nadu, on
a going concern basis by way of slump sale.

Note: The above immovable property have been acquired through BTA (Refer note 3.1,31 & 33 (b)).

33 (a) Reliance NU BESS Limited (RNBL) (formerly known as “Maharashtra Energy Generation Limited”) had lodged a criminal
complaint with the Economic Offences Wing (EOW) of the Delhi Police on October 16, 2024, against certain third parties
who had arranged the fake bank guarantee in relation to participation in a tender issued by Solar Energy Corporation of
India (SECI). Pursuant to the said complaint, a First Information Report (FIR) was registered by the EOW on November 11,
2024, against the said third parties. The ED investigation was initiated based on the aforesaid FIR and ED registered an
Enforcement Case Information Report (ECIR) being ECIR/STF/14/2025. During the quarter ended December 31,2025, the
ED filed a Supplementary Prosecution Complaint against the Company, certain subsidiaries, and individuals in connection
with the SECI fake bank guarantee matter. One former Key Managerial Personnel has been arrested, and the matter is sub
judice. The Company, its individuals and its subsidiaries acted bona fide, are victims of fraud by third parties, have not been
held guilty of any wrongdoing, and the allegations are yet to undergo judicial scrutiny.

Subsequent to the year ended March 31, 2026, the Company and Rosa Power Supply Company Limited (RPSCL)
filed petitions before the Hon’ble Delhi High Court seeking quashing of ED’s ECIR being ECIR/STF/14/2025, the
Supplementary Prosecution Complaint, and all consequential proceedings pending before the Ld. ASJ-04, Patiala House
Courts, New Delhi at the pre-cognizance stage.

(b) The ED conducted a search at the Company’s office in July 2025. During the quarter ended December 31,2025, the ED
provisionally attached the long-term leasehold property known as “Reliance Centre” held by Reliance Natural Resources
Limited (“RNRL”), a wholly owned subsidiary of the Company, under a lease from the Bombay Port Trust, and the 5 MW
wind power assets of the Company, in connection with ongoing investigations under the Prevention of Money Laundering
Act, 2002 (“PMLA”). Subsequently, the ED filed a complaint before the Adjudicating Authority under the PMLA seeking
confirmation of the aforesaid provisional attachments. Pursuant thereto, the Adjudicating Authority issued a show cause
notice to the Company and RNRL to which replies were duly filed. The final hearing in the matter concluded on May
11, 2026 and order was reserved. Thereafter, vide Order dated May 18, 2026, the Adjudicating Authority confirmed the

aforesaid attachments and directed that the same shall remain in force during investigation for a period not exceeding 365
days or until conclusion of proceedings relating to any offence under the PMLA before the Special Court under the PMLA.
The Company will file an appeal challenging the attachment of the above assets. There is no impact on the business
operations of the Company.

34 During the year ended March 31, 2026, the Company received a show cause notice from SEBI in connection with R infra
exposure in CLE Private Limited, for alleged violation of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to
Securities Market) Regulations, 2003, read with the SEBI Act, 1992. The Company has zero exposure to CLE Private Limited and will
take all appropriate steps in the matter, as per legal advice.

35 During the year ended March 31, 2026, SEBI initiated a forensic audit of the Company in relation to the alleged violations of
the SEBI Act, 1992, SCRA, 1956 and Companies Act, 2013. The Company has rendered its full cooperation and made available all
relevant records and information to the auditors.

36 The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four Labour Codes,
namely the Code on Wages, 2019; the Code on Social Security, 2020; the Industrial Relations Code, 2020; and the Occupational
Safety, Health and Working Conditions Code, 2020 (collectively referred to as the “Codes”). The Codes have become effective from
November 21,2025. Based on the assessment carried out, the Company has estimated the incremental liability in respect of its own
employees, which is not material to these financial statements.

37 Additional regulatory information required by schedule III of Companies Act, 2013.

(i) a) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities

(Intermediaries) with the understanding that the Intermediary shall directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or provide any
guarantee, security or the like to or on behalf of the ultimate beneficiaries.

b) 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 directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the funding party company (ultimate
beneficiaries) or provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(ii) The Company has no transactions with the companies struck off under section 248 or section 560 of Companies Act, 2013 or
Companies Act, 1956 during the year ended March 31,2026 or 31 March 31,2025.

(iii) The Company is not declared wilful defaulter by any bank or financial institution or other lender during the year ended March 31,
2026 and previous year ended March 31,2025.

(iv) The Company has not entered into any scheme of arrangement in terms of section 230 to section 237 of the Companies Act,
which has an accounting impact during the year ended March 31,2026 and March 31,2025.

(v) The Company has not traded or invested in crypto currency or virtual currency during the year ended March 31, 2026 and
March 31,2025.

(vi) The Company has not revalued its property, plant and equipment or intangible assets or both during the year ended March 31,
2026 and March 31,2025.

(vii) There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period
except as stated in Note 3.9(1)(ii) for ICD classified as equity instruments.

(viii) The Company has not obtained any borrowings from banks or financial institutions during the year.

(ix) 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.

(x) No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

38 During the previous year ended March 31,2025, Reliance Infrastructure Limited (“R Infra”) entered into Consent Terms/Settlement
agreement dated February 08, 2025, under Section 12A of the Commercial Courts Act, 2015, read with the provisions of the Mediation
Act, 2023, before the Main Mediation Centre, Bombay High Court, for recovery of its dues from an EPC company. Pursuant to the
above Consent Terms/Settlement Agreement, the short term borrowing amounting to H 4,824 lakhs, along with accrued interest of
H 2,332 lakhs, originally payable by the Company to the EPC company, has now been assigned to R Infra.

• Current ratio: Current assets / Current liabilities

• Debt equity ratio = Total debt / Equity excluding revaluation reserve

• Debt service coverage ratio = Earnings before Interest, tax, depreciation, other non-cash operating expenses and exceptional
items / (Interest paid on long term and short-term debt for the year Principal repayment for the year).

• Return on equity = Net profit after tax / Average shareholder’s equity

• Inventory turnover ratio = Turnover / Average inventory

• Trade receivables turnover ratio = Turnover / Average receivables

• Trade payables turnover ratio = Turnover / Average payables

• Net capital turnover ratio = Turnover / Working capital

• Net Profit ratio = Net profit before exceptional items / Total income

• Return on capital employed = EBIT / Capital employed

• Return on Investment = Income generated from investment / Average investments

1 Increased due to lower finance cost and principal repayments of loans during the year ended March 31,2026.

2 Increased due to higher profit during the year ended March 31,2026.

3 Variance is on account of sales of energy booked and collections realised during the year ended March 31,2026.

40 The figures for the previous year are re-classified / re-grouped, wherever necessary to make them comparable.