n) Provisions and contingent liabilities

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 not discounted to their
present value and are determined based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current
best estimates.

A contingent liability is a possible obligation that arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the
control of the Company or a present obligation that is not recognised because it is not probable that

an outflow of resources will be required to settle the obligation. A contingent liability also arises in
extremely rare cases where there is a liability that cannot be recognised because it cannot be measured
reliably. The Company does not recognise a contingent liability but discloses its existence in the
financial statements.

If the Company has a contract that is onerous, the present obligation under the contract is recognised
and measured as a provision. However, before a separate provision for an onerous contract is established,
the Company recognises any impairment loss that has occurred on assets dedicated to that contract

o) Financial Instruments

Financial assets and liabilities are recognized when the company becomes a party to the contractual
provisions of the instrument. Financial assets and liabilities are initially measured at fair value with the
exception of trade receivables that do not contain a significant financing component or for which the
company has applied the practical expedient. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial
liabilities at fair value through profit or loss) are added to or deducted from the fair value measured on
initial recognition of financial asset or financial liability. Trade receivables that do not contain a significant
financing component or for which the company has applied the practical expedient are measured at the
transaction price determined under Ind AS 115. Refer to the accounting policies in section (i) Revenue
from contracts with customers.

i. Financial assets at fair value through other comprehensive income

Financial assets are measured at fair value through other comprehensive income if these financial
assets are held within a business whose objective is achieved by both collecting contractual cash
flows and selling financial assets and the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.

ii. Financial assets at fair value through profit or loss

Financial assets are measured at fair value through profit or loss unless it is measured at amortized
cost or at fair value through other comprehensive income on initial recognition. The transaction
costs directly attributable to the acquisition of financial assets and liabilities at fair value through
profit or loss are immediately recognized in statement of profit and loss.

iii. Debt instruments at amortized cost

A 'debt instrument' is measured at the amortized cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting
contractual cash flows, and

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortized cost
using the effective interest rate (EIR) method. Amortized cost is calculated by taking into
account any discount or premium on acquisition and fees or costs that are an integral part
of the EIR. The EIR amortization is included in finance income in the profit or loss. The losses
arising from impairment are recognized in the profit or loss. This category generally applies
to trade and other receivables

iv. Equity investment in subsidiaries(including Limited Liability Partnerships) and joint ventures

Investment in subsidiaries and joint ventures are carried at cost. Impairment recognized, if any, is
reduced from the carrying value.

v. De-recognition of financial asset

The Company derecognizes a financial asset when the contractual rights to the cash flows from the
financial asset expire or it transfers the financial asset and the transfer qualifies for de-recognition
under Ind AS 109.

vi. Financial liabilities

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through
profit or loss, loans and borrowings, or as payables, as appropriate. The company's financial liabilities
include trade and other payables, loans and borrowings including bank overdrafts. The subsequent
measurement of financial liabilities depends on their classification, which is described below.

vii. Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial
liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in
the near term.

viii. Financial liabilities at amortized cost

Financial liabilities are subsequently carried at amortized cost using the effective interest (‘EIR’)
method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as
well as through the EIR amortization process. Amortized cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The
EIR amortization is included as finance costs in the statement of profit and loss.

Interest-bearing loans and borrowings are subsequently measured at amortized cost using EIR
method. For trade and other payables maturing within one year from the balance sheet date, the
carrying amounts approximate fair value due to the short maturity of these instruments.

ix. De-recognition of financial liability

A financial liability is derecognised when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original liability and the recognition
of a new liability The difference in the respective carrying amounts is recognised in the statement
of profit or loss.

x. Fair value of financial instruments

In determining the fair value of its financial instruments, the Company uses following hierarchy and
assumptions that are based on market conditions and risks existing at each reporting date.

Fair value hierarchy:

All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input
that is significant to the fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable

• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable.

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

xi. Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Standalone
balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there
is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

p) Impairment

a. Financial assets

The company assesses at each date of balance sheet whether a financial asset or a group of
financial assets is impaired. Ind AS 109 requires expected credit losses to be measured through a
loss allowance. The Company recognizes lifetime expected losses for all contract assets and /or
all trade receivables that do not constitute a financing transaction. For all other financial assets,
expected credit losses are measured at an amount equal to the 12-month expected credit losses
or at an amount equal to the life time expected credit losses if the credit risk on the financial asset
has increased significantly since initial recognition.

b. Non-financial assets

The company assesses at each reporting date whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
company estimates the asset's recoverable amount. An impairment loss is recognized wherever
the carrying amount of an asset exceeds Its recoverable amount. The recoverable amount is the
greater of the asset's net selling price and value in use. In Assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. After
impairment, depreciation is provided on the revised carrying amount of the asset over its remaining
useful life.

q) Earnings per Share

Basic earnings per share is computed by dividing the profit/(loss) for the year attributable to equity
shareholders of parent by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the profit/(loss) for the year attributable to equity
shareholders by the weighted average number of equity shares considered for deriving basic earnings
per share and the weighted average number of equity shares which could have been issued on the
conversion of all dilutive potential equity shares.

Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease
the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed
to be converted as at the beginning of the period, unless they have been issued at a later date. The
dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually
issued at fair value (i.e. average market value of the outstanding shares). Dilutive potential equity shares
are determined independently for each period presented.

r) Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known
amounts of cash that are subject to an insignificant risk of change in value and having original maturities
of three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents
consist of balances with banks which are unrestricted for withdrawal and usage.

s) Dividend

The Company recognises a liability to pay dividend to equity holders of the parent when the distribution
is authorised, and the distribution is no longer at the discretion of the Company. As per the corporate
laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding
amount is recognised directly in equity.

2.3 Significant accounting judgements, estimates and assumptions

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

(a) Estimates and assumptions

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

NRV of Inventory

NRV for completed inventory property is assessed by reference to market conditions and prices existing
at the reporting date and is determined by the company, based on comparable transactions identified
by the company for properties in the same geographical market serving the same real estate segment.

NRV in respect of inventory property under construction is assessed with reference to market prices at
the reporting date for similar completed property, less estimated costs to complete construction and an
estimate of the time value of money to the date of completion.

With respect to land advance given, the net recoverable value is based on the management's estimates
and internal documentation, which include, among other things, the likelihood when the land acquisition
would be completed, the expected date of plan approvals for commencement of project, estimation of sale
prices and construction costs and Company's business plans in respect of such planned developments.

Determination of the amount and timing of revenue from contracts with customers:

a) Identification of performance obligation

Revenue consists of sale of undivided share of land and constructed area to the customer, which
have been identified by the Company as a single performance obligation, as they are highly
interrelated/ interdependent. In assessing whether performance obligations relating to sale of
undivided share of land and constructed area are highly interrelated/ interdependent, the Company
considers factors such as:

Ý Whether the customer could benefit from the undivided share of land or the constructed area
on its own or together with other resources readily available to the customer

Ý Whether the entity will be able to fulfil its promise under the contract to transfer the undivided
share of land without transfer of constructed area or transfer the constructed area without
transfer of undivided share of land.

b) Timing of satisfaction of performance obligation

Revenue from sale of real estate units is recognised when (or as) control of such units is transferred
to the customer.

For contracts where control is transferred at a point in time, the Company considers the following
indicators of the transfer of control of the asset to the customer:

When the entity obtains a present right to payment for the asset.

When the entity transfers legal title of the asset to the customer

When the entity transfers physical possession of the asset to the customer.

When the entity transfers significant risks and rewards of ownership of the asset to the customer.
When the customer has accepted the asset.

c) Significant financing component

For contracts involving sale of real estate unit, the Company receives the consideration in
accordance with the terms of the contract in proportion of the percentage of completion of such
real estate project and represents payments made by customers to secure performance obligation
of the Company under the contract enforceable by customers. Such consideration is received and
utilised for specific real estate projects in accordance with the requirements of the Real Estate
(Regulation and Development) Act, 2016. Consequently, the Company has concluded that such

contracts with customers do not involve any financing element since the same arises for reasons
explained above, which is other than for provision of finance to the customer.

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot
be measured based on quoted prices in active markets, their fair value is measured using valuation
techniques including the DCF model. The inputs to these models are taken from observable markets
where possible, but where this is not feasible, a degree of judgement is required in establishing
fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and
market risk. Changes in assumptions about these factors could affect the reported fair value of
financial instruments.

Impairment of assets

In assessing impairment, management estimates the recoverable amounts of each asset or CGU
(in case of non-financial assets) based on expected future cash flows and uses an estimated
interest rate to discount them. Estimation relates to assumptions about future cash flows and the
determination of a suitable discount rate

Measurement of ECL allowance for trade receivable and Impairment test for Investments

Key assumptions underlying recoverable amounts, weighted-average loss rate and Project cashflows.
Provisions and contingencies

The recognition and measurement of other provisions are based on the assessment of the
probability of an outflow of resources, and on past experience and circumstances known at the
balance sheet date. The actual outflow of resources at a future date may therefore vary from the
amount included in other provisions

2.4 New Standards, Interpretation and amendments adopted by the company
New and amended Standards:-

The accounting policies adopted in the preparation of the financial statements are consistent with those
followed in the preparation of the Company's annual financial statements for the year ended March 31, 2026,
except for amendments to the existing Indian Accounting Standards (Ind AS). The Company has not early
adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

The Ministry of Corporate Affairs notified new standards or amendment to existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time.

The Company applied following amendments for the first-time during the current year which are effective
from April 1, 2025:

(i) Amendments to Ind AS 21 - Lack of exchangeability

The amendment requires the Effects of Changes in Foreign Exchange Rates to specify how an entity
should assess whether a currency is exchangeable and how it should determine a spot exchange rate
when exchangeability is lacking. The amendments also require disclosure of information that enables
users of its financial statements to understand how the currency not being exchangeable into the other
currency affects, or is expected to affect, the entity's financial performance, financial position and
cash flows.

The amendments are effective for annual reporting periods beginning on or after April 1, 2025. When
applying the amendments, an entity cannot restate comparative information.

(ii) Amendments to Ind AS 1 - Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants

In August 2025, the MCA notified amendments to paragraphs 69 to 76 of Ind AS 1 to specify the
requirements for classifying liabilities as current or non-current. The amendments clarify:

What is meant by a right to defer settlement

That a right to defer must exist at the end of the reporting period

That classification is unaffected by the likelihood that an entity will exercise its deferral right

That only if an embedded derivative in a convertible liability is itself an equity instrument would the
terms of a liability not impact its classification

In addition, a requirement has been introduced to require disclosure when a liability arising from a
loan agreement is classified as non-current and the entity's right to defer settlement is contingent on
compliance with future covenants within twelve months.

The amendments are effective for annual reporting periods beginning on or after 1 April 2025
retrospectively in accordance with Ind AS 8.

(iii) Amendments to Ind AS 7 and Ind AS 107 - Supplier Finance Arrangements

In August 2025, the MCA notified amendments to Ind AS 7 Statement of Cash Flows and Ind AS 107
Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and
require additional disclosure of such arrangements. The disclosure requirements in the amendments
are intended to assist users of financial statements in understanding the effects of supplier finance
arrangements on an entity's liabilities, cash flows and exposure to liquidity risk.

(iv) International Tax Reform-Pillar Two Model Rules - Amendments to Ind AS 12

In August 2025, the MCA notified amendments to Ind AS 12 Income Taxes in response to the OECD's
BEPS Pillar Two rules and include:

A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the
jurisdictional implementation of the Pillar Two model rules; and

Disclosure requirements for affected entities to help users of the financial statements better understand
an entity's exposure to Pillar Two income taxes arising from that legislation, particularly before its
effective date.

The mandatory temporary exception - the use of which is required to be disclosed - applies immediately.
The remaining disclosure requirements apply for annual reporting periods beginning on or after April 1,
2025, but not for any interim periods ending on or before March 31, 2026.

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

Standard issued but not effective :

The Ministry of Corporate Affairs (MCA), as part of India's continued convergence with IFRS, has initiated
the process for introduction of Ind AS 118 - Presentation and Disclosure in Financial Statements, which
is converged with IFRS 18 issued by the IASB in April 2024. Ind AS 118 is intended to replace Ind AS 1
(Presentation of Financial Statements) and focuses on improving how entities present and communicate
financial performance, particularly in the Statement of Profit and Loss.

This standard is proposed to be applicable for annual reporting periods beginning on or after April 1,
2027, subject to final notification by the MCA through amendment to the Companies (Indian Accounting
Standards) Rules.

Amendments to Ind AS 1 - Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants

The Ind AS 1 carve-out regarding the classification of liabilities when there is a breach of a material
covenant that transforms the liability from non-current to current has been removed and hence when
an entity breaches any covenant of a long-term loan arrangement on or before the end of the reporting
period with the effect that the liability becomes payable on demand, it classifies the liability as current,
even if the lender agreed, after the reporting period and before the approval of the financial statements
for issue, not to demand payment as a consequence of the breach. An entity classifies the liability as
current because, at the end of the reporting period, it does not have the right to defer its settlement for
at least 12 months after that date.

However, an entity classifies the liability as non-current if the lender agreed by the end of the reporting
period to provide a period of grace ending at least 12 months after the reporting period, within which
the entity can rectify the breach and during which the lender cannot demand immediate repayment.

(i) The loans are given at interest rate ranging from 10% - 12% for business purpose and the same are repayable
on demand.

(ii) For amounts due and terms and conditions relating to related party receivables, refer Note 38.

(iii) Since all the above loans given by the company are unsecured and considered good, the segregation of loan
in other categories as required by Schedule III of Companies Act, 2013 Viz : (a) Secured, (b) Loans which have
significant increase in credit risk and (c) credit impaired is not applicable.

(iv) No loans are due from directors or other officers of the company, either severally or jointly with any other
person. Nor any loans are due from firms or private companies respectively in which any director is a partner,
director or a member

(i) Since all the above trade receivables of the company are unsecured and considered good except those which
are disclosed having significant increase in credit risk, the further bifurcation in other categories as required
by Schedule III of Companies Act, 2013 viz : (a) Secured, (b) Credit impaired is not applicable.

(ii) For amounts due and terms and conditions relating to related party receivables, refer Note 38

(iii) For information about credit risk related to trade receivables, refer note 35

(iv) No trade or other receivables are due from directors or other officers of the company, either severally or
jointly with any other person. Nor any trade or other receivables are due from firms or private companies
respectively in which any director is a partner, director or a member

(v) Trade receivables are non interest bearing and are generally on credit terms of upto 30-60 days

(vi) There are no unbilled receivables, hence the same is not disclosed.

(vii) The Company has hypothecated its receivables from project The Edge. The carrying value of receivables from

projects as at March 31, 2026 Rs. 123.15 Lakhs (March 31, 2025 Rs. Nil Lakhs)

(d) Terms / rights attached to the equity shares

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.

In the event of liquidation of the company the holders of the equity shares will be entitled to receive any of
the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by shareholders.

(e) During the year ended 31^st March, 2026, the company has issued 3,02,500 (31^st March 2025, 2,20,500) equity
shares of Rs. 10 each to the eligible employees pursuant to the exercise of stock options granted to them under
Employees Stock Option Scheme - 2016 (AIL ESOP 2016) for shares reserved for issue under ESOP scheme.

(f) For details of shares reserved for issue under the share based payment plan of the company, Please refer
note 31.

Securities premium

Securities premium is used to record the premium received on issue of equity shares. The reserve can be utilised
only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies
Act, 2013.

Share based payment reserve

The Company operates a share option plan under which options to subscribe for the Company's shares have been
granted to certain executives and senior employees.The share-based outstanding account is used to recognise
the value of equity-settled share-based payments provided to employees, including key management personnel,
as part of their remuneration. Refer to Note 31 for further details of the plan. The share options-based payment
reserve is used to recognise the grant date fair value of options issued to employees under Employee stock option
plan. The amounts recognised in this reserve are transferred to Securities Premium when Options are exercised by
the employees or they expire unexercised.

Retained Earnings

Retained earnings are the profits that the Company has earned till date, less dividends or other distributions paid
to shareholders. Retained earnings include re-measurement loss / (gain) on defined benefit plans, net of taxes that
will not be reclassified to Statement of Profit and Loss. The amount is available for distribution to the shareholders.

Money received against share ESOP

Money received against share ESOP represents advance share application money towards equity shares to be
issued under ESOP.

Treasury share reserve

During the quarter and year ended March 31, 2026, the Company has established ASL ESOP Trust, ("the Trust”)
to administer its employee share-based compensation schemes. The Company treats the Trust as an extension
of itself and accordingly, the shares acquired by the Trust, amounting to Rs. 2,341.56 Lakhs, have been treated as
treasury shares in these standalone financials statements.

14. Borrowings (contd.)

2. Term loan taken and outstanding of Rs. Nil Lakhs (March 31, 2025 : Rs. 4,533 Lakhs) from TATA Capital Limited
is secured by way of mortgage of land at project Uplands township situated at Nasmed village, Gandhinagar
owned by Ahmedabad East Infrastructure LLP (Subsidiary Company).

3. Term loan taken and outstanding of Rs. 16,000 Lakhs (March 31, 2025 : Rs. Nil Lakhs) from Aditya Birla Capital
Limited is secured by way of mortgage of land at project Uplands Phase-I, Arvind Belair, Arvind The Edge,
Rhythm of Life with hypothecation of receivables from the same projects.

4. Vehicle loans amounting to Rs. 459.96 Lakhs (March 31, 2025 : Rs. 302.42 Lakhs) are secured by
respective vehicles.

Note 2: The Company does not have any transactions or balances outstanding with companies struck off under
section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956

Note 3: Trade payables are non-interest bearing and are normally settled on 30 to 90 days terms including those
trade payables that are included in the Company's supplier finance arrangement

Note 4: Based on information and records available with company, details of suppliers who are registered as micro,
small or medium enterprise under "The Micro, Small and Medium Enterprise Development Act, 2006” (Act) till 31^st
March, 2026 is as mentioned below. This has been relied upon by the auditors.

On 21 November 2025, the Central Government issued four separate notifications in the Official Gazette announcing
implementation of four Labour Codes, viz., 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. These
four codes replace and consolidate 29 existing labour laws. Following the implementation of the four labour
codes, the Central Government has pre-published the draft rules on 31 December 2025 under the respective
Labour Codes, for public comment and the final rules are expected to be notified in due course. To ensure smooth
implementation, the Ministry of Labour and Employment has also issued the Frequently Asked Questions (FAQs)
on the four codes.

The four codes prescribe an inclusive definition of the term 'wages', which among other matters is relevant for
determination of post-employment benefits including gratuity to all employees. In accordance with the definition,
certain specified items forming part of remuneration are not included in the wages and these excluded items
cannot exceed 50% of total remuneration. If there is an excess, then it is presumed that excess amount also forms
part of wages. The four codes also introduce changes related to leave entitlement and encashment for workers.
Going forward, workers' leave balance in excess of 30 days will be encashed at the end of each calendar year and
workers will have a right to demand encashment for entire leave.

The Company has assessed the impact of these changes on the basis of legal view obtained by the and the best
information available till authorisation of the financial statements for issue. The Company has determined that
these changes result in one time increase in employee benefit cost of Rs. 35.60 Lakhs. The Company has presented
increase in obligation as an expense under the head "Employee Benefit Expense” in the statement of profit and
loss for the year ended 31 March 2026. Considering that it is emerging topic and the finalisation of Central/ State
Rules is still pending, the Company will continue monitoring changes and provide appropriate accounting effect
as required based on future developments.

28. Commitments and Contingencies

a. Commitments

As at March 31, 2026 the company has given net advance of Rs. 15,086.40 Lakhs (31^st March, 2025: Rs. 22,178.60
Lakhs) for purchase of land. Under the agreements executed with the land owners, the company is required
to make further payments based on the agreed terms. Further the company has commitment on capital
account (Net of advances) amounting to Rs. 764.23 Lakhs (31^st March, 2025: Rs. 600 Lakhs) relating to
purchase of assets.

Notes:

The Company has not recognized and acknowledged the claims as liability in the books of account amounting
to Rs. 24730 Lakhs (31^st March, 2025: Rs. 24730 Lakhs) which have been made against the company by
Department of Goods and service tax & Karnataka VAT, since such claims have been disputed and pending
before the appropriate authorities for final adjudication and accordingly sub-judice.The claim of Rs. 24730
Lakhs (31^st March, 2025: 24730 Lakhs) pertains to denial of Tran-1 credit on the grounds that transitional
credit availed is in excess to the credit available in the KVAT returns. The company has been advised by its
legal counsel that it is only possible, but not probable, that the action will succeed. Accordingly, no provision
for any liability has been made in these financial statements.

29. Segment Reporting

The Company's primary business is development of real estate comprising of residential, commercial and industrial
projects. Company's performance for operation as defined in Ind AS 108 is evaluated as a whole by the Managing
Director & CEO/Chief Financial Officer who are chief operating decision maker ('CODM') of the Company based
on which development of real estate activities are considered as a single operating segment. The Company reports
geographical segment which is based on the areas in which major operating divisions of the Company operate and
the entire operations are based only in India and hence no further disclosures are made in this regards. During the
year 2025-26 and 2024-25, no single external customer has generated revenue of 10% or more of the Company's
total revenue.

30. Disclosure pursuant to employee benefits

A. Defined contribution plans : Provident fund and employee state insurance

The company makes contribution towards employees' provident fund and employees' state insurance plan
scheme. Under the rules of these schemes, the Company is required to contribute a specified percentage
of payroll costs. The Company during the year recognized Rs. 264.30 Lakhs (31^st March,2025 : Rs. 270.74
Lakhs) as expense towards contributions to these plans. The company does not have any further obligation
in this regards.

31. Share-based payments

The company provides share-based payment schemes to its employees. During the year ended 31^st March, 2026,
an employee stock option plan (ESOP) was in existence. The relevant details of the scheme and the grant are
as below:

Employee Stock Option (ESOP) Scheme (2016)

The Company has instituted Arvind Infrastructure Limited - Employees Stock Option Plan - 2016 (AIL ESOP -
2016), pursuant to the approval of the shareholders of the company at their Eighth Annual General Meeting
held on 23^rd September, 2016. Under AIL ESOP - 2016, the Company has granted options convertible into equal
number of equity shares of the face value of Rs. 10 each to its certain eligible employees of the Comapany and its
subsidiaries. The following table sets forth the particulars of the options outstanding as on March 31, 2026 under
AIL ESOP - 2016.

ESOP Trust

On March 16, 2026, the Company executed a Trust Deed to establish the ASL ESOP Trust (the "Trust”), a private
and irrevocable trust, created exclusively for the benefit and welfare of the employees of the Company. The
primary objective of the Trust is to facilitate the allotment or transfer of equity shares to eligible employees
upon the exercise of vested stock options, in accordance with the respective ESOP schemes and the provisions
of the Trust Deed. The Trust shall function in accordance with the provisions of the Companies Act, 2013, SEBI
(SBEB & SE) Regulations, 2021, and other applicable laws and is governed by the Nomination and Remuneration
Committee of the Company.

The fair value measurement hierarchy of all Company's financial assets and liabilities is provided in Note 33.

The management assessed that fair values of financial assets and financial liabilities approximate their carrying
amounts largely due to the short-term maturities of these instruments.

Specific valuation techniques used to value financial instruments include the use of net assets value for mutual
funds on the basis of the statement received from investee party.

Investment in equity shares of subsidiaries, associates and joint ventures are measured at cost as per Ind AS 27,
'Separate financial statements' and are not required to be disclosed here.

33. Fair value hierarchy

The following table provides the fair value measurement hierarchy of the Company's assets and liabilities.
Quantitative disclosures of fair value measurement hierarchy for assets as at 31 March 2026:

34. Capital management

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

The Company manages its capital structure and makes adjustments in light of changes in economic conditions
and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may
adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company
monitors capital using a gearing ratio, which is net debt divided by total equity.

The Company monitors capital using a net debt to equity ratio, which is as follows:

1. Equity includes equity share capital and all other equity components attributable to the equity holders.

2. Net debt includes borrowings (non-current and current) and Lease liabilities (non-current and current) less
cash and cash equivalents

In order to achieve this overall objective, the Company's capital management, amongst other things, aims
to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that
define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to
immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest¬
bearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the year ended
March 31, 2026 and March 31, 2025.

35. Financial risk management objectives and policies

The Company's principal financial liabilities, comprise of loan and borrowings, trade payables. The main purpose of
these financial liabilities is to finance the Company's operations. The Company's principal financial assets include
loans, trade receivables and cash and cash equivalents that are derived directly from its operations. The Company
also holds debt and equity investments.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees
the management of these risks and ensures that the Company's financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company's policies and risk objectives. All derivative activities for risk management purposes are carried out by
specialist teams that have the appropriate skills, experience and supervision. It is the Company's policy that no
trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees
policies for managing each of these risks, which are summarised below.

1. Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such
as commodity/ real-estate risk. Financial instruments affected by market risk include loans and borrowings
and debt and equity investments

The sensitivity analysis in the following sections relate to the position as at 31^st March, 2026 and 31^st March,
2025. The sensitivity analysis has been prepared on the basis that the amount of net debt and the ratio of
fixed to floating interest rates of the debt are constant. The analysis excludes the impact of movements in
market variables on the carrying values of gratuity and other post retirement obligations/provisions.

The below assumption has been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market
risks. This is based on the financial assets and financial liabilities held at 31^st March, 2026 and 31^st March, 2025.

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's exposure to the risk of changes in market
interest rates relates primarily to the Company's long-term debt obligations with floating interest rates.

Commodity risk / real-estate risk

The company is affected by the price volatility of certain commodities/ real estate. Its operating activities
require the ongoing development of real estate. The company's management has developed and enacted
a risk management strategy regarding commodity/ real estate price risk and its mitigation. The company is
subject to the price risk variables, which are expected to vary in line with the prevailing market conditions.

Interest rate sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in interest rates. With all
other variables held constant, the Company's profit before tax is affected through the impact on floating
rate borrowings, as follows: This calculation also assumes that the change occurs at the balance sheet date
and has been calculated based on risk exposures outstanding as at that date. The year end balances are not
necessarily representative of the average debt outstanding during the year.

2. Credit Risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The carrying amount of following financial assets represents
the maximum credit exposure. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks and financial institutions
and other financial instruments.

Trade receivables

Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to
pay advances before transfer of ownership, therefore substantially eliminating the company's credit risk in
this respect.

Financial Instrument and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company's treasury
department in accordance with the Company's policy. Investments of surplus funds are made only with
approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits
are reviewed by the company's Board of Directors on an annual basis. The limits are set to minimise the
concentration of risks and therefore mitigate financial loss through a counterparty's potential failure to make
payments. The company's maximum exposure to credit risk for the components of the statement of balance
sheet at 31^st March, 2026 and 31^st March, 2025 is the carrying amounts.

Provision for expected credit loss

The Company provides for expected credit loss based on 12 months and lifetime expected credit loss basis
for following financial assets:

3. Liquidity Risk

The Company's objective is to maintain a balance between continuity of funding and flexibility through
the use of bank loans, bank overdrafts. The Company assessed the concentration of risk with respect to
refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of
funding and debt maturing within 12 months can be rolled over with existing lenders.

The table below summarises the maturity profile of the Company's financial liabilities based on contractual
undiscounted payments.

The company had total cash outflows for leases of Rs. 138.02 Lakhs in 31 March 2026 (Rs. 69.67 Lakhs in 31 March
2025). The company had non-cash additions of right-of-use assets and lease liabilities of Rs. Nil Lakhs in 31 March
2026 (Rs. 308.55 Lakhs in 31 March 2025).

The Company has incurred leasehold improvement cost of Rs. 222.64 Lakhs during the year ended 31 March 2026
(Rs. 50.76 Lakhs during the year ended 31 March 2025) which will be amortised over the tenure of lease. (Refer
Note 3.1)

41. Events after the reporting period

The Company through its subsidiary, Arvind Skyline Private Limited has acquired 4,900 equity shares of Rs. 10
each at face value (49% of paid up share capital) in Oxford Navrang Realtors Private Limited (ONRPL) from its
existing shareholders by way of a Share Purchase Agreement executed on 6 April 2026. ONRPL is proposed to
undertake a redevelopment of 11 existing co-operative housing societies into a high-rise residential project on a
total land area admeasuring 10,629.47 sqmtr in Goregaon, Mumbai.

Additionally, the Company has sold 1,300 equity shares of Rs. 10 each (13% of paid up share capital) to Mr. Khetsi
Barot and Mr. Kaushal Agarwal at face value by way of a Share Purchase Agreement executed on 6 April 2026.
Post the execution of this agreement, the Company holds 87% of the paid-up share capital of Arvind Skyline
Private Limited.

The Board of directors have proposed dividend after the balance sheet date which are subject to approval by the
shareholders at the annual general meeting. Refer note 13 for details.

According to the management's evaluation of events subsequent to the balance sheet date, there were no other
significant adjusting events that occurred other than those disclosed / given effect to, in these standalone financial
statements as of May 20, 2026.

42. Other statutory Information

a The Company has availed loans from banks on the basis of security of current assets. The Company files
statement of current assets with the bank on periodical basis. There are no material discrepancies between
the statements filed by the Company and the books of accounts of the Company.

b The Company has not been declared a wilful defaulters by any bank or financial institution or 'other lender'.

c No proceedings have been initiated or are pending against the Company for holding any Benami property

under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

42. Other statutory Information (contd.)

d The company has not traded or invested in Crypto currency or Virtual Currency during the reporting periods.

e The company has neither advanced, loaned or invested funds nor received any fund to/from any person
or entity for lending or investing or providing guarantee to/on behalf of the ultimate beneficiary during the
reporting periods.

f There is no immovable property whose title deed is not held in the name of the company.

g There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.

h The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act

read with the Companies (Restriction on number of Layers) Rules, 2017.

i The company has not entered into any scheme of arrangement in terms of sections 230 to 237 of the
Companies Act, 2013.

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

k The Company has complied with the relevant provisions of the Foreign Exchange Management Act, 1999 (42
of 1999)and the Prevention of Money-Laundering Act, 2002 wherever applicable.

43. The Company uses an 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 accounting software.The feature of audit trail is enabled at application layer and
database layer (via PAM tool) and the same operated throughout the year.

44. The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered
necessary, to make them comparable with current year classification.