(m) Provisions and contingent liabilities

Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are
measured at the best estimate of the expenditure required to settle the present obligation at the Balance sheet date.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate,
the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as
a finance cost.

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

(n) Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise balance with banks, cash on hand, cheques/ draft on hand and short-term
deposits net of bank overdraft with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purposes of the cash flow statement, cash and cash equivalents include balance with banks, cash on hand, cheques/ draft on hand
and short-term deposits net of bank overdraft.

(o) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.

(i) Financial assets

(I) Initial recognition and measurement

At initial recognition, financial asset is measured at its fair value plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial
assets carried at fair value through profit or loss are expensed in profit or loss.

(II) Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in following categories:

a) at amortized cost; or

b) at fair value through other comprehensive income; or

c) at fair value through profit or loss.

The classification depends on the entity's business model for managing the financial assets and the contractual terms of
the cash flows.

Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance
income using the effective interest rate method ('EIR').

Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and for
selling the financial assets, where the assets' cash flows represent solely payments of principal and interest, are measured at
fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken through OCI, except for
the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in
Statement of Profit and Loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI
is reclassified from equity to Statement of Profit and Loss and recognized in other gains/ (losses). Interest income from these
financial assets is included in other income using the EIR method.

Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair
value through profit or loss. Interest income from these financial assets is included in other income.

Equity instruments: All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held
for trading and contingent consideration recognised by an acquirer in a business combination to which Ind AS103 applies
are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present in
other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument- by¬
instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding
dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to profit or loss, even on sale of investment.
However, the Company may transfer the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the
profit and loss.

(III) Impairment of financial assets

In accordance with Ind AS 109, Financial Instruments, the Company applies Expected Credit Loss ('ECL') model for measurement
and recognition of impairment loss on financial assets that are measured at amortized cost and FVOCI.

For recognition of impairment loss on financial assets and risk exposure, the Company determines that whether there has been
a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used
to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If in subsequent years,
credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition,
then the entity reverts to recognizing impairment loss allowance based on 12 month ECL.

Life time ECLs are the expected credit losses resulting from all possible default events over the expected life of a financial
instrument. The 12 month ECL is a portion of the lifetime ECL which results from default events that are possible within 12
months after the year end.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all
the cash flows that the entity expects to receive (i.e. all shortfalls), discounted at the original EIR. When estimating the cash
flows, an entity is required to consider all contractual terms of the financial instrument (including prepayment, extension etc.)
over the expected life of the financial instrument. However, in rare cases when the expected life of the financial instrument
cannot be estimated reliably, then the entity is required to use the remaining contractual term of the financial instrument.

In general, it is presumed that credit risk has significantly increased since initial recognition if the payment is more than
30 days past due.

ECL impairment loss allowance (or reversal) recognized during the year is recognized as impairment gain / loss on financial
assets in the Statement of Profit and Loss. In balance sheet ECL for financial assets measured at amortized cost is presented as
an allowance, i.e. as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the net
carrying amount. Until the asset meets write off criteria, the Company does not reduce impairment allowance from the gross
carrying amount.

(IV) Derecognition of financial assets

A financial asset is derecognized only when

a) the rights to receive cash flows from the financial asset is transferred or

b) retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay
the cash flows to one or more recipients.

Where the financial asset is transferred then in that case financial asset is derecognized only if substantially all risks and rewards
of ownership of the financial asset is transferred. Where the entity has not transferred substantially all risks and rewards of
ownership of the financial asset, the financial asset is not derecognized"

(ii) Financial liabilities

(I) Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss and at amortized
cost, as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of borrowings and payables, net of directly attributable
transaction costs.

(II) Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

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. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are
recognized in the Statement of Profit and Loss.

Borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in Statement of Profit and 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.

Borrowing Cost: Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily
takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All
other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that
an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent
regarded as an adjustment to the borrowing costs.

(III) Derecognition

A financial liability is derecognized 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 recognized in the Statement
of Profit and Loss as finance costs.

(iii) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable
right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability
simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal
course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

(p) Employee Benefits

(i) 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 year in which the employees render the related service are recognized in respect of employees' services up to the end of
the year 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.

(ii) Other long-term employee benefit obligations
(I) Defined contribution plan

Provident Fund: Contribution towards provident fund is made to the regulatory authorities, where the Company has no
further obligations. Such benefits are classified as Defined Contribution Schemes as the Company does not carry any further
obligations, apart from the contributions made on a monthly basis which are charged to the Statement of Profit and Loss.

Employee's State Insurance Scheme: Contribution towards employees' state insurance scheme is made to the regulatory
authorities, where the Company has no further obligations. Such benefits are classified as Defined Contribution Schemes as
the Company does not carry any further obligations, apart from the contributions made on a monthly basis which are charged
to the Statement of Profit and Loss.

(II) Defined benefit plans
Gratuity

The Company provides for gratuity, a defined benefit plan (the 'Gratuity Plan"") covering eligible employees in accordance with
the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death,
incapacitation or termination of employment, of an amount based on the respective employee's salary. The Company's liability
is actuarially determined (using the Projected Unit Credit method) at the end of each year. Actuarial losses/gains are recognized
in the other comprehensive income in the year in which they arise.

The present value of the defined benefit obligation denominated in INR 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 estimated future payments which are denominated in a currency other than INR,
are discounted using market yields determined by reference to high-quality corporate bonds that are denominated in the
currency in which the benefits will be paid, and 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.

Compensated absences

Accumulated compensated absences, which are expected to be availed or encashed within 12 months from the end of the year
are treated as short term employee benefits. The obligation towards the same is measured at the expected cost of accumulating
compensated absences as the additional amount expected to be paid as a result of the unused entitlement as at the year end"

Accumulated compensated absences, which are expected to be availed or encashed beyond 12 months from the end of the
year end are treated as other long term employee benefits. The Company's liability is actuarially determined (using the Projected
Unit Credit method) at the end of each year. Actuarial losses/gains are recognized in the statement of profit and loss in the year
in which they arise. Leaves under define benefit plans can be encashed only on discontinuation of service by employee.

(iii) Share-based payments

Employees (including senior executives) of the Company receive remuneration in the form of share-based payments, whereby
employees render services as consideration for equity instruments (equity-settled transactions). The cost of equity-settled
transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model.

That cost is recognised, together with a corresponding increase in share-based payment (SBP) reserves in equity, over the
period in which the performance and/or service conditions are fulfilled in employee benefits expense. The cumulative expense
recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting
period has expired and the Companies' best estimate of the number of equity instruments that will ultimately vest. The
statement of profit and loss expense or credit for a period represents the movement in cumulative expense recognised as at
the beginning and end of that period and is recognised in employee benefits expense"

No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions
have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested
irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.

The Company has established an Employee Stock Option Plan , SMEL Performance Scheme (ESOP 2023) on 25th September 2023
and SMEL Loyalty Scheme on 27th September 2023, which extends to the employees of the wholly owned subsidiary Company
namely Shyam Sel and Power Limited ('SSPL'). The ESOP is administered by the 'Shyam Metalics Employee Welfare Trust.

In accordance with the guidance provided under Ind AS 102 - Share-based Payment, the fair value of the stock options granted
to employees of the wholly owned subsidiary Company is recognized as an increase in the share option outstanding account
over the vesting period, with a corresponding increase in financial asset. The expense is recognized based on the fair value of
the options at the grant date.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.

(q) Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average
number of equity shares outstanding during the year. Earnings considered in ascertaining the Company's earnings per share is the net profit
or loss for the year after deducting preference dividends and any attributable tax thereto for the year. The weighted average number of equity
shares outstanding during the year and for all the years presented is adjusted for events, such as bonus shares, other than the conversion
of potential equity shares, that have changed the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year is adjusted for the effects of all dilutive potential equity shares"

(r) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The
Board of directors monitors the operating results of all product segments separately for the purpose of making decisions about resource
allocation and performance assessment. Segment performance is evaluated based on profit and loss and is measured consistently with
profit and loss in the Summary Statements.

The operating segments have been identified on the basis of the nature of products/services. Further:

i. Segment revenue includes sales and other income directly identifiable with / allocable to the segment including inter - segment
revenue. Expenses that are directly identifiable with / allocable to segments are considered for determining the segment result.

ii. Expenses which relate to the Group as a whole and not allocable to segments are included under un-allocable expenditure.

iii. Income which relates to the Group as a whole and not allocable to segments is included in unallocable income.

iv. Segment results includes margins on inter-segment sales which are reduced in arriving at the profit before tax of the Company.

v. Segment assets and liabilities include those directly identifiable with the respective segments. Unallocable assets and liabilities
represent the assets and liabilities that relate to the Group as a whole and not allocable to any segment.

vi. Segment revenue resulting from transactions with other business segments is accounted on the basis of transfer price agreed
between the segments. Such transfer prices are either determined to yield a desired margin or agreed on a negotiated business.

(s) All amounts disclosed in Financial Statements and notes have been rounded off to the nearest thousands as per requirement of Schedule
III of the Act, unless otherwise stated.

1C Significant accounting judgments, estimates and assumptions

The preparation of Financial Statements requires management to make judgments, estimates and assumptions that affect the reported amounts
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 years.

The key assumptions concerning the future and other key sources of estimation uncertainty at the year end 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.

(a) Useful lives of property, plant and equipment, right-of-use assets and intangible assets

The Company reviews the useful life of property, plant and equipment, right-of-use assets and intangible assets at the end of each
reporting period. This reassessment may result in change in depreciation and amortisation expense in future periods.

(b) Deferred tax assets

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

(c) Provisions and contingent liabilities

A provision is recognised when the Group has a present obligation as result of a past event and it is probable that the outflow of resources
will be required to settle the obligation, in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date
and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements.

(d) Share-based payments

Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which is
dependent on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the
valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about them.

(e) Fair value measurements of financial instruments

When the fair value 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 Discounted Cash Flow 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 risks, credit risks and volatility. Changes in assumptions about these
factors could affect the reported fair value of financial instruments.

(f) Defined benefit plans (gratuity benefits and compensated absences)

The cost of the defined benefit plans such as gratuity and compensated absences are determined using actuarial valuations. An actuarial
valuation involves making various assumptions that may differ from actual developments in the future. These include the determination
of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature,
a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each year end.

The principal assumptions are the discount and salary growth rate. The discount rate is based upon the market yields available on
government bonds at the accounting date with a term that matches that of liabilities. Salary increase rate takes into account of inflation,
seniority, promotion and other relevant factors on long term basis. For details refer Note 39.

(g) Allocation of consideration over the fair value of assets and liabilities acquired in a business combination

Assets and liabilities acquired pursuant to business combination are stated at the fair values determined as of the date of acquisition.
The carrying values of assets acquired are determined based on estimate of a valuation carried out by independent professional valuers
appointed by the Company. The values have been assessed based on the technical estimates of useful lives of tangible assets and benefits
expected from the use of intangible assets. Other assets and liabilities were recorded at values that were expected to be realised or
settled respectively.

1D New Standards, Interpretations and Amendments Adopted by the Company

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. During the year ended March 31, 2025, MCA has notified Ind AS 117-Insurance Contracts and
amendments to Ind AS 116 -Leases, relating to sale and leaseback transactions, applicable from April 1, 2024. The Company has assessed that
there is no significant impact on its financial statements

On 09 May 2025, MCA notified the amendments to Ind AS 21-Effects of Changes in Foreign Exchange Rates. These amendments aim to provide
clearer guidance on assessing currency exchangeability and estimating exchange rates when currencies are not readily exchangeable. The
amendments are effective for annual periods beginning on or after 01 April 2025. The Company is currently assessing the probable impact of
these amendments on its standalone financial statements.