iii. Contingent Liabilities and provisions

The 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.
The Company evaluates the obligation
through Probable, Possible or Remote model
('PPR'). In making the evaluation for PPR, the
Company take into consideration the Industry
perspective, legal and technical view, availability
of documentation/ agreements, interpretation
of the matter, independent opinion from
professionals (specific matters) etc. which
can vary based on subsequent events. The
Company provides the liability in the books for
probable cases, while possible cases are shown
as Contingent Liability. The remote cases are not
disclosed in the financial statement. Contingent
assets are neither recognised nor disclosed in the
financial statements(Refer note 35).

iv. Going Concern

The Company prepares the financial statement
on a Going Concern basis in view of financial
support from Ultimate Holding Company and
assuming the cash flows generation from the
continuation of operations, outflow for capital
expenditure and the repayment obligations of
debt and interest for the next twelve months.
In calculating the cash flow generation from
the business, certain assumptions are required
to be made in respect of highly uncertain
matters, including management's expectations
of earnings, interest cost and capex outflow to
reflect the risks involved. The Company also make
certain assumptions regarding the continuation
of credit from lenders.

v. Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan
and the present value of the gratuity obligation
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 reporting
date and disclosed in Note 18 & 23.

vi. Leases

The Company evaluates if an arrangement
qualifies to be a lease as per the requirements
of Ind AS 116. The application of Ind AS 116
requires company to make judgements and
estimates that affect the measurement of right-
of-use assets and liabilities. The Company uses
significant judgement in assessing the lease term
and the applicable discount rate.

The Company determines the lease term as the
non-cancellable period of a lease, together with
both periods covered by an option to extend
the lease if the Company is reasonably certain
to exercise that option; and periods covered
by an option to terminate the lease if the
Company is reasonably certain not to exercise
that option. In assessing whether the Company
is reasonably certain to exercise an option to
extend a lease, or not to exercise an option to
terminate a lease, it considers all relevant facts
and circumstances that create an economic
incentive for the Company to exercise the option
to extend the lease, or not to exercise the option
to terminate the lease. The Company revises the
lease term if there is a change in the relevant
facts and circumstances. Estimates are required
to determine the appropriate discount rate used
to measure lease liabilities.

The Company cannot readily determine the
interest rate implicit in the lease, therefore, it uses
its incremental borrowing rate (IBR) to measure
lease liabilities. The Company uses return on
Government Securities with similar maturity as
base rate and makes adjustments for spread
based on the Company's credit rating as the
implicit interest rate is not readily ascertainable.

2.4 Summary of other accounting policies

This note provides a list of other accounting policies
adopted in the preparation of these financial statements
to the extent they have not already been disclosed in the
other notes above. These policies have been consistently
applied to all the years presented, unless otherwise stated.

a. Current and Non-Current Classification

The Company presents assets and liabilities
in the balance sheet based on current/ non¬
current classification.

When an asset meets any of the following criteria it is
treated as current:

• Expected to be realised or intended to be sold or
consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realised within twelve months after
the reporting period, or

• Cash or cash equivalent unless restricted from
being exchanged or used to settle a liability for at
least twelve months after the reporting period

All other assets are classified as non-current.

When a liability meets any of the following criteria it
is treated as current:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after
the reporting period, or

• There is no right to defer the settlement of the
liability for at least twelve months after the
reporting period

All other liabilities are classified as non-current.

The operating cycle is the time between the acquisition
of assets for processing and their realisation in cash
and cash equivalents. The Company has identified
twelve months as its operating cycle.

b. Foreign Currencies

Functional and Presentation Currency

Items included in the financial statements of the
Company is measured using the currency of the
primary economic environment in which the entity
operates ('the functional currency'). The Company's
financial statements are presented in Indian Rupees
(INR), which is also the Company's functional and
presentation currency.

Initial Measurement

Transactions in foreign currencies on initial recognition
are recorded at the spot exchange rate between
the Company's functional currency and the foreign
currency on the date of the transaction.

Subsequent Measurement

At each balance sheet date, foreign currency monetary
items are reported using the closing exchange rate.
Exchange differences that arise on settlement of
monetary items or on restatement at each balance
sheet date of the company's monetary items at the
closing rate are recognised as income or expenses in
the period in which they arise.

Non-monetary items which are carried at historical
cost denominated in a foreign currency are reported
using the exchange rate at the date of the transaction.
Non-monetary items measured at fair value in a
foreign currency are translated using the exchange
rates at the date when the fair value was determined.
The gain or loss arising on translation of non-monetary
items is recognised in line with the gain or loss of
the item that gave rise to the translation difference
(translation differences on items whose gain or loss
is recognised in other comprehensive income or the
statement of profit and loss is also recognised in other
comprehensive income or the statement of profit and
loss respectively).

Non-monetary items which are carried at historical
cost denominated in a foreign currency are reported
using the exchange rate at the date of the transaction.
Non-monetary items measured at fair value in a
foreign currency are translated using the exchange
rates at the date when the fair value was determined.
The gain or loss arising on translation of non-monetary
items is recognised in line with the gain or loss of
the item that gave rise to the translation difference
(translation differences on items whose gain or loss
is recognised in other comprehensive income or the
statement of profit and loss is also recognised in other
comprehensive income or the statement of profit and
loss respectively).

c. Finance Income

(i) Interest income

The interest income is recognised on accrual
basis. For further details, refer note 2.2(h) on
financial instruments.

d. Borrowing Costs

Borrowing costs directly attributable to the acquisition
or construction of a qualifying asset up to the date the

asset is available for use, are capitalised as a part of the
cost of that 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. Interest income earned on the
temporary investment of specific borrowings pending
their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalisation.

e. Trade Receivables

Trade receivables are amounts due from customers
for goods sold or services performed in the
ordinary course of business and reflects company's
unconditional right to consideration (that is, payment
is due only on the passage of time). Trade receivables
are recognised initially at the transaction price as they
do not contain significant financing components.
The company holds the trade receivables with the
objective of collecting the contractual cash flows and
therefore measures them subsequently at amortised
cost, less loss allowance.

f. Trade Payables

These amounts represent liabilities for goods and
services provided to the company prior to the end
of financial year which are unpaid. Trade and other
payables are presented as current liabilities unless
payment is not due within 12 months after the
reporting period. They are recognised at their fair
value and subsequently measured at amortised cost.

g. Provisions (including Asset Retirement Obligation)

Provisions are recognised when the Company has a
present obligation (legal or constructive) 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 a reliable estimate can be
made of the amount of the obligation. The expense
relating to a provision is presented in the statement
of profit and loss net of any reimbursement.

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 recognised
as a finance cost.

Asset Retirement Obligation ("ARO") is provided for
arrangements where the Company has a binding
obligation to restore the said location/premises
at the end of the period in a condition similar to
inception of the arrangement. The restoration and
decommissioning costs are provided at the present

value of expected costs to settle the obligation using
estimated cash flows and are recognised as part of
the cost of the particular asset. The cash flows are
discounted at a current pre-tax rate that reflects the
risks specific to the decommissioning liability. The
unwinding of the discount is expensed as incurred
and recognised in the statement of profit and loss
as a finance cost. The estimated future costs of
decommissioning are reviewed annually and adjusted
as appropriate. Changes in the estimated future
costs or in the discount rate applied are added to or
deducted from the cost of the asset.

h. Cash and cash equivalents

Cash and cash equivalents in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months or
less, which are subject to insignificant risk of changes
in value. For the purpose of the statement of cash
flows, cash and cash equivalents consist of cash
and short-term deposits, as defined above, net of
outstanding bank overdrafts (including cash credit) as
they are considered an integral part of the Company's
cash management.

i. Loss per share

Basic loss per share is calculated by dividing the net
loss for the year attributable to equity shareholders
by the weighted average number of equity shares
outstanding during the year.

For the purpose of calculating diluted loss 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 are adjusted for
the effects of all dilutive potential equity shares.

j. Taxes

Current 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 and considers
whether it is probable that a taxation authority will
accept an uncertain tax treatment. The Company
measures its tax balances either based on the most

likely amount or the expected value, depending on
which method provides a better prediction of the
resolution of the uncertainty.

Deferred tax

Deferred income tax is provided in full, using the
liability method, on temporary differences arising
between the tax bases of assets and liabilities and
their carrying amounts in the financial statements.
However, deferred tax liabilities are not recognised
if they arise from the initial recognition of goodwill.
Deferred income tax is also 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) and does not give
rise to equal taxable and deductible temporary
differences. Deferred income tax is determined
using tax rates (and laws) that have been enacted
or substantially 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 where
there is a legally enforceable right to offset current
tax assets and liabilities and where the deferred tax
balances relate to the same taxation authority. 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 profit or
loss, except to the extent that it relates to items
recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised
in other comprehensive income or directly in
equity, respectively.

k. Exceptional Items

When items of income or expense are of such nature,
size and incidence that their disclosure is necessary
to explain the performance of the Company for the
year, the company makes a disclosure of the nature
and amount of such items separately under the head
"exceptional items."

l. License entry fee

The license entry fee has been recognised as an
intangible asset and is amortised on straight line basis

over the remaining license period from the date when
it is available for use in the respective circles. License
entry fee includes interest on funding of license entry
fee and bank guarantee commission up to the date of
license available for use in the respective circles.

Fees paid for migration of the original Unified Access
Service license to the Unified license is amortised over
the remaining period of the license for the respective
circle from the date of migration to Unified licenses/
payment of the license fees on straight line basis.

Fees paid for obtaining in-principle approval to use
alternate technology under the Unified Access Service
licenses/Unified licenses has been recognised as an
intangible asset and is amortised from the date of
approval over the balance remaining period of the
Unified Access Service licenses/Unified licenses on
straight line basis for the respective circles.

m. Revenue sharing fee

Revenue sharing fee on license is computed as per
the licensing agreement at the prescribed rate and
expensed as license fees in the statement of profit
and loss in the year in which the related revenue from
providing unified access services are recognised.

n. Intangible assets

Intangible assets are recognised when the
Company controls the asset, it is probable that
future economic benefits attributed to the asset
will flow to the Company and the cost of the asset
can be measured reliably. Intangible assets acquired
separately are measured on initial recognition at cost.
Subsequently, intangible assets are carried at cost
less any accumulated amortisation and accumulated
impairment losses.

The useful lives of intangible assets are assessed as
either finite or indefinite. There are no intangible
assets assessed with indefinite useful life.

Intangible assets with finite lives are amortised over
the useful economic life and assessed for impairment

Deferred customer contract acquisition costs

Costs to acquire customer contracts are generally deferred and amortised over the estimated economic life of the contracts, subject to
an assessment of the recoverability of such costs. For contracts with an estimated amortisation period of less than one year, acquisition
costs are expensed immediately. The closing balance of assets recognised from the costs incurred in respect of long term contracts
amounts to ' 29.59 Crores as at March 31, 2026 (' 27.14 Crores as at March 31, 2025). During the year, in respect of such long term
contracts, the company recognised ' 14.52 Crores (March 31,2025 - ' 13.69 Crores) as acquisition cost in the statement of profit and loss.

On October 18, 2016, the Company had issued non cumulative non covertible redeemable preference shares (RPS) for a tenure
of 23 months to Tata Teleservices Limited (TTSL) on private placement with dividend of 0.1% per annum. On September 18, 2018,
the Company extended the term of RPS for a further period of 24 months with an option to the Company to redeem at such
earlier date as may be decided by the Board of Directors or Finance Committee of the Company. Pursuant to Section 47(2) of the
Companies Act, 2013, with effect from October 17, 2018, TTSL is entitled to additional voting rights of 26.26% in respect of the
RPS, as a result of which the Company became a subsidiary of TTSL.

The same was extended multiple times and was last extended on September 18, 2024 wherein the Company extended the
term of RPS for a further period of 24 months with an option to the Company to redeem at such earlier date as may be decided
by the Board of Directors or Finance Committee of the Company. In the event of liquidation, the Preference Shareholders will
carry a preferential right over the holder of equity shares for payment of dividend and for payment of capital, in proportion to
their shareholding.

The equity component of compound financial instruments, is on account of dividend/interest percentage being lower than effective
market rate and is recorded in other equity.

i) Redeemable preference shares of ' Nil (' 321.22 Crores for the year ended March 31,2025) forming part of equity component
pertain to extension for a further period of 2 years from the date of maturity during the year and all other terms are the same as
agreed at the time of issue.

ii) Inter-corporate deposits During the year, the Company extended the maturity period of certain inter-corporate deposits from
Tata Teleservices Limited for a further period of 2 years from their respective dates of maturity. Accordingly, an amount of ' 504.99
Crores (March 31,2025: ' 638.22 Crores) was recognised as part of the equity component of compound financial instruments. All
other terms remained unchanged from those agreed at the time of issue.

Further, pursuant to the approval of the Board of Directors at its meeting held on October 23, 2025, the repayment terms of
these ICDs were modified from "repayable after 24 months" to "repayable on demand" with effect from November 1, 2025.
Consequently, these ICDs no longer meet the criteria for classification as compound financial instruments and have therefore been
disclosed as short-term borrowings at face value, without bifurcation into debt and equity components. As a result, the equity
component previously recognised in respect of such ICDs amounting to ' 705.46 Crores has been reversed during the year (Refer
note 17 and 20).

Notes :

Undrawn borrowing facilities:

As at March 31,2026, the Company has undrawn committed borrowing facilities of ' 33.35 Crores (March 31, 2025 - ' 94.14 Crores).
Compliance with loan covenant:

The company does not have any financial covenant requirement for the loan outstanding as at March 31, 2026 and March 31,
2025 respectively.

Deferred payment liability for LF and SUC (Refer note 33) :

i) Terms of repayment :

Hon'ble Supreme Court directed the Operators to pay 10% of the total outstanding amount claimed by DoT, on or before March
31, 2021. The balance is payable in installments commencing April 1, 2021 up to March 31, 2031 payable by 31^st March of every
year. In compliance of the SC order, the Company has already made payment of ' 639.39 Crores during the year ended on March
31, 2020.

Term loans outstanding are secured by way of first pari-passu charge on movable (fixed & current) assets of the Company's
enterprise, fixed wire line and broad band division excluding; certain intangible assets and current and future investments in
associate and subsidiary company and Joint ventures of the Company.

Interest rate

- Interest rate for term loans is in the range of 6.91% to 8.75% p.a.

(b) Inter-corporate deposit (ICD)

As on March 31, 2026

i) ICDs are repayable on demand and are not considered as Compound Financial Instruments, this has resulted in ICD to be
disclosed as short-term borrowing of ' 10,543.15 Crores (at face value), without any bifurcation between Debt component
and equity component (Refer note 16 (d)(ii) and 20).

As on March 31, 2025

i) Out of total outstanding, ICDs of ' 4,053 Crores (liability component of ' 3,414.78 Crores at the March 31, 2025) were
extended for a further period of 2 years from the respective date of maturity and all other terms are the same as agreed at
the time of issue.

ii) Terms of repayment

- ICDs are fully repayable after 2 years from the date of receipt/extension.

iii) Interest rate :-

- Interest rate for ICD is 0.1% p.a.

iv) As the interest rate of ICD is lower than market rate, it has been considered as compound financial instrument and has been
separated into equity component and liability component as per Ind AS 32. Interest on liability component of ICD has been
recognised by applying effective interest rate (EIR) within the range of 8.56% to 8.80%.

(c) Liability component of redeemable preference shares

On September 18, 2024, the Company further extended the term of RPS for a further period of 24 months with an option to the
Company to redeem at such earlier date as may be decided by the Board of Directors or Finance Committee of the Company.
The equity portion of these redeemable preference shares, on account of dividend percentage being lower than effective market
rate, is recorded in Other equity.

Note 33 : Exceptional items

(a) The Hon'ble Supreme Court of India (SC), vide its judgment
dated October 24, 2019, upheld the definition of Adjusted
Gross Revenue (AGR) as interpreted by the Department
of Telecommunications (DoT), resulting in significant
liabilities for the telecom operators. Subsequently, on July
20, 2020, and September 01, 2020, the SC passed orders
treating as final the calculations submitted by DoT in
its application, which mentioned an amount of ' 16,798
Crores recoverable from the Tata Group of Companies
(the AGR Dues) and directed that no dispute can be raised
about it and no recalculation and self-assessment can be
undertaken. The SC further ordered Telecommunications
Service Provider (TSPs) to pay 10% of the total AGR dues,
as demanded by DoT, by March 31, 2021, and to discharge
the balance in ten equal annual instalments from April

1, 2021 to March 31, 2031, with each instalment payable
by March 31 of the relevant year. AGR dues of ' 16,798
Crores were apportioned between the Company and its
holding company, Tata Teleservices Limited (TTSL), based
on internal estimates. While AGR was computed on a year-
wise basis, DoT did not provide a circle-wise break-up.
Accordingly, the Company continued to recognise interest
on AGR Dues in compliance with the accounting standards,
without prejudice to its legal rights, claims, remedies and
contentions available under law. DoT also raised multiple
Spectrum Usage Charges (SUC) claims for the financial
years till 2016-17 that should have been part of the SC order.
The Government of India announced relief measures for
telecom service providers, pursuant to which DoT, vide its
communications dated October 14, 2021, and June 15, 2022,

amongst other things, granted an option of a four-year
moratorium on AGR dues up to FY19, i.e., covering (i) dues
up to FY17 mentioned in the SC order, and (ii) additional
dues for the period up to FY19 not covered by the Supreme
Court order. The Company and TTSL exercised the option
of both categories of AGR Dues. However, they did not opt
for conversion of interest into equity and elected to pay the
interest along with the AGR dues on the due dates as per
the terms of the moratorium.

The four year moratorium period has ended, and under
its terms, the AGR dues are payable in six equal annual
instalments, with the first instalment due by March 31,2026.
The Company and TTSL also approached the Hon'ble
Supreme Court multiple times to allow correction of errors
including reverification of the documents for allowing pass¬
through costs that were outside of the AGR judgement,
however the SC did not allow correction of errors and/or
reverification of documents and maintained the tabulated
AGR Dues at ' 16,798 Crores for Tata Group of Companies.
During the current year, DoT has shared with the Company
its final AGR outstanding up to FY19 and the schedule of six
annual Instalments commencing from March 31,2026. While
the DoT letters provide break up of AGR outstanding for the
Company and TTSL separately, circle/year wise calculation
of dues have still not been made available. Pursuant to the
documents available for AGR instalment payments for both
the Moratoriums, the Company reassessed the provisions
relating to License fee and SUC including penalty and
interest on penalty, resulting in a write-back of provision
amounting to ' 666.70 Crores (while the equivalent
amount has been added in the outstanding amount of
TTSL) to align the carrying value of provisions with the
revised liability as per final outstanding shared by DoT.
The aforesaid adjustment represents a revision in estimates
in accordance with Ind AS 37 and Ind AS 8. Considering
the nature and materiality of the item, the same has been
disclosed as an exceptional item in the financial statements.

Further, the Company has paid the annual installment due
on March 31, 2026, amounting to ' 615.42 Crores for AGR
dues (LF and SUC dues) tabulated in the SC Orders and
' 37.56 Crores for AGR related dues up to the financial year
2018-19 not tabulated in the SC Orders. The Company has
also filed the stipulated compliance affidavit in The Hon'ble
Supreme Court on April 06, 2026.

(b) The Government of India on November 21,2025 consolidated
29 existing labour legislations into a unified framework
comprising four Labour Codes, viz., Code on Wages 2019,
Code on Social Security 2020, Industrial Relations Code 2020
and Occupational Safety, Health and Working Conditions
Code 2020 ( 'New Labour Codes'). The Ministry of Labour
& Employment has published draft Central Rules and
FAQs to enable assessment of the financial impact due
to notification of New Labour Codes. The Company has
assessed and disclosed the incremental impact of these
changes on the basis of opinion obtained and consistent
with guidance provided by The Institute of Chartered
Accountants of India (ICAI). Considering the non-recurring
nature of this impact, the Company has disclosed such
Statutory impact of New Labour Codes under exceptional
items in profit and loss during the year ended March 31,
2026. The incremental impact consisting of gratuity cost of
' 3.98 Crores and leave encashment cost of ' 0.07 Crores
primarily arise due to changes in wage definition.

(c) During the year ended March 31, 2026, the Company
recognised expenses of ' 3.90 Crores on vendor
reconciliation, in relation to the Consumer Mobility Business
demerged in 2019.

(d) The company has received the demand of ' 3.80 Crores from
Term Cell (DoT) pertaining to legacy mobility subscribers
connections for the period FY08 to FY12 which has been
provided in the books of account during the year ended
March 31,2026.

Notes:

a) Bharat Sanchar Nigam Limited (BSNL) raised a demand of
' 166.90 Crores including interest for the period November
14, 2004 up to February 28, 2006, claiming Access Deficit
Charge (ADC) was payable on the company's fixed wireless
services - Walky. Telecom Dispute Settlement Appellate
Tribunal (TDSAT) negated the company's petition, and
the Supreme Court in 2008 directed TDSAT to quantify
the amounts. However, TDSAT disposed the Company's
Petition on April 15, 2010, confirming BSNL demands up to
August 25, 2005 and gave BSNL liberty to lodge its claim
for a further period up to February 28, 2006. The company
appealed to the Supreme Court against the TDSAT Order.
As of March 31, 2026, the company has paid ' 114.29 Crores
under protest, provided for the same in accounts, and
disclosed ' 55.91 Cr as a contingent liability. Based on the
legal advice available with the company it maintains that
the penalty clause invoked by BSNL does not apply and is
entitled to seek a refund of excess payment.

b) The Company received a demand of ' 290.17 Crores from
Department of Telecommunications (DoT) for one-time
spectrum charges for additional CDMA spectrum beyond
2.5MHz from January 1, 2013, until license expiry. The
Company opted to retain only one block in Mumbai and
surrendered the rest, arguing that the demand altered past
financial terms. It challenged the levy in the Hon'ble Bombay
High Court, which granted a stay and later permitted TTML
to withdraw the petition to approach TDSAT. TDSAT, on
April 28, 2025, upon considering DoT's Affidavit and TTML's
contentions, has adjourned the matter sine die while also
directing the interim orders to continue till the pendency of
the petition. DoT in its Affidavit submitted that the matter
is covered by the earlier judgments of the TDSAT, appeals
against which are pending in Supreme Court.

c) DoT instructed Telecom Enforcement Resource and
Monitoring (TERM) Cells to conduct monthly audits
for compliance with subscriber verification norms and
issued circulars to impose penalties for non-compliance/s
observed during these audits. Total penalties on TTML
amount to ' 268.08 Crores (March 31,2025: ' 268.08 Crores).
The Company has challenged some demands/penalties and
circulars in the Hon'ble Bombay High Court and TDSAT,
arguing that the circulars are ultra vires and impose penalties
beyond those prescribed under the Indian Telegraph Act,
1885. The Company has made representations to TERM
Cell and DoT (HQ) against the demands/penalties. Out of
the aforesaid amount of ' 268.08 Crores, the Company has
till date provided for amounts aggregating ' 3.69 Crores.
The Company had received a conditional demand of ' 3.40
Crores from Rest of Maharashtra (ROM) on June 17, 2025
and another set of conditional demands amounting to
' 4.68 Crores (part of earlier representation in ROM). The

Company challenged the demands amounting to ' 8.08
Crores. in Hon'ble High Court of Bombay, wherein interim
protection was granted vide orders dated December 24,

2025. Vide orders dated January 17, 2026, the matter has
been adjourned sine die pending adjudication of the
Supreme Court matter on the issue. Based on legal advice,
the Company has made provision of ' 3.40 Crores and
disclosed ' 260.99 Crores as a contingent liability.

d) "Bharti raised demands on the Company for SMS
termination charges since June 2009 under their
interconnection agreement. The Company disputed
these charges as unreasonable and discriminatory. In
2012, TDSAT ruled in Bharti's favour, and the Supreme
Court admitted the Company's appeal but directed the
Company to pay the amount on the condition that any
amounts paid by the Company would be refunded back
with interest in the event the matter is adjudged in the
Company's favour. The appeal is pending. As of March 31,

2026, the Company has fully provided for the ' 71.85 Crores
liability, with ' 66.38 Crores already paid under dispute.
Other operators (Idea and Vodafone) have raised claims
for SMS termination amounting to ' 53.21 Crores (March
31, 2025 - ' 53.21 Crores), which were challenged in TDSAT
by the Company. During the year 2015-16, TDSAT has
pronounced judgment with respect to SMS termination
charges in two of the cases and one (Unitech) is still pending.
The Company believes that the amounts adjudged as
payable by TDSAT are not tenable in the absence of any
contractual arrangements with these operators for SMS
termination and that the arrangement between the parties
was based on the principle of Bill & Keep and has filed
the appeal against the judgment in Supreme Court and
the matters were listed before Supreme Court on March
3, 2020 but were not taken up and will be heard in due
course. Accordingly, these claims have been disclosed as
contingent liabilities.

e) DoT issued demand notes on March 15, 2018, for ' 3.70
Crores and ' 7 Crores due to alleged delays in fulfilling
CDMA and GSM roll-out obligations under the License
Agreements. The Company challenged these demands in
TDSAT. TDSAT has granted a stay and restrained DoT from
taking coercive action. Based on internal assessment, the
Company expects the demands to be quashed and has
disclosed them as contingent liabilities. During a May 24,
2022, hearing, the Registrar confirmed that pleadings and
evidence were complete and that cross-examinations
would only be required if deemed necessary by the Court.
The Company has disclosed the total ' 10.70 Crores (March
31, 2025: ' 10.70 Crores) as a contingent liability.

f) TTML has been involved in a long-standing property
tax dispute with the Pune Municipal Corporation (PMC)
concerning its Al-Aqmar office premises, originally

taken on lease by Hughes Telecom in 1997-98. The
dispute stems from PMC revising the property tax from
September 1998 onwards, without fixing the Annual
Rateable Value (ARV) which could be revised by PMC only
after granting an opportunity to TTML. The demand of
' 1.10 Crores raised by PMC was thus, challenged before
the Civil Court at Pune when the Court directed PMC to
fix ARV after giving opportunity to TTML and raise fresh
demand, which order was not complied with by PMC.
TTML subsequently challenged another demand of ' 11.83
Crores raised by PMC in Jan 2015 and obtained stay in
March 2015. In May 2019, PMC raised another undated
demand notice for ' 80.78 Crores for the period from 2003
to 2019, which demand was rebutted by TTML, calling
upon PMC to fix the ARV as per the Court's directions.
PMC later in January 2021 posted demand of ' 121.39
Crores (for FY20 ;cumulative from 2003) on its website,
which was challenged by TTML and stay was granted
against the demand in March 2021 and PMC was
restrained to post such demands on its website.
Despite stay orders being in force, PMC again issued three
separate invoices totalling to ' 276 Crores in April and
May 2024, as property tax allegedly due and payable by
TTML for till FY25 in respect of three separate property
tax accounts. However, despite stay orders obtained by

TTML, PMC continued posting demands on its website
month on month, which accumulated demand stands at
' 426 Crores as of March 31, 2026. TTML has made several
representations to PMC including issuing contempt notice
which did not evoke any response from PMC. TTML has in
March 2025, moved a Misc. Application before the Civil
Court at Pune praying for striking off PMC's defence on the
ground of contempt of the stay order, which application
is listed for further proceedings on April 21, 2025.
On January 31, 2026, TTML submitted additional evidence
of demands updated by PMC on its website in support of
TTML's contention of non-compliance of interim order by
PMC. As PMC was not represented on the said date, the
Court issued final show cause notice to PMC and listed the
matter for March 30, 2026 for arguments, when it was simply
adjourned to April 24, 2026.

TTML has assessed the property tax liability at ' 5.74 Crores
(of which ' 10.56 Crores has already been paid) and has
thus demanded a refund of ' 4.82 Crores from PMC, vide its
representation made to PMC in September 2024. However,
pending litigation being pursued by TTML against PMC,
TTML has considered contingent liability of ' 76.29 Crores of
the total ' 276 Crores exposure (based on physical invoices
received from PMC in April & May 2024).

Note 36 :

The disclosure as required under Ind AS 19 regarding the Employee benefits is as follows:

Employee benefit plans
Defined contribution plans

The Company makes Provident Fund contributions which are defined contribution plans, for qualifying employees. Under the schemes,
the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised ' 2.48
Crores for the year ended March 31, 2026 (' 2.49 Crores for the year ended March 31, 2025) for Provident Fund contributions in the
Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Gratuity and other post-employment benefit plans

The Company offers the following employee benefit schemes to its employees (Refer note 28):

i. Gratuity

ii. Compensated absences

(i) Gratuity

The Company has defined benefit gratuity plan. Every employee who has completed five years or more gets the gratuity on
departure at 15 days salary i.e. last drawn salary for each completed year of service. The scheme is funded with an insurance
company in the form of a qualifying insurance policy.

The above sensitivity analysis are 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. When 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 sensitivity analysis presented above may not be representative of
the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of
one another as some of the assumptions may be correlated.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

ii) Compensated Absences

The compensated absences cover the Company's liability for earned leave, which are classified as other long-term benefits.

Total compensated absences provision as on March 31,2026 is ' 3.37 Crores (' 3.25 Crores as on March 31,2025) which is presented
as current provision, since the Company does not have an unconditional right to defer settlement for any of these obligations.
Provision for compensated absences has been made on the basis of actuarial valuation carried out as at the balance sheet date.
The amount charged to the statement of profit & loss under Salaries and bonus in Note 28 Employee benefits expenses is ' 0.73
Crores (March 31, 2025 - ' 0.58 Crores)

(iii) Long term incentive

The Company has made contribution for long term incentive plan for employees and recognised ' 0.23 Crores for the year
ended March 31,2026 (' 0.15 Crores for the year ended March 31, 2025) in the statement of profit and loss, with discounting rate
of 5.65%. (March 31, 2025 - 6.55%). Total long term incentive plan provision as on March 31, 2026 is ' 0.38 Crores (' 0.15 Crores as
on March 31, 2025) is presented as non- current provision.

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

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified
as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value except investments in mutual fund and derivative financial
assets, the carrying amounts are equal to the fair values.

Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable
or unobservable and consists of the following three levels.

• 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 the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature,
characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

Assets and Liabilities that are disclosed at Amortised Cost for which Fair values are disclosed are classified as Level 3. If one or more
of the significant inputs is not based on observable market data, the respective assets and liabilities are considered under Level 3.

At the end of the reporting year, there are no significant concentrations of credit risk for financial assets and financial liabilities
designated at FVTPL. The carrying amount reflected above represents the company's maximum exposure to credit risk of such
financial assets and liabilities.

The fair values of the financial liabilities included in the level 3 category above have been determined in accordance with
generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount
rate that reflects the credit risk of counterparties.

Financial Instruments

(ii) Capital management

The Company manages it's capital to ensure that it will be able to continue as a going concern while maximising the return to
stakeholders through the optimisation of the debt and equity balance. The capital structure of the Company consists of net
debt (borrowings as detailed in notes 17 and 20 offset by cash and bank balances and current investments) and total equity of
the Company. Also, refer note 1.3 on going concern and note 17 on Deferred payment liability for LF and SUC.

(iii) Financial risk management objectives

Inherent to the nature of the Company's business, there are a variety of financial risks, namely liquidity risk, market
risk and credit risk. Developing policies and processes to assess, monitor, manage and address these risks is the
responsibility of the Company's Management. The management oversees this risk management framework in the
Company and intervenes as necessary to ensure there exists an appropriate level of safeguards against the key
risks. Updates on compliance, exceptions and mitigating action are placed before the Audit Committee periodically.
The Company's management works closely to ensure there are appropriate policies and procedures governing the operations
of the Company with a view to providing assurance that there is visibility into financial risks and that the business is being run
in conformity with the stated risk objectives. Periodic reviews with concerned stakeholders provides an insight into risks to the
business associated with currency movements, credit risks, etc. and necessary deliberations are undertaken to ensure there is
an appropriate response to the developments.

The risk management objective of the Company is to hedge risk of change in the foreign currency exchange rates associated
with it's direct transactions denominated in foreign currency. Since most of the transactions of the Company are denominated in
its functional currency (INR), any foreign exchange fluctuation affects the profitability of the Company and its financial position.
Hedging provides stability to the financial performance by estimating the amount of future cash flows and reducing volatility.
The Company follows a consistent policy of mitigating foreign exchange risk by entering into appropriate hedging instruments
as considered from time to time. The Company is having a defined risk management policy for exposure in foreign currencies.
The Company does not enter into a foreign exchange transaction for speculative purposes.

(iv) Market Risk

The company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest
rates. The Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk and
interest rate risk, including:

• Forward foreign exchange contracts to hedge the exchange rate risk arising on foreign currency trade payables.

• Interest rate swaps to mitigate risk of rising interest rate

There has been no change to the Company's exposure to market risks or the manner in which these risks are being managed
and measured. Market risk exposures are measured using sensitivity analysis.

(a) Foreign Currency risk management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate
fluctuations arise.

The Company is having risk management policy which provides the guidelines for managing the currency risk
exposure. Exchange rate exposures are managed within approved policy parameters using derivative/forward foreign
exchange contracts.

Hedging Activities:

The Company uses foreign exchange forward contracts to manage some of its exposures. The foreign exchange forward
contract is not designated as cash flow hedges and entered into periods consistent with foreign currency exposure of the
underlying transactions.

(b) Interest rate risk management

The Company is exposed to interest rate risk because it borrows funds at both fixed and floating interest rates. The floating
interest rate risk on borrowings is managed by the Company by the use of interest rate swap contracts. Hedging activities
are evaluated regularly to align with the interest rate views and defined risk appetite, ensuring the most cost-effective
hedging strategies are applied. The Company's exposures to interest rate on financial asset and financial liabilities are
detailed in the liquidity risk management section of this note.

As at March 31,2026, the Company has variable rate borrowings of ' 3,452.11 Crores (' 4,051.58 Crores as at March 31,2025),
out of which net exposure to interest rate risk is ' 3,452.11 Crores (' 3,084.07 Crores as at March 31, 2025) after considering
the effect of derivative instruments.

The sensitivity analysis below have been determined based on floating rate rupee borrowings that are not hedged by
derivative instruments , the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting
year was outstanding for the whole year. A 50 basis point increase or decrease represents management's assessment of
the reasonably possible change in interest rates.

If interest rate had been 50 basis points higher/lower and all other variables were held constant, the Company's loss for
the year ended March 31, 2026 would increase and decrease by ' 17.26 Crores (increase and decrease by ' 15.42 Crores as
at March 31,2025).

Interest rate swap contract

Using Interest rate swap contracts, the Company agrees to exchange floating rate of interest rate to fixed rate on agreed
principal amounts. Such contracts enable the Company to mitigate the interest rate risk on borrowings. Such Contracts are
settled on quarterly and on annual basis. The terms of the interest rate swaps generally match the terms of the underlying
exposure. In cases where any hedge ineffectiveness arises, it is recognised through profit or loss. Interest Rate Swaps
measured at fair value through OCI are designated as hedging instruments in cash flow hedges of floating rate borrowings.

(v) Credit risk management

Financial assets including other financial assets

The Company maintains exposure in trade receivables, cash and cash equivalents, investments, term deposits with banks,
security deposits with counter-parties. Individual risk limits are set for each counterparty based on financial position,
credit rating and past experience. Credit limits and concentration of exposures are actively monitored by the Company.
The Company's maximum exposure to credit risk as at March 31, 2026 and March 31, 2025 is the carrying value of each class of
financial assets as disclosed in the financial statements.

Trade receivables

Trade receivables are typically unsecured and are derived from revenue earned from customers. Trade receivables of the Company
consist of a large number of customers, spread across diverse industries and geographical areas and hence the Company has
minimal concentration of credit risk of its customers. Credit risk has been managed by the Company through credit approvals,
establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit
terms in the normal course of business. The Company uses expected credit loss model to assess the impairment loss or gain. The
Company uses a provision matrix and forward looking information and an assessment of the credit risk over the expected life of
the financial asset to compute the expected credit loss allowance for trade receivables. The Company's maximum exposure to
credit risk for the components of the balance sheet at March 31, 2026 and March 31, 2025 is the carrying amounts as disclosed
in Note 10.

Cash and cash equivalents and Investments

Cash and cash equivalents are maintained with reputable banks/financial institutions with high credit-ratings assigned by
credit-rating agencies so as to minimise the associated credit risk. The Company believes these assets to be of high quality with
negligible credit risk hence no provision for expected credit loss is made.

(vi) Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the management, which has established an appropriate
liquidity risk management framework for the management of the company's short-term, medium-term and long-term funding
and liquidity management requirements. The Company manages liquidity risk by maintaining adequate banking and other
borrowing facilities (i.e. cash credit, bank loans and overdraft), by continuously monitoring forecast and actual cash flows, and
by matching the maturity profiles of financial assets and liabilities. The note below sets out details of undrawn facilities that
the Company has at its disposal to further reduce liquidity risk. Also, refer note 1.3 on going concern and note 17 on Deferred
payment liability for LF and SUC.

As at March 31,2026, the company has undrawn committed borrowing facilities of ' 33.35 Crores (March 31,2025- ' 94.14 Crores)
towards working capital limits expiring within a year and renewable at discretion of the banks.

Liquidity and interest risk

The following tables detail the Company's remaining contractual maturity for its financial liabilities with agreed repayment
periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date
on which the Company can be required to pay.

The disclosed financial derivative instruments in the above table are the gross undiscounted cash flows. However, those amounts
may be settled gross or net.

Excessive risk concentration

There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors
and/or regions. Further, the Company's policies and procedures include specific guidelines to whereby maximum bank wise
limits are set up to which the Company can hedge with each of the banks.

Note 39 : Company as a lessee
Lease liabilities

A Background of leasing activity:

The Company has lease contracts for various Network Sites, Land, buildings and dark fibre (IRU). Company is using Network Sites
for transmission and for in door network coverage purpose. The properties taken on lease are used as offices. The average lease
period for the sites is 5-6 years with an average escalation of 3-5% per annum. The average lease period for properties is 1-2
years with an average escalation of 3-5%. The average lease period of dark fibre (IRU) is 15 years with no escalations. Generally
the company is restricted to sublet the sites taken on lease.

C Total cash outflow

The Company has a total cash flow for leases of ' 56.00 Crores for the year ended March 31, 2026 (' 66.31 Crores - March 31,
2025), out of which the amount paid against interest component is ' 10.97 Crores (' 8.08 Crores - March 31, 2025) and against
principal is ' 36.74 Crores (' 44.33 Crores - March 31, 2025) for the sites considered for ROU and Lease Liability calculation, the
balance payment is made for short term leases and variable rent.

Additional information pertaining to variable lease payments

The company has lease contracts for Network sites where a part of the total rent is variable. The additional rent paid is ' 7.75
Crores for year ended March 31, 2026 and ' 11.03 Crores for the financial year ended March 31,2025.

F Additional information on short term and low value leases

The Company had leases of MSC sites which are short term i.e. lease term of less than 1 year or leases of low-value assets. These
leases were short term lease and the company elected not to recognise right to use assets and lease liabilities for these leases.
The lease payment of such leases are directly debited to Statement of Profit and Loss.

Company as a lessor- operating lease

The Company enters into 'Indefeasible right to use' ('IRU') arrangements wherein the right to use the assets is given over the substantial
part of the asset life. However, as the title to the assets and the significant risks associated with the operation and maintenance of
these assets remains with the Company, such arrangements are recognised as operating lease. The contracted price is recognised
as revenue during the tenure of the agreement. Unearned IRU revenue received in advance is presented as deferred revenue within
liabilities in the Balance Sheet. It also includes rental income from leasing out office space.

Note 40 : Segment Reporting

The Company is engaged in providing telecommunication services under Unified License. These, in the context of Ind AS 108 on
"Segment reporting", are considered to constitute a single reportable segment. Further, the Company provide telecommunication
services only in the Indian domestic market and accordingly secondary segment reporting disclosure are not required. Revenues of
approximately ' Nil Crores (March 31,2025'156.89 Crores) are derived from a single external customer.

Note 42 : Deferred tax

No provision for current tax has been made, as based on the Company's computation of taxable income, no current tax liability arises
for the year. The Company has carry-forward business losses and unabsorbed depreciation, which, together with the brought forward
accumulated business losses and unabsorbed depreciation from earlier years, result in a tax loss carry-forward position. In view of the
absence of reasonable certainty, supported by convincing evidence that sufficient future taxable profits will be available against which
such unused tax losses can be utilised, no deferred tax asset has been recognised on such unused tax losses. Accordingly, deferred
tax assets have been recognised only to the extent of deferred tax liabilities

Given that uncertainty over future taxable profits available for set off against unabsorbed depreciation and unabsorbed business
losses, the Company has not recognised deferred tax assets of ' 4,692.07 Crores (March 31, 2025: ' 4,890.16 Crores) in respect of
unabsorbed depreciation and unabsorbed business losses amounting to ' 18,642.98 Crores (March 31, 2025: ' 19,430.05 Crores) in
aggregate which can be carried forward against future taxable income. Tax losses carry forward for which no deferred tax assets were
recorded amounted to:

a. Figures pertaining to the previous period have been disclosed in italics.

b. Provision for contingencies is primarily towards the outstanding claims/litigations against the Company. The Company has
evaluated the obligations through Probable, Possible and Remote (PPR) model and reassessed the estimates as a result of more
information or experience gained and to reflect the current best estimate. In making the evaluation for PPR, the Company has
taken into consideration the Industry perspective, legal and technical view, availability of documentation/agreements, recent
court judgments, interpretation of the matter, independent opinion from professionals (specific matters) etc. (Refer note 2.3 (iii))

Note 49 : Additional regulatory information required by Schedule III

(i) Details of benami property held

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.

(ii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

(iii) Compliance with number of layers of companies

The company has complied with the number of layers prescribed under the Companies Act, 2013, read with the Companies
(Restriction on number of Layers) Rules, 2017.

(iv) Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

(v) Utilisation of borrowed funds and share premium

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

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

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

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

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

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(vi) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the
Income Tax Act, 1961, that has not been recorded in the books of account.

(vii) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(viii) Valuation of PP&E, right-of-use assets, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both
during the current or previous year.

(ix) Title deeds of immovable properties not held in name of the company

The title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements
are duly executed in favour of the lessee), the financial statements, are held in the name of the company.

(x) Registration of Charges

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.

(xi) Utilisation of borrowings availed from banks and financial institutions

The borrowings obtained by the company from banks and financial institutions have been applied for the purposes for which
such loans were taken.

(xii) Borrowing secured against current assets

During the year, the Company has been sanctioned/renewed working capital limits in excess of ' 5 Crores, in aggregate, from
banks on the basis of security of current assets and movable fixed assets. Company has filed necessary details wherever applicable
in line with sanction letters.

(xiii) The Group has six Core Investment Companies (CICs), of which five are registered with the Reserve Bank of India (RBI) and one
is is not required to be registered with the RBI.

Reasons for variation more than 25%

1. Due to increase in reclass of Term Loans & Deferred Payment Liability from non current to current as per payment terms

2. Due to payment of Long Term Debts

3. Due to Reversal of Deferred Payment Liabilities for LF & SUC

4. Due to payment of Long Term Debts

5. Increase in EBIT due to increase in margin

6. Due to drop in Operating expense

Signatures to Notes 1 to 50

In terms of our report attached

For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors

Firm Registration Number - 012754N/N500016

Arunkumar Ramdas Amur S. Lakshminarayanan Harjit Singh

Partner Chairman Managing Director

Membership Number: 112433 DIN No. 08616830 DIN No. 09416905

Place: Mumbai Place: Mumbai

Shinu Mathai Amit Gupta

Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai Place: Mumbai

Date: April 23, 2026 Date : April 23, 2026 Date : April 23, 2026