Aditya Birla Sun Life AMC Ltd Management Discussions

ECONOMIC OVERVIEW

Global Economy

The year 2025-26 marked an inflection point for the global macro cycle, shifting from post pandemic monetary normalisation to an environment dominated by geopolitics, trade fragmentation and fiscal activism. After global output expanded by around 3.2-3.3% in 2024, growth remained resilient through 2025, supported by the United States and parts of Emerging Asia even as policy uncertainty weighed on investment.

US growth remained surprisingly resilient in 2025, benefitting from earlier fiscal impulse, AI related capex, and household balance sheet strength. However, momentum clearly softened into late 2025 as tariffs, tighter immigration, and fading fiscal tailwinds began to weigh on activity. Forecasters downgraded US growth expectations for 2026 even as realised growth consistently outperformed pessimistic scenarios throughout most of 2025.

In contrast, Europe moved from stagnation to cautious recovery, driven by a structural shift in fiscal priorities. Germany and the broader EU committed to large increases in defence and infrastructure spending, partly exempt from traditional fiscal constraints, marking a break from decades of austerity-leaning orthodoxy. While near term growth remained modest, the medium-term demand impulse meaningfully improved.

Chinas economy navigated an increasingly fragmented trade environment with relative resilience. While property sector stress and weak household confidence persisted, exports held up through market diversification, high end manufacturing, and green tech, with growth supported by targeted fiscal and monetary easing. Growth slowed into 2026 but remained well above Developed Market averages.

The defining macro shock of 2025 was the sharp and front loaded rise in US tariffs, implemented at levels far exceeding consensus expectations. Evidence suggests that tariff pass through to prices has been substantial, contributing meaningfully to core goods inflation and complicating the disinflation process. Trade policy uncertainty clouded capital expenditure decisions globally, with multinational firms increasingly re-orienting supply chains rather than expanding capacity. Global inflation continued to trend lower through 2025, but progress was uneven. The US stood out, with core inflation settling higher than previously expected, reflecting tariff effects and services stickiness.

2026 has begun with an energy shock upending markets with 20% of the worlds oil supply blocked. This is a classic supply side shock with stagflationary impulses which threatens to severely dent growth and heighten inflation, the longer it lasts.

Indian Economy

The Indian economy grew strongly in FY26 with real GDP estimated at 7.6%, compared to 7.1% in FY25, making India yet again the fastest growing major economy in the world. The year was marked by strong growth in consumption, which has lagged since Covid, growing at a healthy 7.7%, while gross fixed capital at 7.1% is also strong. On the supply side both Industry at 8.8% and services at 9.0% show strong broad-based growth in the economy. The healthy growth in the economy was despite the negative impact of US tariffs which is commendable. However, nominal GDP growth remained relatively soft at 8.6% under the new series, reflecting the very low deflator.

Inflation was exceptionally benign in FY26 declining to lowest in series, averaging at near 2%, despite the impact of record high Gold/Silver prices. Low inflation was due to sharp decline in food inflation, low crude price before the Iran war, low Chinese export prices and GST cut in September 2025. Benign inflation enabled RBI to keep monetary policy easy with 75bps of repo rate cut and 100bps of CRR cut in the FY26 fiscal year, along with healthy supply of primary liquidity.

Indias external account came under pressure in FY26 with BoP deficit of US $30.8 bn in first three quarters of the fiscal year. While current account remained moderate at near 1% of GDP, it was the capital account which came under pressure due to the weakness in foreign capital inflows and sustained FDI repatriation outflows. The concerns regarding US tariffs and the recent Iran conflict added to the pressure. RBI remained active in managing deprecation pressure on INR and to reduce INR volatility.

The Government of India remained committed to fiscal consolidation in FY26 with fiscal deficit at 4.4% of GDP, down from 4.8% in FY25, and the FY27 budget has taken it down further to 4.3% of GDP. Sustained reduction in fiscal deficit has happened despite significant reduction in income tax rates and GST rate, which is commendable.

Indias economic outlook for FY27 remains broadly positive, although there are external risks due to the fallout of War in West Asia. The fallout of likely development of El Nino weather conditions can also negatively effect economy with Indian Meteorological Department forecasting below normal monsoon. However, domestic growth remains resilient, and there have been positive developments in trade talks with both US and Europe. However, inflation is expected to rise somewhat while remaining within RBI target band. The expected increase in inflation is mostly due to very low base, some normalisation of food prices, effect of Iran War and possible impact of El Nino. However, household inflation expectations remain low, agricultural output in the current agriculture year is expected to be strong (there is a lead-lag relationship between output and food prices) and low Chinese export prices to rest of world shall also continue, provided the Iran conflicts does not create long-term damage to supplies. Moreover, monsoons effect on Indian economy has weakened over the years. RBI forecasts a healthy 6.9% GDP growth in FY27, while IMF has forecasted 6.5% growth, keeping India the fastest growing major economy.

MUTUAL FUND INDUSTRY OVERVIEW

In FY 2025-26, the mutual fund industry continued to witness growth driven by sustained retail investor inflows, growing SIP contributions, and robust fund performance, demonstrating resilience amid evolving global uncertainty and market volatility. Equity Net sales of more than ? 5 Lakh Crore were recorded in FY26 through new fund offerings and existing funds.

Within the existing equity and hybrid categories, flexi cap funds, multi asset allocation funds, small cap funds, mid cap funds and Large and mid-cap funds schemes saw the highest net inflows.

• The Industrys Average Assets under Management (AAUM) for the quarter ended 31^st March 2026 reached ? 81.53 Lakh Crore, recording a growth of 21% over the same period last year. The corresponding AAUM for the quarter ended 31^st March 2025 was ? 67.42 Lakh Crore.

• The Industrys Equity AAUM stood at ? 48.63 Lakh Crore for the quarter ended 31^st March 2026, up by 22% over the same period last year. Corresponding Equity AAUM for the quarter ended 31^st March 2025 was ?39.98 Lakh Crore.

• The inflows to mutual funds via systematic investment plans (SIPs) have been on an upswing during the fiscal year 2026, rising from ? 25,926 Crore in March 2025 to ? 32,087 Crore in March 2026, reflecting a year-on-year jump of 24% in the financial year.

• As of 31^st March 2026, the total number of mutual fund investors stood at around 29 Crore compared to around 24 Crore as on 31^st March 2025, reflecting a year-on-year increase of 20%.

• The retail investors Monthly Average AUM (MAAUM) surged to ? 47.40 Lakh Crore, growing by 18% year-on-year and contributing around 60% of the total Monthly Average AUM.

• The mutual fund monthly average AUM for March 2026 from B30 cities was at ? 14.43 Lakh Crore, which accounted for 18% of the total AUM.

COMPANY OVERVIEW

Company Strategy

ABSLAMC is a leading investment manager, focused on promoting financial inclusion, strengthening financial markets, and growing the mutual funds industry. Our customer-first approach drives us to provide long-term investment solutions and consistent investment performance. We support this with robust risk management and governance framework, research- based fund management, and the use of technology to improve service delivery. These principles have helped us expand our AUM size over the years and establish a strong customer base. They have also allowed us to succeed in the mutual fund space and continue to drive our growth in alternative assets.

Key Trends Shaping the Mutual Funds Industry

Surge in Retail Participation: The mutual fund industry has seen a notable rise in retail investor engagement, driven by increased financial literacy, easier access to investment platforms, and a growing preference for market-linked savings options.

Growing Popularity of Systematic Investment Plans (SIPs):

SIPs continue to gain traction as investors seek disciplined, long-term wealth creation strategies. The steady rise in SIP inflows underscores investors confidence in mutual funds as a preferred investment avenue.

Digital Transformation: Enhanced digital infrastructure and mobile-based investment solutions have simplified mutual fund investing, leading to broader outreach, especially among younger and tech-savvy investors.

Diverse and Innovative Product Offerings: The expansion of fund categories such as sectoral/thematic funds, arbitrage funds, flexi-cap funds, and small-cap funds offers investors a wide range of options aligned with varying risk appetites and investment goals.

Penetration into Emerging Markets: Increasing penetration in B30 cities and semi-urban areas is broadening the investor base, driven by rising disposable incomes and improved financial access beyond metropolitan regions.

Regulatory Initiatives Supporting Investor Confidence: Ongoing regulatory reforms aimed at transparency, investor protection, and simplifying processes have enhanced trust in the mutual fund ecosystem.

Launch of SIF: Launched by SEBI, Specialised Investment Funds (SIFs) are a hybrid asset class bridging mutual funds and PMS/AIFs, offering flexible strategies like derivatives and concentrated portfolios to enhance returns.

To build scalable business and deliver long-term value to our customers and shareholders, we focus on:

Scaling retail franchises and diversifying product offerings

• Drives the retail sales growth by building an ecosystem that leverages the strengths of Virtual Relationship Manager (VRM), Emerging Markets, Service to Sales and Direct Channel.

• Grow and diversify product offerings by utilising market research, innovation, and identifying areas of product differentiation.

• Provide financial literacy to the existing and next generation of investors and distributors, contributing to overall financial inclusion in the country.

Expanding geographic reach and strengthening multi-channel distribution network

• Continue to widen our geographic reach and investor base by expanding in high potential and under-penetrated markets.

• Along with focus on Mutual Fund Distributors (MFDs), build scale in the National distributors and banking channel with a special attention on cooperative and PSU banks to capitalise their extensive network.

• Build deeper engagement and loyalty with customers and distributors to increase wallet share and build long-term relationship.

Leveraging digital platforms to deliver better service

• Leverage digital platforms and capabilities to drive customer acquisition, ensure seamless accessibility and improve customer experience.

• Execute strategic tie-ups and exclusive partnerships with fintech and new-age tech distributors to drive digital sales.

Building alternate assets and passive business

• Scale alternative assets business, including Alternate Investment Funds (AIF), Portfolio Management Services (PMS), Real Estate, and Offshore offerings.

• Leverage presence in GIFT City to launch new funds and broaden our offerings.

• Drive growth in passive business through strategic partnerships and digital platforms.

Performance Overview

The Operating Profit for FY26 was ? 1,051 Crore growing by 11% year-on-year and profit after tax was ? 975 Crore growing by 5% year-on-year. Our Companys overall Quarterly Average Assets under Management (QAAUM) as on 31^st March, 2026 stood at ? 4,74,002 Crore, a growth of 17% year-on-year.

Mutual fund QAAUM as on 31^st March, 2026 stood at ? 4,35,866 Crore growing by 14% year on year, with market share of 5.3%. Mutual fund Equity QAAUM as on 31^st March, 2026 was ? 1,97,374 Crore growing by 17% year on year, with a market share of 4.1%.

Growing SIP book

Systematic Investment Plans (SIPs) have become a preferred investment choice for retail investors. As a key player in the industry, we have undertaken initiatives to enhance traction in SIPs. Our Companys constant endeavour is to build our SIP book size and ensure customer stickiness while creating long-term value for investors. As a resu lt of these efforts, our SIP contribution reached

Customer Acquisition

Customer acquisition continues to be a key focus area for our Company. We added approximately 14 Lakh new folios in FY26, bringing our total folios to 1.10 Crore, as of 31^st March, 2026.

? 1,204 Crore in March 2026 from ? 1,169 Crore in March 2025. Building on this momentum, we are at the forefront of driving SIP adoption through our Sabse Important Plan campaign, reinforcing the value of systematic investing through market cycles. Our ambition at ABSLAMC is to reach every household in India, making Har Ghar mein SIP a reality.

Increasing Retail Franchise with a Focus on B30 Markets

Over the last few years, we have dedicated our efforts in expanding our retail franchise and growing our geographical presence across B30 cities. Our Company has expanded its pan-India footprint to over 310 locations, covering 19,000+ pin codes across the country. This widespread presence reflects our commitment to delivering quality investment solutions to every corner of India, with more than 80% of these locations situated in B30 cities.

Individual MAAUM in March 2026 was ? 1,99,373 Crore, compared to ? 1,84,471 Crore in March 2025 growing by 8% year-on-year. The Institutional MAAUM size was ? 2,20,914 Crore in March 2026, up from ? 1,94,035 Crore in March 2025, showing a growth of 14% year-on-year. The B30 MAAUM reached ? 71,921 Crore in March 2026 compared to ? 64,534 Crore in March 2025 growing by 11% year-on-year.

Multi-Channel Distribution Network Strategy

As part of our overall strategy, our Company is focused on building the retail sales segment across T30 and B30 markets. We have been strengthening our multi-channel sales ecosystem and distribution network by integrating key levers of Direct Channel, Emerging Markets, Virtual Relationship Manager, Service to Sales and Sampark. Our multi-channel market initiatives, aimed at deepening our presence, have yielded positive results.

• Direct Channel Provide personalised attention and tailored solutions to meet the unique needs and preferences of high-net-worth clients. We have created presence across Top 14 locations across Pan India with our consistent efforts.

• Emerging Markets aim to tap into potential rural and emerging markets at an early stage to build growth. It also aims at deepening product awareness through continuous engagement drives for investors and distributors.

• Virtual Relationship Manager (VRM) enhances the new distributor experience through virtual assistance and guidance, focusing primarily on increasing activations, SIPs, and gross sales. It aims to upgrade Mutual Fund Distributors (MFDs) to high-potential business partners and integrate them into Retail Sales. It focuses on the new MFDs to help them achieve their financial goals. VRM is available in 14 regional languages and has presence in 16 major touchpoints of the country.

• Under Service to Sales, Service RMs effectively engage with investors and facilitate their investment decision. They identify opportunities for win back, retention and upselling.

• ‘Sampark, our Companys distribution expansion initiative, empanels and onboards new distributors. It follows a One- click, end-to-end digitally enabled distributor empanelment journey to make the process seamless.

Scaling up the Passives and Alternate Assets Business

Passives

The passives product offering yielded positive results, with our Companys assets growing over 2 times from ? 23,817 Crore in March 2023 to ? 41,165 Crore in March 2026. We expanded our existing product suite to include 54 products. The customer base in this category has also grown to around 16,91,000 folios, increasing 3 times since March 2023. Additionally, the Company holds the top rank in the Index Debt category based on Average AUM for the quarter ended 31^st March, 2026.

Alternate Assets Business

On the alternative business front, to meet the growing needs of HNIs and family offices, our Company has strengthened the team to enhance PMS and AIF offerings in both equity and fixed income. Our PMS assets grew significantly to ? 32,570 Crore in March 2026 compared to ? 11,330 Crore in March 2025. The assets grew by three times as compared to March 2025, this is also supported by the ESIC mandate that the Company won last year. Our Company has also launched the ABSL India Special Opportunities Fund Series II under PMS/ AIF offering after successful completion of Series I for the fund.

On the offshore front, currently fund raising is underway for India ESG Engagement Fund, ABSL Flexi Cap Fund (IFSC), ABSL Global Bluechip Equity Fund (IFSC). The offshore AUM stood at ? 4,823 Crore in Q4 FY26 as compared to ? 12,070 Crore in Q4 FY25. On the real estate front, the Company saw good momentum where our AUM grew to ? 743 Crore for Q4 FY26 compared to ? 490 Crore for Q4 FY25, and currently fund raising is underway for Aditya Birla Real Estate Credit Opportunities Fund - Series II.

Wholly owned Subsidiary

The Company has incorporated a wholly-owned subsidiary, Aditya Birla Sun Life AMC International (IFSC) Limited (ABSL IFSC) in GIFT City, Gandhinagar, Gujarat effective from December4, 2025. The subsidiary is in the business of providing investment management services, portfolio management services, advisory services, etc., including managing the Alternative Investment Funds (AIFs) and other global investment strategies under the International Financial Services Centres (IFSC) framework to domestic and international clients. The subsidiary Company has subsequently obtained Fund Management Entity - Retail registration from International Financial Services Centres Authority (IFSCA).

Risk Management

Our Company is committed to consistently delivering strong investment performance, supported by our stable and highly experienced investment team, which boasts extensive industry knowledge and expertise. We uphold a comprehensive risk management framework that supervises firm-wide governance, risk, and compliance. Our risk management systems and procedures reflect our dedication to ethical and profitable operations, ensuring adherence to best practices, laws, rules, and regulations. The Risk function operates independently from the investment function. These measures are designed to prevent significant misstatements or losses, protect assets, maintain precise accounting records, ensure the reliability of financial information, and identify and manage business risks.

Compliance

Our compliance function monitors compliance with regulatory requirements laid down by the Securities and Exchange Board of India (SEBI) with respect to mutual fund, PMS and AIF activities and other business activities permitted. Recently, SEBI has significantly overhauled the regulatory landscape for the mutual fund industry with the notification of the SEBI (Mutual Funds) Regulations, 2026, which came into effect from April 1, 2026. These regulations replace the earlier 1996 framework and introduce modernised rules aimed at enhancing transparency, reducing costs, strengthening governance, and improving investor protection. In line with the new regulatory regime, SEBI issued a comprehensive updated Master Circular on March 20, 2026, consolidating all applicable guidelines, circulars, and directions issued up to that date into a single reference document. This circular not only rescinds outdated directions but also incorporates new chapters covering Execution Only Platforms, Mutual Fund Lite, and Specialised Investment Funds, along with revised scheme categorisation and updated reporting formats. Further, Compliance Team also monitors various internal policies and procedures to ensure compliance with the regulatory requirements in relation to above businesses. To comply with applicable statutory requirements, the compliance team has established robust systems, policies, and processes. There are set guidelines for personal dealings for AMC and Trustee Directors as well. Additionally, it reviews the status of implementation by coordinating with respective functions. The compliance team not only monitors compliance status but also drafts and issues product offer documents, releases notices/addendum related to product documents, reviews marketing materials before dissemination, and ensures timely filing of various reports with the Board, regulators, and the concerned agencies.

IT and Digital

In a rapidly evolving competitive landscape, technology serves as a key driver in delivering a seamless experience for our Investors & Distributors while also supporting efficient and scalable business operations. During the year, we continued to strengthen our digital, backend, and data capabilities to support growth and operational resilience.

A key milestone in our digital transformation was the successful launch of upgraded mobile applications for investors and distributors. These apps offer a more intuitive user experience, deeper portfolio insights, and faster transaction journeys. The transformation of pre-login and post-login websites is currently in progress, aimed at further enhancing usability, personalisation, and consistency across customer journeys. The use of predictive and prescriptive models across key business areas led to sharper, insight-led interventions, enhancing productivity and outcomes across the business.

The Company strengthened its outbound engagement capabilities through AI-enabled Voice solutions. These capabilities are being used for proactive customer outreach, campaign execution and engagement at scale. It also enhanced its Generative and Agentic AI capabilities across ABSLAMCs ecosystem with the focus on integrating AI into business processes to improve speed, quality and decision-making.

In parallel, we are working on a comprehensive transformation of backend systems, including modernisation of core applications, API optimisation, and infrastructure enhancements. These initiatives would improve system reliability, processing efficiency, and scalability, enabling the platform to support growing business volumes.

Our technology roadmap emphasises automation, cost-effective technology solutions, and the adoption of artificial intelligence to improve operational efficiency and decision-making. The modernisation of the enterprise data platform has strengthened analytics capabilities, enabling better insights, faster decisions, and improved business performance. Collectively, these initiatives reinforce our commitment to delivering a secure, scalable, and digital-first experience while creating sustainable value for the business.

Marketing

Last year, we intensified efforts to build our brand awareness and consideration by enhancing our brand salience through multiple marketing campaigns such as:

• Plan for Life - We repositioned SIP from a financial product into The Most Important Plan — the Sabse Important Plan in the life of an individual. But SIP alone was half the story. So, we extended the conversation by introducing SWP — Systematic Withdrawal Plan, as the natural second act.

SIP builds the corpus over decades. SWP turns that corpus into a monthly payout. Together they deliver complete financial independence - a full proof financial plan. This formed the foundation of our campaign "Plan for Life". It was based on the fact that in life there can be many planned or unplanned expenses, and while there is constant outgo of money, its inflow is limited and time bound. Hence, it is pertinent to prepare for it. The campaign helped establish how SWP transformed SIP from accumulation-only to comprehensive planning, culminating into Plan for Lifes jingle "Outgoing toh jaari hai, aapki kya tyari hai?" An integrated approach was used to amplify the campaign across television, Out-of-Home and digital media with effective presence during the Kaun Banega Crorepati episode featuring Mr. Kumar Mangalam Birla.

• Mothers Day Campaign - Continuing on the success of the Sabse Important Plan campaign launched last year in March, we sustained the conversation into Mothers Day. The central thought around it was - "Your mother invested in you every day — without missing a single one. She never waited for the right moment." That insight became our most powerful campaign: a mothers consistent, unconditional care mapped directly to a consistent SIP. Financial freedom for the child she raised. We maintained focus throughout the year by integrating the SIP conversation across important topical days to keep the conversation running through the year.

• Apex SIF launch - We launched our Specialised Investment Fund product line Apex SIF, along with the first fund under this - the Apex Hybrid Long-Short Fund, a specialised investment product combining equity, debt, arbitrage, and limited short exposure through derivatives. The NFO opened in March 2026 with a minimum investment of ? 10 Lakh, and the fund is positioned to manage volatility while aiming for superior risk-adjusted returns. A launch campaign across television, print, and digital media helped us create visibility and awareness about the new category effectively.

• Flexi Cap Investor Campaign - Taking into consideration the current market environment in the last part of the financial year, with heightened volatility and investor concern over market direction, we launched a clutterbreaking campaign creating awareness about the flexi cap fund category. A chameleon formed the anchor image of the advertisement, signifying the changing colours of the market and how irrespective of which way the market turns, flexi cap funds have the ability to adapt to it. In order to spread awareness across a wider set of audience, we extended the print campaign not just in English but also in select regional publication.

• Growth Summit - Engagement with the partner community was extended with pan-India Growth Summit, bringing together our investment team and MFDs with the exchange of insights and meaningful discussions. These thought leadership forums had a mix of internal and external guest speakers, with enriching conversations and panel discussions.

Training and Investor Education

We have a dedicated team for investor education to increase awareness and understanding of our mutual funds. We believe in creating a community of well-informed, financially literate investors capable of making decisions with a comprehensive understanding of the potential investment risks and rewards. Our training modules appeal to a wide range of investors across various demographics of age, profession, gender, geographic location, and language. They have been designed to be sustainable, scalable, and successful in their objectives to reach, teach and actively engage with common investors. As on 31^st March, 2026, we reached more than 10,66,241 people through 12,839+ IAP sessions and 2,81,563 distributors through 4,951+ training sessions.

Operations

The primary focus of our Operations team is to ensure seamless execution of transactions with a strong emphasis on accuracy, efficiency, timeliness and investor protection. The team is committed to delivering consistent and high-quality services to clients by maintaining robust front-office and back-office operations that support a superior customer experience. To achieve these objectives, well-defined risk-based controls have been established with clear accountability and ownership. The technology is an integral part of the process. All operational processes are comprehensively documented and are subject to periodic internal and external audits to ensure adherence to defined standards and continuous improvement.

Customer Service

At ABSLAMC, our commitment to excellence in service and operations has been pivotal in enhancing customer experience. With a robust Operations & Customer Service framework, we focus on optimising processes, leveraging technology and ensuring the highest standards of quality across all activities thereby achieving our Organisational strategic goals. Our service delivery model which includes our Back office, Branches & Call Centres have been refined to enhance customer experience by improving customer interaction and responsiveness leading to stronger client advocacy. We strive to empower our customers with real- time information and offer them a seamless investing experience through a host of value-added services and digital solutions.

Human Resources

As of 31^st March 2026, our workforce stood at 1,501 employees, with gender diversity at 30%, reflecting our continued focus on building a diverse, inclusive and high-performing organisation.

Our people strategy during the year remained closely aligned to business priorities, with a clear focus on strengthening organisational capability, leadership depth and cultural alignment to support our next phase of growth.

During the year, we placed increased emphasis on embedding a unified culture across the organisation, providing a consistent approach to how we work, collaborate and engage with customers and partners. This has been instrumental in enabling alignment as we continue to scale across businesses and expand our stakeholder ecosystem.

FINANCIAL PERFORMANCE

Statement of Profit & Loss Account

(in Rs Cr)

Particulars	Financial Year		Change
	FY 2025-26	FY 2024-25	y-o-y
Revenue from Operations	1,845	1,685	10%
Employee Benefits Expense	400	365	10%
Fees and Commission Expense	60	47	27%
Depreciation and Amortisation	46	40	15%
Other Expenses1	289	289	0%
Total Expenses	794	741	7%
Operating Profit	1,051	944	11%
Other Income	215	301	-29%
Profit Before Tax	1,266	1,245	2%
Tax Expense	291	314	-7%
Profit After Tax	975	931	5%

We also strengthened our focus on capability building, particularly through manager-led learning interventions and targeted initiatives aimed at enhancing frontline effectiveness and managerial capability. These efforts have helped build stronger execution discipline and readiness across teams. Employee engagement was another key area of focus, with the organisation undertaking a comprehensive engagement survey during the year. The results reflected improved sentiment and stronger alignment with organisational goals, reinforcing a culture of ownership and commitment. We continued to strengthen capabilities across priority growth areas, including sales, digital, technology and investment functions, ensuring that the organisation remains well-positioned to capitalise on emerging opportunities and evolving market dynamics.

Leadership continuity remained a key priority. During the year, critical roles, including at the CXO level, were successfully filled through internal talent movements, reflecting the strength of our leadership pipeline and our emphasis on building from within. Our focus on retention was further strengthened through the use of advanced analytics, enabling proactive identification of potential attrition risks and facilitating timely interventions. This has supported sustained retention outcomes and helped maintain organisational stability.

We also maintained a strong emphasis on employee well-being, supported by a comprehensive approach covering preventive healthcare, targeted interventions and access to medical and mental health support. Overall, our people initiatives continue to be directed towards building a resilient and future-ready organisation, with the right capabilities, leadership and culture to drive sustained growth.

Balance Sheet

(in ? Cr)

Particulars	As at 31st March, 2026	As at 31st March, 2025
Share Capital	144	144
Other Equity	3,897	3,583
Total Equity	4,042	3,727
Financial Liabilities	227	226
Non-financial Liabilities	147	161
Total Equity & Liabilities	4,415	4,114
Investments	3,946	3,692
Other Financial Assets	218	180
Non-financial Assets	252	242
Total Assets	4,415	4,114

1 Includes Finance Cost

CAUTIONARY STATEMENT

The statements in the Management Discussion and Analysis and the Boards Report describing the Companys objectives, projections, estimates, expectations or predictions may be forward-looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. The Company is not obliged to publicly amend, modify or revise any forward-looking statements, based on any subsequent development information or events or otherwise.