Veegaland Developers Ltd

Veegaland Developers Ltd Management Discussions

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Veegaland Developers Ltd Share Price Management Discussions

The following discussion is intended to convey the managements perspective on our financial condition and results of operations for Fiscals 2025, 2024 and 2023 and for the six-month period ended September 30, 2025. Unless otherwise stated, the financial information in this section has been derived from the Restated Financial Information.

Our Companys financial year commences on April 1 and ends on March 31 of subsequent year, and references to "Fiscal 2025", "Fiscal 2024" and Fiscal 2023", are to the 12-month period ended March 31 of the relevant year.

Our Restated Financial Information have been prepared in accordance with Ind AS, Section 26 of the Companies Act, the SEBIICDR Regulations and the Guidance Note. Ind AS differs in certain material respects from Indian GAAP, IFRS and U.S. GAAP. Accordingly, the degree to which our financial statements will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level of familiarity with Ind AS. As a result, the Restated Financial Information may not be comparable to our historical financial statements.

We have included various operational andfinancial performance indicators in this Draft Red Herring Prospectus, many of which may not be derived from our Restated Financial Information or otherwise be subject to an examination, audit or review by our auditors or any other expert. The manner in which such operational and financial performance indicators are calculated and presented and the assumptions and estimates used in such calculations, may vary from that used by other companies in India and other jurisdictions. Investors are accordingly cautioned against placing undue reliance on such information in making an investment decision and should consult their own advisors and evaluate such information in the context of the Restated Financial Information and other information relating to our business and operations included in this Draft Red Herring Prospectus.

This discussion and analysis contain forward-looking statements that reflect our current views with respect to future events and our financial performance, which are subject to numerous risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements. You should also read "Forward-Looking Statements" and "Risk Factors" on pages 26 and 40, respectively, which discuss a number offactors and contingencies that could affect our business, financial condition and results of operations.

Unless the context otherwise requires, in this section, references to "we", "us", "our", "the Company" or "our Company" refers to VeegalandDevelopers Limited.

Unless otherwise indicated, industry and market data used in this section has been derived from the report titled "Industry Research Report on "Assessment of Residential Construction Sector - South "by ICRA Analytics Limited dated 26, 2025 ("ICRA Report"), prepared and issued by ICRA Analytics Limited ("ICRA ") appointed by us on July 16, 2025 and exclusively commissioned and paid for by us for the purposes of confirming our understanding of the industry, in connection with the Issue. Unless otherwise indicated, financial, operational, industry and other related information derived from the ICRA Report and included herein with respect to any particular year, refers to such information for the relevant calendar year. ICRA is not connected to our Company, our Directors, our Promoters, our Promoter Group, our Key Managerial Personnel, Senior Management or Book Running Lead Manager. A copy of the ICRA Report is available on the website of our Company at http://www. veegaland. com. For further information, see ‘Risk Factor Industry information included in this Draft Red Herring Prospectus has been derivedfrom the ICRA Report, which was prepared by ICRA and exclusively commissioned and paid for by our Company for the purposes of the Issue, and any reliance on information from the ICRA Report for making an investment decision in the Issue is subject to inherent risks" on page 77. Also see ‘Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation on page 22.

OVERVIEW

We are a real estate development Company engaged in the planning, and sale of multi-storied residential apartment projects in the state of Kerala, India. Our projects are developed across our mid-premium, premium, ultrapremium, luxe-series and ultra-luxury residential segments and are implemented in accordance with the applicable

provision of RERA. We operate under our brand name ‘ Veegaland Homes and as on date we have undertaken projects in Kochi, Thiruvananthapuram, Kozhikode and Thrissur in the state of Kerala, India. As of October 31, 2025, we have a portfolio comprising 10 Completed Projects, 9 Ongoing Projects, and 4 Upcoming Projects in the state of Kerala, India.

For further details, see "Our Business" beginning on page 223.

Key Operational and Financial Metrics

	As at and for the period ended September 30, 2025	Fiscal
Financial Metrics		2025	2024	2023
Financial KPI
Revenue from Operations ⁽¹⁾	12,415.85	19,237.53	11,076.76	10,891.16
Revenue Growth YoY ⁽²⁾	NA	73.67	1.70	NA
EBITDA ⁽³⁾	1,891.56	3,377.35	1,672.23	2,421.98
EBITDA Margin (in %)⁽⁴⁾	15.12	17.21	14.59	22.00
Profit after tax ⁽⁵⁾	1,152.54	2,042.59	786.88	1,453.06
PAT Margin (in %) ⁽⁶⁾	9.21	10.41	6.87	13.20
Return on Equity (in %) ⁽⁷⁾	7.27	36.96	19.12	48.44
Return on Capital Employed (in %) ⁽⁸⁾	6.21	13.75	9.85	14.88
Debt/Equity ⁽⁹⁾	0.19	2.70	2.67	3.28
Operational KPI
Attrition Rate (%) ⁽¹⁰⁾	3.51%	4.41%	7.87%	3.31%
Saleable area of Completed Projects (in square feet) ⁽¹¹⁾	11,05,009	11,05,009	9,76,840	8,34,434
Saleable area of Ongoing Projects (in square feet) ⁽¹²⁾	12,67,501	10,02,610	10,41,140	5,43,729
Number of Completed Projects ⁽¹³⁾	10	10	9	8
Number of Ongoing Projects ⁽¹⁴⁾	9	7	7	4
Gross collections (excluding GST) (in Rs. lakhs) ⁽¹⁵⁾	11,378.65	20,754.45	12,530.78	15,539.22
Sales value (excluding GST) (in Rs. Lakhs) (A) ⁽¹⁶⁾	18,660.11	34,205.13	18,916.27	10,962.03
Sales area (saleable area in square feet) (B) ⁽¹⁷⁾	2,45,595	4,72,108	2,72,668	1,64,260
Sales (Number of units) ⁽¹⁸⁾	135	273	169	111
Average sale price per square feet (in Rs.) (A/B) ⁽¹⁹⁾	7,597.92	7,245.19	6,937.47	6,673.58

Notes:

As certified by Statutory Auditors pursuant to their certificate dated December 27, 2025 and December 30, 2025for financial key performance indicators and operational key performance indicators, respectively.

The Audit committee in its resolution for approval of KPIs dated November 20, 2025 has also confirmed that the Company has not disclosed any KPIs to any investors at any point of time during the three years preceding the date of this Draft Red Herring Prospectus other than as disclosed in this section.

1. Revenue from Operations: This represents revenue recognized as per Ind AS 115, Revenue from Contracts with Customers under Percentage of Completion method.

2. Revenue Growth YoY: Increase/ (Decrease)in Revenue from Operations divided by the previous years Revenue from Operations.

3. EBITDA: Profit/(loss) before tax, plus interest finance costs and depreciation and amortization expense and finance costs for the period/year as per the Financial Statements.

4. EBITDA Margin (in %): Percentage of, EBITDA during a given period divided by Total Income.

5. PAT: Profit/(loss) for the year from continuing and discontinued operations after deducting all expenses and direct taxes as appearing in the Financial Statements.

6. PAT Margin (in %): Profit after tax divided by Total Income of the Company.

7. Return of Equity: Profit after tax for the year/period divided by average equity attributable to owners of the company for the

year/period.

8. Return on Capital Employed (ROCE): It is calculated as earnings before interest and tax for the year/period excluding other income divided by capital employed (Total Equity + Current and Non-Current Borrowings +Deferred Tax Liability — Deferred Tax Asset — Intangible Asset)..

9. Debt/Equity: The total debt (current and non-current borrowings) of the Company at the end ofthe year/period divided by the total equity of the Company at the end of the year/period..

10. Attrition Rate: Dividing the number of employees resigned during the period divided by the average number of employees.

11. Saleable area ofcompleted projects: Aggregate ofsaleable area ofall projects for which Occupancy Certificate has been received as on a date.

12. Saleable area of Ongoing Projects: Aggregate of saleable area of all projects for which RERA approval is received but yet to receive Occupancy Certificate for as on a date.

13. Number of completed projects: Aggregate number ofprojects for which Occupancy Certificate has been received as on a date.

14. Number of Ongoing Projects: Aggregate number ofprojects for which RERA approval is received but yet to receive Occupancy Certificate as on a date..

15. Gross Collections: Aggregate of amounts received from Customers towards sale of apartments during a given period.

16. Sales Value: Aggregate agreement value of the apartments sold during the respective period/year..

17. Sales area (saleable area in square feet): Aggregate of saleable area of all units for which sale agreements have been executed in the respective period/years.

18. Sales (Number of Units): Aggregate number of units for which agreements have been executed during the respective period/years.

19. Average sale price per square feet: Aggregate agreement value of apartments which have been sold in the respective period/years divided by the aggregate saleable area of the said units..

FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Our business, results of operations and financial condition are affected by a number of factors, some of which are beyond our control. This section sets out certain key factors that we believe have affected our business, results of operations and financial condition in the past or which we expect will affect our business, results of operations or financial condition in the future. For a detailed discussion of certain factors that may adversely affect our business, results of operations and financial condition, see "Risk Factors" page 40.

General economic conditions and performance of the real estate market in the state of Kerala

We drive substantial part of our revenue from our real estate activities focussed predominantly in the city of Kochi in Kerala. Accordingly, we are heavily dependent on the state of the Indian real estate sector, Kochi, Kerala real estate sector in particular and the Indian economy in general. As of September 30, 2025 we had 10 (ten) Completed Projects, 9 (nine) Ongoing Projects and 4 (four) Upcoming Projects across Kochi, Thiruvananthapuram, Kozhikode and Thrissur in Kerala that include a project portfolio of residential segment. The table below sets forth details of the Saleable Area of our Completed Projects, Ongoing Projects and Upcoming Projects in micromarkets within Kochi, Thiruvananthapuram, Kozhikode and Thrissur as of September 30, 2025:

Markets	Completed Projects		Ongoing Projects		Upcoming Projects
	Saleable area (in square feet)	Percentage of Total Saleable Area (%)	Saleable area (in square feet)	Percentage of Total Saleable Area (%)	Saleable area (in square feet)	Percentage of Total Saleable Area (%)
Kochi	9,62,603	87.11%	8,42,569	66.47%	4,42,056	57.77%
Thiruvananthapuram	_-	_-	1,51,778	11.97%	3,23,208	42.23%
Kozhikode	_-	_-	1,21,800	9.61%	_-	_-
Thrissur	1,42,406	12.89%	1,51,354	11.94%	_-	_-
Total	11,05,009	100.00%	12,67,501	100.00%	7,65,264	100.00%

The real estate market in the state of Kerala is among the prominent regional markets in India, encompassing major urban centres such as Kochi, Thiruvananthapuram, Kozhikode and Thrissur. These cities benefit from diversified economic activity, including information technology, tourism, healthcare, education, port-led trade and small and medium enterprises, which contribute to employment generation across sectors and support demand for residential real estate. Regulatory initiatives, including amendments to local building rules, town planning schemes and development control regulations, have facilitated real estate development in Kerala through rationalisation of Floor Area Ratio ("FAR") norms.

The prices and availability of basic building materials and other raw materials used in real estate development depend on factors beyond our control, including fluctuations in raw material costs, demand-supply conditions, general economic conditions, geopolitical developments, regulatory changes, competition, indirect taxes and

import duties. Demand for residential properties is influenced by employment trends and disposable income levels. Any slowdown or perceived slowdown in the Indian economy, the Kerala state economy or specific sectors could adversely affect demand for real estate and, in turn, impact our business, results of operations and financial condition. Further, real estate markets within Kerala may perform differently in terms of supply, absorption and pricing, and any adverse change in market conditions in these regions could affect our operations and financial performance.

Sales of our project in timely manner

We typically commence sale of units along with the construction of projects. During the six-month period ended September 30, 2025, Fiscal 2025, 2024 and 2023, Revenue from Sale of projects was:

Particulars	For the Six-month period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Revenue from completed projects	339.13	1,981.12	5,013.85	7,204.12
Revenue from ongoing projects	12,076.72	17,256.41	6,062.91	3,687.04
Total Revenue from Operations	12,415.85	19,237.53	11,076.76	10,891.16

Revenue is recognised in accordance with Ind AS 115 - Revenue from Contracts with Customers, over the period of sale agreements executed with the Customer using the Percentage of Completion Method (POCM). Refer Note no [2.2.6]- Accounting Policies to the Restated Financial Information on Page 297. Our revenues and costs may fluctuate from period to period due to a combination of factors beyond our control, including pace of bookings received and registration of sale agreements thereof in a particular period and volatility in expenses including costs of land/ development rights and construction costs. The volume and pace of sales depend on our ability to design projects that will meet customer preferences, location preferences and market trends, and the efficiency of marketing activities in getting customers to make bookings and enter into sale agreements at earlier stages of the projects. We market and pre-sale our projects in phases from the date of launch of the project after receiving requisite approvals, including those required under the RERA and building rules, which is after acquisition of the land or land development rights and completion of the designs and plans and continue into the construction and completion phases depending on market conditions. As of October 31, 2025, we have 9 (nine) Ongoing Projects. Our projects schedules are susceptible to disruptions by and subject to unforeseen circumstances at different stages of planning and execution due to factors beyond our control including adverse weather conditions, availability of materials/ labour and minimising of impact to residents of the vicinity. This may lead to fluctuation in financial result for any financial period depending on work completed in that period. Therefore, our results of operations will significantly depend upon the size and number of projects which are available for sale, both in ongoing and completed projects, in each financial period as our revenue depends upon the volume of sales to obtained from such units as well as the rate of progress of construction of these projects.

Fluctuations in market prices for our Projects

Our total income is affected by the sales of our projects, which are affected by prevailing market conditions and prices in the real estate sector in the state of Kerala in particular and in India in general (including market forces of supply and demand), It is also affected by the nature and location of our projects, and other factors such as our brand perception, reputation and the design of our projects.

The real estate market in Kerala may be affected by various factors beyond our control, such as:

• prevailing local and macro-economic conditions,

• changes in the supply and demand for properties in the segments we operate,

• change in demographic trends, employment and income levels,

• availability of consumer financing (interest rates and eligibility criteria for loans),

• changes in the applicable government regulations and related policies,

• decrease in or restrictions on foreign currency remittances,

• regional natural disasters or pandemics,

• performance of key industrial sectors, or

• the public perception that any of these events may occur.

Since most of our ongoing and planned projects in India are concentrated in Kochi in Kerala than other districts of the state, we are particularly affected by changes in real estate market conditions in Kochi in Kerala, particularly by availability of, and demand for, projects comparable to those we develop and competition from other real estate developers to market and sell similar projects within the same micro-markets.

Sales volumes, revenue recognition and rate of progress of construction and development

The table below provides our revenue from operations for the six-month period ended September 30, 2025 and the Fiscal 2025, 2024 and 2023, also presented as a percentage of our total income:

Particulars	For the six-month ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
	(Rs. in lakh)	% of total income	(Rs. in lakh)	% of total income	(Rs. in lakh)	% of total income	(Rs. in lakh)	% of total income
Revenue from Operations	12,415.85	99.22	19,237.53	98.04	11,076.76	96.64	10,891.16	98.94

We recognize revenue based on the fulfilment of performance obligations as set out in the contracts with our customers, which is further described in Note 2.2.6 of our Restated Financial Information. The estimate of costs are reviewed periodically by our management and any effect of changes therein is recognized in the period in which changes are determined. Our cost estimates are affected by, among other things, volatility in expenses comprising the costs to acquire land, development rights and construction costs. Such changes may in turn affect the profit recognized during the same Financial Year. Accordingly, our income across time periods may fluctuate significantly due to a variety of factors, including the size and number of our developments, execution of agreements and/or contracts with buyers and general market conditions. Variation of project timelines due to project delays and estimates may also have an adverse effect on our ability to recognize revenue in a particular period. As a result of one or more of these factors, the revenue from operations may vary significantly from one reporting period to the next.

Our Sales volumes within any Financial Year depends on our ability to, among other things:

• design projects that will meet customer preferences and market trends;

• timely market and sell our projects at reasonable pace. We market and sell our projects in phases from the date of launch of the project after receiving requisite approvals, including those required under the RERA and building rules, which is after acquisition of the land or land development rights and completion of the designs and plans and continue into the construction and completion phases depending on market conditions.

• the preference of our customers to pay for the projects or enter into sale agreements well in advance of receiving possession of the projects; and

• general market conditions

Our presales (sales done after launch and during construction of a project) have allowed us to benefit from instalment payments from our customers, which we are able to use as working capital. We estimate the total costs of a project prior to its commencement based on, among other things, the size, specifications and location of the project. We re-evaluate our project costs periodically. If, during the re-evaluation, the total project cost is estimated to exceed the total revenue from the project, we recognize the loss in the relevant Financial Year. Reevaluations also affect our ability to allocate resources to the project in a timely manner, which in turn affects construction progress. Our construction process is also affected by other factors including the competence of, and priority given to our projects by, our contractors, the receipt of approvals and regulatory clearances, access to utilities such as electricity and water, and the absence of contingencies such as litigation and adverse weather conditions.

Cost of construction and development

Our cost of construction includes the cost of raw materials such as steel, cement, flooring tiles, sanitary fittings, electrical fittings, plumbing materials, other building materials, labour costs, finance cost and other allocable expenses. Raw material prices, particularly those of steel and cement, may be affected by price volatility caused by various factors that affect the Indian and international commodity markets. If there are extraordinary price increases in construction materials due to increases in demand for cement and steel, or shortages in supply, the contractors we hire for construction or development work may be unable to fulfil their contractual obligations and may therefore be compelled to increase their contract prices. For the six-month period ended September 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, Cost of Goods Sold comprises of Operating Cost and Changes in inventories. Operating Cost comprises of cost of land and development rights, cost of material consumed, compensation, labour and contract expenses, professional charges, rates and taxes and other project expenses. Cost of Goods Sold For the six-month period ended September 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 is 82.32%, 82.97%, 76.25% and 83.52%, respectively, of our total expenses.

As a result, increases in costs for any construction materials may affect our construction costs, and consequently our margins unless we are able to pass on such costs by increasing the sales price for our projects. Further, certain approval costs and premiums payable to Government authorities are linked to the ready reckoner rates announced by the relevant government authorities periodically. Any increase in the ready reckoner rates increases our approval costs. In addition, the timing and quality of construction of the projects we develop depends on the availability and skill of our contractors and consultants, as well as contingencies affecting them, including labour and industrial actions, such as strikes and lockouts. Such labour and industrial actions may cause significant delays to the construction timetables for our projects and we may therefore be required to find replacement contractors and consultants at higher cost. As a result, any increase in prices resulting from higher construction costs could adversely affect demand for our projects and our profit margins.

Availability of financing on favourable terms

We fund our property development activities through a combination of medium and long-term debt and internal accruals. Accordingly, our ability to obtain financing, as well as the cost of such financing, affects our business. Though we believe we are able to obtain funding at competitive interest rates, cost of financing is material for us. Our total outstanding indebtedness as on September 30, 2025 is Rs. 4,857.33 lakh, and our finance costs before allocating to cost of projects for the six months ended September 30, 2025 is Rs.631.65 lakh. Major drivers behind the growth of demand for housing units are nuclearization of families, increasing in working population, rising disposable income, availability of housing loans at affordable interest rates. Changes in interest rates also affect the ability and willingness of our prospective real estate customers, particularly customers for our residential properties, to obtain financing for their purchase of our developments. The interest rate at which our real estate customers may borrow funds for the purchase of our properties affects the affordability and purchasing power of, and hence the market demand for, our residential real estate developments.

Regulatory framework

The real estate sector in India is highly regulated. Our operations including the acquisition of land and land development rights, and the implementation of our projects require us to obtain regulatory approvals and permits from multiple regulatory authorities. We are also subject to local and municipal laws relating to real estate development activities and the relevant development control regulations. These require approvals for construction and development of real estate projects including approvals for the ratio of built-up area to land area, plans for road access, community facilities, open spaces, water supply, sewage disposal systems, electricity supply, environmental suitability, safety features, zoning regulations and size of the project. Any delay or failure in getting any of these approvals for our projects may affect our business and result of operations.

Further, the Central Government notified the RERA on March 26, 2016 and has enforced RERA with effect from May 1, 2017. The RERA has been introduced to regulate the real estate industry and ensure, amongst others, imposition of certain responsibilities on real estate developers and accountability towards customers and protection of their interest. RERA requires the mandatory registration of real estate projects and developers are not permitted to issue advertisements or accept advances unless real estate projects are registered. The RERA also imposes restrictions on use of funds received from customers prior to project completion and taking customer approval for major changes in sanction plan. In addition, with the introduction of RERA we have to comply with

specific legislations enacted by respective State Governments, where our Ongoing Projects, Upcoming Projects, or future projects may be located.

For further information on RERA and on changing laws and regulations in general see, "Risk Factors - We are subject to extensive statutory or governmental regulations, including the Real Estate (Regulation and Development) Act, 2016, and a change in laws, rules, regulations and legal uncertainties, including the withdrawal of certain benefits or adverse application of tax laws or any non-compliance of any applicable law, may adversely affect our business, results of operations and financial conditionand "Key Regulations and Policies in India" on pages 67 and 248.

Availability of future growth opportunities

Our growth is linked to the availability of land in areas where we intend to develop projects either by ourselves or through joint development or joint venture arrangements. The ability for the Company to grow in the market is relatively affected by the rate of growth of the market at large. Therefore, the Company may need to expand beyond Kerala in order to sustain the growth at the pace of its brand acceptance. This growth would be affected by its ability to maintain the efficiency and customer acceptance in such new geographies.

Competition

We compete for land, sale of projects, manpower resources and skilled personnel with other private developers. We face competition from various national and regional real estate developers. Moreover, as we seek to diversify our operations in other markets, we face the risk that some of our competitors have a wider geographical reach while some other competitors have a strong presence in regional markets. Some of our competitors may have greater resources (including financial, land resources, and other types of infrastructure) to take advantage of efficiencies created by size, and access to capital at lower costs, have a better brand recall, and established relationships with homeowners. For example, we face competition from some listed developers such as Puravankara Limited and Shriram Properties Limited and unlisted developers such as Skyline Foundations and Structures Private Limited and Asset Homes Private Limited that have real estate projects in Kerala region (Source: ICRA Report). Our success in the future will depend significantly on our ability to maintain and increase market share in the face of such competition. Our inability to compete successfully with the existing players in the industry, may affect our business prospects and financial condition.

For further details in relation to the competition we face and our significant competitors, see "Industry Overview" and "Our Business - Competition" on pages 166 and 245.

Brand reputation and goodwill

We believe that our brand reputation and the goodwill associated with being part of a well-known group comprising V-Guard Industries Limited and Wonderla Holidays Limited play an important role in the success of our business and in fostering customer confidence. Our ability to leverage the groups established reputation and to differentiate our real estate offerings on the basis of quality, reliability, timely execution, eco-friendly designs and customer-centric practices is a significant factor in attracting and retaining customers.

This brand reputation or the goodwill associated with the group is susceptible to factors, including those beyond our control, such as delays in project execution, quality-related issues, customer complaints, adverse market perception, or negative publicity relating to us or other group entities in India or abroad. Any failure to uphold expected standards associated with the group brand, if not promptly and adequately addressed, may adversely affect our reputation, customer trust, competitive position, business prospects, financial condition, results of operations and cash flows.

Further, any negative publicity, adverse reports, claims, or public and/or defamatory statements relating to our real estate projects, construction quality, regulatory compliances, customer service, or those of other group companies could materially and adversely impact our brand image, reputation and corporate standing, and may affect our ability to conduct our business in the ordinary course.

Maintaining and enhancing our brand image and the goodwill associated with the group may also require us to incur significant costs and make continuous investments, including in project design and innovation, construction

quality, safety and sustainability measures, marketing and brand communication initiatives, customer relationship management, and employee training and development. If these initiatives are not implemented effectively, or if our projects fail to meet customer expectations for any reason, leading to erosion of customer confidence in our brand, our ability to attract and retain customers and to successfully launch and sell future projects could be adversely affected.

PRESENTATION OF FINANCIAL INFORMATION 1. Basis of Preparation

The Restated Statement of Assets and Liabilities of the Company as at September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, the restated Statement of Profit and Loss (including other comprehensive income), the restated Statement of Changes in Equity and the restated Statement of Cash Flows for half year ended September 30,2025 and each of the years ended March 31, 2025, March 31, 2024 and March 31, 2023, and restated other financial information (together referred as Restated Financial Information) has been prepared under Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) read with the Companies (Indian Accounting Standards) Rules, 2015 as amended and other relevant provisions of the Act, to the extent applicable.

The Restated Financial Information has been prepared by the management for inclusion in the Draft Red Herring Prospectus (DRHP) to be filed by the company with Securities and Exchange Board of India ("SEBI") in connection with the proposed Initial Public Offering ("IPO") of equity shares of the Company.

The Restated Financial Information, which has been approved by Board of Directors has been prepared in accordance with the requirements of:

(i) Section 26 of Part I of Chapter III of the Companies Act, 2013 ("the Act"), as amended from time to time ("the Act");

(ii) the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended to date (the "SEBI ICDR Regulations") issued by the Securities and Exchange Board of India (the "SEBI"); and

(iii) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").

The accounting policies have been consistently applied by the Company in preparation of the Restated Financial Information and are consistent with those adopted in the preparation of Audited financial statements for the six months period ended September 30, 2025. This Restated Financial Information does not reflect the effects of events that occurred subsequent to the respective dates of board meeting held to approve and adopt the Audited Financial Statements for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and Special Purpose Interim Financial Statements for the six months period ended September 30, 2025.

The Restated Financial Information have been compiled by the Management from:

a) The audited Ind AS Financial Information of the Company as at and for the year ended March 31, 2025 ("Audited Financial Statements") prepared in accordance with Ind AS notified under section 133 of the Companies Act, 2013 read together with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended and Companies (Indian Accounting Standards) Amendment Rules, 2016 issued, which have been approved by the Board of Directors at their meeting held on August 27, 2025.

b) The audited special purpose Ind AS Financial Information of the Company as at and six months ended September 30, 2025 along with audited special purpose Ind AS Financial Information for the year ended March 31, 2023 prepared in accordance with Ind AS notified under section 133 of the Companies Act, 2013 read together with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended and Companies (Indian Accounting Standards) Amendment

Rules, 2016 issued, which have been approved by the Board of Directors at their meeting held on November 20, 2025.

c) the audited Special Purpose Comparative Ind AS Financial Statements of the Company as at and for the year ended March 31, 2023, prepared in accordance with the Indian Accounting Standards (Ind AS), prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India (the "Special Purpose Comparative Ind AS Financial Statements") which have been approved by the Board of Directors in their meeting held on November 20, 2025.

The transition date, for the purpose of preparation of Special Purpose Comparative Ind AS Financial Statements is considered as April 1, 2022 which is different from the transition date adopted by the Company at the time of first time transition to Ind AS (i.e. April 1, 2023) for the purpose of preparation of audited Ind AS Financial Statements for the year ended March 31, 2025, as required under the Act. Accordingly, for the purpose of preparation of Special Purpose Comparative Ind AS Financial Statements, the Company has applied the same accounting policy and accounting policy choices (both mandatory exceptions and optional exemptions availed as per Ind AS 101, as applicable) as on April 1, 2022 as initially adopted on transition date i.e.April 1, 2023 for the purpose of preparation of Special Purpose Comparative Ind AS Financial Statements.

As such, these Special Purpose Comparative Ind AS Financial Statements are not suitable for any other purpose other than for the purpose of preparation of Restated Financial Information and are also not financial statements prepared pursuant to any requirements under section 129 of the Companies Act, 2013, as amended.

The Restated Financial Information have been prepared in accordance with the Act, SEBI ICDR Regulations and the ICAI Guidance Note after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications, as applicable, retrospectively in the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the six months period ended September 30, 2025;

The Restated Financial Information have been approved by the Board of Directors on November 20, 2025.

Application of new and revised Ind AS

All the Ind ASs issued and notified by the Ministry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) till the financial statements are authorised for issue have been considered in preparing these financial statements.

Presentation of Financial Statements

The Restated Financial Information of the Company have been prepared to comply in all material respects with the Indian Accounting Standards ("Ind AS") notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended, presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the financial statements and other relevant provisions of the Act.

The Company generally reports financial assets and financial liabilities on a gross basis in the Balance Sheet. They are offset and reported net only where it has legally enforceable right to offset the recognised amounts and the Company intends to either settle on a net basis or to realise the asset and settle the liability simultaneously as permitted by Ind AS. Similarly, the Company offsets incomes and expenses and reports the same on a net basis where the netting off reflects the substance of the transaction or other events as permitted by Ind AS.

Functional And Presentation Currency

These Restated Financial Information are presented in Indian rupees (INR) which is also the Companys functional currency. All accounts are rounded-off to the nearest lakh with two decimals, unless otherwise stated.

Basis Measurement

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company considers the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on this basis.

Fair value measurements are categorised into Level 1, 2, or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety.

- Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices;

- Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and place limited reliance on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2; and

- Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Historical Cost Convention:

"The Restated Financial Information have been prepared on the accrual and going concern basis, and the historical cost convention except where the Ind AS requires a different accounting treatment. The principal variations from the historical cost convention relate to financial instruments classified as fair value for the followings:

(i) certain financial assets and liabilities and contingent consideration that is measured at fair value;

(ii) assets held for sale measured at fair value less cost to sell;

(iii) defined benefit plans plan assets measured at fair value; and

(iv) Historical cost is generally based on the fair value of the consideration given in exchange for goods and services."

Current/Non - Current classification.

"The Company as required by Ind AS 1 presents assets and liabilities in the balance sheet based on current /non-current classification. The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Companys normal operating cycle in respect of operations relating to the construction of real estate projects may vary from project to project depending upon the size of the project, type of development, project complexities and related approvals and is ascertained from commencement of project till completion of project. The real estate development projects undertaken by the Company generally runs over a period ranging upto 4 years. Operating cycle for all completed projects is based on 12 months period. Operating assets and liabilities have been classified into current and non-current based on their respective operating cycles.

An asset is treated as current when it is:

- Expected to be realized or intended to be sold or consumed in normal operating cycle

- Held primarily for purpose of trading

- Expected to be realized 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.

A liability is treated as current when:

- It is expected to be settled in normal operating cycle

- It is held primarily for purpose of trading - It is due to be settled within twelve months after the reporting period, or

- There is no unconditional 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.

Deferred tax assets and deferred tax liabilities are classified as non- current assets and liabilities.

Use of Estimates and Judgements

The preparation of financial statements in conformity with Ind AS requires management to make estimates, judgements and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities (including contingent liabilities) and disclosures as of the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. Actual results could differ from these estimates. Accounting estimates and underlying assumptions are reviewed on an ongoing basis and could change from period to period. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Appropriate changes in estimates are recognised in the periods in which the Company becomes aware of the changes in circumstances surrounding the estimates. Any revisions to accounting estimates are recognised prospectively in the period in which the estimate is revised and future periods.

In particular, information about material areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes:

(i) Assumptions involved in actuarial valuation of defined employee benefit assets and liabilities

(ii) Fair value measurement

(iii) Contingent liabilities and provisions

(iv) Determination of performance obligations and timing of revenue recognition on revenue from real estate development

(v) Recognition of Deferred Tax Asserts

(vi) Accounting for revenue and land cost for projects executed through joint development agreements

(vii) Computation of percentage completion for projects in progress, project cost and revenue

(viii) Useful lives of Property, Plant and Equipment, Investment Property and Intangible Assets

(ix) Impairment of tangible and intangible assets other than goodwill

(x) Net realisable value of inventory

(xi) Impairment of trade receivables

SIGNIFICANT ACCOUNTING POLICIES

The notes to our Restated Financial Information included in this Draft Herring Prospectus contain a summary of our material accounting policies. Set forth below is a summary of our most significant accounting policies under Ind AS.

Property, Plant and Equipment

On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment recognised as at 1st April, 2022 measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment.

Tangible property, plant and equipment (PPE) are stated at cost less accumulated depreciation and impairment, if any. The cost of an item of property, plant and equipment is recognised if it is probable that future economic benefits associated with the item will flow to the Company and the cost thereof can be measured reliably. All property, plant and equipment are initially recognised at cost net of tax/ duty credits availed. Cost comprises the

purchase price and any directly attributable cost to bring the asset to its working condition for its intended use. Subsequent expenditure incurred on assets put to use is capitalised only when it increases the future economic benefits/ functioning capability from/of such assets. Advances paid towards acquisition of property, plant and equipment, outstanding at each Balance Sheet date is classified as capital advances under other non-financial assets and the cost of assets not put to use before such date are disclosed under Capital work-in-progress.

Depreciation

Depreciation is recognised so as to write-off the cost of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each financial year, with the effect of any changes in estimate accounted for on a prospective basis. Assets purchased during the year are depreciated on the basis of actual number of days the asset has been put to use in the year. Assets individually costing Rs. 5,000/- or less are fully depreciated in the year of purchase.

Estimated useful life of assets is as below:

Category of PPE	Estimated useful life as assessed by the Company
Plant and Machinery	15 Years
Office and electrical equipments	5 Years
Computer	3 Years
Leasehold improvements	5 Years
Furniture, fixture and fittings	10 Years
Bikes and Scooters	10 Years
Motor vehicles	8 Years

Changes in the expected useful life are accounted for by changing the depreciation period or methodology, as appropriate and treated as changes in accounting estimates.

The Management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Profit and Loss.

Intangible Assets

On transition to Ind AS, the Company has elected to continue with the carrying value of all of the Intangible assets recognised as at 1st April, 2022 measured as per the previous GAAP and use that carrying value as the deemed cost of the Intangible Asset.

Intangible assets are recognised when it is probable that the future economic benefits that are attributable to the asset will flow to the enterprise and the cost of the asset can be measured reliably. Intangible assets are stated at original cost net of tax/ duty credits availed, if any, less accumulated amortization, and cumulative impairment. Direct expenses (including salary costs) and administrative and other general overhead expenses that are specifically attributable to acquisition of intangible assets are allocated and capitalised as a part of the cost of the intangible assets.

Intangible assets not ready for the intended use on the date of the Balance Sheet are disclosed as "Intangible assets under development".

Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each financial year, with the effect of any changes in estimate being accounted for on a prospective basis. The estimated useful life of Software is considered as 4 years.

An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognised in the statement of profit or loss when the asset is derecognised.

Impairment

The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount is the higher of an assets net selling price and its value in use. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the Statement of Profit and Loss. A previously recognised impairment loss is increased or reversed depending on changes in circumstances. However, the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation/amortisation had there been no impairment.

Investment Property

Land or building held to earn rentals or for capital appreciation or both rather than for use in the production or supply of goods or services or for administrative purposes; or sale in the ordinary course of business is recognised as Investment Property. Land held for a currently undetermined future use is also recognised as Investment Property. An investment property is measured initially at its cost. The cost of an investment property comprises its purchase price and any directly attributable expenditure. After initial recognition, the Company carries the investment property at the cost less accumulated depreciation and accumulated impairment, if any.

After initial recognition, the Company measures all of its Investment Property in accordance with Ind AS 16 - Property, Plant and Equipment requirements for cost model. The depreciable amount of an item of Investment Property is allocated on a systematic basis over its useful life, as applicable. the Company provides depreciation on the straight line method. Changes in the expected useful life are accounted for by changing the depreciation period or methodology, as appropriate and treated as changes in accounting estimates. The estimated useful lives, residual values and depreciation method are reviewed at the end of each financial year, with the effect of any changes in estimate accounted for on a prospective basis. The depreciation charge for each period is generally recognised in the Statement of Profit and Loss. Any gain or loss on disposal of an Investment Property is recognised in the Statement of Profit and Loss.

Fair value of investment property is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued.

Inventories

Inventories are valued as under:

(i) Land (for project construction) - Land and plots other than area transferred to construction work in progress at the commencement of construction are valued at lower of cost or net realizable value. Cost includes land acquisition cost, development charges and apportioned borrowing cost. Land inventory which is under development or held for development/ sale in near future is classified as current assets. Land which is held for undetermined use or for future development is classified as non-current asset/invesment property.

(ii) Project Work in Progress - Construction work in progress represents cost incurred in respect of the real estate development projects which includes cost of land, construction cost, allocated interest and allocated expenses and is valued at lower of cost and net realizable value.

(iii) Finished Apartments - are valued at lower of Cost or Net realizable value

Direct expenditure relating to construction activity is included in cost of inventory. Other expenditure (including borrowing costs) during construction period is included in cost of inventory to the extent the expenditure is directly attributable to cost of bringing the assets to its working condition for its intended use. Other expenditure (including borrowing costs) incurred during the construction period which is not directly attributable for bringing

the asset to its working condition for its intended use is charged to the Statement of Profit and Loss. Direct and other expenditure including expected warranty costs is determined based on specific identification to the construction and real estate activity. Cost incurred/ items purchased specifically for projects are taken as consumed as and when incurred/ received.

Revenue Recognition

(i) Revenue from contracts with customers

Revenue from contract with customer is recognised, when control of the goods or services are transferred to the customer, at an amount that reflects the consideration to which the Company is expected to be entitled in exchange for those goods or services. Revenue is measured based on the transaction price, which is the consideration, adjusted for discounts and other credits, if any, as specified in the contract with the customer. The Company presents revenue from contracts with customers net of indirect taxes in its Statement of Profit and Loss. The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Company considers the effects of variable consideration, the existence of significant financing components, non-cash consideration, and consideration payable to the customer (if any). The Company assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. The Company concluded that it is acting as a principal in all of its revenue arrangements. The specific recognition criteria described below must also be met before revenue is recognised.

Revenue is recognised as follows:

a) Revenue from real estate projects

The Company recognises revenue, on execution of agreement and when control of the goods or services are transferred to the customer, at an amount that reflects the consideration (i.e. the transaction price) to which the Company is expected to be entitled in exchange for those goods or services excluding any amount received on behalf of third party (such as indirect taxes).

An asset created by the Companys performance does not have an alternate use and as per the terms of the contract, the Company has an enforceable right to payment for performance completed till date. Hence the Company transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognises revenue over the period of time. The Company recognises revenue for performance obligation satisfied over the period of time only if it can reasonably measure its progress towards complete satisfaction of the performance obligation.

Sale of residential units consists of sale of undivided share of land and constructed area to the customer, which have been identified by the Company as a single performance obligation, as they are highly interrelated with each other. For contracts involving sale of real estate unit, the Company receives the consideration in accordance with the terms of the contract in proportion of the percentage of completion of such real estate project and achievement of milestone of contract and represents payments made by customers to secure performance obligation of the Company under the contract enforceable by customers. Such consideration is received and utilised for specific real estate projects in accordance with the requirements of the Real Estate (Regulation and Development) Act, 2016. Consequently, the Company has concluded that such contracts with customers do not involve any financing element since the same arises for reasons explained above, which is other than for provision of finance to/from the customer.

the requirements of the Real Estate (Regulation and Development) Act, 2016. Consequently, the Company has concluded that such contracts with customers do not involve any financing element since the same arises for reasons explained above, which is other than for provision of finance to/from the customer.

In respect of sale of stock of units in completed projects, revenue is recognised at the point of time of transfer of control of the units upon execution of agreement

In respect of Joint development (‘JD) arrangements wherein the land owner/ possessor provides land and in lieu of land owner providing land, the Company transfers certain percentage of constructed area/ revenue proceeds ,the revenue from development and transfer of constructed area is recognised over the period of time. Project costs include fair value of such land received and the same is accounted on the commencement of the project. When the fair value of the land received cannot be measured reliably, the revenue and cost is measured at the fair value of the estimated construction service rendered to the landowner, adjusted by the amount of any cash or cash equivalents transferred. In case of JD arrangements, where performance obligation is satisfied over the period of time, the Company recognises revenue only when it can reasonably measure its progress in satisfying the performance obligation. Until such time, the Company recognises revenue to the extent of cost incurred, provided the Company expects to recover the costs incurred towards satisfying the performance obligation.

b) Contract Balances

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Company performs under the contract.

A receivable represents the Companys right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).

c) Contract Cost Assets

Costs incurred in the nature of sales commission (for obtaining certain contracts to sell certain residential units) and the legal fees (for registration of sale agreements) are recognised as an asset (prepaid expense) in the nature of incremental cost of obtaining a contract. These costs are amortised on a systematic basis that is consistent with the satisfaction of the performance obligations arising out of such contracts. Such Contract Cost assets are reported under Other Assets.

d) Revenue from other Operating Activities

Revenue from marketing and commission is recognised at the point in time.

(ii) Interest income

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time proportionate basis, by reference to the principal outstanding and at the effective interest rate applicable.

Leases

The Company follows Ind AS 116 - Leases for accounting for contracts which are in the nature of leases (other than short term leases and leases of low value assets).

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

As a Lessee:

The Company accounts for each lease component within the contract as a lease separately from non - lease components of the contract and allocates the consideration in the contract to each lease component on the basis of the relative standalone price of the lease component and the aggregate stand-alone price of the non-lease components.

The Company recognises right-of-use asset representing its right to use the underlying asset for the lease term at the lease commencement date. The right-of-use assets are depreciated using the straight-line method from the commencement date over the lease term. Right-of-use assets are tested for impairment whenever there is any indication that their carrying amounts may not be recoverable. Impairment loss, if any, is recognised in the Statement of Profit and Loss.

The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Companys incremental borrowing rate on commencement of the lease is used. The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.

The Company recognises the amount of the re-measurement of lease liability as an adjustment to the right-of-use asset. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Company recognises any remaining amount of the re-measurement in the Statement of Profit and Loss.

The Company has elected not to apply the requirements of Ind AS 116 to short - term leases of all assets that have a cancellable lease term of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated with these leases are recognized as an expense on a straight - line basis over the lease term.

As a Lessor:

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

Taxation

Income tax expense represents the sum of current tax and deferred tax.

(i) Current tax

Current tax is determined at the amount of tax payable in respect of taxable profit for the year as per the Income Tax Act, 1961. Taxable profit differs from ‘profit before tax as reported in the Statement of Profit and Loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The entitys current tax is calculated using tax rate that has been enacted by the end of the reporting period.

(ii) Deferred tax

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred 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.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient future taxable profits will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Current tax and deferred tax is recognised in Statement of Profit and 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.

Employee Benefits

(i) Short Term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits and recognised in the period in which the employee renders the related service and include performance incentives and compensated absences which are expected to occur within twelve months after the period in which the employee rendered the related service. Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

The cost of short-term compensated absences is accounted as under:

• in case of accumulated compensated absences, when employees render the services that increase their entitlement of future compensated absences; and

• in case of non-accumulating compensated absences, when the absences occur.

(ii) Defined Contribution Plans

The Company has defined contribution plans for employees comprising of Provident Fund and Employees State Insurance. The contributions paid/payable to these plans during the year are recognised as employee benefit expense in the Statement of Profit and Loss for the year. The Company has no further payment obligations once the contributions have been paid.

(iii) Defined Benefit Plans

Payment of Gratuity to employees is covered by the Gratuity Trust Scheme based on the Group Gratuity cum Life Assurance Scheme of the LIC of India, which is a defined benefit scheme and the Company makes contributions under the said scheme.

The liability or assets recognised in the Balance Sheet in respect of defined benefit gratuity plan is the present value of the defined benefit obligation at the end of the reporting period less the fair value of the plan assets. The defined benefit obligation is actuarially valued using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation. The net interest cost is calculated applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan

assets. This cost is included in the employee benefit expenses in the Statement of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the Statement of Changes in Equity and in the Balance Sheet. Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in Statement of Profit and Loss as past service cost.

(iv) Long-term employee benefits

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related service are recognised as a liability at the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in Statement of Profit and Loss.

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

Borrowing Cost

Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Interest expense is recognised by applying the Effective Interest Rate (EIR) to the gross carrying amount of financial liabilities other than financial liabilities classified as FVTPL. Interest expense includes issue costs that are initially recognized as part of the carrying value of the financial liability and amortized over the expected life using the effective interest method. These include processing charges,fees and commissions payable to advisers and other expenses such as external legal costs, rating fee etc, provided these are incremental costs that are directly related to the issue of a financial liability.

Borrowing costs, allocated to and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifying asset up to the date of capitalisation/completion of such asset, is added to the cost of the assets. Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and Loss during extended periods when active development activity on the qualifying assets is interrupted.

A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale and includes the real estate projects developed by the Company.

Financial Instruments

(i) Recognition of Financial Instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instruments.

(ii) Initial measurement of Financial Instruments

Financial assets and financial liabilities are initially measured at fair value. However, trade receivables that do not contain a significant financing component are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at FVTPL) are added to or deducted from their respective fair value on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised immediately in the Statement of Profit and Loss.

A financial asset and a financial liability is offset and presented on a net basis in the Balance Sheet when there is a current legally enforceable right to set-off the recognised amounts and it is intended to either settle on net basis or to realise the asset and settle the liability simultaneously.

(iii) Classification and Subsequent Measurement of Financial Instruments

a) Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade-date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

(i) Financial assets carried at amortised cost (AC)

A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

(ii) Financial assets at fair value through Other Comprehensive Income (FVTOCI)

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Further, in cases where the Company has made an irrevocable election based on its business model, for its investments which are classified as equity instruments, the subsequent changes in fair value are recognised in other comprehensive income

(iii) Financial assets at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories is measured at FVTPL.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset.

(iv) Impairment of financial asset

The Company applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, debt instruments at FVTOCI and other contractual rights to receive cash or other financial assets.

For trade receivables and other financial assets

For trade receivables or any contract assets within the scope of Ind AS 115 and that do not contain any significant financing component in accordance with Ind AS 115, provision for bad and doubtful debts is based on the simplified approach of impairment of trade receivables permitted by Ind AS 109 Financial instruments which requires lifetime expected credit losses to be recognized excepting those which are contractually not due as per the terms of the contract or those which are considered realizable based on a case to case review. The expected credit loss is computed based on a provision matrix which takes into account historical credit loss experience and is adjusted for forward looking information.

If the credit risk on the trade receivables has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month

expected credit losses. 12-month expected credit losses are portion of the life-time expected credit losses and represent the lifetime cash shortfalls that will result if default occurs within the 12 months after the reporting date and thus, are not cash shortfalls that are predicted over the next 12 months.

(v) Derecognition of Financial Assets

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party and the transfer qualifies for derecognition under Ind AS 109.

If the Company enters into transactions whereby it transfers assets recognised on its Balance Sheet but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not de-recognised and the proceeds received are recognised as a collateralised borrowing.

On derecognition of a financial asset in its entirety, the difference between the assets carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in the Statement of Profit and Loss.

b) Financial liabilities and equity instruments

(i) Classification as debt or equity

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

(ii) Equity instruments

An Equity Instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

(iii) Financial Liabilities

A financial liability is any liability that is:

• Contractual obligation:

- to deliver cash or another financial asset to another entity; or

- to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

• a contract that will or may be settled in the entitys own equity instruments.

Financial Liabilities are subsequently measured at amortized cost using the effective interest method, except those that are classified as FVTPL. Financial Liability is classified at FVTPL if it is held for trading or it is a derivative or it is designated as such on initial recognition. For trade and other payables maturing within one year from the Balance sheet date, the carrying amount approximates the fair value due to the short maturity of these instruments.

(iv) Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Companys obligations are discharged, cancelled or have expired. An exchange with a lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The

difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Statement of Profit and Loss.

Fair Value Measurement

For financial assets and financial liabilities that have a short - term maturity (less than twelve months), the carrying amounts, which are net of impairment, are a reasonable approximation of their fair value. Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis and measurements that have some similarities to fair value but are not fair value, such as net realisable value in Ind AS 2 or value in use in Ind AS 36. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2, or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

- Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

- Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

- Level 3 inputs are unobservable inputs for the asset or liability

Provisions, Contingent Liabilities and Contingent Assets

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, considering the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that an outflow of resources will not be required to settle the obligation or the amount of obligation cannot be measured with sufficient reliability.

Contingent assets are not recognized in the books of account. If it has become virtually certain that an inflow of economic benefits will arise,then the related asset is not a contingent asset and such asset and the related income are recognised in the financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, the Company discloses the contingent asset.

Provisions, Contingent Liabilities, and Contingent Assets are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.

Commitments

Commitments are future liabilities for contractual expenditure, classified and disclosed as follows:

- estimated amount of contracts remaining to be executed on capital account and not provided for;

- uncalled liability on shares and other investments partly paid;

- other non-cancellable commitments, if any, to the extent they are considered material and relevant in the opinion of the management.

Foreign Currencies

The functional currency and presentation currency of the Company is Indian Rupee (INR). Functional currency of the Company has been determined based on the primary economic environment in which the Company operates considering the currency in which funds are generated, spent and retained.

Transactions in currencies other than the Companys functional currency are recorded on initial recognition using the exchange rate at the transaction date. At each Balance Sheet date/ reporting date, foreign currency monetary items are reported at the prevailing closing spot rate. Non-monetary items that are measured in terms of historical cost in foreign currency are not retranslated.

Exchange differences that arise on settlement of monetary items or on reporting of monetary items at each Balance Sheet date at the closing spot rate are recognised in the Statement of Profit and Loss in the period in which they arise.

Cash and Cash Equivalents

Cash and Cash Equivalents include cash at banks and cash on hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. They are held for the purposes of meeting short-term cash commitments (rather than for investment or other purposes).

Segment Reporting

Operating segments are those components of the business whose operating results are regularly reviewed by the chief operating decision maker (CODM) of the Company to make decisions for performance assessment and resource allocation. The reporting of segment information is the same as provided to the management for the purpose of the performance assessment and resource allocation to the segments. Segment accounting policies are in line with the accounting policies of the Company.

Events after reporting date

If the Company receives information after the reporting period, but prior to the date of approved for issue, about conditions that existed at the end of the reporting period, it will assess whether the information affects the amounts that it recognises in its financial statements. The Company will adjust the amounts recognised in its financial statements to reflect any adjusting events after the reporting period and update the disclosures that relate to those conditions in light of the new information. For non-adjusting events after the reporting period, the Company will not change the amounts recognised in its financial statements, but will disclose the nature of the non-adjusting event and an estimate of its financial effect, or a statement that such an estimate cannot be made, if applicable.

Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date.

Cash Flow Statement

The Cash Flow Statement shows the changes in cash and cash equivalents arising during the year from operating activities, investing activities and financing activities.

The cash flows from operating activities are determined by using the indirect method. Net income is therefore adjusted by non-cash items, such as measurement gains or losses, changes in provisions, impairment of property, plant and equipment and intangible assets, as well as changes from receivables and liabilities. In addition, all income and expenses from cash transactions that are attributable to investing or financing activities are eliminated.

For the purpose of the Statement of Cash Flows, cash and cash equivalents consist of cash and short-term deposits, net of outstanding bank overdrafts as they are considered an integral part of the Companys cash management.

Standards issued but not yet effective

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the six months ended September 30, 2025, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

Non- GAAP Measures

Gross Margin, Gross Margin %, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, PAT Margin %, ROE, ROCE (together, "Non-GAAP Measures"), presented in this section is a supplemental measure of our performance and liquidity that is not required by, or presented in accordance with, Ind AS, Indian GAAP, IFRS or US GAAP. Further, these Non-GAAP Measures are not a measurement of our financial performance or liquidity under Ind AS, Indian GAAP, IFRS or US GAAP and should not be considered in isolation or construed as an alternative to cash flows, profit/ (loss) for the years/ period or any other measure of financial performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities derived in accordance with Ind AS, Indian GAAP, IFRS or US GAAP. In addition, these Non-GAAP Measures are not standardised terms, hence a direct comparison of these Non-GAAP Measures between companies may not be possible. Other companies may calculate these Non-GAAP Measures differently from us, limiting its usefulness as a comparative measure. Although such Non-GAAP Measures are not a measure of performance calculated in accordance with applicable accounting standards, our Companys management believes that they are useful to an investor in evaluating us as they are widely used measures to evaluate a companys operating performance. For further information, see "Risk Factors - This Draft Red Herring Prospectus includes certain Non-GAAP Measures, financial and operational performance indicators and other industry measures related to our operations and financial performance. The Non-GAAP Measures and industry measures may vary from any standard methodology that is applicable across the Real Estate segment and, therefore, may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies." on page 78.

Reconciliation of Non-GAAP Measures

Reconciliation of Gross margin and gross margin (%)

Gross margin is calculated by deducting the cost of materials consumed and changes in inventories of finished goods and work-in-progress from revenue from operations. Gross margin (%) is calculated as gross margin divided by revenue from operations.

The following table sets out reconciliation between revenue from operations to Gross margin and Gross margin (%) for the period/years indicated.

Particulars	For the six months ended September 30, 2025	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2023
Revenue from Operations (A)	12,415.85	19,237.53	11,076.76	10,891.16
2025
Less: Operating Cost (B)	9,375.58	20,692.80	8,647.51	10,184.08
Less: Changes in Inventories (C)	(364.24)	(6,757.60)	(764.34)	(2,615.39)
Gross Margin (D =A - B - C)	3,404.51	5,302.33	3,193.59	3,322.47
*Gross Margin (%) (E = D/A)100**	27.42%	27.56%	28.83%	30.51%

Reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin

The table below reconciles profit after tax to EBITDA. EBITDA is calculated as profit/ (loss) before tax, plus depreciation and amortisation plus finance costs. EBITDA Margin is calculated as EBITDA divided by Total Income. Adjusted EBITDA is calculated as EBITDA plus finance cost component included in Operating Cost while Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Income.

Particulars	For the six months ended September 30, 2025	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2023
Profit/(Loss) for the period/year (A)	1,152.54	2,042.59	786.88	1,453.06
Total income tax expense (B)	414.85	783.93	335.89	493.55
Finance costs (C)	295.42	503.55	508.85	432.92
Depreciation and amortization	28.75	47.28	40.61	42.45
expense (D)
EBITDA (E) (E=A+B+C+D)	1,891.56	3,377.35	1,672.23	2,421.98
Total Income (F)	12,513.79	19,621.88	11,461.38	11,008.31
EBITDA Margin *(%) (G) (G=E/F)100**	15.12	17.21	14.59	22.00
Add: finance cost component included in Operating Cost (H)	336.23	734.25	542.68	485.37
Adjusted EBITDA (I) (I=E+H)	2,227.79	4,111.60	2,214.91	2,907.35
*Adjusted EBITDA Margin (%) (J) (J=I/F)100**	17.80	20.95	19.32	26.41

Reconciliation of PAT Margin (%)

PAT Margin is calculated as profit (loss) for the period/ year divided by total income.

The following table sets out a reconciliation from our Profit/(loss) for the period/ year to PAT margin for the period/years indicated:

Particulars	For the six months ended September 30, 2025	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2023
Profit After Tax (A)	1,152.54	2,042.59	786.88	1,453.06
Total Income (B)	12,513.79	19,621.88	11,461.38	11,008.31
PAT Margin (%) (C) (C=A/B)	9.21%	10.41%	6.87%	13.20%

Reconciliation of Return on Equity (%)

Return on equity is calculated as Profit / (Loss) for the period/ year divided by the average total equity at the end of the respective period/year. The following table sets out a reconciliation from our Profit/(Loss) for the period/ year to Return on equity for the period/years indicated.

Particulars	For the six months ended September 30, 2025	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2023
Profit After Tax (A)	1,152.54	2,042.59	786.88	1,453.06
Opening total equity (B)	6,544.39	4,507.10	3,723.97	2,275.82
Closing total equity (C)	25,173.35	6,544.39	4,507.10	3,723.97
Average total equity (D)= (B+C)/2	15,858.87	5,525.75	4,115.54	2,999.90
*Return on equity (%) (A/D)100**	7.27%^*	36.96%	19.12%	48.44%

* Not annualised for September 30, 2025 Reconciliation of Return on Capital Employed (%)

Return on Capital Employed is calculated as a percentage of earnings before interest and taxes / total equity minus Deferred Tax Assets/(Liabilities), intangible assets, Intangible Assets under development and plus total borrowings. EBIT is calculated as profit before tax plus finance costs.

The following table sets out a reconciliation from our Profit/(loss) before Tax for the period/ year to Return on Capital employed for the period/years indicated:

Particulars	For the six months ended September 30, 2025	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2023
Profit Before Tax (A)	1,567.39	2,826.52	1,122.77	1,946.61
Add: Finance costs (B)	295.42	503.55	508.85	432.92
Earnings before interest, taxes (EBIT) (C = A + B)	1,862.81	3,330.07	1,631.62	2,379.53
Total Equity (D)	25,173.35	6,544.39	4,507.10	3,723.97
Less: Deferred Tax (E)	17.06	30.97	(33.82)	(47.44)
Less: Intangible Assets (F)	0.98	_-	_-	_-
Less: Intangible Assets under development (G)	1.62	-	-	-
Add: Total Borrowings (H)	4,857.33	17,696.99	12,022.65	12,214.76
Total Capital Employed (I= D-E-F-G+H)	30,011.02	24,210.41	16,563.57	15,986.17
Return on Capital Employed (G = C/ I)	6.21%^*	13.75%	9.85%	14.88%

* Not annualised for September 30, 2025

KEY COMPONENTS OF OUR RESTATED STATEMENT OF PROFIT AND LOSS Income

Our total income comprises revenue from operations and other income.

We generate majority of our revenue from sales of projects which includes Revenue from completed projects and Revenue from ongoing projects.

Other income comprises of Interest Income, Provisions / Liabilities no longer payable written back, Finance Income on Security Deposit (Represents interest income from financial assets at amortised cost), Unwinding of Fair Valuation Gain, Commission received and other non-operating income such as sale of scrap and miscellaneous income.

Expenses

Our expenses primarily consist of operating costs, which include the purchase and development of land, construction materials, labour charges and other direct project-related expenses. In addition to these operating expenses, our cost structure also comprises changes in inventories, employee benefits expense, finance costs, depreciation and amortization expense, and various other administrative and operational expenses that are allocated to support our overall business activities.

Operating Cost

Operating Costs Primarily includes the purchase and development of land, construction materials, labour charges and other direct project-related expenses.

Changes in inventories

Changes in inventories primarily represent the movement in the value of our project-related inventories between the beginning and end of the reporting period. For our business, inventories mainly comprise land held for project development, stock of units in completed projects, and projects work-in-progress ("WIP"). The "Changes in inventories" line item reflects the net increase or decrease in these categories and impacts our cost of goods sold for the period.

Employee benefit expense

Employee benefit expenses primarily comprise salaries and wages, contributions to provident fund and other employee benefit schemes, gratuity, compensated absences, and staff welfare expenses. Further, any portion of employee benefit costs that is specifically attributable to project execution activities is allocated to the projects and is deducted from employee benefit expenses and shifted to operating expenses.

Finance costs

Finance costs include interest on term loan, unsecured loan, HP loan, overdraft, Vehicle loan, and other borrowing costs. Finance cost on project loans directly attributable to projects are deducted from Finance Costs and allocated to Operating Costs.

Depreciation and Amortization Expense

Depreciation and amortization expense primarily include depreciation on building, plant & Machinery, vehicles, computers, furniture & fixtures, office equipments, electrical fittings, and depreciation on intangible assets such as trademark and computer software.

Other Expenses

The largest components of other expenses are advertisement expenses, Legal & professional expenses, Rates & taxes and rent expenses. Other components of other expenses include Project maintenance expense, repairs to buildings, repairs to machinery, repairs others, Software maintenance expense, Amortisation of Financial asset, Payment to auditors, travelling and conveyance expenses, office expense, loss on disposal/discarding of assets, corporate social responsibilities and donations, provision for doubtful debts, provision for land advance and miscellaneous expenses. Other expenses directly attributable to projects are deducted and allocated to Operating Costs.

Tax expenses

Tax expense consists of current tax and deferred tax (credit) / charge.

Profit for the Year

Profit for the year represents profit after tax.

RESULTS OF OPERATIONS

The following table provides certain information with respect to our results of operations for the six-month period ended September 30, 2025 and the Fiscal 2025, Fiscal 2024 and Fiscal 2023 from our Restated Financial Information and each item as a percentage of total income for the periods indicated.

Particulars	For the six-month period ended September 30, 2025	% of Total Income	Fiscal2025	% of Total Income	Fiscal 2024	% of Total Income	Fiscal 2023	% of Total Income
Revenue from operation	12,415.85	99.22	19,237.53	98.04	11,076.76	96.64	10,891.16	98.94
Other income	97.94	0.78	384.35	1.96	384.62	3.36	117.15	1.06
Total Revenue	12,513.79	100.00	19,621.88	100.00	11,461.38	100.00	11,008.31	100.00
Operating Cost	9,375.58	74.92	20,692.80	105.46	8,647.51	75.45	10,184.08	92.51
Changes in inventories	(364.24)	(2.91)	(6,757.60)	(34.44)	(764.34)	(6.67)	(2,615.39)	(23.76)
Employee Benefits Expenses	382.40	3.06	594.02	3.03	450.96	3.93	446.49	4.06
Finance Cost	295.42	2.36	503.55	2.57	508.85	4.44	432.92	3.93
Depreciation and Amortisation expenses	28.75	0.23	47.28	0.24	40.61	0.35	42.45	0.39
Other Expenses	1,228.49	9.82	1,715.31	8.74	1,455.02	12.69	571.15	5.19
Total Expenses	10,946.40	87.47	16,795.36	85.60	10,338.61	90.20	9,061.70	82.32
Profit Before Tax	1567.39	12.53	2,826.52	14.40	1,122.77	9.80	1,946.61	17.68
Tax Expenses	414.85	3.32	783.93	4.00	335.89	2.93	493.55	4.48
Current Tax	393.01	3.14	846.93	4.32	348.25	3.04	430.38	3.91
Deferred Tax	21.84	0.17	(63.00)	(0.32)	(12.36)	(0.11)	63.17	0.57
Profit (Loss) for the Period/Year	1152.54	9.21	2,042.59	10.41	786.88	6.87 1,453.06	13.20

Six-month period ended September 30, 2025 Total income

Our total income was ^12,513.79 lakh for the six-month period ended September 30, 2025.

Revenue from operations

Revenue from operations was Rs.12,415.85 lakh for the six-month period ended September 30, 2025, comprising (i) revenue from the sale of residential units in completed projects aggregating to Rs.339.13 lakh, primarily attributable to recognized revenue from the sale of residential units in completed projects of Kings Fort, Thejus, and Springbell. (ii) residential units in ongoing projects aggregating to Rs. 12,076.72 lakh, primarily attributable to recognized revenue from the sale of residential units in ongoing projects of Elanza, Symphony, Green Capitol, Maybell, Green Heights, Green Fort, Queens Park, Casabella and Flora.

Project wise revenue for the six-month period ended September 30, 2025 is as mentioned below:

Project name	Status for Revenue Recognition for six-month period ended September 30, 2025	Revenue recognised for the six- month period ended September 30,2025
Kings Fort	Completed	113.00
Thejus	Completed	219.75
Springbell	Completed	6.38
Elanza	Ongoing	654.20
Symphony	Ongoing	1,661.27
Green Capitol	Ongoing	2,586.52
Maybell	Ongoing	1,113.83
Green Heights	Ongoing	2,916.38
Green Fort	Ongoing	1,140.82
Queens Park	Ongoing	566.69
Casabella	Ongoing	1,387.64
Flora	Ongoing	49.37
	Total	12,415.85

Other income

Other income was Rs.97.94 lakh for the six months ended September 30, 2025, primarily comprising (i) interest income from Fixed Deposits with banks aggregating to Rs.40.79 lakh, (ii) Finance income on security deposit of Rs. 7.28 lakh, (iii) Unwinding of Fair Valuation Gain of Rs. 45.20 lakh arising from Unamortised Deferred Fair Valuation Gain of Rs. 29.85 lakh and Retention Discounting of Rs. 15.35 lakh, (iv) Commission income of Rs. 3.26 lakh, and (v) Other non-operating income from sale of scrap of Rs. 0.98 lakh and miscellaneous income of Rs. 0.42 lakh.

Operating Cost

Our operating cost for the six-month period ended September 30, 2025 was Rs.9,375.58 lakh, comprising both direct project-related expenses and allocated expenses attributable to project execution.

Direct expenses incurred during the period amounted to Rs.8,847.81 lakh, which included Rs.3,488.21 lakh towards purchase and development of land and Rs.5,359.60 lakh towards construction materials, labour and other direct project execution costs. These expenses corresponds to the pace of progress across our ongoing projects and the land development activities undertaken during the period.

Allocated expenses for the period were Rs.527.77 lakh, which include employee benefit expenses of Rs.182.13 lakh, finance costs of Rs.336.23 lakh and other expenses of Rs.9.41 lakh. Employee benefit expenses allocated to projects relate to personnel engaged in project management, engineering, planning and site-level functions. Finance costs allocated represent borrowing costs related to the specific projects while other allocated expenses include indirect costs attributable to project activity.

Changes in inventories

For the six-month period ended September 30, 2025, we recorded a net increase in inventories of Rs.364.24 lakh, compared to the opening balance for the period. Changes in inventories represent movements across three major components: land held for project construction, stock of units in completed projects, and projects work-in-progress ("WIP").

The value of land inventory increased from Rs.9,368.75 lakh as at March 31, 2025 to Rs.9,638.29 lakh as at for the six-month period ended September 30, 2025, resulting in an increase of Rs.269.54 lakh. This primarily reflects the ongoing development and shifting of land-related costs for active projects to WIP and purchase of additional land by the Company during the six-month period ended September 30, 2025.

The stock of units in completed projects decreased from ^219.12 lakh as at March 31, 2025 to Rs.nil as at September 30, 2025, leading to a decrease in inventory of Rs.219.12 lakh, which is attributable to the sale of all the flats in completed projects during the period.

Our projects work-in-progress increased from Rs.12,326.00 lakh as at March 31, 2025 to as at September 30, 2025 Rs.12,639.82 lakh as at the end of the period, representing an increase of ^313.82 lakh. This movement reflects construction progress and the capitalisation of direct project costs incurred during the period.

Overall, the net movement in inventories of Rs.364.24 lakh is primarily driven by continued construction activity and the corresponding capitalisation of project costs, offset partially by the sale of completed units. These fluctuations are consistent with the stage of execution of our ongoing projects and the timing of revenue recognition.

Employee Benefit Expenses

Employee benefit expenses for the six-month period ended September 30, 2025 amounted to Rs.564.53 lakh, comprising salaries and wages of Rs.489.44 lakh, contribution to provident and other funds of ^11.45 lakh, compensated absences of Rs.30.40 lakh, gratuity expense of Rs.6.72 lakh, and staff welfare expenses of Rs.26.52 lakh. These expenses reflect the personnel cost associated with our administrative, project management, engineering, sales and support functions.

The portion of employee benefit expenses that is directly attributable to project execution activities is allocated to the respective projects. During the period, Rs.182.13 lakh was allocated to projects, resulting in net employee benefit expenses of Rs.382.40 lakh being recognized in the Restated Statement of Profit and Loss under this head and remaining shifted under the heading of operating cost.

Finance Cost

Finance costs for the six-month period ended September 30, 2025 amounted to Rs.631.65 lakh, primarily comprising interest expense of Rs.585.93 lakh and other finance cost of Rs.45.72 lakh, which includes interest recognised on instruments measured at amortised cost. These finance costs reflect the borrowing structure of the Company and the funding requirements for our ongoing development activities.

Borrowing costs that are directly attributable to the acquisition or construction, including land and projects under development, are capitalised to the respective assets. During the period, Rs.336.23 lakh of finance costs were allocated to projects, resulting in Rs.295.42 lakh being recognised in the Restated Statement of Profit and Loss.

The level of finance costs is primarily driven by the utilisation of borrowings for project development, timing of capitalisation of eligible costs, and the applicable interest rates on our funding arrangements.

Depreciation and Amortisation Cost

Depreciation and amortisation expenses for the six-month period ended September 30, 2025 amounted to Rs.28.75 lakh, comprising depreciation on property, plant and equipment of Rs.28.67 lakh and amortisation of intangible assets of Rs.0.08 lakh.

The depreciation charge primarily relates to building, plant & machinery, furniture and fixtures, office equipment, vehicles, computers and other assets used in the Companys administrative and project management functions, while amortisation pertains to software and trademark.

Other Expenses

Other expenses for the six-month period ended September 30, 2025 amounted to Rs.1,237.90 lakh, and comprise a range of administrative, operational, statutory and project-support costs incurred during the period. Major components include advertisement expenses of Rs.843.32 lakh, incurred primarily towards marketing and promotional activities for ongoing projects; legal and professional fees of Rs.102.97 lakh, relating to consultancy, legal advisory and compliance-related engagements; rates and taxes of Rs.62.21 lakh; rent of Rs.42.93 lakh; travelling and conveyance expenses of Rs.29.25 lakh; and software maintenance expenses of Rs.29.28 lakh.

Other items forming part of these expenses include repairs and maintenance of Rs. 25.81 lakh, amortisation of financial assets of Rs. 6.83 lakh, office expenses of Rs. 29.95 lakh, CSR expenditure of Rs.15.50 lakh, payment to auditors of Rs.8.85 lakh, and miscellaneous expenses of Rs.15.33 lakh. These costs support the Companys day -today operations, project management activities, corporate functions and statutory obligations.

The portion of expenses that is directly attributable to project activities is allocated to the respective projects. During the period, Rs.9.41 lakh was allocated to projects, resulting in net other expenses of Rs.1,228.49 lakh being recognised in the Restated Statement of Profit and Loss.

Tax Expense

Total tax expense was Rs.414.85 lakh for the six-month period ended September 30, 2025, comprising current tax charges of Rs.393.01 lakh and a deferred tax of Rs.21.84 lakh.

Profit (Loss) for the Year

As a result of the above factors, our profit for the period was ^1152.54 lakh.

FISCAL 2025 COMPARED TO FISCAL 2024 Total Income

Our total income increased by 71.20% from Rs. 11,461.38 lakh in Fiscal 2024 to Rs. 19,621.88 lakh in Fiscal 2025, primarily due to an increase in our revenue from operations.

Revenue from operations

Our revenue from operations increased by 73.67%, from Rs.11,076.76 lakh in Fiscal 2024 to Rs.19,237.53 lakh in Fiscal 2025. This growth was primarily driven by a significant increase in sales from our ongoing projects, which rose by 184.62%, from Rs.6,062.91 lakh in Fiscal 2024 to Rs.17,256.41 lakh in Fiscal 2025. The strong performance in Fiscal 2025 was attributable to both the launch of new projects and improved sales momentum in select ongoing developments.

During Fiscal 2025, the Company launched one new project, Queens Park, which contributed Rs.906.28 lakh, to our revenues. In addition, our existing projects, Symphony, Springbell, Elanza, Green Capitol, Maybell, Green Heights and Green Fort, witnessed enhanced customer traction and improved sales conversions, thereby contributing meaningfully to the overall growth in revenue from ongoing projects.

Projects	Status for Revenue Recognition for the Fiscal 2025	Revenue recognised for Fiscal 2025	Status for Revenue Recognition for the Fiscal 2024	Revenue recognised for Fiscal 2024
Bliss	Completed	144.50	Completed	58.33
Exotica	Completed	360.44	Completed	1,234.52
Kings Fort	Completed	110.00	Completed	403.87
Thejus	Completed	933.18	Completed	2,988.82
Zinnia	Completed	108.00	Completed	328.31
Green Clouds	Completed	325.00	Completed	-
Springbell	Ongoing	4,030.44	Ongoing	3,569.19
Elanza	Ongoing	825.75	Ongoing	415.55
Symphony	Ongoing	1,873.85	Ongoing	-
Green Capitol	Ongoing	2,447.05	Ongoing	597.64
Maybell	Ongoing	2,229.63	Ongoing	775.85
Green Heights	Ongoing	4,176.91	Ongoing	693.13
Green Fort	Ongoing	766.49	Ongoing	11.55
Queens Park	Ongoing	906.28	Ongoing	-
	Total	19,237.53		11,076.76

Revenue from completed projects, however, decreased by 60.49%, from Rs.5,013.85 lakh in Fiscal 2024 to ^1,981.12 lakh in Fiscal 2025. This decline was primarily due to the lower availability of inventory in completed projects, as a substantial portion of units had already been sold in prior years, resulting in limited stock available for sale during Fiscal 2025.

Overall, the growth in Fiscal 2025 reflects the successful launch of new projects, strong demand for our ongoing developments, and the sustained market acceptance of our brand and project offerings.

Other income

Other income was Rs.384.35 lakh in Fiscal 2025, broadly consistent with Rs.384.62 lakh in Fiscal 2024. Although the aggregate amount remained largely stable, the composition of other income changed during the year.

In Fiscal 2025, other income primarily comprised interest income of ^111.09 lakh, unwinding of fair valuation gain of Rs.76.12 lakh, finance income on security deposits of Rs.13.41 lakh, commission received of Rs.10.48 lakh, and other non-operating income of Rs.12.99 lakh. A significant contributor during the year was Rs.160.26 lakh arising from provisions/liabilities no longer payable written back, which increased the total other income for Fiscal 2025., In comparison, other income for Fiscal 2024 included interest income of Rs.233.64 lakh, unwinding of fair valuation gain of Rs.64.70 lakh, finance income on security deposits of Rs.12.38 lakh, commission received of Rs.4.41 lakh, other non-operating income of Rs.8.31 lakh, and ^61.18 lakh from provisions/liabilities no longer payable written back.

The year-on-year variation in the components of other income is primarily attributable to lower interest income in Fiscal 2025 due to the utilisation of surplus funds for project development and land acquistion, offset by a higher write-back of provisions/liabilities during the year.

Operating Cost

Operating cost increased significantly from Rs.8,647.51 lakh in Fiscal 2024 to Rs.20,692.80 lakh in Fiscal 2025, primarily due to higher project execution activity and increased land development expenditure during the year. Expenses incurred directly during the year rose to Rs.19,634.40 lakh in Fiscal 2025, compared to Rs.7,816.96 lakh in Fiscal 2024, driven by an increase in purchase/development of land, which grew from ^1,025.31 lakh to Rs.9,368.75

lakh, and higher construction materials, labour and direct expenses, which increased from Rs.6,791.65 lakh to Rs.10,265.65 lakh. The substantial increase reflects the commencement and scaling up of multiple projects, as well as enhanced construction intensity across ongoing developments.

Allocated expenses also increased during Fiscal 2025 due to higher resource utilisation for project execution. Employee benefit expenses allocated to projects increased from Rs.276.02 lakh in Fiscal 2024 to Rs.308.78 lakh in Fiscal 2025, reflecting higher staffing and project management involvement. Finance costs allocated rose from Rs.542.68 lakh to Rs.734.25 lakh, attributable to increased borrowing costs eligible for capitalisation in line with the growth in project development activity. Other expenses allocated to projects also increased from ^11.85 lakh in Fiscal 2024 to Rs.15.37 lakh in Fiscal 2025.

Overall, the rise in operating cost in Fiscal 2025 corresponds to the expansion of our project portfolio, commencement of new projects, and higher construction and development intensity across our ongoing projects.

Changes in inventories

Changes in inventories reflect movements in land held for project construction, stock of completed units, and projects work-in-progress ("WIP"), and are directly influenced by the pace of project execution and corresponding operating costs incurred during the year. For Fiscal 2025, the Company reported a net increase in inventories of Rs.6,757.60 lakh, compared to a net increase of Rs.764.34 lakh in Fiscal 2024.

The significant inventory build-up in Fiscal 2025 was mainly attributable to higher development activity and land- related capitalisation, consistent with the substantial increase in operating costs during the year (from Rs.8,647.51 lakh in Fiscal 2024 to Rs.20,692.80 lakh in Fiscal 2025). Land inventory increased by Rs.8,343.44 lakh in Fiscal 2025, driven by additional land acquisition and development expenditure. WIP inventory also decreased by Rs.208.82 lakh, reflecting the capitalisation of construction materials, labour and direct project-related expenses incurred during the year. Conversely, stock of completed units decreased by Rs.1,377.02 lakh, owing to sales of completed inventory during the period.

The overall increase in inventories during Fiscal 2025 is therefore aligned with the Company s higher construction momentum, expansion of its project portfolio and increased capitalisation of project-related costs. As operating cost rises due to enhanced development activity, a corresponding increase in inventories is recognised until such time as units are completed and revenue is booked.

Employee Benefit Expenses

Employee benefit expenses increased from Rs.726.98 lakh in Fiscal 2024 to Rs.902.80 lakh in Fiscal 2025, reflecting the expansion of our operational scale and higher staffing requirements to support our growing project portfolio. The increase was primarily driven by higher salaries and wages, which rose from Rs.659.19 lakh in Fiscal 2024 to Rs.802.10 lakh in Fiscal 2025, on account of additional recruitment and annual increments. Staff welfare expenses also increased from Rs.24.31 lakh to Rs.45.40 lakh, while gratuity and compensated absences expenses rose in line with statutory provisions and actuarial valuations.

Employee benefit expenses directly attributable to project execution are allocated to the respective projects. The amount allocated increased from Rs.276.02 lakh in Fiscal 2024 to Rs.308.78 lakh in Fiscal 2025, consistent with the higher level of construction activity during the year. As a result, net employee benefit expenses recognised in the Restated Statement of Profit and Loss were Rs.594.02 lakh in Fiscal 2025, compared to Rs.450.96 lakh in Fiscal 2024.

The overall increase in employee benefit expenses is aligned with the Companys operational growth, enhanced project execution requirements and strengthening of its organisational capabilities.

Finance Cost

Finance costs increased from Rs.1,051.53 lakh in Fiscal 2024 to Rs.1,237.80 lakh in Fiscal 2025, primarily due to higher utilisation of borrowings to support project development and land acquisition initiatives. Interest expense rose from Rs.970.35 lakh in Fiscal 2024 to Rs.1,140.63 lakh in Fiscal 2025, reflecting both the increase in debt levels and the timing of interest accruals. Other finance costs, which mainly comprise interest recognised on instruments measured at amortised cost, also increased from Rs.81.18 lakh to Rs.97.17 lakh during the same period.

Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalised to the respective projects or land. Accordingly, the amount of finance costs allocated increased from Rs.542.68 lakh in Fiscal 2024 to Rs.734.25 lakh in Fiscal 2025, consistent with the growth in project execution and capitalisation of borrowing costs. After such allocations, the net finance cost recognised in the Restated Statement of Profit and Loss was Rs.503.55 lakh in Fiscal 2025, marginally lower compared to Rs.508.85 lakh in Fiscal 2024.

The movement in finance costs reflects the Companys project-driven capital requirements, increased development activity, and corresponding capitalisation of eligible borrowing costs.

Depreciation and Amortisation Cost

Depreciation and amortisation expenses increased from Rs.40.61 lakh in Fiscal 2024 to Rs.47.28 lakh in Fiscal 2025, primarily due to additions to property, plant and equipment used for administrative and project management functions. Depreciation on property, plant and equipment accounted for Rs.47.28 lakh in Fiscal 2025, compared to Rs.40.61 lakh in Fiscal 2024. Overall, the movement in depreciation and amortisation expenses reflects normal wear-and-tear of assets and incremental capital expenditure undertaken to support the Companys expanding operations.

Other Expenses

Other expenses increased from Rs.1,466.87 lakh in Fiscal 2024 to Rs.1,730.68 lakh in Fiscal 2025, primarily due to higher marketing, professional and administrative outlays incurred to support the Companys project expansion and operational scale-up. The largest component, advertisement expenses, rose from Rs.881.47 lakh in Fiscal 2024 to ^1,331.20 lakh in Fiscal 2025, reflecting intensified promotional activities for newly launched and ongoing projects. Legal and professional fees increased significantly from Rs.16.95 lakh to Rs.38.43 lakh, driven by higher engagements relating to regulatory, advisory and project documentation matters.

Further, rates and taxes decreased from Rs.2.67 lakh in Fiscal 2024 to Rs.1.34 lakh in Fiscal 2025, while office expenses increased from Rs.35.31 lakh in Fiscal 2024 to Rs.44.75 lakh in Fiscal 2025, consistent with the expansion of business operations. Software maintenance expenses also rose from Rs.7.38 lakh in Fiscal 2024 to Rs.14.33 lakh in Fiscal 2025, reflecting investments in technology and systems required to support the Companys growing operations. Certain expenses such as payment to auditors, CSR expenditure, and miscellaneous expenses also recorded higher outflows compared to the previous year.

In accordance with applicable accounting standards, expenses directly attributable to project activities are allocated to the respective projects. The amount allocated to projects increased slightly from ^11.85 lakh in Fiscal 2024 to Rs.15.37 lakh in Fiscal 2025, resulting in net other expenses of Rs.1,715.31 lakh being recognised in the Restated Statement of Profit and Loss for Fiscal 2025, compared to Rs.1,455.02 lakh in Fiscal 2024.

The overall increase in other expenses is aligned with the Companys heightened project development activity, enhanced brand-building efforts, and strengthening of operational and administrative functions during Fiscal 2025.

Tax Expense

Tax expense recognised in the Restated Statement of Profit & Loss increased from Rs.334.63 lakh in Fiscal 2024 to Rs.782.14 lakh in Fiscal 2025, primarily reflecting impact of transition to IndAS and the higher profitability recorded during the year. Current tax increased from Rs.348.25 lakh in Fiscal 2024 to Rs.846.93 lakh in Fiscal 2025, in line with the growth in taxable income. Deferred tax, however, moved from a credit of Rs. 12.36 lakh in Fiscal 2024 to a credit of Rs. 63.00 lakh in Fiscal 2025, mainly due to timing differences arising from depreciation, fair valuation adjustments and provisions.

In addition, income tax recognised in Other Comprehensive Income, relating to the remeasurement of defined benefit obligations, resulted in a deferred tax credit of Rs. 1.26 lakh in Fiscal 2024 and Rs. 1.79 lakh in Fiscal 2025.

The overall increase in tax expense in Fiscal 2025 corresponds to the improved operating performance of the Company, resulting in a higher tax base and related deferred tax adjustments.

Profit (Loss) for the Year

As a result of foregoing factors, the profit after tax of our Company increased from Rs. 786.88 lakh in Fiscal 2024 to Rs. 2,042.59 lakh in Fiscal 2025. The increase was 159.58% in Fiscal 2025 as compared to Fiscal 2024.

FISCAL 2024 COMPARED TO FISCAL 2023

Total Income

Our total income increased by 4.12% from Rs. 11,008.31 lakh in Fiscal 2023 to Rs. 11,461.38 lakh in Fiscal 2024, primarily due to an increase in our revenue from operations and other income.

Revenue from operations

Our revenue from operations increased by 1.70%, from ^10,891.16 lakh in Fiscal 2023 to 11,076.76 lakh in Fiscal 2024. This growth was primarily driven by a increase in sales from our ongoing projects, which rose by 64.44%, from Rs. 3,687.04 lakh in Fiscal 2023 to Rs.6,062.91 lakh in Fiscal 2024. The strong performance in Fiscal 2024 was attributable to both the launch of new projects and improved sales momentum in select ongoing developments.

Projects	Status for Revenue Recognition for the Fiscal 2024	Revenue recognised for Fiscal 2024	Status for Revenue Recognition for the Fiscal 2023	Revenue recognised for Fiscal 2023
Bliss	Completed	58.33	Completed	1,926.92
Exotica	Completed	1,234.52	Completed	2,995.61
Kings Fort	Completed	403.87	Completed	2,099.31
Thejus	Completed	2,988.82	Ongoing	2,269.45
Zinnia	Completed	328.31	Completed	527.29
Green Clouds	Completed	-	Completed	(345.00)
Springbell	Ongoing	3,569.19	Ongoing	1417.59
Elanza	Ongoing	415.55	-	-
Symphony	Ongoing	-	-	-
Green Capitol	Ongoing	597.64	-	-
Maybell	Ongoing	775.85	-	-
Green Heights	Ongoing	693.13	-	-
Green Fort	Ongoing	11.55	-	-
Queens Park	Ongoing	-	-	-
Total		11,076.76		10,891.16

Other income

Other income increased significantly by 228.31%, from Rs.117.15 lakh in Fiscal 2023 to Rs.384.62 lakh in Fiscal 2024. The substantial increase was primarily driven by higher interest income and the write-back of provisions and liabilities no longer payable. In Fiscal 2024, other income mainly comprised interest income of Rs.233.64 lakh, unwinding of fair valuation gain of Rs.64.70 lakh, finance income on security deposits of Rs. 12.38 lakh, commission received of Rs.4.41 lakh, other non-operating income of Rs.8.31 lakh, and an amount of ^61.18 lakh relating to provisions/liabilities no longer payable written back contributed materially to the overall increase for the year.

In comparison, other income in Fiscal 2023 was substantially lower and consisted of interest income of Rs.91.57 lakh, unwinding of fair valuation gain of Rs.0.79 lakh, finance income on security deposits of Rs.7.49 lakh, and other non-operating income of Rs.17.30 lakh.

The year-on-year increase is therefore primarily attributable to higher investible funds generating additional interest income and the one-time write-back of provisions/liabilities in Fiscal 2024.

Operating Cost

Operating cost decreased from Rs.10,184.08 lakh in Fiscal 2023 to Rs.8,647.51 lakh in Fiscal 2024, representing a decline of 15.09%, primarily due to lower expenditure on land procurement and more moderate construction activity during Fiscal 2024. Expenditure on purchase and development of land fell significantly from Rs.2,634.06 lakh in Fiscal 2023 to Rs.1,025.31 lakh in Fiscal 2024, reflecting a reduction in new land acquisitions undertaken during the year. In contrast, construction materials, labour and direct expenses remained broadly stable, at Rs.6,791.65 lakh in Fiscal 2024 compared to Rs.6,792.06 lakh in Fiscal 2023, indicating continued progress in ongoing projects.

Allocated expenses also showed modest movement. Employee benefit expenses allocated to projects increased slightly from Rs.261.66 lakh in Fiscal 2023 to Rs.276.02 lakh in Fiscal 2024, consistent with staffing requirements for project supervision and execution. Finance costs allocated rose from Rs.485.37 lakh in Fiscal 2024 to Rs.542.68 lakh to Fiscal 2023, reflecting higher borrowing utilisation and interest capitalisation related to project development. Other expenses allocated to projects increased marginally from Rs.10.93 lakh in Fiscal 2023 to ^11.85 lakh in Fiscal 2024.

The overall decline in operating cost in Fiscal 2024 was therefore driven primarily by lower land-related expenditure, while construction expenditure and allocated costs remained relatively stable in line with the execution stage of ongoing projects.

Changes in inventories

Changes in inventories resulted in a net increase of Rs.764.34 lakh in Fiscal 2024, compared to a significantly higher net increase of Rs.2,615.39 lakh in Fiscal 2023. The movement in inventories across both years reflects the pace of project execution, land development activities, and sales of completed units.

In Fiscal 2024, land inventory decreased to Rs.1,677.06 lakh, compared to Rs.701.29 lakh in Fiscal 2023, primarily due to commencement of new projects and resultant classification to work-in-progress. The stock of completed units decreased to Rs.557.45 lakh in Fiscal 2024, compared to Rs.242.18 lakh in Fiscal 2023, reflecting completion of units that were not yet sold during the period. However, the projects work-in-progress (WIP) category showed an increase of Rs.2,998.85 lakh in Fiscal 2024, as against an increase of Rs.3,558.86 lakh in Fiscal 2023. The increase in WIP across both years indicates ongoing construction activity, continued capitalisation of project development costs, and steady progress in the execution of multiple projects. It reflects the movement of projects through various stages of development, with costs being accumulated in WIP until project completion or achievement of revenue recognition milestones.

Overall, the lower net increase in inventories in Fiscal 2024 compared to Fiscal 2023 was mainly driven by a smaller reduction in WIP and the overall scale of project transitions between stages during the year. These movements are consistent with the Companys progression of its project pipeline, timing of project completions, and sales momentum.

Employee Benefit Expenses

Employee benefit expenses increased marginally from Rs.708.15 lakh in Fiscal 2023 to Rs.726.98 lakh in Fiscal 2024, reflecting normal increments and staffing requirements to support ongoing project activities. Salaries and wages rose from Rs.633.94 lakh in Fiscal 2023 to Rs.659.19 lakh in Fiscal 2024, primarily due to annual salary revisions and reinforcement of project management and administrative teams. Staff welfare expenses decreased from Rs.32.62 lakh in Fiscal 2023 to Rs.24.31 lakh in Fiscal 2024, while contributions to provident and other funds remained broadly stable at Rs.14.08 lakh in Fiscal 2023 and Rs.14.72 lakh in Fiscal 2024. Expenses related to compensated absences and gratuity also increased modestly in line with statutory obligations and actuarial valuations.

In accordance with applicable accounting standards, employee benefit expenses directly attributable to project activities are capitalised as part of project costs. The amount allocated to projects increased from Rs.261.66 lakh in Fiscal 2023 to Rs.276.02 lakh in Fiscal 2024, consistent with the extent of project execution activity during the year. Consequently, net employee benefit expenses recognised in the Restated Statement of Profit and Loss were Rs.450.96 lakh in Fiscal 2024, compared to Rs.446.49 lakh in Fiscal 2023.

Overall, the movement in employee benefit expenses between Fiscal 2024 and Fiscal 2023 reflects normal operational growth and ongoing resource requirements to support the Companys project pipeline.

Finance Cost

Finance costs increased from Rs.918.29 lakh in Fiscal 2023 to Rs.1,051.53 lakh in Fiscal 2024, primarily due to higher utilisation of borrowings to support project development and land acquisition initiatives. Interest expense rose from Rs.916.98 lakh in Fiscal 2023 to Rs.970.35 lakh in Fiscal 2024, reflecting both the increase in debt levels and the timing of interest accruals. Other finance costs, which mainly comprise interest recognised on instruments measured at amortised cost, also increased from Rs.1.31 lakh in Fiscal 2023 to Rs.81.18 lakh in Fiscal 2024 during the same period.

Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalised to the respective projects or land. Accordingly, the amount of finance costs allocated increased from Rs.485.37 lakh in Fiscal 2023 to Rs.542.68 lakh in Fiscal 2024, consistent with the growth in project execution and capitalisation of borrowing costs. After such allocations, the net finance cost recognised in the Restated Statement of Profit and Loss was Rs.508.85 lakh in Fiscal 2024, marginally higher compared to Rs.432.92 lakh in Fiscal 2023.

The movement in finance costs reflects the Companys project-driven capital requirements, increased development activity, and corresponding capitalisation of eligible borrowing costs.

Depreciation and Amortisation Cost

Depreciation and amortisation expenses decreased from Rs.42.45 lakh in Fiscal 2023 to Rs.40.61 lakh in Fiscal 2024. Intengible assets were fully amortized by an amount of Rs.6.14 lakh in Fiscal 2023 and thereby the reduction in Fiscal 2024 hence there were no corresponding amortization charge in Fiscal 2024.

However, this decline was partially offset by an increase in depreciation on tangible assets. During Fiscal 2024, the Company incurred additions of Rs.43.22 lakh to property, plant and equipment, leading to a higher depreciation charge by Rs.4.30 lakh on Property, Plant & Equipment as compared to Fiscal 2023. The overall movement in depreciation and amortisation expenses therefore reflects the combined effect of the non-recurring intangible asset write-off in the previous year and incremental depreciation arising from capital investments made during Fiscal 2024.

Other Expenses

Other expenses increased significantly from Rs.582.08 lakh in Fiscal 2023 to Rs.1,466.87 lakh in Fiscal 2024, primarily due to higher marketing, administrative and professional service costs incurred to support increased business activity and project launches. The most notable increase was in advertisement expenses, which rose from Rs.378.24 lakh in Fiscal 2023 to Rs.881.47 lakh in Fiscal 2024, reflecting intensified promotional campaigns for ongoing and newly launched projects. Legal and professional fees also increased from Rs.5.88 lakh from Fiscal 2023 to Rs.16.95 lakh in Fiscal 2024, driven by higher regulatory, advisory and documentation requirements.

Further increases were observed across several administrative cost categories. Office expenses grew from ^31.50 lakh in Fiscal 2023 to Rs.35.31 lakh in Fiscal 2024, while software maintenance expenses rose from nil in Fiscal 2023 to Rs.7.38 lakh in Fiscal 2024, indicating continued investment in systems and technology. Repairs and maintenance expenses also increased, including repairs to buildings and other assets. Additionally, Fiscal 2023 included a provision for land advance of Rs.225.75 lakh and a provision for doubtful debts of Rs.86.37 lakh, both of which were non-recurring and not present in Fiscal 2024.

Further, expenses directly attributable to project activities are allocated to the respective projects. The amount allocated to projects increased from Rs.10.93 lakh in Fiscal 2023 to ^11.85 lakh in Fiscal 2024, resulting in net other expenses of Rs.1,455.02 lakh being recognised in the Restated Statement of Profit and Loss for Fiscal 2024, compared to Rs.571.15 lakh in Fiscal 2023.

Overall, the substantial increase in other expenses in Fiscal 2024 reflects higher marketing spend, enhanced operational activity, increased professional engagements, and the absence of certain non-recurring provisions booked in the previous year.

Tax Expense

Tax expense recognised in the Restated Statement of Profit & Loss decreased from Rs.493.55 lakh in Fiscal 2023 to Rs.335.89 lakh in Fiscal 2024, primarily due to a reduction in taxable profits during the year. Current tax declined from Rs.430.38 lakh in Fiscal 2023 to Rs.348.25 lakh in Fiscal 2024, reflecting the lower profit before tax for Fiscal 2024. Deferred tax also moved from a charge of Rs.63.17 lakh in Fiscal 2023 to a credit of Rs.12.36 lakh in Fiscal 2024.

Tax recognised in Other Comprehensive Income pertains to deferred tax adjustments on the remeasurement of defined benefit obligations, which were credit of Rs.1.65 lakh in Fiscal 2023 and Rs. credit of 1.26 lakh in Fiscal 2024.

Overall, the decrease in total tax expense between Fiscal 2024 and Fiscal 2023 was directly aligned with the decline in profitability and the favourable movement in deferred tax arising from timing differences.

Profit (Loss) for the Year

As a result of foregoing factors, the profit after tax of our Company decreased from Rs. 1,453.06 lakh in Fiscal 2023 to Rs. 786.88 lakh in Fiscal 2024. The decrease was 45.85% in Fiscal 2024 as compared to Fiscal 2023.

LIQUIDITY AND CAPITAL RESOURCES

We have historically financed the expansion of our business and operations primarily through the funds generated from our operations and debt financing. From time to time, we may obtain loan facilities to finance our short term working capital requirements and business operations.

Cash Flows

The following table sets forth certain information relating to our cash flows under Ind AS for the six-month period ended September 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023:

Particulars	For the six-month period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Net Cash from Operating Activities	(1,774.51)	(4,399.56)	882.73	4,215.62
Net Cash from Investing Activities	(2,017.18)	(23.51)	187.28	65.18
Net Cash used in Financing Activities	4,364.92	5,170.79	(700.79)	(1,912.07)
Net increase/ (decrease) in cash and cash equivalents	573.23	747.72	369.22	2,368.73
Cash and Cash Equivalents at the beginning of the period	3,668.37	2,920.65	2,551.43	182.87
Cash and Cash Equivalents at the end of the period	4,241.60	3,668.37	2,920.65	2,551.60

Net cash generated from operating activities

Net cash used in operating activities for the six-month period ended September 30, 2025, was Rs. 1,774.51 lakh, as compared to a profit before tax of Rs.1,567.39 lakh for the same period. The variance between profit before tax and operating cash flows was primarily attributable to non-cash and non-operating adjustments, including depreciation of Rs.28.75 lakh, interest expense of Rs.295.42 lakh, provision for gratuity of Rs.6.72 lakh, provision for leave encashment of Rs.30.40 lakh, unwinding of fair valuation gain of Rs.45.20 lakh, and amortisation of financial assets of Rs.6.83 lakh. These were offset by interest income of Rs. 40.79 lakh and finance income on security deposits of Rs. 7.28 lakh. Further, the operating cash flows were impacted by changes in working capital. This included an increase in inventories of Rs.364.24 lakh due to reinvesting in the business, an increase in trade receivables of Rs.3,962.44 lakh, and an increase in other assets and other financial assets of Rs.482.05 lakh. These outflows were partially offset by an increase in other liabilities of Rs.2,117.35 lakh. Consequently, cash used in operating activities before taxes amounted to Rs. 888.99 lakh. After accounting for direct tax payments of Rs.885.52 lakh, the net cash used in operating activities stood at Rs. 1,774.51 lakh.

Net cash used in operating activities for Fiscal 2025, was Rs. 4,399.56 lakh, as compared to a profit before tax of Rs.2,826.52 lakh for the same period. The variance between profit before tax and operating cash flows was primarily attributable to non-cash and non-operating adjustments, including depreciation of Rs.47.28 lakh, interest expense of Rs.503.55 lakh, provision for gratuity of Rs.10.61 lakh, provision for leave encashment of Rs.25.69 lakh, Loss on disposal/discarding of assets (Net) of Rs. 4.43 lakh, unwinding of fair valuation gain of Rs.76.12 lakh, provision of warranty of Rs. 23.00 lakh and amortisation of financial assets of Rs.13.67 lakh. These were offset by interest income of Rs. 111.09 lakh, provisions/liabilities no longer payable written back of Rs. 160.26 lakh, and finance income on security deposits of Rs. 13.41 lakh. Further, the operating cash flows were impacted by changes in working capital. This included an increase in inventories of Rs.6,757.60 lakh due to reinvesting in the business by buying out more land for the new construction activities, an increase in trade receivables of Rs.1,601.64 lakh, and an increase in other assets and other financial assets of Rs.1,267.80 lakh. These outflows were partially offset by an increase in other liabilities of Rs.2,126.60 lakh and increase in trade payables of Rs. 187.34 lakh. Consequently, cash used in operating activities before taxes amounted to Rs. 4,278.80 lakh. After accounting for direct tax payments of Rs.120.76 lakh, the net cash used in operating activities stood at Rs. 4,399.56 lakh.

Net cash generated from operating activities for Fiscal 2024, was Rs.882.73 lakh, as compared to a profit before tax of Rs.1,122.77 lakh for the same period. The variance between profit before tax and operating cash flows was primarily attributable to non-cash and non-operating adjustments, including depreciation of Rs.40.61 lakh, Provision for doubtful debts of Rs. 86.37 lakh, Provision for land advance of Rs. 225.75 lakh, interest expense of Rs.508.85 lakh, provision for gratuity of Rs.9.44 lakh, provision for leave encashment of Rs.19.32 lakh, unwinding of fair valuation gain of Rs.64.70 lakh, provision of warranty of Rs.45.91 lakh and amortisation of financial assets of Rs.13.71 lakh. These were offset by interest income of Rs. 233.64 lakh, provisions/liabilities no longer payable written back of Rs. 61.18 lakh, and finance income on security deposits of Rs. 12.38 lakh. Further, the operating cash flows were impacted by changes in working capital. This included an increase in inventories of Rs.764.34 lakh, an increase in trade receivables of Rs.498.85 lakh, and an increase in other assets and other financial assets of Rs.1,160.58 lakh. These outflows were partially offset by an increase in other liabilities of Rs.1,508.80 lakh and increase in trade payables of Rs. 281.55 lakh. Consequently, cash generated from operating activities before taxes amounted to Rs.1,245.72 lakh. After accounting for direct tax payments of Rs.362.99 lakh, the net cash generated from operating activities stood at Rs.882.73 lakh.

Net cash generated from operating activities for Fiscal 2023, was Rs.4,215.62 lakh, as compared to a profit before tax of Rs.1,946.61 lakh for the same period. The variance between profit before tax and operating cash flows was primarily attributable to non-cash and non-operating adjustments, including depreciation of Rs.42.45 lakh, interest expense of Rs.432.92 lakh, provision for gratuity of Rs.8.22 lakh, provision for leave encashment of Rs.19.29 lakh, unwinding of fair valuation gain of Rs.0.79 lakh, provision of warranty of Rs.69.00 lakh and amortisation of financial assets of Rs.8.75 lakh. These were offset by interest income of Rs. 91.57 lakh, and finance income on security deposits of Rs. 7.49 lakh. Further, the operating cash flows were impacted by changes in working capital. This included an increase in inventories of Rs.2,615.39 lakh. These outflows were partially offset by an decrease in trade receivables of Rs.1,043.43 lakh, decrease in other assets and other financial assets of Rs.1,576.69 lakh, increase in other liabilities of Rs.1,194.26 lakh and increase in Other financial liabilities by Rs. 992.44 lakh. Consequently, cash generated from operating activities before taxes amounted to Rs.4,551.89 lakh. After accounting for direct tax payments of Rs.336.27 lakh, the net cash generated from operating activities stood at Rs.4,215.62 lakh.

Net cash generated from / (used in) Investing Activities

Net cash flow used in investing activities for the six-month period ended September 30, 2025 was Rs.2,017.18 lakh, which primarily comprised of purchase of property, plant and equipment and intangible assets amounting to Rs.2,025.92 lakh and interest received of Rs.8.74 lakh.

Net cash flow used in investing activities in Fiscal 2025 was Rs.23.51 lakh, which primarily comprised of purchase of property, plant and equipment and intangible assets amounting to Rs.140.67 lakh, Sale proceeds of Property, plant and equipment and intangible assets of Rs. 7.22 lakh and interest received of Rs.109.94 lakh.

Net cash flow generated from investing activities in Fiscal 2024 was Rs.187.28 lakh, which primarily comprised of purchase of property, plant and equipment and intangible assets amounting to Rs.43.22 lakh and interest received of Rs.230.50 lakh.

Net cash flow generated from investing activities in Fiscal 2023 was Rs.65.18 lakh, which primarily comprised of purchase of property, plant and equipment and intangible assets amounting to Rs.30.19 lakh, Sale proceeds of property, plant and equipment and intangible assets of Rs. 3.80 lakh and interest received of Rs.91.57 lakh.

Net cash generated from / (used in) Financing Activities

Net cash flow generated from financing activities for the six-month period ended September 30, 2025 was Rs.4,364.92 lakh, which comprised of proceeds from equity shares issued (including premium) issued of Rs.17,500.00 lakh, repayment of borrowing amounted to Rs. 12,839.79 lakh and interest paid of Rs. 295.29 lakh.

Net cash flow generated from financing activities in Fiscal 2025 was Rs.5,170.79 lakh, which comprised of proceeds from borrowing amounted to Rs.5,674.19 lakh and interest paid of Rs. 503.40 lakh.

Net cash flow used in financing activities in Fiscal 2024 was Rs. 700.79 lakh, which comprised of repayment of borrowing amounting to Rs. 192.03 lakh and interest paid of Rs. 508.76 lakh.

Net cash flow used in financing activities in Fiscal 2023 was Rs. 1,912.07 lakh, which comprised of repayment of borrowing amounting to Rs. 1,479.06 lakh and interest paid of Rs. 433.01 lakh.

FINANCIAL INDEBTEDNESS

As of six-month period ended September 30, 2025, we had outstanding borrowings (current of Rs.3,336.84 lakh and non-current of Rs.1,520.49 lakh aggregating to Rs.4,857.33 lakh, which primarily consisted of secured term loans and overdrafts from banks. For further details, see "Financial Indebtedness" on page 365. After adjusting for cash and cash equivalents, bank balances, including fixed deposits having maturity more than 12 months, our net debt as of six-month period ended September 30, 2025, was Rs.615.73 lakh. The table below shows the status of the Financial Indebtedness of the Company as on September 30, 2025:

Summary of borrowings sanctioned to the Company outstanding, as of September 30, 2025

Nature of Borrowing	Sanctioned amount as on September 30, 2025	Amount Outstanding as on September 30, 2025
I. Fund Based facilities
Secured Borrowings
- Non-Current (including current maturities)	3,471.00	1,733.95
- Current (Refer Note)	5,800.00	3,123.38
Total Secured Borrowings (A)	9,271.00	4,857.33
Unsecured Borrowings
- Non-Current	Nil	Nil
- Current	Nil	Nil
Total Unsecured Borrowings (B)	Nil	Nil
Total Fund based (A+B)	9,271.00	4,857.33
II. Non-Fund Based facilities
- Bank Guarantee / Corporate Guarantee	Nil	Nil
I. Fund Based facilities
Total Non-Fund based	Nil	Nil
Total (I+II)	9,271.00	4,857.33

Note: For the purpose of this certificate, only overdraft accounts showing a credit balance as on September 30, 2025 have been included (hereinafter referred to as working capital facilities). The overdraft facilities having sanctioned limit amounting to Rs.960.25 lakhs are not included in the above table since these accounts shows a debit balances as on September 30, 2025.

CONTINGENT LIABILITIES

As of six-month period ended September 30, 2025 and Fiscal 2025, 2024 and 2023 the estimated amount of contingent liabilities are as follows:

Particulars	Six-month period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Contingent liabilities
Provident Fund	26.09	26.09	26.09	26.09
Income Tax	61.86	61.86	61.86	-
Total	87.95	87.95	87.95	26.09

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any off-balance sheet arrangements that have or which we believe reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenue or expenses, operating results, liquidity, capital expenditure or capital resources.

RELATED PARTY TRANSACTIONS

We enter into various transactions with related parties in the ordinary course of business. These transactions principally include Remuneration, Interest expense, Staff loan, reimbursement expense, Accomodation charges, Rent expense, sale of property and other assets, Loans, etc. among others. For further information relating to our related party transactions, see Restated Financial Information - Note 37- Related Party Transactions" on page 358 of this Draft Red Herring Prospectus.

RESERVATIONS, QUALIFICATIONS, ADVERSE REMARKS, EMPHASIS OF MATTERS AND OTHER MATTERS BY AUDITORS

The auditors reports on our financial statements for the six-month period ended September 30, 2025 and the Fiscals 2025, 2024 and 2023, include the following emphasis of matters, which are extracted and presented below:

a) Auditors report issued by the statutory auditors dated November 20, 2025 on the Special Purpose Interim

Financial Statements of the Company as at and for the six-month period ended September 30, 2025 includes the following Emphasis of Matter paragraph as reproduced below:

Emphasis of Matter

"We draw attention to Note No. 2.1 to the Special Purpose Interim Financial Statements, which describes the basis of preparation in accordance with the measurement and recognition principles of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time). As stated therein, the comparative financial information has not been included in the Special Purpose Interim Financial Statements. Only a complete set of financial statements together with comparative financial information can provide a fair presentation of the Companys state of affairs, profit, changes in equity and cash flows.

b) Auditors report issued by statutory auditors dated November 20, 2025 on the Special Purpose Comparative Ind AS Financial Statements of the Company as at and for the year ended March 31, 2023 as referred to in paragraph 4(c) above, which included Emphasis of Matter paragraph as reproduced below:

Emphasis of Matter

"We draw attention to Note No. 2.1 to the Special Purpose Comparative Ind AS Financial Statements, which describes the basis of preparation in accordance with the measurement and recognition principles of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and further states that the comparative financial information has not been included in these Special Purpose Comparative Ind AS Financial Statements. Only a complete set of financial statements together with comparative financial information can provide a fair presentation of the Companys state of affairs, profit, changes in equity and cash flows.

As stated therein, the transition date, for the purpose of preparation of Special Purpose Comparative Ind AS Financial Statements is considered as April 1, 2022 which is different from the transition date adopted by the Company at the time of first time transition to Ind AS (i.e. April 1, 2023) for the purpose of preparation of Statutory audited Ind AS Financial Statements for the year ended March 31, 2025, as required under the Act. Accordingly, for the purpose of preparation of Special Purpose Comparative Ind AS Financial Statements, the Company has applied the same accounting policy and accounting policy choices (Both mandatory exceptions and optional exemptions availed as per Ind AS 101, as applicable) as on April 1, 2022 as initially adopted on transition date i.e. April 1, 2023 for the purpose of preparation of Special Purpose Comparative Ind AS Financial Statements.

The Special Purpose Financial Statements as at and for the six-month period ended September 30, 2025 and March 31, 2023, the auditors reports to which include the above mentioned Emphasis of Matter sections are prepared solely for the purpose of inclusion in the Restated Financial Information refer page 297 and hence comparatives for the figures therein are not relevant for the purpose.

CHANGE IN ACCOUNTING POLICIES

Other than as disclosed in the Restated Financial Information, there have been no changes in accounting policies in the last three Fiscals.

Details of Default, if any, including therein the amount involved, duration of default and present status, in repayment of statutory dues or repayment of debentures or repayment of deposits or repayment of loans from any bank or financial institution

There have been no defaults in payment of statutory dues or repayment of debentures and interest thereon or repayment of deposits and interest thereon or repayment of loans from any bank or financial institution and interest thereon by the Company for the six-month period ended September 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023.

Material Frauds

There are no material frauds, as reported by our statutory auditor, committed against our Company, since incorporation.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Companys principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the acquisition and Companys real estate operations. The Companys principal financial assets include trade receivables, cash and cash equivalents, land advances and refundable deposits that derive directly from its operations.

The Companys activities expose it to a variety of financial risks: market risk, credit risk, liquidity risk and data breach risk.

The senior management ensures that the Companys financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Companys policies and risk objectives. The Companys risk management activity focuses on actively securing the Companys short to medium-term cash flows by minimising the exposure to volatile financial markets. The Company does not actively engage in the trading of financial assets for speculative purposes nor does it write options. The most significant financial risks to which the Company is exposed are described below:

a. Market Risk

b. Credit Risk;

c. Liquidity Risk; and

d. Data Breach Risk;

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as equity price risk and commodity risk. The Company has no exposure to commodity prices as it does not deal in derivative instruments whose underlying is a commodity. Financial instruments affected by market risk include loans and borrowings and refundable deposits.

The sensitivity analysis in the following sections relate to the position as at for the six-month period ended September 30, 2025, March 31, 2024 and March 31, 2023. The sensitivity analysis have been prepared on the basis that the amount of total debt and the ratio of fixed to floating interest rates of the debt.

The analysis exclude the impact of movements in market variables on the carrying values of gratuity and other post retirement obligations provisions.

The following assumptions have been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at for the six-month period ended September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023.

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Companys exposure to the risk of changes in market interest rates relates primarily to the Companys long-term and short-term debt obligations with floating interest rates.

The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate borrowings. The Company does not have any interest rate swaps.

(ii) Interest rate sensitivity

The following table demonstrates the sensitivity to a possible change in interest rates on that portion of borrowings outstanding at the balance sheet date. With all other variables held constant, the Companys profit before tax is affected through the impact on floating rate borrowings, as follows:

Effect on profit before tax

Particulars	For the six- month period ended September 30, 2025	Year ended March 31, 2025	Year ended March 31, 2024	Year ended March 31, 2023
Decrease in interest rate by 50 basis point	8.56	0.55	-	-
Increase in interest rate by 50 basis point	(8.56)	(0.55)	^-	^-

Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Companys exposure to credit risk is influenced mainly by the individual characteristic of each customer. The Company is exposed to credit risk from its operating activities and from its financing activities, including refundable joint development deposits, security deposits, loans to employees, other financial assets and other financial instruments.

(i) Trade receivables

Credit risk is managed as per the Companys established policy, procedures and control relating to customer credit risk management. The credit quality of the Companys customers is monitored on an ongoing basis and assessed for impairment where indicators of such impairment exist. Outstanding customer receivables are regularly monitored. The history of trade receivables shows a negligible provision for bad and doubtful debts. The solvency of customers and their ability to repay the receivable is considered in assessing receivables for impairment. Receivables towards sale of property - The Company is not substantially exposed to credit risk as property is delivered on payment of dues and advance from customers are received in terms of the construction/sale agreement. Therefore, the Company does not expect any material risk on account of non-performance by any of the Companys counterparties. Where receivables are impaired, the Company actively seeks to recover the amounts in question and enforce the compliance with credit terms. However, the Company make provision for expected credit loss where any property developed by the Company is delayed due to litigation as further collection from customers is expected to be realised only on final outcome of such litigation.

Revenue from no customer individually accounted for more than 10% of the Companys revenue for the six-month period ended September 2025, years ended March 31, 2025, March 31, 2024 and March 31, 2023. No single customer individually accounted for more than 10% of the trade receivable balance of the Company as at for the six-month period ended September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023.

Movement in the provision for doubtful receivables is given in note 8.2

(ii) Refundable joint development deposits

The Company is subject to credit risk in relation to refundable deposits given under joint development arrangements. The management considers that the risk is low as it is in the possession of the land and the property share that is to be delivered to the land owner under the JDA arrangements.

(iii) Other Financial Assets

Other financial assets measured at amortised cost includes advances to vendors and security deposits. Credit risk related to these financial assets is managed by monitoring the recoverability of such amounts continuously.

(iv) Financial Instrument and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Companys finance department in accordance with the Companys policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. The Company considers factors such as track record, size of institution, market reputation and service standard to select the banks with which deposits are maintained. The Company does not maintain significant deposit balances other than those required for its day to day operations. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterpartys potential failure to make payments. The Companys maximum exposure to credit risk for the components of the Balance Sheet as at for the six- month period ended September 30, 2025, Fiscal 2025, 2024 and 2023 is the carrying amounts.

Liquidity risk

Liquidity risk is that the Company might be unable to meet its obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Companys approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Companys reputation. The Company manages its liquidity needs by monitoring the forecast cash inflows and outflows due in day-to-day business. The data used for analysing these cash flows is consistent with that used in the contractual maturity analysis below.

Liquidity needs are monitored in various time bands, usually on a month on month basis. Long-term liquidity needs for a 360-day lookout period are identified monthly. Net cash requirements are compared to available borrowing facilities in order to determine headroom or any shortfalls. This analysis shows that available borrowing facilities are expected to be sufficient over the lookout period.

The Companys objective is to maintain cash and marketable securities to meet its liquidity requirements for 30- day periods at a minimum. This objective was met for the reporting periods. Funding for long-term liquidity needs is additionally secured by an adequate amount of committed credit facilities.

Maturities of Financial Liabilities

The tables below analyse the financial liabilities of the Company into relevant maturity groupings based on their contractual maturities.

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

As at for the six- month period ended September 30, 2025	On demand	Less than 1 Year	1 to 5 years	More than 5 years	Total
Borrowings	3,123.38	213.46	1,520.49	_-	4,857.33
Trade Payables	_-	580.13	_-	_-	580.13
Other Financial Liabilities	98.82	673.78	265.66	-	1,038.26
Total	3,222.20	1,467.37	1,786.15	_-	6,475.72

Fiscal 2025	On demand	Less than 1 Year	1 to 5 years	More than 5 years	Total
Borrowings	7,845.46	5.83	9,845.70	_-	17,696.99
Trade Payables	_-	672.38	_-	_-	672.38
Other Financial Liabilities	36.77	556.25	481.79	-	1,074.81
Total	7,882.23	1,234.46	10,327.49	-	19,444.18

Fiscal 2024	On demand	Less than 1 Year	1 to 5 years	More than 5 years	Total
Borrowings	4,735.32	3.06	7,284.27	-	12,022.65
Trade Payables	-	553.93	-	-	553.93
Other Financial Liabilities	12.96	529.22	716.60	-	1,258.78
Total	4,748.28	1,086.21	8,000.87	-	13,835.36

Fiscal 2023	On demand	Less than 1 Year	1 to 5 years More than 5 years	Total
Borrowings	4,855.05	75.44	7,284.27 -	12,214.76
Trade Payables	-	329.64	- -	329.64
Other Financial Liabilities	15.61	270.46	901.27	-	1,187.34
Total	4,870.66	675.54	8,185.54	-	13,731.74

Risk of breach of Cyber Security and Data Privacy

Cyber-attacks that breach the information network or failure to protect personal sensitive and confidential information of the stakeholders in accordance with applicable laws and contractual obligations may adversely impact the operations and client satisfaction or result in significant breach client contract and regulatory penalties.

To mitigate such risk cybersecurity strategy and data privacy framework, processes, policies and controls have been put in place by a multi-layered governance process with executive and Board oversight to review such risks and our preparedness to mitigate and respond to such risks. The Company continuously invests in technologies to address risks posed by evolving cyber threat landscape. Regular awareness programs and trainings are also conducted. Strong encryption, data backup and recovery mechanism is also ensured to confirm business continuity during any crisis.

Financial Instruments and Fair Value Disclosures Financial Instruments

The fair value of financial instruments as referred to in note A above has been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities [Level 1 measurements] and lowest priority to unobservable inputs [Level 3 measurements].

The categories used are as follows:

Level 1: Quoted prices (unadjusted) for identical instruments in an active market;

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs; and

Level 3: Inputs which are not based on observable market data (unobservable inputs).

Transfer between Financial Instruments

During the period/ year, there were no transfers between level 1 and level 2. Similarly, there were no transfers from or transfer to Level 3.

Financial Assets and Liabilities

The carrying amounts of financial instruments by category are as follows:

Particulars	Level	Notes to schedule	As at for the six-month period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Financial Assets measured at amortised cost
Non-Current
Other Financial Assets	3	4a	1,163.37	1,120.99	1,047.55	984.19
Current
Trade Receivables	3	8	4,494.89	2,739.88	1,051.87	639.39
Cash and Cash Equivalents	1	9a	4,241.60	3,668.37	2,920.65	2,551.60
Other Balances with Banks	1	9b	-	0.57	1.06	1.86
Other Financial Assets	3	4b	3,630.02	1,422.59	884.02	483.04
Total			13,529.88	8,952.40	5,905.15	4,660.08
Financial liabilities measured at amortised cost
Non-Current
Borrowings	2	12a	1,520.49	10,418.02	8,520.57	1,153.26
Other Financial Liabilities	3	13a	265.66	481.79	716.60	901.27
Current
Borrowings	2	12b	3,336.84	7,278.97	3,502.08	11,061.50
Trade Payables	3	15	580.13	672.38	553.93	329.64
Other Financial Liabilities	3	13b	772.60	593.02	542.18	286.07
Total			6,475.72	19,444.18	13,835.36	13,731.74

Valuation Methodologies

Valuation Methodologies of Financial Instruments not measured at Fair Value

The carrying amount of financials assets and financials liabilities measured at amortised cost in the financials statements are reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the value that would eventually be received or settled. For financial assets and financial liabilities that have a short - term maturity (less than twelve months), the carrying amounts, which are net of impairment, are a reasonable approximation of their fair value. Such instruments include cash and cash equivalents, trade receivables and trade payables without a specific maturity.

Information required as per Item (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

1. Unusual or infrequent events or transactions

As on date, there have been no unusual or infrequent events or transactions including unusual trends on account of business activity, unusual items of income, change of accounting policies and discretionary reduction of expenses.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations.

Other than as described in the section titled "Risk Factors", "Managements Discussion and Analysis of Financial Condition and Results of Operations-Factors Affecting Our Results of Operations" and "Industry Overview" pages 40, 377 and 166 of this Draft Red Herring Prospectus, to our knowledge there are no known significant economic changes that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

3. Income and Sales on account of major product/main activities

Income and sales of our Company mainly consist of revenue from completed projects and revenue from ongoing projects.

4. Whether the company has followed any unorthodox procedure for recording sales and revenues Our Company has not followed any unorthodox procedure for recording sales and revenues.

5. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Our business has been impacted and we expect will continue to be impacted by the trends identified above in "Managements Discussion and Analysis of Financial Condition and Results of Operations- Factors Affecting Our Results of Operations" and the uncertainties described in "Risk Factors" pages 377 and 40, respectively. Except as we have described in this Draft Red Herring Prospectus, there are no known factors that we expect to have a material adverse impact on our revenues or income from operations.

6. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or services or increased sales prices.

Changes in revenue in the last three Financial Years and for the six-month period ended September 30, 2025 are as described in "Managements Discussion and Analysis of Financial Condition and Results of Operations - Six-month period ended September 30, 2025-Revenue from operations, Fiscal 2025 compared with Fiscal 2024 - Revenuefrom Operations and "Managements Discussion and Analysis of Financial Condition and Results of Operations - Fiscal 2024 compared with Fiscal 2023 - Revenue from Operations" above on pages 402, 404 and 408, respectively.

7. Future changes in relationship between costs and revenues

Other than as described in "Risk Factors"Our Business and "Managements Discussion and Analysis of Financial Condition and Results of Operations" on pages on pages 40, 223 and 375, respectively, there are no known factors that may adversely affect our business prospects, results of operations and financial condition

8. Status of any publicly announced New Product or Business Segment

Except as disclosed in "Our Business" on page 223, we have not announced and do not expect to announce in the near future any new products or business segments.

9. Seasonality of business

Our operations may be adversely affected by difficult working conditions during monsoons that restrict our ability to carry on construction activities to some extent and fully utilize our resources. Otherwise, we generally do not believe that our business is seasonal.

10. Any significant dependence on a single or few suppliers or customers.

We are real estate development company engaged in construction of residential premises. Accordingly, we are not reliant on any single or few customers. The % of contribution of our Companys top 1, top 3, top 5 and top 10 suppliers vis-a-vis our % of Construction materials, labour and direct expense on Restated Financial Information respectively as for the period ended September 30, 2025 and for the Fiscals 2025, 2024 and 2023 is as follows:

Particulars	Six month period ended September 30, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
	Amount	%	Amount	%	Amount	%	Amount	%
Top 1	1,344.17	25.08	2332.96	22.73	1019.29	15.01	857.50	12.63
Top 3	2,437.19	45.47	4578.71	44.60	2,535.73	37.34	1,841.55	27.11
Top 5	3,072.33	57.32	5,885.72	57.33	3,610.59	53.16	2,085.60	30.71
Top 10	4,008.84	74.80	7,243.71	70.56	4,457.17	65.63	2,473.85	36.42

11. Competitive conditions

We expect to continue to compete with existing and potential competitors. Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" on pages 166 and 223, respectively of the Draft Red Herring Prospectus.

12. Details of material developments after the date of last balance sheet i.e. September 30, 2025

No material developments have come to our attention since the date of the Restated Financial Information as disclosed in this Draft Red Herring Prospectus which materially and adversely affect or are likely to materially and adversely affect our operations or profitability, or the value of our assets or our ability to pay our material liabilities within the next twelve months.

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