As on: Oct 22, 2026 04:32 AM
Dear Shareholders,
The Board of Directors is pleased to present the 19th Annual Report of the Company along with audited statement of accounts, for the financial year ended March 31, 2026.
Your Company entered a transformational phase during FY2025-26 following the effectiveness of the Scheme of Arrangement, resulting in a simplified corporate structure and the emergence of a real estate-led business model. The Company today operates through a diversified portfolio comprising Real Estate Development, Stock Broking, Asset Reconstruction, Digital Payments & Financial Services and Equipment Leasing.
The strategic focus of the Company is anchored around creating a scalable real estate platform supported by disciplined capital allocation, execution excellence and a robust development pipeline. The complementary financial services businesses continue to provide diversification, operating synergies and long-term value creation opportunities.
Business Overview
REAL ESTATE DEVELOPMENT
Real Estate has emerged as the Company's principal business vertical and long-term growth platform. The Company follows a capital-efficient development strategy focused on premium residential, mid-income residential and commercial developments across high-growth urban micro-markets, supported by a combination of owned developments and joint ventures.
FY2025-26 represented the first full year of execution under the Company's renewed real estate strategy. During the year, the Company successfully launched multiple residential developments across Gurugram and Kharkhoda, witnessing encouraging customer response and strong sales momentum. The Company achieved sales bookings of Rs. 2,752 crore, covering approximately 21.6 lakh square feet across 909 units, while collections during the year stood at Rs. 400 crore.
Revenue recognition commenced from launched projects during Q4FY26, resulting in real estate revenue of Rs. 259 crore, making the segment the largest contributor to the Company's earnings during the quarter.
As on March 31, 2026, the Company's development portfolio comprises an estimated 110.52 lakh square feet of saleable area with an estimated Gross Development Value (GDV) of over Rs. 21,000 crore, spanning launched, ongoing and future developments. The portfolio is primarilyconcentrated in the National Capital Region.
The Company remains focused on disciplined execution, phased monetisation, prudent capital deployment and customer-centric product offerings, creating strong earnings visibility over the medium term.
INDIABULLS SECURITIES
Indiabulls Securities continues to be the Company's integrated capital markets platform, providing investment and trading solutions across equities, derivatives, mutual funds, IPOs, bonds and otherfinancial products.
Despite moderation in overall industry trading activity during FY26, the business demonstrated resilience with broking revenue of Rs. 124 crore. During the year, the Company continued strengthening its technology platform through enhancements across its mobile, web and desktop trading applications while expanding product capabilities for both retail investors and active traders.
Key initiatives undertaken during the year included:
- Expansion of digital trading platforms across mobile, web and desktop
- Continued enhancement ofthe IB Algo platform for retail algorithmic trading
- Strengthening of trading infrastructure and analytical capabilities
- Comprehensive investment offerings across Equities, Mutual Funds, IPOs, ETFs, Bonds and Derivatives
- Continued focus on customer experience, digital onboarding and product innovation
The business serves a diversified customer base with approximately 1.73 lakh demat accounts and client assets exceeding Rs. 68,000 crore under custody. While market activity remained relatively subdued for a significant part of FY26, business momentum improved during the fourth quarter, reflecting the Company's continued investment in technology and customer acquisition.
ASSET RECONSTRUCTION
The Company's Asset Reconstruction business, operated through Indiabulls Asset Reconstruction Company Limited (IBARCL), continues to focus on acquisition, resolution and recovery of distressed financial assets through a disciplined and recovery-led approach.
The business follows a selective acquisition strategy with emphasis on operational recoveries, legal resolution and value maximisation. During FY26, Indiabulls Asset Reconstruction Company Limited (IBARCL) maintained a healthy capital adequacy ratio while continuing recoveries across its portfolio.
As on 31 March 2026, the business managed fee-paying Assets Under Management of Rs. 622 crore, assets under collection of approximately Rs. 3,794 crore, while recoveries during FY26 stood at approximately Rs. 288 crore.
The Company believes the evolving regulatory framework, improving banking sector asset quality and increasing institutional participation continue to provide long-term oppo rtunities within the asset reconstruction industry.
PAYMENTS & SERVICES
The Company's Payments & Services business continues to operate through the Dhani platform, offering digital payment solutions, prepaid instruments and technology-enabled financial services.
The platform continues to provide customers with a unified digital ecosystem comprising wallet services, utility payments, recharges and card-based payment solutions, while strengthening its UPI capabilities following NPCI approval as a Third PartyApplication Provider (TPAP).
During FY26, the Company continued investing in technology infrastructure, customer experience and product capabilities to enhance digital payment offerings. The business remains focused on leveraging the Dhani platform to increase customer engagement while exploring opportunities to expand value-added financial services.
In addition, the Company continues its strategic investment in Spring Cash, a U.S.-based Al-enabled SMB financing platform. Spring Cash combines Al-driven CFO capabilities with intelligent underwriting and embedded working capital solutions for small and medium businesses. The investment represents the Company's long-term commitment towards technology-led financial services innovation and provides valuable learnings forfuture opportunities within the Indian market.
Financial Highlights (Standalone)
The financial highlights of the Company, for the financial year ended March 31, 2026, are as under:
(Loss)/Profit before Depreciation & Amortization expenses and Tax
Less: Depreciation & Amortization expenses
(Loss)/Profit before exceptional items and tax
Add: Exceptional items
(Loss)/Profit before Tax
Less: Tax Expense
Loss for the year
Other comprehensive income (net of taxes)
Total comprehensive income for the year
The total revenue of the Company during the financial year ended March 31, 2026 stood at Rs. 116.08 crores with a net loss of Rs. 45.38 crores. The consolidated revenue of the Company stood at Rs. 880.78 crores and the consolidated net profit (loss) aftertax stood at Rs. 346.13 crores with the first meaningful contribution from its real estate development business following project launches and commencement of revenue recognition. The year marked an important milestone in the Company's transition towards becoming a real estate-led enterprise with improving earnings visibility and a strengthened balance sheet.
Dividend
The Company has not declared any dividend during the financial year 2025-26. Further, Pursuant to Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations"), the Dividend Distribution Policy of the Company is available on the website of the Company at htips://www.indiabulls.com/indiabulls-assets/public/pdfs/1785873441_Dividend-Distribution-Policy_IBL. pdf
Directors and Key Managerial Personnel
In compliance with applicable provisions under the Companies Act, 2013 and regulation 17(1C) of the SEBI LODR Regulations and in terms of Board authorisations dated April 9, 2025 and August 18, 2025, the shareholders of the Company on June 25, 2025, through Postal Ballot and in 18th Annual General Meeting held on September 25, 2025, have approved the appointment of Mr. Praveen Kumar Tripathi (DIN: 02167497) as Non-Executive Non Independent Director of the Company w.e.f. April 9, 2025 and Mrs. Surina Rajan (DIN: 06699602) as Independent Director of the Company, for a term of 3 years effective from August 18, 2025.
Further, consequent to the NCLT approved Scheme of Arrangement coming into effect on October 14, 2025 ("Scheme"), inter-alia, Dhani Services Limited and Indiabulls Enterprises Limited (along with other fifteen participating companies mentioned in the Scheme) have been merged with and into the Company. In terms of applicable provisions of the Companies Act, Articles of Association of the Company and to ensure the composition of the Board of Directors ("Board") to be in sync with the applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Reserve Bank of India and to introduce more professionalism, diversified experience and the highest standards of Corporate Governance in its management at Board level, in the Company as merged entity, on the recommendation of Nomination & Remuneration Committee of the Company, the Board of the Company was reconstituted in the Board meeting held on October 31, 2025 and in compliance with applicable provisions under the Companies Act, 2013 and regulation 17(1C) of the SEBI LODR Regulations and in terms of Board authorisations dated October 31, 2025, the shareholders of the Company on January 28, 2026, through Postal Ballot, have approved the appointments of:
- Mr. Gurbans Singh (DIN: 06667127), as Whole-time Director and Key Managerial Personnel designated as Executive Chairman of the Company, for a period of five years, with effect from October 31, 2025;
- Mr. Divyesh B. Shah (DIN: 00010933), as Whole Time Director and Key Managerial Personnel designated as Chief Executive Officer of the Company, for a period of five years, with effect from October 31, 2025;
- Mr. Kubeir Khera (DIN: 03498226), as Whole Time Director and Key Managerial Personnel of the Company, fora period of five years, with effect from January 1, 2026
- Dr. Prabhat Kumar, IAS (Retd.) (DIN: 06415793), as an Independent Director of the Company, fora period of three years, with effect from October 31, 2025;
- Mr. Rajinder Singh Nandal (DIN: 03094903), as an Independent Director of the Company, for a period of three years, with effect from October 31, 2025 and
- Brig. Labh Singh Sitara (Retd.) (DIN: 01724648), as an Independent Director of the Company, fora period of three years, with effect from October 31, 2025.
Further, on completion of their tenure, Ms. Supriya Bhatnagar (DIN: 08731453) and Mr. Prem Prakash Mirdha (DIN: 01352748) have ceased to be Independent Directors of the Company w.e.f. September 4, 2025 and September 22, 2025, respectively. Mr. Vikas Sachdeva (DIN: 07346167) Non-Executive, Non-Independent Director, Mr. Gurinder Singh (DIN: 08183046) and Mr. Aishwarya Katoch (DIN: 00557488), Non- Executive Independent Directors ofthe Company ceased to be directors ofthe Company w.e.f. October 31, 2025.
All the Independent Directors have given declaration that they meet the criteria of independence laid down under Section 149 (6) of the Act, and in Regulation 16(l)(b) of SEBI LODR Regulations. The brief resume ofthe Director(s) proposed to be appointed/ reappointed, nature of their expertise in specific functional areas, terms of appointment, names of companies in which they hold directorships, memberships/ chairmanships of Board Committees, along with names of listed entities from which they have resigned in the past three years, are provided in the Notice convening the 19th Annual General Meeting of the Company.
In compliance with the applicable regulatory provisions, the Board has recommended the re-appointment of Mr. Praveen Kumar Tripathi (DIN: 02167497), Non-Executive Non Independent Director ofthe Company, who retires by rotation at the ensuing Annual General Meeting of the Company and being eligible, has offered himself for re-appointment as director.
Further, to facilitate reconstitution of the Management consequent to the Scheme coming into effect, Mr. Rajeev Lochan Agrawal, a Fellow Member of the Institute of Chartered Accountants of India, was appointed as Chief Financial Officer, designated as Key Managerial Personnel of the Company, w.e.f. October 31, 2025, in place of Mr. Akhil Malhotra and Mr. Ram Mehar Garg, a Fellow Member of the Institute of Company Secretaries of India, was appointed as Company Secretary and Compliance Officer, designated as Key Managerial Personnel of the Company, w.e.f. October 31, 2025, in place of Mr. Sachin Mahendra Singh Ghanghas.
Share Capital
As on March 31, 2025, the paid up share capital of the Company was Rs. 20,08,84,518 comprising of 10,04,42,259 fully paid-up equity shares of face value of Rs. 2/- each.
During the year under review, in compliance with the terms of Scheme of Arrangement approved by Hon'ble NCLT, Chandigarh Bench, which came into effect on October 14, 2025 ("Scheme"), the Company, on November 4, 2025 had issued and allotted an aggregate of 222,39,39,879 (Two Hundred and Twenty Two Crores Thirty Nine Lakhs Thirty Nine Thousand Eight Hundred and Seventy Nine) fully paid-up equity shares having face value Rs. 2 each to the shareholders of Dhani Services Limited (Amalgamating Company 1), Indiabulls Enterprises Limited (Amalgamating Company 2) and India Land Hotels Mumbai Private Limited (Demerged Company) as on Record Date i.e., October 28, 2025, as per the Share Exchange Ratio prescribed and approved in the Scheme. Consequent to the said allotment, the paid-up equity share capital of the Company was increased to Rs. 464,87,64,276 (Rupees Four Hundred and Sixty Four Crores Eighty Seven Lakhs Sixty Four Thousand Two Hundred and Seventy Six only) divided into 232,43,82,138 (Two Hundred and Thirty Two Crores Forty Three Lakhs Eighty Two Thousand One Hundred and Thirty Eight) fully paid-up equity shares of face value Rs. 2/- each.
During the current financial year and upto the date of this report, the Company has issued and allotted an aggregate of 51,61,464 (Fifty One Lacs Sixty One Thousand Four Hundred Sixty Four) fully paid-up equity shares of face value Rs. 2/- each, to eligible employees upon exercise of employee stock options vested in their favour under 'Indiabulls Limited Employee Stock Option Scheme - 2025'. Consequently, the paid-up equity share capital of the Company stands increased to Rs. 465,90,87,204 divided into 232,95,43,602 fully paid up equity shares of face value Rs. 2/- each.
Preferential Issue of Convertible Warrants
In accordance with the provisions of Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Board of Directors of the Company at its meeting held on June 3, 2026 had approved a preferential issue of upto 51.55 crore convertible warrants, at an issue price of Rs. 19.40 (including a premium of Rs. 17.40) per equity share, to raise an aggregated amount of upto Rs. 1000.07 Crore. The Issue Price of Rs. 19.40 per warrant has been determined in accordance with SEBI ICDR Regulations and is higher than the floor price applicable for 90/10 trading days VWAP price and the price determined under the valuation report of a SEBI Registered Valuer. The said Warrants are proposed to be subscribed by two promoter group entities and two non-promoter group entities. Shareholders ofthe Company in their Meeting held on July 2, 2026 have also approved the said preferential issue. The Company has filed required applications with stock exchanges seeking their in-principle approvals required before the allotment of convertible warrants, which are under process by the stock exchanges.
ESOP/SAR Schemes
During the year under review, in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, the shareholders of the Company in their 18th Annual General Meeting held on September 25, 2025, had approved "Indiabulls Limited - Employee Stock Option Scheme - 2025", for an aggregate of 3,00,00,000 (Three Crore) Employee Stock Options convertible into equivalent number of fully paid-up equity shares of the Company.
In compliance with the Scheme of Arrangement which came into effect on October 14, 2025, inter-alia, involving the merger of Dhani Services Limited with and into the Company, ("Scheme"), the Company on January 19, 2026 had granted 2,69,90,964 (Two Crores Sixty Nine Lakhs Ninety Thousand Nine Hundred and Sixty Four) Stock Options under "Indiabulls Limited - Employee Stock Option Scheme 2025", in lieu of 91,80,600 (Ninety One Lakhs Eighty Thousand Six Hundred) outstanding Stock Options which were held by the eligible employees of erstwhile Dhani Services Limited under its Employees Stock Option Schemes, which got cancelled under the Scheme. The stock options so granted represents an equal number of fully paid-up equity shares of face value of Rs. 2/- each in the Company.
During the current financial year, 30,09,036 (Thirty Lacs Nine Thousand Thirty Six) Stock Options have been granted to eligible employees under "Indiabulls Limited Employee Stock Option Scheme - 2025", at an exercise price of Rs. 26 against the share price of Rs. 25.75 available on NSE on the date of grant of these options. These options are convertible into fully paid-up equity shares of face value of Rs. 2/- each, upon vesting and exercise consisting of 20% options each year.
Presently, there is no stock options / stock appreciation rights outstanding under existing ESOP Schemes of the Company namely; "Indiabulls Limited - Employees Stock Option Scheme - 2011" and "Indiabulls Limited - Employees Stock Benefit Scheme - 2018".
The disclosures required to be made under Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations and the Companies Act, 2013 read with Rule 12 of the Companies (Share Capital and Debentures) Rules 2014, have been placed on the website of the Company.
Public Deposits
During the year under review, the Company has not accepted any deposits from the public, falling within the ambit of Chapter V of the Act and the Companies (Acceptance of Deposits) Rules, 2014.
Listing With Stock Exchanges
The fully paid up equity shares (ISIN: INE126M01010) of the Company continue to remain listed at BSE Limited and National Stock Exchange of India Limited. The listing fees payable to both the exchanges for the financial year 2026-27 have been paid.
Scheme of Arrangement
The Scheme of Arrangement amongst Dhani Services Limited (Petitioner Company 1 / Amalgamating Company 1), Indiabulls Enterprises Limited (Petitioner Company 2 / Amalgamating Company 2), Savren Medicare Limited (Petitioner Company 3 / Amalgamating Company 3), Auxesia Soft Solutions Limited (Petitioner Company 4 / Amalgamating Company 4), Gyansagar Buildtech Limited (Petitioner Company 5 / Amalgamating Company 5), Pushpanjli Finsolutions Limited (Petitioner Company 6 / Amalgamating Company 6), Devata Tradelink Limited (Petitioner Company 7 / Amalgamating Company 7), Evinos Developers Limited (Petitioner Company 8 / Amalgamating Company 8), Milky Way Buildcon Limited (Petitioner Company 9 / Amalgamating Company 9), Indiabulls Consumer Products Limited (Petitioner Company 10 / Amalgamating Company 10), Indiabulls Infra Resources Limited (Petitioner Company 11 / Amalgamating Company 11), Jwala Technology Systems Private Limited (Petitioner Company 12 / Amalgamating Company 12), Mabon Properties Limited (Petitioner Company 13 / Amalgamating Company 13), YDI Consumer India Limited (Petitioner Company 14 / Amalgamating Company 14), Indiabulls General Insurance Limited (Petitioner Company 15 / Amalgamating Company 15), Indiabulls Life Insurance Company Limited (Petitioner Company 16 / Amalgamating Company 16), Juventus Estate Limited (Petitioner Company 17 / Amalgamating Company 17), India Land Hotels Mumbai Private Limited (Petitioner Company 18/ Demerged Company), Indiabulls Pharmacare Limited (Petitioner Company 19/ Resulting Company 1) and Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) [Petitioner Company 20 / Amalgamated Company / Resulting Company 2], (collectively, referred to as the Petitioner Companies) and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013, and other applicable provisions of the Act, read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 ("Scheme"), has been approved by Hon'ble National Company Law Tribunal, Chandigarh Bench, Chandigarh (NCLT) vide its Order dated August 29, 2025. Upon filing of the said Order of NCLT with the Registrar of Companies, NCT of Delhi and Haryana, by all the Petitioner Companies, the Scheme has come into effect on October 14, 2025, with effect from the Appointed Date i.e. April 1, 2023, fixed under the Scheme.
Consequent to the Scheme coming into effect and in accordance with Share Swap Ratio approved in the Scheme, inter-alia along with compliance of other terms of the Scheme, the Company had, on November 4, 2025, issued and allotted its fully paid-up equity shares of face value Rs. 2 each, as per entitlement of shareholders of Amalgamating Company 1, Amalgamating Company 2 and Demerged Company, as on Record Date fixed as October 28, 2025 as stated below:
a) 1,92,43,01,572 no. (fractional adjustment, if any) of equity shares of Rs.2 each to the shareholders of the Amalgamating Company 1.
b) 21,81,70,697 no. (fractional adjustment, if any) of equity shares of Rs.2 each to the shareholders of the Amalgamating Company 2.
c) 8,14,67,610 no. (fractional adjustment, ifany) of equity shares of Rs.2 each to the shareholders ofthe Demerged Company.
Change in the Name of the Company
In compliance with the terms of the Scheme of Arrangement, the name of the Company has been changed from "Yaari Digital Integrated Services Limited" to "Indiabulls Limited" w.e.f October 17, 2025.
Statement of Deviation(s) or Variation(s) Pursuant to Regulation 32 of SEBI LODR Regulations
On the utilization of proceeds of convertible warrants earlier issued on preferential basis, by erstwhile Dhani Services Limited which got merged with the Company under the aforesaid Scheme of Arrangement, during the year under review, there was no deviation in the utilization of proceeds of warrants from the Objects stated for the warrants issue and requisite disclosures under the SEBI LODR Regulations were duly made to the stock exchanges in this regard.
Information Pursuant to Section 134 and Section 197 of The Companies Act, 2013 Read with The Relevant Rules and SEBI LODR Regulations
The information required to be disclosed pursuant to Section 134 and Section 197 of the Act read with the relevant rules (to the extent applicable) and SEBI LODR Regulations, not elsewhere mentioned in this Report, are given in "Annexure A" forming part of this Report.
Auditors
(a) Statutory Auditors
The appointment of M/s GARUD & Associates (formerly known as Raj Girikshit & Associates), Chartered Accountants (Registration No. 022280N) as Statutory Auditors of the Company was approved in the 17th Annual General Meeting of the Company held on September 26, 2024, to hold office from the conclusion of 17th AGM until the conclusion of 20th Annual General Meeting to be held in the calendar year 2027, including the payment of remuneration to be paid for each financial year, during their tenure. Further, the shareholders of the Company through Postal Ballot dated January 28, 2026 have increased the remuneration of said Statutory Auditors' of the Company, from Rs. 5,00,000/- (Rupees Five Lacs only) to Rs. 35,00,000/- (Rupees Thirty-Five Lacs only) plus applicable taxes, certification fees and reimbursement of out-of-pocket expenses, ifany, incurred by them in connection with the audit ofthe accounts ofthe Company, for financial year 2025-26 and financial year 2026-27.
In terms of applicable regulatory provisions, M/s GARUD&Associates (formerly known as Raj Girikshit & Associates), Chartered Accountants have confirmed that they are eligible to hold the office of Statutory Auditors of the Company for FY2026-27.
The Notes to the Accounts referred to in the Auditors' Report are self-explanatory and therefore do not call for any further explanation. No frauds have been reported by the Auditors of the Company in terms of Section 143(12) of the Act.
(b) Secretarial Auditors & Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Act read with the rules made thereunder, the shareholders of the Company in their 18th Annual General Meeting held on September 25, 2025 had appointed M/sSukesh & Co., Practicing Company Secretaries as Secretarial Auditors of the Company, for 5 years to conduct the Secretarial Audit of the Company. For conducting Secretarial Audit of the Company for financial year 2025-26, the Company has provided all assistance, facilities, documents, records and clarifications etc. to the Secretarial Auditors for conducting their audit. The Report of Secretarial Auditors for the Financial Year 2025-26, is annexed as "Annexure 1" and forming part of this Report. The Secretarial Audit Report is self-explanatory and therefore do not call for any further explanation. In terms of applicable regulatory provisions, M/s Sukesh & Co., Practicing Company Secretaries have confirmed that they are eligible to hold the office of Secretarial Auditors of the Company for FY2026-27.
The Secretarial Compliance Report as prescribed bySEBI is annexed as "Annexure 2" and forming part of this Report.
The Secretarial Audit Report of material unlisted subsidiary companies, namely, Indiabulls Asset Reconstruction Company Limited, Dhani Loans and Services Limited and Indiabulls Securities Limited (formerly Dhani Stocks Limited) are annexed as "Annexure 3", "Annexure 4" and "Annexure 5", respectively.
(c) Cost Records
The Company is not required to prepare and maintain cost records pursuant to Section 148(1) of the Act.
Corporate Social Responsibility
As per applicable provisions of the Companies Act, 2013, read with the relevant Rules and as part of its initiative under Corporate Social Responsibility (CSR), the Company has formulated a CSR Policy which is available on Company's website at https://www.indiabulls.com/ indiabulls-assets/public/pdfs/1784264539_CSR-Policy_IBL.pdf In terms of the applicable provisions of the Companies Act 2013, read with relevant Rules, the Company was not required to contribute any amount towards CSR activities for FY2025-26.
Annual Report on CSR Activities is given in "Annexure 6", forming part of this Report.
Management Discussion and Analysis Report
Pursuant to Regulation 34 of SEBI LODR Regulations, Management's Discussion and Analysis Report, for the year under review, is presented in a separate section forming part ofthisAnnual Report.
Corporate Governance Report
Pursuant to Regulation 34 of the SEBI LODR Regulations, Corporate Governance Practices followed by the Company, together with a certificate from a practicing Company Secretary confirming compliance, is presented in a separate section forming part of this Annual Report.
Business Responsibility and Sustainability Report
Pursuant to Regulation 34 of the SEBI LODR Regulations, Business Responsibility and Sustainability Report (BRSR) prepared voluntarily is available on the website of the Company https://www.indiabulls.com/indiabulls-assets/public/pdfs/1787042243_Business-Responsibility- Sustainability-Report-FY-2025-26.pdf
Directors' Responsibility Statement
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134 of the Act:
a) that in the preparation of the annual accounts for the year ended March 31, 2026, the applicable accounting standards had been followed alongwith properexplanation relatingto material departures, ifany;
b) that such accounting policies as mentioned in the Notes to the Financial Statements had been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company, as at March 31, 2026 and of the profit and loss of the Company for the year ended on that date;
c) that proper and sufficient care had been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) that the annual accounts had been prepared on a going concern basis;
e) that proper internal financial controls were in place and that such financial controls were adequate and were operating effectively; and
f) that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.
Acknowledgement
Your directors wish to place on record their appreciation of the contributions made and committed services rendered by the employees of the Company at various levels. Your Company has been able to operate efficiently because of the culture of professionalism, creativity, integrity and continuous improvement in all functional areas and the efficient utilization of all its resources for sustainable growth. Your directors also wish to express their gratitude for the continuous assistance and support received from the investors, clients, bankers, regulatory and government authorities, during the year.
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