Notes to Accounts of Ivalue Infosolutions Ltd.

Mar 31, 2026

(n) Provisions and contingencies

Provisions are recognized when the Company
has a present legal or constructive obligation
as a result of past events, it is probable that an
outflow of resources will be required to settle
the obligation and the amount can be reliably
estimated.

Provisions are measured at the present value of
management’s best estimate of the expenditure
required to settle the present obligation at the end
of the reporting year.

A disclosure for contingent liabilities is made when
there is a possible obligation arising from past
events, the existence of which will be confirmed
only by the occurrence or nonoccurrence of one
or more uncertain future events not wholly within
the control of the Company or a present obligation
that arises from past events where it is either not
probable that an outflow of resources embodying
economic benefits will be required to settle or a
reliable estimate of the amount cannot be made.

(o) Employee benefits

(I) Short term obligation:

(i) Salaries and Wages:

Liabilities for wages and salaries,
including non-monetary benefits that
are expected to be settled wholly
within 12 months after the end of the
period in which the employees render
the related service are recognized in
respect of employees’ services up to
the end of the reporting period and are
measured at the amounts expected to
be paid when the liabilities are settled.
The liabilities are presented as current
employee benefit obligations in the
balance sheet.

(ii) Bonus Plans:

The Company recognize a liability
and an expense for bonuses. The
Company recognize a provision where
contractually obliged or where there
is a past practice that has created a
constructive obligation.

(II) Other long-term employee benefit
obligations

The Company has liabilities for earned leave
that are not expected to be settled wholly
within 12 months after the end of the period
in which the employees render the related
service. These obligations are therefore
measured as 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 appropriate 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
recognized in profit or loss.

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

(III) Post-employment obligations: The

Company operates the following

post-employment schemes:

(i) Defined benefit plans such as gratuity:

The liability recognized in the balance
sheet in respect of gratuity plans is the
present value of the defined benefit
obligation at the end of the reporting
period. The defined benefit obligation is
calculated annually by actuaries 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 by
applying the discount rate to the net
balance of the defined benefit obligation
and the fair value of plan assets. This
cost is included in employee benefit
expense in the statement of profit and
loss.

Remeasurement gains and losses
arising from experience adjustments
and changes in actuarial assumptions
are recognized 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
recognized immediately in profit or loss
as past service cost.

(ii) Defined contribution plans

The Company pays provident fund
contributions to publicly administered
provident funds as per local regulations.
The Company has no further payment
obligations once the contributions
have been paid. The contributions are
accounted for as defined contribution
plans and the contributions are

recognized as employee benefit
expense when they are due.

(IV) Share-based payments

(i) Employee Stock Appreciation Rights:

Share-based compensation benefits
are provided to employees via
share-appreciation rights. Liabilities
for the Company''s share appreciation
rights are recognized as employee
benefit expense over the relevant
service period. The liabilities are
remeasured to fair value at each
reporting date and are presented as
employee benefit obligations in the
balance sheet.

(ii) Employee stock option schemes:

The Company operates share based
compensation plans that provide for
the grant of stock-based awards to its
officers and employees, including that
of its subsidiary. A stock option gives
an employee, the right to purchase
common stock of the Company at a
fixed price for a specific period of time.

The fair value of all options granted is
recognized as an employee benefits
expense with a corresponding increase
in equity. The total amount to be
expensed is determined by reference
to the fair value of the options granted.

The total expense is recognized over
the vesting period, which is the period
over which all of the specified vesting
conditions are to be satisfied. At the
end of each period, the entity revises
its estimates of the number of options
that are expected to vest based on the
non-market vesting and service
conditions. It recognizes the impact of
the revision to original estimates, if any,
in profit or loss, with a corresponding
adjustment to equity.

The Company has also granted
certain employee stock options directly
to the employees of its subsidiary
Asia ivalue Pte Ltd. The Company
recognizes in equity the equity-
settled share-based payment and

recognizes a corresponding increase
in the investment in the subsidiary. A
recharge arrangement exists between
the Company and its subsidiary
whereby the Company recognizes a
recharge asset and a corresponding
adjustment to the carrying amount of
the investment in the subsidiary.

(p) Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by
dividing:

• the profit attributable to owners of the
Company

• by the weighted average number of
equity shares outstanding during the
period

(ii) Diluted earnings per share

Diluted earnings per share adjusts the
figures used in the determination of basic
earnings per share to take into account:

• the after income tax effect of interest
and other financing costs associated
with dilutive potential equity shares

• the weighted average number of
additional equity shares that would
have been outstanding assuming the
conversion of all dilutive potential equity
shares.

(q) Investments in Subsidiaries

Investments in subsidiaries are carried at cost less
provision for impairment, if any. Investments in
subsidiaries are tested for impairment whenever
events or changes in circumstances indicate that
the carrying amount may not be recoverable. An
impairment loss is recognized for the amount
by which the carrying amount of investments
exceeds its recoverable amount.

(r) Events after Reporting Date

Where events occurring after balance sheet date
provide evidence of conditions that existed at the
end of reporting period, the impact of such events
is adjusted in financial statements. Otherwise,
events after balance sheet date of material size
or nature are only disclosed.

(s) Rounding of amounts

All amounts disclosed in the financial statements
and notes have been rounded off to the nearest
Lakhs as per the requirement of Schedule III,
unless otherwise stated.

Other Accounting Policies

(t) Segment reporting

Operating segments are reported in a manner
consistent with the internal reporting provided
to the Chief Operating Decision Maker, who
is responsible for allocating resources and
assessing the performance of the operating
segments. The board of directors of the Company
assess the financial performance and position of
the Company and make strategic decisions and
therefore are identified as chief operating decision
makers.

(u) Offsetting financial instruments

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

(v) Intangible Assets

Intangible assets (Computer Software) has a finite
useful life and are stated at cost less accumulated
amortization and accumulated impairment losses,
if any.

Computer Software

Software for internal use, which is primarily
acquired from third-party vendors is capitalized.
Subsequent costs associated with maintaining
such software are recognized as expense as
incurred. Cost of software includes license fees
and cost of implementation/system integration
services, where applicable.

Amortization Method and Period

Computer software are amortized on a pro-rata
basis using the straight-line method over their
estimated useful life of 3 years, from the date they

are available for use. Amortization method and
useful lives are reviewed periodically including at
each reporting period end.

(w) Borrowing costs

General and specific borrowing costs that
are directly attributable to the acquisition,
construction or production of a qualifying asset
are capitalized during the period of time that is
required to complete and prepare the asset for its
intended use or sale. Qualifying assets are assets
that necessarily take a substantial period of time
to get ready for their intended use or sale. Other
borrowing costs are expensed in the period in
which they are incurred.

(x) Other income-Custom Duty Credit Scrip

The discount on Custom Duty Credit Scrip is
recognized on purchase of such Scrip.

(y) Contributed equity

Equity shares are classified as equity. Incremental
costs directly attributable to the issue of new
shares or options are shown in equity as a
deduction, net of tax, from the proceeds.

2a CRITICAL ESTIMATES AND JUDGEMENTS

The preparation of financial statements requires the
use of accounting estimates which, by definition,
will seldom equal the actual results. Management
also needs to exercise judgement in applying the
Company’s accounting policies.

This note provides an overview of the areas that
involve a higher degree of judgement or complexity,
and of items which are more likely to be materially
adjusted due to estimates and assumptions turning
out to be different than those originally assessed.
Detailed information about each of these estimates
and judgements is included in relevant notes together
with information about the basis of calculation for each
affected line item in the financial statements.

Estimates and judgements are continually evaluated.
They are based on historical experience and other
factors, including expectations of future events that
may have a financial impact on the Company and that
are believed to be reasonable under the circumstances.

(i) Revenue recognition - Principal versus agent:

Under Ind AS 115, Revenue from Contracts
with Customers, when recognising revenue, the
Company is required to assess whether its role

in satisfying its various performance obligations
is to provide the goods or services itself (in which
case it is considered to be acting as principal) or
arrange for a third party to provide the goods or
services (in which case it is considered to be acting
as agent). Where it is considered to be acting as
principal, the Company recognizes revenue at the
gross amount of consideration to which it expects
to be entitled. Where it is considered to be acting
as agent, the Company recognizes revenue at
the amount of the margin which it expects to be
entitled.

To determine the nature of its obligation, the
standard primarily requires that an entity shall:

(a) Identify the specified goods or services to be
provided to the customer

(b) Assess whether it controls each specified
good or service before that good or service
is transferred to the customer by considering
if it:

a. is primarily responsible for fulfilling the
promise to provide the specified good
or service

b. has inventory risk before the specified
good or service has been transferred to
a customer

c. has discretion in establishing the price
for the specified good or service.

Judgement is therefore required as to whether
the Company is a principal or agent against each
specified good or service, noting that a balanced
weighting of the above indicators may be required
when making the assessment. The specific
judgements made for each revenue category are
discussed in the accounting policy for revenue
recognition.

(ii) Impairment of trade receivables:

Impairment of trade receivables is primarily
estimated based on prior experience with and
the past due status of receivables, based on
factors that include ability to pay and payment
history. The assumptions and estimates applied
for determining the provision for impairment are
reviewed periodically.

(iii) Estimation of Provision for Inventory

The Company’s inventory levels are based on
the projections of future demand and market

conditions. Any sudden decline in demand and/
or rapid product improvements and technological
changes could cause the Company to have
excess and/or obsolete inventory. On an ongoing
basis, the Company reviews for estimated excess
or obsolete inventory and makes appropriate
provision to inventory to bring to its estimated net
realizable value based upon forecasts of future
demand and market conditions.

(iv) Estimation of Provision for Cost to fulfill
Contracts

The Company’s carries cost to fulfill contracts
based on the projections of future demand
and market conditions. Any sudden decline in
demand and/or rapid product improvements and
technological changes could cause the Company
to have excess and/or obsolete cost to fulfill
contracts. On an ongoing basis, the Company
reviews for estimated excess or obsolete cost to
fulfill contracts and makes appropriate provision
for cost to fulfill contracts to bring to its estimated
net realizable value based upon forecasts of
future demand and market conditions.

(v) Share-based payments

The fair valuation of Share Based payments
requires use of certain assumptions and estimates
as given in Note 41.

(vi) Impairment of loan given to subsidiary

The Company assesses impairment of loans to
subsidiaries using the Expected Credit Loss (ECL)
model as per Ind AS 109. Significant judgments
involve assessment of credit risk, probability of
default, loss given default, and forward-looking
macroeconomic factors. These estimates require
the use of complex models and assumptions,
which are reviewed periodically.

(vii) Impairment of Investment in Subsidiary

Assessment of impairment in investment in
subsidiary under Ind AS 36 requires estimation
of recoverable amount based on future cash
flows and appropriate discount rates. Significant
judgement is involved in evaluating business
projections and underlying assumptions.

2b “0” denotes that the amounts are below rounding off

convention in the Standalone Financial Statements.

4. LEASES

This note provides information for leases where the Company is a lessee. The Company has entered into operating
lease arrangements for office building and vehicles. The leases are non-cancellable and are for a period of 36 to 108
months and may be renewed for a further period based on mutual agreement of the parties. The lease agreements
provide for an increase in the lease payments by 5% to 10% every year.

iv) Extension and termination options

Extension and termination options are included in a number of office Building and Vehicle leases. These are used
to maximise operational flexibility in terms of managing the assets used in the Company’s operations. The majority
of extension and termination options held are exercizable based on mutual consent.

v) Variable Lease Payments

The Company has not entered into any variable lease agreements.

(ii) Nature and purpose of Capital Contribution

This is used to record Capital contribution arising out of amalgamation. The reserve will be utilized in accordance
with the provisions of the Act.

(iii) Nature and purpose of Capital reserves

The capital reserve has arisen due to reclassification of CCPS from financial liability (measured at fair value) to
equity on account of change in terms. The reserve will be utilized in accordance with the provisions of the Act.

(iv) Share options outstanding account

The share options outstanding account is used to recognize the grant date fair value of options issued to employees
under Employee stock option plan.

(a) The Company has availed working capital loans repayable on demand from company’s bankers which is secured
by first charge on a pari-passu basis on the whole of current assets of the Company including inventories, trade
receivables, outstanding monies, etc. both present and future including movable fixed assets of the Company, both
present and future. The interest rate on the working capital loan ranges between 7.50% to 8.40% per annum.

(i) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial
instruments that are (a) recognized and measured at fair value and (b) measured at amortized cost and for
which fair values are disclosed in the financial statements. To provide an indication about the reliability of the
inputs used in determining fair value, the Company has classified its financial instruments into the three levels
prescribed under the accounting standard. An explanation of each level follows underneath the table.

Level 1: Hierarchy includes financial instruments measured using quoted prices. This includes mutual fund
units for which the fair value is based on net asset value of the scheme as disclosed by the mutual fund house.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded
bonds, over-the-counter derivatives) is determined using valuation techniques which maximise the use of
observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required
to fair value an instrument are observable, the instrument is included in level 2.

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

There are no transfers between levels 1 and 2 during the year.

The Company’s policy is to recognize trznsfers into and transfers out of fair value hierarchy levels as at the end
of the reporting year.

(ii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

- the fair value of forward foreign exchange contracts is determined using forward exchange rate at the balance
sheet date

All of the resulting fair value estimates are included in level 1,2 or 3.

C) Financial Risk Management

The Company’s activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of
risk which the entity is exposed to and how the entity manages the risk. The Senior management of the Company
oversees the management of the risks. The board has taken all necessary actions to mitigate the risks identified
basis the information and situation present.

(a) Market Risk:

i) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign
exchange rates relates primarily to the Company’s operating activities (when revenue or expense is denominated
in foreign currency). Foreign currency exchange rate exposure is partly balanced by purchasing of goods from
various countries. The Company evaluates exchange rate exposure arising from foreign currency transactions
and follows established risk management policies.

(i) (a) Foreign currency risk exposure:

The Company’s exposure to foreign currency risk at the end of the current and previous reporting years
expressed in '' Lakhs, are as follows:

ii) Interest Rate Risk

The Company’s main interest rate risk arises from current borrowings with variable rates, which expose the
Company to cash flow interest rate risk. As at March 31,2026 and March 31,2025, the Company’s borrowings
at variable rate were mainly denominated in ''

(ii) (a) Interest rate risk exposure

The exposure of the Company’s borrowings to interest rate changes at the end of the reporting year are
included in the table below. As at the end of the reporting year, the Company had the following variable
rate borrowings:

(b) Credit Risk:

Credit Risk is the risk that the counter party will not meet its obligation under a financial instrument, leading to
a financial loss. The Company is exposed to credit risk from trade receivables, deposit with banks, derivative
assets. Loan to employee, rent and electricity deposits and other receivables.

(b) (ii) Deposits with banks and other financial assets

Credit risk from balances with banks and financial institutions is managed by the Company’s finance
department in accordance with the Company’s policy. Investments of surplus funds are made in bank
deposits. The limits are set to minimize the concentration of risks and therefore mitigate financial loss
through counter party’s potential failure to make payments.

The Company establishes an allowance for doubtful debts and impairment that represents its estimate of
incurred losses in respect of these assets.

Balances with banks is subject to low credit risks due to good credit ratings assigned to these banks.

(c) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or
at reasonable price. The Company’s objective is to at all times maintain optimum levels of liquidity to meet its
cash and liquidity requirements. The Company closely monitors its liquidity position and deploys a robust cash
management system. It maintains adequate source of financing through the use of short term bank deposits,
short term investments and cash credit facility. Processes and policies related to such risks are overseen by
senior management. Management monitors the Company’s liquidity position through rolling forecasts on the
basis of expected cash flows. The Company assessed the concentration of risk with respect to its debt and
concluded it to be low.

The Company has undrawn fund based borrowing facilities of '' 5,894 Lakhs (March 31,2025 - '' 7,471 Lakhs).
Maturity profile of financial liabilities

The table below provides the details regarding the remaining contractual maturities of financial liabilities at the
reporting date:

33 EMPLOYEE BENEFITS

(a) Post-employment obligations:

Gratuity: The Company provides for gratuity, a defined benefit plan (the “Gratuity Plan”) covering eligible employees
in accordance with the Code on Social Security, 2020, in line with the notification of the Labor Codes with effect from
November 21,2025. Every permanent employee is entitled to a benefit equivalent to fifteen days wages (as defined
in the Labor Codes) based on the rate of wages last drawn by the permanent employee for each completed year of
service or part thereof in excess of six months in line with the Code on Social Security, 2020, notified with effect from
November 21,2025. Gratuity is payable to the employee on the termination of employment (due to superannuation,
retirement or resignation, death or disablement) after having rendered continuous service for the number of years
as prescribed in the Code on Social Security, 2020 at an amount based on the respective employee’s salary and
the tenure of employment. The gratuity plan is unfunded.

Methodology for actuarial valuation of Defined Benefit Obligations:

The Projected Unit Credit (PUC) actuarial method has been used to assess the plan’s liabilities, including those
related to death-in-service and incapacity benefits. Under PUC method a projected accrued benefit is calculated at
the beginning of the year and again at the end of the year for each benefit that will accrue for all active members of
the plan. The projected accrued benefit is based on the plan’s accrual formula and upon service as of the beginning
or end of the year, but using a member’s final compensation, projected to the age at which the employee is assumed
to leave active service. The plan liability is the actuarial present value of the projected accrued benefits for active
members.

Defined benefit plans expose the Company to actuarial risks such as Interest Rate Risk, Salary Risk and
Demographic Risk.

i. Interest Rate Risk: While calculating the defined benefit obligation a discount rate based on government bonds
yields of matching tenure is used to arrive at the present value of future obligations. If the bond yield falls, the
defined benefit obligation will tend to increase.

ii. Salary Risk: Higher than expected increases in salary will increase the defined benefit obligation.

iii. Demographic Risk: This is the risk of variability of results due to unsystematic nature of decrements that
include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit
obligations is not straight forward and depends on the combination of salary increase, discount rate and
vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement
benefit of a short career employee typically costs less per period as compared to a long service employee.

(b) Leave obligations (Compensated absences)

The leave obligations cover the Company’s liability for earned leave/privilege leave upto a maximum of 30 days
which is payable/ encashable as per the policy on their separation and which are classified as other long-term
benefits. The entire amount of the provision of '' 289 Lakhs (March 31,2025 - 68 Lakhs) is presented as current,
since the Company does not have an unconditional right to defer settlement for any of these obligations. However,
based on past experience, the Company does not expect all employees to avail the full amount of accrued leave or
require payment for such leave within the next 12 months.

(c) Defined Contribution plan:

The Company also has certain defined contribution plans. Contributions are made to Provident Fund for employees
at fixed percentage of salary. The contributions are made to registered provident fund administered by the
government. The obligation of the Company is limited to the amount contributed and it has no further contractual
nor any constructive obligation. The expense recognized during the year towards defined contribution plan is as
below:

"Sensitivities due to mortality and withdrawals are not material & hence impact of change not calculated. Sensitivities as to
rate of inflation, rate of increase of pension in payment, rate of increase of pensions before retirement and life expectancy
are not applicable being a lump sum benefit on retirement.

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions
constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.
When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same
method (present value of the defined benefit obligation calculated with the projected unit credit method at
the end of the reporting year) has been applied as when calculating the defined benefit liability recognized in
the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not
change compared to the prior year.

vii. Exceptional Items

The Government of India has implemented four Labor Codes, viz., the Code on Wages, 2019, the Industrial
Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working
Conditions Code, 2020, by consolidating 29 existing labor laws on November 21,2025. The Ministry of Labour
& Employment has published draft Central Rules and FAQs to enable assessment of the financial impact due
to changes in the regulations. The Labor Codes have prescribed a uniform definition of “Wages” to be used
for the purpose of calculating employee benefits like gratuity. Under the Labor Codes, the base on which
employee benefits are calculated has increased, which has resulted in increase in the Company’s liability for
employee benefits.

The Company has considered expected restructured compensation of its employees and assessed the impact
of the changes, consistent with the Labor Codes, the draft rules and FAQs. In accordance with Ind AS 19 and
the FAQs issued by ICAI, the changes to gratuity benefit and compensated absences provisions resulting from
the Labor Codes is recognized as past service cost amounting to '' 479 Lakhs during the year. In accordance
with Ind AS 19, the past service cost has been recognized in the statement of profit and loss in the current
year in which the plan amendment became effective. Considering the non-recurring nature of this impact, the
Company has disclosed it under “Exceptional items” in the statement of profit and loss.

The Company continues to monitor the finalization of Central/ State Rules and further clarifications from
the Government and would give appropriate accounting effect considering those developments, as may be
applicable.

-In respect of above, it is not practicable for the Company to estimate the timings of cash outflows, if any, pending
resolution of the respective proceedings. The Company does not expect any reimbursements in respect of the
above.

b) Commitments:

i) Capital commitments (net of advance):

There are no Capital expenditure contracted for at the end of the current reporting year as at March 31,2025.

ii) Other Commitments:

There are no other commitments at the end of the current reporting year or as at March 31,2025.

35 DISCLOSURES REQUIRED FOR MICRO AND SMALL ENTERPRISES:

The Company has certain dues to suppliers registered under “The Micro, Small and Medium Enterprises Development
Act, 2006” (‘MSMED Act’). The disclosures pursuant to the said MSMED Act are as follows:

36 CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE

In terms of provisions of section 135 of the Companies Act 2013, the Company is required to spend 2.00% of its
average net profit for the immediately preceding three financial years on prescribed corporate social responsibility (CSR)
Activities. The funds were contributed to eligible trusts for carrying out activities as specified in Schedule VII of the
Companies Act, 2013. A CSR committee has been formed by the Company as per the Act.

a. The details of Corporate Social Responsibility (‘CSR’) as prescribed under section 135 of the Companies Act, 2013
are as follows:

Equity shares and Preference shares held by Sundara (Mauritius) Limited (Refer Note 14(d), 14 (e))

Notes:

(1) Infrastructure Management Services provided by Quantanxt Technologies Private Limited.

(2) Re-imbursement of Keyman Insurance premium paid by the Company.

(3) The Company has granted share-based payment awards to employees of its subsidiary “Asia ivalue Pte Ltd”.
The fair value of the awards was initially treated as a deemed investment in the subsidiary. Subsequently,
based on a binding reimbursement agreement, the amount receivable was recognized and transferred from
deemed investment to Other Financial Assets as receivable from the subsidiary. Both these transactions are
disclosed as related party transactions during the year.”

Notes:

a) The transactions with related parties were at normal commercial terms. Outstanding balances at the year-end
are unsecured, interest free (other than loan given to subsidiary) and settlement occurs in cash.

b) There were no loans due by directors or other officers of the Company or any of them severally or jointly with
any other persons or amounts due by firms or private companies respectively in which any director is a partner
or a member other than loan given as stated in the above disclosure and loan given to Swaroop MVN (CFO)
as disclosed in note 6 of '' 600 Lakhs.

c) For Investment made in the subsidiaries, Refer Note 5.

"Includes 12,50,025 compulsorily Convertible Preference shares convertible to 1,14,32,730 equity shares for the year ended
March 31,2025.

""Stock options granted to the employees under various ESOP schemes are considered to be potential equity shares. They have
been included in the determination of diluted earnings per share to the extent to which they are dilutive. Options can potentially
dilute basic earnings per share in the future depending on future share price of the Company. The stock options have not been
included in the determination of basic earnings per share.

39 (A) Disclosure of segment

a) The Company is primarily engaged in a single line of business, providing strategic technology advisory services
along with secure management of enterprises’ digital assets within hybrid-cloud environments. To support this,
the Company offers hardware, software, and related support services to its customers. The Chief Operating
Decision Maker (CODM) reviews the Company’s operations as a single business segment for the purpose of
resource allocation and performance assessment. Accordingly, in accordance with the requirements of Ind AS
108 on Operating Segments, the Company is considered to have one reportable segment.

iii) During the year ended March 31, 2026, Net revenues of '' 12,178 are derived from single external
customer in India contributing to more than 10% of the revenue (March 31, 2025, revenues of '' 9,266
Lakhs are derived from single external customer in India contributing to more than 10% of the revenue).

(B) Gross export sales billed to the customers effected at branches during the year ended March 31, 2026 is
'' 20,127 Lakhs and during the year ended March 31,2025 is '' 18,682 Lakhs.

40 The Company is a distributor of products of Original Equipment Manufacturer’s (OEM) which are backed by warranty
from the OEM’s. Hence, the Company does not have any obligation towards warranty on sale of such products.

41 SHARE BASED PAYMENT EMPLOYEE STOCK OPTION SCHEMES (ESOP):

The Company has formulated employee share-based payment schemes with objective to attract and retain talent and
align the interest of employees with the Company as well as to motivate them to contribute to its growth and profitability.
The Company views employee stock options as instruments that would enable the employees to share the value
they create for the Company in the years to come. Employee stock options is a conditional share plan for rewarding
performance on pre determined performance criteria and continued employment with the Company. In terms of the
provisions of applicable laws and pursuant to the approval and resolutions of the Board and the Shareholders, the
Company adopted Employee Stock option Plan 2024 (ESOP 2024). The above Scheme is in line with the SEBI (Share
Based Employee Benefits and Sweat Equity) Regulations, 2021 (“SEBI SBEB Regulations”).

Equity settled share-based payments to employees are measured at the fair value of options at the grant date. The fair
value of options at the grant date is expensed over the respective vesting period in which all of the specified vesting
conditions are to be satisfied with a corresponding increase in equity as “Share options outstanding account”. In case of
forfeiture of unvested option, portion of amount already expensed is reversed. In a situation where the vested options
are forfeited or expires unexercised, the related balance standing to the credit of the “Share options outstanding account”
are transferred to the “Retained Earnings”. When the options are exercised, the Company issues new equity shares of
the Company of '' 2 each fully paid-up. The proceeds received and the related balances standing to credit of the Share
options outstanding account are credited to share capital (nominal value) and Securities Premium Account. When the
options are exercised, the Company transfers the appropriate number of shares to the employee.

The shareholders of the Company has approved on June 12, 2024 the iValue Employee Stock Option Plan 2024(“ESOP
2024”/ “Scheme”), under which the Company may grant up to 26,77,000 Options to the eligible employees including
those of its subsidiaries in one or more tranches. The ESOP 2024 is administered by the Nomination and Remuneration
Committee of the Board of Directors of the Company (the “Committee”). Each grant issued to any employee, basis the
recommendations of the Committee, shall have an exercise price of either '' 2 or '' 70. As per the ESOP 2024, of the total
26,77,000 options a maximum of 8,03,100 options are with an exercise price of '' 70 and a maximum of 18,73,900 are
with an exercise price of '' 2. Each stock option entitles the holders to apply for and be allotted one fully paid-up equity
share of '' 2 each of the Company upon payment of exercise price during exercise period. The stock options will vest in
a maximum of 5 instalments after completion of one year of the services from the date of grant. The number of vesting
instalments varies from employee to employee and are determined basis the recommendations of the Committee. The
maximum period of exercise is 2 years from the date of vesting of these stock options. Further, forfeited/ expired stock
options are also available for grant. A summary of the issue and movement of stock options and weighted average
exercise price (WAEP) is given below:

The fair values at grant date of stock options was '' 92.66 per option for '' 2 exercise price options granted and '' 43.53
per option for '' 70 exercise price options. No new stock options were granted during the year. The fair valuation has been
carried out by an independent valuer by applying Black and Scholes Model. The inputs to the model include the exercise
price, the term of option, the share price at grant date and the expected volatility, expected dividends and the risk free
rate of interest for terms of options. The details of options granted and the key assumptions for Fair Value on the date of
grant were as under:

Reserve of'' 238 Lakhs during the year ended March 31,2026 ('' 182 Lakhs during the year ended March 31,2025) has
been recognized under “Share options outstanding account” in “other Equity”. '' 44 Lakhs during the year ended March
31,2026 ('' 110 Lakhs during the year ended March 31, 2025) reserve will be recovered from Subsidiary on account of
ESOP’s issued to employees of the Subsidiary.

42 DETAILS OF BENAMI PROPERTY HELD

There are no proceedings that have been initiated or pending against the Company for holding any benami property under
the Prohibition of Benami Property Transactions Act, 1988 (as amended from time to time) (earlier Benami Transactions
(Prohibition) Act, 1988) and the rules made thereunder.

43 WILLFUL DEFAULTER

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

44 RELATIONSHIP WITH STRUCK OFF COMPANIES

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

45 COMPLIANCE WITH NUMBER OF LAYERS OF COMPANIES

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017, and there are no companies beyond the specified layers.

46 UTILIZATION OF BORROWED FUNDS AND SHARE PREMIUM

(a) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other
sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the
understanding (whether recorded in writing or otherwise) that the Intermediary shall

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (“Ultimate Beneficiaries”); or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(b) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (“Funding
Party”) with the understanding (whether recorded in writing or otherwise) that the Company shall

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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

47 UNDISCLOSED INCOME

The Company does not have any transaction not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income-tax Act, 1961). Further, there was no previously unrecorded income and
no additional assets were required to be recorded in the books of account during the year.

48 DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY

The Company has neither traded nor invested in Crypto currency or Virtual Currency during the year. Further, the
Company has also not received any deposits or advances from any person for the purpose of trading or investing in
Crypto Currency or Virtual Currency.

49 VALUATION OF PROPERTY, PLANT AND EQUIPMENT

The Company has not revalued its property, plant and equipment during the current or previous year.

50 TITLE DEEDS OF IMMOVABLE PROPERTY NOT HELD IN THE NAME OF THE COMPANY

The title deeds of all the immovable properties are in the name of the Company. The agreements for immovable properties
where the Company is the lessee are duly executed in favour of the lessee.

51 REGISTRATION OF CHARGES OR SATISFACTION WITH THE REGISTRAR OF COMPANIES

During the year, there were no charges or satisfaction of charges which were registered with the Registrar of Companies
beyond the statutory period.

52 BORROWING SECURED AGAINST CURRENT ASSETS

The Company has borrowings from banks on the basis of security of current assets. The quarterly returns or statements
filed by the Company with such banks are in agreement with the unaudited books of account of the Company. The
Company does not have borrowings from financial institutions on the basis of security of current assets.

53 UTILIZATION OF BORROWINGS AVAILED FROM BANKS AND FINANCIAL INSTITUTIONS

The borrowings obtained by the Company from banks have been applied for the purposes for which such loans were was
taken.

54 COMPLIANCE WITH APPROVED SCHEME OF ARRANGEMENT

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

55 Details of Loans given, investment made and guarantee given covered under Section 186 of Companies Act, 2013 and
under schedule V of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015

(i) Details of investments made have been given as part of Note 5(a) Investment in Subsidiaries.

(ii) Details of loans and guarantee given:

1) Descriptions of ratios:

a. Current Ratio: Current Assets / Current Liabilities

b. Debt - Equity Ratio: Total Debt / Shareholder’s Equity

c. Debt Service Coverage Ratio: Earnings available for debt service / Debt Service

i) Earnings available for debt service: Net Profit before taxes Non-cash operating expenses like
depreciation and other amortizations Interest other adjustments like loss on sale of Fixed assets etc.

ii) Debt Service: Interest and Lease Payments Principal Repayments

d. Return on Equity (ROE): Net Profits after taxes / Average Shareholder’s Equity

e. Inventory Turnover Ratio: Cost of Sales / Average Inventory

f. Trade receivables turnover ratio: Gross sales billed to the Customers less returns / Average Accounts
Receivable

g. Trade payables turnover ratio: (Gross purchases less returns Relevant other expenses) / Average Trade
Payables

h. Net capital turnover ratio: Gross sales billed to the Customers less returns / Average Working Capital (Working
capital is current assets less current liabilities)

i. Net profit ratio: Net Profit / Net Sales

j. Return on capital employed (ROCE): Earning before interest and taxes / Capital Employed where Capital
Employed = Tangible Net Worth Total Debt - Deferred Tax Assets

k. Return on investment: Net profits after taxes / Average Total Assets

2) Clarification for Changes (Notes):

a. Inventory Turnover Ratio has increased due to decrease in the average inventory held.

57 The details of gross margin of the Company based on Gross sales billed to the Customers and Gross Purchases is as
below:

58 During the year ended March 31, 2026, the Company has completed its Initial Public Offer (IPO) of 1,87,38,958 Equity
shares of face value of '' 2 each at an issue price of '' 299 per share (including a share premium of '' 297 per share).
The issue comprised of 100% offer for sale of 1,87,38,958 equity shares by selling shareholders aggregating to '' 56,029
Lakhs. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited
(NSE) and BSE Limited (BSE) on September 25, 2025.

59 The Board of Directors of the Company have approved these standalone financial statements in their board meeting held
on May 27, 2026.