Notes to Accounts of Turtlemint Fintech Solutions Ltd.

xi) Provisions, Contingent Liabilities and Contingent Assets
Provisions

Provisions are recognised when there is a present obligation as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation and there is a reliable estimate of the amount of the obligation.
Provisions are measured at the best estimate of the expenditure required to settle the
present obligation at the Standalone Balance sheet date and are not discounted to its
present value.

Contingent Liabilities

Contingent liabilities are disclosed when there is a possible obligation arising from
past events, the existence of which will be confirmed only by the occurrence or non
occurrence 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 will be required to settle or a reliable estimate of
the amount cannot be made.

The Company does not recognize a contingent liability but discloses its existence and
other required disclosures in notes to the financial statements, unless the possibility of
any outflow in settlement is remote as per the requirement of Ind AS 37.

Contingent Asset

A contingent asset is a possible asset that arizes from past events and whose
existence will be confirmed only by- the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the entity. The Company does
not recognize the contingent asset in its standalone financial statements since this
may result in the recognition of income that may never be realized. Where an inflow of
economic benefits is probable, the Company disclose a brief description of the nature
of contingent assets at the end of the reporting year. However, when the realization
of income is virtually certain, then the related asset is not a contingent asset and the
Company recognize such assets.

Provisions, contingent liabilities and contingent assets are reviewed at each reporting
date.

ii) Leases

The Company evaluates if an arrangement qualifies to be a lease as per the requirements
of Ind AS 116 and this may require significant judgment. The Company also uses
significant judgement in assessing the lease term (including anticipated renewals) and
the applicable discount rate.

The Company determines the lease term as the non-cancellable period of a lease,
together with both periods covered by an option to extend or terminate the lease if
the Company is reasonably certain based on relevant facts and circumstances that
the option to extend or terminate will be exercized. If there is a change in facts and
circumstances, the expected lease term is revized accordingly.

The discount rate is generally based on the interest rate specific to the lease being
evaluated or if that cannot be easily determined the incremental borrowing rate for
similar term is used.

The Company has elected to recognize right-of-use assets and lease liabilities for
short-term leases that have a lease term of 12 months or less and leases of low-value
assets. Thus, the Company has not opted for practical expedient under Ind AS 116
to recognizes the lease payments associated with these leases as an expense on a
straight-line basis over the lease term.

As a lessee

The Company recognizes a right-of-use asset and a lease liability at the lease
commencement date.

Right-of-use asset

The right-of-use asset is initially measured at cost, which comprizes the initial
amount of the lease liability adjusted for any lease payments made at or before the
commencement date, plus any initial direct costs incurred and restoration cost, less
any lease incentives received. The Company is exposed to potential future increases
in variable lease payments based on an index or rate, which are not included in the
lease liability until they take effect. Variable lease payments that depend on sales
are recognized in profit or loss in the year in which the condition that triggers those
payments occurs. The right-of-use assets are subsequently depreciated over the
shorter of the asset’s useful life and the lease term on a straight-line basis. In addition,
the right-of-use asset is reduced by impairment losses, if any.

Lease liabilities

The lease liability is initially measured at amortized cost at the present value of the
future lease payments discounted using incremental borrowing rate. If the discount rate
cannot be readily determined, which is generally the case for leases in the Company,
the lessee’s incremental borrowing rate is used, being the rate that the individual lessee
would have to pay to borrow the funds necessary to obtain an asset of similar value to
the right-of-use asset in a similar economic environment with similar terms, security
and conditions.

When a lease liability is remeasured, the corresponding adjustment of the lease liability
is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss
if the carrying amount of the right-of-use asset has been reduced to zero.

xiii) Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand
and short-term deposits with an original maturity of three months or less, that are
readily convertible to a known amount of cash and subject to an insignificant risk of
changes in value. For the purpose of the Standalone statement of cash flows, cash and
cash equivalents consist of cash and short-term deposits, as defined above.

xiv) Trade receivables

Trade receivables are amounts due from customers for goods sold or services performed
in the ordinary course of business and reflects Company’s unconditional right to
consideration (that is, payment is due only on the passage of time). Trade receivables
are recognized initially at the transaction price as they do not contain significant
financing components. The Company holds the trade receivables with the objective
of collecting the contractual cash flows and therefore measures them subsequently at
amortized cost using the effective interest method, less loss allowance. Receivables
with an unconditional right to consideration and no pending service obligation for which
invoices are yet to be issued at the year end are presented as unbilled receivables.

xv) Contract Assets

A contract asset is initially recognized for revenue earned from customers because the
receipt of consideration is conditional on successful completion of the service. Upon
completion of the service and acceptance by the customer, the amount recognized as
contract assets is reclassified to trade receivables.

xvi) Marketing Lead Cost

The Company incurs marketing lead cost for generating leads for sign up for the
TurtlemintPro Application. This cost majorly comprises payments made to partners
for the promotion of TurtlemintPro Application and are in the nature of referral fee. The
payment is made to partners as per approved policy and grid which interalia depends
on the leads generated in a year.

xvii) Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss attributable to
equity holders of the Company by the weighted average number of ordinary shares
outstanding during the year.

A. Defined contribution plans

Contribution towards provident fund and Employees'' State Insurance
Corporation for eligible employees is made to the regulatory authorities
also the Company contributes to the National Pension Scheme and has no
further obligation beyond making its contribution , where the Company has
no further obligations. Such benefits are classified as Defined Contribution
Schemes as the Company does not carry any further obligations, apart from
the contributions made on a monthly basis. The Company''s contributions
to Defined Contributions Plans are charged to the Standalone Statement of
Profit and Loss as incurred.

B. Defined benefit plans
Gratuity

The Company provides for gratuity, a defined benefit plan (the Gratuity Plan)
covering all eligible employees in accordance with the Payment of Gratuity
Act, 1972. The Gratuity Plan provides a lump sum payment to vested
employees at retirement, death, incapacitation or termination of employment,
of an amount based on the respective employee salary and the tenure of
employment. The Company''s liability is actuarially determined (using the
Projected Unit Credit method) at the end of each year.

The present value of the defined benefit obligation denominated is determined
by discounting the estimated future cash outflows by reference to market
yields at the end of the reporting year 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. This cost is included in employee
benefit expense in the Standalone Statement of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and
changes in actuarial assumptions are recognised in the year 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.

C. Other Employee Benefits

(i) Bonus

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

(ii) Leave obligations

Employees are not eligible for carry forward of leave balances and
accordingly no provision for leave obligation created as at the year end.

(iii) Share based payments

The fair value of options granted under the Turtlemint Fintech Solutions
Limited (formerly known as Turtlemint Fintech Solutions Private
Limited and Fintech Blue Solutions Private Limited) Employee Stock
Option Plan 2017 is recognised 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. Further
details are given in Note 35.

Employee options :

The fair value of the options granted under the Turtlemint Fintech
Solutions Limited (formerly known as Turtlemint Fintech Solutions
Private Limited and Fintech Blue Solutions Private Limited) Employee
Stock Option Plan 2017 to be expensed is determined by reference to
the fair value of the options granted:

- Including any market performance condition

- Excluding impact of any service and non-market performance
vesting conditions, (e.g. profitability, sales growth targets and

remaining an employee of the entity over a specified time period )
and

- Including the impact of any non-vesting conditions (e.g. the
requirement for employees to save or hold shares for a specific
period of time).

I n case of forfeiture of unvested option, portion of amount already
expensed is reversed. In a situation where the vested option is forfeited
or expires unexercised, the related balance standing to the credit of
the "Share Based Payment Reserve" are transferred to the "General
Reserve".

When the options are exercised, the Company issues new equity shares
of the Company of INR 1 each fully paid-up. The proceeds received
and the related balance standing to credit of the Share Based Payment
Reserve, are credited to share capital (nominal value) and securities
premium.

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 revizes 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 expense or credit in the statement of profit
and loss for a period represents the movement in cumulative expense
recognized as at the beginning and end of that year and is recognized in
employee benefits expense.

(iv) Stock appreciation rights

Liabilities for the Company’s share appreciation rights are recognized as
employee benefit expenses. The liabilities are remeasured to fair value at
each reporting date and are presented as employee benefit obligations in
the Balance Sheet. The fair value is determined as disclosed in Note 36.

xix) Borrowing Cost

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.

xx) Exceptional Items

Exceptional items include income or expense that are considered to be part of ordinary
activities, however are of such significance and nature that separate disclosure enables
the user of the financial statements to understand the impact in a more meaningful
manner. Exceptional items are identified by virtue of their size, nature and incidence so
as to facilitate comparison with prior periods and to assess underlying trends in the
financial performance of the Company.

Refer Note 34 - Exceptional Items for further details.

xxi) Business combinations

The acquisition method of accounting is used to account for all business combinations,
regardless of whether equity instruments or other assets are acquired. The consideration
transferred comprizes the fair values of the assets transferred and liabilities and fair
value resulting from contingent consideration.

Identifiable assets acquired and liabilities and contingent liabilities, if any assumed in a
business combination are, with limited exceptions, measured initially at their fair values
at the acquisition date. Acquisition-related costs are expensed as incurred.

The excess of the consideration transferred over the fair value of the net identifiable
assets acquired is recorded as goodwill. If those amounts are less than the fair value of
the net identifiable assets of the business acquired, the difference is recognized in other
comprehensive income and accumulated in equity as capital reserve provided there is
clear evidence of the underlying reasons for classifying the business combination as
a bargain purchase. In other cases, the bargain purchase gain is recognized directly in
equity as capital reserve.

Where settlement of any part of cash consideration is deferred, the amounts payable
in the future are discounted to their present value as at the date of exchange. The
discount rate used is the entity’s incremental borrowing rate, being the rate at which a
similar borrowing could be obtained from an independent financier under comparable
terms and conditions.

Contingent consideration is classified either as equity or a financial liability. Amounts
classified as a financial liability are subsequently remeasured to fair value with changes
in fair value recognized in the Statement of Profit or Loss.

xxii) Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/
non-current classification. 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 the purpose of trading

- Expected to be realized within twelve months after the reporting year, or

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

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in normal operating cycle

- It is held primarily for the purpose of trading

- It is due to be settled within twelve months after the reporting year, or

- There is no unconditional right to defer the settlement of the liability for at least
twelve months after the reporting year

The terms of the liability that could, at the option of the counterparty, result in its
settlement by the issue of equity instruments do not affect its classification.

The Company classifies all other liabilities as non-current.

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

xxiii) Standard issued and effective

The Company applied for the first-time certain standards and amendments, which are
effective for annual periods beginning on or after April 01,2025.

(i) Lack of exchangeability - Amendments to Ind AS 21

Amendments to Ind AS 21 The Effects of Changes in Foreign Exchange Rates
specify how an entity should assess whether a currency is exchangeable and
how it should determine a spot exchange rate when exchangeability is lacking.
The amendments also require disclosure of information that enables users of its
financial statements to understand how the currency not being exchangeable
into the other currency affects, or is expected to affect, the entity’s financial
performance, financial position and cash flows.

The amendments are effective for annual reporting periods beginning on or
after April 01, 2025. When applying the amendments, an entity cannot restate
comparative information.

The amendments are not expected to have a material impact on the Company’s
financial statements.

(ii) Classification of Liabilities as Current or Non-current and Non-current Liabilities
with Covenants - Amendments to Ind AS 1

Amendments to paragraphs 69 to 76 of Ind AS 1 Presentation of Financial
Statements specify the requirements for classifying liabilities as current or non¬
current. The amendments clarify:

• What is meant by a right to defer settlement

• That a right to defer must exist at the end of the reporting period

• That classification is unaffected by the likelihood that an entity will exercise
its deferral right

• That only if an embedded derivative in a convertible liability is itself an equity
instrument would the terms of a liability not impact its classification.

In addition, a requirement has been introduced to require disclosure when a liability
arising from a loan agreement is classified as non-current and the entity’s right to
defer settlement is contingent on compliance with future covenants within twelve
months.

The amendments are effective for annual reporting periods beginning on or after
April 01, 2025 and must be applied retrospectively. The Company is currently
assessing the impact the amendments will have on current practice and whether
existing loan agreements may require renegotiation.

(iii) Supplier Finance Arrangements - Amendments to Ind AS 7 and Ind AS 107

Amendments to Ind AS 7 Statement of Cash Flows and Ind AS 107 Financial
Instruments: Disclosures clarify the characteristics of supplier finance
arrangements and require additional disclosure of such arrangements. The
disclosure requirements in the amendments are intended to assist users of
financial statements in understanding the effects of supplier finance arrangements
on an entity’s liabilities, cash flows and exposure to liquidity risk.

The amendments will be effective for annual reporting periods beginning on or
after April 01, 2025 and these amendments are not expected to have a material
impact on the Company’s financial statements.

(iv) International Tax Reform-Pillar Two Model Rules - Amendments to Ind AS 12

Amendments to Ind AS 12 Income Taxes in response to the OECD’s BEPS Pillar
Two rules include:

• A mandatory temporary exception to the recognition and disclosure of
deferred taxes arising from the jurisdictional implementation of the Pillar Two
model rules; and

• Disclosure requirements for affected entities to help users of the financial
statements better understand an entity’s exposure to Pillar Two income
taxes arising from that legislation, particularly before its effective date.

The mandatory temporary exception - the use of which is required to be disclosed
- applies immediately. The remaining disclosure requirements apply for annual
reporting periods beginning on or after April 01, 2025, but not for any periods
ending on or before March 31,2026.

The amendments are not expected to have a material impact on the Company’s
financial statements.

Consequential amendments to other Ind ASs have also been made which are not
expected to have any material impact on the Company’s financial statements.

xxiv) Standards notified but not effective

The amendments to the standards that are notified by the Ministry of Corporate Affairs
(MCA), but not yet effective, up to the date of issuance of the Company’s financial
statements are disclosed below. The Company will adopt these amendments to the
standards, when they become effective.

(i) Amendments to Ind AS 1 - Classification of Liabilities as Current or Non-current
and Non-current Liabilities with Covenants and Ind AS 10 Events after the
Reporting Period

I nd AS 10 has been amended to remove the previous treatment under which a
lender’s post-reporting-date waiver-granted before the financial statements
were approved for issue-of a breach of a material covenant in a long-term loan
arrangement that occurred on or before the end of the reporting period, resulting
in the liability becoming payable on demand at the reporting date, was regarded as
an adjusting event.

For annual reporting periods beginning on or after April 01,2026, any breach of a
covenant-whether material or immaterial-occurring on or before the reporting
date will, in accordance with Ind AS 1, require the related liability to be classified
as current, unless the lender has granted a waiver of the breach on or before the
reporting date and has agreed not to demand repayment for at least 12 months
after the reporting date as a consequence of the breach. Such a waiver shall be
treated as an adjusting event.

The amendments are effective for annual reporting periods beginning on or after
April 01,2026 retrospectively in accordance with Ind AS 8.

3 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of financial statements in conformity with Ind AS requires management
to make judgments, estimates and assumptions, that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and expenses at the
date of these financial statements and the reported amounts of revenues and expenses
for the years presented. Actual results may differ from these estimates. Estimates
and underlying assumptions are reviewed at each Balance Sheet date. Revisions to
accounting estimates are recognised in the period in which the estimate is revised and
future periods affected.

Other disclosures relating to the Company’s exposure to risks and uncertainties
includes:

- Capital management (Refer Note 40)

- Financial risk management objectives and policies (Refer Note 44.1)

- Sensitivity analyses disclosures (Refer Notes 38.B.6 and 44.4(iv))

Judgements

In the process of applying the Company’s accounting policies, management has made
the following judgements, which have the most significant effect on the amounts
recognized in the standalone financial statements:

Determination of lease terms

In determining the lease term, management considers all facts and circumstances
that create an economic incentive to exercise an extension option, or not exercise a
termination option. Extension options (or periods after termination options) are only
included in the lease term if the lease is reasonably certain to be extended (or not
terminated).

For leases of office premises, the following factors are normally the most relevant:

a) I f there are significant penalties to terminate (or not extend), the Company is
typically reasonably certain to extend (or not terminate).

b) If any leasehold improvements are expected to have a significant remaining value,
the Company is typically reasonably certain to extend (or not terminate).

c) Otherwise, the Company considers other factors including historical lease
durations and the costs and business disruption required to replace the leased
asset.

Most extension options in office leases have been included in the lease liability,
because the Company could not replace the assets without significant cost or business
disruption.

The lease term is reassessed if an option is actually exercised (or not exercised) or
the Company becomes obliged to exercise (or not exercise) it. The assessment of
reasonable certainty is only revised if a significant event or a significant change in
circumstances occurs, which affects this assessment, and that is within the control of
the lessee.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation
uncertainty at the reporting date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial
year, are described below. The Company based its assumptions and estimates on
parameters available when the standalone financial statements were prepared. Existing
circumstances and assumptions about future developments, however, may change
due to market changes or circumstances arising that are beyond the control of the
Company. Such changes are reflected in the assumptions when they occur.

Useful lives of property, plant and equipment and intangible asset

The charge in respect of periodic depreciation is derived after determining an estimate
of an asset’s expected useful life and the expected residual value at the end of its
life. The useful lives and residual values of the Company’s assets are determined by
management at the time the asset is acquired and reviewed periodically, including at
each financial year end. The lives are based on historical experience with similar assets
as well as anticipation of future events which may impact their life, such as changes in
technology, usage and other factors.

The Company estimates the provisions that have present obligations as a result of
past events and it is probable that outflow of resources will be required to settle the
obligations. These provisions are reviewed at the end of each reporting period and are
adjusted to reflect the current best estimates.

The Company uses judgement to disclose contingent liabilities. Contingent liabilities
are disclosed when there is a possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company or a present
obligation that arizes from past events where it is either not probable that an outflow of
resources will be required to settle the obligation or a reliable estimate of the amount
cannot be made. Contingent assets are neither recognized nor disclosed in the financial
statements.

Provision for income tax and deferred tax assets

The Company uses estimates and judgements based on the relevant rulings in the areas
of allocation of revenue, costs and allowances which is exercized while determining
the provision for income tax. A deferred tax asset is recognized to the extent that it
is probable that future taxable profit will be available against which the deductible
temporary differences and tax losses can be utilized. Accordingly, the Company
exercizes its judgement to reassess the carrying amount of deferred tax assets at the
end of each reporting period.

Defined benefit plans

The Company makes provision for defined benefit plans and compensated absences
based on the actuarial valuation report issued by a certified actuary pursuant to Ind AS
19 - Employee benefits. The assumptions include attrition rate, salary escalation rate,
discount rates and mortality rates.

Share based payments

Estimating fair value for share based payment requires determination of the most
appropriate valuation model. The estimate also requires determination of the most

appropriate inputs to the valuation model including the expected life of the option ,
volatility and dividend yield and making assumptions about them. The assumptions
and models used for estimating fair value for share based payments transactions are
discussed in Note 35.

Fair value of financial instruments

The fair value of financial instruments is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction in the principal (or most
advantageous) market at the measurement date under current market conditions (i.e.,
an exit price) regardless of whether that price is directly observable or estimated using
another valuation technique. When the fair values of financial assets and financial
liabilities recorded in the balance sheet cannot be derived from active markets, they
are determined using a variety of valuation techniques that include the use of valuation
models. The inputs to these models are taken from observable markets where
possible, but where this is not feasible, estimation is required in establishing fair values.
Judgements and estimates include considerations of liquidity and model inputs related
to items such as credit risk (both own and counterparty), funding value adjustments,
correlation and volatility.

Incremental Borrowing rate

The Company cannot readily determine the interest rate implicit in the lease, therefore,
it uses its incremental borrowing rate (IBR) to measure lease liabilities. Incremental
borrowing rate is the rate of interest that the Company would have to pay to borrow
over a similar term, and with a similar security, the funds necessary to obtain an asset
of a similar value to the right-of-use asset in a similar economic environment.

Impairment of Non Financial assets

The Company assesses at each balance sheet date whether there is any indication that
an asset may be impaired. If any indication exists, or when annual impairment testing

for an asset is required, the Company estimates the asset’s recoverable amount.
An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s
(CGU) fair value less costs of disposal and its value in use. The recoverable amount
is determined for an individual asset, unless the asset does not generate cash inflows
that are largely independent of those from other assets or Company’s of assets. When
the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount.

Effective interest rate ("EIR")

The Company’s EIR methodology, recognizes interest income / expense using a rate of
return that represents the best estimate of a constant rate of return over the expected
behavioural life of financial instruments and recognizes the effect of characteristics
of the product life cycle This estimation, by nature, requires an element of judgement
regarding the expected behavioural and life-cycle of the instruments, as well expected
changes fee income/expense that are integral parts of the instrument.

Expected credit Loss allowance on trade receivables and other financial assets

The loss allowances for trade and financial assets are based on assumptions about
risk of default and expected loss rates. The Company uses judgement in making
these assumptions and selecting the inputs to the impairment calculation, based on
the Company’s past history and existing market conditions as well as forward-looking
estimates at the end of each reporting period.

Use of Going concern assumption

The Board of Directors have carried out a detailed review basis the market situation
and assessed the business plans prepared by the management for the upcoming
years. The business plan comprise the budgeted growth, profitability and revenue
which is considering present situation, expected orders and actual performance of
the Company. The Board of Directors considering the liquidity position and expected
business projections do not foresee the Company not being in a position to fulfil its

obligations for a foreseeable future of minimum 12 months from the date of these
financial statements. Accordingly, the financial statements for the year ended March
31,2026 have been prepared on a going concern basis.

All assumptions are reviewed by the management at the end of each reporting period.
Events after the reporting period

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 recognizes in its
standalone financial statements. The Company will adjust the amounts recognized 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 recognized in its standalone 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.

(i) On March 31,2025, pursuant to a board resolution passed at the meeting held on March
28, 2025, the Company invested INR 90 Mn in Turtlemint Mutual Funds Distributors
Private Limited. The investment involved the acquisition of an additional 1.21 Mn equity
shares, each having a face value of INR 10 and issued at a premium of INR 64.48 per
share.

(ii) This includes two equity shares held by nominees on behalf of the Company as at
March 31,2026 and March 31,2025.

(iii) On May 08, 2024, the Company invested INR 1,049.05 Mn in Turtlemint Insurance
Broking Services Private Limited, acquiring 15.427 Mn equity shares, each having a
face value of INR 10 and issued at a premium of INR 58 per share. The investment was
made pursuant to a board resolution passed at the Board Meeting held on March 13,
2024. This includes one equity share held by a nominee on behalf of the Company.

(iv) During the year, the Company has granted employee stock options to the employees
of Turtlemint Insurance Broking Services Private Limited and Turtlemint Mutual Funds
Distributors Private Limited. (Refer Note 35)

(v) Pursuant to a board resolution passed at the meeting held on May 06, 2025, the
Company invested INR 750 Mn in Turtlemint Insurance Broking Services Private
Limited. The investment involved the acquisition of an additional 0.42 Mn equity shares,
each having a face value of INR 10 and issued at a premium of INR 1,762.21 per share.

1. There are no ''due'' and ''disputed'' trade receivables as at March 31,2026 and March 31,
2025.

2. No Trade or Other receivables are due from directors or other officers of the Company
either severally or jointly with any other person nor any trade or other receivable are
due from firms or private companies respectively in which any director is a partner, a
director or a member.

3. For terms and conditions relating to related party receivables, refer note 41.

4. Trade receivables are non- interest bearing.

(i) Includes deposits in banks held as lien by ICICI Bank Limited for overdraft facility taken
by Turtlemint Insurance Broking Services Private Limited amounting to Nil. The said
facility expired on August 25, 2025. (March 31,2025 : INR 500 Mn).

(ii) I ncludes deposits in banks held as lien by Kotak Mahindra Bank Limited as security
against corporate credit cards issued to Key Management Personnel of the Company
amounting to INR 1 Mn (March 31,2025: Nil)

(iii) Fixed deposits with banks earns interest at fixed rates.

d) The principal amount was payable as at March 31, 2025 as per the addendum dated
December 23, 2024. Subsequently, the repayment term was extended to June 30, 2025.

e) The Loan has been repaid in entirety in two installments dated May 15, 2025 and May
22, 2025.

Notes -

a) The Company has sanctioned a loan of INR 70 Mn to Turtlemint Mutual Funds
Distributors Private Limited (TMF). From the aforesaid, TMF has availed loan of INR
53.58 Mn as at March 31,2025 (excluding interest accrued).

b) Interest rate is at 8% p.a payable on maturity of loan granted.

c) The principal amount thereon is repayable as follows :-

i) INR 10 Mn (sanctioned in FY2021) - repayable within four years from the date of
sanction as approved by Board of directors dated April 14, 2020.

ii) INR 60 Mn (sanctioned in FY2022) - repayable within three years from the date of
sanction as approved by Board of directors dated August 13, 2021.

(i) Pursuant to the Board resolution passed on June 16, 2025, the Board of Directors
approved the allotment of 1,044 equity shares against conversion of 1,044 Compulsory
Convertible preference Shares Series 1 (CCPS Series 1) in the ratio of 1:1 in accordance
with the terms of Series 1 CCPS.

(ii) Pursuant to the Board resolution passed on July 12, 2025, the Board of Directors
approved a bonus issue of 52,636,000 equity shares of INR 1 each, as permitted under
Section 63 of the Companies Act, 2013. The bonus shares have been issued in the ratio
of 500:1 to shareholders whose names appear in the register of members or beneficial
owners’ records as on July 12, 2025, with approval of shareholders as on July 17, 2025.

- Aggregate number of equity shares issued as bonus, shares issued for
consideration other than cash during the period of five years immediately
preceding the reporting date.

19(b) The Board of Directors of the Company at its meeting held on July 12, 2025 and
Shareholders of the Company in their extraordinary general meeting held on July 17,
2025, approved a bonus issue of 500 equity shares for every equity share held by the
equity shareholders of the Company as of July 12, 2025. Accordingly, the Board of
Directors of the Company has, pursuant to the resolution dated July 21,2025, made an
allotment of 52,636,000 bonus equity shares of INR 1/- each to its equity shareholders
utilising securities premium account balance.

Consequent to the bonus issue to the equity shareholders, the Board of Directors at its
meeting held on August 12, 2025 and Shareholders of the Company in their extraordinary
general meeting held on August 14, 2025, approved to adjust the conversion ratio of
Seed Round CCPS, Series A CCPS, Series B CCPS, Series C CCPS, Series C1 CCPS,
Series C2 CCPS, Series D CCPS, Series D1 CCPS, Series D2 CCPS and Series E CCPS

to give an impact of the bonus issue referred above. Furthermore, the shareholders of
the Company entered into the first amendment to the Series E amended and restated
shareholders’ agreement wherein the conversion ratio were agreed to be modified and
adjusted downwards to 477:1 on the filing of the Pre-filled draft Red Herring Prospectus
(PDRHP) for Seed Round CCPS, Series A CCPS, Series B CCPS, Series C CCPS, Series D
CCPS, Series D1 CCPS, Series D2 CCPS and Series E CCPS, 641:1 for Series C1 CCPS
and 527:1 for Series C2 CCPS. (Also refer note 50 for further change in conversion
ratio).

19(c) Rights, preferences and restrictions attached to shares

Rights and restrictions attached to 0.001% Compulsorily convertible preference
shares (face value of INR 1 each) (Seed Round CCPS)

Each shareholder shall be entitled to receive a dividend at the rate of 0.001% per annum,
on each series of CCPS held by such holder, payable when, as and if declared by the
Board of Directors as applicable on each share held which shall be cumulative. These
shareholders are entitled at their option (exercisable at their sole discretion) to convert
all or any part of their shares into equity shares at any time prior to the expiry of 20
years from the date of their issue. The Company shall mandatorily convert each Series
of CCPS into Equity shares upon the date that is 20 years after the date on which such
series were first issued by the Company at a conversion ratio of 477:1 (conversion
of 1 CCPS into 477 equity shares). These shareholders shall carry the same voting
rights as attached to equity shares of the Company on an as-if-converted basis and be
entitled to vote with equity shares on all matters except as otherwise required by law.
In the event of liquidation, these shareholders shall be entitled to receive, prior to and in
preference to distribution of any assets/ surplus funds of the Company to any class of
shareholders, their investment amount and all declared but unpaid dividends or a pro¬
rated proceed of sale in the event of conversion to equity shares.

Rights and restrictions attached to 0.001% Compulsorily convertible preference
shares (face value of INR 10 each) (Series A CCPS)

Each shareholder shall be entitled to receive a dividend at the rate of 0.001% per annum,
on each series of CCPS held by such holder, payable when, as and if declared by the
Board of Directors as applicable on each share held which shall be cumulative. These

shareholders are entitled at their option (exercisable at their sole discretion) to convert
all or any part of their shares into equity shares at any time prior to the expiry of 20
years from the date of their issue at the Conversion of 477:1 (conversion of 1 CCPS into
477 equity shares). These shareholders shall carry the same voting rights as attached
to equity shares of the Company on an as-if-converted basis and be entitled to vote
with equity shares on all matters except as otherwise required by law. In the event of
liquidation, these shareholders shall be entitled to receive, prior to and in preference to
distribution of any assets/ surplus funds of the Company to any class of shareholders,
their investment amount and all declared but unpaid dividends.

Rights and restrictions attached to 0.001% Compulsorily convertible preference
shares (face value of INR 110 each) (Series B CCPS)

Each shareholder shall be entitled to receive a dividend at the rate of 0.001% per annum,
on each series of CCPS held by such holder, payable when, as and if declared by the
Board of Directors as applicable on each share held which shall be cumulative. These
shareholders are entitled at their option (exercisable at their sole discretion) to convert
all or any part of their shares into equity shares at any time prior to the expiry of 20
years from the date of their issue. The Company shall mandatorily convert each Series
of CCPS into Equity shares upon the date that is 20 years after the date on which such
series were first issued by the Company at a conversion ratio of 477:1 (conversion
of 1 CCPS into 477 equity shares). These shareholders shall carry the same voting
rights as attached to equity shares of the Company on an as-if-converted basis and be
entitled to vote with equity shares on all matters except as otherwise required by law.
In the event of liquidation, these shareholders shall be entitled to receive, prior to and in
preference to distribution of any assets/ surplus funds of the Company to any class of
shareholders, their investment amount and all declared but unpaid dividends.

Rights and restrictions attached to 0.001% Compulsorily convertible preference
shares (face value of INR 20 each) (Series C CCPS)

Each shareholder shall be entitled to receive a dividend at the rate of 0.001% per annum,
on each series of CCPS held by such holder, payable when, as and if declared by the
Board of Directors as applicable on each share held which shall be cumulative. These
shareholders are entitled at their option (exercisable at their sole discretion) to convert

all or any part of their shares into equity shares at any time prior to the expiry of 20
years from the date of their issue. The Company shall mandatorily convert each Series
of CCPS into Equity shares upon the date that is 20 years after the date on which such
series were first issued by the Company at a conversion ratio of 477:1 (conversion
of 1 CCPS into 477 equity shares). These shareholders shall carry the same voting
rights as attached to equity shares of the Company on an as-if-converted basis and be
entitled to vote with equity shares on all matters except as otherwise required by law.
In the event of liquidation, these shareholders shall be entitled to receive, prior to and in
preference to distribution of any assets/ surplus funds of the Company to any class of
shareholders, their investment amount and all declared but unpaid dividends.

Rights and restrictions attached to 0.01% Compulsorily convertible preference shares
(face value of INR 20 each) (Series C1 CCPS)

Each shareholder shall be entitled to receive a dividend at the rate of 0.01% per annum,
on each series of CCPS held by such holder, payable when, as and if declared by the
Board of Directors as applicable on each share held which shall be cumulative. The
Company shall mandatorily convert each Series of CCPS into Equity shares upon
the date that is 19 years after the date on which such series were first issued by the
Company at a conversion ratio of 641:1 (conversion of 1 CCPS into 641 equity shares).
These shareholders are entitled at their option (exercisable at their sole discretion) to
convert all or any part of their shares into equity shares at any time prior to the expiry
of 19 years from the date of their issue. These shareholders shall carry the same voting
rights as attached to equity shares of the Company on an as-if-converted basis and be
entitled to vote with equity shares on all matters except as otherwise required by law.
In the event of liquidation, these shareholders shall be entitled to receive, prior to and in
preference to distribution of any assets/ surplus funds of the Company to any class of
shareholders, their investment amount and all declared but unpaid dividends.

Rights and restrictions attached to 0.001% Compulsorily convertible preference
shares (face value of INR 20 each) (Series C2 CCPS)

Each shareholder shall be entitled to receive a dividend at the rate of 0.001% per annum,
on each series of CCPS held by such holder, payable when, as and if declared by the
Board of Directors as applicable on each share held which shall be cumulative. These

shareholders are entitled at their option (exercisable at their sole discretion) to convert
all or any part of their shares into equity shares at any time prior to the expiry of 20
years from the date of their issue. The Company shall mandatorily convert each Series
of CCPS into Equity shares upon the date that is 20 years after the date on which such
series were first issued by the Company at a conversion ratio of 527:1 (conversion
of 1 CCPS into 527 equity shares). These shareholders shall carry the same voting
rights as attached to equity shares of the Company on an as-if-converted basis and be
entitled to vote with equity shares on all matters except as otherwise required by law.
In the event of liquidation, these shareholders shall be entitled to receive, prior to and in
preference to distribution of any assets/ surplus funds of the Company to any class of
shareholders, their investment amount and all declared but unpaid dividends.

Rights and restrictions attached to 0.001% Compulsorily convertible preference
shares (face value of INR 20 each) (Series D CCPS)

Each shareholder shall be entitled to receive a dividend at the rate of 0.001% per annum,
on each series of CCPS held by such holder, payable when, as and if declared by the
Board of Directors as applicable on each share held which shall be cumulative. These
shareholders are entitled at their option (exercisable at their sole discretion) to convert
all or any part of their shares into equity shares at any time prior to the expiry of 20
years from the date of their issue. The Company shall mandatorily convert each Series
of CCPS into Equity shares upon the date that is 20 years after the date on which such
series were first issued by the Company at a conversion ratio of 477:1 (conversion
of 1 CCPS into 477 equity shares). These shareholders shall carry the same voting
rights as attached to equity shares of the Company on an as-if-converted basis and be
entitled to vote with equity shares on all matters except as otherwise required by law.
In the event of liquidation, these shareholders shall be entitled to receive, prior to and in
preference to distribution of any assets/ surplus funds of the Company to any class of
shareholders, their investment amount and all declared but unpaid dividends.

Rights and restrictions attached to 0.001% Compulsorily convertible preference
shares (face value of INR 20 each) (Series D1 CCPS)

Each shareholder shall be entitled to receive a dividend at the rate of 0.001% per annum,
on each series of CCPS held by such holder, payable when, as and if declared by the

Board of Directors as applicable on each share held which shall be cumulative. These
shareholders are entitled at their option (exercisable at their sole discretion) to convert
all or any part of their shares into equity shares at any time prior to the expiry of 20
years from the date of their issue. The Company shall mandatorily convert each Series
of CCPS into Equity shares upon the date that is 20 years after the date on which such
series were first issued by the Company at a conversion ratio of 477:1 (conversion
of 1 CCPS into 477 equity shares). These shareholders shall carry the same voting
rights as attached to equity shares of the Company on an as-if-converted basis and be
entitled to vote with equity shares on all matters except as otherwise required by law.
In the event of liquidation, these shareholders shall be entitled to receive, prior to and in
preference to distribution of any assets/ surplus funds of the Company to any class of
shareholders, their investment amount and all declared but unpaid dividends.

Rights and restrictions attached to 0.001% Compulsorily convertible preference
shares (face value of INR 20 each) (Series D2 CCPS)

Each shareholder shall be entitled to receive a dividend at the rate of 0.001% per annum,
on each series of CCPS held by such holder, payable when, as and if declared by the
Board of Directors as applicable on each share held which shall be cumulative. These
shareholders are entitled at their option (exercisable at their sole discretion) to convert
all or any part of their shares into equity shares at any time prior to the expiry of 20
years from the date of their issue. The Company shall mandatorily convert each Series
of CCPS into Equity shares upon the date that is 20 years after the date on which such
series were first issued by the Company at a conversion ratio of 477:1 (conversion
of 1 CCPS into 477 equity shares). These shareholders shall carry the same voting
rights as attached to equity shares of the Company on an as-if-converted basis and be
entitled to vote with equity shares on all matters except as otherwise required by law.
In the event of liquidation, these shareholders shall be entitled to receive, prior to and in
preference to distribution of any assets/ surplus funds of the Company to any class of
shareholders, their investment amount and all declared but unpaid dividends.

Rights and restrictions attached to 0.001% Compulsorily convertible preference
shares (face value of INR 20 each) (Series E CCPS)

Each shareholder shall be entitled to receive a dividend at the rate of 0.001% per annum,
on each series of CCPS held by such holder, payable when, as and if declared by the

Board of Directors as applicable on each share held which shall be cumulative. These
shareholders are entitled at their option (exercisable at their sole discretion) to convert
all or any part of their shares into equity