(i) Execution of lease deed is pending for two land parcels acquired at Tarapur Plant having gross carrying value ' 111 lakhs (31 March 2024: '111 lakhs).

(ii) Includes ' 750 (31 March 2024: ' 750) paid for shares acquired in co-operative societies.

(iii) The assets of the Company include certain plant and equipment (including capital work-in-progress) having net carrying amount of ' 2,965 lakhs (includes CWIP of ' 1,871 lakhs) as at 31 March 2025 (31 March 2024 net carrying amount of ' 2,999 lakhs includes CWIP of ' 1,438 lakhs); which have remained idle for a considerable period due to contraction in demand. Accordingly, management has performed impairment test on these assets and have recorded an impairment provision of ' 648 lakhs (includes impairment on CWIP of ' 628 lakhs for the current year) (31 March 2024: ' 217 lakhs (including impairment on CWIP of ' 142 lakhs)). Refer note 4 for CWIP.

Recoverable amount of the asset is derived by reducing cost of disposal from fair value. The aforesaid impairment loss is disclosed under exceptional items (Refer note 42).

Details of valuation:

a) Level of the fair value hierarchy - Level 3

b) Description of the valuation technique - Depreciated Replacement Cost (DRC) method under Cost Approach

c) Key assumptions - Salvage value, costs of disposal, latest quotations with same / similar specifications, economic indices as per Reserve Bank of India, etc.

(iv) During the year ended 31 March 2025, certain tangible assets having written down value of ' 44 lakhs (' 29 lakhs as at 31 March 2024) has been additionally classified as 'Assets classified as held for sale', pursuant to the decision of the Company to dispose off the same.

(v) Disclosure of contractual commitments for the acquisition of property, plant and equipment [Refer note 48(B)(i)].

(vi) Information on property, plant and equipment pledged as security by the Company [Refer note 53].

Note:

(i) During the year ended 31 March 2017, the Company had entered into an agreement towards sale of agricultural land (the “Specified Assets”), situated at Gandhidham. However, pending receipt of relevant government approvals towards conversion of agricultural land to industrial land, the agricultural land was classifed as ‘Assets classified as held for sale’. The sales consideration and carrying value of the agricultural land is USD 4 Million and ' 274 lakhs as at 31 March 2025 (31 March 2024: USD 4 Million and ' 274 lakhs), respectively. An amount of USD 2 Million received during the year ended 31 March 2017 as an advance against the said agricultural land has been included in Note 32 - 'Other current liabilities’. During current year, the Company has entered into a lease agreement with the acquirer of the land for a period of 3 years. Pursuant to the execution of lease agreement, the Company has classified the said land to Investment Property from the earlier classification of Assets classified as held for sale.

Estimation of fair value

The Company obtains independent valuations atleast annually. The fair valuation of the investment property have been determined by registered independent valuer as defined under Rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017, using 'Sales Comparison Method' under Market Approach using composite rate of commercial offices by comparing the investment property with similar properties that have recently been sold near the location of investment property. Comparable properties are selected for similarity to the subject property by considering attributes like age, size, shape, quality of construction, building features, condition, design, etc. The fair value measurement is categorised as level 3 fair value hierarchy.

(ii) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having a par value of ' 2 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to the shareholding. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. [Refer note 46(iii)]

Nature and purpose of reserves

(i) Securities premium

Securities premium is created due to premium on issue of shares. This reserve is utilised in accordance with the provisions of the Act.

(ii) General reserve

The general reserve represents amounts appropriated out of retained earnings based on the provisions of the Act.

(iii) Retained earnings

Retained earnings pertain to the accumulated earnings / losses by the Company over the years.

(iv) Equity instruments at fair value through other comprehensive income

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated under this head. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.

Working capital loans from bank

(i) Working capital facilities from various banks having an outstanding balance of ' 8,469 lakhs as at 31 March 2025 (31 March 2024: ' Nil) are secured by way of (i) first pari passu charge in the form of hypothecation of stocks, book debts and all other current assets of the Company and (ii) second pari passu charge on certain land and buildings and moveable fixed assets of the Company.

(iii) secured by personal guarantees from two promoter directors. Working capital facility is also secured by exclusive mortgage charge on specific property to each lender bank. Working capital facilities from a bank has been secured by fixed deposits aggregating ' 500 lakhs of the Company, which have been held as lien against this facility. The interest rate of the working capital facilities ranges from 9.35% per annum to 10.80% per annum (31 March 2024 : 9.35% per annum to 10.80% per annum)).

(ii) For the year ended 31 March 2025 and 31 March 2024, the quarterly returns / statements filed by the Company with working capital lending banks are in agreement with the books of account of the Company.

(iii) Refer note 53 for carrying amount of financial assets and non-financial assets pledged as security for secured borrowings.

I. Fair value hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the standalone 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 as follows :

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. For example, listed equity instruments that have quoted market price.

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. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

11. Valuation techniques used to determine fair value

Significant valuation techniques used to value financial instruments include:

(i) The fair values for investment in equity instrument are based on intrinsic value of the investee company.

(ii) The lease liability is initially measured at amortised cost at the present value of the future lease payments and are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates. Accordingly, these are classified as Level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

(iii) Fair value of cash and cash equivalents, bank balances other than cash and cash equivalents, trade receivables, trade payables, other current financial assets / liabilities and borrowings approximate their carrying amounts largely due to short term maturities of these instruments. They are classified as Level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

45 Financial risk management

The Company is exposed primarily to fluctuations in foreign currency risk, credit, liquidity and interest rate risk which may adversely impact the fair value of its financial instrument. The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company's financial risk management policy is set by the Managing Board.

The Company's principal financial liabilities comprises of borrowings, lease liabilities, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include loans, trade and other receivables, cash and bank balances, bank deposits and investments that derive directly from its operations.

The Company is exposed to foreign currency risk, credit risk, market risk and liquidity risk. The Company’s senior management oversees the management of these risks.

(A) Credit risk

The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its investing activities (deposits with banks and government and other financial instruments). The Company considers factors such as track record, size of institution, market reputation and service standards to select the banks with which balances and deposits are maintained. Bank balances and deposits are held with only high rated banks and security deposits are placed majorly with government agencies. Hence, in these cases, the credit risk is negligible. Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into

account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information. The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk, the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

(i) Actual or expected significant adverse changes in business,

(ii) Actual or expected significant changes in the operating results of the counter-party,

(iii) Financial or economic conditions that are expected to cause a significant change to the counter-party’s ability to meet its obligations,

(iv) Significant increase in credit risk on other financial instruments of the same counter-party,

(v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the Standalone Statement of Profit and Loss.

(B) 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 a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities - borrowings, lease liabilities, trade payables and other financial liabilities.

Liquidity risk management

The Company’s corporate treasury department is responsible for liquidity and funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company’s net liquidity position through rolling forecasts on the basis of expected cash flows.

(C) Market risk

(i) Foreign currency risk

The Company is exposed to foreign exchange risk on their receivables and payables which are held in USD and AED.

Foreign currency risk management

In respect of the foreign currency transactions, the Company does not hedge the exposures since the management believes that the same will be partly offset by the corresponding receivables and payables which will be in the nature of natural hedge.

(B) Defined benefit plan:

Gratuity (funded scheme)

The Company provides gratuity benefit for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India.

(xii) Description of risk exposures

Valuations are performed on certain basic set of pre-determined assumptions which may vary over time. Thus, the Company is exposed to various risks in providing the above benefit which are as follows:

Interest rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of liability (as shown in financial statements).

Liquidity risk: This is the risk that the Company is not able to meet the short term benefit payouts. This may arise due to non availability of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

Salary escalation risk: The present value of the above benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase in salary in future for plan participants

from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan's liability. Demographic risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption. Regulatory risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 (as amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts. Asset liability mismatching or market risk: The duration of the liability is longer compared to duration of assets exposing the company to market risks for volatilities/fall in interest rate. Investment risk: The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.

50 Segment reporting

In accordance with Ind AS 108, 'Operating Segments', segment information has been disclosed in the Consolidated Financial Statements of the Company, and therefore, no

separate disclosure on segment information is given in the standalone financial statements.

51 Revenue from contracts with customers

The Company derives revenues primarily from sale of high pressure seamless gas cylinders and other cylinders, equipments, appliances and other related services. Further, the Company is engaged in the trading of fire extinguishment and related equipment.

Under Ind AS 115, an entity recognises revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

The Company determines revenue recognition through the following steps:

1. Identification of the contract, or contracts, with a customer.

2. Identification of the performance obligations in the contract.

3. Determination of the transaction price.

4. Allocation of the transaction price to the performance obligations in the contract.

5. Recognition of revenue when, or as, we satisfy a performance obligation.

At contract inception, the Company assesses the goods and services promised in the contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.

The majority of customer contracts that Company enters into consist of a single performance obligation for the delivery of cylinders, fire fighting equipment and castor oil. The Company recognizes revenue from product sales when control of the product transfers i.e. generally upon shipment.

Some contracts provide customers with a right of return and Company recognises provision for sales return, based on the historical results, measured as net margin of such sale. [Refer notes 19 and 33].

58 Other Statutory Information:

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii) The Company does not have any transactions with companies struck off by Registrar of Companies (ROC)

(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v) The Company does not have any transaction which is previously 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).

(vi) No funds have been advanced or loaned or invested by the Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(viii) 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.

59 The Company is using accounting software for maintaining its books of accounts which has feature of recording audit trail and same has operated throughout the year for all relevant transactions recorded in the software. The audit trail feature has not been tampered with and being preserved by the Company as per the statutory requirements for record retention.

60 Figures of previous period / year have been regrouped / rearranged, wherever considered necessary.

61 The standalone financial statements were authorised for issue by the Board of Directors on 23 May 2025.