Mar 31, 2026

l) Provisions and contingent liabilities

The Company creates a provision when there
exists a present obligation as a result of a
past event that probably requires an outflow of
resources and a reliable estimate can be made
of the amount of the obligation. A disclosure for
a contingent liability is made when there is a
possible obligation or a present obligation that
may, but probably will not, require an outflow of
resources. When there is a possible obligation
or a present obligation in respect of which the
likelihood of outflow of resources is remote, no
provision or disclosure is made. Contingent
assets are not recognised in financial statements.

m) Non-current assets held for sale

Non-current assets are classified as held for
sale if their carrying amount will be recovered
principally through a sale transaction rather than
through continuing use and a sale is considered
highly probable. They are measured at the lower
of their carrying amount and fair value less costs
to sell, except for assets such as deferred tax
assets, assets arising from employee benefits,
financial assets and contractual rights under
insurance contracts, which are specifically
exempt from this requirement

Non-current assets are not depreciated or
amortised while they are classified as held for
sale.

n) Exceptional items

When items of income and expense within
statement of profit and loss from ordinary
activities are of such size, nature or incidence
that their disclosure is relevant to explain the
performance of the enterprise for the period, the
nature and amount of such material items are
disclosed separately as exceptional items.

o) Borrowings

Borrowing is initially recognised at net of
transaction costs incurred and measured at
amortised cost using effective interest method.
Borrowings are classified as current liabilities
unless the Company has an unconditional right
to defer the settlement of the liability for at least
12 months after the reporting period.

Effective interest method:

The effective interest method is a method
of calculating the amortised cost of a debt
instrument and of allocating interest expenses
over the relevant period. The effective interest
rate is the rate that exactly discounts estimated
future cash payment (including all fees and
points paid or received that form an integral part
of the effective interest rate, transaction costs
and other premiums or discounts) through the
expected life of the debt instrument, or, where
appropriate, a shorter period, to the gross
carrying amount on initial recognition.

p) Earnings Per Share

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 financial
year. Earnings considered in ascertaining the
Companyâs earnings per share is the net profit
for the year.

Diluted earnings per share

For the purpose of calculating diluted earnings
per share, the net profit or loss for the year
attributable to equity shareholders and the
weighted average number of shares outstanding
during the year is adjusted for the effects of all
dilutive potential equity shares.

q) Business combination

In accordance with Ind AS 103 "Business
Combinationâ, the Company accounts for the
business combinations using the acquisition
method when control is transferred to the
Company. The consideration transferred for the
business combination is generally measured at
fair value as at the date the control is acquired
(acquisition date), as the identifiable assets
acquired. Any goodwill that arises is tested
annually for impairment. Any gain on bargain
purchase is recognised directly in equity as
capital reserve. Transaction costs are expensed
as incurred, except to the extent related to the
issue of debt or equity securities.

r) Foreign currency transactions and balances

Transactions denominated in foreign currencies
are recorded at the exchange rate prevailing on
the date of transaction. Monetary assets and
liabilities denominated in foreign currencies at
the year-end are restated at the closing rate of
exchange prevailing on the reporting date.

Any exchange difference arising on account of
settlement of foreign currency transactions and
restatement of monetary assets and liabilities
denominated in foreign currency is recognised
in the Statement of Profit and Loss.

Non-monetary items that are measured in
terms of historical cost in a foreign currency are
recorded using the exchange rates at the date of
the transaction. Non-monetary items measured
at fair value in a foreign currency are translated
using the exchange rates at the date when the
fair value was measured. The gain or loss arising
on translation of non-monetary items measured
at fair value is treated in line with the recognition
of the gain or loss on the change in fair value
of the item (i.e., translation differences on items
whose fair value gain or loss is recognised in
Other Comprehensive Income or the Statement
of Profit and Loss are also recognised in Other
Comprehensive Income or the Statement of
Profit and Loss, respectively).

s) Cash and cash equivalents

Cash and cash equivalents comprise cash on
hand, bank balances, short-term deposits with
an original maturity of three months or less and
demand deposits, together with other shortÂ¬
term, highly liquid investments maturing within
90 days from the date of acquisition that are
readily convertible into known amounts of cash
and which are subject to an insignificant risk of
changes in value. Bank overdrafts are repayable
on demand and are integral to the Companyâs
cash management, regularly fluctuating from
negative to positive, and are therefore included
in cash and cash equivalents in the standalone
statement of cash flows. As the offsetting criteria
in Ind AS 32 are not met, bank overdrafts are
included in borrowings in current liabilities in
the standalone balance sheet. For the purpose
of the standalone statement of cash flows, cash
and cash equivalents consist of cash and bank
balances and short-term investments, as defined
above, net of outstanding bank overdrafts
facilities as they are considered an integral part
of the Companyâs cash management.

t) Fair value measurement

Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an
orderly transaction between market participants
at the measurement date. The fair value
measurement is based on the presumption that
the transaction to sell the asset or transfer the
liability takes place either:

â¢ In the principal market for the asset or
liability, or

â¢ In the absence of a principal market, in
the most advantageous market for the
asset or liability. The principal or the most
advantageous market must be accessible
to / by the Company.

The fair value of an asset or a liability is measured
using the assumptions that market participants
would use when pricing the asset or liability,
assuming that market participants act in their
economic best interest.

All assets and liabilities for which fair value
is measured or disclosed in the standalone
financial statements are categorized within fair
value hierarchy, described as follows, based on
the lowest level of input that is significant to the
fair value measurement as a whole.

â¢ Level 1 â Quoted (unadjusted) prices
in active markets for identical assets or
liabilities

â¢ Level 2 â Valuation techniques for which
the lowest level input that is significant to
the fair value measurement is directly or
indirectly observable

â¢ Level 3 â Valuation techniques for which
the lowest level input that is significant to
the fair value measurement is unobservable

For assets and liabilities that are recognised
in the standalone financial statements on a
recurring basis, the Company determines
whether transfers have occurred between levels
in the hierarchy by reassessing categorization
(based on the lowest level input that is significant
to the fair value measurement as a whole) at the
end of each reporting period.

For the purpose of fair value disclosures, the
Company has determined classes of assets
and liabilities on the basis of the nature,
characteristics and risks of the asset or liability
and the level of the fair value hierarchy as
explained above.

u) Impairment of non-financial assets

For impairment assessment purposes, assets
are grouped at the lowest levels for which there
are largely independent cash inflows (cashÂ¬
generating units). As a result, some assets are
tested individually for impairment and some are
tested at cash-generating unit level. Goodwill is
allocated to those cash generating units that are
expected to benefit from synergies of a related
business combination and represent the lowest
level within the Company at which management
monitors goodwill.

Cash-generating units to which goodwill and
intangible asset that has an indefinite useful life
or is not yet available for use has been allocated
(determined by the Companyâs management
as equivalent to its operating segments) and
internally developed software not available for
use are tested for impairment at least annually
and when circumstances indicate that the
carrying value may be impaired. All other
Individual assets or cash-generating units
are tested for impairment whenever events
or changes in Circumstances indicate that
the carrying amount may not be recoverable
through continuing use.

An impairment loss is recognised for the amount
by which the assetâs (or cash-generating unitâs)
carrying amount exceeds its recoverable
amount, which is the higher of fair value less
costs of disposal and value-in-use. To determine
the value-in-use, management estimates
expected future cash flows from each cashÂ¬
generating unit and determines a suitable
discount rate in order to calculate the present
value of those cash flows. The data used for
impairment testing procedures is directly linked
to the Companyâs latest approved budget,
adjusted as necessary to exclude the effects of
future reorganisations and asset enhancements.
Discount factors are determined individually for
each cash-generating unit and reflect current
market assessments of the time value of money
and asset-specific risk factors.

Impairment losses for cash-generating units
reduce first the carrying amount of any goodwill
allocated to the cash-generating unit. Any
remaining impairment loss is charged pro rata
to the other assets in the cash-generating unit.

With the exception of goodwill, all assets are
subsequently reassessed for indications an
impairment loss previously recognised may no
longer exist. An impairment loss is reversed if
the assetâs or cash generating unitâs recoverable
amount exceeds its carrying amount.

1D. Application of new standards and amendments

Ministry of Corporate Affairs ("MCAâ) notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time.

In May 2025, MCA notified amendments to:

Ind AS 21 - The Effects of Changes in Foreign
Exchange Rates, applicable w.e.f. 1^st April, 2025. The
Company has reviewed the amendment and based
on its evaluation has determined that it does not have
any significant impact in its financial statements.

In August 2025, MCA notified the following
amendments to:

Ind AS 1, Presentation of Financial Statements,
applicable w.e.f. 1^st April, 2025 - The amendment
relates to classification of liabilities as current or nonÂ¬
current and non-current liabilities with covenants.
In the context of classifying a liability as current,
it removes the requirement of existence of a right
to defer settlement for at least 12 months after the
reporting date and instead requires that the said
right should exist on the reporting date and have
substance. The amendment also introduces guidance
on classification of liabilities with covenants. The
Company has no impact of these amendments in
its classification criteria of current and non-current
liabilities.

Ind AS 7, Statement of Cash Flows and Ind AS 107,
Financial Instruments: Disclosures, applicable w.e.f.
1^st April, 2025 - The amendment in Ind AS 7 requires to
inform users of financial statements of the existence of
supplier finance arrangements and explain the nature
of the arrangements, the carrying amount of liabilities
and the range of payment due dates. Ind AS 107 has
been amended to add supplier finance arrangements
as a factor that may cause concentration of liquidity
risk. The Company has reviewed the amendment and

based on its evaluation has determined that it does
not have any impact in its financial statements.

Ind AS 12, International Tax Reform - Pillar Two Model
Rules applicable immediately - The amendments
provide a temporary mandatory relief from deferred
tax accounting for top-up tax and disclose that they
have applied the relief. This relief is immediate and
applies retrospectively. The Company has reviewed
the amendment and based on its evaluation has
determined that it does not have any impact in its
financial statements.

1E. New standards and amendments to existing
Standards which are issued but are not yet
effective and have not been early adopted by the
Company

Paragraph 74 of Ind AS 1 currently effective for the
year ended 31^st March 2026 requires the entity not to
classify the liability as current, if there is a breach of
a material covenant of a long-term loan arrangement
on or before the end of the reporting period with the
effect that the liability becomes payable on demand
on the reporting date, however, the lender agreed,
after the reporting period and before the approval
of the financial statements for issue, not to demand
payment as a consequence of the breach.

MCA vide notification dated 13^th August 2025, has
introduced amendment under Paragraph 74 of Ind AS
1 which requires the entity to classify the liability as
current under the aforementioned situation because,
at the end of the reporting period, it does not have the
right to defer its settlement for at least twelve months
after that date. Such amendment has been made
effective for annual reporting periods beginning on or
after 1^st April, 2026 retrospectively in accordance with
Ind AS 8.

This amendment is not expected to have a material
impact on the Companyâs Standalone Financial
Statements.

Note:

Goodwill is tested for impairment at least annually or whenever there is an indication that goodwill may be impaired. For impairment
testing, goodwill is allocated to the cash generating units (CGUs) which represents the lowest level within the company at which
goodwill is monitored for internal management purposes.

The recoverable amount of the cash generating units has been assessed using a value-in-use model. Value in use is calculated as
the net present value of the projected pre-tax cash flows plus a terminal value of the cash generating unit to which the goodwill is
allocated. Initially a pretax discount rate is applied to calculate the net present value of the pre-tax cash flows. Key assumptions
upon which the Company has based its determinations of value in use includes:

a) The Company prepares its cash flow forecast for operating five years based on managementâs projections.

b) A terminal value is arrived at by extrapolating the last forecasted year cashflows to perpetuity, using a constant long-term
growth rate 5%.

c) Growth rates: The growth rates are based on industry growth forecasts. Management determines the budgeted growth rates
based on past performance and its expectations of market development. The growth rates used were 10%.

d) Discount rates: Management estimates discount rates that reflect current market assessments of the risks specific to the CGU,
taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated
in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Company and its
operating Industry and is derived from its weighted average cost of capital (WACC) 18.60%.

e) Sensitivity: Reasonable sensitivities in key assumptions consequent to the change in estimated growth rate and discount rate
is unlikely to cause the carrying amount to exceed the recoverable amount of the cash generating units.

Impairment testing, taking into account the latest developments, indicated that no further impairment of goodwill was required
during the year ended 31^st March 2026, as its carrying amount did not exceed its recoverable amount.

(*) During the year ended 31^st March, 2025, the Company disposed of a 51% interest in Deltatech Gaming Limited , reducing its
holding from 100% to 49%. As a result, Deltatech Gaming Limited ceased to be a subsidiary and was then accounted for as an
associate under the equity method. Further, from 30^th June, 2025, the representative of the company had step down from the
directorship and hence the company ceased to be the associate of the Company. From the said date, the investment in Deltatech
Gaming Limited is classified as Fair Value through Other Comprehensive Income (FVTOCI).

On 19^th August, 2025, the Union Cabinet of India has approved the Promotion and Regulation of Online Gaming Bill, 2025 (âthe
Billâ), which amongst others proposes a prohibition on online games involving real-money stakes. On 22^nd August, 2025, the Bill
received assent by the President of India making it the Promotion and Regulation of Online Gaming Act, 2025 (âGaming Actâ

The carrying amount of investments in equity shares of online gaming companies, being, Deltatech Gaming Limited, Head Digital
Works Private Limited and Openplay Technologies Private Limited has been reduced to Nil as at 31^st March, 2026, as the Gaming
Act prohibits such companiesâ sole line of business resulting in a complete halt in revenue-generating activities. Accordingly, the
Company has recorded aggregate of '' 378.34 Crores (net of fair value gain), as reduction in the fair value of the said investee
companies in Other Comprehensive Income for the year ended 31^st March, 2026.

(**) The Company has waived off Conversion right.

(***) âPursuant to the scheme of arrangement between Halaplay Technologies Private Limited (Demerger Company ) and Openplay
Technologies Private Limited (Resulting Company) below mentioned shares have been allotted to the Company;

- 305 fully paid up equity shares of '' 10 each are alloted of the Resulting Company against shares of 43,484 fully paid up equity
Shares of '' 100 each of the demerged Company

- 70 fully paid up equity shares of '' 10 each are alloted of the Resulting Company against shares of 9,998 fully paid up equity
Shares of '' 1 each of the demerged Company.

Note:

The Company reviews it carrying value of investments in material subsidiaries carried at cost (net of impairment, if any) annually, or more
frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is
accounted for in the statement of profit and loss.

The recoverable amounts of the respective investments in such subsidiaries have been assessed using a value in use model. Value in use is
generally calculated as the net present value of the projected post-tax cash flows plus a terminal value of the respective subsidiaries to which
the Investment is allocated. Initially, a post-tax discount rate is applied to calculate the net present value of the post-tax cash flows.

Key assumptions upon which the Company has based its determinations of value in use includes:

a) The Company prepares its cash flow forecast for operating five years based on managementâs projections.

b) A terminal value is arrived at by extrapolating the last forecasted year cash flows to perpetuity, using a constant longterm growth
rate 5.00%.

c) Growth rates: The growth rates are based on industry growth forecasts. Management determines the budgeted growth rates based
on past performance and its expectations of market development. The growth rates used were ranging from 10.00% to 20.00%.

d) Discount rates: Management estimates discount rates that reflect current market assessments of the risks specific to the
subsidiaries, taking into consideration the time value of money and individual risks of the underlying assets that have not been
incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the subsidiaries
and its operating Industry and is derived from its weighted average cost of capital (WACC) is 18.70%.

e) Sensitivity: Reasonable sensitivities in key assumptions consequent to the change in estimated growth rate and discount rate is
unlikely to cause the carrying amount to exceed the recoverable amount of the subsidiaries.

- Refer Note No. 51(b) for ageing.

- The net carrying value of trade receivables is considered as reasonable approximation of fair value.

- The credit period given to the customer ranges from 0 to 30 days.

- Refer Note No. 40(b) for disclosure relating to the credit risk exposures and analysis relating to the allowance
for expected credit losses.

- There are no debts due by directors or other officers of the company or any of them either severally or jointly with
any other person or debts due by firms or private companies respectively in which any director is a partner or a
director or a member.

b) Terms / Rights Attached to Equity Shares

The Company has only one class of equity shares having a par value of ''1/- per share. Each holder of equity shares is
entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled
to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.

The Company declares and pays dividends in Indian Rupees. The Directors have recommended, subject to approval
of the shareholders at the ensuing Annual General Meeting, a final dividend for the year ended on 2026 : 50.00%
(2025: 125%). Total dividend including interim dividend for the financial year 2026 is 50.00% (2025 : 125%).

f) Equity Shares bought back by the Company during the five years immediately preceding 31^st March, 2026

In the F.Y 2020-21, the Company had bought back 41,17,249 equity shares on average price of '' 80.48 per shares.

g) No shares have been allotted without payment being received in cash or by way of bonus shares during the period
of five years immediately preceding the reporting date.

Nature and purpose of reserve:-

Capital Reserve on Business Combination

It represent the difference, between the amount recorded as share capital issued plus any additional consideration in the form
of cash or other assets and the amount of net asset value of the transferor company acquired by the company.

Capital Redemption Reserves

As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of free
reserves or securities premium. A sum equal to the nominal value of the shares so purchased is transferred to capital
redemption reserve and it is a non-distributable reserve.

Securities Premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised in accordance with the
provision of the Companies Act, 2013.

Share Options Outstanding Account

The Employee Stock Options Reserve represents reserve in respect of equity settled share options granted to the Companyâs
employees in pursuance of the Employee Stock Option Plan.

General Reserve

The Company created a General reserve in earlier years pursuant to the provisions of the Companies Act, 1956 wherein
certain percentage of profits were required to be transferred to General Reserve before declaring dividends. As per
Companies Act 2013, the requirements to transfer profits to General Reserve is not mandatory. General reserve is a free
reserve available to the Company.

Retained Earnings

Retained earnings represent the amount of accumulated earnings of the company.

Other Comprehensive Income
Equity instruments classified at FVTOCI

The company has elected to recognise changes in the fair value of certain investments in Equity securties in other
comprehensive income. These changes are accumulated within the FVTOCI equity investments reserve within Other Equity.
The company transfers amount from this reserve to retained earnings when the relevant equity securities are derecognised.

(*) The Company along with other casino owners, had filed writ before the High Court of Bombay at Goa, against the
Goa Government Notification directing to pay the Annual Recurring fees (ARF) along with interest for the COVID-19
lockdown period. High Court refused to grant any interim order except stayed 12% penal interest. The Company
and other Casino Owners filed an SLP with the Supreme Court. The Company has provided for ARF amounting to
'' 40 Crores (Previous Year: '' 40 Crores) for the period of shut down during COVID-19. As per the direction of the
Honâble Supreme Court, the Company has paid 75% of ARF i.e. '' 30 Crores (Previous Year: 75% of ARF '' 30 Crores)
under the protest. Final decision is pending. If judgement is favourable in such situation the provisions for license
fees made in the books will be reversed.

Notes:-

(i) The matter is with respect to disallowance of certain expenses and tax deducted at source. The same has been pending
with various authorities. Pending resolution of the respective proceedings, it is not practicable for the Company to estimate
the timings of cash outflows, if any, in respect of the above as it is determinable only on receipt of judgements/decisions
pending with various forums/authorities. The Company has reviewed all its pending litigations and proceedings and has
adequately provided for where provisions are required and disclosed as contingent liabilities where applicable.

(ii) On 27^th September 2023 the Company along with its two subsidiary companies, namely Highstreet Cruises & Entertainment
Private Limited and Delta Pleasure Cruise Company Private Limited, received show cause notices from the Directorate
General of GST Intelligence, Hyderabad, for alleged short payment of Goods and Service Tax (GST) aggregating
'' 16,822.98 crores under Section 74(1) of the CGST Act, 2017 and Goa SGST Act, 2017 for the period from 1^st July 2017 to
31^st March 2022 and Deltatech Gaming Limited (âDGL"), âthe erstwhile associate companyâ, received show cause notice
dated 28^th October 2023 for alleged short payment of Goods and Service Tax (GST) aggregating '' 6,384.32 crores for the
period from 1^st July 2017 to 30^th November 2022 from Directorate General of GST Intelligence, Kolkata.

By virtue of Share Purchase and Investment Agreement dated 20^th February 2025 read with amended agreement dated
19^th March 2025 between Delta Corp Limited, Deltatech Gaming Limited and Head Digital Works Private Limited in
relation to sale of stake of DGL, the Companyâs liability in respect of the GST exposure for DGL has been capped up to
'' 34.80 crores.

Additionally, on 17^th March 2026, the Company along with its one subsidiary, Highstreet Cruises & Entertainment Private
Limited received show cause notice from Office of The Commissioner Of Commercial Taxes, Goa for alleged short payment
of GST aggregating '' 1,752.39 crores under Section 74(1) of the CGST Act, 2017 and Goa SGST Act, 2017 for the period
from 1^st April 2022 to 31^st March 2023.

The amounts claimed under the above notices are inter alia based on the gross bet value/face value of all games played
at the casinos/ online platform and short payment of GST on consideration received towards entry to the casino/gross rake
amount collected from online platform during the above mentioned periods. The demands made by the authorities on the
gross bet value/ gross face value as against gross gaming revenue/gross rake amount has been an industry issue and
multiple representations have been made by the industry participants to the Government in this regard.

The Holding Company / subsidiary companies / erstwhile associate company, as mentioned above, have filed Writ
petitions and have obtained stay orders from respective High Courts on show cause notices for the respective period. The
Union of India had sought the transfer of all similar Writ Petitions of the entire Industry pending at various High Courts to
the Honâble Supreme Court. The matter has been heard in detail, arguments from both the sides have been concluded
and the case is presently reserved for judgement.

Without prejudice, the Company, based on legal assessment, is of the view that all the notices and the tax demands are
arbitrary in nature and contrary to the provisions of law. The Company has challenged such tax demands and initiated
necessary legal proceedings.

Further, Company has filed the petition before the Honâble Supreme Court against notice dated 17^th March, 2026.

The Company has made investments in equity shares aggregating to '' 650.58 Crores in two subsidiaries who have
received notices for alleged short payment of GST aggregating to '' 5,457.29 Crores. Also, the Company has investment
amounting to '' 159.08 Crores in erstwhile associate Company which have been fully provided for in current year being
investment in an online gaming company, who have received notices for alleged short payment of GST to '' 6,384.32
Crores as above mentioned. In addition to investments in equity shares, the Company has also provided short-term loans
aggregating '' 165.37 Crores to the two subsidiaries.

Considering the fact that these subsidiaries and erstwhile associate Company have a good ground to defend against the
said show cause notices, the management of the Company believes that until the GST matter gets effectively concluded,
no provision for impairment is currently required towards investments made in equity shares of two subsidiary companies
and towards loans given to the two subsidiaries.

34 EMPLOYEE BENEFITS

Brief description of the Plans:

The Company has various schemes for employee benefits such as Provident Fund, ESIC, Gratuity and Leave
Encashment. The Companyâs defined contribution plans are Provident Fund (in case of certain employees) and
Employees State Insurance Fund (under the provisions of the Employeesâ Provident Funds and Miscellaneous
Provisions Act, 1952). The Company has no further obligation beyond making the contributions to such plans.

A Defined Benefits Plan

The gratuity plan is governed by the Payment of Gratuity Act, 1972. The level of benefits provided depends on the
memberâs length of service and salary at retirement age. The fund has the form of a trust and it is governed by the
Board of Trustees. The Board of Trustees is responsible for the administration of the plan assets and for the definition
of the investment strategy. Each year, the Board of Trustees reviews the level of funding in the gratuity plan. Such a
review includes the asset-liability matching strategy and investment risk management policy.

The Plan typically exposes the Company to actuarial risk such as

a) Interest Risk:- A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the
liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the
assets depending on the duration of asset.

b) Mortality risk:- Since the benefits under the plan is not payable for life time and payable till retirement age only,
plan does not have any longevity risk.

c) Salary Risk:- The present value of the defined benefit plan liability is calculated by reference to the future
salaries of members. As such, an increase in the salary of the members more than assumed level will increase
the planâs liability.

d) Investment Risk:- The present value of the defined benefit plan liability is calculated using a discount rate which
is determined by reference to market yields at the end of the reporting period on government bonds. If the
return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively
balanced mix of investments in government securities, and other debt instruments.

e) Asset Liability Matching Risk:- The plan faces the ALM risk as to the matching cash flow. Since the plan is
invested in lines of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.

f) Concentration Risk:- Plan is having a concentration risk as all the assets are invested with the insurance company
and a default will wipe out all the assets. Although probability of this is very low as insurance companies have
to follow stringent regulatory guidelines which mitigate risk.

The above sensitivity analyses are based on 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 period) has
been applied as when calculating the defined benefit liability recognised in the balance sheet.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.

IX. The Company expects to contribute '' 4.76 Crores (Previous Year : '' 3.65 Crores) to the gratuity trust during the
financial year 2026-27.

B. Defined contribution plans

The Company also has certain defined contribution plans. The contributions are made to registered provident fund,
Employee State Insurance Corporation and Labour Welfare 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 recognised during the year towards defined contribution plans are as follows:

C. Leave obligations

The leave obligations cover the Companyâs liability for earned leave.

The amount of the provision of '' 5.14 Crores (Previous Year: '' 3.24 Crores) is presented as current, since the Company
does not have an unconditional right to defer settlement for any of these obligations.

D New Labour Code Impact:

The Government of India, on 21^st November 2025, notified implementation of four new labour codes â Code on
Wages (2019), Industrial Relations Code (2020), Code on Social Security (2020), and Occupational Safety, Health
and Working Conditions Code (2020) (hereinafter referred to as "the New Labour Codesâ).

The New Labour Codes prescribe an uniform definition of the term âwagesâ, which is also relevant for determination
of post-employment benefits including gratuity to all employees. In accordance with the definition, wages means
all remuneration including basic pay, dearness allowance and retaining allowance but does not include certain
specified items forming part of remuneration and in the event the quantum of those specified items exceed 50% of
total remuneration, such excess is deemed to be considered as wages.

The revised definition of wages has resulted in an increase in obligation of '' 3.89 Crores (Gratuity of '' 3.86 Crores &
Leave Encashment of '' 0.03 Crores) in respect of services rendered in prior periods, and the Company has treated
such incremental impact as past service cost and recognised as exceptional items.

â¢ Loans and Advances shown above are given for business purposes, to subsidiaries,step down subsidiary & associate
companies fall under the category of Loans and Advances in nature of Loans where there is no repayment schedule
and are re-payable on demand. Company has not given loan to Promoters, Directors, and KMP. Loans given to
employees as per the Companyâs policy are not considered.

â¢ (*) There is a change in the terms of inter corporate deposit(ICD) granted to Delta Pleasure Cruises Company Private
Limited (DPCCPL) and Marvel Resort Private Limited (MRPL). Out of outstanding ICD amount '' Nil (Previous Year:
'' 175 crores) and '' Nil (Previous Year: '' 95 Crores) has been considered as quasi equity and hence classified under
investment value of DPCCPL and MRPL respectively as "Deemed Equity Investmentâ.

38 LEASES

The Companyâs lease asset classes primarily consist of leases for land and buildings. The lease period for these
contracts varies from 11 months to 5 years, in certain cases, mainly relating to rent of (parts of) buildings, with
extension options. The Right-of-use assets and Lease liabilities as disclosed below, do not include short term and low
value leases. In general, as usual with leases, the Companyâs obligations under its leases are secured by the lessorâs
title to or legal ownership of the leased assets.

a. Right-of-Use Assets

The movement in Right-of-use assets has been disclosed in Note 2(i).

c. Rent expenses recorded for short term leases was '' 10.34 Crores (Previous Year : ''8.70 Crores) for the year
ended 31^st March, 2026.

d. The total cash out flows for leases are '' 21.11 Crores (Previous Year : '' 20.87 Crores) in the year, including the
payments relating to short term and low value leases.

e. The table below provides details regarding the contractual maturities of lease liabilities on an undiscounted
basis:

Note:

In calculating diluted earnings per share for the year, the effect of dilutive Employee Stock Options (ESOP) and
Employee Stock Appreciation Rights (ESAR) outstanding till the date of actual exercise of option is considered.

40 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Companyâs activities expose it to variety of financial risks namely market risk, credit risk and liquidity risk. The Company
has various financial assets such as deposits, trade and other receivables and cash and bank balances directly related to
their business operations. The Companyâs principal financial liabilities comprise of trade and other payables.

The Companyâs senior managementâs focus is to foresee the unpredictability and minimize potential adverse effects on the
Companyâs financial performance. The Companyâs overall risk management procedures to minimise the potential adverse
effects of financial market on the Companyâs performance are as follows :

a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises three types of risks namely interest rate risk, currency risk and other price
risk, such as commodity risk. The Company is not exposed to other price risk whereas the exposure to currency risk
and interest risk is given below :

i) Interest Rate Risk & Sensitivity Analysis

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. Since the Company does not have any material interest bearing borrowings,
the exposure to risk of changes in market interest rates does not have any material impact on the financial
statements. The Company has not used any interest rate derivatives.

ii) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates and arises where transactions are done in foreign currency. It arises mainly
where receivables and payables exist due to transactions entered in foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows
established risk management policies including use of derivatives like foreign exchange forward contracts to
hedge foreign currency risk. The Company does not enter into financial instrument transactions for trading or
speculative purposes. Unhedged exposure at any point of time during the year is not material.

Foreign currency sensitivity

The following table demonstrate the sensitivity to a reasonably possible change in foreign exchange rates,
being the most transacted currencies with all other variables held constant. The exchange rate between Rupee
and other foreign currencies have changed substantially in the recent years and may fluctuate substantially in
the future. The below impact on the Companyâs profit before tax and equity is based on changes in the fair value
of unhedged foreign currency monetary assets and liabilities as at balance sheet date.

b) Credit Risk

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 counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterpartyâs
ability to meet its obligations,

The Company measures the expected credit loss of trade receivables based on historical trend, industry
practices and the business environment in which the entity operates. Loss rates are based on actual credit
loss experience and past trends. Based on the historical data, additional loss on collection of receivable is
recognised.

Trade Receivables:

The maximum exposure to the credit risk at the reporting date is primarily from trade receivable amounting to
'' 3.14 crores as on 31^st March, 2026 (Previous Year : '' 4.09 Crores).

Cash and Cash Equivalent:

The Company held balance with bank under cash and cash equivalent of '' 15.57 Crores as on 31^st March, 2026
(Previous Year : '' 19.88 Crores). The balance with bank under cash and cash equivalent are held with different
banks with good credit ratings.

Investments:

The Company is exposed to price risks arising from equity and mutual fund investments. Certain of the
Companyâs equity investments are held for strategic rather than trading purposes.

Price sensitivity analysis:

The sensitivity analysis below have been determined based on the exposure to equity and mutual fund price
risks at the end of the reporting year.

Above referred sensitivity pertains to quoted equity investment & Mutual Fund. Profit for the year would
increase/ (decrease) as a result of gains/losses on equity securities/ Mutual Fund as at fair value through Other
Comprehensive Income/ profit or loss, respectively. There will also be a corresponding impact on equity.

c) Liquidity Risk

Liquidity risk is the risk that company will not be able to meet its financial obligations as they fall due. Liquidity risk
arises because of the possibility that the Company could be required to pay its liabilities earlier than expected
or encounters difficulty in raising funds to meet commitments associated with financial liabilities as they fall due.
The Companyâs approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due. The Company manages liquidity risk by maintaining sufficient cash and
bank balance and availability of funding through adequate amount of committed credit facilities.

The following methods and assumptions were used to estimate the fair values :

Fair value of cash and bank balances, trade and other financial current and non-current assets, loans, trade payables,
other financial current and non-current liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments. Methods and assumptions used to estimate the fair values are consistent with those
used for the year ended 31^st March, 2026.

b) Fair Value Hierarchy and Method of Valuation

During the reporting period ending 31^st March, 2026 and 31^st March, 2025, there were no transfers between Level1
and Level 2 fair value measurements.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by
valuation technique :

Level 1 : Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable,
either directly or indirectly.

Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on
observable market data.

Description of significant unobservable inputs to valuation

The following table shows the valuation techniques and inputs used for financial instruments that are not carried at
fair value :

42 CAPITAL MANAGEMENT

For the purpose of the Companyâs capital management, capital includes issued equity capital and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Companyâs capital management
is to safeguard the Companyâs ability to remain as a going concern and maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions,
annual operating plans and long-term and other strategic investment plans. In order to maintain or adjust the capital
structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or
issue new shares. The current capital structure of the Company is equity based with no financing through borrowings
except through leasing. The Company is not subject to any externally imposed capital requirements.

No changes were made in the objectives, policies or processes for managing capital during the year ended 31^stMarch, 2026 and 31^st March, 2025

43 SEGMENT REPORTING :

In accordance with paragraph 4 of Ind AS 108 âOperating Segmentâ, segment information has been given in the
consolidated financial statements of the Company and therefore, no separate disclosure on segment information is
given in these Standalone financial statements.

44 EXCEPTIONAL ITEMS :

For the year ended 31^st March, 2026, the exceptional item comprises of additional impact of gratuity expenses for past
Service of '' 3.86 Crores and leave encashment of '' 0.03 Crores due change in labour code w.e.f 21^st November, 2025.
Previous Year exceptional item includes a gain (net of expenses) of '' 57.14 Crores on the sale of 51% equity shares of
the subsidiary company, Deltatech Gaming Limited and a loss of '' 0.15 Crores arising from the strike-off of the wholly
owned, non-material foreign subsidiary, Delta Offshore Developers Ltd.

45 CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENDITURE

a) Gross amount required to be spent by the Company during the financial year 2025-26 is '' 4.39 Crores (Previous
Year: '' 3.94 Crores)

The Board of Directors has recommended final Equity dividend of '' 0.50 per equity share (Previous year : '' 1.25 per
equity share) for the financial year 2025-26, which is subject to the approval of shareholders in the annual general
meeting.

No adjusting or significant non-adjusting events have occurred between the 31^st March reporting date and the date
of authorisation.

The Board of Directors of the Company at its meeting held on 6^th December, 2024 have approved Revised Composite
Scheme of Arrangement amongst Delta Corp Limited and Deltin Hotel & Resorts Private Limited (DHRPL) (WOS of
DPPL) and Delta Penland Limited (DPL) (WOS of DCL) and Deltin Cruises and Entertainment Private Limited (DCEPL)
(WOS of DCL) and their respective shareholders and creditors under Sections 230 to 232 read with Section 66 and
other applicable provisions of the Companies Act, 2013 ("Revised Schemeâ) and the same was filed with Stock
Exchanges under Regulation 37 of Listing Regulation. The Scheme will be effective from 1^st April 2025. Approval from
NSE and BSE has been received. Pending receipt of approval from Mumbai Bench of the National Company Law
Tribunal (âNCLTâ), no adjustments have been made in the standalone financial statements.

a) Details of the Employee Share Option Plan of the Company

Pursuant to the approval of Board of Directors and the Shareholders of the Company a Scheme called "Delta Corp
Employee Stock Options Scheme - 2009 (" DELTACORP ESOS 2009"), the company grants benefits to eligible
employee by granting Stock Options ( "Optionsâ).

Options granted under DELTACORP ESOS 2009 would vest not less than one year and not more than five years from
the date of grant of such options. Vesting of options would be subject to continued employment with the Company
and thus the options would vest on passage of time.

The options are granted at the price determined by the Nomination Remuneration Compensation Committee. Each
option entitles the holder to exercise the right to apply for and seek allotment of one equity share of '' 1/- each. The
Option granted in Financial Year 2017-18 and 2018-19 shall vest in three installments. On 23^rd September, 2019,
terms of option granted in FY 2018-19 have been modified, repriced and vesting period reduced to three years from
four years. Accordingly fair value recalculated with modified terms. Details of options granted during the financial
year 2017-18 & 2018-19 duly approved by the Nomination Remuneration Compensation Committee under the said
scheme are given below.

Each employee share option converts into one equity share of the Company on exercise. No amounts are paid or
payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights.
Options may be exercised at any time from the date of vesting to the date of their expiry.

Fair value of share options granted

Options were priced using a Black Scholes Option Pricing Model. Where relevant, the expected life used in the model
has been adjusted based on managementâs best estimate for the effects of non-transferability, exercise restrictions
and behavioral considerations. Expected volatility is based on the historical share price volatility over the past 3 yeas.

b) Details of the Employee Share Appreciation Rights of the Company

The Nomination Remuneration Compensation Committee has granted Employee Stock Appreciation Rights ("ESARâ)
on 17^th March, 2020 and 10^th November, 2020 to certain eligible employees pursuant to the Companyâs Employee
Stock Appreciation Rights plan, ("Planâ). The grant price is determined based on a formula as defined in the Plan.
There are scheme under each plan with different vesting periods. The Plans is a administered by the Nomination
Remuneration Compensation Committee.

An Employee Stock Appreciation Right (ESAR) is an award which provides the holder with the ability to profit from the
appreciation in value of a set number of shares of company stock over a set period of time. The valuation of a stock
appreciation right operates exactly like a stock option in that the employee benefits from any increases in stock price
above the price set in the award. However, unlike an option, the employee is not required to pay an exercise price to
exercise them, but simply receives the net amount of the increase in the stock price in either shares of company stock
or Cash, as decided by The Nomination Remuneration Compensation Committee.

Fair value of Employee Share Appreciation Rights (ESAR)

ESAR were priced using a Black Scholes Option Pricing Model. Where relevant, the expected life used in the model
has been adjusted based on managementâs best estimate for the effects of non-transferability, exercise restrictions
and behavioral considerations. Expected volatility is based on the historical share price volatility over the past 3 years.

Note:

a) Volatility:

Volatility is a measure of the amount by which a price has fluctuated or is expected to fluctuate during the
year. The measure of volatility is used in Black Scholes annualized standard deviation of the continuously
compounded rate of return on the stock over a period of time. The Company considered the daily historical
volatility of the Companyâs expected life of each vest.

b) Risk Free Rate:

The risk free rate being considered for the calculation is the interest rate appl