FINANCIAL STATEMENTS
CONSOLIDATED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026
Further, during the previous year, the Company has received
3.56 crores from Reliance Capital as full and final settlement towards investments in its two non-convertible debentures series. The Company had already made good the loss while transferring the PF corpus to the Employees’ Provident Fund Organisation (EPFO) by considering the fair value of securities at 1 each. Total face value of investments was 6 crores. During the previous year, the Company had received 2,00,000 units of Roadstar Infra Investment Trust (RIIT) having a face value of 100 per unit, aggregating to 2 crores, under Round 2 and Round 3 of interim distribution from IL&FS. Although these units are listed on the stock exchange, there has been no active trading and fair price discovery remains pending. Consequently, the Company has recognised the investment at a nominal fair value of 0.22 as on 31.03.2026. As per the stock exchange filing of Gujarat Gas Limited (GGL) on 17.04.2026, Hon’ble MCA, vide its order dated 08.04.2026, has sanctioned the Composite Scheme of Arrangement wherein the Gujarat State Petroleum Corporation Limited (GSPC), Gujarat State Petronet Limited (GSPL) will be amalgamated with the GGL.
All the Companies involved in the Composite Scheme of Arrangement have filed certified copy of the aforesaid Order, along with a copy of the Composite Scheme of Arrangement, in e-Form INC-28 with the Registrar of Companies, Ahmedabad on 01.05.2026 and the Scheme has become effective. Further, GGL has fixed 12.05.2026 as the Record Date for determining the shareholders of GSPC and GSPL who shall be issued and allotted the shares of GGL under the Scheme. Considering the above facts, the Company, has considered this event as an adjusting event under Ind AS 10. Accordingly, the Company has de-recognised the investments in GSPC and GSPL as on 31.03.2026 and recognised the shares to be received from GGL, as per the approved share exchange ratio, at market price of GGL as on last trading day of financial year. The impacts of 11.31 crores is recognised in other comprehensive income as per the option already selected by the company at the time of adoption of Ind AS. The fair value of the quoted equity investments are derived from quoted market prices in active market. Investments include investment in unquoted equity shares. Fair value of unquoted investment in equity instrument have been carried out by independent valuer using Net Assets Value model and comparable companies model following Market Approach and Asset Approach. The valuation requires management to make certain assumptions about the model inputs, including forecast cash flows, discount rate, credit risk, volatility, net assets and market multiples. The probabilities of various estimates within the range can be reasonably assessed and are used in management's estimates for fair value for these unquoted equity instruments. Reconciliation of fair value measurement of the investments in equity shares
Opening Balance Add : Investment made during the year Add : Fair value gain / (loss) recognised in Other Comprehensive Income Closing Balance
(75.69) 871.19 th
296 | 50 Annual Report 2025-2026