FINANCIAL STATEMENTS
CONSOLIDATED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026
Sensitivity of the input to fair value
FVTOCI assets in unquoted equity shares (Bharuch Enviro Infrastructure Limited)
FVTOCI assets in unquoted equity shares (Bharuch Dahej Railway Company Limited)
Market Approach - Comparable companies
Market multiple
Cost Approach & Market approach - Comparable Company Multiple and Net Asset Value
Discount to Book Value
31 March 2026 :
Enterprise Value/ market multiple of 8.00 and 7.50 would result EBITDA market multiple in increase / (decrease) in fair value as of in the range of 7.50 to 8.00.
March 31, 2026 by crore.
0.18 crore / (
31 March 2025 : 30% - 40% (35%)
5% increase / decrease in the market multiple discount would result in decrease (increase) in fair value as of March 31, 2025 : 0.86 crore ( 0.85 crore)
31 March 2025 : 137.56 crores - ₹ 152.04 crores 144.80 crores)
7.24 crores increase / decrease in the EBITDA would result in increase / (decrease) in fair value as of March 31, 2025 : 0.56 crore ( 0.56 crore)
31 March 2026 :
Enterprise Value/ market multiple of 5.50 and 5.00 would result EBITDA market multiple in increase / (decrease) in fair value as of in the range of 5.00 to 5.50.
March 31, 2026 by crore.
0.85 crore / (
31 March 2025 : 25% - 35% (30%)
5% increase / decrease in the discount to book value would result in decrease (increase) in fair value as of March 31, 2025 : 1.45 crores ( 1.45 crores)
FVTOCI assets in unquoted equity shares (Ecophos GNFC India Private Limited)
As on March 31, 2020, the parent Company M/s EcoPhos S.A. holding 85% in the entity has applied for bankruptcy hence the Company has Fair valued the investment as
(Refer Note 8). During the year there is no change in bankruptcy status.
The SOTP approach is normally used for valuing a firm by separately assessing the value of each business segment or subsidiary or associate companies or Investments and adding them up to get thetotal value of the firm. The valuation approach used to value each Business/Investment Companies are Cost Approach/Market Approach/Income Approach. The appropriate approach method with appropriate adjustment is used considering size, nature and complexities of business/investment. Financial Instrument measured at amortised cost The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled. 49.3 : Financial Risk objective and policies: The Company’s principal financial liabilities, other than derivatives, comprise loans and borrowings, 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, deposits, investments, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Company also holds FVTOCI & FVTPL investments and enters into derivative transactions.
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