(b) Terms and rights attached to equity shares:
The Company has only one class of shares referred to as equity shares having par value of ? 1 each. The holder of each equity share 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 any of the 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.
(c) Aggregate number of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash, by way of bonus shares and shares bought back from the date of incorporation of Company:
The Company did not issue any shares pursuant to contract(s) without payment being received in cash
The Company did not issue bonus shares.
The Company has not undertaken any buy back of shares.
Note 15. Nature and purpose of other equity Capital reserve
Accumulated capital reserve not available for distribution of dividend and expected to remain invested permanently.
Securities premium
The unutilised accumulated balance represents excess of issue price over face value on issue of shares. This reserve is utilised in accordance with the provisions of the Act.
General reserve
This represents appropriation of profit and is available for distribution of dividend.
Share options outstanding account
This account used to recognise the grant date fair value of options issued to eligible employees pursuant to the Company's employee stock option plan.
Retained earnings
Retained earnings represent the amount of accumulated earnings and re-measurement differences on defined benefit plans recognised in OCI within equity.
16.1 Nature of security of non-current borrowings and other terms of repayment as at 31 March 2026
16.1.1 Indian rupee term loans amounting to f 857.14 million (31 March 2025: f 1,285.71 million) from Axis Bank Limited is secured by a first pari-passu charge created on entire movable fixed assets of the Company. This is repayable in 14 equal quarterly installments from December 2024.
16.1.2 Indian rupee term loans amounting to f 1,200.00 million (31 March 2025: f 1,470.00 million) from HDFC Bank Limited is secured by a first pari-passu charge created on entire movable fixed assets of the Company. This is repayable in 16 structured quarterly installments from December 2024.
16.1.3 Indian rupee term loans amounting to f 1,080.00 million (31 March 2025: f 1,200.00 million) from HDFC Bank Limited is secured by a first pari-passu charge created on entire movable fixed assets of the Company. This is repayable in 16 structured quarterly installments from June 2025.
The term loans carry floating interest rate calculated in accordance with the terms of the arrangement which is a specified benchmark rate (reset at periodic intervals), adjusted for agreed spread. During the year ended 31 March 2026, the interest rate on long-term Indian rupees term loans range from 5.62% to 8.05% per annum (31 March 2025: 7.09% to 8.60% per annum).
16.1.4 Loan from subsidiary amounting to f 595 million (31 March 2025: f 860 million) repayable upto five years from the
date of disbursement and carries interest rate in range from 6.63% to 7.07% (31 March 2025: 6.65% to 7.78%) per annum. The loan from subsidiary, classified as current borrowings is in accordance with the request letter received from the subsidiary for payment to be made during the financial year 2025-26.
16.2 Nature of security of current borrowings and other terms of repayment as at 31 March 2026
16.2.1 Working capital facilities and demand loan sanctioned by consortium of banks are secured by a first charge by way
of hypothecation, ranking pari-passu inter-se banks, of the entire book debts and receivables, and inventories, both present and future, of the Company wherever the same may be or be held. Working capital loans are repayable as per terms of agreement within one year. Such working capital facilities are availed in Indian rupees which carry floating interest rate calculated in accordance with the terms of the arrangement which is a specified benchmark rate (reset at periodic intervals), adjusted for agreed spread. During the year ended 31 March 2026, the interest rate on short-term Indian currency loans range from 5.08% to 9.10% per annum (31 March 2025: 6.00% to 10.10% per annum).
The amount of ? 778.67 million recognised in contract liabilities as at 01 April 2024 is in nature of advance from customers which has been recognised as revenue for the year ended 31 March 2025. The amount of ? 620.83 million recognised in contract liabilities as at 31 March 2025 is in nature of advance from customers which has been recognised as revenue for the year ended 31 March 2026. The amount of ? 516.44 million recognised in contract liabilities as at 31 March 2026 shall be recognised as revenue for the year ended 31 March 2027.
(B) Defined benefit plans
i. Gratuity
In accordance with Ind AS 19 “Employee Benefits”, an actuarial valuation has been carried out in respect of gratuity. The discount rate is 7.67% p.a. (31 March 2025: 6.90% p.a.) which is determined by reference to market yield on Government bonds at the Balance Sheet date.
The retirement age has been considered at 58 years (31 March 2025: 58 years) and mortality table is as per IALM (2012-14) (31 March 2025: IALM (2012-14)). Expected average remaining working lives of employees are 16.75 years (31 March 2025: 16.55 years) and weighted average duration are 5.30 years (31 March 2025: 6.23 years)
The estimates of future salary increases, considered in actuarial valuation is 10% p.a., for first three years and 6% p.a. thereafter (31 March 2025: 10% p.a. for first three years and 6% p.a. thereafter), taking into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
The plan assets are maintained with Life Insurance Corporation of India in respect of gratuity scheme for certain employees of a unit of the Company. The details of investments maintained by Life Insurance Corporation are not available with the Company, hence not disclosed. The expected rate of return on plan assets is 7.67% p.a. (31.March 2025: 6.90% p.a.).
(C) Risk exposures:
These plans typically expose the Company to the following actuarial risks:
Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.
Interest rate risk: A fall in the discount rate, which is linked, to the Government Bond rate will increase the present value of the liability requiring higher provision.
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.
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.
Sensitivities due to mortality and withdrawals are not material. Hence, impact of change is not calculated above.
Sensitivities as to rate of inflation, rate of increase of pensions in payment, rate of increase of pensions before retirement and life expectancy are not applicable being a lump sum benefit on retirement.
The sensitivity analysis above has been determined based on reasonably possible changes of the respective assumptions occurring at the end of the year and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant.
The following methods/assumptions were used to estimate the fair values:
(a) Fair valuation of financial assets and liabilities with short term maturities is considered as approximate to respective carrying amount due to the short term maturities of these instruments. Further, the fair value disclosure of lease liabilities is not required.
(b) Fair valuation of non-current financial assets has been disclosed to be same as carrying value as there is no significant difference between carrying value and fair value.
(c) Long term borrowings taken by the Company are as per the Company's credit and liquidity risk assessment and there is no comparable instrument having the similar terms and conditions with related security being pledged and hence the carrying value of the borrowings represents the best estimate of fair value.
Note 34. Financial risk management Risk management framework
The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework.
The Company, through three layers of defense namely policies and procedures, review mechanism and assurance aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations. The Audit committee of the Board of Directors with top management oversees the formulation and implementation of the risk management policies. The risks are identified at business unit level and mitigation plan are identified, deliberated and reviewed at appropriate forums.
The Company has exposure to the following risks arising from financial instruments:
- credit risk (see (i));
- liquidity risk (see (ii)); and
- market risk (see (iii)).
i. Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables from customers, loans and investments and other financial assets. The carrying amount of financial assets represents the maximum credit exposure.
Trade receivables and other financial assets
The Company has established a credit policy under which each new customer is analysed individually for creditworthiness before the Company's standard payment and delivery terms and conditions are offered. The Company's review includes external ratings, if they are available, financial statements, credit agency information, industry information and business intelligence. Sale limits are established for each customer and reviewed annually. Any sales exceeding those limits require approval from the appropriate authority as per policy.
In monitoring customer credit risk, customers are grouped according to their credit characteristics, including whether they are an individual or a legal entity, whether they are institutional, dealers or end-user customer, their geographic location, industry, trade history with the Company and existence of previous financial difficulties.
As at 31 March 2026 and 31 March 2025, there is no major customer not meeting the credit risk policies of the Company. Expected credit loss with respect to trade receivables:
With respect to trade receivables, based on internal assessment which is driven by the historical experience/current facts available in relation to default and delays in collection thereof, the credit risk for trade receivables is considered low. The Company estimates its allowance for trade receivable using lifetime expected credit loss. The balance past due for more than 6 months (net of expected credit loss allowance) is ? 40.19 million (31 March 2025: ? 26.02 million). The Company recognises allowance for expected credit loss at full value for disputed receivables and undisputed receivables outstanding for more than one year.
The average credit period generally ranges from 30 to 90 days on sale of products. The Company computes expected credit loss alllowance based on a provision matrix. The provision matrix is prepared based on historicallly observed default rates over the expected life of trade receivables and is adjusted for forward-looking estimates. Our historical experience of collecting receivables indicates a low credit risk. Hence trade receivables are considered to be a single class of financial assets. The provision matrix for expected credit loss with respect to trade receivables for balance outstanding from the date of transaction upto six months is 0.03%, more than six months upto 1 year is 14.60% and over one year is 49.89%.
Expected credit loss with respect to other financial asset:
With regards to all financial assets with contractual cash flows, other than trade receivables, management believes these to be high quality assets with negligible credit risk. The management believes that the parties, from which these financial assets are recoverable, have strong capacity to meet the obligations and where the risk of default is negligible and accordingly no allowance for excepted credit loss has been provided on these financial assets.
ii. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.
The Company's treasury department is responsible for managing the short-term and long-term liquidity requirements. Short-term liquidity situation is reviewed daily by the treasury department. Long-term liquidity position is reviewed on a regular basis by the Board of Directors and appropriate decisions are taken according to the situation.
iii. Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Currency risk
The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in which sales, purchases and borrowings are denominated and the functional currency of the Company. The currencies in which the Company is exposed to risk are EUR and USD.
The Company follows a natural hedge driven currency risk mitigation policy, to the extent possible. Any residual risk is evaluated and appropriate risk mitigating steps are planned, including but not limited to, entering into forward contracts and interest rate swaps.
Interest rate risk
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. The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The borrowings of the Company are principally denominated in INR with a mix of fixed and floating rates of interest. The Company has exposure to interest rate risk, arising principally on changes in base lending rate.
Note 35. Capital management (a) Risk management
The Company's objectives when managing capital are to:
Ý Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders; and
Ý Maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio:
'Net debt' (total borrowings net of cash and cash equivalents and other bank balances) divided by 'Total equity' (as shown in the Balance Sheet).
The sensitivity analyses below have been determined based on the exposure to interest rates for floating rate liabilities assuming the amount of the liability outstanding at the year-end was outstanding for the whole year.
If interest rates had been 25 basis points higher or lower and all other variables were held constant, the Company's profit before tax and other equity for the year ended 31 March 2026 would decrease or increase by ? 17.62 million (31 March 2025: ? 19.64 million). This is mainly attributable to the Company's exposure to interest rates on its floating rate borrowings.
The Board of Directors at their meeting held on 26 May 2026 have recommended a final dividend of ? 2.50 (250%) per equity share of ? 1 each amounting to ? 398.20 million for the year ended 31 March 2026 subject to approval in ensuing Annual General Meeting. During the year ended 31 March 2026, the Company has already declared an interim dividend of ? 2.50 per equity share of ? 1 each and hence, the total dividend for the year ended 31 March 2026 is amounting to be ? 796.41 million i.e. ? 5.00 (500%) per equity share of ? 1.
Note 36. Segment information Business Segments
The CEO and Managing Director of the Company have been identified as the Chief Operating Decision Maker (CODM) as defined by Ind AS 108 “Operating Segments”. Operating Segments have been defined and presented based on the regular review by the CODM to assess the performance of each segment and to make decision about allocation of resources. Accordingly, the Company has determined reportable segments by the nature of its products and services, which are as follows:
a. Speciality chemicals: i) Bio-Pyridine & Bio-Picolines ii) Fine chemicals iii) Agro chemicals iv) Custom development and manufacturing organization v) Microbial control solutions.
b. Nutrition & Health solutions: i) Nutrition and health ingredients ii) Animal and human nutrition health solutions .
c. Chemical intermediates: - i) Acetyls ii) Speciality ethanol.
The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.
No operating segments have been aggregated to form the above reportable operating segments.
Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.
Revenue, expenses, assets and liabilities which relate to the Company as a whole and not allocable to segments on reasonable basis have been included under 'unallocated revenue or expenses or assets or liabilities'.
Finance costs and fair value gains and losses on certain financial assets are not allocated to individual segments as the underlying instruments are managed on a Company basis.
Borrowings, current taxes, deferred taxes and certain financial assets and liabilities are not allocated to the segments and have been included under 'unallocated assets or liabilities'.
Information related to each reportable segment is set out below. Segment results (profit before interest and tax) is used to measure performance because management believes that this information is most relevant in evaluating the results of the respective segments relative to other entities that operate in the same industries.
Note No. 37. Related Party Disclosures
1 Related parties where control exists or with whom transactions have taken place:
a) Subsidiaries including step-down subsidiaries:
Jubilant Life Sciences (Shanghai) Limited, Jubilant Ingrevia (USA) Inc. (formerly known as Jubilant Life Sciences (USA) Inc.), Jubilant Infrastructure Limited, Jubilant Life Sciences NV, Jubilant Ingrevia International Pte. Ltd (formerly known as Jubilant Life Sciences International Pte. Ltd.), Jubilant Ingrevia Employee Welfare Trust, Jubilant Agro Sciences Limited, Remidex Pharma Private Limited (from 30 March 2026).
b) Enterprise in which certain directors are interested or are in common:
Jubilant Pharmova Limited, Jubilant Biosys Limited, Jubilant Agri and Consumer Products Limited, Jubilant Generics Limited, Jubilant Business Services Limited, Jubilant Enpro Private Limited, Jubilant FoodWorks Limited, Jubilant Consumer Private Limited, PSI Supply NV, Jubilant Pharmaceuticals NV, Jubilant HollisterStier LLC, JOGPL Private Limited, Jubilant Therapeutics India Limited, Jubilant Motorworks Limited, Jubilant Clinsys Limited, Jubilant DraxImage Limited, Jubilant First Trust Healthcare Limited, Jubilant Cadista Pharmaceuticals Inc. Jubilant DraxImage Inc., Jubilant HollisterStier General Partnership, Jubilant FoodWorks International Investments Limited, Hindustan Media Ventures Limited, Jubilant Employees Welfare Trust, Jubilant Bevco Limited, Jubilant Beverages Limited, Jubilant Softdrinks Limited.
c) Key management personnel (KMP):
Mr. Hari S. Bhartia (designated as Co-Chairman and Whole-Time Director) , Mr Deepak Jain (CEO & Managing Director) , Mr. Chandan Singh Sengar (upto 31 October 2024), Mr. Vijay Kumar Srivastava (Chief of Operations & Whole-Time Director from 01 November, 2024), Mr. Prakash Chandra Bisht (President & CFO upto 30 June 2024), Mr. Varun Gupta (President & CFO from 12 August, 2024), Ms. Deepanjali Gulati (Company Secretary).
d) Non-executive directors:
Mr. Shyam S. Bhartia, Mr. Arjun Shankar Bhartia (till 31 July, 2025), Mr. Priyavrat Bhartia, Ms. Aasthi Bhartia (from 01 August, 2025) , Ms. Sudha Pillai, Mr. Arun Seth, Mr. Sushil Kumar Roongta, Mr. Pradeep Banerjee, Mr. Siraj Azmat Chaudhary, Ms. Ameeta Chatterjee.
e) Associates:
Mister Veg Foods Private Limited, AMP Energy Green Fifteen Private Limited, O2 Renewable Energy XVIII Private Limited
f) Other:
Jubilant Bhartia Foundation
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Note 38. Contingent liabilities to the extent not provided for:
(i) Claims against the Company, disputed by the Company, not acknowledged as debt:
(? in million)
|
|
As at 31 March 2026
|
As at 31 March 2025
|
|
Central excise (1)
|
303.86
|
303.86
|
|
Customs (1)
|
334.71
|
331.33
|
|
Sales tax (2)
|
79.93
|
79.93
|
|
Income tax (3)
|
1,762.58
|
1,705.40
|
|
Service tax and goods and services tax (4)
|
64.24
|
139.46
|
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State excise (1)
|
1,667.86
|
715.17
|
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Others (5)
|
323.48
|
248.08
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(1) The central excise, state excise and customs related matters are primarily related to cenvat credit availment, levy of additional fee by the authorities on imports/exports and concessional rate for import duty respectively.
(2) The sales tax related matters are primarily related to short value added tax paid on procurement of molasses.
(3) The income tax related contingent liabilities are primarily comprising of transfer pricing matters and also certain disallowances in corporate tax matters.
(4) The service tax and goods and services tax related matters are primarily related to service tax demands on ocean freights and goods and service tax credit availment.
(5) Other matters are primarily related to additional demand for environmental clearances and certain employee's related matters.
(6) Future cash outflows in respect of the above matters are determinable only on receipt of judgments/decisions pending at various stages/forums.
(d) The weighted average incremental borrowing rate applied to discount lease liabilities is in the range of 7.19% - 8.01%.
Note 41. Other operating income includes primarily sale of scrap amounting to ? 106.50 million (31 March 2025: ? 235.45 million) and government grants amounting to ? 233.96 million (31 March 2025: ? 190.48 million) relating to export sales incentives. The balance in grants receivable from government authorities amounts to ? 68.43 million as at 31 March 2026 (31 March 2025: ? 45.16 million).
Note 42. During the year, finance costs amounting to ? 92.12 million (31 March 2025: ? 152.28 million) has been capitalised in property, plant and equipment, calculated using capitalisation rate of 6.32% (31 March 2025: 7.51%)
(7) The Company believes that none of these matters, either individually or in aggregate, are expected to have any material impact on its financial statements.
Note 39. Commitments as at year end
a) Capital commitments:
Estimated amount of contracts remaining to be executed on capital account (net of advances) is ? 1,412.46 million (31
March 2025: ? 362.01 million) for property, plant and equipment and ? 1.72 million (31 March 2025: ? 5.51 million) for
intangible assets.
b) Other commitments:
i. The Company has total commitment for short term leases as at 31 March 2026 is ? 2.22 million (31 March 2025: ? 0.78 million).
ii. As on 31 March 2026, the Company has made a commitment to invest ? 5.13 million ( 31 March 2025: ? 25.63 million) in O2 Renewable Energy XVIII Private Limited engaged in electricity generation through solar and wind energy.
iii As at 31 March 2026, the Company has outstanding letter of credits amounting to ? 979.10 million (31 March 2025: ? 205.14 million).
iv. The Company has provided support letter to Jubilant Agro Sciences Limited ('Subsidiary Company') for providing operational and financial support for a period of 12 months from 31 March 2026.
(iv) Shortfall at the end of the year: Nil
(v) Total of previous years shortfall: Nil
(vi) Reason for shortfall,: Not applicable
(vii) Nature of CSR activities: The CSR activity focus areas are health, education and livelihood to improve the quality of the life of the community around the manufacturing locations, which is considered as apex stakeholder.
(viii) Details of related party transactions: Refer note 37
(ix) Where a provision is made with respect to a liability incurred by entering into a contractual obligation, the movements in the provision during the year should be shown separately: Not applicable
(b) Donation includes ? Nil (31 March 2025: ? 62.50 million) to Prudent Electoral Trust during the year.
Note 44.
(i) The Company has not advanced or loaned or invested funds to any person or any entity, including foreign entities (intermediaries) with the understanding that the intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by a or on behalf of the Company (ultimate beneficiaries); or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
(ii) The Company has not received any fund from any person or any entity, including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by a or on behalf of the funding party (ultimate beneficiaries); or
(b) Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
Note 45.
The Company is required to use certain specific methods in computing arm's length price of international transactions with associated enterprises in accordance with transfer pricing legislation under section 92-92F of the Income-tax Act 1961 and maintains adequate documentation in this respect. The legislations require that such information and documentation to be contemporaneous in nature. The Company has appointed independent consultants for conducting the transfer pricing study to determine whether the transactions with associated enterprises undertaken during the financial year are on an arm's
length basis. The Company is in the process of conducting a transfer pricing study for the current financial year and expects such records to be in existence latest by the due date as required by law. However, in the opinion of the management, such transactions are at arm's length so that the aforesaid legislation will not have any impact on the financial statements, particularly on the amount of tax expense and that of provision for taxation.
Note 46:
The Ministry of Corporate Affairs (MCA) has prescribed a requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021, requiring companies which use accounting software for maintaining their books of account to use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled. The Company, in respect of financial year commencing on 1 April 2025, has used accounting software for maintaining its books of account which have a feature of recording audit trail (edit log) facility and the same have been operated throughout the year for all relevant transactions recorded in the software other than the consequential impact of the instances mentioned below. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with, other than the consequential impact of the instances mentioned below. Furthermore, other than the consequential impact of the instances mentioned below, the audit trail has been preserved by the Company as per the statutory requirements for record retention.
(i) The Company has used accounting software for maintenance of accounting records and employee related records which have a feature of audit trail enabled at the database level from 24 March 2025 and 03 January 2025 onwards respectively.
(ii) The Company has also used another accounting software for maintenance of revenue related records which is operated by a third-party software service provider. In the absence of any information on existence of audit trail (edit logs) for any direct changes made at the database level in the 'Independent Service Auditor's Assurance Report on the Description of Controls, their Design and Operating Effectiveness' ('Type 2 report' issued in accordance with SAE 3402, Assurance Reports on Controls at a Service Organization), we are unable to demonstrate whether audit trail feature with respect to the database of the said software was enabled and operated throughout the year.
Note 47. Employee stock option scheme
The Company has a stock option plan in place namely “Jubilant Ingrevia Employees Stock Option Plan 2021” (“Plan 2021”).
The Nomination, Remuneration and Compensation Committee ('Committee') of the Board of Directors ('Board') which comprises a majority of Independent Directors is responsible for administration and supervision of the Stock Option Plan.
Under Plan 2021, up to 2,000,000 Stock Options can be issued to eligible directors (other than promoter directors and independent directors) and other specified categories of employees of the Company / subsidiaries.
Fair value of options granted:
The weighted average fair value of options granted during the year for Plan 2021 was ' 844.07 (31 March 2025: ' 784.61) per option. The fair value at grant date is determined using the Black-Scholes-Merton model which takes into account the exercise price, the term of the option, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option.
Note: During the year, effective 21 November 2025, the Government of India has consolidated multiple existing labour legislations into a unified framework comprising of four Labour Codes • the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020, collectively referred to as the 'New Labour Codes'. The enactment of these codes has resulted in changes to the computation of certain employee benefits primarily due to change in definition of 'wages' under these Codes. Based on the currently available information, the Company has assessed the impact of these changes in accordance with Ind AS 19 - Employee Benefits and the guidance issued by the Institute of Chartered Accountants of India (ICAI). The resulting additional employee benefits expense of '122.21 millions, being material and non-recurring, has been presented under “Exceptional Items” in the financial results for the year ended 31 March 2026. Subsequently, on 08 May 2026, the Central Government notified the Code of Wages (Central) Rules, 2026 and the Company is currently evaluating the consequential impact of these Rules. The Company continues to monitor developments pertaining to the Labour Codes and would provide appropriate accounting impact on the basis of such developments as needed.
Note 50. Detail of immovable properties where title deed is not held in the name of the Company is as follows:
The title/lease deeds of all the immovable properties (which are included under the head 'property, plant and equipment' and 'right of use assets') are held in the name of the Company, except for the title/lease deeds of some of the immovable properties, are as mentioned in table below, which stand transferred from Jubilant Pharmova Limited (Demerged Company) to the Company, pursuant to composite scheme of arrangement approved vide formal order dated 06 January 2021 by National Company Law Tribunal, Allahabad Bench, in Company Petition No. 195/Ald/2020, effective 01 February 2021, wherein the title/lease deeds are in process of being transferred in the name of the Company.
Note 53. 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 has not traded or invested in Crypto currency or Virtual currency during the financial year.
iii. The Company does not have any such transaction which is 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.
iv. The Company is not declared willful defaulter by any bank or financials institution or lender during the year.
v. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
vi. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies act, 2013 read with the companies (restriction on number of layers) rule, 2017.
vii. Quarterly returns or statements of current assets filed by the Company with banks are in agreement with the unaudited books of accounts and no material discrepancy was noticed with the reviewed/ audited books of account.
viii. No loans are granted to promoters, directors, KMPs and the related parties either severally or jointly with any other person, that are: (a) repayable on demand; or (b) without specifying any terms or period of repayment.
Note 54.
Previous year figures have been regrouped/ reclassified to conform to the current year's classification. The impact of such
reclassification/regrouping is not material to the financial statements.
The accompanying notes, including summary of material accounting policy information and other explanatory information form an integral
part of the standalone financial statements
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