12A Deferred tax assets (net)


	As at March 31,		As at March 31,
	2025		2026		2026
	(INR)		(INR)		(USD)
Deferred tax assets (gross)
Compound financial instruments		3,466		3,459		37
Mark to market of derivative instruments		151		—		—
Difference in written down value of PPE and intangibles as per books of account and tax laws		70		7		0
Unamortised ancillary borrowing cost		1		1		0
Provision for decommissioning costs		592		811		9
Expected credit losses		182		69		1
Losses and unabsorbed depreciation available for offsetting against future taxable income		23,926		42,017		448
Unused tax credit (Minimum alternate tax)		292		346		4
Lease liabilities		666		817		9
Others		175		511		5
Deferred tax assets (gross) - Total (a)		29,521		48,038		512

Deferred tax liabilities (gross)
Mark to market of derivative instruments		667		1,006		11
Difference in written down value of PPE and intangibles as per books of account and tax laws		20,906		35,859		382
Unamortised ancillary borrowing cost		99		94		1
Right of use asset		712		700		7
Others		64		60		1
Deferred tax liabilities (gross) - Total (b)		22,448		37,719		402

Deferred tax assets (net) (a) - (b)		7,073		10,319		110

12B Deferred tax liabilities (net)


	As at March 31,
	2025		2026		2026
	(INR)		(INR)		(USD)
Deferred tax liabilities (gross)
Compound financial instruments		195		430		5
Mark to market of derivative instruments		797		637		7
Difference in written down value of PPE and intangibles as per books of account and tax laws		68,256		69,084		736
Unamortised ancillary borrowing cost		168		141		1
Right of use asset		561		880		9
Others		66		158		2
Deferred tax liabilities (gross) - Total (c)		70,043		71,330		760

Deferred tax assets (gross)
Mark to market of derivative instruments		14		—		—
Unamortised ancillary borrowing cost		9		2		0
Provision for decommissioning costs		1,685		1,635		17
Expected credit losses		399		304		3
Losses and unabsorbed depreciation available for offsetting against future taxable income		39,487		37,244		397
Unused tax credit (Minimum alternate tax)		2,722		3,395		36
Lease liabilities		737		1,025		11
Government grant (viability gap funding)		355		334		4
Others		154		264		3
Deferred tax assets (gross) - Total (d)		45,562		44,203		471
Deferred tax liabilities (net) (c) - (d)		24,481		27,127		289

12C Reconciliation of tax expense and the accounting profit multiplied by tax rate


	For the year ended March 31,
	2024			2025			2026			2026
	(INR)			(INR)			(INR)			(USD)
Accounting profit before income tax		8,142			10,034			13,620			145

Tax at the India's tax rate of 25.168% applicable to RPL (March 31, 2025: 25.168%)		2,540			2,525			3,428			37

Disallowance / (Allowance) under section 94B of the Income Tax Act (net) (1)		1,968			1,763			(1,003	)		(11	)
Tax rate differences		(115	)		(217	)		(498	)		(5	)
Unabsorbed depreciation and business losses (1) (2)		1,000			694			934			10
Change in estimates for recoverability of Minimum alternate tax		17			(53	)		(1	)		(0	)
Adjustment of tax relating to earlier periods		(528	)		582			137			1
On account of adoption of new tax law								—
- MAT credit written off		81			414			—			—
- Recognition / reversal of DTA/ DTL		(2	)		(49	)		—			—
Effect of tax holidays and other tax exemptions (3)		(288	)		(20	)		664			7
Other non-deductible expenses		(678	)		(196	)		(426	)		(5	)
Tax expense at the effective income tax rate		3,995			5,443			3,235			34
Current tax expense reported in the consolidated statement of profit or loss		981			1,514			3,775			40
Deferred tax expense reported in the consolidated statement of profit or loss		3,014			3,929			(540	)		(6	)
		3,995			5,443			3,235			34

Notes

(1)

The Group has not recognised DTA in absence of reasonable certainty towards its realisation. The net amount for 94B allowances for March 31, 2026 includes a credit of INR 1,922 representing a previously unrecognised DTA which the Group is now reasonably certain of realisation.

(2)

The amount is net off by INR Nil (March 31, 2025: INR 2,030, March 31, 2024: INR 1,064) that represents previously unrecognised DTA which was recognised in the current year.

(3)

The amount for March 31, 2026 includes a one time charge of INR 693 in few of the subsidiaries on account of their decision to move to the alternate lower tax regime and surrender future claim of tax holiday.


Particulars	Opening balance DTA / (DTL) as at April 1, 2023			Income / (expense) recognised in profit or loss			Income / (expense) recognised in OCI			Income / (expense) recognised in equity			Addition through business combination (refer Note 52)		Adjustment on account of sale of subsidiary			Closing balance DTA / (DTL) as at March 31, 2024
Compound financial instruments		2,554			380			—			(40	)		—		1			2,895
Gain / (loss) on mark to market of derivative instruments		(432	)		(268	)		(84	)		(275	)		—		287			(772	)
Difference in written down value of PPE & intangibles as per books of account and tax laws		(72,547	)		(8,775	)		—			—			—		3,237			(78,085	)
Unamortised ancillary borrowing cost		(310	)		(10	)		—			—			—		1			(319	)
Provision for decommissioning cost		4,312			(1,750	)		—			—			—		(37	)		2,525
Expected credit losses		384			38			—			—			—		—			422
Unabsorbed depreciation available for offsetting against future taxable income		51,202			5,160			711			—			—		(3,126	)		53,947
Tax losses available for offsetting against future taxable income		686			1,364			—			—			—		—			2,050
Minimum alternate tax		2,376			658			—			—			—		—			3,034
Lease liabilities		724			534			—			—			—		(91	)		1,167
Government grant (viability gap funding)		405			47			—			—			—		—			452
Right of use asset		(844	)		(417	)		—			—			—		87			(1,174	)
Others		681			25			3			—			—		—			709
		(10,809	)		(3,014	)		630			(315	)		—		359			(13,149	)

b) For the year ended March 31, 2025


Particulars	Opening balance DTA / (DTL) as at April 1, 2024			Income / (expense) recognised in profit or loss			Income / (expense) recognised in OCI			Income / (expense) recognised in equity			Addition through business combination (refer Note 52)		Adjustment on account of sale of subsidiary			Closing balance DTA/ (DTL) as at March 31, 2025
Compound financial instruments		2,895			407			—			(40	)		—		—			3,262
Gain / (loss) on mark to market of derivative instruments		(772	)		28			(32	)		(480	)		—		—			(1,256	)
Difference in written down value of PPE & intangibles as per books of account and tax laws		(78,085	)		(13,428	)		—			—			—		2,463			(89,050	)
Unamortised ancillary borrowing cost		(319	)		63			—			—			—		—			(256	)
Provision for decommissioning cost		2,525			(234	)		—			—			—		(15	)		2,276
Expected credit losses		422			158			—			—			—		—			580
Unabsorbed depreciation available for offsetting against future taxable income		53,947			8,483			42			—			—		(2,256	)		60,216
Tax losses available for offsetting against future taxable income		2,050			1,111			—			—			—		—			3,161
Minimum alternate tax		3,034			(20	)		—			—			—		—			3,014
Lease liabilities		1,167			287			—			—			—		(52	)		1,402
Government grant (viability gap funding)		452			(98	)		—			—			—		—			354
Right of use asset		(1,174	)		(148	)		—			—			—		50			(1,272	)
Others		709			(538	)		(10	)		—			—		—			161
		(13,149	)		(3,929	)		0			(520	)		—		190			(17,408	)

For the year ended March 31, 2026


Particulars	Opening balance DTA / (DTL) as at April 1, 2025			Income / (expense) recognised in profit or loss			Income / (expense) recognised in OCI			Income / (expense) recognised in equity		Addition through business combination (refer Note 52)			Adjustment on account of sale of subsidiary			Closing balance DTA / (DTL) as at March 31, 2026
Compound financial instruments		3,262			(145	)		—			—		—			(21	)		3,096
Gain / (loss) on mark to market of derivative instruments		(1,256	)		298			(697	)		—		—			20			(1,635	)
Difference in written down value of PPE & intangibles as per books of account and tax laws		(89,050	)		(20,104	)		—			—		(144	)		4,303			(104,995	)
Unamortised ancillary borrowing cost		(256	)		31			—			—		—			(6	)		(231	)
Provision for decommissioning cost		2,276			187			—			—		—			(17	)		2,446
Expected credit losses		580			(208	)		—			—		—			—			372
Unabsorbed depreciation available for offsetting against future taxable income		60,216			19,446			216			—		—			(3,584	)		76,294
Tax losses available for offsetting against future taxable income		3,161			(230	)		—			—		—			—			2,931
Minimum alternate tax		3,014			728			—			—		—			—			3,742
Lease liabilities		1,402			548			—			—		—			(109	)		1,841
Government grant (viability gap funding)		354			(20	)		—			—		—			—			334
Right of use asset		(1,272	)		(400	)		—			—		—			93			(1,579	)
Others		161			409			6			—		—			—			576
		(17,408	)		540			(475	)		—		(144	)		679			(16,808	)

The Group based on profit projections supported by existing PPAs and underlying contractual agreements believes that the utilisation of entire deferred tax assets is probable. All items of deferred tax assets have an infinite life except for those on tax losses and MAT which can be carried forward for a maximum period 8 years and 15 years, respectively, from the date of their origination. The Group based on its current profit projections expects to realise the deferred tax asset recognised on tax losses and MAT in their respective permissible carried forward periods. Additionally, the Group has performed sensitivities by reducing revenues and profits by 5% and noted that there was no material impact on recoverability of the recognised deferred tax assets.

The Group has tax losses amounting to INR 22,911 (March 31, 2025: INR 15,002; March 31, 2024: INR 17,538) having an expiry period of 1 to 8 years (March 31, 2025 and 2024: 1 to 8 years), unabsorbed depreciation amounting to INR 76 (March 31, 2025: INR 13; March 31, 2024: INR 5,187) which are available for utilisation indefinitely and MAT credit amounting to INR 25 (March 31, 2025: INR 16; March 31, 2024: INR 229) having an expiry period of 4 to 15 years (March 31, 2025: 5 to 15 years and March 31, 2024: 8 to 15 years) on which deferred tax assets have not been recognised as there may not be sufficient taxable profits to offset these losses.

Certain subsidiaries of the Group have undistributed earnings which, if paid out as dividends, would be subject to tax in the hands of recipient. An assessable temporary difference exists, but no deferred tax liability has been recognised as the Parent is able to control timing of distributions from these subsidiaries. The Parent is not expected to distribute these profits from the subsidiaries in the foreseeable future and no material tax charge is expected whenever distribution occurs.

12E There are additional disallowances / additions to returned income of RPL in earlier years on account of share based payment expenses, interest expense and few other disallowances. The management based on past legal precedents and the views of tax specialists believes that it has strong grounds on merit for successful appeal in this matter. The total exposure on the Group on account of such disallowances is INR 1,675 (March 31, 2025: INR 1,675) plus applicable interest till the settlement of such disputes. Further, the management based on past legal precedents and the views of tax specialists also believes that no penalty can be levied on such issue.