
				Non-current						Current
				As at March 31,		As at March 31,				As at March 31,			As at March 31,
	Notes	Interest rate (p.a.)	Maturity	2025		2026		2026		2025			2026			2026
				(INR)		(INR)		(USD)		(INR)			(INR)			(USD)
Debentures
- Non convertible debentures (secured)	(i)	6.03% - 11.50%	May 2026 to June 2054		50,146		15,391		164		22,828			64,436			687
- Compulsorily convertible debentures (unsecured)	(ii)	8.00% - 13.00%	March 2027 to August 2060		20,245		15,776		168		—			6,735			72
- Optionally convertible debentures (unsecured)	(iii)	8.00%	May 2053 to Jul 2053		2,537		2,497		27		—			207			2
Term loan from banks (secured)	(iv)	5.05% - 9.50%	June 2026 to March 2045		146,265		171,910		1,832		17,552			44,001			469
Term loan from financial institutions (secured)	(v)	6.33% - 10.60%	May 2026 to January 2046		211,403		172,300		1,836		20,004			42,408			452
Senior secured notes (secured)	(vi)	4.50% - 7.28%	Mar 2027 to February 2031		151,711		149,453		1,592		—			25,500			272
Others (unsecured)	(vii)	5.25%	March 2028		—		294		3		—			—			—
Interest-bearing loans and borrowings - total #					582,307		527,621		5,623		60,384			183,287			1,953
Amount disclosed under the head 'Interest-bearing loans and borrowings - short term' (refer Note 23)					—		—		—		(60,384	)		(183,287	)		(1,953	)
Interest-bearing loans and borrowings - net					582,307		527,621		5,623		—			—			0

# Certain borrowings included above are guaranteed by RPL on behalf of the Group entities. Further, certain securities held in subsidiary companies are pledged with banks and financial institutions as security for financial facilities obtained by subsidiary companies.

The Group's borrowings are subject to various financial and general covenants. The entities of the Group are generally required to test covenant as at the financial year end, except for loan arrangements amounting to INR 267,959 (As at March 31, 2025: 288,170), wherein the Debt Service Coverage Ratio, Debt Equity Ratio, Interest Service Coverage Ratio, Net Priority Debt Leverage, Debt to EBITDA and Debt to Tangible Net Worth are required to be tested by the entity availing the facility either quarterly or semi-annually based on its individual financial performance or RPL’s consolidated financial performance.

There are no unremediated breaches of the covenants on any interest bearing loans and borrowings as at March 31, 2026. The Company expects to be in compliance with all covenants that would fall due for testing within 12 months after the reporting date. The non-compliance with these covenants, if not remediated, would permit the lender to immediately call the loan and borrowings.

The debentures are secured by way of first pari passu charge on the respective Group entity’s immovable properties, movable assets, current assets, cash accruals including but not limited to current assets, receivables, book debts, cash and bank balances, loans and advances etc. present and future. For terms of non convertible debentures, refer Note 18(b).

Secured by pari passu first charge by way of mortgage of all the present and future immovable properties, hypothecation of movable assets, book debt, operating cash flows, receivables, commissions, revenue, all bank accounts and assignment of all rights, title, interests, benefits, claims etc. of project documents and insurance contracts of the respective Group company. These loans usually have repayment cycle of monthly / quarterly payments.

Secured by a first pari passu charge by way of mortgage on immovable properties, first pari passu charge by way of hypothecation of tangible moveable assets, first charge on all the current assets and accounts. Further secured by way of assignment of all the rights, title, interest, benefit, claims and demands under all the project agreements, letter of credit, insurance contracts and proceeds, guarantees, performance bond etc. of the respective company. These loans usually have repayment cycle of monthly / quarterly payments.

Notes are secured by way of exclusive mortgage over immovable properties and exclusive charge by way of hypothecation of tangible and intangible movable assets. Further secured by way of hypothecation over rights and benefit, claims and demands under all the project agreements, letter of credit, insurance contracts and proceeds, guarantees, performance bond etc. of the company. Secondary charge over the account receivables, book debts and cash flows. The senior secured notes shall be repaid through bullet payments starting from March 2027 to January 2032.

(b)

The details of non convertible debentures (secured) are as below:


				Numbers of NCDs outstanding				Outstanding amount
		Face value per		As at March 31,				As at March 31,						Nominal
Listing status	Debenture Series	NCD (INR)		2025		2026		2025		2026		2026		interest rate (p.a.)	Earliest redemption date	Last date of repayment	Terms of repayment
								(INR)		(INR)		(USD)
Listed	Not applicable		1,000,000		1,945		1,590		1,945		1,590		17	9.75%	September 30, 2025	October 31, 2026	Half yearly
Listed	Series-2		1,000,000		951		865		951		865		9	9.10%	September 30, 2025	September 30, 2034	Half yearly
Listed	Series-3		1,000,000		3,964		3,603		3,964		3,603		38	9.10%	September 30, 2025	September 30, 2034	Half yearly
Non listed	Not applicable		1,000,000		1,342		1,239		1,342		1,239		13	6.03%	February 28, 2026	August 22, 2026	Yearly
Non listed	Not applicable		1,000,000		5,863		5,412		5,863		5,412		58	6.03%	February 28, 2026	August 22, 2026	Yearly
Non listed	Not applicable		1,000,000		3,323		3,068		3,323		3,068		33	6.03%	February 28, 2026	August 22, 2026	Yearly
Non listed	Not applicable		1,000,000		10,157		9,377		10,157		9,377		100	6.03%	February 28, 2026	August 22, 2026	Yearly
Non listed	Not applicable		1,000,000		1,504		1,388		1,504		1,388		15	6.03%	February 28, 2026	August 22, 2026	Yearly
Non listed	Not applicable		1,000,000		3,175		2,931		3,175		2,931		31	6.03%	February 28, 2026	August 22, 2026	Yearly
Non listed	Not applicable		1,000,000		3,841		3,546		3,841		3,546		38	6.03%	February 28, 2026	August 22, 2026	Yearly
Listed	Not applicable		100,000		25,000		—		2,500		—		—	9.55%	August 11, 2026	August 11, 2026	Bullet
Non listed	Not applicable		10		36,732,513				367		—		—	11.50%	December 5, 2052	December 5, 2052	Bullet
Non listed	Not applicable		10		26,661,237				267		—		—	11.50%	February 16, 2053	February 16, 2053	Bullet
Non listed	Not applicable		10		9,594,200				96		—		—	11.50%	November 9, 2053	November 9, 2053	Bullet
Non listed	Not applicable		10		23,598,000				236		—		—	11.50%	November 9, 2053	November 9, 2053	Bullet
Non listed	Not applicable		100,000	20,000			20,000		2,000		2,000		21	9.30%	June 1, 2026	June 1, 2026	Bullet
Listed	Series-A		100,000		1,500		1,500		150		150		2	10.24%	May 25, 2026	May 25, 2026	Bullet
Listed	Not applicable		100,000		—		136,500		—		13,650		145	9.90%	December 15, 2026	December 15, 2026	Bullet
Listed	Not applicable		100,000		80,000		—		8,000		—		—	10.18%	April 30, 2025	April 30, 2025	Bullet
Listed	Not applicable		100,000		65,000		52,500		6,500		5,250		56	9.43%	January 1, 2027	January 1, 2027	Yearly
Non listed	Not applicable		10		19,903,929		—		199		—		—	11.50%	June 28, 2054	June 28, 2054	Bullet
Non listed	Not applicable		10		6,799,118		—		68		—		—	11.50%	June 28, 2054	June 28, 2054	Bullet
Non listed	Not applicable		10		19,626,496		19,626,496		196		196		2	11.50%	June 28, 2054	June 28, 2054	Bullet
Listed	Not applicable		100,000		50,000		—		5,000		—		—	10.18%	August 22, 2025	August 22, 2025	Bullet
Non listed	Not applicable		100,000		-		60,000		—		6,000		64	10.20%	December 31, 2026	December 31, 2026	Bullet
Listed	Not applicable		100,000		—		48,802		—		4,880		52	7.69%	March 27, 2029	March 27, 2029	Quarterly
Listed	Not applicable		100,000		72,278		69,158		7,228		6,916		74	8.44%	June 30, 2025	August 31, 2029	Quarterly

Total (gross)									68,872		72,060		768
Transaction costs, discount on issue and premium on redemption									4,102		7,767		83
Total									72,974		79,827		851