The Group has entered into leases for its offices and lands. These leases generally have lease terms of 5 to 35 years. The Group also has certain leases of regional offices and office equipment with lease terms of 12 months or less and lease of office equipment's with low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases. Set out below are the carrying amounts of lease liabilities carried at amortised cost and the movements during the year:


Particulars	For the year ended March 31,
	2024			2025			2026			2026
	(INR)			(INR)			(INR)			(USD)
Opening balance		6,169			8,345			9,259			99
Additions		2,266			924			3,487			37
Acquisition through business combination (refer Note 52)		—			—			193			2
Interest capitalised during the year		145			244			333			4
Interest charged to profit & loss		690			615			711			8
Disposal of subsidiaries		(337	)		(206	)		(672	)		(7	)
Payments		(588	)		(663	)		(878	)		(9	)
Closing balance		8,345			9,259			12,433			133

Current		868			977			1,090			12
Non-current		7,477			8,282			11,343			121

Notes:

There are no restrictions or covenants imposed by leases.

Refer Note 33 for rental expense recorded for short-term and low value leases.

There are no amounts payable toward variable lease expense recognised for the years ended March 31, 2026, 2025 and 2024.

The maturity analysis of lease liabilities are disclosed in Note 46.

There are no leases which have not yet commenced to which the lessee is committed.

The effective interest rate for lease liabilities is 8.79% (March 31, 2025: 9.09% to 9.30%, March 31, 2024: 9.30%).

As described in Note 53(a), the Group entered into Transmission Services Agreements (TSAs) to set-up two transmission projects on Build, Own, Operate and Maintain (BOOM) basis for a 35-year period as against the economic useful life of 50 years. As more fully explained in note 53(a), pursuant to change in the regulations, the Group had assessed in the previous year and concluded that IFRIC 12 accounting was no longer applicable to these TSAs; rather, these TSAs would contain a lease of Transmission Line under IFRS 16, in addition to service element under IFRS 15. The said lease is assessed to be in the nature of the operating lease.

Both the agreements provide for fixed lease rentals that progressively reduce for the first 8 years and then remain constant for remainder of the TSA tenure, subject only to the Group ensuring minimum specified availability of the asset. Both of these assets were sold off during the year ended March 31, 2026.

The rental income recognised by the Group on straight-line basis during the year ended March 31, 2026 is INR 497 (March 31, 2025: INR 929; March 31, 2024: INR 204). Future minimum rentals receivable under non-cancellable operating leases as at March 31, 2026 are: (i) Within one year- INR Nil (ii) between 1 - 2 years - INR Nil , (iii) between 2 - 3 years - INR Nil, (iv) between 3 - 4 years - INR Nil, (v) between 4 - 5 years - INR Nil and (vi) More than 5 years - INR Nil (March 31, 2025 are: (i) Within one year- INR 1,074, (ii) between 1 - 2 years - INR 1,071, (iii) between 2 - 3 years - INR 1,071, (iv) between 3 - 4 years - INR 1,032, (v) between 4 - 5 years - INR 968, and (vi) More than 5 years - INR 22,164).