Set out below, is a comparison by class of the carrying amounts and fair value of the financial instruments of the Group:


	As at March 31, 2025				As at March 31, 2026				As at March 31, 2026
	Carrying value		Fair value		Carrying value		Fair value		Carrying value		Fair value
	(INR)		(INR)		(INR)		(INR)		(USD)		(USD)
Financial assets

Measured at amortised cost
Security deposits		754		754		1,007		1,007		11		11
Bank deposits with remaining maturity for more than twelve months		2,433		2,433		3,792		3,792		40		40
Trade receivables		24,268		24,268		24,094		24,094		257		257
Cash and cash equivalents		40,419		40,419		22,845		22,845		243		243
Bank balances other than cash and cash equivalents		40,099		40,099		46,706		46,706		498		498
Advances recoverable		634		634		713		713		8		8
Interest accrued on fixed deposits		900		900		1,059		1,059		11		11
Interest accrued on loans to related parties		15		15		—		—		—		—
Government grant receivable		288		288		679		679		7		7
Deferred consideration receivable		385		385		351		351		4		4
Loans to related parties		284		284		—		—		—		—
Loans to other body corporates		—		—		250		250		3		3
Interest accrued on loans to other body corporate		—		—		15		15		0		0
Insurance claim receivable		448		448		1,051		1,051		11		11
Interest accrued on receivables		—		—		1,013		1,013		11		11
Other current financial assets		107		107		474		474		5		5

Measured at fair value
Investments		1,342		1,342		8,685		8,685		93		93

Financial assets designated as a hedge instrument at fair value
Derivative instruments - hedge instruments		7,398		7,398		15,575		15,575		166		166

Financial liabilities
Measured at amortised cost
Interest-bearing loans and borrowings - long term		642,691		631,249		710,908		682,928		7,578		7,278
Interest accrued		5,405		5,405		5,046		5,046		54		54
Capital creditors		32,545		32,545		44,176		44,176		471		471
Purchase consideration payable		44		44		4		4		0		0
Liability for operation and maintenance		1,323		1,323		1,323		1,323		14		14
Interest-bearing loans and borrowings - short term		80,327		80,327		56,859		56,859		606		606
Trade payables		8,173		8,173		17,820		17,820		190		190

Financial liabilities at fair value
Liability for put options with non-controlling interests		6,371		6,371		5,644		5,644		60		60
Derivative instruments - share warrants		190		190		14		14		0		0

Financial liabilities designated as fair value through profit or loss
Liability for put options		—		—		9,047		9,047		96		96

Financial liabilities designated as a hedge instrument at fair value
Derivative instruments - hedge instruments		857		857		103		103		1		1

Fair values of the Group’s non convertible debentures, term loans from banks, term loans from financial institutions, listed senior secured notes, and the liability component of compulsory convertible debentures (CCD), redeemable non cumulative preference shares (RNCPS) and optionally convertible debentures (OCD) (including their current maturities)—are determined using the Discounted Cash Flow (DCF) method. The cash flows are discounted using a rate (the prevailing market interest rate) that reflects the issuer’s borrowing rate as at the end of the reporting period. These fair value measurements are classified as Level 3 in the fair value hierarchy due to the use of unobservable inputs, including the Company’s own credit risk. The Company assessed its own non performance risk as at 31 March 2026 and 31 March 2025 to be insignificant.

Fair values of the non-current trade receivables, bank deposits and security deposits given are determined by using DCF method using discount rate that reflects the lending rate (prevailing interest rate in the market) as at the end of the reporting period. They are classified as level 3 fair values in fair value hierarchy due to inclusion of unobservable inputs including counterparty credit risk.

The Group enter into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Cross currency interest rate swaps are valued using valuation techniques, which employs the use of market observable inputs. The models incorporate various fair value level 2 inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the currency, interest rate curves and forward rate curves of the underlying instrument. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships.