The Group categorises assets and liabilities measured at fair value into one of three levels depending on the ability to observe inputs employed in their measurement which are described as follows:

For assets and liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. There were no changes in the Group’s valuation processes, valuation techniques, and types of inputs used in the fair value measurements during the year.

There were no material transfers between Level 1 and Level 2 fair value measurements, and no material transfers into or out of Level 3 fair value measurements during the years ended March 31, 2026 and 2025. There were no changes in the Group’s valuation processes, valuation techniques, and types of inputs used in the fair value measurements during the year.

The following table provides the fair value measurement hierarchy of the assets and liabilities of the Group:


		As at March 31, 2025				As at March 31, 2026				As at March 31, 2026
Particulars	Level	Carrying value		Fair value		Carrying value		Fair value		Carrying value		Fair value
		(INR)		(INR)		(INR)		(INR)		(USD)		(USD)
Financial assets designated as a hedge instrument at fair value
Derivative instruments - hedge instruments	Level 2		7,398		7,398		15,575		15,575		166		166

Financial assets at fair value
Investments	Level 2		1,342		1,342		8,685		8,685		93		93

Financial liabilities designated as fair value through profit or loss
Liability for put options	Level 3		-		-		9,047		9,047		96		96

Financial liabilities at fair value
Liability for put options with non-controlling interests	Level 2		6,371		6,371		5,644		5,644		60		60
Derivative instruments
- public share warrants	Level 1		156		156		13		13		0		0
- private share warrants	Level 2		34		34		1		1		0		0

Financial liabilities designated as a hedge instrument at fair value
Derivative instruments - hedge instruments	Level 2		857		857		103		103		1		1

Set out below are the fair value hierarchy, valuation techniques and inputs used as at March 31, 2026 and 2025:


Particulars	Level	Valuation technique	Inputs used
Financial assets designated as a hedge instrument at fair value
Derivative instruments - hedge instruments	Level 2	Market value techniques	Forward foreign currency exchange rates, interest rates to discount future cash flows

Financial assets at fair value
Investments	Level 2	Market value techniques	Market value of investments

Financial liabilities designated as fair value through profit or loss
Liability for put options	Level 3	Income approach	Market discounted rate

Financial liabilities at fair value
Liability for put options with non-controlling interests	Level 2	Market value techniques	Volume Weight Average Price of the Company shares over 30 trading days

Derivative instruments
- public share warrants	Level 1	Market value techniques	Market value of warrants
- private share warrants	Level 2	Black Scholes method	Interest rates to discount future cash flows, share price and public share warrant price

Financial liabilities designated as a hedge instrument at fair value
Derivative instruments - hedge instruments	Level 2	Market value techniques	Forward foreign currency exchange rates, interest rates to discount future cash flows