{"url_path":"/sec/wit/10-k/2026/item-18","section_key":"item-18","section_title":"Item 18 Financial Statements","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-02","source_url":"https://www.sec.gov/Archives/edgar/data/1123799/0001193125-26-253514-index.html","accession_number":"0001193125-26-253514","cik":"0001123799","ticker":"WIT","issuer_name":"WIPRO LTD","edgar_url":"https://www.sec.gov/Archives/edgar/data/1123799/0001193125-26-253514-index.html","primary_entity_key":"0001123799","primary_entity_name":"WIPRO LTD"},"word_count":38953,"has_tables":true,"body_markdown":"Item 18. Financial Statements\n\nConsolidated Statements and Other Financial Information\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Shareholders and the Board of Directors of Wipro Limited\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated statements of financial position of Wipro Limited and subsidiaries (the “Company”) as of March 31, 2026 and 2025, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended March 31, 2026, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2026, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).\n\nWe have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated June 2, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\nCritical Audit Matter\n\nThe critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.\n\nRevenue from fixed-price contracts using the percentage-of-completion method - Refer Notes 2 (iv)(a), 3(xiv)B(i) and 24 to the financial statements.\n\nCritical Audit Matter Description\n\nRevenue from fixed-price contracts, including software development, and integration contracts, where the performance obligations are satisfied over time, is recognized using the percentage-of-completion method.\n\nUse of the percentage-of-completion method requires the Company to determine the project costs incurred to date as a percentage of total estimated project costs at completion. The estimation of total project costs involves significant judgment and is assessed throughout the period of the contract to reflect any changes based on the latest available information. In addition, provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the total estimated project costs.\n\n-114-\n\n[Table of Contents](#toc_page)\n\n \n\nWe identified the revenue recognition for fixed-price contracts where the percentage-of-completion method is used as a critical audit matter because of the significant judgment involved in estimating the efforts to complete such contracts.\n\nThis estimate has a high inherent uncertainty and requires consideration of progress of the contract, efforts incurred to-date and estimates of efforts required to complete the remaining performance obligations.\n\nThis required a high degree of auditor judgment in evaluating the audit evidence supporting estimated efforts to complete and a higher extent of audit effort to evaluate the reasonableness of the total estimated efforts used to recognize revenue from fixed-price contracts using the percentage-of-completion method.\n\nHow the Critical Audit Matter Was Addressed in the Audit\n\nOur audit procedures related to estimate of efforts to complete for fixed-price contracts accounted using the percentage-of-completion method included the following, among others:\n\n•\nWe tested the effectiveness of controls relating to (1) recording of efforts incurred and estimation of efforts required to complete the remaining performance obligations, and (2) access and application controls pertaining to time recording and allocation systems, which prevents unauthorized changes to recording of efforts incurred.\n\n•\nWe selected a sample of fixed-price contracts with customers accounted using percentage-of-completion method and performed the following:\n\n•\nRead the contract and based on the terms and conditions evaluated whether recognizing revenue over time using percentage-of-completion method was appropriate, and confirmed that the contract was included in management’s calculation of revenue over time.\n\n•\nEvaluated the appropriateness of and consistency in the application of management’s policies and methodologies to estimate progress towards satisfying the performance obligation.\n\n•\nCompared efforts incurred to date with Company’s estimate of efforts incurred to date to identify significant variations and evaluate whether those variations have been considered appropriately in estimating the remaining efforts to complete the contract.\n\n•\nTested the estimate for consistency with the status of delivery of milestones, customer acceptances and other related information to identify possible delays in achieving milestones, which require changes in estimated efforts to complete the remaining performance obligations.\n\n \n\n/s/ Deloitte Haskins & Sells LLP\n\n \n\nBengaluru, India\n\n \n\nJune 2, 2026\n\n \n\nWe have served as the Company’s auditor since fiscal 2018.\n\n-115-\n\n[Table of Contents](#toc_page)\n\n \n\nWIPRO LIMITED AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF FINANCIAL POSITION\n\n(₹ in millions, except share and per share data, unless otherwise stated)\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\nNotes\n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nConvenience translation into U.S. Dollar in millions (unaudited) Refer to Note 2(iii)\n\n \n\nASSETS\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGoodwill\n\n6\n\n \n\n \n\n325,014\n\n \n\n \n\n \n\n387,399\n\n \n\n \n\n \n\n4,129\n\n \n\nIntangible assets\n\n6\n\n \n\n \n\n27,450\n\n \n\n \n\n \n\n29,176\n\n \n\n \n\n \n\n311\n\n \n\nProperty, plant and equipment\n\n4\n\n \n\n \n\n80,684\n\n \n\n \n\n \n\n81,787\n\n \n\n \n\n \n\n872\n\n \n\nRight-of-Use assets\n\n5\n\n \n\n \n\n25,598\n\n \n\n \n\n \n\n28,287\n\n \n\n \n\n \n\n301\n\n \n\nFinancial assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative assets\n\n19\n\n \n\n^\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nInvestments\n\n8\n\n \n\n \n\n26,458\n\n \n\n \n\n \n\n28,053\n\n \n\n \n\n \n\n299\n\n \n\nTrade receivables\n\n9\n\n \n\n \n\n299\n\n \n\n \n\n \n\n349\n\n \n\n \n\n \n\n4\n\n \n\nUnbilled receivables\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n7,433\n\n \n\n \n\n \n\n79\n\n \n\nOther financial assets\n\n12\n\n \n\n \n\n4,664\n\n \n\n \n\n \n\n6,259\n\n \n\n \n\n \n\n67\n\n \n\nInvestments accounted for using the equity method\n\n8\n\n \n\n \n\n1,327\n\n \n\n \n\n \n\n2,126\n\n \n\n \n\n \n\n23\n\n \n\nDeferred tax assets\n\n21\n\n \n\n \n\n2,561\n\n \n\n \n\n \n\n5,242\n\n \n\n \n\n \n\n56\n\n \n\nNon-current tax assets\n\n \n\n \n\n \n\n7,230\n\n \n\n \n\n \n\n7,787\n\n \n\n \n\n \n\n83\n\n \n\nOther non-current assets\n\n13\n\n \n\n \n\n7,460\n\n \n\n \n\n \n\n9,010\n\n \n\n \n\n \n\n96\n\n \n\nTotal non-current assets\n\n \n\n \n\n \n\n508,745\n\n \n\n \n\n \n\n592,908\n\n \n\n \n\n \n\n6,320\n\n \n\nInventories\n\n10\n\n \n\n \n\n694\n\n \n\n \n\n \n\n517\n\n \n\n \n\n \n\n6\n\n \n\nFinancial assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative assets\n\n19\n\n \n\n \n\n1,820\n\n \n\n \n\n \n\n888\n\n \n\n \n\n \n\n9\n\n \n\nInvestments\n\n8\n\n \n\n \n\n411,474\n\n \n\n \n\n \n\n437,680\n\n \n\n \n\n \n\n4,665\n\n \n\nCash and cash equivalents\n\n11\n\n \n\n \n\n121,974\n\n \n\n \n\n \n\n105,555\n\n \n\n \n\n \n\n1,125\n\n \n\nTrade receivables\n\n9\n\n \n\n \n\n117,745\n\n \n\n \n\n \n\n135,901\n\n \n\n \n\n \n\n1,448\n\n \n\nUnbilled receivables\n\n \n\n \n\n \n\n64,280\n\n \n\n \n\n \n\n76,823\n\n \n\n \n\n \n\n819\n\n \n\nOther financial assets\n\n12\n\n \n\n \n\n8,448\n\n \n\n \n\n \n\n10,245\n\n \n\n \n\n \n\n109\n\n \n\nContract assets\n\n \n\n \n\n \n\n15,795\n\n \n\n \n\n \n\n14,819\n\n \n\n \n\n \n\n158\n\n \n\nCurrent tax assets\n\n \n\n \n\n \n\n6,417\n\n \n\n \n\n \n\n10,762\n\n \n\n \n\n \n\n115\n\n \n\nOther current assets\n\n13\n\n \n\n \n\n29,128\n\n \n\n \n\n \n\n33,164\n\n \n\n \n\n \n\n353\n\n \n\nTotal current assets\n\n \n\n \n\n \n\n777,775\n\n \n\n \n\n \n\n826,354\n\n \n\n \n\n \n\n8,807\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTOTAL ASSETS\n\n \n\n \n\n \n\n1,286,520\n\n \n\n \n\n \n\n1,419,262\n\n \n\n \n\n \n\n15,127\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEQUITY\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShare capital\n\n \n\n \n\n \n\n20,944\n\n \n\n \n\n \n\n20,977\n\n \n\n \n\n \n\n224\n\n \n\nShare premium\n\n \n\n \n\n \n\n2,628\n\n \n\n \n\n \n\n6,158\n\n \n\n \n\n \n\n66\n\n \n\nRetained earnings\n\n \n\n \n\n \n\n716,477\n\n \n\n \n\n \n\n735,057\n\n \n\n \n\n \n\n7,834\n\n \n\nShare-based payment reserve\n\n \n\n \n\n \n\n6,985\n\n \n\n \n\n \n\n7,920\n\n \n\n \n\n \n\n84\n\n \n\nSpecial Economic Zone Re-investment reserve\n\n \n\n \n\n \n\n27,778\n\n \n\n \n\n \n\n25,966\n\n \n\n \n\n \n\n277\n\n \n\nOther components of equity\n\n \n\n \n\n \n\n53,497\n\n \n\n \n\n \n\n89,290\n\n \n\n \n\n \n\n952\n\n \n\nEquity attributable to the equity holders of the Company\n\n \n\n \n\n \n\n828,309\n\n \n\n \n\n \n\n885,368\n\n \n\n \n\n \n\n9,437\n\n \n\nNon-controlling interests\n\n \n\n \n\n \n\n2,138\n\n \n\n \n\n \n\n2,509\n\n \n\n \n\n \n\n27\n\n \n\nTOTAL EQUITY\n\n \n\n \n\n \n\n830,447\n\n \n\n \n\n \n\n887,877\n\n \n\n \n\n \n\n9,464\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLIABILITIES\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLoans and borrowings\n\n14\n\n \n\n \n\n63,954\n\n \n\n \n\n \n\n1,962\n\n \n\n \n\n \n\n21\n\n \n\nLease liabilities\n\n5\n\n \n\n \n\n22,193\n\n \n\n \n\n \n\n26,327\n\n \n\n \n\n \n\n281\n\n \n\nAccrued expenses\n\n15\n\n \n\n \n\n-\n\n \n\n \n\n \n\n4,394\n\n \n\n \n\n \n\n47\n\n \n\nOther financial liabilities\n\n16\n\n \n\n \n\n7,793\n\n \n\n \n\n \n\n6,743\n\n \n\n \n\n \n\n72\n\n \n\nDeferred tax liabilities\n\n21\n\n \n\n \n\n16,443\n\n \n\n \n\n \n\n17,266\n\n \n\n \n\n \n\n184\n\n \n\nNon-current tax liabilities\n\n \n\n \n\n \n\n42,024\n\n \n\n \n\n \n\n48,195\n\n \n\n \n\n \n\n514\n\n \n\nOther non-current liabilities\n\n17\n\n \n\n \n\n17,119\n\n \n\n \n\n \n\n23,042\n\n \n\n \n\n \n\n246\n\n \n\nProvisions\n\n18\n\n \n\n \n\n294\n\n \n\n \n\n \n\n224\n\n \n\n \n\n \n\n2\n\n \n\n Total non-current liabilities\n\n \n\n \n\n \n\n169,820\n\n \n\n \n\n \n\n128,153\n\n \n\n \n\n \n\n1,367\n\n \n\nFinancial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLoans, borrowings and bank overdrafts\n\n14\n\n \n\n \n\n97,863\n\n \n\n \n\n \n\n165,912\n\n \n\n \n\n \n\n1,768\n\n \n\nLease liabilities\n\n5\n\n \n\n \n\n8,025\n\n \n\n \n\n \n\n8,709\n\n \n\n \n\n \n\n92\n\n \n\nDerivative liabilities\n\n19\n\n \n\n \n\n968\n\n \n\n \n\n \n\n10,978\n\n \n\n \n\n \n\n117\n\n \n\nTrade payables and accrued expenses\n\n15\n\n \n\n \n\n88,252\n\n \n\n \n\n \n\n94,924\n\n \n\n \n\n \n\n1,012\n\n \n\nOther financial liabilities\n\n16\n\n \n\n \n\n3,878\n\n \n\n \n\n \n\n11,357\n\n \n\n \n\n \n\n120\n\n \n\nContract liabilities\n\n \n\n \n\n \n\n20,063\n\n \n\n \n\n \n\n25,434\n\n \n\n \n\n \n\n271\n\n \n\nCurrent tax liabilities\n\n \n\n \n\n \n\n34,481\n\n \n\n \n\n \n\n49,621\n\n \n\n \n\n \n\n529\n\n \n\nOther current liabilities\n\n17\n\n \n\n \n\n31,086\n\n \n\n \n\n \n\n34,801\n\n \n\n \n\n \n\n371\n\n \n\nProvisions\n\n18\n\n \n\n \n\n1,637\n\n \n\n \n\n \n\n1,496\n\n \n\n \n\n \n\n16\n\n \n\nTotal current liabilities\n\n \n\n \n\n \n\n286,253\n\n \n\n \n\n \n\n403,232\n\n \n\n \n\n \n\n4,296\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTOTAL LIABILITIES\n\n \n\n \n\n \n\n456,073\n\n \n\n \n\n \n\n531,385\n\n \n\n \n\n \n\n5,663\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTOTAL EQUITY AND LIABILITIES\n\n \n\n \n\n \n\n1,286,520\n\n \n\n \n\n \n\n1,419,262\n\n \n\n \n\n \n\n15,127\n\n \n\n \n\n^ Value is less than 0.5\n\n \n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n-116-\n\n[Table of Contents](#toc_page)\n\n \n\nWIPRO LIMITED AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF INCOME\n\n(₹ in millions, except share and per share data, unless otherwise stated)\n\n \n\n \n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\nNotes\n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nConvenience translation into U.S. Dollar in millions (unaudited) Refer to Note 2(iii)\n\n \n\nRevenues\n\n \n\n24\n\n \n\n \n\n897,603\n\n \n\n \n\n \n\n890,884\n\n \n\n \n\n \n\n926,240\n\n \n\n \n\n \n\n9,871\n\n \n\nCost of revenues\n\n \n\n25\n\n \n\n \n\n(631,497\n\n)\n\n \n\n \n\n(617,802\n\n)\n\n \n\n \n\n(656,192\n\n)\n\n \n\n \n\n(6,993\n\n)\n\nGross profit\n\n \n\n \n\n \n\n \n\n266,106\n\n \n\n \n\n \n\n273,082\n\n \n\n \n\n \n\n270,048\n\n \n\n \n\n \n\n2,878\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSelling and marketing expenses\n\n \n\n25\n\n \n\n \n\n(69,972\n\n)\n\n \n\n \n\n(64,378\n\n)\n\n \n\n \n\n(59,216\n\n)\n\n \n\n \n\n(631\n\n)\n\nGeneral and administrative expenses\n\n \n\n25\n\n \n\n \n\n(60,375\n\n)\n\n \n\n \n\n(57,465\n\n)\n\n \n\n \n\n(61,434\n\n)\n\n \n\n \n\n(655\n\n)\n\nForeign exchange gains/(losses), net\n\n \n\n27\n\n \n\n \n\n340\n\n \n\n \n\n \n\n32\n\n \n\n \n\n \n\n1,853\n\n \n\n \n\n \n\n20\n\n \n\nResults from operating activities\n\n \n\n \n\n \n\n \n\n136,099\n\n \n\n \n\n \n\n151,271\n\n \n\n \n\n \n\n151,251\n\n \n\n \n\n \n\n1,612\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinance expenses\n\n \n\n26\n\n \n\n \n\n(12,552\n\n)\n\n \n\n \n\n(14,770\n\n)\n\n \n\n \n\n(14,577\n\n)\n\n \n\n \n\n(156\n\n)\n\nFinance and other income\n\n \n\n27\n\n \n\n \n\n23,896\n\n \n\n \n\n \n\n38,202\n\n \n\n \n\n \n\n36,491\n\n \n\n \n\n \n\n389\n\n \n\nShare of net profit/ (loss) of associate and joint venture accounted for using the equity method\n\n \n\n8\n\n \n\n \n\n(233\n\n)\n\n \n\n \n\n254\n\n \n\n \n\n \n\n257\n\n \n\n \n\n \n\n3\n\n \n\nProfit before tax\n\n \n\n \n\n \n\n \n\n147,210\n\n \n\n \n\n \n\n174,957\n\n \n\n \n\n \n\n173,422\n\n \n\n \n\n \n\n1,848\n\n \n\nIncome tax expense\n\n \n\n21\n\n \n\n \n\n(36,089\n\n)\n\n \n\n \n\n(42,777\n\n)\n\n \n\n \n\n(40,767\n\n)\n\n \n\n \n\n(434\n\n)\n\nProfit for the year\n\n \n\n \n\n \n\n \n\n111,121\n\n \n\n \n\n \n\n132,180\n\n \n\n \n\n \n\n132,655\n\n \n\n \n\n \n\n1,414\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit attributable to:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity holders of the Company\n\n \n\n \n\n \n\n \n\n110,452\n\n \n\n \n\n \n\n131,354\n\n \n\n \n\n \n\n131,974\n\n \n\n \n\n \n\n1,407\n\n \n\nNon-controlling interests\n\n \n\n \n\n \n\n \n\n669\n\n \n\n \n\n \n\n826\n\n \n\n \n\n \n\n681\n\n \n\n \n\n \n\n7\n\n \n\nProfit for the year\n\n \n\n \n\n \n\n \n\n111,121\n\n \n\n \n\n \n\n132,180\n\n \n\n \n\n \n\n132,655\n\n \n\n \n\n \n\n1,414\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEarnings per equity share:\n\n \n\n28\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAttributable to equity holders of the Company\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBasic\n\n \n\n \n\n \n\n \n\n10.44\n\n \n\n \n\n \n\n12.56\n\n \n\n \n\n \n\n12.60\n\n \n\n \n\n \n\n0.13\n\n \n\nDiluted\n\n \n\n \n\n \n\n \n\n10.41\n\n \n\n \n\n \n\n12.52\n\n \n\n \n\n \n\n12.56\n\n \n\n \n\n \n\n0.13\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWeighted average number of equity shares\nused in computing earnings per equity share\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBasic\n\n \n\n \n\n \n\n \n\n10,576,571,110\n\n \n\n \n\n \n\n10,456,741,552\n\n \n\n \n\n \n\n10,476,247,846\n\n \n\n \n\n \n\n10,476,247,846\n\n \n\nDiluted\n\n \n\n \n\n \n\n \n\n10,611,424,628\n\n \n\n \n\n \n\n10,488,939,392\n\n \n\n \n\n \n\n10,503,422,936\n\n \n\n \n\n \n\n10,503,422,936\n\n \n\n \n\n \n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n-117-\n\n[Table of Contents](#toc_page)\n\n \n\nWIPRO LIMITED AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME\n\n(₹ in millions, except share and per share data, unless otherwise stated)\n\n \n\n \n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\nNotes\n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nConvenience translation into U.S. Dollar in millions (unaudited) Refer to Note 2(iii)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit for the year\n\n \n\n \n\n \n\n111,121\n\n \n\n \n\n \n\n132,180\n\n \n\n \n\n \n\n132,655\n\n \n\n \n\n \n\n1,414\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther comprehensive income (OCI)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nItems that will not be reclassified to profit or loss in subsequent periods\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRemeasurements of the defined benefit plans, net\n\n30\n\n \n\n \n\n82\n\n \n\n \n\n \n\n274\n\n \n\n \n\n \n\n132\n\n \n\n \n\n \n\n1\n\n \n\nNet change in fair value of investment in equity instruments measured at fair value through OCI\n\n \n\n \n\n \n\n(473\n\n)\n\n \n\n \n\n(3,476\n\n)\n\n \n\n \n\n(1,448\n\n)\n\n \n\n \n\n(15\n\n)\n\n \n\n \n\n \n\n \n\n \n\n(391\n\n)\n\n \n\n \n\n(3,202\n\n)\n\n \n\n \n\n(1,316\n\n)\n\n \n\n \n\n(14\n\n)\n\nItems that will be reclassified to profit or loss in subsequent periods\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign currency translation differences\n\n \n\n \n\n \n\n \n\n4,219\n\n \n\n \n\n \n\n7,331\n\n \n\n \n\n \n\n46,643\n\n \n\n \n\n \n\n497\n\n \n\nReclassification of foreign currency translation differences on sale of investment in associates and liquidation of subsidiaries to consolidated statement of income\n\n \n\n20\n\n \n\n \n\n(198\n\n)\n\n \n\n \n\n(41\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nNet change in time value of option contracts designated as cash flow hedges, net of taxes\n\n \n\n19, 21\n\n \n\n \n\n198\n\n \n\n \n\n \n\n(189\n\n)\n\n \n\n \n\n55\n\n \n\n \n\n \n\n1\n\n \n\nNet change in intrinsic value of option contracts designated as cash flow hedges, net of taxes\n\n \n\n19, 21\n\n \n\n \n\n128\n\n \n\n \n\n \n\n146\n\n \n\n \n\n \n\n(1,234\n\n)\n\n \n\n \n\n(13\n\n)\n\nNet change in fair value of forward contracts designated as cash flow hedges, net of taxes\n\n \n\n19, 21\n\n \n\n \n\n1,655\n\n \n\n \n\n \n\n(745\n\n)\n\n \n\n \n\n(6,015\n\n)\n\n \n\n \n\n(64\n\n)\n\nNet change in fair value of investment in debt instruments measured at fair value through OCI, net of taxes\n\n \n\n \n\n \n\n \n\n1,516\n\n \n\n \n\n \n\n963\n\n \n\n \n\n \n\n(2,094\n\n)\n\n \n\n \n\n(23\n\n)\n\n \n\n \n\n \n\n \n\n \n\n7,518\n\n \n\n \n\n \n\n7,465\n\n \n\n \n\n \n\n37,355\n\n \n\n \n\n \n\n398\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal other comprehensive income, net of taxes\n\n \n\n \n\n \n\n7,127\n\n \n\n \n\n \n\n4,263\n\n \n\n \n\n \n\n36,039\n\n \n\n \n\n \n\n384\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal comprehensive income for the year\n\n \n\n \n\n \n\n118,248\n\n \n\n \n\n \n\n136,443\n\n \n\n \n\n \n\n168,694\n\n \n\n \n\n \n\n1,798\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal comprehensive income attributable to:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity holders of the Company\n\n \n\n \n\n \n\n117,744\n\n \n\n \n\n \n\n135,595\n\n \n\n \n\n \n\n167,767\n\n \n\n \n\n \n\n1,788\n\n \n\nNon-controlling interests\n\n \n\n \n\n \n\n504\n\n \n\n \n\n \n\n848\n\n \n\n \n\n \n\n927\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n \n\n \n\n \n\n118,248\n\n \n\n \n\n \n\n136,443\n\n \n\n \n\n \n\n168,694\n\n \n\n \n\n \n\n1,798\n\n \n\n \n\n \n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n-118-\n\n[Table of Contents](#toc_page)\n\n \n\nWIPRO LIMITED AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY\n\n(₹ in millions, except share and per share data, unless otherwise stated)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther components of equity\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNumber of Shares(1)\n\n \n\nShare capital, fully paid-up\n\n \n\nShare premium\n\n \n\nRetained earnings\n\n \n\nShare-based payment reserve\n\n \n\nSpecial Economic Zone re-investment reserve\n\n \n\nForeign currency translation reserve (2)\n\n \n\nCash flow hedging reserve (3)\n\n \n\nOther reserves(2)\n\n \n\nEquity attributable to the equity holders of the Company\n\n \n\nNon-controlling interests\n\n \n\nTotal equity\n\nAs at April 1, 2023\n\n \n\n5,487,917,741\n\n \n\n10,976\n\n \n\n3,689\n\n \n\n660,964\n\n \n\n5,632\n\n \n\n46,803\n\n \n\n43,255\n\n \n\n(1,403)\n\n \n\n11,248\n\n \n\n781,164\n\n \n\n589\n\n \n\n781,753\n\nComprehensive income for the year\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit for the year\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n110,452\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n110,452\n\n \n\n669\n\n \n\n111,121\n\nOther comprehensive income\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n4,006\n\n \n\n1,981\n\n \n\n1,305\n\n \n\n7,292\n\n \n\n(165)\n\n \n\n7,127\n\nTotal comprehensive income for the year\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n110,452\n\n \n\n-\n\n \n\n-\n\n \n\n4,006\n\n \n\n1,981\n\n \n\n1,305\n\n \n\n117,744\n\n \n\n504\n\n \n\n118,248\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIssue of equity shares on exercise of options\n\n \n\n6,883,426\n\n \n\n13\n\n \n\n3,370\n\n \n\n-\n\n \n\n(3,370)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n13\n\n \n\n-\n\n \n\n13\n\nIssue of shares by controlled trust on exercise of options (1)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n1,462\n\n \n\n(1,462)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\nCompensation cost related to employee share-based payment\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n7\n\n \n\n5,584\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n5,591\n\n \n\n-\n\n \n\n5,591\n\nTransferred to Special Economic Zone re-investment reserve\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n4,674\n\n \n\n-\n\n \n\n(4,674)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\nBuyback of equity shares, including tax thereon (4)\n\n \n\n(269,662,921)\n\n \n\n(539)\n\n \n\n(3,768)\n\n \n\n(141,015)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n539\n\n \n\n(144,783)\n\n \n\n-\n\n \n\n(144,783)\n\nTransaction cost related to buyback of equity shares (4)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(390)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(390)\n\n \n\n-\n\n \n\n(390)\n\nFinancial liability on written put options (5)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(4,238)\n\n \n\n(4,238)\n\n \n\n-\n\n \n\n(4,238)\n\nNon-controlling interests on acquisition of subsidiary (5)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n472\n\n \n\n472\n\nDividend (4)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(5,218)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(5,218)\n\n \n\n(322)\n\n \n\n(5,540)\n\nOthers\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n97\n\n \n\n97\n\nOther transactions for the year\n\n \n\n(262,779,495)\n\n \n\n(526)\n\n \n\n(398)\n\n \n\n(140,480)\n\n \n\n752\n\n \n\n(4,674)\n\n \n\n-\n\n \n\n-\n\n \n\n(3,699)\n\n \n\n(149,025)\n\n \n\n247\n\n \n\n(148,778)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31, 2024\n\n \n\n5,225,138,246\n\n \n\n10,450\n\n \n\n3,291\n\n \n\n630,936\n\n \n\n6,384\n\n \n\n42,129\n\n \n\n47,261\n\n \n\n578\n\n \n\n8,854\n\n \n\n749,883\n\n \n\n1,340\n\n \n\n751,223\n\n \n\n \n\n(1)\nIncludes 5,952,740 treasury shares held as at March 31, 2024 by a controlled trust. 3,943,096 shares have been transferred by the controlled trust to eligible employees on exercise of options during the year ended March 31, 2024.\n\n(2)\nRefer to Note 20\n\n(3)\nRefer to Note 19\n\n(4)\nRefer to Note 22\n\n(5)\nRefer to Note 7\n\n \n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n-119-\n\n[Table of Contents](#toc_page)\n\n \n\nWIPRO LIMITED AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY\n\n(₹ in millions, except share and per share data, unless otherwise stated)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther components of equity\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNumber of Shares(1)\n\n \n\nShare capital, fully paid-up\n\n \n\nShare premium\n\n \n\nRetained earnings\n\n \n\nShare-based payment reserve\n\n \n\nSpecial Economic Zone re-investment reserve\n\n \n\nForeign currency translation reserve (2)\n\n \n\nCash flow hedging reserve (3)\n\n \n\nOther reserves(2)\n\n \n\nEquity attributable to the equity holders of the Company\n\n \n\nNon-controlling interests\n\n \n\nTotal equity\n\nAs at April 1, 2024\n\n \n\n5,225,138,246\n\n \n\n10,450\n\n \n\n3,291\n\n \n\n630,936\n\n \n\n6,384\n\n \n\n42,129\n\n \n\n47,261\n\n \n\n578\n\n \n\n8,854\n\n \n\n749,883\n\n \n\n1,340\n\n \n\n751,223\n\nComprehensive income for the year\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit for the year\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n131,354\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n131,354\n\n \n\n826\n\n \n\n132,180\n\nOther comprehensive income\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n7,253\n\n \n\n(788)\n\n \n\n(2,224)\n\n \n\n4,241\n\n \n\n22\n\n \n\n4,263\n\nTotal comprehensive income for the year\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n131,354\n\n \n\n-\n\n \n\n-\n\n \n\n7,253\n\n \n\n(788)\n\n \n\n(2,224)\n\n \n\n135,595\n\n \n\n848\n\n \n\n136,443\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIssue of equity shares on exercise of options\n\n \n\n13,628,596\n\n \n\n27\n\n \n\n4,950\n\n \n\n-\n\n \n\n(4,950)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n27\n\n \n\n-\n\n \n\n27\n\nBonus issue of equity shares (4)\n\n \n\n5,233,369,207\n\n \n\n10,467\n\n \n\n(5,613)\n\n \n\n(3,193)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(1,661)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\nDividend (4)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(62,750)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(62,750)\n\n \n\n-\n\n \n\n(62,750)\n\nTransfer from Other components of equity (2)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n5,754\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(5,754)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\nTransfer of shares pertaining to Non-controlling interests of subsidiary\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n25\n\n \n\n-\n\n \n\n-\n\n \n\n(14)\n\n \n\n-\n\n \n\n(8)\n\n \n\n3\n\n \n\n(3)\n\n \n\n-\n\nCompensation cost related to employee share-based payment\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n5,551\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n5,551\n\n \n\n-\n\n \n\n5,551\n\nTransferred from Special Economic Zone re-investment reserve\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n14,351\n\n \n\n-\n\n \n\n(14,351)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\nOthers\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(47)\n\n \n\n(47)\n\nOther transactions for the year\n\n \n\n5,246,997,803\n\n \n\n10,494\n\n \n\n(663)\n\n \n\n(45,813)\n\n \n\n601\n\n \n\n(14,351)\n\n \n\n(14)\n\n \n\n-\n\n \n\n(7,423)\n\n \n\n(57,169)\n\n \n\n(50)\n\n \n\n(57,219)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31, 2025\n\n \n\n10,472,136,049\n\n \n\n20,944\n\n \n\n2,628\n\n \n\n716,477\n\n \n\n6,985\n\n \n\n27,778\n\n \n\n54,500\n\n \n\n(210)\n\n \n\n(793)\n\n \n\n828,309\n\n \n\n2,138\n\n \n\n830,447\n\n \n\n(1)\nIncludes 11,905,480 treasury shares held as at March 31, 2025 by a controlled trust.\n\n(2)\nRefer to Note 20\n\n(3)\nRefer to Note 19\n\n(4)\nRefer to Note 22\n\n \n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n-120-\n\n[Table of Contents](#toc_page)\n\n \n\nWIPRO LIMITED AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY\n\n(₹ in millions, except share and per share data, unless otherwise stated)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther components of equity\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNumber of Shares(1)\n\n \n\nShare capital, fully paid-up\n\n \n\nShare premium\n\n \n\nRetained earnings\n\n \n\nShare-based payment reserve\n\n \n\nSpecial Economic Zone re-investment reserve\n\n \n\nForeign currency translation reserve (2)\n\n \n\nCash flow hedging reserve (3)\n\n \n\nOther reserves(2)\n\n \n\nEquity attributable to the equity holders of the Company\n\n \n\nNon-controlling interests\n\n \n\nTotal equity\n\nAs at April 1, 2025\n\n10,472,136,049\n\n \n\n20,944\n\n \n\n2,628\n\n \n\n716,477\n\n \n\n6,985\n\n \n\n27,778\n\n \n\n54,500\n\n \n\n(210)\n\n \n\n(793)\n\n \n\n828,309\n\n \n\n2,138\n\n \n\n830,447\n\nComprehensive income for the year\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit for the year\n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n131,974\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n131,974\n\n \n\n681\n\n \n\n132,655\n\nOther comprehensive income\n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n46,377\n\n \n\n(7,194)\n\n \n\n(3,390)\n\n \n\n35,793\n\n \n\n246\n\n \n\n36,039\n\nTotal comprehensive income for the year\n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n131,974\n\n \n\n-\n\n \n\n-\n\n \n\n46,377\n\n \n\n(7,194)\n\n \n\n(3,390)\n\n \n\n167,767\n\n \n\n927\n\n \n\n168,694\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIssue of equity shares on exercise of options\n\n16,276,409\n\n \n\n33\n\n \n\n3,530\n\n \n\n-\n\n \n\n(3,530)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n33\n\n \n\n-\n\n \n\n33\n\nDividend (4)\n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(115,206)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(115,206)\n\n \n\n(569)\n\n \n\n(115,775)\n\nCompensation cost related to employee share-based payment\n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n4,465\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n4,465\n\n \n\n-\n\n \n\n4,465\n\nTransferred from Special Economic Zone re-investment reserve\n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n1,812\n\n \n\n-\n\n \n\n(1,812)\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\nOthers\n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n-\n\n \n\n(5)\n\n \n\n5\n\n \n\n-\n\n \n\n-\n\n \n\n13\n\n \n\n13\n\nOther transactions for the year\n\n16,276,409\n\n \n\n33\n\n \n\n3,530\n\n \n\n(113,394)\n\n \n\n935\n\n \n\n(1,812)\n\n \n\n(5)\n\n \n\n5\n\n \n\n-\n\n \n\n(110,708)\n\n \n\n(556)\n\n \n\n(111,264)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31, 2026\n\n10,488,412,458\n\n \n\n20,977\n\n \n\n6,158\n\n \n\n735,057\n\n \n\n7,920\n\n \n\n25,966\n\n \n\n100,872\n\n \n\n(7,399)\n\n \n\n(4,183)\n\n \n\n885,368\n\n \n\n2,509\n\n \n\n887,877\n\nConvenience translation into U.S. Dollar in millions (unaudited) Refer to Note 2(iii)\n\n \n\n224\n\n \n\n66\n\n \n\n7,834\n\n \n\n84\n\n \n\n277\n\n \n\n1,075\n\n \n\n(79)\n\n \n\n(44)\n\n \n\n9,437\n\n \n\n27\n\n \n\n9,464\n\n \n\n(1)\nIncludes 11,905,480 treasury shares held as at March 31, 2026 by a controlled trust.\n\n(2)\nRefer to Note 20\n\n(3)\nRefer to Note 19\n\n(4)\nRefer to Note 22\n\n \n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n-121-\n\n[Table of Contents](#toc_page)\n\n \n\nWIPRO LIMITED AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(₹ in millions, except share and per share data, unless otherwise stated)\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\nNotes\n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nConvenience translation into U.S. Dollar in millions (unaudited) Refer to Note 2(iii)\n\n \n\nCash flows from operating activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit for the year\n\n \n\n \n\n \n\n \n\n111,121\n\n \n\n \n\n \n\n132,180\n\n \n\n \n\n \n\n132,655\n\n \n\n \n\n \n\n1,414\n\n \n\nAdjustments to reconcile profit for the year to net cash generated from operating activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGain on sale of property, plant and equipment, net\n\n \n\n \n\n \n\n \n\n(2,072\n\n)\n\n \n\n \n\n(606\n\n)\n\n \n\n \n\n(393\n\n)\n\n \n\n \n\n(4\n\n)\n\nDepreciation, amortization and impairment expense\n\n \n\n25\n\n \n\n \n\n \n\n34,071\n\n \n\n \n\n \n\n29,579\n\n \n\n \n\n \n\n29,107\n\n \n\n \n\n \n\n310\n\n \n\nUnrealized exchange (gain)/loss, net\n\n \n\n \n\n \n\n \n\n655\n\n \n\n \n\n \n\n(623\n\n)\n\n \n\n \n\n2,168\n\n \n\n \n\n \n\n23\n\n \n\nShare-based compensation expense\n\n \n\n \n\n \n\n \n\n5,584\n\n \n\n \n\n \n\n5,551\n\n \n\n \n\n \n\n4,465\n\n \n\n \n\n \n\n48\n\n \n\nShare of net (profit)/loss of associate and joint venture accounted for using equity method\n\n \n\n \n\n \n\n \n\n \n\n233\n\n \n\n \n\n \n\n(254\n\n)\n\n \n\n \n\n(257\n\n)\n\n \n\n \n\n(3\n\n)\n\nIncome tax expense\n\n \n\n \n\n21\n\n \n\n \n\n \n\n36,089\n\n \n\n \n\n \n\n42,777\n\n \n\n \n\n \n\n40,767\n\n \n\n \n\n \n\n434\n\n \n\nFinance and other income, net of finance expenses\n\n \n\n \n\n \n\n \n\n \n\n(11,344\n\n)\n\n \n\n \n\n(23,432\n\n)\n\n \n\n \n\n(21,914\n\n)\n\n \n\n \n\n(234\n\n)\n\nChange in fair value of contingent consideration\n\n \n\n \n\n \n\n \n\n \n\n(1,300\n\n)\n\n \n\n \n\n(169\n\n)\n\n \n\n \n\n49\n\n \n\n \n\n \n\n1\n\n \n\nLifetime expected credit loss/(write-back)\n\n \n\n \n\n25\n\n \n\n \n\n \n\n640\n\n \n\n \n\n \n\n324\n\n \n\n \n\n \n\n2,838\n\n \n\n \n\n \n\n30\n\n \n\nOther non-cash items\n\n \n\n \n\n \n\n \n\n \n\n488\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nChanges in operating assets and liabilities; net of effects from acquisitions:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(Increase)/Decrease in trade receivables\n\n \n\n \n\n \n\n \n\n \n\n7,824\n\n \n\n \n\n \n\n1,894\n\n \n\n \n\n \n\n(11,442\n\n)\n\n \n\n \n\n(122\n\n)\n\n(Increase)/Decrease in unbilled receivables and contract assets\n\n \n\n \n\n \n\n \n\n \n\n5,919\n\n \n\n \n\n \n\n(1,331\n\n)\n\n \n\n \n\n(14,498\n\n)\n\n \n\n \n\n(154\n\n)\n\n(Increase)/Decrease in Inventories\n\n \n\n \n\n \n\n \n\n \n\n287\n\n \n\n \n\n \n\n213\n\n \n\n \n\n \n\n184\n\n \n\n \n\n \n\n2\n\n \n\n(Increase)/Decrease in other financial assets and other assets\n\n \n\n \n\n \n\n \n\n \n\n8,869\n\n \n\n \n\n \n\n6,609\n\n \n\n \n\n \n\n(205\n\n)\n\n \n\n \n\n(2\n\n)\n\nIncrease/(Decrease) in trade payables, accrued expenses, other financial liabilities, other liabilities and provisions\n\n \n\n \n\n \n\n \n\n \n\n(435\n\n)\n\n \n\n \n\n548\n\n \n\n \n\n \n\n8,482\n\n \n\n \n\n \n\n90\n\n \n\nIncrease/(Decrease) in contract liabilities\n\n \n\n \n\n \n\n \n\n \n\n(5,053\n\n)\n\n \n\n \n\n2,341\n\n \n\n \n\n \n\n3,555\n\n \n\n \n\n \n\n38\n\n \n\nCash generated from operating activities before taxes\n\n \n\n \n\n \n\n \n\n \n\n191,576\n\n \n\n \n\n \n\n195,601\n\n \n\n \n\n \n\n175,561\n\n \n\n \n\n \n\n1,871\n\n \n\nIncome taxes paid, net\n\n \n\n \n\n \n\n \n\n \n\n(15,360\n\n)\n\n \n\n \n\n(26,175\n\n)\n\n \n\n \n\n(26,245\n\n)\n\n \n\n \n\n(280\n\n)\n\nNet cash generated from operating activities\n\n \n\n \n\n \n\n \n\n \n\n176,216\n\n \n\n \n\n \n\n169,426\n\n \n\n \n\n \n\n149,316\n\n \n\n \n\n \n\n1,591\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash flows from investing activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPayment for purchase of property, plant and equipment\n\n \n\n \n\n \n\n \n\n(10,510\n\n)\n\n \n\n \n\n(14,737\n\n)\n\n \n\n \n\n(15,603\n\n)\n\n \n\n \n\n(166\n\n)\n\nProceeds from disposal of property, plant and equipment\n\n \n\n \n\n \n\n \n\n4,022\n\n \n\n \n\n \n\n1,822\n\n \n\n \n\n \n\n758\n\n \n\n \n\n \n\n8\n\n \n\nInvestment in associate\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(352\n\n)\n\n \n\n \n\n(4\n\n)\n\nPayment for purchase of investments\n\n \n\n \n\n \n\n \n\n(975,069\n\n)\n\n \n\n \n\n(801,582\n\n)\n\n \n\n \n\n(837,806\n\n)\n\n \n\n \n\n(8,929\n\n)\n\nProceeds from sale of investments\n\n \n\n \n\n \n\n \n\n \n\n978,598\n\n \n\n \n\n \n\n706,520\n\n \n\n \n\n \n\n816,732\n\n \n\n \n\n \n\n8,704\n\n \n\nPayment for business acquisitions including deposits and escrow, net of cash acquired\n\n \n\n \n\n \n\n \n\n \n\n(5,291\n\n)\n\n \n\n \n\n(964\n\n)\n\n \n\n \n\n(26,033\n\n)\n\n \n\n \n\n(277\n\n)\n\nPayment for investment in joint venture\n\n \n\n \n\n \n\n \n\n \n\n(484\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nProceeds from/(repayment of) security deposit for property, plant and equipment\n\n \n\n \n\n \n\n \n\n \n\n300\n\n \n\n \n\n \n\n(300\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nInterest received\n\n \n\n \n\n \n\n \n\n \n\n20,111\n\n \n\n \n\n \n\n26,212\n\n \n\n \n\n \n\n28,878\n\n \n\n \n\n \n\n308\n\n \n\nDividend received\n\n \n\n \n\n27\n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n2,299\n\n \n\n \n\n \n\n3\n\n \n\n \n\n^\n\n \n\nNet cash generated from/(used in) investing activities\n\n \n\n \n\n \n\n \n\n \n\n11,680\n\n \n\n \n\n \n\n(80,730\n\n)\n\n \n\n \n\n(33,423\n\n)\n\n \n\n \n\n(356\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash flows from financing activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProceeds from issuance of equity shares and shares pending allotment\n\n \n\n \n\n \n\n \n\n13\n\n \n\n \n\n \n\n27\n\n \n\n \n\n \n\n33\n\n \n\n \n\n^\n\n \n\nRepayment of loans and borrowings\n\n \n\n \n\n \n\n \n\n \n\n(130,557\n\n)\n\n \n\n \n\n(177,672\n\n)\n\n \n\n \n\n(259,841\n\n)\n\n \n\n \n\n(2,769\n\n)\n\nProceeds from loans and borrowings\n\n \n\n \n\n \n\n \n\n \n\n120,500\n\n \n\n \n\n \n\n195,595\n\n \n\n \n\n \n\n253,089\n\n \n\n \n\n \n\n2,697\n\n \n\nPayment of lease liabilities including interests\n\n \n\n \n\n5\n\n \n\n \n\n \n\n(10,060\n\n)\n\n \n\n \n\n(10,474\n\n)\n\n \n\n \n\n(11,561\n\n)\n\n \n\n \n\n(123\n\n)\n\nPayment for buyback of equity shares, including tax and transaction cost\n\n \n\n \n\n \n\n \n\n \n\n(145,173\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nPayment for contingent consideration\n\n \n\n \n\n \n\n \n\n \n\n(1,294\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(648\n\n)\n\n \n\n \n\n(7\n\n)\n\nPayment of deferred consideration on business combination\n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(221\n\n)\n\n \n\n \n\n(2\n\n)\n\nInterest and finance expenses paid\n\n \n\n \n\n \n\n \n\n \n\n(10,456\n\n)\n\n \n\n \n\n(8,689\n\n)\n\n \n\n \n\n(6,336\n\n)\n\n \n\n \n\n(67\n\n)\n\nPayment of dividend\n\n \n\n \n\n \n\n \n\n \n\n(5,218\n\n)\n\n \n\n \n\n(62,750\n\n)\n\n \n\n \n\n(115,206\n\n)\n\n \n\n \n\n(1,228\n\n)\n\nPayment of dividend to Non-controlling interests holders\n\n \n\n \n\n \n\n \n\n \n\n(322\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(569\n\n)\n\n \n\n \n\n(6\n\n)\n\nNet cash generated used in financing activities\n\n \n\n \n\n \n\n \n\n(182,567\n\n)\n\n \n\n \n\n(63,963\n\n)\n\n \n\n \n\n(141,260\n\n)\n\n \n\n \n\n(1,505\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n Net increase/(decrease) in cash and cash equivalents during the year\n\n \n\n \n\n \n\n \n\n5,329\n\n \n\n \n\n \n\n24,733\n\n \n\n \n\n \n\n(25,367\n\n)\n\n \n\n \n\n(270\n\n)\n\n Effect of exchange rate changes on cash and cash equivalents\n\n \n\n \n\n \n\n \n\n(239\n\n)\n\n \n\n \n\n290\n\n \n\n \n\n \n\n8,948\n\n \n\n \n\n \n\n95\n\n \n\n Cash and cash equivalents at the beginning of the year\n\n \n\n11\n\n \n\n \n\n \n\n91,861\n\n \n\n \n\n \n\n96,951\n\n \n\n \n\n \n\n121,974\n\n \n\n \n\n \n\n1,300\n\n \n\n Cash and cash equivalents at the end of the year\n\n \n\n11\n\n \n\n \n\n \n\n96,951\n\n \n\n \n\n \n\n121,974\n\n \n\n \n\n \n\n105,555\n\n \n\n \n\n \n\n1,125\n\n \n\nRefer to Note 14 for supplementary information on the consolidated statement of cash flows.\n\n^ Value is less than 0.5\n\n \n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n-122-\n\n[Table of Contents](#toc_page)\n\n \n\nWIPRO LIMITED AND SUBSIDIARIES\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\n\n(₹ in millions, except share and per share data, unless otherwise stated)\n\n1. The Company overview\n\nWipro Limited (“Wipro” or the “Parent Company”), together with its subsidiaries and controlled trusts (collectively, “we”, “us”, “our”, “the Company” or “the Group”) is a leading artificial intelligence (“AI”) powered technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our consulting-led approach and the Wipro Intelligence™ unified suite of AI-powered platforms, solutions and transformative offerings, we help clients realize their boldest ambitions to build intelligent and sustainable businesses.\n\nWipro is a public limited company incorporated and domiciled in India. The address of its registered office is Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru – 560 035, Karnataka, India. The Company has its primary listing with BSE Ltd. and National Stock Exchange of India Limited. The Company’s American Depository Shares (“ADS”) representing equity shares are also listed on the New York Stock Exchange.\n\nThe Company’s Board of Directors authorized these consolidated financial statements for issue on June 2, 2026.\n\n2. Basis of preparation of consolidated financial statements\n\n \n\n(i) Statement of compliance and basis of preparation\n\n \n\nThe consolidated financial statements have been prepared in compliance with International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). All accounting policies have been applied consistently to all periods presented in these consolidated financial statements, except for new accounting standards adopted by the Company.\n\n \n\nThe consolidated financial statements correspond to the classification provisions contained in IAS 1(revised), “Presentation of Financial Statements”. For clarity, various items are aggregated in the consolidated statement of income, consolidated statement of comprehensive income and consolidated statement of financial position. These items are disaggregated separately in the notes to the consolidated financial statements, where applicable.\n\n \n\nThe assets which are expected to be realized within a period of twelve months from the end of reporting period are classified as current assets. Similarly, the liabilities which are expected to be settled within a period of twelve months from the end of reporting period are classified as current liabilities. All other assets and liabilities are classified as non-current.\n\n \n\nAll amounts included in the consolidated financial statements are reported in millions of Indian Rupees (₹ in millions) except share and per share data, unless otherwise stated. Due to rounding off, the numbers presented throughout the document may not add up precisely to the totals and percentages may not precisely reflect the absolute figures. Previous year figures have been regrouped/rearranged, wherever necessary.\n\n \n\n(ii) Basis of measurement\n\n \n\nThe consolidated financial statements have been prepared on a historical cost convention and on an accrual basis, except for the following material items which have been measured at fair value as required by relevant IFRS:\n\n \n\na.\nDerivative financial instruments;\n\nb.\nFinancial instruments classified as fair value through other comprehensive income or fair value through profit or loss;\n\nc.\nThe defined benefit liability/(asset) is recognized as the present value of defined benefit obligation less fair value of plan assets; and\n\nd.\nContingent consideration and liability on written put options.\n\n \n\n(iii) Convenience translation (unaudited)\n\n \n\nThe accompanying consolidated financial statements have been prepared and reported in Indian Rupees, the functional currency of the Parent Company. Solely for the convenience of the readers, the consolidated financial statements as at and for the year ended March 31, 2026, have been translated into United States Dollars at the certified foreign exchange rate of U.S.$ 1 = ₹ 93.83 as published by Federal Reserve Board of Governors on March 31, 2026. No representation is made that the Indian Rupee amounts have been, could have been or could be converted into United States Dollars at such a rate or any other rate. Due to rounding off, the translated numbers presented throughout the document may not add up precisely to the totals.\n\n-123-\n\n[Table of Contents](#toc_page)\n\n \n\n(iv) Use of estimates and judgment\n\n \n\nThe preparation of the consolidated financial statements in conformity with IFRS requires the management to make judgments, accounting estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Accounting estimates are monetary amounts in the consolidated financial statements that are subject to measurement uncertainty. An accounting policy may require items in consolidated financial statements to be measured at monetary amounts that cannot be observed directly and must instead be estimated. In such a case, management develops an accounting estimate to achieve the objective set out by the accounting policy. Developing accounting estimates involves the use of judgments or assumptions based on the latest available and reliable information. Actual results may differ from those accounting estimates.\n\n \n\nAccounting estimates and underlying assumptions are reviewed on an ongoing basis. Changes to accounting estimates are recognized in the period in which the estimates are changed and in any future periods affected. In particular, information about material areas of estimation, uncertainty and critical judgments in applying accounting policies that have the material effect on the amounts recognized in the consolidated financial statements are included in the following notes:\n\n \n\na)\nRevenue recognition: The Company applies judgment to determine whether each product or service promised to a customer is capable of being distinct, and is distinct in the context of the contract, if not, the promised product or service is combined and accounted as a single performance obligation. The Company allocates the Transaction Price (as defined below in Note 3(xiv)) to separately identifiable performance obligation deliverables based on their relative stand-alone selling price. In cases where the Company is unable to determine the stand-alone selling price, the Company uses expected cost-plus margin approach in estimating the stand-alone selling price. The Company uses the percentage of completion method using the input (cost expended) method to measure progress towards completion in respect of fixed-price contracts. Percentage of completion method accounting relies on estimates of total expected contract revenue and costs. This method is followed when reasonably dependable estimates of the revenues and costs applicable to various elements of the contract can be made. Key factors that are reviewed in estimating the future costs to complete include estimates of future labor costs and productivity efficiencies. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, revenue recognized, profit and timing of revenue for remaining performance obligations are subject to revisions as the contract progresses to completion. When estimates indicate that a loss will be incurred, the loss is provided for in the period in which the loss becomes probable. Volume discounts are recorded as a reduction of revenue. When the amount of discount varies with the levels of revenue, volume discount is recorded based on estimate of future revenue from the customer.\n\n \n\nb)\nImpairment testing: Goodwill recognized on business combination is tested for impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of goodwill or a cash generating unit to which goodwill pertains, is less than the carrying value. The Company assesses acquired intangible assets with finite useful life for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount of an asset or a cash generating unit is higher of value-in-use and fair value less cost of disposal. The calculation of value in use of an asset or a cash generating unit involves use of significant estimates and assumptions which include turnover, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions.\n\n \n\nc)\nIncome taxes: The major tax jurisdictions for the Company are India and the United States.\n\n \n\nSignificant judgments are involved in determining the provision for income taxes including judgment on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods.\n\n \n\nDeferred tax is recorded on temporary differences between the tax bases of assets and liabilities and their carrying amounts, at the rates that have been enacted or substantively enacted at the reporting date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profits during the periods in which those temporary differences and tax loss carry-forwards become deductible. The Company considers expected reversal of deferred tax liabilities and projected future taxable income in making this assessment. The amount of deferred tax assets considered realizable, however, could reduce in the near term if estimates of future taxable income during the carry-forward period are reduced.\n\n \n\nd)\nBusiness combinations: In accounting for business combinations, judgment is required to assess whether an identifiable intangible asset is to be recorded separately from goodwill. Additionally, estimating the acquisition date fair value of the identifiable assets acquired (including useful life estimates), liabilities assumed, and contingent consideration assumed involves management judgment. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by management. Changes in these judgments, estimates, and assumptions can materially affect the results of operations.\n\n \n\n-124-\n\n[Table of Contents](#toc_page)\n\n \n\ne)\nDefined benefit plans and compensated absences: The cost of the defined benefit plans, compensated absences and the present value of the defined benefit obligations are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.\n\n \n\nf)\nExpected credit losses on financial assets: The impairment provisions of financial assets are based on assumptions about risk of default and expected timing of collection. The Company uses judgment in making these assumptions and selecting the inputs to the expected credit loss calculation based on the Company’s history of collections, customer’s creditworthiness, existing market conditions as well as forward-looking estimates at the end of each reporting period.\n\n \n\ng)\nUseful lives of property, plant and equipment: The Company depreciates property, plant and equipment on a straight-line basis over estimated useful lives of the assets. The charge in respect of periodic depreciation is derived based on an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. The estimated useful life is reviewed at least annually.\n\n \n\nh)\nProvisions and contingent liabilities: The Company estimates the provisions that have present obligations as a result of past events and it is probable that outflow of resources will be required to settle the obligations. These provisions are reviewed at the end of each reporting date and are adjusted to reflect the current best estimates.\n\nThe Company uses significant judgment to disclose contingent liabilities. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognized nor disclosed in the financial statements.\n\n3. Material accounting policy information\n\n(i) Basis of consolidation\n\nSubsidiaries and controlled trusts\n\nThe Company determines the basis of control in line with the requirements of IFRS 10, Consolidated Financial Statements. Subsidiaries and controlled trusts are entities controlled by the Group. The Group controls an entity when the parent has power over the entity, it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries and controlled trusts are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.\n\nThe financial statements of the Group companies are consolidated on a line-by-line basis and all intra-Group balances, transactions, income and expenses are eliminated in full on consolidation.\n\nNon-controlling interests\n\nNon-controlling interests in the net assets (excluding goodwill) of consolidated subsidiaries are identified separately from the Company’s equity. The interest of non-controlling shareholders may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition to acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interest’s share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if it results in the non-controlling interests having a deficit balance.\n\nLiability for written put options to non-controlling interests\n\nAt initial recognition, the liability for put options issued to non-controlling interests, to be settled in cash by the Company, which do not grant present access to ownership interest to the Company is recognized as financial liability at present value of the redemption amount with a corresponding debit in other reserves within equity.\n\nThe liability is subsequently remeasured at the end of each period and accreted through financial expenses up to the redemption amount that is payable at the date at which the option first becomes exercisable. In the event that the option expires unexercised, the liability is derecognized with a corresponding adjustment to equity.\n\n-125-\n\n[Table of Contents](#toc_page)\n\n \n\nInvestments accounted for using the equity method\n\nInvestments accounted for using the equity method are entities in respect of which, the Company has significant influence, but not control, over the financial and operating policies. Generally, a company has a significant influence if it holds between 20% and 50% of the voting power of another entity. Investments in such entities are accounted for using the equity method and are initially recognized at cost. The carrying amount of investment is increased/ decreased to recognize investors share of profit or loss of the investee after the acquisition date.\n\n(ii) Functional and presentation currency\n\nItems included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which these entities operate (i.e. the “functional currency”). These consolidated financial statements are presented in Indian Rupees, which is the functional currency of the Parent Company.\n\n(iii) Foreign currency transactions and translation\n\na) Transactions and balances\n\nTransactions in foreign currency are translated into the respective functional currencies using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from translation at the exchange rates prevailing at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of income and reported within foreign exchange gains/(losses), net, within results of operating activities except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Net loss relating to translation or settlement of borrowings denominated in foreign currency are reported within finance expense. Net gain relating to translation or settlement of borrowings denominated in foreign currency are reported within finance and other income. Non-monetary assets and liabilities denominated in foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. Translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments measured at fair value through other comprehensive income are included in other comprehensive income, net of taxes.\n\nb) Foreign operations\n\nFor the purpose of presenting consolidated financial statements, the assets and liabilities of the Company’s foreign operations that have a functional currency other than Indian Rupees are translated into Indian Rupees using exchange rates prevailing at the reporting date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognized in other comprehensive income and held in foreign currency translation reserve (\"FCTR\"), a component of equity, except to the extent that the translation difference is allocated to non-controlling interest. When a foreign operation is disposed of, the relevant amount recognized in FCTR is transferred to the consolidated statement of income as part of the profit or loss on disposal. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the exchange rate prevailing at the reporting date.\n\nc) Others\n\nForeign currency differences arising on the translation or settlement of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in other comprehensive income and presented within equity in the FCTR to the extent the hedge is effective. To the extent the hedge is ineffective, such differences are recognized in the consolidated statement of income.\n\nWhen the hedged part of a net investment is disposed of, the relevant amount recognized in FCTR is transferred to the consolidated statement of income as part of the profit or loss on disposal. Foreign currency differences arising from translation of intercompany receivables or payables relating to foreign operations, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of net investment in foreign operation and are recognized in FCTR.\n\n(iv) Financial instruments\n\nA) Non-derivative financial instruments:\n\nNon-derivative financial instruments consist of:\n\n•\nfinancial assets which include cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and other advances, investments in equity and debt securities and eligible current and non-current assets; and\n\n•\nfinancial liabilities which include long and short-term loans and borrowings, bank overdrafts, trade payables and accrued expenses, lease liabilities and eligible current and non-current liabilities.\n\n-126-\n\n[Table of Contents](#toc_page)\n\n \n\nNon-derivative financial instruments other than trade receivables and unbilled receivables are recognized initially at fair value. Trade receivables and unbilled receivables that do not contain a significant financing component are measured at the Transaction Price. Subsequent to initial recognition, non-derivative financial instruments are measured as described below:\n\na. Cash and cash equivalents\n\nThe Company’s cash and cash equivalents consist of cash on hand and in banks and demand deposits with banks, which can be withdrawn at any time, without prior notice or penalty on the principal.\n\nFor the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash on hand, in banks and demand deposits with banks, net of outstanding bank overdrafts that are repayable on demand and are considered part of the Company’s cash management system. In the consolidated statement of financial position, bank overdrafts are presented under loans and borrowings within current financial liabilities.\n\nb. Investments\n\nFinancial instruments measured at amortized cost:\n\nDebt instruments that meet the following criteria are measured at amortized cost (except for debt instruments that are designated at fair value through profit or loss on initial recognition):\n\n•\nthe asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and\n\n•\nthe contractual terms of the instrument give rise on specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding.\n\nFinancial instruments measured at fair value through other comprehensive income (\"FVTOCI\"):\n\nDebt instruments that meet the following criteria are measured at FVTOCI (except for debt instruments that are designated at fair value through profit or loss on initial recognition):\n\n•\nthe asset is held within a business model whose objective is achieved both by collecting contractual cash flows and selling the financial asset; and\n\n•\nthe contractual terms of the instrument give rise on specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding.\n\nInterest income is recognized in the consolidated statement of income for FVTOCI debt instruments. Other changes in fair value of FVTOCI financial assets are recognized in other comprehensive income. When the investment is disposed of, the cumulative gain or loss previously accumulated in reserves is transferred to the consolidated statement of income.\n\nFinancial instruments measured at fair value through profit or loss (\"FVTPL\"):\n\nInstruments that do not meet the amortized cost or FVTOCI criteria are measured at FVTPL. Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement recognized in the consolidated statement of income. The gain or loss on disposal is recognized in the consolidated statement of income.\n\nInterest income is recognized in the consolidated statement of income for FVTPL debt instruments. Dividends on financial assets at FVTPL is recognized when the Company's right to receive dividends is established.\n\nInvestments in equity instruments:\n\nThe Company carries certain equity instruments which are not held for trading. At initial recognition, the Company may make an irrevocable election to present subsequent changes in the fair value of an investment in an equity instrument in other comprehensive income (FVTOCI) or through statement of income (FVTPL). For investments designated to be classified as FVTOCI, movements in fair value of investments are recognized in other comprehensive income and the gain or loss is not transferred to consolidated statement of income on disposal of investments. For investments designated to be classified as FVTPL, both movements in fair value of investments and gain or loss on disposal of investments are recognized in the consolidated statement of income.\n\nDividends from these investments are recognized in the consolidated statement of income when the Company’s right to receive dividends is established.\n\nWhen the investment in equity instruments is derecognized, the cumulative gain or loss in other comprehensive income is transferred to retained earnings.\n\n-127-\n\n[Table of Contents](#toc_page)\n\n \n\nc. Other financial assets:\n\nOther financial assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These comprise trade receivables, unbilled receivables, finance lease receivables, employee and other advances and eligible current and non-current assets. They are presented as current assets, except for those expected to be realized later than twelve months after the reporting date which are presented as non-current assets. All financial assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less any impairment losses. However, trade receivables and unbilled receivables that do not contain a significant financing component are measured at the Transaction Price.\n\nd. Trade payables, accrued expenses, and other liabilities\n\nTrade payables, accrued expenses, and other liabilities are initially recognized at the transaction price, and subsequently carried at amortized cost using the effective interest method. For these financial instruments, the carrying amounts approximate fair value due to the short-term maturity of these instruments. Contingent consideration recognized in a business combination is initially recognized at fair value and subsequently measured at fair value through profit or loss.\n\nB) Derivative financial instruments\n\nThe Company is exposed to foreign currency fluctuations on foreign currency assets, liabilities, net investment in foreign operations and forecasted cash flows denominated in foreign currency.\n\nThe Company limits the effect of foreign exchange rate fluctuations by following established risk management policies including the use of derivatives. The Company enters into derivative financial instruments where the counterparty is primarily a bank.\n\nDerivative financial instruments are recognized and measured at fair value. Attributable transaction costs are recognized in the consolidated statement of income as cost.\n\nSubsequent to initial recognition, derivative financial instruments are measured as described below:\n\na. Cash flow hedges\n\nChanges in the fair value of the derivative hedging instruments designated as a cash flow hedge are recognized in other comprehensive income and held in cash flow hedging reserve, net of taxes, a component of equity, to the extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair value are recognized in the consolidated statement of income and reported within foreign exchange gains/(losses), net, within results from operating activities. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the consolidated statement of income upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, such cumulative balance is immediately recognized in the consolidated statement of income.\n\nb. Hedges of net investment in foreign operations\n\nThe Company designates derivative financial instruments as hedges of net investments in foreign operations. The Company also designates foreign currency denominated borrowing as a hedge of net investment in foreign operations. Changes in the fair value of the derivative hedging instruments and gains/(losses) on translation or settlement of foreign currency denominated borrowings designated as a hedge of net investment in foreign operations are recognized in other comprehensive income and presented within equity in the FCTR to the extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair value are recognized in the consolidated statement of income and reported within foreign exchange gains/(losses), net within results from operating activities.\n\nc. Others\n\nChanges in fair value of foreign currency derivative instruments neither designated as cash flow hedges nor hedges of net investment in foreign operations are recognized in the consolidated statement of income and reported within foreign exchange gains/(losses), net within results from operating activities. Changes in fair value and gains/(losses), net, on settlement of foreign currency derivative instruments relating to borrowings, which have not been designated as hedges are recorded in finance expenses.\n\n-128-\n\n[Table of Contents](#toc_page)\n\n \n\nC) Derecognition of financial instruments\n\nThe Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under IFRS 9. If the Company retains substantially all the risks and rewards of a transferred financial asset, the Company continues to recognize the financial asset and recognizes a borrowing for the proceeds received. A financial liability (or a part of a financial liability) is derecognized from the Company’s consolidated statement of financial position when the obligation specified in the contract is discharged or cancelled or expires.\n\n(v) Equity and share capital\n\na) Share capital and Share premium\n\nThe authorized share capital of the Company as at March 31, 2026 is ₹ 25,352 divided into 12,543,500,000 equity shares of ₹ 2 each, 25,000,000 preference shares of ₹ 10 each and 150,000 10% optionally convertible cumulative preference shares of ₹ 100 each. Par value of the equity shares is recorded as share capital and the amount received in excess of par value is classified as share premium.\n\nEvery holder of equity shares, as reflected in the records of the Company, as at the date of the shareholder meeting shall have one vote in respect of each share held for all matters submitted to vote in the shareholder meeting.\n\nb) Shares held by controlled trust (Treasury shares)\n\nThe Company’s equity shares held by the controlled trust, which is consolidated as part of the Group are classified as treasury shares. Treasury shares are recorded at acquisition cost. Reconciliation of the number of treasury shares held by controlled trust is as follows:\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n \n\nNo. of shares\n\n \n\n \n\nNo. of shares\n\n \n\n \n\nNo. of shares\n\n \n\nOpening number of equity shares\n\n \n\n \n\n9,895,836\n\n \n\n \n\n \n\n5,952,740\n\n \n\n \n\n \n\n11,905,480\n\n \n\nLess: Transferred to eligible employees on exercise of options\n\n \n\n \n\n(3,943,096\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nAdd: Bonus issue of equity shares (Refer to Note 22)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n5,952,740\n\n \n\n \n\n \n\n-\n\n \n\nClosing number of equity shares\n\n \n\n \n\n5,952,740\n\n \n\n \n\n \n\n11,905,480\n\n \n\n \n\n \n\n11,905,480\n\n \n\nc) Retained earnings\n\nRetained earnings is comprised of the Company’s undistributed earnings after taxes and is freely available for distribution. This includes capital reserve as at March 31, 2024, 2025 and 2026 amounting to ₹ 1,139, ₹ 1,139 and ₹ 1,139 respectively, which is not freely available for distribution.\n\nd) Special Economic Zone re-investment reserve\n\nThe Special Economic Zone (“SEZ”) re-investment reserve has been created out of profit of eligible SEZ units as per provisions of section 10AA(1)(ii) of the Income–tax Act, 1961 for acquiring new plant and machinery. The said reserve should be utilized by the Company for acquiring plant and machinery as per the terms of Section 10AA(2) of the Income-tax Act, 1961. This reserve is not freely available for distribution.\n\ne) Share-based payment reserve\n\nThe share-based payment reserve is used to record the value of equity-settled share-based payment transactions with employees. The amounts recorded in share-based payment reserve are transferred to share premium upon exercise of stock options and restricted stock unit options by employees.\n\nf) Foreign currency translation reserve\n\nThe exchange differences arising from the translation of financial statements of foreign operations, differences arising from translation of long-term inter-company receivables or payables relating to foreign operations, settlement of which is neither planned nor likely in the foreseeable future, changes in fair value of the derivative hedging instruments and gains/losses on translation or settlement of foreign currency denominated borrowings designated as hedge of net investment in foreign operations are recognized in other comprehensive income, net of taxes and presented within equity in the FCTR.\n\n-129-\n\n[Table of Contents](#toc_page)\n\n \n\ng) Cash flow hedging reserve\n\nChanges in fair value of derivative hedging instruments designated and effective as a cash flow hedge are recognized in other comprehensive income, net of taxes and presented within equity as cash flow hedging reserve.\n\nh) Other reserves\n\nChanges in the fair value of financial instruments measured at fair value through other comprehensive income and actuarial gains and losses on remeasurements of the defined benefit plans are recognized in other comprehensive income, net of taxes and presented within equity in other reserves.\n\nOther reserves also include capital redemption reserve, which is not freely available for distribution. As per the Companies Act, 2013, capital redemption reserve is created when a company purchases its own shares out of free reserves or share premium. A sum equal to the nominal value of the shares so purchased is transferred to capital redemption reserve. The reserve can be utilized in accordance with the provisions of Section 69 of the Companies Act, 2013. As at March 31, 2024, 2025 and 2026, capital redemption reserve amounting to ₹ 1,661, ₹ Nil and ₹ Nil respectively is not freely available for distribution.\n\ni) Dividend\n\nA final dividend on common stock is recorded as a liability on the date of approval by the shareholders. An interim dividend is recorded as a liability on the date of declaration by the Company’s Board of Directors.\n\nj) Buyback of equity shares\n\nThe buyback of equity shares, including tax thereon and related transaction costs are recorded as a reduction of share premium and retained earnings. Further, capital redemption reserve is created as an apportionment from retained earnings.\n\nk) Bonus issue\n\nFor the purpose of bonus issue, the amount is transferred from capital redemption reserves, share premium and retained earnings to the share capital.\n\n(vi) Property, plant and equipment\n\na) Recognition, measurement and derecognition\n\nProperty, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any. Cost includes expenditures directly attributable to the acquisition of the asset. General and specific borrowing costs directly attributable to the construction of a qualifying asset are capitalized as part of the cost till all the activities necessary to prepare the qualifying asset for its intended use or sale are substantially completed. The cost and related accumulated depreciation are derecognized upon sale or disposition of the asset and the resultant gains or losses are recognized in the consolidated statement of income.\n\nCapital work-in-progress are measured at cost less accumulated impairment losses, if any.\n\nb) Depreciation\n\nThe Company depreciates property, plant and equipment over the estimated useful life on a straight-line basis from the date the assets are available for use. Leasehold improvements are amortized over the shorter of estimated useful life of the asset or the related lease term. Term licenses are amortized over their respective contract term. Freehold land is not depreciated. The estimated useful life of assets is reviewed and where appropriate are adjusted, annually. The estimated useful lives of assets are as follows:\n\n \n\nCategory\n\n \n\nUseful life\n\nBuildings\n\n \n\n28 to 40 years\n\nPlant and equipment\n\n \n\n5 to 21 years\n\nComputer equipment and software\n\n \n\n2 to 7 years\n\nFurniture, fixtures and equipment\n\n \n\n5 years\n\nVehicles\n\n \n\n4 to 5 years\n\n \n\nWhen parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Subsequent expenditure relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Company and the cost of the item can be measured reliably.\n\n-130-\n\n[Table of Contents](#toc_page)\n\n \n\nDeposits and advances paid towards the acquisition of property, plant and equipment outstanding as at each reporting date and the cost of property, plant and equipment not available for use before such date are disclosed under capital work-in-progress.\n\n \n\n(vii) Business combinations, Goodwill, and Intangible assets\n\na) Business combinations\n\nBusiness combinations are accounted for using the purchase (acquisition) method. The cost of an acquisition is measured as the fair value of the assets transferred, liabilities incurred or assumed, and equity instruments issued at the date of exchange by the Company. Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the date of acquisition. Transaction costs incurred in connection with a business acquisition are expensed as incurred.\n\nThe cost of an acquisition also includes the fair value of any contingent consideration measured as at the date of acquisition. Any subsequent changes to the fair value of contingent consideration classified as liabilities, other than measurement period adjustments, are recognized in the consolidated statement of income.\n\nb) Goodwill\n\nThe excess of the cost of an acquisition over the Company’s share in the fair value of the acquiree’s identifiable assets and liabilities is recognized as goodwill. If the excess is negative, a bargain purchase gain is recognized immediately in the consolidated statement of income. Goodwill is measured at cost less accumulated impairment (if any).\n\nGoodwill associated with disposal of an operation that is part of a cash-generating unit is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained, unless some other method better reflects the goodwill associated with the operation disposed of.\n\nc) Intangible assets\n\nIntangible assets acquired separately are measured at cost of acquisition. Intangible assets acquired in a business combination are measured at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortization and impairment losses, if any.\n\nThe amortization of an intangible asset with a finite useful life reflects the manner in which the economic benefit is expected to be generated and is included in selling and marketing expenses in the consolidated statement of income.\n\nThe estimated useful life of amortizable intangibles is reviewed and where appropriate is adjusted, annually. The estimated useful lives of the amortizable intangible assets are as follows:\n\n \n\nCategory\n\n \n\nUseful life\n\nCustomer-related intangibles\n\n \n\n1 to 10 years\n\nMarketing-related intangibles\n\n \n\n2.5 to 10 years\n\nCustomer-related intangibles includes customer contracts and customer relationships acquired as a part of business combinations. Marketing-related intangibles includes vendor relationships, non-competes and brands acquired as a part of business combinations.\n\n(viii) Leases\n\nThe Company evaluates each contract or arrangement, whether it qualifies as lease as defined under IFRS 16.\n\nThe Company as a lessee\n\nThe Company enters into an arrangement for lease of land, buildings, plant and equipment including computer equipment and vehicles. Such arrangements are generally for a fixed period but may have extension or termination options. The Company assesses, whether the contract is, or contains, a lease, at its inception. A contract is considered to contain a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.\n\nA contract conveys the right to control the use of an identified asset if the Company has the right to:\n\n(a)\ncontrol use of an identified asset,\n\n(b)\nobtain substantially all the economic benefits from use of the identified asset, and\n\n(c)\ndirect the use of the identified asset.\n\n-131-\n\n[Table of Contents](#toc_page)\n\n \n\nThe Company determines the lease term as the non-cancellable period of a lease, together with periods covered by an option to extend the lease, where the Company is reasonably certain to exercise that option. The Company makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised.\n\nAt the commencement of the lease, the Company recognizes a right of use (“RoU”) asset at cost and corresponding lease liability, except for leases with term of twelve months or less (“Short-term leases”) and low-value assets. For these Short-term leases and low-value assets, the Company recognizes the lease payments as an operating expense on a straight-line basis over the lease term.\n\nThe cost of the RoU assets comprises the amount of the initial measurement of the lease liability, any lease payments made at or before the inception date of the lease plus any initial direct costs, plus an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset or restoring the site on which it is located less any lease incentives received. Subsequently, the RoU assets are measured at cost less any accumulated depreciation and accumulated impairment losses, if any. The RoU assets are depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of RoU assets. The estimated useful lives of RoU assets are determined on the same basis as those of property, plant and equipment.\n\nThe Company applies IAS 36 to determine whether a RoU asset is impaired and accounts for any identified impairment loss as described in the impairment of non-financial assets below.\n\nFor lease liabilities at the commencement of the lease, the Company measures the lease liability at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate is readily determined, if that rate is not readily determined, the lease payments are discounted using the incremental borrowing rate that the Company would have to pay to borrow funds, including the consideration of factors such as the nature of the asset and location, collateral, market terms and conditions, as applicable in a similar economic environment.\n\nAfter the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.\n\nThe lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any lease modifications. The Company recognizes the amount of the re-measurement of lease liability due to modification as an adjustment to the RoU asset or in consolidated statement of income, depending upon the nature of modification. Where the carrying amount of the RoU asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Company recognizes any remaining amount of the re-measurement in the consolidated statement of income.\n\nPayment of lease liabilities including interests are classified as cash used in financing activities in the consolidated statement of cash flows.\n\nThe Company as a lessor\n\nLeases under which the Company is a lessor are classified as a finance or operating lease. Lease contracts where all the risks and rewards are substantially transferred to the lessee are classified as a finance lease. All other leases are classified as operating lease.\n\nFor leases under which the Company is an intermediate lessor, the Company accounts for the head-lease and the sub-lease as two separate contracts. The sub-lease is further classified either as a finance lease or an operating lease by reference to the RoU asset arising from the head-lease.\n\n(ix) Inventories\n\nInventories are valued at lower of cost and net realizable value, including necessary provision for obsolescence. Cost is determined using the weighted average method.\n\n(x) Impairment\n\na) Financial assets\n\nThe Company applies the expected credit loss model for recognizing impairment loss on financial assets measured at amortized cost, debt instruments classified as FVTOCI, trade receivables, unbilled receivables, finance lease receivables, and other financial assets. Expected credit loss is the difference between the contractual cash flows and the cash flows that the entity expects to receive, discounted using the effective interest rate.\n\n-132-\n\n[Table of Contents](#toc_page)\n\n \n\nLoss allowances for trade receivables, unbilled receivables and finance lease receivables are measured at an amount equal to lifetime expected credit loss. Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of a financial instrument. Lifetime expected credit loss is computed based on a provision matrix which takes into account, risk profiling of customers and historical credit loss experience adjusted for forward-looking information. For other financial assets, expected credit loss is measured at the amount equal to twelve months expected credit loss unless there has been a significant increase in credit risk from initial recognition, in which case those are measured at lifetime expected credit loss.\n\nb) Non-financial assets\n\nThe Company assesses long-lived assets such as property, plant and equipment, RoU assets and intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be recoverable. If any such indication exists, the Company estimates the recoverable amount of the asset or group of assets.\n\nGoodwill is tested for impairment at least annually at the same time and when events occur or changes in circumstances indicate that the recoverable amount of the cash generating unit is less than its carrying value. The goodwill impairment test is performed at the level of cash-generating unit or groups of cash -generating units which represents the lowest level at which goodwill is monitored for internal management purposes.\n\nThe recoverable amount of an asset or cash generating unit is the higher of its fair value less cost of disposal (“FVLCD”) and its value-in-use (“VIU”). The VIU of long-lived assets is calculated using projected future cash flows. FVLCD of a cash generating unit is computed using turnover and earnings multiples. If the recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the consolidated statement of income.\n\nIf at the reporting date, there is an indication that a previously assessed impairment loss on property, plant and equipment, RoU assets and intangible assets, no longer exists, the recoverable amount is reassessed and the impairment losses previously recognized are reversed such that the asset is recognized at its recoverable amount but not exceeding written down value which would have been reported if the impairment losses had not been recognized initially. An impairment loss in respect of goodwill is not reversed subsequently.\n\n(xi) Employee benefits\n\na) Post-employment plans\n\nThe Group participates in various employee benefit plans. Pensions and other post-employment benefits are classified as either defined contribution plans or defined benefit plans. Under a defined contribution plan, the Company’s sole obligation is to pay a fixed amount with no obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits. The related actuarial and investment risks are borne by the employee. The expenditure for defined contribution plans is recognized as an expense during the period when the employee provides service. Under a defined benefit plan, it is the Company’s obligation to provide agreed benefits to the employees. The related actuarial and investment risks are borne by the Company. The present value of the defined benefit obligations is calculated by an independent actuary using the projected unit credit method.\n\nRemeasurements of the defined benefit plans, comprising actuarial gains or losses, the effect of changes to the asset ceiling, and the return on plan assets (excluding interest) are immediately recognized in other comprehensive income, net of taxes and not reclassified to profit or loss in subsequent period.\n\nNet interest recognized in profit or loss is calculated by applying the discount rate used to measure the defined benefit obligation to the net defined benefit liability or asset. The actual return on the plan assets above or below the discount rate, is recognized as part of remeasurements of the defined benefit plans through other comprehensive income, net of taxes.\n\nPast service cost, both vested and unvested, is recognized as an expense at the earlier of (a) when the plan amendment or curtailment occurs; and (b) when the entity recognizes related restructuring costs or termination benefits.\n\nThe Company has the following employee benefit plans:\n\nA. Provident fund\n\nEligible employees receive benefits under the Company’s provident fund plan, into which both the employer and employees make periodic contributions to the approved provident fund trust managed by the Company. A portion of the employer’s contribution is made to the government administered pension fund. The contributions to the provident fund trust managed by the Company is accounted for as a defined benefit plan as the Company is liable for any shortfall in the fund assets based on the government specified minimum rates of return.\n\n-133-\n\n[Table of Contents](#toc_page)\n\n \n\nCertain employees receive benefits under the provident fund plan in which both the employer and employees make periodic contributions to the government administered provident fund. A portion of the employer’s contribution is made to the government administered pension fund. This is accounted as a defined contribution plan as the obligation of the Company is limited to the contributions made to the fund.\n\nB. Gratuity and foreign pension\n\nIn accordance with the Code on Social Security, 2020, applicable for Indian companies, the Company provides for a lump sum payment to eligible employees, at retirement or termination of employment based on the last drawn salary and years of employment with the Company. The gratuity fund is managed by third-party fund managers.\n\nThe Company also maintains pension and similar plans for employees outside India, based on country specific regulations. These plans are partially funded, and the funds are managed by third-party fund managers. The plans provide for monthly payout after retirement as per salary drawn and service period or for a lump sum payment as set out in rules of each fund.\n\nThe Company’s obligations in respect of these plans, which are defined benefit plans, are provided for based on actuarial valuation using the projected unit credit method.\n\nC. Superannuation\n\nSuperannuation plan, a defined contribution scheme is administered by third-party fund managers. The Company makes annual contributions based on a specified percentage of each eligible employee’s salary.\n\nb) Termination benefits\n\nTermination benefits are expensed when the Company can no longer withdraw the offer of those benefits.\n\nc) Short-term benefits\n\nShort-term employee benefit obligations such as cash bonus, management incentive plans or profit-sharing plans are measured on an undiscounted basis and are recorded as expense as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or management incentive plans or profit-sharing plans, if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.\n\nd) Compensated absences\n\nThe employees of the Company are entitled to compensated absences. The employees can carry forward a portion of the unutilized accumulating compensated absences and utilize it in future periods or receive cash at retirement or termination of employment. The Company records an obligation for compensated absences in the period in which the employee renders the services that increases this entitlement. The Company measures the expected cost of compensated absences as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the end of the reporting period. The Company recognizes accumulated compensated absences based on actuarial valuation using the projected unit credit method. Non-accumulating compensated absences are recognized in the period in which the absences occur.\n\n(xii) Share-based payment transactions\n\nSelected employees of the Company receive remuneration in the form of equity settled instruments or cash settled instruments, for rendering services over a defined vesting period and for Company’s performance-based stock options over the defined period. Equity instruments granted are measured by reference to the fair value of the instrument at the date of grant. In cases, where equity instruments are granted at a nominal exercise price, the intrinsic value on the date of grant approximates the fair value. The expense is recognized in the consolidated statement of income with a corresponding increase to the share-based payment reserve, a component of equity.\n\nThe equity instruments or cash settled instruments generally vest in a graded manner over the vesting period. The fair value determined at the grant date is expensed over the vesting period of the respective tranches of such grants (accelerated amortization). The stock compensation expense is determined based on the Company’s estimate of equity instruments or cash settled instruments that will eventually vest.\n\nCash settled instruments granted are re-measured by reference to the fair value at the end of each reporting period and at the time of vesting. The expense is recognized in the consolidated statement of income with a corresponding increase to financial liability.\n\n-134-\n\n[Table of Contents](#toc_page)\n\n \n\n(xiii) Provisions\n\nProvisions are recognized when the Company has a present obligation (legal or constructive), as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.\n\nThe amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, considering the risks and uncertainties surrounding the obligation.\n\nWhen some or all of the economic benefits required to settle a provision are expected to be recovered from a third-party, the receivable is recognized as an asset, if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably.\n\nProvisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for onerous contracts are measured at the present value of lower of the expected net cost of fulfilling the contract and the expected cost of terminating the contract.\n\n(xiv) Revenue\n\nThe Company derives revenue primarily from software development, maintenance of software/hardware and related services, consulting services, business process services and sale of IT products.\n\nRevenues from customer contracts are considered for recognition and measurement when the contract has been approved by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive (the “Transaction Price”). Revenue towards satisfaction of a performance obligation is measured at the amount of the Transaction Price (net of variable consideration on account of discounts and allowances) allocated to that performance obligation. To recognize revenues, the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the Transaction Price, (4) allocate the Transaction Price to the performance obligations in the contract, and (5) recognize revenues when a performance obligation is satisfied. When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.\n\nAt contract inception, the Company assesses its promise to transfer products or services to a customer to identify separate performance obligations. The Company applies judgment to determine whether each product or service promised to a customer is capable of being distinct, and are distinct in the context of the contract, if not, the promised products or services are combined and accounted as a single performance obligation. The Company allocates the Transaction Price to separately identifiable performance obligations based on their relative stand-alone selling price or residual method. Stand-alone selling prices are determined based on sale prices for the components when they are regularly sold separately, in cases where the Company is unable to determine the stand-alone selling price, the Company uses third-party prices for similar deliverables or the Company uses expected cost-plus margin approach in estimating the stand-alone selling price.\n\nFor performance obligations where control is transferred over time, revenues are recognized by measuring progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the promised products or services to be provided.\n\nThe method for recognizing revenues and costs depends on the nature of contracts with customers as given below:\n\nA. Time and materials contracts\n\nRevenues and costs relating to time and materials contracts are recognized as the related services are rendered.\n\nB. Fixed-price contracts\n\ni. Fixed-price development contracts\n\nRevenues from fixed-price development contracts, including software development, and integration contracts, where the performance obligations are satisfied over time, are recognized using the “percentage-of-completion” method. The performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses. Percentage of completion is determined based on project costs incurred to date as a percentage of total estimated project costs required to complete the project. The cost expended (or input) method has been used to measure progress towards completion as there is a direct relationship between input and productivity. This method is followed when reasonably dependable estimates of the revenues and costs applicable to various elements of the contract can be made. Key factors that are reviewed in estimating the future costs to complete include estimates of future labor costs and productivity efficiencies. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, revenue recognized, profit and timing of revenue for remaining performance obligations are subject to revisions as the contract progresses to completion. If the Company\n\n-135-\n\n[Table of Contents](#toc_page)\n\n \n\nis not able to reasonably measure the progress of completion, revenue is recognized only to the extent of costs incurred, for which recoverability is probable. When total cost estimates exceed revenues in an arrangement, the estimated losses are recognized in the consolidated statement of income in the period in which such losses become probable based on the current contract estimates as an onerous contract provision.\n\nA contract asset is a right to consideration that is conditional upon factors other than the passage of time. Contract assets primarily relate to unbilled amounts on fixed-price development contracts and are classified as non-financial asset as the contractual right to consideration is dependent on completion of contractual milestones.\n\nA contract liability is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.\n\nii. Maintenance contracts\n\nRevenues related to fixed-price maintenance contracts are recognized on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using percentage of completion method when the pattern of benefits from the services rendered to the customers and the cost to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive.\n\nRevenue for contracts in which the invoicing is representative of the value being delivered is recognized based on our right to invoice. If our invoicing is not consistent with value delivered, revenues are recognized as the service is performed using the percentage of completion method.\n\nIn certain projects, a fixed quantum of service or output units is agreed at a fixed-price for a fixed term. In such contracts, revenue is recognized with respect to the actual output achieved till date as a percentage of total contractual output. Any residual service unutilized by the customer is recognized as revenue on completion of the term.\n\niii. Element or volume based contracts\n\nRevenues and costs are recognized as the related services are rendered.\n\nC. Products\n\nRevenue on product sales are recognized when the customer obtains control of the specified product.\n\nD. Others\n\n•\nAny change in scope or price is considered to be a contract modification. The Company accounts for modifications to existing contracts by assessing whether the services added are distinct and whether the pricing is at the stand-alone selling price. Services added that are not distinct are accounted for on a cumulative catch up basis, while those that are distinct are accounted for prospectively, either as a separate contract if the additional services are priced at the stand-alone selling price, or as a termination of the existing contract and creation of a new contract if not priced at the stand-alone selling price.\n\n•\nThe Company accounts for variable considerations like volume discounts, rebates and pricing incentives to customers and penalties as reduction of revenue on a systematic and rational basis over the period of the contract. The Company estimates an amount of such variable consideration using expected value method or the single most likely amount in a range of possible consideration depending on which method better predicts the amount of consideration to which the Company may be entitled and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.\n\n•\nRevenues are shown net of allowances/returns, sales tax, value added tax, goods and services tax and applicable discounts.\n\n•\nThe Company may enter into arrangements with third-party suppliers to resell products or services. In such cases, the Company evaluates whether the Company is the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). In doing so, the Company first evaluates whether the Company controls the good or service before it is transferred to the customer. The Company considers whether it has the primary obligation to fulfil the contract, inventory risk, pricing discretion and other factors to determine whether it controls the goods or services and therefore, is acting as a principal or an agent. If the Company controls the good or service before it is transferred to the customer, the Company is the principal; if not, the Company is the agent.\n\n-136-\n\n[Table of Contents](#toc_page)\n\n \n\n•\nEstimates of the Transaction Price and total costs or efforts are continuously monitored over the term of the contract and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses.\n\n•\nThe Company accrues the estimated cost of warranties at the time when the revenue is recognized. The accruals are based on the Company’s historical experience of material usage and service delivery costs.\n\n•\nIncremental costs that relate directly to a contract and incurred in securing a contract with a customer are recognized as an asset when the Company expects to recover these costs.\n\n•\nThe Company recognizes contract fulfilment cost as an asset if those costs specifically relate to a contract or to an anticipated contract, the costs generate or enhance resources that will be used in satisfying performance obligations in future; and the costs are expected to be recovered.\n\n•\nCosts to obtain contracts relating to upfront payments to customers are amortized to revenue and other costs to obtain contracts and costs to fulfil contracts are amortized to cost of revenues over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates.\n\n•\nThe Company assesses the timing of the transfer of goods or services to the customer as compared to the timing of payments to determine whether a significant financing component exists. As a practical expedient, the Company does not assess the existence of a significant financing component when the difference between payment and transfer of deliverables is twelve months or less. If the difference in timing arises for reasons other than the provision of finance to either the customer or us, no financing component is deemed to exist.\n\n•\nUnbilled receivables are classified as a financial asset where the right to consideration is unconditional and only the passage of time is required before the payment is due.\n\n(xv) Finance expenses\n\nFinance expenses comprise interest on loans, borrowings and bank overdrafts, interest on lease liabilities, interest on tax matters, interest on net defined benefit liability, interest on liability on written put options, net loss on translation or settlement of foreign currency borrowings, changes in fair value of derivative instruments and gains/(losses) of settlement of borrowing related derivative instruments. Borrowing costs that are not directly attributable to a qualifying asset are recognized in the consolidated statement of income using the effective interest method.\n\n(xvi) Finance and other income\n\nFinance and other income comprise interest income on deposits, dividend income, gains/(losses) on disposal of investments, gains/(losses) on investments classified as FVTPL, net gain on translation or settlement of foreign currency borrowings and changes in fair value and gains/(losses) on settlement of related derivative instruments. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.\n\n(xvii) Income tax\n\nIncome tax comprises current and deferred tax. Income tax expense is recognized in the consolidated statement of income except to the extent it relates to a business combination, or items directly recognized in equity or in other comprehensive income.\n\na) Current income tax\n\nCurrent income tax for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the taxable income for the period. The tax rates and tax laws used to compute the current tax amounts are those that are enacted or substantively enacted as at the reporting date and applicable for the period. While determining the tax provisions, the Company assesses whether each uncertain tax position is to be considered separately or together with one or more uncertain tax positions depending upon the nature and circumstances of each uncertain tax position. The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and liability simultaneously.\n\nb) Deferred income tax\n\nDeferred income tax is recognized using the balance sheet approach. Deferred income tax assets and liabilities are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount in financial statements, except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profits or loss at the time of the transaction.\n\nDeferred income tax assets are recognized to the extent it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized.\n\n-137-\n\n[Table of Contents](#toc_page)\n\n \n\nDeferred income tax liabilities are recognized for all taxable temporary differences except in respect of taxable temporary differences that is expected to reverse within the tax holiday period, taxable temporary differences associated with investments in subsidiaries, associates and foreign branches where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.\n\nThe carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.\n\nDeferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.\n\nThe Company offsets deferred income tax assets and liabilities, where it has a legally enforceable right to offset current tax assets against current tax liabilities, and they relate to taxes levied by the same taxation authority on either the same taxable entity, or on different taxable entities where there is a right and an intention to settle the current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.\n\n(xviii) Earnings per share\n\nBasic earnings per share is computed using the weighted average number of equity shares outstanding during the period adjusted for treasury shares held. Diluted earnings per share is computed using the weighted average number of equity and dilutive equivalent shares outstanding during the period, using the treasury stock method for options, except where the results would be anti-dilutive.\n\nThe number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any splits and bonus shares issues including for change effected prior to the approval of the consolidated financial statements by the Company’s Board of Directors.\n\n(xix) Statement of cash flows\n\nCash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash generated from/(used in) operating, investing and financing activities of the Company are segregated.\n\nNew accounting standards, amendments and interpretations adopted by the Company effective from April 1, 2025:\n\nAmendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates\n\nOn August 15, 2023, IASB issued ‘Lack of Exchangeability (Amendments to IAS 21)’ that clarifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. These amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. The adoption of amendments to IAS 21 did not have any material impact on the consolidated financial statements.\n\nNew accounting standards, amendments and interpretations not yet adopted by the Company:\n\nCertain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2025 and have not been applied in preparing these consolidated financial statements. New standards, amendments to standards and interpretations that could have potential impact on the consolidated financial statements of the Company are:\n\nIFRS 18 – Presentation and Disclosure in Financial Statements\n\nOn April 9, 2024, IASB issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’ which supersedes IAS 1 ‘Presentation of Financial Statements’, aimed at improving comparability and transparency of communication in financial statements. IFRS 18 requires an entity to classify all income and expenses within its statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations. These categories are complemented by the requirement to present specified totals and subtotals for ‘operating profit or loss’, ‘profit or loss before financing and income taxes’ and ‘profit or loss’. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financials information based on the identified ‘roles’ of the primary financial statements and the notes.\n\n-138-\n\n[Table of Contents](#toc_page)\n\n \n\nConsequent to above, a narrow scope of amendments have been made to IAS 7 ‘Statement of Cash Flows’, which include changing the starting point for determining cash flows from operations under the indirect method from ‘profit or loss’ to ‘operating profit or loss’. Further, some requirements previously included within IAS 1 have been moved to IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ which has also been renamed IAS 8 ‘Basis of Preparation of Financial Statements’. IAS 34 ‘Interim Financial Reporting’ was amended to require disclosure of management defined performance measures. Minor consequential amendments to other standards were also made.\n\nAn entity that prepares condensed interim financial statements in accordance with IAS 34 in the first year of adoption of IFRS 18, must present the heading and mandatory subtotals it expects to use in its annual financial statement. Comparative period in both the interim and annual financial statements will need to be restated and a reconciliation of the statement of profit or loss previously published will be required for the immediately preceding comparative period. IFRS 18 and the amendments to the other standards, is effective for reporting period beginning on or after January 1, 2027 and are to be applied retrospectively, with earlier application permitted.\n\nThe Company is currently assessing the impact of adopting IFRS 18 and the amendments to other standards, on the consolidated financial statements.\n\nAmendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments\n\nOn May 30, 2024, IASB issued ‘Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)’ to address matters identified during the post-implementation review of IFRS 9. The amendments clarify that a financial liability is derecognized on the ‘settlement date’ and introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before settlement date. The classification of financial asset with ESG linked features has been clarified through additional guidance on the assessment of contingent features. Additional disclosures are introduced for financial instruments with contingent features and equity instruments classified as fair value through OCI. These amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. The Company is currently assessing the impact of adopting these amendments on the consolidated financial statements.\n\nAmendments to IFRS 9 and IFRS 7 - Contracts referencing Nature-dependent electricity\n\nThe IASB has published amendments to IFRS 9 and IFRS 7 titled ‘Contracts Referencing Nature-dependent Electricity’. The IASB has added application guidance to IFRS 9 to address specifically whether a contract to buy electricity generated from a source dependent on natural conditions is held for the entity’s own-use expectations. The amendments also address specifically how an entity applies the hedge accounting requirements in IFRS 9 when a contract referencing nature-dependent electricity with a variable nominal amount is designated as the hedging instrument. The IASB decided to add complementary disclosure requirements to IFRS 7. The amendments are effective for annual periods beginning on or after January 1, 2026, with earlier application permitted. The Company is currently assessing the impact of adopting these amendments on the consolidated financial statements.\n\n-139-\n\n[Table of Contents](#toc_page)\n\n \n\n4. Property, plant and equipment\n\n \n\n \n\n \n\nLand\n\n \n\n \n\nBuildings\n\n \n\n \n\nPlant and equipment (1)\n\n \n\n \n\nFurniture and fixtures\n\n \n\n \n\nOffice\nequipment\n\n \n\n \n\nVehicles\n\n \n\n \n\nTotal\n\n \n\nGross carrying value:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2024\n\n \n\n₹\n\n4,375\n\n \n\n \n\n₹\n\n47,024\n\n \n\n \n\n₹\n\n102,513\n\n \n\n \n\n₹\n\n18,233\n\n \n\n \n\n₹\n\n7,514\n\n \n\n \n\n₹\n\n34\n\n \n\n \n\n₹\n\n179,693\n\n \n\nAdditions\n\n \n\n \n\n-\n\n \n\n \n\n \n\n6,215\n\n \n\n \n\n \n\n10,623\n\n \n\n \n\n \n\n3,143\n\n \n\n \n\n \n\n943\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n20,934\n\n \n\nAdditions through Business combinations (Refer to Note 7)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n9\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n9\n\n \n\nDisposals\n\n \n\n \n\n(6\n\n)\n\n \n\n \n\n(680\n\n)\n\n \n\n \n\n(13,668\n\n)\n\n \n\n \n\n(1,803\n\n)\n\n \n\n \n\n(793\n\n)\n\n \n\n \n\n(9\n\n)\n\n \n\n \n\n(16,959\n\n)\n\nTranslation adjustment\n\n \n\n \n\n4\n\n \n\n \n\n \n\n(3\n\n)\n\n \n\n \n\n77\n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n(1\n\n)\n\n \n\n \n\n(1\n\n)\n\n \n\n \n\n79\n\n \n\nAs at March 31, 2025\n\n \n\n₹\n\n4,373\n\n \n\n \n\n₹\n\n52,556\n\n \n\n \n\n₹\n\n99,554\n\n \n\n \n\n₹\n\n19,576\n\n \n\n \n\n₹\n\n7,663\n\n \n\n \n\n₹\n\n34\n\n \n\n \n\n₹\n\n183,756\n\n \n\nAccumulated depreciation/ impairment:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2024\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n11,775\n\n \n\n \n\n₹\n\n75,549\n\n \n\n \n\n₹\n\n12,287\n\n \n\n \n\n₹\n\n5,932\n\n \n\n \n\n₹\n\n22\n\n \n\n \n\n₹\n\n105,565\n\n \n\nDepreciation and impairment\n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,662\n\n \n\n \n\n \n\n11,050\n\n \n\n \n\n \n\n2,229\n\n \n\n \n\n \n\n623\n\n \n\n \n\n \n\n4\n\n \n\n \n\n \n\n15,568\n\n \n\nDisposals\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(410\n\n)\n\n \n\n \n\n(13,189\n\n)\n\n \n\n \n\n(1,526\n\n)\n\n \n\n \n\n(730\n\n)\n\n \n\n \n\n(8\n\n)\n\n \n\n \n\n(15,863\n\n)\n\nTranslation adjustment\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(30\n\n)\n\n \n\n \n\n49\n\n \n\n \n\n \n\n(1\n\n)\n\n \n\n \n\n(4\n\n)\n\n \n\n \n\n(1\n\n)\n\n \n\n \n\n13\n\n \n\nAs at March 31, 2025\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n12,997\n\n \n\n \n\n₹\n\n73,459\n\n \n\n \n\n₹\n\n12,989\n\n \n\n \n\n₹\n\n5,821\n\n \n\n \n\n₹\n\n17\n\n \n\n \n\n₹\n\n105,283\n\n \n\nNet carrying value as at March 31, 2025\n\n \n\n₹\n\n4,373\n\n \n\n \n\n₹\n\n39,559\n\n \n\n \n\n₹\n\n26,095\n\n \n\n \n\n₹\n\n6,587\n\n \n\n \n\n₹\n\n1,842\n\n \n\n \n\n₹\n\n17\n\n \n\n \n\n₹\n\n78,473\n\n \n\nCapital work-in-progress\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n2,211\n\n \n\nNet carrying value including Capital work-in-progress as at March 31, 2025\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n80,684\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGross carrying value:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2025\n\n \n\n₹\n\n4,373\n\n \n\n \n\n₹\n\n52,556\n\n \n\n \n\n₹\n\n99,554\n\n \n\n \n\n₹\n\n19,576\n\n \n\n \n\n₹\n\n7,663\n\n \n\n \n\n₹\n\n34\n\n \n\n \n\n₹\n\n183,756\n\n \n\nAdditions\n\n \n\n \n\n-\n\n \n\n \n\n \n\n923\n\n \n\n \n\n \n\n9,253\n\n \n\n \n\n \n\n1,795\n\n \n\n \n\n \n\n737\n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n12,711\n\n \n\nAdditions through Business combination (Refer to Note 7)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n131\n\n \n\n \n\n \n\n109\n\n \n\n \n\n \n\n22\n\n \n\n \n\n \n\n99\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n362\n\n \n\nDisposals\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(821\n\n)\n\n \n\n \n\n(14,979\n\n)\n\n \n\n \n\n(1,449\n\n)\n\n \n\n \n\n(720\n\n)\n\n \n\n \n\n(2\n\n)\n\n \n\n \n\n(17,971\n\n)\n\nTranslation adjustment\n\n \n\n \n\n31\n\n \n\n \n\n \n\n440\n\n \n\n \n\n \n\n3,182\n\n \n\n \n\n \n\n270\n\n \n\n \n\n \n\n147\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n4,071\n\n \n\nAs at March 31, 2026\n\n \n\n₹\n\n4,404\n\n \n\n \n\n₹\n\n53,229\n\n \n\n \n\n₹\n\n97,119\n\n \n\n \n\n₹\n\n20,214\n\n \n\n \n\n₹\n\n7,926\n\n \n\n \n\n₹\n\n37\n\n \n\n \n\n₹\n\n182,929\n\n \n\nAccumulated depreciation/ impairment:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2025\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n12,997\n\n \n\n \n\n₹\n\n73,459\n\n \n\n \n\n₹\n\n12,989\n\n \n\n \n\n₹\n\n5,821\n\n \n\n \n\n₹\n\n17\n\n \n\n \n\n₹\n\n105,283\n\n \n\nDepreciation and impairment\n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,848\n\n \n\n \n\n \n\n9,669\n\n \n\n \n\n \n\n2,387\n\n \n\n \n\n \n\n686\n\n \n\n \n\n \n\n5\n\n \n\n \n\n \n\n14,595\n\n \n\nDisposals\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(695\n\n)\n\n \n\n \n\n(14,730\n\n)\n\n \n\n \n\n(1,245\n\n)\n\n \n\n \n\n(697\n\n)\n\n \n\n \n\n(1\n\n)\n\n \n\n \n\n(17,368\n\n)\n\nTranslation adjustment\n\n \n\n \n\n-\n\n \n\n \n\n \n\n211\n\n \n\n \n\n \n\n2,670\n\n \n\n \n\n \n\n197\n\n \n\n \n\n \n\n116\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n3,195\n\n \n\nAs at March 31, 2026\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n14,361\n\n \n\n \n\n₹\n\n71,068\n\n \n\n \n\n₹\n\n14,328\n\n \n\n \n\n₹\n\n5,926\n\n \n\n \n\n₹\n\n22\n\n \n\n \n\n₹\n\n105,705\n\n \n\nNet carrying value as at March 31, 2026\n\n \n\n₹\n\n4,404\n\n \n\n \n\n₹\n\n38,868\n\n \n\n \n\n₹\n\n26,051\n\n \n\n \n\n₹\n\n5,886\n\n \n\n \n\n₹\n\n2,000\n\n \n\n \n\n₹\n\n15\n\n \n\n \n\n₹\n\n77,224\n\n \n\nCapital work-in-progress (2)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n4,563\n\n \n\nNet carrying value including Capital work-in-progress as at March 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n81,787\n\n \n\n \n\n(1)\nIncluding net carrying value of computer equipment and software amounting to ₹ 16,003 and ₹ 16,719, as at March 31, 2025 and 2026, respectively.\n\n(2)\nIncluding capital advance of ₹ 15 and Capital work-in-progress of ₹ 6 on account of additions through business combination.(Refer to Note 7)\n\n-140-\n\n[Table of Contents](#toc_page)\n\n \n\n5. Right-of-Use asset\n\n \n\n \n\n \n\n \n\n \n\nCategory of Right-of-Use asset\n\n \n\n \n\n \n\n \n\n \n\nLand\n\n \n\n \n\nBuildings\n\n \n\n \n\nPlant and equipment\n\n \n\n \n\nVehicles\n\n \n\n \n\nTotal\n\n \n\nGross carrying value:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2024\n\n \n\n \n\n \n\n₹\n\n1,343\n\n \n\n \n\n₹\n\n28,453\n\n \n\n \n\n₹\n\n2,242\n\n \n\n \n\n₹\n\n849\n\n \n\n \n\n₹\n\n32,887\n\n \n\nAdditions\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n10,822\n\n \n\n \n\n \n\n3,735\n\n \n\n \n\n \n\n228\n\n \n\n \n\n \n\n14,785\n\n \n\nDisposals\n\n \n\n \n\n \n\n \n\n(221\n\n)\n\n \n\n \n\n(4,389\n\n)\n\n \n\n \n\n(632\n\n)\n\n \n\n \n\n(354\n\n)\n\n \n\n \n\n(5,596\n\n)\n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n152\n\n \n\n \n\n \n\n100\n\n \n\n \n\n \n\n17\n\n \n\n \n\n \n\n269\n\n \n\nAs at March 31, 2025\n\n \n\n \n\n \n\n₹\n\n1,122\n\n \n\n \n\n₹\n\n35,038\n\n \n\n \n\n₹\n\n5,445\n\n \n\n \n\n₹\n\n740\n\n \n\n \n\n₹\n\n42,345\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAccumulated depreciation:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2024\n\n \n\n \n\n \n\n₹\n\n98\n\n \n\n \n\n₹\n\n13,237\n\n \n\n \n\n₹\n\n1,086\n\n \n\n \n\n₹\n\n511\n\n \n\n \n\n₹\n\n14,932\n\n \n\nDepreciation\n\n \n\n \n\n \n\n \n\n21\n\n \n\n \n\n \n\n5,362\n\n \n\n \n\n \n\n539\n\n \n\n \n\n \n\n180\n\n \n\n \n\n \n\n6,102\n\n \n\nDisposals\n\n \n\n \n\n \n\n \n\n(13\n\n)\n\n \n\n \n\n(3,776\n\n)\n\n \n\n \n\n(303\n\n)\n\n \n\n \n\n(319\n\n)\n\n \n\n \n\n(4,411\n\n)\n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n81\n\n \n\n \n\n \n\n34\n\n \n\n \n\n \n\n9\n\n \n\n \n\n \n\n124\n\n \n\nAs at March 31, 2025\n\n \n\n \n\n \n\n₹\n\n106\n\n \n\n \n\n₹\n\n14,904\n\n \n\n \n\n₹\n\n1,356\n\n \n\n \n\n₹\n\n381\n\n \n\n \n\n₹\n\n16,747\n\n \n\nNet carrying value as at March 31, 2025\n\n \n\n \n\n \n\n₹\n\n1,016\n\n \n\n \n\n₹\n\n20,134\n\n \n\n \n\n₹\n\n4,089\n\n \n\n \n\n₹\n\n359\n\n \n\n \n\n₹\n\n25,598\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGross carrying value:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2025\n\n \n\n \n\n \n\n₹\n\n1,122\n\n \n\n \n\n₹\n\n35,038\n\n \n\n \n\n₹\n\n5,445\n\n \n\n \n\n₹\n\n740\n\n \n\n \n\n₹\n\n42,345\n\n \n\nAdditions\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n7,697\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n233\n\n \n\n \n\n \n\n7,930\n\n \n\nAdditions through Business combination (Refer to Note 7)\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,062\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,062\n\n \n\nDisposals\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(5,385\n\n)\n\n \n\n \n\n(959\n\n)\n\n \n\n \n\n(204\n\n)\n\n \n\n \n\n(6,548\n\n)\n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n2,062\n\n \n\n \n\n \n\n593\n\n \n\n \n\n \n\n135\n\n \n\n \n\n \n\n2,790\n\n \n\nAs at March 31, 2026\n\n \n\n \n\n \n\n₹\n\n1,122\n\n \n\n \n\n₹\n\n40,474\n\n \n\n \n\n₹\n\n5,079\n\n \n\n \n\n₹\n\n904\n\n \n\n \n\n₹\n\n47,579\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAccumulated depreciation:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2025\n\n \n\n \n\n \n\n₹\n\n106\n\n \n\n \n\n₹\n\n14,904\n\n \n\n \n\n₹\n\n1,356\n\n \n\n \n\n₹\n\n381\n\n \n\n \n\n₹\n\n16,747\n\n \n\nDepreciation\n\n \n\n \n\n \n\n \n\n19\n\n \n\n \n\n \n\n5,611\n\n \n\n \n\n \n\n875\n\n \n\n \n\n \n\n220\n\n \n\n \n\n \n\n6,725\n\n \n\nDisposals\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,421\n\n)\n\n \n\n \n\n(936\n\n)\n\n \n\n \n\n(156\n\n)\n\n \n\n \n\n(5,513\n\n)\n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,054\n\n \n\n \n\n \n\n207\n\n \n\n \n\n \n\n72\n\n \n\n \n\n \n\n1,333\n\n \n\nAs at March 31, 2026\n\n \n\n \n\n \n\n₹\n\n125\n\n \n\n \n\n₹\n\n17,148\n\n \n\n \n\n₹\n\n1,502\n\n \n\n \n\n₹\n\n517\n\n \n\n \n\n₹\n\n19,292\n\n \n\nNet carrying value as at March 31, 2026\n\n \n\n \n\n \n\n₹\n\n997\n\n \n\n \n\n₹\n\n23,326\n\n \n\n \n\n₹\n\n3,577\n\n \n\n \n\n₹\n\n387\n\n \n\n \n\n₹\n\n28,287\n\n \n\nThe Company recognized the following expenses in the consolidated statement of income:\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nRent expense recognized under facility expenses pertaining to:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLeases of low-value assets\n\n \n\n₹\n\n245\n\n \n\n \n\n₹\n\n232\n\n \n\n \n\n₹\n\n309\n\n \n\nShort-term leases\n\n \n\n \n\n3,257\n\n \n\n \n\n \n\n3,842\n\n \n\n \n\n \n\n3,304\n\n \n\n \n\n \n\n₹\n\n3,502\n\n \n\n \n\n₹\n\n4,074\n\n \n\n \n\n₹\n\n3,613\n\n \n\n \n\nPayments toward leases of low-value assets and Short-term leases are disclosed under operating activities in the consolidated statement of cash flows. All other lease payments during the period are disclosed under financing activities in the consolidated statement of cash flows.\n\nIncome from subleasing RoU assets for the years ended March 31, 2024, 2025 and 2026 is not material.\n\n-141-\n\n[Table of Contents](#toc_page)\n\n \n\nThe Company is committed to certain leases amounting to ₹ 999 which have not commenced as of March 31, 2026. The term of such leases ranges from 1 to 5 years.\n\n \n\nLease Liability\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBalance at the beginning of the year\n\n \n\n₹\n\n22,728\n\n \n\n \n\n₹\n\n30,218\n\n \n\nAdditions\n\n \n\n \n\n16,649\n\n \n\n \n\n \n\n11,680\n\n \n\nAdditions through Business combinations\n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,062\n\n \n\nDeletions\n\n \n\n \n\n(967\n\n)\n\n \n\n \n\n(1,268\n\n)\n\nFinance cost accrued during the period\n\n \n\n \n\n1,593\n\n \n\n \n\n \n\n1,956\n\n \n\nPayment of lease liabilities\n\n \n\n \n\n(10,474\n\n)\n\n \n\n \n\n(11,561\n\n)\n\nTranslation adjustment\n\n \n\n \n\n689\n\n \n\n \n\n \n\n2,949\n\n \n\nBalance at the end of the year\n\n \n\n₹\n\n30,218\n\n \n\n \n\n₹\n\n35,036\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-current\n\n \n\n₹\n\n22,193\n\n \n\n \n\n₹\n\n26,327\n\n \n\nCurrent\n\n \n\n \n\n8,025\n\n \n\n \n\n \n\n8,709\n\n \n\n \n\nRefer to Note 19 for remaining contractual maturities of lease liabilities.\n\n6. Goodwill and intangible assets\n\nThe movement in goodwill balance is given below:\n\n \n\n \n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBalance at the beginning of the year\n\n \n\n \n\n \n\n₹\n\n316,002\n\n \n\n \n\n₹\n\n325,014\n\n \n\nAcquisition through Business combinations (Refer to Note 7) (1)\n\n \n\n \n\n \n\n \n\n1,324\n\n \n\n \n\n \n\n24,772\n\n \n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n7,688\n\n \n\n \n\n \n\n37,613\n\n \n\nBalance at the end of the year\n\n \n\n \n\n \n\n₹\n\n325,014\n\n \n\n \n\n₹\n\n387,399\n\n \n\n \n\n(1)\nAcquisition through business combinations for the year ended March 31, 2026 is after considering the impact of ₹ 7 towards measurement period changes in the purchase price allocation of acquisitions made during the year ended March 31, 2025.\n\nThe Company is organized by two operating segments: IT Services and IT Products (Refer to Note 33). Goodwill as at March 31, 2025 and 2026 has been allocated to the IT Services operating segment.\n\nGoodwill recognized on business combinations is allocated to Cash Generating Units (“CGUs”), within the IT Services operating segment, which are expected to benefit from the synergies of the acquisitions.\n\n \n\n \n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\nCGUs\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nAmericas 1\n\n \n\n \n\n \n\n₹\n\n108,111\n\n \n\n \n\n₹\n\n132,869\n\n \n\nAmericas 2\n\n \n\n \n\n \n\n \n\n106,529\n\n \n\n \n\n \n\n122,472\n\n \n\nEurope\n\n \n\n \n\n \n\n \n\n81,955\n\n \n\n \n\n \n\n96,381\n\n \n\nAsia Pacific, Middle East and Africa\n\n \n\n \n\n \n\n \n\n28,419\n\n \n\n \n\n \n\n35,677\n\n \n\n \n\n \n\n \n\n₹\n\n325,014\n\n \n\n \n\n₹\n\n387,399\n\n \n\n \n\nFor impairment testing, goodwill is allocated to a CGU representing the lowest level within the Group at which goodwill is monitored for internal management purposes, and which is not higher than the Company’s operating segment. Goodwill is tested for impairment at least annually in accordance with the Company’s procedure for determining the recoverable value of each CGU.\n\nThe recoverable amount of the CGU is determined based on FVLCD. The FVLCD of the CGU is determined based on the market capitalization approach, using the turnover and earnings multiples derived from observable market data. The fair value measurement is categorized as a level 2 fair value based on the inputs in the valuation techniques used.\n\nBased on the above testing, no impairment was identified as at March 31, 2025 and 2026, as the recoverable value of the CGUs exceeded the carrying value. A sensitivity analysis to the change in the key parameters (turnover and earnings multiples) did not identify any probable scenarios where the CGU’s recoverable amount would fall below its carrying amount.\n\n-142-\n\n[Table of Contents](#toc_page)\n\n \n\nThe movement in intangible assets is given below:\n\n \n\n \n\n \n\nIntangible assets\n\n \n\n \n\n \n\nCustomer-related\n\n \n\n \n\nMarketing-related\n\n \n\n \n\nTotal\n\n \n\nGross carrying value:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2024\n\n \n\n₹\n\n43,672\n\n \n\n \n\n₹\n\n11,972\n\n \n\n \n\n₹\n\n55,644\n\n \n\nAcquisition through Business combinations (Refer to Note 7)\n\n \n\n1,896\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,896\n\n \n\nDeductions/adjustments\n\n \n\n \n\n(4,101\n\n)\n\n \n\n \n\n(2,518\n\n)\n\n \n\n \n\n(6,619\n\n)\n\nTranslation adjustment\n\n \n\n \n\n994\n\n \n\n \n\n \n\n268\n\n \n\n \n\n \n\n1,262\n\n \n\nAs at March 31, 2025\n\n \n\n₹\n\n42,461\n\n \n\n \n\n₹\n\n9,722\n\n \n\n \n\n₹\n\n52,183\n\n \n\nAccumulated amortization/ impairment:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2024\n\n \n\n₹\n\n18,281\n\n \n\n \n\n₹\n\n4,615\n\n \n\n \n\n₹\n\n22,896\n\n \n\nAmortization and impairment (1)\n\n \n\n \n\n6,327\n\n \n\n \n\n \n\n1,582\n\n \n\n \n\n \n\n7,909\n\n \n\nDeductions/adjustments\n\n \n\n \n\n(4,101\n\n)\n\n \n\n \n\n(2,518\n\n)\n\n \n\n \n\n(6,619\n\n)\n\nTranslation adjustment\n\n \n\n \n\n443\n\n \n\n \n\n \n\n104\n\n \n\n \n\n \n\n547\n\n \n\nAs at March 31, 2025\n\n \n\n₹\n\n20,950\n\n \n\n \n\n₹\n\n3,783\n\n \n\n \n\n₹\n\n24,733\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet carrying value as at March 31, 2025\n\n₹\n\n21,511\n\n \n\n \n\n₹\n\n5,939\n\n \n\n \n\n₹\n\n27,450\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGross carrying value:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2025\n\n \n\n₹\n\n42,461\n\n \n\n \n\n₹\n\n9,722\n\n \n\n \n\n₹\n\n52,183\n\n \n\nAcquisition through business combinations (Refer to Note 7)\n\n \n\n \n\n5,644\n\n \n\n \n\n \n\n1,109\n\n \n\n \n\n \n\n6,753\n\n \n\nDeductions/adjustments\n\n \n\n \n\n(4,420\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,420\n\n)\n\nTranslation adjustment\n\n \n\n \n\n4,387\n\n \n\n \n\n \n\n1,122\n\n \n\n \n\n \n\n5,509\n\n \n\nAs at March 31, 2026\n\n \n\n₹\n\n48,072\n\n \n\n \n\n₹\n\n11,953\n\n \n\n \n\n₹\n\n60,025\n\n \n\nAccumulated amortization/ impairment:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2025\n\n \n\n₹\n\n20,950\n\n \n\n \n\n₹\n\n3,783\n\n \n\n \n\n₹\n\n24,733\n\n \n\nAmortization and impairment (1)\n\n \n\n \n\n6,599\n\n \n\n \n\n \n\n1,188\n\n \n\n \n\n \n\n7,787\n\n \n\nDeductions/adjustments\n\n \n\n \n\n(4,420\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,420\n\n)\n\nTranslation adjustment\n\n \n\n \n\n2,252\n\n \n\n \n\n \n\n497\n\n \n\n \n\n \n\n2,749\n\n \n\nAs at March 31, 2026\n\n \n\n₹\n\n25,381\n\n \n\n \n\n₹\n\n5,468\n\n \n\n \n\n₹\n\n30,849\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet carrying value as at March 31, 2026\n\n₹\n\n22,691\n\n \n\n \n\n₹\n\n6,485\n\n \n\n \n\n₹\n\n29,176\n\n \n\n \n\n(1)\nDuring the years ended March 31, 2025 and 2026, a decline in the revenue and earnings estimates led to a revision of recoverable value of customer-relationship intangible assets and marketing related intangible assets recognized on business combinations. Consequently, the Company has recognized impairment charge ₹ 1,155 and ₹ 851 for the years ended March 31, 2025 and 2026, respectively, as part of amortization and impairment.\n\nAmortization expense on intangible assets is included in selling and marketing expenses in the consolidated statement of income.\n\nAs at March 31, 2026, the net carrying value and the estimated remaining amortization period for intangible assets acquired on acquisition are as follows:\n\n \n\nAcquisition\n\n \n\n \n\n \n\nNet carrying value\n\n \n\n \n\nEstimated remaining amortization period\n\nCapco - customer-related intangible\n\n \n\n \n\n \n\n₹\n\n14,013\n\n \n\n \n\n4.08 years\n\nCapco - marketing-related intangible\n\n \n\n \n\n \n\n \n\n5,230\n\n \n\n \n\n5.08 years\n\nDTS - customer-related intangible\n\n \n\n \n\n \n\n \n\n5,650\n\n \n\n \n\n5.67 years\n\nDTS - marketing-related intangible\n\n \n\n \n\n \n\n \n\n1,045\n\n \n\n \n\n2.67 years\n\nAVT\n\n \n\n \n\n \n\n \n\n1,602\n\n \n\n \n\n0.21 - 4.72 years\n\nVara Infotech Private Limited\n\n \n\n \n\n \n\n \n\n430\n\n \n\n \n\n0.50 - 3.50 years\n\nAggne\n\n \n\n \n\n \n\n \n\n392\n\n \n\n \n\n0.87 - 1.87 years\n\nRational Interaction, Inc.\n\n \n\n \n\n \n\n \n\n318\n\n \n\n \n\n0.89 years\n\nEximius Design, LLC\n\n \n\n \n\n \n\n \n\n371\n\n \n\n \n\n1.40 years\n\nConvergence Acceleration Solutions, LLC\n\n \n\n \n\n \n\n \n\n125\n\n \n\n \n\n2.03 years\n\nTotal\n\n \n\n \n\n \n\n₹\n\n29,176\n\n \n\n \n\n \n\n \n\n-143-\n\n[Table of Contents](#toc_page)\n\n \n\n7. Business combinations\n\nSummary of acquisitions during the year ended March 31, 2024:\n\n \n\nDuring the year ended March 31, 2024, the Company completed a business combination by acquiring a 60% equity interest in Aggne Global Inc. and Aggne Global IT Services Private Limited (“Aggne”), a leading consulting and managed services company serving the insurance and insurtech industries. Aggne is a leading alliance partner of Duck Creek, which is a market-leading platform for property and casualty insurance. The acquisition was consummated on February 13, 2024, for total cash consideration of ₹ 5,525.\n\nThe following table presents the purchase price allocation:\n\n \n\nNet assets\n\n \n\n₹\n\n194\n\n \n\nFair value of property, plant and equipment\n\n \n\n \n\n374\n\n \n\nFair value of right-of-use assets\n\n \n\n \n\n33\n\n \n\nFair value of customer-related intangibles\n\n \n\n \n\n556\n\n \n\nFair value of marketing-related intangibles\n\n \n\n \n\n390\n\n \n\nDeferred tax liabilities on intangible assets\n\n \n\n \n\n(367\n\n)\n\nTotal identifiable assets\n\n \n\n₹\n\n1,180\n\n \n\nGoodwill\n\n \n\n \n\n4,817\n\n \n\nShare of non-controlling interests\n\n \n\n \n\n(472\n\n)\n\nTotal purchase price\n\n \n\n₹\n\n5,525\n\n \n\n \n\n \n\n \n\n \n\nNet Assets include:\n\n \n\n \n\n \n\nCash and cash equivalents\n\n \n\n \n\n153\n\n \n\nFair value of acquired trade receivables included in net assets\n\n \n\n \n\n113\n\n \n\nGross contractual amount of acquired trade receivables\n\n \n\n \n\n113\n\n \n\nLess: Allowance for lifetime expected credit loss\n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\nAmount included in general and administrative expenses:\n\n \n\n \n\n \n\nTransaction costs\n\n \n\n \n\n31\n\n \n\n \n\nThe goodwill of ₹ 4,817 comprises value of acquired workforce and expected synergies arising from the business combination. Goodwill is allocated to IT Services segment and is not deductible for income tax purposes.\n\n \n\nThe interest of non-controlling shareholders is measured at the non-controlling interest’s proportionate share of the fair value of the identifiable net assets of Aggne.\n\n \n\nThe Company has issued put options to non-controlling interests in Aggne in accordance with the terms of underlying shareholders agreement and will be settled in cash. As at the acquisition date, the Company has recorded a financial liability for the estimated present value of its gross obligation to purchase the non-controlling interest with a corresponding adjustment to equity. The fair value of the financial liability is estimated as per the terms of shareholders agreement and the undiscounted fair value of the financial liability is ₹ 5,176 as at the date of acquisition. Considering the discount rate of 5.87%, the discounted fair value of the financial liability is ₹ 4,238.\n\n \n\nThe pro-forma effects of acquisition of Aggne for the year ended March 31, 2024, on the Company’s revenues and profits were not material.\n\n \n\nSummary of acquisitions during the year ended March 31, 2025:\n\n \n\nDuring the year ended March 31, 2025, the Company completed a business combination by acquiring a 100% equity interest in Applied Value Technologies, Inc. and Applied Value Technologies B.V., which was consummated on December 16, 2024. The Company has also acquired a 100% equity interest in Applied Value Technologies Pte Limited (together with Applied Value Technologies, Inc. and Applied Value Technologies B.V., “AVT”), which was consummated on January 3, 2025. AVT helps enterprises transform IT operations through a highly customized and data-driven approach. AVT will augment Wipro’s existing application services capabilities, helping drive new growth opportunities. The total consideration (upfront cash to acquire control, deferred consideration and contingent consideration) for the acquisition is ₹ 2,836. During the year ended March 31, 2026, the Company finalized the purchase price allocation as set for the below:\n\n-144-\n\n[Table of Contents](#toc_page)\n\n \n\nThe following table presents the purchase price allocation:\n\n \n\nNet assets\n\n \n\n₹\n\n166\n\n \n\nFair value of property, plant and equipment\n\n \n\n \n\n9\n\n \n\nFair value of customer-related intangibles\n\n \n\n \n\n1,896\n\n \n\nDeferred tax liabilities on intangible assets\n\n \n\n \n\n(566\n\n)\n\nTotal identifiable assets\n\n \n\n₹\n\n1,505\n\n \n\nGoodwill\n\n \n\n \n\n1,331\n\n \n\nTotal purchase price\n\n \n\n₹\n\n2,836\n\n \n\n \n\n \n\n \n\n \n\nNet Assets include:\n\n \n\n \n\n \n\nCash and cash equivalents\n\n \n\n₹\n\n113\n\n \n\nFair value of acquired trade receivables included in net assets\n\n \n\n \n\n215\n\n \n\nGross contractual amount of acquired trade receivables\n\n \n\n \n\n215\n\n \n\nLess: Allowance for lifetime expected credit loss\n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\nAmount included in general and administrative expenses:\n\n \n\n \n\n \n\nTransaction costs\n\n \n\n₹\n\n45\n\n \n\n \n\nThe goodwill of ₹ 1,331 comprises value of acquired workforce and expected synergies arising from the business combinations. Goodwill is allocated to IT Services segment and is not deductible for income tax purposes.\n\n \n\nThe total consideration for AVT included a deferred consideration of ₹ 264, which was payable within six months from the consummation date and was subsequently settled.\n\n \n\nThe total consideration of AVT includes a contingent consideration linked to achievement of revenues and earnings over a period of 3 years ending December 31, 2027, and range of contingent consideration payable is between ₹ Nil and ₹ 2,122. The fair value of the contingent consideration is estimated by applying the discounted cash-flow approach considering probability adjusted revenue and earnings estimates. The undiscounted fair value of contingent consideration is ₹ 2,122 as at the date of acquisition. The discounted fair value of contingent consideration of ₹ 1,537 is recorded as part of purchase price allocation.\n\n \n\nThe pro-forma effects of the acquisition of AVT for the year ended March 31, 2025 on the Company’s revenues and profits were not material.\n\nSummary of acquisitions during the year ended March 31, 2026:\n\nDuring the year ended March 31, 2026, the Company completed a business combination by acquiring 100% equity interest in Digital Transformation Solutions unit of Harman International Inc. which is Harman Connected Services Inc. and its subsidiaries and certain other assets (together, “DTS”), a global provider of Engineering, Research and Development (“ER&D”) services and IT services. The acquisition was consummated on December 1, 2025, for total cash consideration of ₹ 34,044.\n\n \n\nNet assets\n\n \n\n₹\n\n2,996\n\n \n\nFair value of property, plant and equipment\n\n \n\n \n\n383\n\n \n\nFair value of right-of-use assets\n\n \n\n \n\n1,062\n\n \n\nFair value of customer-related intangibles\n\n \n\n \n\n5,644\n\n \n\nFair value of marketing-related intangibles\n\n \n\n \n\n1,109\n\n \n\nDeferred tax liabilities on intangible assets\n\n \n\n \n\n(1,915\n\n)\n\nTotal identifiable assets\n\n \n\n₹\n\n9,279\n\n \n\nGoodwill\n\n \n\n \n\n24,765\n\n \n\nTotal purchase price\n\n \n\n₹\n\n34,044\n\n \n\n \n\n \n\n \n\n \n\nNet Assets include:\n\n \n\n \n\n \n\nCash and cash equivalents\n\n \n\n₹\n\n8,011\n\n \n\nFair value of acquired trade receivables included in net assets\n\n \n\n \n\n3,066\n\n \n\nGross contractual amount of acquired trade receivables\n\n \n\n \n\n3,225\n\n \n\nLess: Allowance for lifetime expected credit loss\n\n \n\n \n\n(159\n\n)\n\n \n\n \n\n \n\n \n\nAmount included in general and administrative expenses:\n\n \n\n \n\n \n\nTransaction costs\n\n \n\n₹\n\n230\n\n \n\n \n\n-145-\n\n[Table of Contents](#toc_page)\n\n \n\nThe above purchase price allocation for DTS is provisional and will be finalized as soon as practicable within the measurement period, but in no event later than one year following the date of acquisition.\n\n \n\nThe goodwill of ₹ 24,765 comprises value of acquired workforce and expected synergies arising from the business combinations. Goodwill is allocated to IT Services segment and is not deductible for income tax purposes.\n\n \n\nThe pro-forma effects of acquisition of DTS for the year ended March 31, 2026, on the Company’s results were not material.\n\n8. Investments\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nNon-current\n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial instruments at FVTPL\n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity instruments (1)\n\n \n\n₹\n\n4,955\n\n \n\n \n\n₹\n\n7,336\n\n \n\nFixed maturity plan mutual funds\n\n \n\n \n\n1,203\n\n \n\n \n\n \n\n-\n\n \n\nFinancial instruments at FVTOCI\n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity instruments (1)\n\n \n\n \n\n12,493\n\n \n\n \n\n \n\n12,143\n\n \n\nFinancial instruments at amortized cost\n\n \n\n \n\n \n\n \n\n \n\n \n\nInter corporate and term deposits (3)\n\n \n\n \n\n7,807\n\n \n\n \n\n \n\n8,574\n\n \n\n \n\n₹\n\n26,458\n\n \n\n \n\n₹\n\n28,053\n\n \n\nCurrent\n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial instruments at FVTPL\n\n \n\n \n\n \n\n \n\n \n\n \n\nShort-term mutual funds (2)\n\n \n\n₹\n\n88,776\n\n \n\n \n\n₹\n\n79,719\n\n \n\nFixed maturity plan mutual funds\n\n \n\n \n\n300\n\n \n\n \n\n \n\n1,281\n\n \n\nFinancial instruments at FVTOCI\n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-convertible debentures\n\n \n\n \n\n219,389\n\n \n\n \n\n \n\n210,328\n\n \n\nGovernment securities\n\n \n\n \n\n10,651\n\n \n\n \n\n \n\n8,948\n\n \n\nCommercial papers\n\n \n\n \n\n2,858\n\n \n\n \n\n \n\n14,227\n\n \n\nBonds\n\n \n\n \n\n21,138\n\n \n\n \n\n \n\n10,385\n\n \n\nFinancial instruments at amortized cost\n\n \n\n \n\n \n\n \n\n \n\n \n\nInter corporate and term deposits (3)\n\n \n\n \n\n68,362\n\n \n\n \n\n \n\n112,792\n\n \n\n \n\n₹\n\n411,474\n\n \n\n \n\n₹\n\n437,680\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n\n₹\n\n437,932\n\n \n\n \n\n₹\n\n465,733\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial instruments at FVTPL\n\n \n\n₹\n\n95,234\n\n \n\n \n\n₹\n\n88,336\n\n \n\nFinancial instruments at FVTOCI\n\n \n\n \n\n266,529\n\n \n\n \n\n \n\n256,031\n\n \n\nFinancial instruments at amortized cost\n\n \n\n \n\n76,169\n\n \n\n \n\n \n\n121,366\n\n \n\n \n\n(1)\nUncalled capital commitments outstanding as at March 31, 2025 and 2026, was ₹ 1,576 and ₹ 2,577, respectively.\n\n(2)\nAs at March 31, 2025 and 2026, short-term mutual funds include units placed on lien with bank on account of margin money for currency derivatives amounting to ₹ 233 and ₹ Nil, respectively.\n\n(3)\nThese deposits earn a fixed rate of interest. As at March 31, 2025 and 2026, term deposits include deposits in lien with banks, held as margin money deposits against guarantees amounting to ₹ 953 and ₹ 961, respectively.\n\nInvestments accounted for using the equity method\n\nDuring the year ended March 31, 2026, the Company invested ₹ 352 being equity contribution in Drivestream Inc., an associate. The Company’s share of equity in the associate is 43.7%.\n\nThe Company had no material associates as at March 31, 2025 and 2026.\n\n-146-\n\n[Table of Contents](#toc_page)\n\n \n\nThe aggregate summarized financial information in respect of the Company’s immaterial associate and joint venture that are accounted for using the equity method is set forth below:\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\nCarrying amount of the Company’s interest in:\n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nAn associate accounted for using the equity method\n\n \n\n₹\n\n933\n\n \n\n \n\n₹\n\n1,716\n\n \n\n(Unquoted: Series A Preferred Stock - 94,527; Common stock - 27,865, Series B Preferred Stock - 190,525 and Series C Preferred stock - 400)\n\n \n\n \n\n \n\n \n\n \n\n \n\nA joint venture accounted for using the equity method\n\n \n\n394\n\n \n\n \n\n410\n\n \n\n(Unquoted: Class A units - 5,850,000)\n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n\n₹\n\n1,327\n\n \n\n \n\n₹\n\n2,126\n\n \n\n \n\n \n\n \n\nFor the year ended March 31,\n\n \n\nCompany’s share of net profit / (loss) in the consolidated statement of income pertaining to:\n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nAn associate accounted for using the equity method\n\n \n\n₹\n\n(8\n\n)\n\n \n\n₹\n\n129\n\n \n\n \n\n₹\n\n282\n\n \n\nA joint venture accounted for using the equity method\n\n \n\n \n\n(225\n\n)\n\n \n\n \n\n125\n\n \n\n \n\n \n\n(25\n\n)\n\nTotal\n\n \n\n₹\n\n(233\n\n)\n\n \n\n₹\n\n254\n\n \n\n \n\n₹\n\n257\n\n \n\n \n\n9. Trade receivables\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nTrade receivables\n\n \n\n₹\n\n124,215\n\n \n\n \n\n₹\n\n143,966\n\n \n\nAllowance for lifetime expected credit loss\n\n \n\n \n\n(6,171\n\n)\n\n \n\n \n\n(7,716\n\n)\n\n \n\n \n\n₹\n\n118,044\n\n \n\n \n\n₹\n\n136,250\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-current\n\n \n\n₹\n\n299\n\n \n\n \n\n₹\n\n349\n\n \n\nCurrent\n\n \n\n \n\n117,745\n\n \n\n \n\n \n\n135,901\n\n \n\n \n\nThe activity in the allowance for lifetime expected credit loss is given below:\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBalance at the beginning of the year\n\n \n\n₹\n\n6,316\n\n \n\n \n\n₹\n\n6,171\n\n \n\nAdditions due to Acquisitions (Refer to Note 7)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n159\n\n \n\nAdditions, net (Refer to Note 25)\n\n \n\n \n\n324\n\n \n\n \n\n \n\n2,838\n\n \n\nAdditions on account of Unbilled Receivables\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(698\n\n)\n\nCharged against allowance\n\n \n\n \n\n(512\n\n)\n\n \n\n \n\n(1,288\n\n)\n\nTranslation adjustment\n\n \n\n \n\n43\n\n \n\n \n\n \n\n534\n\n \n\nBalance at the end of the year\n\n \n\n₹\n\n6,171\n\n \n\n \n\n₹\n\n7,716\n\n \n\n \n\n10. Inventories\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nTraded goods\n\n \n\n₹\n\n685\n\n \n\n \n\n₹\n\n514\n\n \n\nStores and spare parts\n\n \n\n \n\n9\n\n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n₹\n\n694\n\n \n\n \n\n₹\n\n517\n\n \n\n \n\nDuring the years ended March 31, 2025 and 2026, changes in inventories recognized as expense is ₹ 195 and ₹ 171, respectively, and purchases of traded goods recognized as expense is ₹ 2,967 and ₹ 5,755, respectively.\n\n11. Cash and cash equivalents\n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nCash and bank balances\n\n₹\n\n60,648\n\n \n\n \n\n₹\n\n74,456\n\n \n\n \n\n₹\n\n96,145\n\n \n\nDemand deposits with banks (1)\n\n \n\n36,305\n\n \n\n \n\n \n\n47,518\n\n \n\n \n\n \n\n9,410\n\n \n\n₹\n\n96,953\n\n \n\n \n\n₹\n\n121,974\n\n \n\n \n\n₹\n\n105,555\n\n \n\n \n\n(1)\nThese deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the principal.\n\n-147-\n\n[Table of Contents](#toc_page)\n\n \n\nCash and cash equivalents consist of the following for the purpose of the consolidated statement of cash flows:\n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nCash and cash equivalents\n\n₹\n\n96,953\n\n \n\n \n\n₹\n\n121,974\n\n \n\n \n\n₹\n\n105,555\n\n \n\nBank overdrafts\n\n \n\n(2\n\n)\n\n \n\n^\n\n \n\n \n\n \n\n-\n\n \n\n₹\n\n96,951\n\n \n\n \n\n₹\n\n121,974\n\n \n\n \n\n₹\n\n105,555\n\n \n\n^ Value is less than 0.5\n\n12. Other financial assets\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nNon-current\n\n \n\n \n\n \n\n \n\n \n\n \n\nFinance lease receivables\n\n \n\n₹\n\n3,090\n\n \n\n \n\n₹\n\n3,922\n\n \n\nSecurity deposits\n\n \n\n \n\n1,318\n\n \n\n \n\n \n\n1,812\n\n \n\nAdvance to customer\n\n \n\n \n\n225\n\n \n\n \n\n \n\n509\n\n \n\nDues from officers and employees\n\n \n\n \n\n30\n\n \n\n \n\n \n\n16\n\n \n\nOther receivables\n\n \n\n \n\n1\n\n \n\n \n\n^\n\n \n\n \n\n \n\n₹\n\n4,664\n\n \n\n \n\n₹\n\n6,259\n\n \n\nCurrent\n\n \n\n \n\n \n\n \n\n \n\n \n\nFinance lease receivables\n\n \n\n₹\n\n5,144\n\n \n\n \n\n₹\n\n4,189\n\n \n\nSecurity deposits\n\n \n\n \n\n1,827\n\n \n\n \n\n \n\n2,235\n\n \n\nReceivables from redemption of mutual funds\n\n \n\n \n\n-\n\n \n\n \n\n \n\n800\n\n \n\nAdvance to customer\n\n \n\n \n\n70\n\n \n\n \n\n \n\n494\n\n \n\nDues from officers and employees\n\n \n\n \n\n505\n\n \n\n \n\n \n\n435\n\n \n\nClaims receivables\n\n \n\n \n\n195\n\n \n\n \n\n \n\n384\n\n \n\nInterest receivables\n\n \n\n \n\n596\n\n \n\n \n\n \n\n357\n\n \n\nOther receivables\n\n \n\n \n\n111\n\n \n\n \n\n \n\n1,351\n\n \n\n \n\n \n\n₹\n\n8,448\n\n \n\n \n\n₹\n\n10,245\n\n \n\n \n\n \n\n₹\n\n13,112\n\n \n\n \n\n₹\n\n16,504\n\n \n\n^ Value is less than 0.5\n\n \n\nFinance lease receivables\n\nFinance lease receivables consist of assets that are leased for a contract term normally ranging 1 to 5 years, with lease payments due in monthly or quarterly installments. Details of finance lease receivables are given below:\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nYear 1\n\n \n\n₹\n\n5,489\n\n \n\n \n\n₹\n\n4,554\n\n \n\nYear 2\n\n \n\n \n\n1,908\n\n \n\n \n\n \n\n2,573\n\n \n\nYear 3\n\n \n\n \n\n945\n\n \n\n \n\n \n\n1,225\n\n \n\nYear 4\n\n \n\n \n\n380\n\n \n\n \n\n \n\n290\n\n \n\nYear 5\n\n \n\n \n\n145\n\n \n\n \n\n \n\n112\n\n \n\nGross investment in lease\n\n \n\n₹\n\n8,867\n\n \n\n \n\n₹\n\n8,754\n\n \n\nLess: Unearned finance income\n\n \n\n \n\n(633\n\n)\n\n \n\n \n\n(643\n\n)\n\nPresent value of minimum lease payment receivables\n\n \n\n₹\n\n8,234\n\n \n\n \n\n₹\n\n8,111\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-current\n\n \n\n₹\n\n3,090\n\n \n\n \n\n₹\n\n3,922\n\n \n\nCurrent\n\n \n\n \n\n5,144\n\n \n\n \n\n \n\n4,189\n\n \n\n \n\n-148-\n\n[Table of Contents](#toc_page)\n\n \n\n13. Other assets\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nNon-current\n\n \n\n \n\n \n\n \n\n \n\n \n\nPrepaid expenses\n\n \n\n₹\n\n2,657\n\n \n\n \n\n₹\n\n4,356\n\n \n\nInterest receivable from statutory authorities\n\n \n\n \n\n1,148\n\n \n\n \n\n \n\n1,062\n\n \n\nDeferred contract cost\n\n \n\n \n\n \n\n \n\n \n\n \n\nCosts to obtain contracts (1)\n\n \n\n \n\n3,277\n\n \n\n \n\n \n\n2,592\n\n \n\nCosts to fulfil contracts (2)\n\n \n\n \n\n378\n\n \n\n \n\n \n\n1,000\n\n \n\n \n\n \n\n₹\n\n7,460\n\n \n\n \n\n₹\n\n9,010\n\n \n\nCurrent\n\n \n\n \n\n \n\n \n\n \n\n \n\nPrepaid expenses\n\n \n\n₹\n\n16,917\n\n \n\n \n\n₹\n\n18,929\n\n \n\nBalance with GST and other authorities\n\n \n\n \n\n6,760\n\n \n\n \n\n \n\n7,969\n\n \n\nAdvance to suppliers\n\n \n\n \n\n2,323\n\n \n\n \n\n \n\n2,369\n\n \n\nWithholding taxes\n\n \n\n \n\n542\n\n \n\n \n\n \n\n975\n\n \n\nDues from officers and employees\n\n \n\n \n\n453\n\n \n\n \n\n \n\n415\n\n \n\nDefined benefit plan asset, net\n\n \n\n \n\n472\n\n \n\n \n\n \n\n204\n\n \n\nDeferred contract cost\n\n \n\n \n\n \n\n \n\n \n\n \n\nCosts to obtain contracts (1)\n\n \n\n \n\n1,407\n\n \n\n \n\n \n\n1,903\n\n \n\nCosts to fulfil contracts (2)\n\n \n\n \n\n131\n\n \n\n \n\n \n\n151\n\n \n\nOther receivables\n\n \n\n \n\n123\n\n \n\n \n\n \n\n249\n\n \n\n \n\n \n\n₹\n\n29,128\n\n \n\n \n\n₹\n\n33,164\n\n \n\n \n\n \n\n₹\n\n36,588\n\n \n\n \n\n₹\n\n42,174\n\n \n\n \n\n(1)\nCosts to obtain contracts amortization of ₹ 1,083, ₹ 1,333 and ₹ 2,558 during the years ended March 31, 2024, 2025 and 2026, respectively.\n\n(2)\nCosts to fulfil contracts amortization of ₹ 60, ₹ 83 and ₹ 150 during the years ended March 31, 2024, 2025 and 2026, respectively.\n\n14. Loans, borrowings and bank overdrafts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nNon-current\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nUnsecured Notes 2026 (1)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n63,954\n\n \n\n \n\n₹\n\n-\n\n \n\nLoans from institutions other than banks\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,962\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n63,954\n\n \n\n \n\n₹\n\n1,962\n\n \n\nCurrent\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nUnsecured Notes 2026 (1)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n71,052\n\n \n\nBorrowings from banks\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n97,863\n\n \n\n \n\n \n\n94,860\n\n \n\nBank overdrafts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n^\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n97,863\n\n \n\n \n\n₹\n\n165,912\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n161,817\n\n \n\n \n\n₹\n\n167,874\n\n \n\n \n\n^ Value is less than 0.5\n\n(1)\nOn June 23, 2021, Wipro IT Services LLC, a wholly owned step-down subsidiary of the Company, issued U.S.$ 750 million in unsecured notes 2026 (the “Notes”). The Notes bear interest at a rate of 1.50% per annum and will mature on June 23, 2026. Interest on the Notes is payable semi-annually on June 23 and December 23 of each year, commencing from December 23, 2021. The Notes are listed on Singapore Exchange Securities Trading Limited (SGX-ST).\n\nShort-term loans, borrowings and bank overdrafts\n\nThe Company had loans, borrowings and bank overdrafts amounting to ₹ 97,863 and ₹ 94,860, as at March 31, 2025 and 2026, respectively. The principal source of borrowings from banks as at March 31, 2026 primarily consists of lines of credit of approximately ₹ 89,024, U.S. Dollar (“U.S.$”) 432 million, Saudi Riyal (“SAR”) 120 million, Pound Sterling (“GBP”) 7 million, Bahraini Dinar (“BHD”) 1 million, Thai Baht (“THB”) 5 million, Brazilian Real (“BRL”) 8 million, Indonesian Rupiah (“IDR”) 13,000 million, Qatari Riyal (“QAR”) 10 million, Mexican Peso (“MXN”) 35 million, Canadian Dollar (“CAD”) 14 million, Bangladeshi Taka (“BDT”) 175 million and Japanese Yen (“JPY”) 300 million from bankers for working capital requirements and other short-term needs.\n\n \n\n-149-\n\n[Table of Contents](#toc_page)\n\n \n\nAs at March 31, 2026, the Company has unutilized lines of credit aggregating ₹ 27,524, U.S.$ 92 million, SAR 75 million, GBP 7 million, BHD 1 million, THB 5 million, BRL 8 million, IDR 13,000 million, QAR 10 million and MXN 35 million, CAD 14 million, BDT 175 million and JPY 300 million. To utilize these unused lines of credit, the Company requires consent of the lender and compliance with certain financial covenants. Significant portion of these lines of credit are revolving credit facilities and floating rate foreign currency loans, renewable on a periodic basis.\n\n \n\nSignificant portion of these facilities bear floating rates of interest, referenced to country specific official benchmark interest rates and a spread, determined based on market conditions.\n\n \n\nLong-term loans and borrowings\n\n \n\n \n\n \n\n \n\n \n\nAs at March 31, 2025\n\n \n\n \n\nAs at March 31, 2026\n\n \n\n \n\n \n\n \n\nForeign currency in millions\n\n \n\n \n\nIndian Rupee\n\n \n\n \n\nForeign currency in millions\n\n \n\nIndian Rupee\n\n \n\n \n\nFinal maturity\n\nUnsecured Notes 2026\n\n \n\n \n\n \n\nU.S.$ 748\n\n \n\n \n\n₹\n\n63,954\n\n \n\n \n\nU.S.$ 749\n\n \n\n₹\n\n71,052\n\n \n\n \n\nJune-26\n\nLoans from institutions other than banks\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\nU.S.$ 21\n\n \n\n \n\n1,962\n\n \n\n \n\nJune-27\n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n63,954\n\n \n\n \n\n \n\n \n\n₹\n\n73,014\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-current portion of long-term loans and borrowings\n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n63,954\n\n \n\n \n\n \n\n \n\n₹\n\n1,962\n\n \n\n \n\n \n\nCurrent portion of long-term loans and borrowings\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n71,052\n\n \n\n \n\n \n\n \n\nRefer to Note 26 for interest expense on loans, borrowings and bank overdrafts.\n\nCash and non-cash changes in liabilities arising from financing activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-cash changes\n\n \n\n \n\n \n\n \n\n \n\n \n\nApril 1, 2024\n\n \n\n \n\nCash flow\n\n \n\n \n\nNet additions to Lease Liabilities/additions due to acquisitions\n\n \n\n \n\nEffective interest rate adjustment\n\n \n\n \n\nForeign exchange movements\n\n \n\n \n\nMarch 31, 2025\n\n \n\nBorrowings\n\n \n\n₹\n\n141,464\n\n \n\n \n\n₹\n\n17,923\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n114\n\n \n\n \n\n₹\n\n2,316\n\n \n\n \n\n₹\n\n161,817\n\n \n\nLease Liabilities\n\n \n\n \n\n23,183\n\n \n\n \n\n \n\n(10,474\n\n)\n\n \n\n \n\n17,270\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n239\n\n \n\n \n\n \n\n30,218\n\n \n\n \n\n \n\n₹\n\n164,647\n\n \n\n \n\n₹\n\n7,449\n\n \n\n \n\n₹\n\n17,270\n\n \n\n \n\n₹\n\n114\n\n \n\n \n\n₹\n\n2,555\n\n \n\n \n\n₹\n\n192,035\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-cash changes\n\n \n\n \n\n \n\n \n\n \n\n \n\nApril 1, 2025\n\n \n\n \n\nCash flow\n\n \n\n \n\nNet additions to Lease Liabilities/additions due to acquisitions\n\n \n\n \n\nEffective interest rate adjustment\n\n \n\n \n\nForeign exchange movements\n\n \n\n \n\nMarch 31, 2026\n\n \n\nBorrowings\n\n \n\n₹\n\n161,817\n\n \n\n \n\n₹\n\n(6,752\n\n)\n\n \n\n₹\n\n1,852\n\n \n\n \n\n₹\n\n119\n\n \n\n \n\n₹\n\n10,838\n\n \n\n \n\n₹\n\n167,874\n\n \n\nLease Liabilities\n\n \n\n \n\n30,218\n\n \n\n \n\n \n\n(11,561\n\n)\n\n \n\n \n\n13,430\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n2,949\n\n \n\n \n\n \n\n35,036\n\n \n\n \n\n \n\n₹\n\n192,035\n\n \n\n \n\n₹\n\n(18,313\n\n)\n\n \n\n₹\n\n15,282\n\n \n\n \n\n₹\n\n119\n\n \n\n \n\n₹\n\n13,787\n\n \n\n \n\n₹\n\n202,910\n\n \n\n \n\nNon-fund based\n\n \n\nThe Company has non-fund based revolving credit facilities in various currencies equivalent to ₹ 49,634 and ₹ 49,747, as at March 31, 2025 and 2026, respectively, towards operational requirements that can be used for the issuance of letters of credit and bank guarantees. As at March 31, 2025, and 2026, an amount of ₹ 36,524, and ₹ 36,389, respectively, was unutilized out of these non-fund based facilities.\n\n15. Trade payables and accrued expenses\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nNon-current\n\n \n\n \n\n \n\n \n\n \n\n \n\nAccrued expenses\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n4,394\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n4,394\n\n \n\nCurrent\n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade payables\n\n \n\n₹\n\n21,985\n\n \n\n \n\n₹\n\n22,258\n\n \n\nAccrued expenses\n\n \n\n \n\n66,267\n\n \n\n \n\n \n\n72,666\n\n \n\n \n\n \n\n₹\n\n88,252\n\n \n\n \n\n₹\n\n94,924\n\n \n\n \n\n \n\n₹\n\n88,252\n\n \n\n \n\n₹\n\n99,318\n\n \n\n \n\n-150-\n\n[Table of Contents](#toc_page)\n\n \n\n16. Other financial liabilities\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nNon-current\n\n \n\n \n\n \n\n \n\n \n\n \n\nLiability on written put options to non-controlling interests (Refer to Note 19)\n\n \n\n₹\n\n4,945\n\n \n\n \n\n₹\n\n3,071\n\n \n\nContingent consideration (Refer to Note 19)\n\n \n\n \n\n1,307\n\n \n\n \n\n \n\n1,178\n\n \n\nLiabilities towards customer contracts\n\n \n\n \n\n1,026\n\n \n\n \n\n \n\n719\n\n \n\nLong-term incentive payable\n\n \n\n \n\n387\n\n \n\n \n\n \n\n376\n\n \n\nDeferred consideration for Business combination\n\n \n\n \n\n61\n\n \n\n \n\n \n\n34\n\n \n\nRent deposit\n\n \n\n \n\n26\n\n \n\n \n\n \n\n12\n\n \n\nOther liabilities (1)\n\n \n\n \n\n41\n\n \n\n \n\n \n\n1,353\n\n \n\n \n\n \n\n₹\n\n7,793\n\n \n\n \n\n₹\n\n6,743\n\n \n\nCurrent\n\n \n\n \n\n \n\n \n\n \n\n \n\nLiability on written put options to non-controlling interests (Refer to Note 19)\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n2,628\n\n \n\nLiabilities towards customer contracts\n\n \n\n \n\n342\n\n \n\n \n\n \n\n721\n\n \n\nCapital creditors\n\n \n\n \n\n1,255\n\n \n\n \n\n \n\n689\n\n \n\nAdvance from customers\n\n \n\n \n\n167\n\n \n\n \n\n \n\n329\n\n \n\nRent deposit\n\n \n\n \n\n475\n\n \n\n \n\n \n\n477\n\n \n\nContingent consideration (Refer to Note 19)\n\n \n\n \n\n557\n\n \n\n \n\n \n\n456\n\n \n\nInterest accrued on loans and borrowings\n\n \n\n \n\n489\n\n \n\n \n\n \n\n541\n\n \n\nDeferred consideration for Business combination\n\n \n\n \n\n295\n\n \n\n \n\n \n\n118\n\n \n\nUnclaimed dividend\n\n \n\n \n\n64\n\n \n\n \n\n \n\n177\n\n \n\nOther liabilities (2)\n\n \n\n \n\n234\n\n \n\n \n\n \n\n5,221\n\n \n\n \n\n₹\n\n3,878\n\n \n\n \n\n₹\n\n11,357\n\n \n\n \n\n₹\n\n11,671\n\n \n\n \n\n₹\n\n18,100\n\n \n\n \n\n(1)\nIncludes payable to selling shareholders\n\n(2)\nIncludes liability on non-designated hedges\n\n \n\n17. Other liabilities\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nNon-current\n\n \n\n \n\n \n\n \n\n \n\n \n\nStatutory and other liabilities\n\n \n\n₹\n\n12,757\n\n \n\n \n\n₹\n\n17,877\n\n \n\nEmployee benefits obligations\n\n \n\n \n\n4,362\n\n \n\n \n\n \n\n5,165\n\n \n\n \n\n \n\n₹\n\n17,119\n\n \n\n \n\n₹\n\n23,042\n\n \n\nCurrent\n\n \n\n \n\n \n\n \n\n \n\n \n\nEmployee benefits obligations\n\n \n\n₹\n\n16,001\n\n \n\n \n\n₹\n\n17,967\n\n \n\nStatutory and other liabilities\n\n \n\n \n\n14,295\n\n \n\n \n\n \n\n16,012\n\n \n\nAdvance from customers\n\n \n\n \n\n790\n\n \n\n \n\n \n\n822\n\n \n\n \n\n₹\n\n31,086\n\n \n\n \n\n₹\n\n34,801\n\n \n\n \n\n₹\n\n48,205\n\n \n\n \n\n₹\n\n57,843\n\n \n\n \n\n \n\n-151-\n\n[Table of Contents](#toc_page)\n\n \n\n18. Provisions\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nNon-current\n\n \n\n \n\n \n\n \n\n \n\n \n\nProvision for onerous contracts\n\n \n\n₹\n\n294\n\n \n\n \n\n₹\n\n224\n\n \n\n \n\n \n\n₹\n\n294\n\n \n\n \n\n₹\n\n224\n\n \n\nCurrent\n\n \n\n \n\n \n\n \n\n \n\n \n\nProvision for onerous contracts\n\n \n\n₹\n\n1,288\n\n \n\n \n\n₹\n\n1,184\n\n \n\nProvision for warranty\n\n \n\n \n\n207\n\n \n\n \n\n \n\n214\n\n \n\nOthers\n\n \n\n \n\n142\n\n \n\n \n\n \n\n98\n\n \n\n \n\n \n\n₹\n\n1,637\n\n \n\n \n\n₹\n\n1,496\n\n \n\n \n\n \n\n₹\n\n1,931\n\n \n\n \n\n₹\n\n1,720\n\n \n\n \n\nA summary of activity in provision for warranty, provision for onerous contracts and other provisions is as follows:\n\n \n\n \n\n \n\nYear ended March 31, 2025\n\n \n\n \n\nYear ended March 31, 2026\n\n \n\n \n\n \n\nProvision for warranty\n\n \n\n \n\nProvision for onerous contracts\n\n \n\n \n\nOthers\n\n \n\n \n\nTotal\n\n \n\n \n\nProvision for warranty\n\n \n\n \n\nProvision for onerous contracts\n\n \n\n \n\nOthers\n\n \n\n \n\nTotal\n\n \n\nBalance at the beginning of the year\n\n \n\n₹\n\n217\n\n \n\n \n\n₹\n\n1,599\n\n \n\n \n\n₹\n\n155\n\n \n\n \n\n₹\n\n1,971\n\n \n\n \n\n₹\n\n207\n\n \n\n \n\n₹\n\n1,582\n\n \n\n \n\n₹\n\n142\n\n \n\n \n\n₹\n\n1,931\n\n \n\nAdditional provision during the year\n\n \n\n \n\n207\n\n \n\n \n\n \n\n597\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n804\n\n \n\n \n\n \n\n214\n\n \n\n \n\n \n\n582\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n796\n\n \n\nUtilized/written-back during the year\n\n \n\n \n\n(217\n\n)\n\n \n\n \n\n(624\n\n)\n\n \n\n \n\n(13\n\n)\n\n \n\n \n\n(854\n\n)\n\n \n\n \n\n(207\n\n)\n\n \n\n \n\n(826\n\n)\n\n \n\n \n\n(44\n\n)\n\n \n\n \n\n(1,077\n\n)\n\nTranslation adjustment\n\n \n\n \n\n-\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n70\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n70\n\n \n\nBalance at the end of the year\n\n \n\n₹\n\n207\n\n \n\n \n\n₹\n\n1,582\n\n \n\n \n\n₹\n\n142\n\n \n\n \n\n₹\n\n1,931\n\n \n\n \n\n₹\n\n214\n\n \n\n \n\n₹\n\n1,408\n\n \n\n \n\n₹\n\n98\n\n \n\n \n\n₹\n\n1,720\n\n \n\n \n\nProvision for warranty represents cost associated with providing sales support services, which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.\n\nProvision for onerous contracts is recognized when the expected benefit by the company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract.\n\nOther provisions primarily include provisions for compliance related contingencies. The timing of cash outflows in respect of such provision cannot be reasonably determined.\n\n-152-\n\n[Table of Contents](#toc_page)\n\n \n\n19. Financial instruments\n\n \n\nThe carrying value of financial instruments by categories as at March 31, 2025 is as follows:\n\n \n\n \n\n \n\n \n\n \n\nFair value through other comprehensive income\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFair value through profit or loss\n\n \n\n \n\nMandatory\n\n \n\n \n\nDesignated\nupon initial\nrecognition\n\n \n\n \n\nAmortized cost\n\n \n\n \n\nTotal\n\n \n\nFinancial Assets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents (Refer to Note 11)\n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n121,974\n\n \n\n \n\n₹\n\n121,974\n\n \n\nInvestments (Refer to Note 8)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity Instruments\n\n \n\n4,955\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n12,493\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n17,448\n\n \n\nFixed maturity plan mutual funds\n\n \n\n1,503\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,503\n\n \n\nShort-term mutual funds\n\n \n\n88,776\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n88,776\n\n \n\nNon-convertible debentures\n\n \n\n-\n\n \n\n \n\n \n\n219,389\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n219,389\n\n \n\nGovernment securities\n\n \n\n-\n\n \n\n \n\n \n\n10,651\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n10,651\n\n \n\nCommercial papers\n\n \n\n-\n\n \n\n \n\n \n\n2,858\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n2,858\n\n \n\nBonds\n\n \n\n-\n\n \n\n \n\n \n\n21,138\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n21,138\n\n \n\nInter corporate and term deposits\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n76,169\n\n \n\n \n\n \n\n76,169\n\n \n\nOther financial assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade receivables (Refer to Note 9)\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n118,044\n\n \n\n \n\n \n\n118,044\n\n \n\nUnbilled receivables\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n64,280\n\n \n\n \n\n \n\n64,280\n\n \n\nOther financial assets (Refer to Note 12)\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n13,112\n\n \n\n \n\n \n\n13,112\n\n \n\nDerivative assets (Refer to Note 19)\n\n \n\n1,105\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n715\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,820\n\n \n\n \n\n₹\n\n96,339\n\n \n\n \n\n₹\n\n254,036\n\n \n\n \n\n₹\n\n13,208\n\n \n\n \n\n₹\n\n393,579\n\n \n\n \n\n₹\n\n757,162\n\n \n\nFinancial Liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade payables and other financial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade payables and accrued expenses (Refer to Note 15)\n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n88,252\n\n \n\n \n\n₹\n\n88,252\n\n \n\nOther financial liabilities (Refer to Note 16)\n\n \n\n1,864\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n9,807\n\n \n\n \n\n \n\n11,671\n\n \n\nLoans, borrowings and bank overdrafts (Refer to Note 14)\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n161,817\n\n \n\n \n\n \n\n161,817\n\n \n\nLease liabilities\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n30,218\n\n \n\n \n\n \n\n30,218\n\n \n\nDerivative liabilities (Refer to Note 19)\n\n \n\n75\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n893\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n968\n\n \n\n \n\n₹\n\n1,939\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n893\n\n \n\n \n\n₹\n\n290,094\n\n \n\n \n\n₹\n\n292,926\n\n \n\n \n\n-153-\n\n[Table of Contents](#toc_page)\n\n \n\nThe carrying value of financial instruments by categories as at March 31, 2026 is as follows:\n\n \n\n \n\n \n\n \n\n \n\nFair value through other comprehensive income\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFair value through profit or loss\n\n \n\n \n\nMandatory\n\n \n\n \n\nDesignated\nupon initial\nrecognition\n\n \n\n \n\nAmortized cost\n\n \n\n \n\nTotal\n\n \n\nFinancial Assets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents (Refer to Note 11)\n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n105,555\n\n \n\n \n\n₹\n\n105,555\n\n \n\nInvestments (Refer to Note 8)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity Instruments\n\n \n\n7,336\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n12,143\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n19,479\n\n \n\nFixed maturity plan mutual funds\n\n \n\n1,281\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,281\n\n \n\nShort-term mutual funds\n\n \n\n79,719\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n79,719\n\n \n\nNon-convertible debentures\n\n \n\n-\n\n \n\n \n\n \n\n210,328\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n210,328\n\n \n\nGovernment securities\n\n \n\n-\n\n \n\n \n\n \n\n8,948\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n8,948\n\n \n\nCommercial papers\n\n \n\n-\n\n \n\n \n\n \n\n14,227\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n14,227\n\n \n\nBonds\n\n \n\n-\n\n \n\n \n\n \n\n10,385\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n10,385\n\n \n\nInter corporate and term deposits\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n121,366\n\n \n\n \n\n \n\n121,366\n\n \n\nOther financial assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade receivables (Refer to Note 9)\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n136,250\n\n \n\n \n\n \n\n136,250\n\n \n\nUnbilled receivables\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n84,256\n\n \n\n \n\n \n\n84,256\n\n \n\nOther financial assets (Refer to Note 12)\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n16,504\n\n \n\n \n\n \n\n16,504\n\n \n\nDerivative assets (Refer to Note 19)\n\n \n\n295\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n593\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n888\n\n \n\n \n\n₹\n\n88,631\n\n \n\n \n\n₹\n\n243,888\n\n \n\n \n\n₹\n\n12,736\n\n \n\n \n\n₹\n\n463,931\n\n \n\n \n\n₹\n\n809,186\n\n \n\nFinancial Liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade payables and other financial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade payables and accrued expenses (Refer to Note 15)\n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n99,318\n\n \n\n \n\n₹\n\n99,318\n\n \n\nOther financial liabilities (Refer to Note 16)\n\n \n\n1,634\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n16,466\n\n \n\n \n\n \n\n18,100\n\n \n\nLoans, borrowings and bank overdrafts (Refer to Note 14)\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n167,874\n\n \n\n \n\n \n\n167,874\n\n \n\nLease liabilities\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n35,036\n\n \n\n \n\n \n\n35,036\n\n \n\nDerivative liabilities (Refer to Note 19)\n\n \n\n1,453\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n9,525\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n10,978\n\n \n\n \n\n₹\n\n3,087\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n9,525\n\n \n\n \n\n₹\n\n318,694\n\n \n\n \n\n₹\n\n331,306\n\n \n\n \n\nOffsetting financial assets and liabilities\n\nThe following table contains information on financial assets and financial liabilities subject to offsetting:\n\n \n\n \n\n \n\nAs at March 31, 2025\n\n \n\n \n\nAs at March 31, 2026\n\n \n\nFinancial assets\n\n \n\nGross amounts recognized\n\n \n\n \n\nGross amounts of recognized financial liabilities set off\n\n \n\n \n\nNet amounts recognized\n\n \n\n \n\nGross amounts recognized\n\n \n\n \n\nGross amounts of recognized financial liabilities set off\n\n \n\n \n\nNet amounts recognized\n\n \n\nTrade receivables - non-current\n\n \n\n₹\n\n299\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n299\n\n \n\n \n\n₹\n\n349\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n349\n\n \n\nTrade receivables - current\n\n \n\n \n\n126,512\n\n \n\n \n\n \n\n(8,767\n\n)\n\n \n\n \n\n117,745\n\n \n\n \n\n \n\n147,371\n\n \n\n \n\n \n\n(11,470\n\n)\n\n \n\n \n\n135,901\n\n \n\nOther financial assets - non-current\n\n \n\n \n\n4,664\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n4,664\n\n \n\n \n\n \n\n6,259\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n6,259\n\n \n\nOther financial assets - current\n\n \n\n \n\n8,448\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n8,448\n\n \n\n \n\n \n\n10,245\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n10,245\n\n \n\nUnbilled receivables - non-current\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n7,433\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n7,433\n\n \n\nUnbilled receivables - current\n\n \n\n \n\n66,194\n\n \n\n \n\n \n\n(1,914\n\n)\n\n \n\n \n\n64,280\n\n \n\n \n\n \n\n77,802\n\n \n\n \n\n \n\n(979\n\n)\n\n \n\n \n\n76,823\n\n \n\n \n\n \n\n₹\n\n206,117\n\n \n\n \n\n₹\n\n(10,681\n\n)\n\n \n\n₹\n\n195,436\n\n \n\n \n\n₹\n\n249,459\n\n \n\n \n\n₹\n\n(12,449\n\n)\n\n \n\n₹\n\n237,010\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n-154-\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\n \n\nAs at March 31, 2025\n\n \n\n \n\nAs at March 31, 2026\n\n \n\nFinancial liabilities\n\n \n\nGross amounts recognized\n\n \n\n \n\nGross amounts of recognized financial assets set off\n\n \n\n \n\nNet amounts recognized\n\n \n\n \n\nGross amounts recognized\n\n \n\n \n\nGross amounts of recognized financial assets set off\n\n \n\n \n\nNet amounts recognized\n\n \n\nAccrued expenses - non-current\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n4,394\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n4,394\n\n \n\nTrade payables and accrued expenses - current\n\n \n\n \n\n98,933\n\n \n\n \n\n \n\n(10,681\n\n)\n\n \n\n \n\n88,252\n\n \n\n \n\n \n\n107,373\n\n \n\n \n\n \n\n(12,449\n\n)\n\n \n\n \n\n94,924\n\n \n\nOther financial liabilities - non-current\n\n \n\n \n\n7,793\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n7,793\n\n \n\n \n\n \n\n6,743\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n6,743\n\n \n\nOther financial liabilities - current\n\n \n\n \n\n3,878\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n3,878\n\n \n\n \n\n \n\n11,357\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n11,357\n\n \n\n \n\n \n\n₹\n\n110,604\n\n \n\n \n\n₹\n\n(10,681\n\n)\n\n \n\n₹\n\n99,923\n\n \n\n \n\n₹\n\n129,867\n\n \n\n \n\n₹\n\n(12,449\n\n)\n\n \n\n₹\n\n117,418\n\n \n\n \n\nFor the financial assets and liabilities subject to offsetting or similar arrangements, each agreement between the Company and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis and hence are not offset.\n\nFair value\n\n \n\nFinancial assets and liabilities include cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and other advances, eligible current and non-current assets, loans, borrowings and bank overdrafts, lease liabilities, trade payables and accrued expenses, and eligible current and non-current liabilities.\n\nThe fair value of cash and cash equivalents, trade receivables, unbilled receivables, short-term loans, borrowings and bank overdrafts, lease liabilities, trade payables and accrued expenses, other current financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments. Finance lease receivables are periodically evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records allowance for estimated credit losses on these receivables. As at March 31, 2025 and 2026, the carrying value of such financial assets, net of allowances, and liabilities approximates the fair value.\n\n \n\nThe Company’s Unsecured Notes 2026 are contracted at fixed coupon rate of 1.50% and market yield on these loans as of March 31, 2026 was 4.48%.\n\nInvestments in short-term mutual funds and fixed maturity plan mutual funds, which are classified as FVTPL are measured using net asset values at the reporting date multiplied by the quantity held. Fair value of investments in non-convertible debentures, government securities, commercial papers and bonds classified as FVTOCI is determined based on the indicative quotes of price and yields prevailing in the market at the reporting date. Fair value of investments in equity instruments classified as FVTOCI or FVTPL is determined using market approach primarily based on market multiples method.\n\n \n\nThe fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates, yield curves and currency volatility.\n\n \n\nFair value hierarchy\n\n \n\nThe table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:\n\n \n\nLevel 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.\n\n \n\nLevel 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\n\n \n\nLevel 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).\n\nThere were no transfers between Levels 1, 2 and 3 during the years ended March 31, 2025 and 2026.\n\n-155-\n\n[Table of Contents](#toc_page)\n\n \n\nThe following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:\n\n \n\n \n\nAs at March 31, 2025\n\n \n\n \n\nAs at March 31, 2026\n\n \n\n \n\nFair value measurements at reporting date\n\n \n\n \n\nFair value measurements at reporting date\n\n \n\n \n\nTotal\n\n \n\nLevel 1\n\n \n\nLevel 2\n\n \n\nLevel 3\n\n \n\n \n\nTotal\n\n \n\nLevel 1\n\n \n\nLevel 2\n\n \n\nLevel 3\n\n \n\nAssets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative instruments:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash flow hedges\n\n \n\n₹\n\n715\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n715\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n \n\n₹\n\n593\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n593\n\n \n\n \n\n₹\n\n-\n\n \n\nOthers\n\n \n\n \n\n1,105\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,105\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n295\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n295\n\n \n\n \n\n \n\n-\n\n \n\nInvestments:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShort-term mutual funds\n\n \n\n \n\n88,776\n\n \n\n \n\n \n\n88,776\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n79,719\n\n \n\n \n\n \n\n79,719\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nFixed maturity plan mutual funds\n\n \n\n \n\n1,503\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,503\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n1,281\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,281\n\n \n\n \n\n \n\n-\n\n \n\nEquity instruments\n\n \n\n \n\n17,448\n\n \n\n \n\n \n\n57\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n17,391\n\n \n\n \n\n \n\n \n\n19,479\n\n \n\n \n\n \n\n36\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n19,443\n\n \n\nNon-convertible debentures, government securities, commercial papers and bonds\n\n \n\n \n\n254,036\n\n \n\n \n\n \n\n10,550\n\n \n\n \n\n \n\n243,486\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n243,888\n\n \n\n \n\n \n\n8,854\n\n \n\n \n\n \n\n235,034\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative instruments:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash flow hedges\n\n \n\n₹\n\n(893\n\n)\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n(893\n\n)\n\n \n\n₹\n\n-\n\n \n\n \n\n \n\n₹\n\n(9,525\n\n)\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n(9,525\n\n)\n\n \n\n₹\n\n-\n\n \n\nOthers\n\n \n\n \n\n(75\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(75\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n(1,453\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,453\n\n)\n\n \n\n \n\n-\n\n \n\nLiability on written put options to non-controlling interests\n\n \n\n \n\n(4,945\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,945\n\n)\n\n \n\n \n\n \n\n(5,699\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(5,699\n\n)\n\nContingent consideration\n\n \n\n \n\n(1,864\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,864\n\n)\n\n \n\n \n\n \n\n(1,634\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,634\n\n)\n\n \n\nThe following methods and assumptions were used to estimate the fair value of the Level 2 financial instruments included in the above table.\n\n \n\nFinancial instrument\n\nMethod and assumptions\n\nDerivative instruments (assets and liabilities)\n\nThe Company enters into derivative financial instruments with various counterparties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, foreign exchange forward contracts and foreign exchange option contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at March 31, 2026, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.\n\nInvestment in non-convertible debentures, government securities, commercial papers and bonds\n\nFair value of these instruments is derived based on the indicative quotes of price and yields prevailing in the market as at reporting date.\n\nInvestment in fixed maturity plan mutual funds\n\nFair value of these instruments is derived based on the indicative quotes of price prevailing in the market as at reporting date.\n\n \n\nThe following methods and assumptions were used to estimate the fair value of the Level 3 financial instruments included in the above table.\n\n \n\nFinancial instrument\n\nMethod and assumptions\n\nInvestment in equity instruments\n\nFair value of these instruments is determined using market approach primarily based on market multiples method.\n\nContingent consideration and liability on written put options to non-controlling interest\n\nFair value of these instruments is determined using valuation techniques which includes inputs relating to risk-adjusted revenue and operating profit forecast.\n\n \n\n-156-\n\n[Table of Contents](#toc_page)\n\n \n\nThe following table presents changes in Level 3 assets and liabilities for the years ended March 31, 2025 and 2026:\n\n \n\nInvestment in equity instruments\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n Balance at the beginning of the year\n\n \n\n \n\n \n\n₹\n\n20,126\n\n \n\n \n\n₹\n\n17,391\n\n \n\nAdditions\n\n \n\n \n\n \n\n \n\n1,925\n\n \n\n \n\n \n\n2,038\n\n \n\nDisposals (1)(2)\n\n \n\n \n\n \n\n \n\n(1,828\n\n)\n\n \n\n \n\n(1,199\n\n)\n\nGain/(loss) recognized in consolidated statement of income\n\n \n\n \n\n \n\n \n\n321\n\n \n\n \n\n \n\n768\n\n \n\nGain/(loss) recognized in other comprehensive income\n\n \n\n \n\n \n\n \n\n(3,609\n\n)\n\n \n\n \n\n(1,431\n\n)\n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n456\n\n \n\n \n\n \n\n1,876\n\n \n\n Balance at the end of the year\n\n \n\n \n\n \n\n₹\n\n17,391\n\n \n\n \n\n₹\n\n19,443\n\n \n\n \n\n(1)\nDuring the year ended March 31, 2025, as a result of an acquisition by other investors, the Company sold its shares of equity instruments in six companies at a fair value of ₹ 1,281 and recognized a cumulative loss of ₹ 175 in other comprehensive income and cumulative gain of ₹ 152 in consolidated statement of income.\n\n(2)\nDuring the year ended March 31, 2026, as a result of an acquisition by other investors, the Company sold its shares of equity instruments in three companies at a fair value of ₹ 585 and recognized a cumulative gain of ₹ 389 in other comprehensive income and cumulative loss of ₹ 138 in consolidated statement of income.\n\n \n\nContingent consideration\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBalance at the beginning of the year\n\n \n\n \n\n \n\n₹\n\n(429\n\n)\n\n \n\n₹\n\n(1,864\n\n)\n\n(Addition)/Reversals (1)\n\n \n\n \n\n \n\n \n\n169\n\n \n\n \n\n \n\n(49\n\n)\n\nAddition through Business combination (Refer to Note 7)\n\n \n\n \n\n \n\n \n\n(1,537\n\n)\n\n \n\n \n\n-\n\n \n\nPayouts\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n648\n\n \n\nFinance expense recognized in consolidated statement of income\n\n \n\n \n\n \n\n \n\n(47\n\n)\n\n \n\n \n\n(195\n\n)\n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n(20\n\n)\n\n \n\n \n\n(174\n\n)\n\nBalance at the end of the year\n\n \n\n \n\n \n\n₹\n\n(1,864\n\n)\n\n \n\n₹\n\n(1,634\n\n)\n\n \n\n(1)\nTowards change in fair value of earn-out liability as a result of changes in estimates of revenue and earnings over the earn-out period.\n\n \n\nLiability on written put options to non-controlling interests\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBalance at the beginning of the year\n\n \n\n \n\n \n\n₹\n\n(4,303\n\n)\n\n \n\n₹\n\n(4,945\n\n)\n\nFinance expense recognized in consolidated statement of income\n\n \n\n \n\n \n\n \n\n(530\n\n)\n\n \n\n \n\n(585\n\n)\n\nChanges in fair value of written put options\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n385\n\n \n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n(112\n\n)\n\n \n\n \n\n(554\n\n)\n\nBalance at the end of the year\n\n \n\n \n\n \n\n₹\n\n(4,945\n\n)\n\n \n\n₹\n\n(5,699\n\n)\n\n \n\nAs at March 31, 2025 and 2026, every 1% increase/decrease in the unobservable inputs used to estimate the fair value of investment in equity instruments, fair value of contingent consideration and liability on written put options to non-controlling interests, does not have a material impact on its fair value.\n\n \n\nDerivative assets and liabilities:\n\n \n\nThe Company is exposed to currency fluctuations on foreign currency assets/liabilities, forecasted cash flows denominated in foreign currency and net investment in foreign operations. The Company is also exposed to interest rate fluctuations on investments in floating rate financial assets and floating rate borrowings. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets/liabilities, interest rates, foreign currency forecasted cash flows and net investment in foreign operations. The counterparties in these derivative instruments are primarily banks and the Company considers the risks of non-performance by the counterparty as immaterial.\n\n-157-\n\n[Table of Contents](#toc_page)\n\n \n\nThe following table presents the aggregate contracted principal amounts of the Company's derivative contracts outstanding:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(in million)\n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\nNotional\n\n \n\nFair value\n\n \n\n \n\nNotional\n\n \n\nFair value\n\n \n\nDesignated derivative instruments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSell: Forward contracts\n\n U.S.$\n\n \n\n1,008\n\n \n\n ₹\n\n \n\n(608\n\n)\n\n \n\n U.S.$\n\n \n\n2,475\n\n \n\n ₹\n\n \n\n(8,574\n\n)\n\n €\n\n \n\n46\n\n \n\n ₹\n\n \n\n78\n\n \n\n \n\n €\n\n \n\n118\n\n \n\n ₹\n\n \n\n347\n\n \n\n £\n\n \n\n43\n\n \n\n ₹\n\n \n\n30\n\n \n\n \n\n £\n\n \n\n66\n\n \n\n ₹\n\n \n\n169\n\n \n\n AUD\n\n \n\n23\n\n \n\n ₹\n\n \n\n79\n\n \n\n \n\n AUD\n\n \n\n31\n\n \n\n ₹\n\n \n\n(20\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBuy: Forward contracts\n\n U.S.$\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n \n\n U.S.$\n\n \n\n750\n\n \n\n ₹\n\n \n\n500\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n        Range forward option contracts\n\n U.S.$\n\n \n\n764\n\n \n\n ₹\n\n \n\n333\n\n \n\n \n\n U.S.$\n\n \n\n400\n\n \n\n ₹\n\n \n\n(1,497\n\n)\n\n €\n\n \n\n36\n\n \n\n ₹\n\n \n\n(55\n\n)\n\n \n\n €\n\n \n\n41\n\n \n\n ₹\n\n \n\n108\n\n \n\n £\n\n \n\n43\n\n \n\n ₹\n\n \n\n(89\n\n)\n\n \n\n £\n\n \n\n41\n\n \n\n ₹\n\n \n\n67\n\n \n\n AUD\n\n \n\n31\n\n \n\n ₹\n\n \n\n5\n\n \n\n \n\n AUD\n\n \n\n76\n\n \n\n ₹\n\n \n\n(32\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest rate swaps\n\n U.S.$\n\n \n\n225\n\n \n\n ₹\n\n \n\n24\n\n \n\n \n\n U.S.$\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-designated derivative instruments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSell: Forward contracts (1)\n\n U.S.$\n\n \n\n752\n\n \n\n ₹\n\n \n\n975\n\n \n\n \n\n U.S.$\n\n \n\n944\n\n \n\n ₹\n\n \n\n(1,581\n\n)\n\n €\n\n \n\n94\n\n \n\n ₹\n\n \n\n(27\n\n)\n\n \n\n €\n\n \n\n237\n\n \n\n ₹\n\n \n\n299\n\n \n\n £\n\n \n\n12\n\n \n\n ₹\n\n \n\n(14\n\n)\n\n \n\n £\n\n \n\n79\n\n \n\n ₹\n\n \n\n176\n\n \n\n AUD\n\n \n\n65\n\n \n\n ₹\n\n \n\n12\n\n \n\n \n\n AUD\n\n \n\n47\n\n \n\n ₹\n\n \n\n74\n\n \n\n SGD\n\n \n\n34\n\n \n\n ₹\n\n \n\n4\n\n \n\n \n\n SGD\n\n \n\n45\n\n \n\n ₹\n\n \n\n55\n\n \n\n ZAR\n\n \n\n162\n\n \n\n ₹\n\n \n\n(13\n\n)\n\n \n\n ZAR\n\n \n\n55\n\n \n\n ₹\n\n \n\n8\n\n \n\n CAD\n\n \n\n142\n\n \n\n ₹\n\n \n\n71\n\n \n\n \n\n CAD\n\n \n\n95\n\n \n\n ₹\n\n \n\n47\n\n \n\n SAR\n\n \n\n179\n\n \n\n ₹\n\n \n\n(4\n\n)\n\n \n\n SAR\n\n \n\n30\n\n \n\n ₹\n\n^\n\n \n\n QAR\n\n \n\n13\n\n \n\n ₹\n\n^\n\n \n\n \n\n QAR\n\n \n\n5\n\n \n\n ₹\n\n^\n\n \n\n TRY\n\n \n\n90\n\n \n\n ₹\n\n \n\n2\n\n \n\n \n\n TRY\n\n \n\n90\n\n \n\n ₹\n\n \n\n1\n\n \n\n NOK\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n \n\n NOK\n\n \n\n12\n\n \n\n ₹\n\n \n\n1\n\n \n\n OMR\n\n \n\n2\n\n \n\n ₹\n\n^\n\n \n\n \n\n OMR\n\n \n\n1\n\n \n\n ₹\n\n^\n\n \n\n JPY\n\n \n\n705\n\n \n\n ₹\n\n \n\n(13\n\n)\n\n \n\n JPY\n\n \n\n1,220\n\n \n\n ₹\n\n \n\n32\n\n \n\n DKK\n\n \n\n31\n\n \n\n ₹\n\n \n\n(11\n\n)\n\n \n\n DKK\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n CNH\n\n \n\n7\n\n \n\n ₹\n\n \n\n(1\n\n)\n\n \n\n CNH\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n COP\n\n \n\n8,120\n\n \n\n ₹\n\n \n\n1\n\n \n\n \n\n COP\n\n \n\n8,120\n\n \n\n ₹\n\n \n\n(3\n\n)\n\n MYR\n\n \n\n32\n\n \n\n ₹\n\n \n\n1\n\n \n\n \n\n MYR\n\n \n\n24\n\n \n\n ₹\n\n \n\n20\n\n \n\n RON\n\n \n\n8\n\n \n\n ₹\n\n \n\n(1\n\n)\n\n \n\n RON\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n HKD\n\n \n\n39\n\n \n\n ₹\n\n^\n\n \n\n \n\n HKD\n\n \n\n42\n\n \n\n ₹\n\n^\n\n \n\n TWD\n\n \n\n40\n\n \n\n ₹\n\n^\n\n \n\n \n\n TWD\n\n \n\n57\n\n \n\n ₹\n\n \n\n1\n\n \n\n CHF\n\n \n\n9\n\n \n\n ₹\n\n \n\n(3\n\n)\n\n \n\n CHF\n\n \n\n6\n\n \n\n ₹\n\n \n\n13\n\n \n\n PHP\n\n \n\n150\n\n \n\n ₹\n\n \n\n(4\n\n)\n\n \n\n PHP\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n THB\n\n \n\n43\n\n \n\n ₹\n\n \n\n2\n\n \n\n \n\n THB\n\n \n\n52\n\n \n\n ₹\n\n \n\n(2\n\n)\n\n PLN\n\n \n\n10\n\n \n\n ₹\n\n \n\n1\n\n \n\n \n\n PLN\n\n \n\n8\n\n \n\n ₹\n\n \n\n1\n\n \n\n BRL\n\n \n\n17\n\n \n\n ₹\n\n \n\n(2\n\n)\n\n \n\n BRL\n\n \n\n106\n\n \n\n ₹\n\n \n\n(18\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBuy: Forward contracts\n\n U.S.$\n\n \n\n18\n\n \n\n ₹\n\n \n\n(25\n\n)\n\n \n\n U.S.$\n\n \n\n20\n\n \n\n ₹\n\n \n\n15\n\n \n\n €\n\n \n\n10\n\n \n\n ₹\n\n \n\n23\n\n \n\n \n\n €\n\n \n\n193\n\n \n\n ₹\n\n \n\n(162\n\n)\n\n £\n\n \n\n24\n\n \n\n ₹\n\n \n\n37\n\n \n\n \n\n £\n\n \n\n16\n\n \n\n ₹\n\n \n\n(16\n\n)\n\n AUD\n\n \n\n3\n\n \n\n ₹\n\n \n\n(2\n\n)\n\n \n\n AUD\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n CAD\n\n \n\n19\n\n \n\n ₹\n\n \n\n(40\n\n)\n\n \n\n CAD\n\n \n\n20\n\n \n\n ₹\n\n \n\n(11\n\n)\n\n QAR\n\n \n\n4\n\n \n\n ₹\n\n^\n\n \n\n \n\n QAR\n\n \n\n9\n\n \n\n ₹\n\n^\n\n \n\n CNH\n\n \n\n137\n\n \n\n ₹\n\n \n\n(1\n\n)\n\n \n\n CNH\n\n \n\n208\n\n \n\n ₹\n\n \n\n(7\n\n)\n\n RON\n\n \n\n67\n\n \n\n ₹\n\n \n\n11\n\n \n\n \n\n RON\n\n \n\n51\n\n \n\n ₹\n\n \n\n(12\n\n)\n\n PLN\n\n \n\n99\n\n \n\n ₹\n\n \n\n56\n\n \n\n \n\n PLN\n\n \n\n76\n\n \n\n ₹\n\n \n\n(43\n\n)\n\n SEK\n\n \n\n34\n\n \n\n ₹\n\n \n\n18\n\n \n\n \n\n SEK\n\n \n\n19\n\n \n\n ₹\n\n \n\n(7\n\n)\n\n BRL\n\n \n\n66\n\n \n\n ₹\n\n \n\n18\n\n \n\n \n\n BRL\n\n \n\n10\n\n \n\n ₹\n\n \n\n8\n\n \n\n JPY\n\n \n\n306\n\n \n\n ₹\n\n \n\n3\n\n \n\n \n\n JPY\n\n \n\n347\n\n \n\n ₹\n\n \n\n(1\n\n)\n\n DKK\n\n \n\n9\n\n \n\n ₹\n\n \n\n(1\n\n)\n\n \n\n DKK\n\n \n\n9\n\n \n\n ₹\n\n^\n\n \n\n THB\n\n \n\n178\n\n \n\n ₹\n\n \n\n(5\n\n)\n\n \n\n THB\n\n \n\n30\n\n \n\n ₹\n\n \n\n(6\n\n)\n\n CRC\n\n \n\n1,871\n\n \n\n ₹\n\n^\n\n \n\n \n\n CRC\n\n \n\n2,300\n\n \n\n ₹\n\n \n\n(7\n\n)\n\n PHP\n\n \n\n168\n\n \n\n ₹\n\n \n\n2\n\n \n\n \n\n PHP\n\n \n\n90\n\n \n\n ₹\n\n \n\n(2\n\n)\n\n PEN\n\n \n\n5\n\n \n\n ₹\n\n^\n\n \n\n \n\n PEN\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n LKR\n\n \n\n1,100\n\n \n\n ₹\n\n \n\n(1\n\n)\n\n \n\n LKR\n\n \n\n1,693\n\n \n\n ₹\n\n \n\n(2\n\n)\n\n CLP\n\n \n\n2,900\n\n \n\n ₹\n\n \n\n(5\n\n)\n\n \n\n CLP\n\n \n\n2,900\n\n \n\n ₹\n\n \n\n(3\n\n)\n\n BHD\n\n \n\n1\n\n \n\n ₹\n\n^\n\n \n\n \n\n BHD\n\n \n\n1\n\n \n\n ₹\n\n^\n\n \n\n OMR\n\n^\n\n \n\n ₹\n\n^\n\n \n\n \n\n OMR\n\n^\n\n \n\n ₹\n\n^\n\n \n\n HKD\n\n \n\n38\n\n \n\n ₹\n\n \n\n(5\n\n)\n\n \n\n HKD\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n SGD\n\n \n\n2\n\n \n\n ₹\n\n \n\n(3\n\n)\n\n \n\n SGD\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n MYR\n\n \n\n7\n\n \n\n ₹\n\n^\n\n \n\n \n\n MYR\n\n \n\n9\n\n \n\n ₹\n\n \n\n(4\n\n)\n\n MXN\n\n \n\n81\n\n \n\n ₹\n\n \n\n(1\n\n)\n\n \n\n MXN\n\n \n\n178\n\n \n\n ₹\n\n \n\n(14\n\n)\n\n AED\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n \n\n AED\n\n \n\n16\n\n \n\n ₹\n\n^\n\n \n\n-158-\n\n[Table of Contents](#toc_page)\n\n \n\n SAR\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n \n\n SAR\n\n \n\n11\n\n \n\n ₹\n\n^\n\n \n\n KRW\n\n \n\n-\n\n \n\n ₹\n\n \n\n-\n\n \n\n \n\n KRW\n\n \n\n6,400\n\n \n\n ₹\n\n \n\n(8\n\n)\n\n \n\n \n\n \n\n \n\n₹\n\n \n\n852\n\n \n\n \n\n \n\n \n\n \n\n₹\n\n \n\n(10,090\n\n)\n\n \n\n^ Value is less than 0.5\n\n \n\n(1)\nU.S.$ 752 and U.S.$ 944 includes U.S.$/PHP sell forward of U.S.$ 197 and U.S.$ 242 as at March 31, 2025 and 2026, respectively.\n\n \n\nThe Company determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.\n\nIf the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in consolidated statement of income at the time of the hedge relationship rebalancing.\n\n \n\nThe following table summarizes activity in the cash flow hedging reserve within equity related to all derivative instruments classified as cash flow hedges:\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBalance as at the beginning of the year\n\n \n\n₹\n\n773\n\n \n\n \n\n₹\n\n(275\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nChanges in fair value of effective portion of derivatives\n\n \n\n \n\n(1,185\n\n)\n\n \n\n \n\n(13,440\n\n)\n\nDeferred cancellation gain/(loss), net\n\n \n\n \n\n(91\n\n)\n\n \n\n \n\n(1,174\n\n)\n\nNet (gain)/loss reclassified to consolidated statement of income on occurrence of hedged transactions (1)\n\n \n\n \n\n203\n\n \n\n \n\n \n\n5,163\n\n \n\nNet (gain)/loss on ineffective portion of derivative instruments classified to consolidated statement of income\n\n \n\n \n\n25\n\n \n\n \n\n \n\n-\n\n \n\nTranslation gain\n\n \n\n \n\n-\n\n \n\n \n\n \n\n7\n\n \n\nGain/(loss) on cash flow hedging derivatives, net\n\n \n\n₹\n\n(1,048\n\n)\n\n \n\n₹\n\n(9,444\n\n)\n\nBalance as at the end of the year\n\n \n\n₹\n\n(275\n\n)\n\n \n\n₹\n\n(9,719\n\n)\n\nDeferred tax asset/(liability) thereon\n\n \n\n \n\n65\n\n \n\n \n\n \n\n2,320\n\n \n\nBalance as at the end of the year, net of deferred taxes\n\n \n\n₹\n\n(210\n\n)\n\n \n\n₹\n\n(7,399\n\n)\n\n \n\n(1)\nIncludes net (gain)/loss reclassified to revenue of ₹ 394 and ₹ 6,093 for the years ended March 31, 2025 and 2026, respectively; net (gain)/loss reclassified to cost of revenues of ₹ (51) and ₹ (877) for the years ended March 31, 2025 and 2026, respectively; net (gain)/loss reclassified to finance expenses of ₹ (213) and ₹ (53) for the years ended March 31, 2025 and 2026, respectively and net (gain)/loss reclassified to finance and other income of ₹ 73 and ₹ Nil for the years ended March 31, 2025 and 2026, respectively.\n\n \n\nThe related hedge transactions for balance in cash flow hedging reserves as at March 31, 2026 are expected to occur and be reclassified to the consolidated statement of income over a period of 12 months.\n\n \n\nAs at March 31, 2025 and 2026, there were no material gains or losses on derivative transactions or portions thereof that have become ineffective as hedges or associated with an underlying exposure that did not occur.\n\n \n\nSale of financial assets\n\n \n\nFrom time to time, in the normal course of business, the Company transfers accounts receivables, unbilled receivables and net investment in finance lease receivables (financial assets) to banks. Under the terms of the arrangements, the Company either substantially transfers its risks and rewards or surrenders control over the financial assets and transfer is without recourse. Accordingly, on such transfers the financial assets are derecognized and considered as sale of financial assets. Gains and losses on the sale of financial assets without recourse are recorded in finance expenses, at the time of sale based on the carrying value of the financial assets and fair value of servicing liability. The incremental impact of such transactions on our cash flow and liquidity for the years ended March 31, 2024, 2025 and 2026 is not material.\n\n-159-\n\n[Table of Contents](#toc_page)\n\n \n\nFinancial risk management\n\n \n\nMarket Risk\n\n \n\nMarket risk is the risk of loss of future earnings, to fair values or to future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments, foreign currency receivables, payables and loans and borrowings.\n\n \n\nThe Company’s exposure to market risk is a function of investment and borrowing activities and revenue generating activities in foreign currency. The objective of market risk management is to avoid excessive exposure of the Company’s earnings and equity to losses.\n\n \n\nRisk Management Procedures\n\n \n\nThe Company manages market risk through a corporate treasury department, which evaluates and exercises independent control over the entire process of market risk management. The corporate treasury department recommends risk management objectives and policies, which are approved by senior management and the Company’s Audit, Risk and Compliance Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures, loans and borrowing strategies, and ensuring compliance with market risk limits and policies.\n\n \n\nForeign currency risk\n\n \n\nThe Company operates internationally, and a major portion of its business is transacted in several currencies. Consequently, the Company is exposed to foreign exchange risk through receiving payment for sales and services in the United States and elsewhere and making purchases from overseas suppliers in various foreign currencies. The exchange rate risk primarily arises from foreign exchange revenue, receivables, cash balances, forecasted cash flows, payables and foreign currency loans and borrowings. A significant portion of the Company’s revenue is in the U.S. Dollars, Pound Sterling, Euro, Indian Rupees, Australian Dollars and Canadian Dollars, while a large portion of costs are in Indian Rupees. The exchange rate between the Indian Rupee and these currencies has fluctuated significantly in recent years and may continue to fluctuate in the future. Appreciation of the Indian Rupee against these currencies can adversely affect the Company’s results of operations.\n\nThe Company evaluates exchange rate exposure arising from these transactions and enters into foreign currency derivative instruments to mitigate such exposure. The Company follows established risk management policies, including the use of derivatives like foreign exchange forward/option contracts to hedge forecasted cash flows denominated in foreign currency.\n\nThe Company has designated certain derivative instruments as cash flow hedges to mitigate the foreign exchange exposure of forecasted highly probable cash flows.\n\nAs at March 31, 2026, a ₹ 1 increase in the spot exchange rate of the Indian Rupee with the U.S. Dollar would result in an approximately ₹ 2,756 (including consolidated statement of income of ₹ 683 and other comprehensive income of ₹ 2,073) decrease in the fair value, and a ₹ 1 decrease would result in an approximately ₹ 2,743 (including consolidated statement of income of ₹ 683 and other comprehensive income of ₹ 2,060) increase in the fair value of foreign currency dollar denominated derivative instruments (forward and option contracts).\n\n \n\nThe below table presents foreign currency risk from non-derivative financial assets/(liabilities) as at March 31, 2025 and 2026:\n\n \n\n \n\nAs at March 31, 2025\n\n \n\n \n\nU.S.$\n\n \n\nEuro\n\n \n\nPound Sterling\n\n \n\nAustralian Dollar\n\n \n\nCanadian Dollar\n\n \n\nOther currencies (1)\n\n \n\nTotal\n\n \n\nTrade receivables\n\n₹\n\n39,306\n\n \n\n₹\n\n12,470\n\n \n\n₹\n\n7,611\n\n \n\n₹\n\n1,942\n\n \n\n₹\n\n629\n\n \n\n₹\n\n4,195\n\n \n\n₹\n\n66,153\n\n \n\nUnbilled receivables\n\n \n\n23,341\n\n \n\n \n\n4,383\n\n \n\n \n\n4,227\n\n \n\n \n\n1,622\n\n \n\n \n\n583\n\n \n\n \n\n2,179\n\n \n\n \n\n36,335\n\n \n\nCash and cash equivalents\n\n \n\n28,719\n\n \n\n \n\n5,871\n\n \n\n \n\n1,357\n\n \n\n \n\n1,007\n\n \n\n \n\n4,392\n\n \n\n \n\n2,575\n\n \n\n \n\n43,921\n\n \n\nOther financial assets\n\n \n\n785\n\n \n\n \n\n1,187\n\n \n\n \n\n353\n\n \n\n \n\n537\n\n \n\n \n\n101\n\n \n\n \n\n1,504\n\n \n\n \n\n4,467\n\n \n\nLease Liabilities\n\n \n\n(2,625\n\n)\n\n \n\n(2,894\n\n)\n\n \n\n(2,402\n\n)\n\n \n\n(259\n\n)\n\n \n\n(72\n\n)\n\n \n\n(1,104\n\n)\n\n \n\n(9,356\n\n)\n\nTrade payables, accrued expenses and other financial liabilities\n\n \n\n(32,507\n\n)\n\n \n\n(12,735\n\n)\n\n \n\n(10,683\n\n)\n\n \n\n(1,220\n\n)\n\n \n\n(1,068\n\n)\n\n \n\n(4,435\n\n)\n\n \n\n(62,648\n\n)\n\nNon-derivative financial assets/ (liabilities), net\n\n₹\n\n57,019\n\n \n\n₹\n\n8,282\n\n \n\n₹\n\n463\n\n \n\n₹\n\n3,629\n\n \n\n₹\n\n4,565\n\n \n\n₹\n\n4,914\n\n \n\n₹\n\n78,872\n\n \n\n \n\n \n\n(1)\nOther currencies reflect currencies such as Saudi Riyal, Swiss Franc, Singapore Dollar, United Arab Emirates Dirham and Polish Zloty.\n\n-160-\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\nAs at March 31, 2026\n\n \n\n \n\nU.S.$\n\n \n\nEuro\n\n \n\nPound Sterling\n\n \n\nAustralian Dollar\n\n \n\nCanadian Dollar\n\n \n\nOther currencies (1)\n\n \n\nTotal\n\n \n\nTrade receivables\n\n₹\n\n51,190\n\n \n\n₹\n\n13,487\n\n \n\n₹\n\n9,294\n\n \n\n₹\n\n2,680\n\n \n\n₹\n\n577\n\n \n\n₹\n\n4,851\n\n \n\n₹\n\n82,079\n\n \n\nUnbilled receivables\n\n \n\n31,242\n\n \n\n \n\n5,721\n\n \n\n \n\n7,329\n\n \n\n \n\n2,091\n\n \n\n \n\n1,027\n\n \n\n \n\n3,217\n\n \n\n \n\n50,627\n\n \n\nCash and cash equivalents\n\n \n\n13,500\n\n \n\n \n\n7,233\n\n \n\n \n\n3,029\n\n \n\n \n\n1,687\n\n \n\n \n\n7,333\n\n \n\n \n\n3,268\n\n \n\n \n\n36,050\n\n \n\nOther financial assets\n\n \n\n8,960\n\n \n\n \n\n1,591\n\n \n\n \n\n390\n\n \n\n \n\n93\n\n \n\n \n\n156\n\n \n\n \n\n907\n\n \n\n \n\n12,097\n\n \n\nLease Liabilities\n\n \n\n(4,057\n\n)\n\n \n\n(3,278\n\n)\n\n \n\n(2,828\n\n)\n\n \n\n(80\n\n)\n\n \n\n(25\n\n)\n\n \n\n(998\n\n)\n\n \n\n(11,266\n\n)\n\nTrade payables, accrued expenses and other financial liabilities\n\n \n\n(43,925\n\n)\n\n \n\n(16,064\n\n)\n\n \n\n(16,144\n\n)\n\n \n\n(2,875\n\n)\n\n \n\n(3,203\n\n)\n\n \n\n(7,169\n\n)\n\n \n\n(89,380\n\n)\n\nNon-derivative financial assets/ (liabilities), net\n\n₹\n\n56,910\n\n \n\n₹\n\n8,690\n\n \n\n₹\n\n1,070\n\n \n\n₹\n\n3,596\n\n \n\n₹\n\n5,865\n\n \n\n₹\n\n4,076\n\n \n\n₹\n\n80,207\n\n \n\n \n\n(1)\nOther currencies reflect currencies such as Singapore Dollar, Swiss Franc, Polish Zloty, United Arab Emirates Dirham and Swedish Krona.\n\n \n\nAs at March 31, 2025 and 2026, respectively, every 1% increase/decrease in the respective foreign currencies compared to functional currency of the Company increase/decrease the Company’s profit before taxes by approximately ₹ 789 and ₹ 802, respectively.\n\n \n\nInterest rate risk\n\n \n\nInterest rate risk primarily arises from floating rate borrowings, including various revolving and other lines of credit.\n\n \n\nThe Company’s investments are primarily in short-term investments, which do not expose it to significant interest rate risk.\n\nInterest rate risk primarily arises from floating rate borrowing, including various revolving and other lines of credit. If interest rates were to increase by 100 bps as on March 31, 2026, additional net annual interest expense on floating rate borrowing would amount to approximately ₹ 799. Certain borrowings are also transacted at fixed interest rates.\n\n \n\nCredit risk\n\n \n\nCredit risk arises from the possibility that customers may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the credit rating and financial reliability of customers, considering the financial condition, current economic trends, forward-looking macroeconomic information, analysis of historical bad debts and ageing of accounts receivable. No single customer accounted for more than 10% of the accounts receivable as at March 31, 2025 and 2026, or revenues for the years ended March 31, 2024, 2025 and 2026. There is no significant concentration of credit risk.\n\n \n\nTrade receivables and unbilled receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a customer to engage in a repayment plan with the Company.\n\n \n\nRefer to Note 9 for changes in the allowance for lifetime expected credit loss.\n\nCounterparty risk\n\n \n\nCounterparty risk encompasses issuer risk on marketable securities, settlement risk on derivative and money market contracts and credit risk on cash and time deposits. Issuer risk is minimized by only buying securities in India which are at least AA rated by Indian rating agencies. Settlement and credit risk is reduced by the policy of entering into transactions with counterparties that are usually banks or financial institutions with acceptable credit ratings. Exposure to these risks are closely monitored and maintained within predetermined parameters. There are limits on credit exposure to any financial institution. The limits are regularly assessed and determined based upon credit analysis including financial statements and capital adequacy ratio reviews.\n\n \n\nCash and cash equivalents include demand deposits of ₹ 3,546 and bank balances of ₹ 83,236 held with two banks having high credit ratings, which are individually in excess of 10% or more of the Company’s total cash and cash equivalents as at March 31, 2026. Refer to Note 11.\n\n \n\nThe Company did not have any significant concentration of investment risk, as no investments with any single counterparty exceeded 10% of total investments as at March 31, 2026. Refer to Note 8.\n\n-161-\n\n[Table of Contents](#toc_page)\n\n \n\nLiquidity risk\n\n \n\nLiquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company’s corporate treasury department is responsible for liquidity and funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company’s net liquidity position through rolling forecasts based on the expected cash flows. As at March 31, 2026, cash and cash equivalents are held with major banks and financial institutions.\n\n \n\nThe table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date. The amounts include estimated interest payments and exclude the impact of netting agreements, if any.\n\n \n\n \n\nAs at March 31, 2025\n\n \n\n \n\nLess than 1 year\n\n \n\n1-2 years\n\n \n\n2-4 years\n\n \n\nBeyond 4 years\n\n \n\nTotal Cashflows\n\n \n\nInterest included in total cash flows\n\n \n\nCarrying value\n\n \n\nLoans, borrowings and bank overdrafts (1)\n\n₹\n\n99,884\n\n \n\n₹\n\n64,576\n\n \n\n₹\n\n-\n\n \n\n₹\n\n-\n\n \n\n₹\n\n164,460\n\n \n\n₹\n\n(2,643\n\n)\n\n₹\n\n161,817\n\n \n\nLease Liabilities (1)\n\n \n\n9,563\n\n \n\n \n\n6,950\n\n \n\n \n\n8,426\n\n \n\n \n\n11,379\n\n \n\n \n\n36,318\n\n \n\n \n\n(6,100\n\n)\n\n \n\n30,218\n\n \n\nTrade payables and accrued expenses\n\n \n\n88,252\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n88,252\n\n \n\n \n\n-\n\n \n\n \n\n88,252\n\n \n\nDerivative liabilities\n\n \n\n968\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n968\n\n \n\n \n\n-\n\n \n\n \n\n968\n\n \n\nOther financial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nContingent consideration (2)\n\n \n\n580\n\n \n\n \n\n420\n\n \n\n \n\n1,401\n\n \n\n \n\n-\n\n \n\n \n\n2,401\n\n \n\n \n\n(537\n\n)\n\n \n\n1,864\n\n \n\nLiability on written put options to non-controlling interests (2)\n\n \n\n-\n\n \n\n \n\n2,686\n\n \n\n \n\n3,819\n\n \n\n \n\n-\n\n \n\n \n\n6,505\n\n \n\n \n\n(1,560\n\n)\n\n \n\n4,945\n\n \n\nRent Deposit\n\n \n\n475\n\n \n\n \n\n4\n\n \n\n \n\n22\n\n \n\n \n\n-\n\n \n\n \n\n501\n\n \n\n \n\n-\n\n \n\n \n\n501\n\n \n\nLiabilities towards customer contracts\n\n \n\n342\n\n \n\n \n\n342\n\n \n\n \n\n684\n\n \n\n \n\n-\n\n \n\n \n\n1,368\n\n \n\n \n\n-\n\n \n\n \n\n1,368\n\n \n\nAdvance from customers\n\n \n\n167\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n167\n\n \n\n \n\n-\n\n \n\n \n\n167\n\n \n\nCapital creditors\n\n \n\n1,255\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n1,255\n\n \n\n \n\n-\n\n \n\n \n\n1,255\n\n \n\nOthers\n\n \n\n1,082\n\n \n\n \n\n303\n\n \n\n \n\n195\n\n \n\n \n\n-\n\n \n\n \n\n1,580\n\n \n\n \n\n(9\n\n)\n\n \n\n1,571\n\n \n\n \n\n₹\n\n202,568\n\n \n\n₹\n\n75,281\n\n \n\n₹\n\n14,547\n\n \n\n₹\n\n11,379\n\n \n\n₹\n\n303,775\n\n \n\n₹\n\n(10,849\n\n)\n\n₹\n\n292,926\n\n \n\n \n\n \n\nAs at March 31, 2026\n\n \n\n \n\nLess than 1 year\n\n \n\n1-2 years\n\n \n\n2-4 years\n\n \n\nBeyond 4 years\n\n \n\nTotal Cashflows\n\n \n\nInterest included in total cash flows\n\n \n\nCarrying value\n\n \n\nLoans, borrowings and bank overdrafts (1)\n\n₹\n\n167,648\n\n \n\n₹\n\n2,076\n\n \n\n₹\n\n-\n\n \n\n₹\n\n-\n\n \n\n₹\n\n169,724\n\n \n\n₹\n\n(1,850\n\n)\n\n₹\n\n167,874\n\n \n\nLease Liabilities (1)\n\n \n\n10,492\n\n \n\n \n\n8,315\n\n \n\n \n\n10,152\n\n \n\n \n\n12,855\n\n \n\n \n\n41,814\n\n \n\n \n\n(6,778\n\n)\n\n \n\n35,036\n\n \n\nTrade payables and accrued expenses\n\n \n\n94,924\n\n \n\n \n\n1,929\n\n \n\n \n\n1,920\n\n \n\n \n\n545\n\n \n\n \n\n99,318\n\n \n\n \n\n-\n\n \n\n \n\n99,318\n\n \n\nDerivative liabilities\n\n \n\n10,978\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n10,978\n\n \n\n \n\n-\n\n \n\n \n\n10,978\n\n \n\nOther financial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nContingent consideration (2)\n\n \n\n467\n\n \n\n \n\n1,553\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n2,020\n\n \n\n \n\n(386\n\n)\n\n \n\n1,634\n\n \n\nLiability on written put options to non-controlling interests (2)\n\n \n\n2,689\n\n \n\n \n\n-\n\n \n\n \n\n3,375\n\n \n\n \n\n-\n\n \n\n \n\n6,064\n\n \n\n \n\n(365\n\n)\n\n \n\n5,699\n\n \n\nRent Deposit\n\n \n\n477\n\n \n\n \n\n12\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n489\n\n \n\n \n\n-\n\n \n\n \n\n489\n\n \n\nLiabilities towards customer contracts\n\n \n\n721\n\n \n\n \n\n359\n\n \n\n \n\n360\n\n \n\n \n\n-\n\n \n\n \n\n1,440\n\n \n\n \n\n-\n\n \n\n \n\n1,440\n\n \n\nAdvance from customers\n\n \n\n329\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n329\n\n \n\n \n\n-\n\n \n\n \n\n329\n\n \n\nCapital creditors\n\n \n\n689\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n689\n\n \n\n \n\n-\n\n \n\n \n\n689\n\n \n\nOthers\n\n \n\n6,057\n\n \n\n \n\n297\n\n \n\n \n\n439\n\n \n\n \n\n1,027\n\n \n\n \n\n7,820\n\n \n\n \n\n-\n\n \n\n \n\n7,820\n\n \n\n \n\n₹\n\n295,471\n\n \n\n₹\n\n14,541\n\n \n\n₹\n\n16,246\n\n \n\n₹\n\n14,427\n\n \n\n₹\n\n340,685\n\n \n\n₹\n\n(9,379\n\n)\n\n₹\n\n331,306\n\n \n\n \n\n(1)\nIncludes future cash outflow towards estimated interest on loans, borrowings and bank overdrafts, and lease liabilities.\n\n(2)\nIncludes future cash outflow towards estimated interest on contingent consideration and liability on written put options to non-controlling interests.\n\n-162-\n\n[Table of Contents](#toc_page)\n\n \n\nThe balanced view of liquidity and financial indebtedness is stated in the table below. The management for external communication with investors, analysts and rating agencies uses this calculation of the net cash position:\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nCash and cash equivalents\n\n \n\n₹\n\n121,974\n\n \n\n \n\n₹\n\n105,555\n\n \n\nInvestments - current\n\n \n\n \n\n411,474\n\n \n\n \n\n \n\n437,680\n\n \n\nLoans, borrowings and bank overdrafts\n\n \n\n \n\n(161,817\n\n)\n\n \n\n \n\n(167,874\n\n)\n\n \n\n \n\n₹\n\n371,631\n\n \n\n \n\n₹\n\n375,361\n\n \n\n \n\n20. Foreign currency translation reserve and other reserves\n\nThe movement in foreign currency translation reserve attributable to equity holders of the Company is summarized below:\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBalance at the beginning of the year\n\n \n\n₹\n\n47,261\n\n \n\n \n\n₹\n\n54,500\n\n \n\nTranslation difference related to foreign operations, net\n\n \n\n \n\n7,294\n\n \n\n \n\n \n\n46,377\n\n \n\nTransfer of shares pertaining to Non-controlling interests of subsidiary\n\n \n\n \n\n(14\n\n)\n\n \n\n \n\n-\n\n \n\nReclassification of foreign currency translation differences on liquidation of subsidiaries to consolidated statement of income\n\n \n\n \n\n(41\n\n)\n\n \n\n \n\n-\n\n \n\nOthers\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(5\n\n)\n\nBalance at the end of the year\n\n \n\n₹\n\n54,500\n\n \n\n \n\n₹\n\n100,872\n\n \n\n \n\nThe movement in other reserves is summarized below:\n\n \n\n \n\n \n\nOther Reserves\n\n \n\nParticulars\n\n \n\nRemeasurements of the defined benefit plans\n\n \n\n \n\nInvestment in debt instruments\nmeasured at fair value through OCI\n\n \n\n \n\nInvestment in equity instruments\nmeasured at fair value through OCI\n\n \n\n \n\nCapital Redemption Reserve\n\n \n\n \n\nGross obligation to non-controlling interests under\nput options\n\n \n\nAs at April 1, 2023\n\n \n\n₹\n\n(548\n\n)\n\n \n\n₹\n\n(119\n\n)\n\n \n\n₹\n\n10,793\n\n \n\n \n\n₹\n\n1,122\n\n \n\n \n\n₹\n\n-\n\n \n\nAddition through Business combination (Refer to Note 7)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,238\n\n)\n\nOther comprehensive income\n\n \n\n \n\n262\n\n \n\n \n\n \n\n1,516\n\n \n\n \n\n \n\n(473\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nBuyback of equity shares (Refer to Note 22)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n539\n\n \n\n \n\n \n\n-\n\n \n\nAs at March 31, 2024\n\n \n\n₹\n\n(286\n\n)\n\n \n\n₹\n\n1,397\n\n \n\n \n\n₹\n\n10,320\n\n \n\n \n\n₹\n\n1,661\n\n \n\n \n\n₹\n\n(4,238\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2024\n\n \n\n₹\n\n(286\n\n)\n\n \n\n₹\n\n1,397\n\n \n\n \n\n₹\n\n10,320\n\n \n\n \n\n₹\n\n1,661\n\n \n\n \n\n₹\n\n(4,238\n\n)\n\nOther comprehensive income\n\n \n\n \n\n289\n\n \n\n \n\n \n\n963\n\n \n\n \n\n \n\n(3,476\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nBonus issue of equity shares (Refer to Note 22)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,661\n\n)\n\n \n\n \n\n-\n\n \n\nTransfer of shares pertaining to Non-controlling interests of subsidiary\n\n \n\n \n\n(8\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTransfer to Retained earnings (1)\n\n \n\n \n\n(130\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(5,624\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nAs at March 31, 2025\n\n \n\n₹\n\n(135\n\n)\n\n \n\n₹\n\n2,360\n\n \n\n \n\n₹\n\n1,220\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n(4,238\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at April 1, 2025\n\n \n\n₹\n\n(135\n\n)\n\n \n\n₹\n\n2,360\n\n \n\n \n\n₹\n\n1,220\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n(4,238\n\n)\n\nOther comprehensive income\n\n \n\n \n\n152\n\n \n\n \n\n \n\n(2,094\n\n)\n\n \n\n \n\n(1,448\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nAs at March 31, 2026\n\n \n\n₹\n\n17\n\n \n\n \n\n₹\n\n266\n\n \n\n \n\n₹\n\n(228\n\n)\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n(4,238\n\n)\n\n \n\n(1)\nTowards transfer of cumulative realized (gain)/loss on disposal of investments in equity instruments designated as FVTOCI and towards transfer of cumulative (gain)/loss on remeasurement of defined benefit plans to retained earnings.\n\n-163-\n\n[Table of Contents](#toc_page)\n\n \n\n21. Income taxes\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nIncome tax expense as per the consolidated statement of income\n\n \n\n₹\n\n36,089\n\n \n\n \n\n₹\n\n42,777\n\n \n\n \n\n₹\n\n40,767\n\n \n\nIncome tax included in other comprehensive income on:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGains/(losses) on investment securities\n\n \n\n \n\n259\n\n \n\n \n\n \n\n83\n\n \n\n \n\n \n\n(323\n\n)\n\nGains/(losses) on cash flow hedging derivatives\n\n \n\n \n\n554\n\n \n\n \n\n \n\n(260\n\n)\n\n \n\n \n\n(2,257\n\n)\n\nRemeasurements of the defined benefit plans\n\n \n\n \n\n111\n\n \n\n \n\n \n\n49\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n₹\n\n37,013\n\n \n\n \n\n₹\n\n42,649\n\n \n\n \n\n₹\n\n38,197\n\n \n\n \n\nIncome tax expense consists of the following:\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nCurrent tax expense\n\n \n\n₹\n\n34,973\n\n \n\n \n\n₹\n\n45,405\n\n \n\n \n\n₹\n\n42,665\n\n \n\nDeferred tax expense/(reversal)\n\n \n\n \n\n1,116\n\n \n\n \n\n \n\n(2,628\n\n)\n\n \n\n \n\n(1,898\n\n)\n\n \n\n₹\n\n36,089\n\n \n\n \n\n₹\n\n42,777\n\n \n\n \n\n₹\n\n40,767\n\n \n\n \n\nThe reconciliation between the provision of income tax and amounts computed by applying the Indian statutory income tax rate to profit before taxes is as follows:\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nProfit before tax\n\n \n\n₹\n\n147,210\n\n \n\n \n\n₹\n\n174,957\n\n \n\n \n\n₹\n\n173,422\n\n \n\nEnacted income tax rate in India\n\n \n\n \n\n34.94\n\n%\n\n \n\n \n\n34.94\n\n%\n\n \n\n \n\n34.94\n\n%\n\nComputed expected tax expense\n\n \n\n₹\n\n51,435\n\n \n\n \n\n₹\n\n61,130\n\n \n\n \n\n₹\n\n60,594\n\n \n\nEffect of:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIncome exempt from tax\n\n \n\n₹\n\n(14,897\n\n)\n\n \n\n₹\n\n(12,960\n\n)\n\n \n\n₹\n\n(13,755\n\n)\n\nBasis differences that will reverse during a tax holiday period\n\n \n\n \n\n(202\n\n)\n\n \n\n \n\n(332\n\n)\n\n \n\n \n\n66\n\n \n\nIncome taxed at higher / (lower) rates\n\n \n\n \n\n(7,497\n\n)\n\n \n\n \n\n(7,736\n\n)\n\n \n\n \n\n(7,393\n\n)\n\nTaxes related to prior years\n\n \n\n \n\n2,567\n\n \n\n \n\n \n\n(2,306\n\n)\n\n \n\n \n\n(4,141\n\n)\n\nChanges in unrecognized deferred tax assets\n\n \n\n \n\n1,092\n\n \n\n \n\n \n\n(17\n\n)\n\n \n\n \n\n123\n\n \n\nExpenses disallowed for tax purpose\n\n \n\n \n\n3,945\n\n \n\n \n\n \n\n4,460\n\n \n\n \n\n \n\n4,803\n\n \n\nOthers, net\n\n \n\n \n\n(354\n\n)\n\n \n\n \n\n538\n\n \n\n \n\n \n\n470\n\n \n\nIncome tax expense\n\n \n\n₹\n\n36,089\n\n \n\n \n\n₹\n\n42,777\n\n \n\n \n\n₹\n\n40,767\n\n \n\nEffective income tax rate\n\n \n\n \n\n24.52\n\n%\n\n \n\n \n\n24.45\n\n%\n\n \n\n \n\n23.51\n\n%\n\n \n\n-164-\n\n[Table of Contents](#toc_page)\n\n \n\nThe components of deferred tax assets and liabilities are as follows:\n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nDeferred tax assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCarry forward losses (1)\n\n \n\n \n\n \n\n₹\n\n898\n\n \n\n \n\n₹\n\n784\n\n \n\nTrade payables, accrued expenses and other liabilities\n\n \n\n \n\n \n\n \n\n7,106\n\n \n\n \n\n \n\n7,886\n\n \n\nAllowances for lifetime expected credit loss\n\n \n\n \n\n \n\n \n\n1,428\n\n \n\n \n\n \n\n2,016\n\n \n\nCash flow hedges\n\n \n\n \n\n \n\n \n\n65\n\n \n\n \n\n \n\n2,234\n\n \n\nContract Assets\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n151\n\n \n\nOthers\n\n \n\n \n\n \n\n \n\n144\n\n \n\n \n\n \n\n147\n\n \n\n \n\n \n\n \n\n \n\n₹\n\n9,641\n\n \n\n \n\n₹\n\n13,218\n\n \n\nDeferred tax liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProperty, plant and equipment\n\n \n\n \n\n \n\n₹\n\n(536\n\n)\n\n \n\n₹\n\n(650\n\n)\n\nAmortizable goodwill\n\n \n\n \n\n \n\n \n\n(5,449\n\n)\n\n \n\n \n\n(6,906\n\n)\n\nIntangible assets\n\n \n\n \n\n \n\n \n\n(7,931\n\n)\n\n \n\n \n\n(8,407\n\n)\n\nInterest income and fair value movement of investments\n\n \n\n \n\n \n\n \n\n(2,912\n\n)\n\n \n\n \n\n(2,687\n\n)\n\nContract liabilities\n\n \n\n \n\n \n\n \n\n(209\n\n)\n\n \n\n \n\n-\n\n \n\nSpecial Economic Zone re-investment reserve\n\n \n\n \n\n \n\n \n\n(3,485\n\n)\n\n \n\n \n\n(2,627\n\n)\n\nUndistributed earnings of subsidiaries\n\n \n\n \n\n \n\n \n\n(3,001\n\n)\n\n \n\n \n\n(3,965\n\n)\n\n \n\n \n\n \n\n₹\n\n(23,523\n\n)\n\n \n\n₹\n\n(25,242\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDeferred tax liabilities, net\n\n \n\n \n\n \n\n₹\n\n(13,882\n\n)\n\n \n\n₹\n\n(12,024\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAmounts presented in consolidated statement of financial position:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDeferred tax assets\n\n \n\n \n\n \n\n₹\n\n2,561\n\n \n\n \n\n₹\n\n5,242\n\n \n\nDeferred tax liabilities\n\n \n\n \n\n \n\n \n\n(16,443\n\n)\n\n \n\n \n\n(17,266\n\n)\n\n \n\n(1)\nIncludes deferred tax asset recognized on carry forward losses pertaining to business combinations.\n\n \n\nMovement in deferred tax assets and liabilities\n\n \n\nMovement during the year ended\nMarch 31, 2024\n\n \n\nAs at April 1, 2023\n\n \n\n \n\nCredit/ (charge) in the consolidated statement of income\n\n \n\n \n\nCredit/ (charge) in other comprehensive income\n\n \n\n \n\nOn account of Business combinations and others\n\n \n\n \n\nTranslation adjustment\n\n \n\n \n\nAs at March 31, 2024\n\n \n\nCarry forward losses\n\n \n\n₹\n\n2,624\n\n \n\n \n\n₹\n\n(1,384\n\n)\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n14\n\n \n\n \n\n₹\n\n1,254\n\n \n\nTrade payables, accrued expenses and other liabilities\n\n \n\n \n\n6,367\n\n \n\n \n\n \n\n(477\n\n)\n\n \n\n \n\n(111\n\n)\n\n \n\n \n\n(4\n\n)\n\n \n\n \n\n18\n\n \n\n \n\n \n\n5,793\n\n \n\nAllowances for lifetime expected credit loss\n\n \n\n \n\n1,743\n\n \n\n \n\n \n\n(129\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n4\n\n \n\n \n\n \n\n1,618\n\n \n\nProperty, plant and equipment\n\n \n\n \n\n(911\n\n)\n\n \n\n \n\n(1\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(912\n\n)\n\nAmortizable goodwill\n\n \n\n \n\n(3,855\n\n)\n\n \n\n \n\n(993\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(61\n\n)\n\n \n\n \n\n(4,909\n\n)\n\nIntangible assets\n\n \n\n \n\n(10,170\n\n)\n\n \n\n \n\n2,067\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(367\n\n)\n\n \n\n \n\n(131\n\n)\n\n \n\n \n\n(8,601\n\n)\n\nInterest income and fair value movement of investments\n\n \n\n \n\n(1,170\n\n)\n\n \n\n \n\n82\n\n \n\n \n\n \n\n(259\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,347\n\n)\n\nCash flow hedges\n\n \n\n \n\n359\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(554\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(195\n\n)\n\nContract asset / (Contract liabilities)\n\n \n\n \n\n(370\n\n)\n\n \n\n \n\n(257\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n5\n\n \n\n \n\n \n\n(3\n\n)\n\n \n\n \n\n(625\n\n)\n\nSpecial Economic Zone re-investment reserve\n\n \n\n \n\n(7,237\n\n)\n\n \n\n \n\n(583\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(7,820\n\n)\n\nOthers\n\n \n\n \n\n(433\n\n)\n\n \n\n \n\n559\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(22\n\n)\n\n \n\n \n\n(10\n\n)\n\n \n\n \n\n94\n\n \n\nDeferred tax liabilities, net\n\n \n\n₹\n\n(13,053\n\n)\n\n \n\n₹\n\n(1,116\n\n)\n\n \n\n₹\n\n(924\n\n)\n\n \n\n₹\n\n(388\n\n)\n\n \n\n₹\n\n(169\n\n)\n\n \n\n₹\n\n(15,650\n\n)\n\n \n\n-165-\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMovement during the year ended\nMarch 31, 2025\n\n \n\nAs at April 1, 2024\n\n \n\n \n\nCredit/ (charge) in the consolidated statement of income\n\n \n\n \n\nCredit/ (charge) in other comprehensive income\n\n \n\n \n\nOn account of Business combinations and others\n\n \n\n \n\nTranslation adjustment\n\n \n\n \n\nAs at March 31, 2025\n\n \n\nCarry forward losses\n\n \n\n₹\n\n1,254\n\n \n\n \n\n₹\n\n(357\n\n)\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n1\n\n \n\n \n\n₹\n\n898\n\n \n\nTrade payables, accrued expenses and other liabilities\n\n \n\n \n\n5,793\n\n \n\n \n\n \n\n1,362\n\n \n\n \n\n \n\n(49\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n7,106\n\n \n\nAllowances for lifetime expected credit loss\n\n \n\n \n\n1,618\n\n \n\n \n\n \n\n(190\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,428\n\n \n\nProperty, plant and equipment\n\n \n\n \n\n(912\n\n)\n\n \n\n \n\n371\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n5\n\n \n\n \n\n \n\n(536\n\n)\n\nAmortizable goodwill\n\n \n\n \n\n(4,909\n\n)\n\n \n\n \n\n(422\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(118\n\n)\n\n \n\n \n\n(5,449\n\n)\n\nIntangible assets\n\n \n\n \n\n(8,601\n\n)\n\n \n\n \n\n1,446\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(566\n\n)\n\n \n\n \n\n(210\n\n)\n\n \n\n \n\n(7,931\n\n)\n\nInterest income and fair value movement of investments\n\n \n\n \n\n(1,347\n\n)\n\n \n\n \n\n(1,482\n\n)\n\n \n\n \n\n(83\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,912\n\n)\n\nCash flow hedges\n\n \n\n \n\n(195\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n260\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n65\n\n \n\nContract asset / (Contract liabilities)\n\n \n\n \n\n(625\n\n)\n\n \n\n \n\n428\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(12\n\n)\n\n \n\n \n\n(209\n\n)\n\nSpecial Economic Zone re-investment reserve\n\n \n\n \n\n(7,820\n\n)\n\n \n\n \n\n4,335\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,485\n\n)\n\nUndistributed earnings of subsidiaries\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,941\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(60\n\n)\n\n \n\n \n\n(3,001\n\n)\n\nOthers\n\n \n\n \n\n94\n\n \n\n \n\n \n\n78\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(28\n\n)\n\n \n\n \n\n144\n\n \n\nDeferred tax liabilities, net\n\n \n\n₹\n\n(15,650\n\n)\n\n \n\n₹\n\n2,628\n\n \n\n \n\n₹\n\n128\n\n \n\n \n\n₹\n\n(566\n\n)\n\n \n\n₹\n\n(422\n\n)\n\n \n\n₹\n\n(13,882\n\n)\n\n \n\nMovement during the year ended\nMarch 31, 2026\n\n \n\nAs at April 1, 2025\n\n \n\n \n\nCredit/ (charge) in the consolidated statement of income\n\n \n\n \n\nCredit/ (charge) in other comprehensive income\n\n \n\n \n\nOn account of Business combination and others\n\n \n\n \n\nTranslation adjustment\n\n \n\n \n\nAs at March 31, 2026\n\n \n\nCarry forward losses\n\n \n\n₹\n\n898\n\n \n\n \n\n₹\n\n(239\n\n)\n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n9\n\n \n\n \n\n₹\n\n116\n\n \n\n \n\n₹\n\n784\n\n \n\nTrade payables, accrued expenses and other liabilities\n\n \n\n \n\n7,106\n\n \n\n \n\n \n\n(142\n\n)\n\n \n\n \n\n(10\n\n)\n\n \n\n \n\n590\n\n \n\n \n\n \n\n342\n\n \n\n \n\n \n\n7,886\n\n \n\nAllowances for lifetime expected credit loss\n\n \n\n \n\n1,428\n\n \n\n \n\n \n\n519\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n33\n\n \n\n \n\n \n\n36\n\n \n\n \n\n \n\n2,016\n\n \n\nProperty, plant and equipment\n\n \n\n \n\n(536\n\n)\n\n \n\n \n\n(392\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n248\n\n \n\n \n\n \n\n30\n\n \n\n \n\n \n\n(650\n\n)\n\nAmortizable goodwill\n\n \n\n \n\n(5,449\n\n)\n\n \n\n \n\n(873\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(584\n\n)\n\n \n\n \n\n(6,906\n\n)\n\nIntangible assets\n\n \n\n \n\n(7,931\n\n)\n\n \n\n \n\n2,277\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,915\n\n)\n\n \n\n \n\n(838\n\n)\n\n \n\n \n\n(8,407\n\n)\n\nInterest income and fair value movement of investments\n\n \n\n \n\n(2,912\n\n)\n\n \n\n \n\n346\n\n \n\n \n\n \n\n323\n\n \n\n \n\n \n\n(369\n\n)\n\n \n\n \n\n(75\n\n)\n\n \n\n \n\n(2,687\n\n)\n\nCash flow hedges\n\n \n\n \n\n65\n\n \n\n \n\n \n\n(87\n\n)\n\n \n\n \n\n2,257\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1\n\n)\n\n \n\n \n\n2,234\n\n \n\nContract asset / (Contract liabilities)\n\n \n\n \n\n(209\n\n)\n\n \n\n \n\n124\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n230\n\n \n\n \n\n \n\n6\n\n \n\n \n\n \n\n151\n\n \n\nSpecial Economic Zone re-investment reserve\n\n \n\n \n\n(3,485\n\n)\n\n \n\n \n\n858\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,627\n\n)\n\nUndistributed earnings of subsidiaries\n\n \n\n \n\n(3,001\n\n)\n\n \n\n \n\n(587\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(377\n\n)\n\n \n\n \n\n(3,965\n\n)\n\nOthers\n\n \n\n \n\n144\n\n \n\n \n\n \n\n94\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(57\n\n)\n\n \n\n \n\n(34\n\n)\n\n \n\n \n\n147\n\n \n\nDeferred tax liabilities, net\n\n \n\n₹\n\n(13,882\n\n)\n\n \n\n₹\n\n1,898\n\n \n\n \n\n₹\n\n2,570\n\n \n\n \n\n₹\n\n(1,231\n\n)\n\n \n\n₹\n\n(1,379\n\n)\n\n \n\n₹\n\n(12,024\n\n)\n\n \n\nDeferred taxes on unrealized foreign exchange gain/loss relating to cash flow hedges, fair value movements in investments and remeasurements of the defined benefit plans are recognized in other comprehensive income. Deferred tax liability on the intangible assets identified and carry forward losses on acquisitions is recorded by an adjustment to goodwill. Other than these, the change in deferred tax assets and liabilities is primarily recorded in the consolidated statement of income.\n\nIn assessing the realizability of deferred tax assets, the Company considers the extent to which it is probable that the deferred tax asset will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profits during the periods in which those temporary differences and tax loss carry-forwards become deductible. The Company considers the expected reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on this, the Company believes that it is probable that the Company will realize the benefits of these deductible differences. The amount of deferred tax asset considered realizable, however, could be reduced in the near term if the estimates of future taxable income during the carry-forward period are reduced.\n\nDeferred tax asset amounting to ₹ 10,816 and ₹ 13,613 as at March 31, 2025 and 2026, respectively in respect of unused tax losses have not been recognized by the Company. The tax loss carry-forwards of ₹ 44,274 and ₹ 56,119 as at March 31, 2025 and 2026, respectively, on which deferred tax asset has not been recognized by the Company, because it is probable that future taxable profits will not be available against which the unused tax losses can be utilized in the foreseeable future. Approximately, ₹ 40,292, and ₹ 51,505 as at March 31, 2025 and 2026, respectively, of these tax loss carry-forwards is not currently subject to expiration dates. The remaining tax loss carry-forwards of approximately ₹ 3,982 and ₹ 4,614 as at March 31, 2025 and 2026, respectively, expires in various years through fiscal year 2046.\n\n-166-\n\n[Table of Contents](#toc_page)\n\n \n\nThe Company has recognized deferred tax assets of ₹ 898 and ₹ 784 primarily in respect of carry forward losses including certain subsidiaries as at March 31, 2025 and 2026, respectively. Management’s projections of future taxable income and tax planning strategies support the assumption that it is probable that sufficient taxable income will be available to utilize these deferred tax assets.\n\nA substantial portion of the profits of the Company’s India operations are exempt from Indian income taxes being profits attributable to export operations and profits from units established under the Special Economic Zone Act, 2005 scheme. Units in designated SEZs providing service on or after April 1, 2005 will be eligible for a deduction of 100% of profits or gains derived from the export of services for the first five years from commencement of provision of services and 50% of such profits and gains for a further five years. A 50% tax deduction is available for a further five years subject to the unit meeting certain defined conditions. Profits from certain other undertakings are also eligible for preferential tax treatment. New SEZ units set up on or after April 1, 2021 are not eligible for the aforesaid deduction. The tax holiday period being currently available to the Company expires in various years through fiscal years 2034-35. The impact of tax holidays has resulted in a decrease of current tax expense of ₹ 14,308, ₹ 11,798 and ₹ 13,092 for the years ended March 31, 2024, 2025 and 2026, respectively, compared to the effective tax amounts that the Company estimates it would have been required to pay if these incentives had not been available. The per equity share effect of these tax incentives for the years ended March 31, 2024, 2025 and 2026 is ₹ 1.35, ₹ 1.13, and ₹ 1.25, respectively. For the year ended March 31, 2024, earnings per equity share have been proportionately adjusted for the bonus issue in ratio of 1:1. Refer to Note 22.\n\nDeferred income tax liabilities are recognized for all taxable temporary differences except in respect of taxable temporary differences associated with investments in certain subsidiaries where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Accordingly, deferred income tax liabilities on cumulative earnings of certain subsidiaries amounting to ₹ 86,937 and ₹ 69,693 as at March 31, 2025 and 2026, respectively and branch profit tax at 15% of the U.S. branch profit have not been recognized. Further, it is not practicable to estimate the amount of the unrecognized deferred tax liabilities for these undistributed earnings.\n\nThe Pillar Two legislations are neither enacted nor substantively enacted by Government of India, where the parent company is incorporated. Pillar Two legislation has been enacted, or substantively enacted, in certain other jurisdictions where the Company operates. However, the Company does not expect any material financial impact for the year ended March 31, 2026. In line with amended IAS 12, the Company has not recognized deferred taxes related to Pillar Two income taxes and accordingly has applied the mandatory exception as per the said standard.\n\n22. Dividends, Bonus issue and Buyback of equity shares\n\nThe Company declares and pays dividends in Indian Rupees. According to the Companies Act, 2013 any dividend should be declared out of accumulated distributable profits. A company may, before the declaration of any dividend, transfer a percentage of its profits for that financial year as it may consider appropriate to the reserves.\n\nThe cash dividends paid per equity share were ₹ 1, ₹ 6 and ₹ 11 (₹ 5 declared on July 17, 2025 and ₹ 6 declared on January 16, 2026), during the years ended March 31, 2024, 2025 and 2026, respectively.\n\nDuring the year ended March 31, 2024, the Company concluded the buyback of 269,662,921 equity shares (at a price of ₹ 445 per equity share) as approved by the Board of Directors on April 27, 2023. This has resulted in a total cash outflow of ₹ 145,173 (including tax on buyback of ₹ 24,783 and transaction costs related to buyback of ₹ 390). In line with the requirement of the Companies Act, 2013, an amount of ₹ 3,768 and ₹ 141,405 has been utilized from share premium and retained earnings respectively. Further, capital redemption reserve (included in other reserves) of ₹ 539 (representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings. Consequent to such buyback, the paid-up equity share capital has reduced by ₹ 539.\n\nDuring the year ended March 31, 2025, the Company concluded bonus issue in the ratio of 1:1 i.e. 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) was approved by the shareholders of the Company on November 21, 2024. Subsequently, on December 4, 2024, the Company allotted 5,232,094,402 equity shares (including ADS) to shareholders who held equity shares as on the record date of December 3, 2024. The Company also allotted 1:1 bonus equity share on 1,274,805 equity shares (including ADS) under allotment as on the record date. Consequently, ₹ 10,467 (representing par value of ₹ 2 per share) was transferred from capital redemption reserves, share premium and retained earnings to the share capital.\n\n23. Additional capital disclosures\n\nThe key objective of the Company’s capital management is to ensure that it maintains a stable capital structure with the focus on total equity to uphold investor, creditor, and customer confidence and to ensure future development of its business. The Company’s focus is to keep strong total equity base to ensure independence, security, as well as a high financial flexibility for potential future borrowings, if required without impacting the risk profile of the Company.\n\n-167-\n\n[Table of Contents](#toc_page)\n\n \n\nThe Company’s goal is to continue to be able to return excess liquidity to shareholders by continuing to distribute annual dividends in future periods. The amount of future dividends/ buyback of equity shares will be balanced with efforts to continue to maintain an adequate liquidity status.\n\nThe capital structure as at March 31, 2025 and 2026 was as follows:\n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\n \n\n% Change\n\n \n\nEquity attributable to the equity shareholders of the Company\n\n \n\n₹\n\n828,309\n\n \n\n \n\n₹\n\n885,368\n\n \n\n \n\n \n\n7\n\n%\n\nAs percentage of total capital\n\n \n\n \n\n81\n\n%\n\n \n\n \n\n81\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent loans, borrowings and bank overdrafts\n\n \n\n \n\n97,863\n\n \n\n \n\n \n\n165,912\n\n \n\n \n\n \n\n \n\nNon-current loans and borrowings\n\n \n\n \n\n63,954\n\n \n\n \n\n \n\n1,962\n\n \n\n \n\n \n\n \n\nCurrent and non-current lease liabilities\n\n \n\n \n\n30,218\n\n \n\n \n\n \n\n35,036\n\n \n\n \n\n \n\n \n\nTotal loans, borrowings and bank overdrafts and lease liabilities\n\n \n\n₹\n\n192,035\n\n \n\n \n\n₹\n\n202,910\n\n \n\n \n\n \n\n6\n\n%\n\nAs percentage of total capital\n\n \n\n \n\n19\n\n%\n\n \n\n \n\n19\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal capital\n\n \n\n₹\n\n1,020,344\n\n \n\n \n\n₹\n\n1,088,278\n\n \n\n \n\n \n\n7\n\n%\n\n \n\nLoans and borrowings represent 16% and 15% of total capital as at March 31, 2025 and 2026, respectively. The Company is not subjected to any externally imposed capital requirements.\n\n24. Revenue\n\n \n\nA. Contract assets and Contract liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThe following table presents the changes in contract assets balance:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBalance at the beginning of the year\n\n \n\n \n\n \n\n₹\n\n19,854\n\n \n\n \n\n₹\n\n15,795\n\n \n\nAmount reclassified to receivables pertaining to fixed price development contracts on completion of milestones\n\n \n\n \n\n \n\n \n\n(14,730\n\n)\n\n \n\n \n\n(14,073\n\n)\n\nIncrease due to revenue recognized during the year\n\n \n\n \n\n \n\n \n\n10,617\n\n \n\n \n\n \n\n12,233\n\n \n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n54\n\n \n\n \n\n \n\n864\n\n \n\nBalance at the end of the year\n\n \n\n \n\n \n\n₹\n\n15,795\n\n \n\n \n\n₹\n\n14,819\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThe following table presents the changes in contract liabilities balance:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nBalance at the beginning of the year\n\n \n\n \n\n \n\n₹\n\n17,653\n\n \n\n \n\n₹\n\n20,063\n\n \n\nRevenue recognized from opening balance of contract liabilities\n\n \n\n \n\n \n\n \n\n(14,695\n\n)\n\n \n\n \n\n(15,724\n\n)\n\nIncrease due to invoicing during the year\n\n \n\n \n\n \n\n \n\n17,036\n\n \n\n \n\n \n\n20,262\n\n \n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n69\n\n \n\n \n\n \n\n833\n\n \n\nBalance at the end of the year\n\n \n\n \n\n \n\n₹\n\n20,063\n\n \n\n \n\n₹\n\n25,434\n\n \n\n \n\nContract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period.\n\nB.\nRemaining performance obligations\n\nRevenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes contract liabilities and amounts that will be invoiced and recognized as revenue in future periods. Applying the practical expedient, the Company has not disclosed its right to consideration from customers in an amount that corresponds directly with the value to the customer of the Company’s performance completed to date, which are contracts invoiced on time and material basis and volume based.\n\nAs at March 31, 2024, 2025 and 2026, the aggregate amount of the Transaction Price allocated to remaining performance obligations, other than those meeting the exclusion criteria above, were ₹ 318,756, ₹ 364,937 and ₹ 373,976, respectively, of which approximately 66%, 66% and 63%, respectively is expected to be recognized as revenues within two years, and the remainder thereafter. This includes contracts with a substantive enforceable termination penalty if the contract is terminated without cause by the customer, based on an overall assessment of the contract carried out at the time of inception. Historically, customers have not terminated contracts without cause.\n\n-168-\n\n[Table of Contents](#toc_page)\n\n \n\nC.\nDisaggregation of revenue\n\nThe tables below present disaggregated revenue from contracts with customers by business segment (refer to Note 33 “Segment Information”), sector and nature of contract. The Company believes that the below disaggregation best depicts the nature, amount, timing and uncertainty of revenue and cash flows from economic factors.\n\n-169-\n\n[Table of Contents](#toc_page)\n\n \n\nInformation on disaggregation of revenues for the year ended March 31, 2024 is as follows:\n\n \n\n \n\nIT Services\n\n \n\nIT Products\n\n \n\nTotal\n\n \n\n \n\nAmericas 1\n\n \n\nAmericas 2\n\n \n\nEurope\n\n \n\nAPMEA\n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\nA. Revenue\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRendering of services\n\n₹\n\n268,131\n\n \n\n₹\n\n269,387\n\n \n\n₹\n\n253,817\n\n \n\n₹\n\n102,141\n\n \n\n₹\n\n893,476\n\n \n\n₹\n\n-\n\n \n\n₹\n\n893,476\n\n \n\nSale of products\n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n4,127\n\n \n\n \n\n4,127\n\n \n\n \n\n₹\n\n268,131\n\n \n\n₹\n\n269,387\n\n \n\n₹\n\n253,817\n\n \n\n₹\n\n102,141\n\n \n\n₹\n\n893,476\n\n \n\n₹\n\n4,127\n\n \n\n₹\n\n897,603\n\n \n\nB. Revenue by sector\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBanking, Financial Services and Insurance\n\n₹\n\n2,462\n\n \n\n₹\n\n165,002\n\n \n\n₹\n\n95,475\n\n \n\n₹\n\n35,762\n\n \n\n₹\n\n298,701\n\n \n\n \n\n \n\n \n\n \n\nHealth\n\n \n\n95,496\n\n \n\n \n\n162\n\n \n\n \n\n17,699\n\n \n\n \n\n4,954\n\n \n\n \n\n118,311\n\n \n\n \n\n \n\n \n\n \n\nConsumer\n\n \n\n102,439\n\n \n\n \n\n5,351\n\n \n\n \n\n43,035\n\n \n\n \n\n16,387\n\n \n\n \n\n167,212\n\n \n\n \n\n \n\n \n\n \n\nTechnology and Communications (1)\n\n \n\n66,326\n\n \n\n \n\n25,220\n\n \n\n \n\n30,961\n\n \n\n \n\n19,651\n\n \n\n \n\n142,158\n\n \n\n \n\n \n\n \n\n \n\nEnergy, Manufacturing and Resources (1)\n\n \n\n1,408\n\n \n\n \n\n73,652\n\n \n\n \n\n66,647\n\n \n\n \n\n25,387\n\n \n\n \n\n167,094\n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n268,131\n\n \n\n₹\n\n269,387\n\n \n\n₹\n\n253,817\n\n \n\n₹\n\n102,141\n\n \n\n₹\n\n893,476\n\n \n\n₹\n\n4,127\n\n \n\n₹\n\n897,603\n\n \n\nC. Revenue by nature of contract\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFixed price and volume based\n\n₹\n\n150,253\n\n \n\n₹\n\n140,676\n\n \n\n₹\n\n149,007\n\n \n\n₹\n\n62,011\n\n \n\n₹\n\n501,947\n\n \n\n₹\n\n-\n\n \n\n₹\n\n501,947\n\n \n\nTime and materials\n\n \n\n117,878\n\n \n\n \n\n128,711\n\n \n\n \n\n104,810\n\n \n\n \n\n40,130\n\n \n\n \n\n391,529\n\n \n\n \n\n-\n\n \n\n \n\n391,529\n\n \n\nProducts\n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n4,127\n\n \n\n \n\n4,127\n\n \n\n \n\n₹\n\n268,131\n\n \n\n₹\n\n269,387\n\n \n\n₹\n\n253,817\n\n \n\n₹\n\n102,141\n\n \n\n₹\n\n893,476\n\n \n\n₹\n\n4,127\n\n \n\n₹\n\n897,603\n\n \n\n \n\n-170-\n\n[Table of Contents](#toc_page)\n\n \n\nInformation on disaggregation of revenues for the year ended March 31, 2025 is as follows:\n\n \n\n \n\nIT Services\n\n \n\nIT Products\n\n \n\nTotal\n\n \n\n \n\nAmericas 1\n\n \n\nAmericas 2\n\n \n\nEurope\n\n \n\nAPMEA\n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\nA. Revenue\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRendering of services\n\n₹\n\n281,806\n\n \n\n₹\n\n271,965\n\n \n\n₹\n\n240,187\n\n \n\n₹\n\n94,234\n\n \n\n₹\n\n888,192\n\n \n\n₹\n\n-\n\n \n\n₹\n\n888,192\n\n \n\nSale of products\n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n2,692\n\n \n\n \n\n2,692\n\n \n\n \n\n₹\n\n281,806\n\n \n\n₹\n\n271,965\n\n \n\n₹\n\n240,187\n\n \n\n₹\n\n94,234\n\n \n\n₹\n\n888,192\n\n \n\n₹\n\n2,692\n\n \n\n₹\n\n890,884\n\n \n\nB. Revenue by sector\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBanking, Financial Services and Insurance\n\n₹\n\n1,240\n\n \n\n₹\n\n172,817\n\n \n\n₹\n\n91,965\n\n \n\n₹\n\n38,231\n\n \n\n₹\n\n304,253\n\n \n\n \n\n \n\n \n\n \n\nHealth\n\n \n\n108,305\n\n \n\n \n\n236\n\n \n\n \n\n13,982\n\n \n\n \n\n3,272\n\n \n\n \n\n125,795\n\n \n\n \n\n \n\n \n\n \n\nConsumer\n\n \n\n103,875\n\n \n\n \n\n6,659\n\n \n\n \n\n43,435\n\n \n\n \n\n15,344\n\n \n\n \n\n169,313\n\n \n\n \n\n \n\n \n\n \n\nTechnology and Communications (1)\n\n \n\n64,907\n\n \n\n \n\n24,255\n\n \n\n \n\n31,804\n\n \n\n \n\n14,933\n\n \n\n \n\n135,899\n\n \n\n \n\n \n\n \n\n \n\nEnergy, Manufacturing and Resources (1)\n\n \n\n3,479\n\n \n\n \n\n67,998\n\n \n\n \n\n59,001\n\n \n\n \n\n22,454\n\n \n\n \n\n152,932\n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n281,806\n\n \n\n₹\n\n271,965\n\n \n\n₹\n\n240,187\n\n \n\n₹\n\n94,234\n\n \n\n₹\n\n888,192\n\n \n\n₹\n\n2,692\n\n \n\n₹\n\n890,884\n\n \n\nC. Revenue by nature of contract\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFixed price and volume based\n\n₹\n\n144,904\n\n \n\n₹\n\n137,385\n\n \n\n₹\n\n142,241\n\n \n\n₹\n\n56,390\n\n \n\n₹\n\n480,920\n\n \n\n₹\n\n-\n\n \n\n₹\n\n480,920\n\n \n\nTime and materials\n\n \n\n136,902\n\n \n\n \n\n134,580\n\n \n\n \n\n97,946\n\n \n\n \n\n37,844\n\n \n\n \n\n407,272\n\n \n\n \n\n-\n\n \n\n \n\n407,272\n\n \n\nProducts\n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n2,692\n\n \n\n \n\n2,692\n\n \n\n \n\n₹\n\n281,806\n\n \n\n₹\n\n271,965\n\n \n\n₹\n\n240,187\n\n \n\n₹\n\n94,234\n\n \n\n₹\n\n888,192\n\n \n\n₹\n\n2,692\n\n \n\n₹\n\n890,884\n\n \n\n \n\n \n\n-171-\n\n[Table of Contents](#toc_page)\n\n \n\nInformation on disaggregation of revenues for the year ended March 31, 2026 is as follows:\n\n \n\n \n\nIT Services\n\n \n\nIT Products\n\n \n\nTotal\n\n \n\n \n\nAmericas 1\n\n \n\nAmericas 2\n\n \n\nEurope\n\n \n\nAPMEA\n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\nA. Revenue\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRendering of services\n\n₹\n\n305,036\n\n \n\n₹\n\n268,532\n\n \n\n₹\n\n243,645\n\n \n\n₹\n\n102,087\n\n \n\n₹\n\n919,300\n\n \n\n₹\n\n-\n\n \n\n₹\n\n919,300\n\n \n\nSale of products\n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n6,940\n\n \n\n \n\n6,940\n\n \n\n \n\n₹\n\n305,036\n\n \n\n₹\n\n268,532\n\n \n\n₹\n\n243,645\n\n \n\n₹\n\n102,087\n\n \n\n₹\n\n919,300\n\n \n\n₹\n\n6,940\n\n \n\n₹\n\n926,240\n\n \n\nB. Revenue by sector\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBanking, Financial Services and Insurance\n\n₹\n\n842\n\n \n\n₹\n\n170,299\n\n \n\n₹\n\n96,587\n\n \n\n₹\n\n46,283\n\n \n\n₹\n\n314,011\n\n \n\n \n\n \n\n \n\n \n\nHealth\n\n \n\n116,104\n\n \n\n \n\n1,408\n\n \n\n \n\n12,944\n\n \n\n \n\n3,392\n\n \n\n \n\n133,848\n\n \n\n \n\n \n\n \n\n \n\nConsumer\n\n \n\n107,075\n\n \n\n \n\n3,772\n\n \n\n \n\n44,537\n\n \n\n \n\n13,586\n\n \n\n \n\n168,970\n\n \n\n \n\n \n\n \n\n \n\nTechnology and Communications\n\n \n\n74,591\n\n \n\n \n\n22,195\n\n \n\n \n\n35,329\n\n \n\n \n\n14,438\n\n \n\n \n\n146,553\n\n \n\n \n\n \n\n \n\n \n\nEnergy, Manufacturing and Resources\n\n \n\n6,424\n\n \n\n \n\n70,858\n\n \n\n \n\n54,248\n\n \n\n \n\n24,388\n\n \n\n \n\n155,918\n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n305,036\n\n \n\n₹\n\n268,532\n\n \n\n₹\n\n243,645\n\n \n\n₹\n\n102,087\n\n \n\n₹\n\n919,300\n\n \n\n₹\n\n6,940\n\n \n\n₹\n\n926,240\n\n \n\nC. Revenue by nature of contract\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFixed price and volume based\n\n₹\n\n153,658\n\n \n\n₹\n\n126,105\n\n \n\n₹\n\n139,795\n\n \n\n₹\n\n62,210\n\n \n\n₹\n\n481,768\n\n \n\n₹\n\n-\n\n \n\n₹\n\n481,768\n\n \n\nTime and materials\n\n \n\n151,378\n\n \n\n \n\n142,427\n\n \n\n \n\n103,850\n\n \n\n \n\n39,877\n\n \n\n \n\n437,532\n\n \n\n \n\n-\n\n \n\n \n\n437,532\n\n \n\nProducts\n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\n6,940\n\n \n\n \n\n6,940\n\n \n\n \n\n₹\n\n305,036\n\n \n\n₹\n\n268,532\n\n \n\n₹\n\n243,645\n\n \n\n₹\n\n102,087\n\n \n\n₹\n\n919,300\n\n \n\n₹\n\n6,940\n\n \n\n₹\n\n926,240\n\n \n\n \n\n(1)\nEffective October 1, 2024, the Company has reorganized its sectors by merging “Technology” and “Communications” into “Technology and Communications” sector, and by merging “Energy, Natural Resources and Utilities” and “Manufacturing” into “Energy, Manufacturing and Resources” sector. Comparative period disaggregation of revenue has been restated to give effect to this change.\n\n-172-\n\n[Table of Contents](#toc_page)\n\n \n\n25. Expenses by nature\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nEmployee compensation (1)\n\n \n\n₹\n\n549,301\n\n \n\n \n\n₹\n\n533,477\n\n \n\n \n\n₹\n\n555,855\n\n \n\nSub-contracting and technical fees\n\n \n\n \n\n103,030\n\n \n\n \n\n \n\n100,148\n\n \n\n \n\n \n\n107,668\n\n \n\nCost of hardware and software\n\n \n\n \n\n4,116\n\n \n\n \n\n \n\n3,170\n\n \n\n \n\n \n\n5,934\n\n \n\nTravel\n\n \n\n \n\n15,102\n\n \n\n \n\n \n\n14,095\n\n \n\n \n\n \n\n13,882\n\n \n\nFacility expenses\n\n \n\n \n\n14,556\n\n \n\n \n\n \n\n16,067\n\n \n\n \n\n \n\n15,886\n\n \n\nSoftware license expense for internal use\n\n \n\n \n\n18,378\n\n \n\n \n\n \n\n19,338\n\n \n\n \n\n \n\n21,720\n\n \n\nDepreciation, amortization and impairment (2)\n\n \n\n \n\n34,071\n\n \n\n \n\n \n\n29,579\n\n \n\n \n\n \n\n29,107\n\n \n\nCommunication\n\n \n\n \n\n4,878\n\n \n\n \n\n \n\n3,842\n\n \n\n \n\n \n\n3,414\n\n \n\nLegal and professional fees\n\n \n\n \n\n9,559\n\n \n\n \n\n \n\n11,270\n\n \n\n \n\n \n\n10,199\n\n \n\nRates, taxes and insurance\n\n \n\n \n\n5,993\n\n \n\n \n\n \n\n5,804\n\n \n\n \n\n \n\n5,858\n\n \n\nMarketing and brand building\n\n \n\n \n\n3,555\n\n \n\n \n\n \n\n3,591\n\n \n\n \n\n \n\n3,480\n\n \n\nLifetime expected credit loss/ (write-back)\n\n \n\n \n\n640\n\n \n\n \n\n \n\n324\n\n \n\n \n\n \n\n2,838\n\n \n\n(Gain)/loss on sale of property, plant and equipment, net (3)\n\n \n\n \n\n(2,072\n\n)\n\n \n\n \n\n(606\n\n)\n\n \n\n \n\n(393\n\n)\n\nMiscellaneous expenses (4)\n\n \n\n \n\n737\n\n \n\n \n\n \n\n(454\n\n)\n\n \n\n \n\n1,394\n\n \n\nTotal cost of revenues, selling and marketing expenses and general and administrative expenses\n\n \n\n₹\n\n761,844\n\n \n\n \n\n₹\n\n739,645\n\n \n\n \n\n₹\n\n776,842\n\n \n\n \n\n(1)\nEmployee compensation includes impact of past service cost on gratuity and remeasurement of leave encashment due to implementation of new labour code amounting to ₹ 2,756 for the year ended March 31, 2026.\n\n(2)\nDepreciation, amortization, and impairment includes an impairment charge on intangible assets amounting to ₹ 1,701, ₹ 1,155 and ₹ 851, for the years ended March 31, 2024, 2025 and 2026, respectively (Refer to Note 6).\n\n(3)\n(Gain)/loss on sale of property, plant and equipment, net for the years ended March 31, 2024, 2025 and 2026, includes gain on sale of immovable properties of ₹ (2,357) and gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ (885) and gain on transfer of building of ₹ (405), respectively.\n\n(4)\nMiscellaneous expenses are net of reversals of contingent consideration ₹ 1,300, ₹ 169 and ₹ (49) for the years ended March 31, 2024, 2025 and 2026, respectively (Refer to Note 19). Miscellaneous expenses are net of insurance claim received of ₹ 1,805 during the year ended March 31, 2025.\n\n26. Finance expenses\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nInterest on loans, borrowings and bank overdrafts\n\n \n\n₹\n\n6,893\n\n \n\n \n\n₹\n\n7,124\n\n \n\n \n\n₹\n\n5,368\n\n \n\nInterest on lease liabilities\n\n \n\n \n\n1,334\n\n \n\n \n\n \n\n1,593\n\n \n\n \n\n \n\n1,956\n\n \n\nInterest on liability on written put options to non-controlling interests\n\n \n\n \n\n33\n\n \n\n \n\n \n\n530\n\n \n\n \n\n \n\n585\n\n \n\nOther finance expenses (1)\n\n \n\n \n\n4,292\n\n \n\n \n\n \n\n5,523\n\n \n\n \n\n \n\n6,668\n\n \n\n \n\n \n\n₹\n\n12,552\n\n \n\n \n\n₹\n\n14,770\n\n \n\n \n\n₹\n\n14,577\n\n \n\n \n\n(1)\nIncludes gain on remeasurement of written put options amounting to ₹ 385 for the year ended March 31, 2026.\n\n27. Finance and other income and foreign exchange gains/(losses), net\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nInterest income\n\n \n\n₹\n\n19,478\n\n \n\n \n\n₹\n\n27,210\n\n \n\n \n\n₹\n\n28,367\n\n \n\nDividend income from equity investments designated as FVTOCI\n\n \n\n \n\n3\n\n \n\n \n\n \n\n2,299\n\n \n\n \n\n \n\n3\n\n \n\nNet gain from investments classified as FVTPL\n\n \n\n \n\n4,558\n\n \n\n \n\n \n\n8,765\n\n \n\n \n\n \n\n7,763\n\n \n\nNet loss from investments classified as FVTOCI\n\n \n\n \n\n(143\n\n)\n\n \n\n \n\n(72\n\n)\n\n \n\n \n\n358\n\n \n\nFinance and other income\n\n \n\n₹\n\n23,896\n\n \n\n \n\n₹\n\n38,202\n\n \n\n \n\n₹\n\n36,491\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign exchange gains/(losses), net on financial instruments measured at FVTPL\n\n \n\n₹\n\n650\n\n \n\n \n\n₹\n\n(398\n\n)\n\n \n\n₹\n\n(5,867\n\n)\n\nOther foreign exchange gains/(losses), net\n\n \n\n \n\n(310\n\n)\n\n \n\n \n\n430\n\n \n\n \n\n \n\n7,720\n\n \n\nForeign exchange gains/(losses), net\n\n \n\n₹\n\n340\n\n \n\n \n\n₹\n\n32\n\n \n\n \n\n₹\n\n1,853\n\n \n\n \n\n-173-\n\n[Table of Contents](#toc_page)\n\n \n\n28. Earnings per equity share\n\nA reconciliation of profit for the year and equity shares used in the computation of basic and diluted earnings per equity share is set out below:\n\nBasic: Basic earnings per equity share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the year, excluding equity shares purchased by the Company and held as treasury shares.\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nProfit attributable to equity holders of the Company\n\n \n\n₹\n\n110,452\n\n \n\n \n\n₹\n\n131,354\n\n \n\n \n\n₹\n\n131,974\n\n \n\nWeighted average number of equity shares outstanding\n\n \n\n \n\n10,576,571,110\n\n \n\n \n\n \n\n10,456,741,552\n\n \n\n \n\n \n\n10,476,247,846\n\n \n\nBasic earnings per equity share\n\n \n\n₹\n\n10.44\n\n \n\n \n\n₹\n\n12.56\n\n \n\n \n\n₹\n\n12.60\n\n \n\n \n\nDiluted: Diluted earnings per equity share is calculated by adjusting the weighted average number of equity shares outstanding during the year for assumed conversion of all dilutive potential equity shares. Employee share options are dilutive potential equity shares for the Company.\n\nThe calculation is performed in respect of share options to determine the number of equity shares that could have been acquired at fair value (determined as the average market price of the Company’s equity shares during the year). The number of equity shares calculated as above is compared with the number of equity shares that would have been issued assuming the exercise of the share options.\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nProfit attributable to equity holders of the Company\n\n \n\n₹\n\n110,452\n\n \n\n \n\n₹\n\n131,354\n\n \n\n \n\n₹\n\n131,974\n\n \n\nWeighted average number of equity shares outstanding\n\n \n\n \n\n10,576,571,110\n\n \n\n \n\n \n\n10,456,741,552\n\n \n\n \n\n \n\n10,476,247,846\n\n \n\nEffect of dilutive equivalent share options\n\n \n\n \n\n34,853,518\n\n \n\n \n\n \n\n32,197,840\n\n \n\n \n\n \n\n27,175,090\n\n \n\nWeighted average number of equity shares for diluted earnings per share\n\n \n\n \n\n10,611,424,628\n\n \n\n \n\n \n\n10,488,939,392\n\n \n\n \n\n \n\n10,503,422,936\n\n \n\nDiluted earnings per equity share\n\n \n\n₹\n\n10.41\n\n \n\n \n\n₹\n\n12.52\n\n \n\n \n\n₹\n\n12.56\n\n \n\n \n\nFor the years ended March 31, 2024, 2025 and 2026, 128,916, 1,294,623 and 1,586,275 options, respectively, were excluded from the diluted weighted-average number of equity shares calculation because their effect would have been anti-dilutive.\n\nEarnings per share and number of shares outstanding for the years ended March 31, 2024, have been proportionately adjusted for the bonus issue in the ratio of 1:1 i.e. 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders). Refer to Note 22.\n\n29. Employee stock incentive plans\n\nThe stock compensation expense recognized for employee services received during the years ended March 31, 2024, 2025 and 2026, were ₹ 5,590, ₹ 5,542, and ₹ 4,465, respectively.\n\nWipro Equity Reward Trust (“WERT”)\n\nIn 1984, the Company established a controlled trust called WERT. In the previous years, WERT purchased shares of the Company out of funds borrowed from the Company. The Company’s Nomination and Remuneration Committee recommends to WERT certain officers and key employees, to whom WERT issues shares from its holdings at nominal price subject to vesting conditions. WERT held 5,952,740, 11,905,480 and 11,905,480 treasury shares as of March 31, 2024, 2025 and 2026, respectively.\n\nWipro Employee Restricted Stock Unit Option Plans\n\nA summary of the general terms of grants under restricted stock unit (“RSU”) option plans are as follows:\n\n \n\nName of Plan\n\n \n\n \n\nNumber of options reserved under the plan\n\n \n\nRange of exercise price\n\nWipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan) (1)\n\n \n\n \n\n \n\n174,595,958\n\n \n\nU.S.$ 0.03\n\nWipro Employee Restricted Stock Unit Plan 2005 (WSRUP 2005 plan) (1)\n\n \n\n \n\n \n\n96,595,958\n\n \n\n₹ 2\n\nWipro Employee Restricted Stock Unit Plan 2007 (WSRUP 2007 plan) (1)\n\n \n\n \n\n \n\n67,663,302\n\n \n\n₹ 2\n\nWipro Limited Employee Stock Options, Performance Stock Unit and/or Restricted Stock Unit Scheme 2024 (Wipro 2024 Scheme) (1)\n\n \n\n \n\n \n\n400,000,000\n\n \n\nU.S.$ 0.03/₹ 2\n\n \n\n(1)\nThe maximum contractual term of these RSU option plans is perpetual until the options are available for grant under the plan.\n\n-174-\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nEmployees covered under RSU options plans are granted an option to purchase shares of the Company at the respective exercise prices, subject to requirements of vesting conditions. These options generally vest in tranches over a period of one to three years from the date of grant. Upon vesting, the employees can acquire one equity share for every option and can exercise within a period of twelve months from the vesting date of last tranche under the grant.\n\nThe activity in equity-settled RSU option plans is summarized below:\n\n \n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n \n\n2024\n\n \n\n2025\n\n \n\n2026\n\n \n\n \n\nRange of exercise price and weighted average exercise price\n\n \n\nNumbers of options\n\n \n\nOutstanding at the beginning of the year\n\n₹\n\n2\n\n \n\n \n\n8,452,491\n\n \n\n \n\n7,735,669\n\n \n\n \n\n18,634,747\n\n \n\n \n\nU.S.$ 0.03\n\n \n\n \n\n16,457,558\n\n \n\n \n\n18,851,226\n\n \n\n \n\n36,956,579\n\n \n\nBonus on outstanding (Refer to Note 22)\n\n₹\n\n2\n\n \n\n \n\n-\n\n \n\n \n\n10,749,111\n\n \n\n \n\n-\n\n \n\n \n\nU.S.$ 0.03\n\n \n\n \n\n-\n\n \n\n \n\n22,882,839\n\n \n\n \n\n-\n\n \n\nGranted\n\n₹\n\n2\n\n \n\n \n\n5,237,166\n\n \n\n \n\n5,513,469\n\n \n\n \n\n10,617,130\n\n \n\n \n\nU.S.$ 0.03\n\n \n\n \n\n14,546,143\n\n \n\n \n\n15,030,302\n\n \n\n \n\n23,259,750\n\n \n\nAdjustment of Performance based stock options on completion\nof performance measurement period\n\n₹\n\n2\n\n \n\n \n\n(655,831\n\n)\n\n \n\n(331,920\n\n)\n\n \n\n(1,841,526\n\n)\n\n \n\nU.S.$ 0.03\n\n \n\n \n\n(1,807,750\n\n)\n\n \n\n(499,875\n\n)\n\n \n\n(3,986,719\n\n)\n\nExercised\n\n₹\n\n2\n\n \n\n \n\n(4,151,654\n\n)\n\n \n\n(3,731,212\n\n)\n\n \n\n(5,293,789\n\n)\n\n \n\nU.S.$ 0.03\n\n \n\n \n\n(6,674,868\n\n)\n\n \n\n(9,897,384\n\n)\n\n \n\n(10,982,620\n\n)\n\nForfeited and expired\n\n₹\n\n2\n\n \n\n \n\n(1,146,503\n\n)\n\n \n\n(1,300,370\n\n)\n\n \n\n(2,771,279\n\n)\n\n \n\nU.S.$ 0.03\n\n \n\n \n\n(3,669,857\n\n)\n\n \n\n(9,410,529\n\n)\n\n \n\n(8,303,933\n\n)\n\nOutstanding at the end of the year\n\n₹\n\n2\n\n \n\n \n\n7,735,669\n\n \n\n \n\n18,634,747\n\n \n\n \n\n19,345,283\n\n \n\n \n\nU.S.$ 0.03\n\n \n\n \n\n18,851,226\n\n \n\n \n\n36,956,579\n\n \n\n \n\n36,943,057\n\n \n\nExercisable at the end of the year\n\n₹\n\n2\n\n \n\n \n\n1,905,001\n\n \n\n \n\n1,996,731\n\n \n\n \n\n2,010,308\n\n \n\n \n\nU.S.$ 0.03\n\n \n\n \n\n2,038,346\n\n \n\n \n\n1,007,466\n\n \n\n \n\n1,283,137\n\n \n\n \n\nThe Company has granted below options under RSU and ADS option plans(1):\n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n2024\n\n \n\n2025\n\n \n\n2026\n\n \n\nRestricted Stock Units (RSU)\n\n \n\n3,344,668\n\n \n\n \n\n3,498,476\n\n \n\n \n\n6,743,031\n\n \n\nPerformance based stock options (RSUs)\n\n \n\n1,892,498\n\n \n\n \n\n2,014,993\n\n \n\n \n\n3,874,099\n\n \n\nTotal\n\n \n\n5,237,166\n\n \n\n \n\n5,513,469\n\n \n\n \n\n10,617,130\n\n \n\nADS RSU\n\n \n\n8,886,979\n\n \n\n \n\n9,707,235\n\n \n\n \n\n14,834,924\n\n \n\nPerformance based stock options (ADS)\n\n \n\n5,659,164\n\n \n\n \n\n5,323,067\n\n \n\n \n\n8,424,826\n\n \n\nTotal\n\n \n\n14,546,143\n\n \n\n \n\n15,030,302\n\n \n\n \n\n23,259,750\n\n \n\n \n\n(1)\nNumbers in above table for years ended March 31, 2024 and 2025 are not given effect of bonus shares issued during the year ended March 31, 2025.\n\nDuring the year ended March 31, 2026, RSU and ADS grants were issued under Wipro 2024 Scheme. Performance-based stock options will vest based on the performance parameters of the Company.\n\n \n\nThe activity in cash-settled RSU option plans is summarized below:\n\n-175-\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n2024\n\n \n\n2025\n\n \n\n2026\n\n \n\n \n\nNumber of options\n\n \n\nOutstanding at the beginning of the year\n\n \n\n11,800\n\n \n\n \n\n7,000\n\n \n\n \n\n-\n\n \n\nExercised\n\n \n\n(4,800\n\n)\n\n \n\n-\n\n \n\n \n\n-\n\n \n\nForfeited and expired\n\n \n\n-\n\n \n\n \n\n(7,000\n\n)\n\n \n\n-\n\n \n\nOutstanding at the end of the year\n\n \n\n7,000\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\nExercisable at the end of the year\n\n \n\n7,000\n\n \n\n \n\n-\n\n \n\n \n\n-\n\n \n\n \n\nThe following table summarizes information about outstanding RSU option plans:\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n2025\n\n \n\n2026\n\n \n\nRange of exercise price and weighted average exercise price\n\n \n\nNumber of options\n\n \n\nWeighted average remaining life (months)\n\n \n\nNumber of options\n\n \n\nWeighted average remaining life (months)\n\n \n\nNumber of options\n\n \n\nWeighted average remaining life (months)\n\n \n\n₹\n\n2\n\n \n\n \n\n7,735,669\n\n \n\n \n\n18\n\n \n\n \n\n18,634,747\n\n \n\n \n\n18\n\n \n\n \n\n19,345,283\n\n \n\n \n\n16\n\n \n\nU.S.$ 0.03\n\n \n\n \n\n18,851,226\n\n \n\n \n\n20\n\n \n\n \n\n36,956,579\n\n \n\n \n\n19\n\n \n\n \n\n36,943,057\n\n \n\n \n\n18\n\n \n\n \n\nThe weighted average grant date fair value of options granted during the years ended March 31, 2024, 2025 and 2026 was ₹ 387.67, ₹ 454.58 and ₹ 249.40 for each option, respectively. The weighted average share price of options exercised during the years ended March 31, 2024, 2025 and 2026 was ₹ 422.87, ₹ 389.52 and ₹ 246.01 for each option, respectively.\n\n30. Employee benefits\n\na)\nEmployee costs includes\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nSalaries and bonus\n\n \n\n₹\n\n524,484\n\n \n\n \n\n₹\n\n507,629\n\n \n\n \n\n₹\n\n525,825\n\n \n\nContribution to provident and other funds\n\n \n\n \n\n19,227\n\n \n\n \n\n \n\n20,306\n\n \n\n \n\n \n\n25,565\n\n \n\nShare-based compensation(1)\n\n \n\n \n\n5,590\n\n \n\n \n\n \n\n5,542\n\n \n\n \n\n \n\n4,465\n\n \n\n \n\n \n\n₹\n\n549,301\n\n \n\n \n\n₹\n\n533,477\n\n \n\n \n\n₹\n\n555,855\n\n \n\n \n\n(1)\nIncludes ₹ 6, ₹ (9) and ₹ Nil for the years ended March 31, 2024, 2025 and 2026, respectively, towards cash settled ADSs and RSUs.\n\nThe employee benefit cost is recognized in the following line items in the consolidated statement of income:\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nCost of revenues\n\n \n\n₹\n\n459,466\n\n \n\n \n\n₹\n\n452,800\n\n \n\n \n\n₹\n\n480,122\n\n \n\nSelling and marketing expenses\n\n \n\n \n\n51,224\n\n \n\n \n\n \n\n47,788\n\n \n\n \n\n \n\n43,060\n\n \n\nGeneral and administrative expenses\n\n \n\n \n\n38,611\n\n \n\n \n\n \n\n32,889\n\n \n\n \n\n \n\n32,673\n\n \n\n \n\n \n\n₹\n\n549,301\n\n \n\n \n\n₹\n\n533,477\n\n \n\n \n\n₹\n\n555,855\n\n \n\n \n\nDefined benefit plan actuarial (gains)/losses recognized in other comprehensive income include:\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nReturn on plan assets excluding interest income - loss/(gain)\n\n \n\n₹\n\n(675\n\n)\n\n \n\n₹\n\n(416\n\n)\n\n \n\n₹\n\n384\n\n \n\nActuarial loss/(gain) arising from financial assumptions\n\n \n\n \n\n373\n\n \n\n \n\n \n\n146\n\n \n\n \n\n \n\n730\n\n \n\nActuarial loss/(gain) arising from demographic assumptions\n\n \n\n \n\n98\n\n \n\n \n\n \n\n(115\n\n)\n\n \n\n \n\n28\n\n \n\nActuarial loss/(gain) arising from experience adjustments\n\n \n\n \n\n82\n\n \n\n \n\n \n\n(12\n\n)\n\n \n\n \n\n(1,290\n\n)\n\nChange in the effect of asset ceiling - loss/(gain)\n\n \n\n \n\n(71\n\n)\n\n \n\n \n\n74\n\n \n\n \n\n \n\n6\n\n \n\n(Gain)/loss on re-measurement of defined benefit plans, net\n\n \n\n₹\n\n(193\n\n)\n\n \n\n₹\n\n(323\n\n)\n\n \n\n₹\n\n(142\n\n)\n\nDeferred tax (asset)/liability thereon\n\n \n\n \n\n111\n\n \n\n \n\n \n\n49\n\n \n\n \n\n \n\n10\n\n \n\n(Gain)/loss on re-measurement of defined benefit plans, net of deferred taxes\n\n \n\n₹\n\n(82\n\n)\n\n \n\n₹\n\n(274\n\n)\n\n \n\n₹\n\n(132\n\n)\n\n \n\n-176-\n\n[Table of Contents](#toc_page)\n\n \n\nb)\nGratuity and foreign pension\n\nDefined benefit plans include gratuity for employees drawing salary in Indian Rupees, pension and certain benefit plans in foreign jurisdictions.\n\nAmount recognized in the consolidated statement of income in respect of defined benefit plans is as follows:\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nCurrent service cost\n\n \n\n₹\n\n2,993\n\n \n\n \n\n₹\n\n3,205\n\n \n\n \n\n₹\n\n3,795\n\n \n\nPast service cost\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n3,566\n\n \n\nNet interest expense on net defined benefit liability\n\n \n\n \n\n45\n\n \n\n \n\n \n\n95\n\n \n\n \n\n \n\n268\n\n \n\nNet charge to consolidated statement of income\n\n \n\n₹\n\n3,038\n\n \n\n \n\n₹\n\n3,300\n\n \n\n \n\n₹\n\n7,629\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nActual return on plan assets\n\n \n\n₹\n\n1,828\n\n \n\n \n\n₹\n\n1,646\n\n \n\n \n\n₹\n\n879\n\n \n\n \n\nChange in present value of defined benefit obligation is summarized below:\n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nDefined benefit obligation at the beginning of the year\n\n \n\n \n\n \n\n₹\n\n21,516\n\n \n\n \n\n₹\n\n24,188\n\n \n\nAddition through Business combination\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,311\n\n \n\nCurrent service cost\n\n \n\n \n\n \n\n \n\n3,205\n\n \n\n \n\n \n\n3,795\n\n \n\nPast service cost\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n3,566\n\n \n\nInterest expense on obligation\n\n \n\n \n\n \n\n \n\n1,308\n\n \n\n \n\n \n\n1,506\n\n \n\nBenefits paid\n\n \n\n \n\n \n\n \n\n(2,627\n\n)\n\n \n\n \n\n(2,631\n\n)\n\nContributions from plan participants and due to transfer\n\n \n\n \n\n \n\n \n\n558\n\n \n\n \n\n \n\n87\n\n \n\nRemeasurement loss/(gain)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nActuarial loss/(gain) arising from financial assumptions\n\n \n\n \n\n \n\n \n\n146\n\n \n\n \n\n \n\n730\n\n \n\nActuarial loss/(gain) arising from demographic assumptions\n\n \n\n \n\n \n\n \n\n(115\n\n)\n\n \n\n \n\n28\n\n \n\nActuarial loss/(gain) arising from experience adjustments\n\n \n\n \n\n \n\n \n\n(12\n\n)\n\n \n\n \n\n(1,290\n\n)\n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n209\n\n \n\n \n\n \n\n1,291\n\n \n\nDefined benefit obligation at the end of the year\n\n \n\n \n\n \n\n₹\n\n24,188\n\n \n\n \n\n₹\n\n32,581\n\n \n\n \n\nChange in plan assets is summarized below:\n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nFair value of plan assets at the beginning of the year\n\n \n\n \n\n \n\n₹\n\n20,022\n\n \n\n \n\n₹\n\n22,231\n\n \n\nAddition through Business combination\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n211\n\n \n\nExpected return on plan assets\n\n \n\n \n\n \n\n \n\n1,230\n\n \n\n \n\n \n\n1,263\n\n \n\nEmployer contributions\n\n \n\n \n\n \n\n \n\n141\n\n \n\n \n\n \n\n5,417\n\n \n\nBenefits paid\n\n \n\n \n\n \n\n \n\n(313\n\n)\n\n \n\n \n\n(188\n\n)\n\nContributions from plan participants and due to transfer\n\n \n\n \n\n \n\n \n\n558\n\n \n\n \n\n \n\n87\n\n \n\nRemeasurement (loss)/gain\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nReturn on plan assets excluding interest income - (loss)/gain\n\n \n\n \n\n \n\n \n\n416\n\n \n\n \n\n \n\n(384\n\n)\n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n177\n\n \n\n \n\n \n\n1,200\n\n \n\nFair value of plan assets at the end of the year\n\n \n\n \n\n \n\n₹\n\n22,231\n\n \n\n \n\n₹\n\n29,837\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nDefined benefit obligation\n\n \n\n \n\n \n\n₹\n\n24,188\n\n \n\n \n\n₹\n\n32,581\n\n \n\nFair value of plan assets\n\n \n\n \n\n \n\n \n\n22,231\n\n \n\n \n\n \n\n29,837\n\n \n\nPresent value of unfunded obligation\n\n \n\n \n\n \n\n₹\n\n(1,957\n\n)\n\n \n\n₹\n\n(2,744\n\n)\n\nChange in the effect of asset ceiling\n\n \n\n \n\n \n\n \n\n(545\n\n)\n\n \n\n \n\n(678\n\n)\n\nRecognized liability\n\n \n\n \n\n \n\n₹\n\n(2,502\n\n)\n\n \n\n₹\n\n(3,422\n\n)\n\n \n\nChange in effect of asset ceiling is summarized below:\n\n \n\n-177-\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nEffect of asset ceiling at the beginning of the year\n\n \n\n \n\n \n\n₹\n\n442\n\n \n\n \n\n₹\n\n545\n\n \n\nInterest expense on effect of asset ceiling\n\n \n\n \n\n \n\n \n\n17\n\n \n\n \n\n \n\n25\n\n \n\nChanges in the effect of limiting the surplus to the asset ceiling\n\n \n\n \n\n \n\n \n\n74\n\n \n\n \n\n \n\n6\n\n \n\nTranslation adjustment\n\n \n\n \n\n \n\n \n\n12\n\n \n\n \n\n \n\n102\n\n \n\nEffect of asset ceiling at the end of the year\n\n \n\n \n\n \n\n₹\n\n545\n\n \n\n \n\n₹\n\n678\n\n \n\n \n\nAs at March 31, 2025 and 2026, plan assets were primarily invested in insurer managed funds.\n\nThe Company has established an income tax approved irrevocable trust fund to which it regularly contributes to finance the liabilities of the gratuity plan. The fund’s investments are managed by certain insurance companies as per the selection made by the trustees among the fund plan available.\n\nThe principal assumptions used for the purpose of actuarial valuation of these defined benefit plans are as follows:\n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nDiscount rate\n\n \n\n \n\n \n\n \n\n5.75\n\n%\n\n \n\n \n\n5.70\n\n%\n\nExpected return on plan assets\n\n \n\n \n\n \n\n5.75\n\n%\n\n \n\n \n\n5.70\n\n%\n\nExpected rate of salary increase\n\n \n\n \n\n \n\n \n\n6.40\n\n%\n\n \n\n \n\n6.44\n\n%\n\nWeighted average duration of defined benefit obligations\n\n \n\n \n\n \n\n7.03 years\n\n \n\n \n\n6.53 years\n\n \n\n \n\nThe discount rate is primarily based on the prevailing market yields of government securities for the estimated term of the obligations. The estimates of future salary increase considered takes into account the inflation, seniority, promotion and other relevant factors. Attrition rate considered is the management’s estimate, based on previous years’ employee turnover of the Company.\n\n \n\nThe expected return on plan assets is based on expectation of the average long-term rate of return expected on investments of the fund during the estimated term of the obligations.\n\nExpected future contribution and estimated future benefit payments from the fund are as follows:\n\n \n\nFor the year ended March 31, 2025\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nExpected contribution to the fund during the year ending March 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n₹\n\n3,545\n\n \n\nEstimated benefit payments from the fund for the year ending March 31:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n2026\n\n \n\n \n\n \n\n \n\n \n\n₹\n\n3,565\n\n \n\n2027\n\n \n\n \n\n \n\n \n\n \n\n \n\n3,218\n\n \n\n2028\n\n \n\n \n\n \n\n \n\n \n\n \n\n2,953\n\n \n\n2029\n\n \n\n \n\n \n\n \n\n \n\n \n\n2,736\n\n \n\n2030\n\n \n\n \n\n \n\n \n\n \n\n \n\n2,412\n\n \n\nThereafter\n\n \n\n \n\n \n\n \n\n \n\n \n\n17,692\n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n₹\n\n32,576\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFor the year ended March 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nExpected contribution to the fund during the year ending March 31, 2027\n\n \n\n \n\n \n\n \n\n \n\n₹\n\n3,515\n\n \n\nEstimated benefit payments from the fund for the year ending March 31:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n2027\n\n \n\n \n\n \n\n \n\n \n\n₹\n\n5,493\n\n \n\n2028\n\n \n\n \n\n \n\n \n\n \n\n \n\n4,518\n\n \n\n2029\n\n \n\n \n\n \n\n \n\n \n\n \n\n4,134\n\n \n\n2030\n\n \n\n \n\n \n\n \n\n \n\n \n\n3,748\n\n \n\n2031\n\n \n\n \n\n \n\n \n\n \n\n \n\n3,493\n\n \n\nThereafter\n\n \n\n \n\n \n\n \n\n \n\n \n\n21,690\n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n₹\n\n43,076\n\n \n\n \n\nThe expected benefits are based on the same assumptions used to measure the Company’s benefit obligations as at March 31, 2026.\n\nSensitivity for significant actuarial assumptions is computed to show the movement in defined benefit obligation by 1 percentage.\n\nAs of March 31, 2026, every 1 percentage point increase/(decrease) in discount rate will result in (decrease)/increase of defined benefit obligation by approximately ₹ (1,914) and ₹ 2,228, respectively (March 31, 2025: ₹ (1,565) and ₹ 1,807, respectively).\n\n-178-\n\n[Table of Contents](#toc_page)\n\n \n\nAs of March 31, 2026, every 1 percentage point increase/(decrease) in expected rate of salary will result in increase/(decrease) of defined benefit obligation by approximately ₹ 1,620 and ₹ (1,512), respectively (March 31, 2025: ₹ 1,189 and ₹ (1,129), respectively).\n\n \n\nThe sensitivity analysis to significant actuarial assumptions may not be representative of the actual change in the defined benefit obligations as the change in assumptions may not occur in isolation since some of the assumptions may be correlated. Furthermore, in presenting the sensitivity analysis, the present value of the defined benefit obligations has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognized in the consolidated statement of financial position.\n\nc)\nProvident fund:\n\nThe details of fund and plan assets are given below:\n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nFair value of plan assets\n\n \n\n \n\n \n\n₹\n\n121,067\n\n \n\n \n\n₹\n\n133,417\n\n \n\nPresent value of defined benefit obligation\n\n \n\n \n\n \n\n(121,067\n\n)\n\n \n\n \n\n(133,417\n\n)\n\nNet shortfall\n\n \n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\nThe total expense for the years ended March 31, 2024, 2025 and 2026 is ₹ 6,265, ₹ 6,517 and ₹ 7,058, respectively.\n\nThe plan assets have been invested as per the regulations of Employees' Provident Fund Organization (EPFO).\n\nThe principal assumptions used in determining the present value obligation of interest guarantee under the deterministic approach are as follows:\n\n \n\n \n\n \n\n \n\n \n\nAs at March 31,\n\n \n\n \n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nDiscount rate for the term of the obligation\n\n \n\n \n\n \n\n \n\n6.55\n\n%\n\n \n\n \n\n6.50\n\n%\n\nWeighted average remaining tenure of investment portfolio\n\n \n\n \n\n \n\n6.71 years\n\n \n\n \n\n13.81 years\n\n \n\nGuaranteed rate of return\n\n \n\n \n\n \n\n \n\n8.25\n\n%\n\n \n\n \n\n8.25\n\n%\n\n \n\nd)\nDefined contribution plans:\n\nThe total expense for the years ended March 31, 2024, 2025 and 2026 was ₹ 9,969, ₹ 10,584 and ₹ 11,146, respectively.\n\n31. Related party relationship and transactions\n\nThe list of subsidiaries, associate and joint venture as of March 31, 2026 are provided in the table below:\n\n \n\nSubsidiaries\n\nSubsidiaries\n\nSubsidiaries\n\nCountry of Incorporation\n\nHolding\n\nAttune Consulting India Private Limited\n\n \n\n \n\nIndia\n\n100.00%\n\nCapco Technologies Private Limited\n\n \n\n \n\nIndia\n\n100.00%\n\nWipro Chengdu Limited\n\nChina\n\n8.96%\n\nWipro Holdings (UK) Limited\n\n \n\nU.K.\n\n100.00%\n\n \n\nWipro Technologies SRL\n\n \n\nRomania\n\n^\n\nWipro IT Services Bangladesh Limited\n\n \n\n \n\nBangladesh\n\n100.00%\n\nWipro IT Services UK Societas\n\n \n\n \n\nU.K.\n\n100.00%\n\n \n\nCapco Consulting Middle East FZE (2)\n\n \n\nUAE\n\n100.00%\n\n \n\nDesignit A/S\n\n \n\nDenmark\n\n100.00%\n\n \n\n \n\nDesignit Denmark A/S\n\nDenmark\n\n100.00%\n\n \n\n \n\nDesignit Germany GmbH\n\nGermany\n\n100.00%\n\n \n\n \n\nDesignit Oslo A/S\n\nNorway\n\n100.00%\n\n \n\n \n\nDesignit Spain Digital, S.L.U\n\nSpain\n\n100.00%\n\n \n\n \n\nDesignit T.L.V Ltd.\n\nIsrael\n\n100.00%\n\n \n\nWipro Bahrain Limited Co. W.L.L\n\nBahrain\n\n100.00%\n\n \n\nWipro Czech Republic IT Services s.r.o.\n\n \n\nCzech Republic\n\n100.00%\n\n-179-\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nWipro CRM Services\n\n \n\nBelgium\n\n100.00%\n\n \n\n \n\nWipro 4C Consulting France SAS\n\nFrance\n\n100.00%\n\n \n\n \n\nWipro CRM Services B.V.\n\nNetherlands\n\n100.00%\n\n \n\n \n\nWipro CRM Services ApS\n\nDenmark\n\n100.00%\n\n \n\n \n\nWipro CRM Services UK Limited\n\nU.K.\n\n100.00%\n\n \n\nGrove Holdings 2 S.á.r.l\n\n \n\nLuxembourg\n\n100.00%\n\n \n\n \n\nCapco Solution Services GmbH\n\nGermany\n\n100.00%\n\n \n\n \n\nThe Capital Markets Company Italy Srl\n\nItaly\n\n100.00%\n\n \n\n \n\nCapco Brasil Serviços E Consultoria Ltda\n\nBrazil\n\n99.99%\n\n \n\n \n\nThe Capital Markets Company BV (1)\n\nBelgium\n\n100.00%\n\n \n\nPT. WT Indonesia\n\nIndonesia\n\n99.60%\n\n \n\nRainbow Software LLC\n\n \n\nIraq\n\n100.00%\n\n \n\nWipro Arabia Limited\n\nSaudi Arabia\n\n66.67%\n\n \n\n \n\nWomen's Business Park Technologies Limited\n\nSaudi Arabia\n\n100.00%\n\n \n\nWipro Doha LLC\n\n \n\nQatar\n\n100.00%\n\n \n\nWipro Financial Outsourcing Services Limited\n\n \n\nU.K.\n\n100.00%\n\n \n\n \n\nWipro UK Limited\n\nU.K.\n\n100.00%\n\n \n\nWipro Gulf LLC\n\nSultanate of Oman\n\n99.98%\n\n \n\nWipro Information Technology Netherlands BV.\n\n \n\nNetherlands\n\n100.00%\n\n \n\n \n\nWipro Gulf LLC\n\nSultanate of Oman\n\n0.02%\n\n \n\n \n\nWipro Technologies SA\n\nArgentina\n\n2.62%\n\n \n\n \n\nWipro (Thailand) Co. Limited\n\nThailand\n\n0.03%\n\n \n\n \n\nWipro Technologies GmbH\n\nGermany\n\n14.87%\n\n \n\n \n\nWipro Do Brasil Sistemas De Informatica Ltda\n\nBrazil\n\n0.07%\n\n \n\nWipro do Brasil Technologia Ltda (1)\n\nBrazil\n\n99.44%\n\n \n\nWipro Information Technology Kazakhstan LLP\n\nKazakhstan\n\n100.00%\n\n \n\nWipro Outsourcing Services (Ireland) Limited\n\nIreland\n\n100.00%\n\n \n\nWipro Portugal S.A. (1)\n\nPortugal\n\n100.00%\n\n \n\nWipro Solutions Canada Limited\n\nCanada\n\n100.00%\n\n \n\nWipro Technologies Limited\n\nRussia\n\n99.99%\n\n \n\nWipro Technologies Peru SAC\n\nPeru\n\n99.98%\n\n \n\nWipro Technologies W.T. Sociedad Anonima\n\nCosta Rica\n\n100.00%\n\n \n\n \n\nWipro Technology Chile SPA\n\nChile\n\n100.00%\n\n \n\n \n\nApplied Value Technologies B.V.\n\nNetherlands\n\n100.00%\n\n \n\nWipro IT Service Ukraine, LLC\n\n \n\nUkraine\n\n100.00%\n\n \n\nWipro IT Services Poland SP Z.O.O\n\n \n\nPoland\n\n100.00%\n\n \n\nWipro IT Services S.R.L.\n\n \n\nRomania\n\n100.00%\n\n \n\nWipro Regional Headquarter\n\n \n\nSaudi Arabia\n\n100.00%\n\n \n\nWipro Technologies Australia Pty Ltd\n\nAustralia\n\n100.00%\n\n \n\n \n\nWipro Ampion Holdings Pty Ltd (1)\n\nAustralia\n\n100.00%\n\n \n\nWipro Technologies SA\n\n \n\nArgentina\n\n97.38%\n\n \n\nWipro Technologies SA DE CV\n\n \n\nMexico\n\n91.08%\n\n \n\nWipro Technologies South Africa (Proprietary) Limited\n\n \n\nSouth Africa\n\n69.42%\n\n \n\n \n\nWipro Technologies Nigeria Limited\n\nNigeria\n\n99.84%\n\n \n\nWipro Technologies SRL\n\nRomania\n\n100.00%\n\n \n\nWipro (Thailand) Co. Limited\n\nThailand\n\n99.97%\n\n \n\nWipro Shanghai Limited\n\n \n\nChina\n\n84.63%\n\n \n\nWipro Technologies Nigeria Limited\n\n \n\nNigeria\n\n0.16%\n\n \n\nWipro Technologies Limited\n\n \n\nRussia\n\n0.01%\n\n \n\nWipro Technologies Peru SAC\n\n \n\nPeru\n\n0.02%\n\nWipro Japan KK\n\n \n\nJapan\n\n100.00%\n\nWipro Networks Pte Limited\n\nSingapore\n\n100.00%\n\n \n\nApplied Value Technologies Pte. Limited\n\n \n\nSingapore\n\n100.00%\n\n \n\nWipro Chengdu Limited\n\n \n\nChina\n\n91.04%\n\n \n\nPT. WT Indonesia\n\nIndonesia\n\n0.40%\n\n-180-\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nWipro (Thailand) Co. Limited\n\nThailand\n\n^\n\n \n\nWipro (Dalian) Limited\n\nChina\n\n100.00%\n\n \n\nWipro Technologies SDN BHD\n\n \n\nMalaysia\n\n100.00%\n\n \n\nWipro (Tianjin) Limited (3)\n\n \n\nChina\n\n100.00%\n\nWipro Philippines, Inc.\n\n \n\n \n\nPhilippines\n\n100.00%\n\nWipro Shanghai Limited\n\nChina\n\n15.37%\n\nWipro Travel Services Limited\n\nIndia\n\n100.00%\n\nWipro, LLC\n\n \n\n \n\nUSA\n\n100.00%\n\n \n\nWipro Technologies SA DE CV\n\n \n\nMexico\n\n8.92%\n\n \n\nWipro Gallagher Solutions, LLC\n\n \n\nUSA\n\n100.00%\n\n \n\nWipro Insurance Solutions, LLC\n\n \n\nUSA\n\n100.00%\n\n \n\nWipro IT Services, LLC (8)\n\n \n\nUSA\n\n100.00%\n\n \n\n \n\nAggne Global Inc.\n\nUSA\n\n60.00%\n\n \n\n \n\nEdgile, LLC\n\nUSA\n\n100.00%\n\n \n\n \n\nHealthPlan Services, Inc. (1)\n\nUSA\n\n100.00%\n\n \n\n \n\nInfocrossing, LLC\n\nUSA\n\n100.00%\n\n \n\n \n\nInternational TechneGroup Incorporated (1)\n\nUSA\n\n100.00%\n\n \n\n \n\nWipro NextGen Enterprise Inc. (1)\n\nUSA\n\n100.00%\n\n \n\n \n\nRizing Intermediate Holdings, Inc. (1)\n\nUSA\n\n100.00%\n\n \n\n \n\nWipro Appirio, Inc. (1)\n\nUSA\n\n100.00%\n\n \n\n \n\nWipro Designit Services, Inc. (1)\n\nUSA\n\n100.00%\n\n \n\n \n\nWipro Telecom Consulting LLC\n\nUSA\n\n100.00%\n\n \n\n \n\nWipro VLSI Design Services, LLC\n\nUSA\n\n100.00%\n\n \n\n \n\nApplied Value Technologies, Inc.\n\nUSA\n\n100.00%\n\n \n\n \n\nWipro Business Services LLC (10)\n\nUSA\n\n100.00%\n\n \n\n \n\nThe Capital Markets Company, LLC (1) (7)\n\nUSA\n\n100.00%\n\nAggne Global IT Services Private Limited\n\n \n\n \n\nIndia\n\n60.00%\n\nWipro, Inc.\n\n \n\n \n\nUSA\n\n100.00%\n\n \n\nWipro Life Science Solutions, LLC\n\n \n\nUSA\n\n100.00%\n\nWipro Connected Services, Inc. (Formerly known as Harman Connected Services, Inc.) (4) (5)\n\n \n\n \n\nUSA\n\n100.00%\n\n \n\nWipro Connected Services Mauritius Pvt Ltd (Formerly known as Harman Connected Services Mauritius Pvt Ltd)\n\n \n\nMauritius\n\n100.00%\n\n \n\n \n\nConnected Services Corporation Wipro India Private Limited (Formerly known as Harman Connected Services Corporation India Pvt. Ltd.)\n\nIndia\n\n98.40%\n\n \n\nConnected Services Corporation Wipro India Private Limited (Formerly known as Harman Connected Services Corporation India Pvt. Ltd.)\n\n \n\nIndia\n\n1.60%\n\n \n\nWipro Connected Services Engineering Corp. (Formerly known as Harman Connected Services Engineering Corp.)\n\n \n\nUSA\n\n100.00%\n\n \n\nWipro Connected Services UK Limited (Formerly known as Harman Connected Services UK Limited)\n\n \n\nUK\n\n100.00%\n\n \n\n \n\nHarman Connected Services Morocco\n\nMorocco\n\n100.00%\n\n \n\nWipro Connected Services US Midco LLC (Formerly known as Harman Connected Services US Midco LLC)\n\n \n\nUSA\n\n100.00%\n\n \n\n \n\nHarman Connected Services AB (1)\n\nSweden\n\n100.00%\n\n \n\n \n\n \n\n \n\n \n\n-181-\n\n[Table of Contents](#toc_page)\n\n \n\nThe Wipro SA Broad Based Ownership Scheme Trust\n\n \n\n \n\n \n\n \n\n \n\nWipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD\n\n \n\n \n\n100.00%\n\n \n\n \n\nWipro Technologies South Africa (Proprietary) Limited\n\nSouth Africa\n\n30.58%\n\n \n\n \n\n \n\n \n\n \n\n^ Value is less than 0.01%\n\n \n\n \n\n \n\n \n\n \n\nThe Company controls ‘Wipro SA Broad Based Ownership Scheme Trust’ and ‘Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD’ incorporated in South Africa and ‘Wipro Foundation’ in India. All the above direct subsidiaries are 100% held by the Company except as mentioned in footnote (2) and (3) below.\n\n(2)\nGrove Holdings 2 S.á.r.l. has transferred its entire shareholding in Capco Consulting Middle East FZE to Wipro IT Services UK Societas, effective September 19, 2025.\n\n(3)\nWipro (Tianjin) Limited has been incorporated with effect from May 23, 2025, which is 100% held by Wipro Networks Pte Limited.\n\n(4)\nThe Company, through its subsidiaries, has acquired 100% shareholding in Wipro Connected Services, Inc. (Formerly known as Harman Connected Services, Inc.) and its subsidiaries, effective December 1, 2025.\n\n(5)\nWipro Digital Inc., a wholly owned subsidiary, has merged with Wipro Connected Services, Inc. (Formerly known as Harman Connected Services, Inc.), a step-down subsidiary, effective December 1, 2025.\n\n(6)\nCardinal US Holdings, Inc transferred its entire ownership in Capco Consulting Services LLC to The Capital Markets Company, LLC effective March 30, 2026.\n\n(7)\nCapco RISC Consulting LLC merged with The Capital Markets Company, LLC effective March 30, 2026.\n\n(8)\nCardinal US Holdings, Inc. merged with Wipro IT Services, LLC effective March 31, 2026.\n\n(9)\nRizing Consulting USA, LLC (Formerly known as Rizing Consulting USA, Inc.) merged with Rizing LLC effective March 31, 2026.\n\n(10)\nWipro Business Services LLC has been incorporated as a step down subsidiary of the Company with effect from January 20, 2026, which is 100% held by Wipro, LLC.\n\n(1)\nStep Subsidiary details of The Capital Markets Company LLC, HealthPlan Services, Inc., International TechneGroup Incorporated, Wipro NextGen Enterprise Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro do Brasil Technologia Ltda, Wipro Portugal S.A. and Harman Connected Services AB are as follows:\n\n \n\nSubsidiaries\n\nSubsidiaries\n\nSubsidiaries\n\nCountry of Incorporation\n\nHolding\n\nThe Capital Markets Company, LLC\n\n \n\n \n\nUSA\n\n \n\n \n\nCapco Consulting Services LLC (6)\n\n \n\nUSA\n\n100.00%\n\nHealthPlan Services, Inc.\n\n \n\n \n\nUSA\n\n \n\n \n\nHealthPlan Services Insurance Agency, LLC\n\n \n\nUSA\n\n100.00%\n\nInternational TechneGroup Incorporated\n\n \n\n \n\nUSA\n\n \n\n \n\nInternational TechneGroup Ltd.\n\n \n\nU.K.\n\n100.00%\n\n \n\nITI Proficiency Ltd\n\n \n\nIsrael\n\n100.00%\n\n \n\nMechWorks S.R.L.\n\n \n\nItaly\n\n100.00%\n\nWipro NextGen Enterprise Inc.\n\n \n\n \n\nUSA\n\n \n\n \n\nLeanSwift AB\n\n \n\nSweden\n\n100.00%\n\nRizing Intermediate Holdings, Inc.\n\n \n\n \n\nUSA\n\n \n\n \n\nRizing Lanka (Private) Ltd\n\n \n\nSri Lanka\n\n100.00%\n\n \n\n \n\nAttune Netherlands B.V. (11)\n\nNetherlands\n\n100.00%\n\n \n\nRizing Solutions Canada Inc.\n\n \n\nCanada\n\n100.00%\n\n \n\nRizing LLC (9)\n\n \n\nUSA\n\n100.00%\n\n \n\n \n\nRizing B.V.\n\nNetherlands\n\n100.00%\n\n \n\n \n\nRizing Consulting Ireland Limited\n\nIreland\n\n100.00%\n\n \n\n \n\nRizing Consulting Pty Ltd.\n\nAustralia\n\n100.00%\n\n \n\n \n\nRizing Geospatial LLC\n\nUSA\n\n100.00%\n\n-182-\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\nRizing GmbH\n\nGermany\n\n100.00%\n\n \n\n \n\nRizing Limited\n\nU.K.\n\n100.00%\n\n \n\n \n\nRizing Pte Ltd. (11)\n\nSingapore\n\n100.00%\n\nThe Capital Markets Company BV\n\nBelgium\n\n \n\n \n\nCapAfric Consulting (Pty) Ltd\n\n \n\nSouth Africa\n\n100.00%\n\n \n\nCapco Belgium BV\n\nBelgium\n\n100.00%\n\n \n\n \n\nThe Capital Markets Company s.r.o\n\nSlovakia\n\n15.00%\n\n \n\n \n\nCapco Consultancy (Thailand) Ltd\n\nThailand\n\n0.04%\n\n \n\nCapco Consultancy (Malaysia) Sdn. Bhd\n\n \n\nMalaysia\n\n100.00%\n\n \n\nCapco Consultancy (Thailand) Ltd\n\n \n\nThailand\n\n99.92%\n\n \n\nCapco Consulting Singapore Pte. Ltd\n\n \n\nSingapore\n\n100.00%\n\n \n\nCapco Greece Single Member P.C\n\n \n\nGreece\n\n100.00%\n\n \n\nCapco Poland sp. z.o.o\n\n \n\nPoland\n\n100.00%\n\n \n\nThe Capital Markets Company (UK) Ltd\n\n \n\nU.K.\n\n100.00%\n\n \n\n \n\nCapco Consultancy (Thailand) Ltd\n\nThailand\n\n0.04%\n\n \n\n \n\nThe Capital Markets Company Limited\n\nHong Kong\n\n0.01%\n\n \n\nThe Capital Markets Company GmbH\n\n \n\nGermany\n\n100.00%\n\n \n\n \n\nCapco Austria GmbH\n\nAustria\n\n100.00%\n\n \n\nThe Capital Markets Company Limited\n\n \n\nHong Kong\n\n99.99%\n\n \n\nThe Capital Markets Company Limited\n\n \n\nCanada\n\n100.00%\n\n \n\n \n\nCapco Brasil Serviços E Consultoria Ltda\n\nBrazil\n\n0.01%\n\n \n\nThe Capital Markets Company S.á.r.l\n\n \n\nSwitzerland\n\n100.00%\n\n \n\n \n\nAndrion AG\n\nSwitzerland\n\n100.00%\n\n \n\nThe Capital Markets Company S.A.S\n\n \n\nFrance\n\n100.00%\n\n \n\nThe Capital Markets Company s.r.o\n\n \n\nSlovakia\n\n85.00%\n\nWipro Ampion Holdings Pty Ltd\n\n \n\n \n\nAustralia\n\n \n\n \n\nWipro Revolution IT Pty Ltd\n\n \n\nAustralia\n\n100.00%\n\n \n\nWipro Shelde Australia Pty Ltd\n\n \n\nAustralia\n\n100.00%\n\nWipro Appirio, Inc.\n\n \n\n \n\nUSA\n\n \n\n \n\nWipro Appirio (Ireland) Limited\n\n \n\nIreland\n\n100.00%\n\n \n\n \n\nWipro Appirio UK Limited\n\nU.K.\n\n100.00%\n\n \n\nTopcoder, LLC\n\n \n\nUSA\n\n100.00%\n\nWipro Designit Services, Inc.\n\n \n\n \n\nUSA\n\n \n\n \n\nWipro Designit Services Limited\n\n \n\nIreland\n\n100.00%\n\nWipro do Brasil Technologia Ltda\n\n \n\n \n\nBrazil\n\n \n\n \n\nWipro do Brasil Servicos Ltda\n\n \n\nBrazil\n\n100.00%\n\n \n\nWipro Do Brasil Sistemas De Informatica Ltda\n\n \n\nBrazil\n\n96.84%\n\nWipro Portugal S.A.\n\nPortugal\n\n \n\n \n\nWipro do Brasil Technologia Ltda\n\n \n\nBrazil\n\n0.56%\n\n \n\nWipro Do Brasil Sistemas De Informatica Ltda\n\n \n\nBrazil\n\n3.09%\n\nWipro Technologies GmbH\n\nGermany\n\n85.13%\n\n \n\n \n\nWipro Business Solutions GmbH (11)\n\nGermany\n\n100.00%\n\n \n\n \n\nWipro IT Services Austria GmbH\n\nAustria\n\n100.00%\n\nHarman Connected Services AB\n\n \n\n \n\nSweden\n\n \n\n \n\nHarman Connected Services Solutions (Chengdu) Co. Ltd.\n\n \n\nChina\n\n100.00%\n\n \n\n(11)\nStep Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd. and Wipro Business Solutions GmbH are as follows:\n\n \n\n-183-\n\n[Table of Contents](#toc_page)\n\n \n\nSubsidiaries\n\nSubsidiaries\n\nSubsidiaries\n\nCountry of Incorporation\n\nHolding\n\nAttune Netherlands B.V.\n\n \n\n \n\nNetherlands\n\n \n\n \n\nRizing Germany GmbH\n\n \n\nGermany\n\n100.00%\n\n \n\nAttune Italia S.R.L\n\n \n\nItaly\n\n100.00%\n\n \n\nAttune UK Ltd.\n\n \n\nU.K.\n\n100.00%\n\nRizing Pte Ltd.\n\n \n\n \n\nSingapore\n\n \n\n \n\nRizing New Zealand Ltd.\n\n \n\nNew Zealand\n\n100.00%\n\n \n\nRizing Philippines Inc.\n\n \n\nPhilippines\n\n100.00%\n\n \n\nRizing SDN BHD\n\n \n\nMalaysia\n\n100.00%\n\n \n\nRizing Solutions Pty Ltd\n\n \n\nAustralia\n\n100.00%\n\nWipro Business Solutions GmbH\n\n \n\n \n\nGermany\n\n \n\n \n\nWipro Technology Solutions S.R.L\n\n \n\nRomania\n\n100.00%\n\n \n\nAs at March 31, 2026, Wipro, LLC held 43.7% interest in Drivestream Inc., incorporated in the USA, and Wipro IT Services LLC held 27% interest in SDVerse LLC, incorporated in the USA, accounted for using the equity method.\n\nThe list of controlled trusts are:\n\n \n\nName of the entity\n\nCountry of incorporation\n\nWipro Equity Reward Trust\n\nIndia\n\nWipro Foundation\n\nIndia\n\n \n\nVide the order dated June 06, 2025, the Hon’ble National Company Law Tribunal, Bengaluru bench, approved the scheme of amalgamation for the merger of wholly owned subsidiaries Wipro HR Services India Private Limited, Wipro Overseas IT Services Private Limited, Wipro Technology Product Services Private Limited, Wipro Trademarks Holding Limited and Wipro VLSI Design Services India Private Limited with Wipro Limited. As per the said scheme, the appointed date is April 1, 2025.\n\nThe other related parties are:\n\n \n\nName of the related parties:\n\nNature\n\nAzim Premji Foundation\n\nEntity controlled by Promoters\n\nAzim Premji Foundation for Development\n\nEntity controlled by Promoters\n\nHasham Traders\n\nEntity controlled by Promoters\n\nPrazim Traders\n\nEntity controlled by Promoters\n\nZash Traders\n\nEntity controlled by Promoters\n\nHasham Investment and Trading Co. Pvt. Ltd\n\nEntity controlled by Promoters\n\nAzim Premji Philanthropic Initiatives Pvt. Ltd\n\nEntity controlled by Promoters\n\nAzim Premji Trust\n\nEntity controlled by Promoters\n\nAzim Premji Trustee Company Pvt Ltd\n\nEntity controlled by Promoters\n\nAzim Premji Safe Deposit Pvt Ltd\n\nEntity controlled by Promoters\n\nHasham Premji Pvt Ltd\n\nEntity controlled by Promoters\n\nPI Opportunities Fund I\n\nEntity controlled by Promoters\n\nPI Opportunities Fund II\n\nEntity controlled by Promoters\n\nApex Trust\n\nEntity controlled by Promoters\n\nNapean Trading and Investment Company (Singapore) Pte Ltd\n\nEntity controlled by Promoters\n\nPioneer Private Trust\n\nEntity controlled by Promoters\n\nPioneer Investment Fund\n\nEntity controlled by Promoters\n\nAzim Premji Trust Services Pvt Ltd\n\nEntity controlled by Promoters\n\nPl International Holdings LLC\n\nEntity controlled by Promoters\n\nAzim Premji Custodial & Management Service Private Limited\n\nEntity controlled by Promoters\n\nAzim Premji Education Trust\n\nEntity controlled by Promoters\n\nPrazim Trading & Investment Company Private Limited\n\nEntity controlled by Promoters\n\nNina Investment & Estates Pvt. Ltd.\n\nEntity controlled by Promoters\n\nVarsha Investment & Estates Pvt. Ltd.\n\nEntity controlled by Promoters\n\nBharti Investment & Estates Pvt. Ltd.\n\nEntity controlled by Promoters\n\nNapean Opportunities LLP\n\nEntity controlled by Promoters\n\nBest Value Chem Private Limited\n\nEntity controlled by Promoters\n\nPI Investment Advisory LLP\n\nEntity controlled by Promoters\n\nWEPL Family Trust\n\nEntity controlled by Promoters\n\nHygienic Research Institute Private Limited\n\nEntity controlled by Promoters\n\nWipro Enterprises (P) Limited and its subsidiaries\n\nEntity controlled by Promoters\n\nAzim Premji University\n\nEntity controlled by Promoters\n\nPI Opportunities Fund I Scheme II\n\nEntity controlled by Promoters\n\n-184-\n\n[Table of Contents](#toc_page)\n\n \n\nPI Opportunities AIF V LLP\n\nEntity controlled by Promoters\n\nVidyaniti LLP\n\nEntity controlled by Promoters\n\nPioneer Investment Fund Scheme II\n\nEntity controlled by Promoters\n\nTariq Azim Premji Trust\n\nEntity controlled by Promoters\n\nPioneer Independent Trust\n\nEntity controlled by Promoters\n\nCentral Camera Co. Pvt. Ltd.\n\nEntity controlled by Promoters\n\nGem Photographic (India) Pvt. Ltd.\n\nEntity controlled by Promoters\n\nWipro GE Healthcare Private Limited\n\nJoint Venture between Wipro Enterprises (P) Limited and General Electric\n\nS.B. Packagings Private Limited\n\nEntity with significant influence of Promoters\n\nFinancial Software and Systems Private Limited\n\nEntity with significant influence of Promoters\n\nFab India Limited\n\nEntity with significant influence of Promoters\n\nAmagi Media Labs Private Limited\n\nEntity with significant influence of Promoters\n\nFinnovation Tech Solutions Private Limited\n\nEntity with significant influence of Promoters\n\nShubham Housing Development Finance Company Limited\n\nEntity with significant influence of Promoters\n\nMicroplastics Private Limited\n\nEntity with significant influence of Promoters\n\nComfort Grid Technologies Private Limited\n\nEntity with significant influence of Promoters\n\nTI Medical Private Limited\n\nEntity with significant influence of Promoters\n\nIndiejewel Fashions Private Limited\n\nEntity with significant influence of Promoters\n\nThe Woodenstreet Furnitures Private Limited\n\nEntity with significant influence of Promoters\n\nSBI General Insurance Company Limited\n\nEntity with significant influence of Promoters\n\nWeaver Services Private Limited\n\nEntity with significant influence of Promoters\n\nKrazybee Services Private Limited\n\nEntity with significant influence of Promoters\n\n \n\n \n\n \n\n \n\n \n\nPost-employment benefit plans\n\n \n\n \n\n \n\nWipro Information Technology Limited Provident Fund Trust\n\nPost-employment benefit plans\n\n \n\n \n\nWipro Systems Provident Fund Trust\n\nPost-employment benefit plans\n\n \n\n \n\nWipro Limited Management Employees Pension Fund\n\nPost-employment benefit plans\n\n \n\n \n\nWipro Limited BPO Division Employees Superannuation Trust\n\nPost-employment benefit plans\n\n \n\n \n\nWipro Infotech Limited Management Employees Pension Fund\n\nPost-employment benefit plans\n\n \n\n \n\nWipro Limited Employees Superannuation Fund\n\nPost-employment benefit plans\n\n \n\n \n\nWipro Limited Employees Gratuity Fund\n\nPost-employment benefit plans\n\n \n\n \n\nWipro Limited BPO Division Employees Gratuity Trust\n\nPost-employment benefit plans\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nKey management personnel\n\n \n\n \n\n \n\n \n\nAzim H. Premji\n\n \n\nNon-Executive, Non-Independent Director (designated as \"Founder Chairman\") (1)\n\n \n\n \n\nRishad A. Premji\n\n \n\nChairman of the Board (designated as \"Executive Chairman\")\n\n \n\n \n\nSrinivas Pallia\n\n \n\nChief Executive Officer and Managing Director\n\n \n\n \n\nAparna C. Iyer\n\n \n\nChief Financial Officer\n\n \n\n \n\nPäivi Rekonen\n\n \n\nIndependent Director\n\n \n\n \n\nN. S. Kannan\n\n \n\nIndependent Director\n\n \n\n \n\nDr. Patrick J. Ennis\n\n \n\nIndependent Director (2)\n\n \n\n \n\nPatrick Dupuis\n\n \n\nIndependent Director (2)\n\n \n\n \n\nLaura Marie Miller\n\n \n\nIndependent Director (3)\n\n \n\n \n\nDeepak M. Satwalekar\n\n \n\nIndependent Director\n\n \n\n \n\nTulsi Naidu\n\n \n\nIndependent Director\n\n \n\n \n\n \n\n(1)\nMr. Azim H. Premji is the ultimate controlling party.\n\n(2)\nDr. Patrick J. Ennis and Mr. Patrick Dupuis retired from their positions as Independent Directors of the Company with effect from the close of business hours on March 31, 2026.\n\n(3)\nOn March 5, 2026, the Board of Directors approved the appointment of Ms. Laura Marie Miller as an Additional Director in the capacity of Independent Director for a term of five years, with effect from April 1, 2026 to March 31, 2031, subject to the approval of the Members of the Company. The appointment was approved by the Members of the Company vide special resolution dated May 21, 2026, passed through postal ballot by e-voting.\n\nClose members of Key management personnel:\n\n- Yasmeen A. Premji\n\n- Tariq A. Premji\n\n- Aditi Mehta Premji\n\n- Avita Hazarika\n\n-185-\n\n[Table of Contents](#toc_page)\n\n \n\nThe Company has the following related party transactions:\n\n \n\n \n\nEntities controlled by/with significant influence of Promoters\n\nKey Management Personnel\n\n \n\n \n\nAssociate / Joint Venture\n\n \n\n \n\nOther related parties\n\n \n\nTransactions for the year ended March 31, 2024\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSale of goods and services\n\n₹\n\n559\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\nPurchase of services\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n107\n\n \n\n \n\n \n\n-\n\n \n\nItems of property, plant and equipments purchased\n\n \n\n330\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nDividend (1)\n\n \n\n3,577\n\n \n\n \n\n \n\n232\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nBuyback of shares (1)\n\n \n\n81,093\n\n \n\n \n\n \n\n5,028\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRental income\n\n \n\n26\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRent paid\n\n^\n\n \n\n \n\n \n\n7\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nContribution to post employment benefit plans\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n6,265\n\n \n\nOthers\n\n \n\n14\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nKey management personnel (2)(3)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRemuneration and short-term benefits (4)\n\n₹\n\n-\n\n \n\n \n\n₹\n\n1,321\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\nOther benefits (5)\n\n \n\n-\n\n \n\n \n\n \n\n585\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as at March 31, 2024\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nReceivables\n\n₹\n\n478\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\nPayables\n\n \n\n-\n\n \n\n \n\n \n\n638\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEntities controlled by/with significant influence of Promoters\n\nKey Management Personnel\n\n \n\n \n\nAssociate / Joint Venture\n\n \n\n \n\nOther related parties\n\n \n\nTransactions for the year ended March 31, 2025\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSale of goods and services\n\n₹\n\n305\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\nPurchase of services\n\n \n\n423\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nItems of property, plant and equipments purchased\n\n \n\n155\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTicketing and hospitality\n\n \n\n448\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nDividend (1)\n\n \n\n42,923\n\n \n\n \n\n \n\n2,780\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRental income\n\n \n\n31\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRent paid\n\n \n\n1\n\n \n\n \n\n \n\n12\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nContribution to post employment benefit plans\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n6,517\n\n \n\nOthers\n\n \n\n70\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nKey management personnel (2)(6)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRemuneration and short-term benefits (4)\n\n₹\n\n-\n\n \n\n \n\n₹\n\n596\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\nOther benefits (5)\n\n \n\n-\n\n \n\n \n\n \n\n283\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as at March 31, 2025\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nReceivables\n\n₹\n\n255\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\nPayables\n\n \n\n-\n\n \n\n \n\n \n\n254\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEntities controlled by/with significant influence of Promoters\n\nKey Management Personnel\n\n \n\n \n\nAssociate / Joint Venture\n\n \n\n \n\nOther related parties\n\n \n\nTransactions for the year ended March 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSale of goods and services\n\n₹\n\n358\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n7\n\n \n\n \n\n₹\n\n-\n\n \n\nPurchase of services\n\n \n\n169\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nItems of property, plant and equipments purchased\n\n \n\n145\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTicketing and hospitality\n\n \n\n418\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nDividend (1)\n\n \n\n78,692\n\n \n\n \n\n \n\n5,097\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRental income\n\n \n\n11\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRent paid\n\n \n\n1\n\n \n\n \n\n \n\n12\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nSale of investment\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n181\n\n \n\n \n\n \n\n-\n\n \n\nAdvance paid to supplier\n\n \n\n46\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nContribution to post employment benefit plans\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n7,058\n\n \n\n-186-\n\n[Table of Contents](#toc_page)\n\n \n\nContribution to Gratuity trust\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n5,220\n\n \n\nInvestment\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n348\n\n \n\n \n\n \n\n-\n\n \n\nOthers\n\n \n\n20\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nKey management personnel (2)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRemuneration and short-term benefits (4)\n\n₹\n\n-\n\n \n\n \n\n₹\n\n505\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\nOther benefits (5)\n\n \n\n-\n\n \n\n \n\n \n\n273\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as at March 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nReceivables\n\n₹\n\n371\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n-\n\n \n\nPayables\n\n \n\n-\n\n \n\n \n\n \n\n138\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n^ Value is less than 0.5\n\n(1)\nIncludes relative of key management personnel.\n\n(2)\nPost-employment benefits and other long-term benefits including compensated absences are not disclosed, as these are determined for the Company as a whole based on actuarial valuation.\n\n(3)\nRemuneration, short-term benefits and other benefits for Mr. Thierry Delaporte includes cash compensation in amount of ₹ 415, cost of accelerated vesting of ₹ 310 towards unvested stock options and ₹ 196 towards social security contributions.\n\n(4)\nRemuneration and short-term benefits includes sitting fees and commission paid to non-executive directors, non-independent directors, and independent directors.\n\n(5)\nOther benefits include ₹ 575, ₹ 277, and ₹ 267 as of March 31, 2024, 2025 and 2026, respectively towards amortization of RSUs granted to key management personnel which vest over a period of time. This also includes RSU’s that will vest based on performance parameters of the Company.\n\n(6)\nRemuneration, short-term benefits and other benefits for Mr. Srinivas Pallia is for the period from April 7, 2024 to March 31, 2025.\n\nDuring the year ended March 31, 2025, the Company allotted 231,642,592 equity shares to key management personnel and 3,576,894,608 equity shares to entities controlled by promoters on account of bonus issue.\n\nAll related party transactions were entered at an arm’s length basis and in the ordinary course of business. There are no materially significant related party transactions made by the Company with promoters, directors or key management personnel, which may have a potential conflict with the interests of the Company at large.\n\n32. Commitments and contingencies\n\nCapital commitments: As at March 31, 2025 and 2026, the Company had committed to spend approximately ₹ 8,719 and ₹ 9,416 respectively, under agreements to purchase/construct property and equipment. These amounts are net of capital advances paid in respect of these purchases. Refer to Note 8 for uncalled capital commitments on investment in equity instruments.\n\nGuarantees: As at March 31, 2025 and 2026, guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies amount to approximately ₹ 13,110 and ₹ 13,358 respectively, as part of the bank line of credit.\n\nContingencies and lawsuits: The Company is subject to legal proceedings and claims resulting from tax assessment orders/penalty notices issued under the Income-tax Act, 1961, which have arisen in the ordinary course of its business. Some of the claims involve complex issues and it is not possible to make a reasonable estimate of the expected financial effect, if any, that will result from ultimate resolution of such proceedings. However, the resolution of these legal proceedings is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.\n\nThe Company’s assessments in India are completed for the years up to March 31, 2022. The Company has received demands on multiple tax issues. These claims are primarily arising out of denial of deduction under section 10A of the Income-tax Act, 1961 in respect of profit earned by the Company’s undertaking in Software Technology Park in Bengaluru, the appeals filed against the said demand before the appellate authorities have been allowed in favor of the Company by the second appellate authority for the years up to March 31, 2008 which either has been or may be contested by the Income tax authorities before the Hon’ble Supreme Court of India. Other claims relate to disallowance of tax benefits on profits earned from Software Technology Park and Special Economic Zone units, capitalization of research and development expenses, transfer pricing adjustments on intercompany/inter unit transactions and other issues.\n\n-187-\n\n[Table of Contents](#toc_page)\n\n \n\nIncome tax claims against the Company amounting to ₹ 99,431 and ₹ 104,613 are not acknowledged as debt as at March 31, 2025 and 2026, respectively. These matters are pending before various appellate authorities and the management expects its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Company’s financial position and results of operations.\n\nThe contingent liability in respect of disputed demands for excise duty, custom duty, sales tax and other matters amounting to ₹ 19,292 and ₹ 20,733 as of March 31, 2025 and 2026, respectively. However, the resolution of these disputed demands is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.\n\n33. Segment information\n\nThe Company is now organized into the following operating segments: IT Services and IT Products.\n\nIT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”).\n\nAmericas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.\n\nAmericas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: Communication, Media and Networks, Technology Software and Gaming, Technology New Age, Health and Consumer. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: Banking and Financial services, Energy, Manufacturing and Resources, Capital markets and Insurance and Hi-tech. Europe consists of the United Kingdom and Ireland, Switzerland, Germany and Western Europe. APMEA consists of Australia and New Zealand, Southeast Asia, Japan, India, the Middle East and Africa.\n\nRevenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.\n\nOur IT Services segment provides a range of AI-powered IT and IT-enabled services including AI advisory, industry & functional consulting, AI native development, customer centric design, modernization, custom application development, infrastructure services, cybersecurity services, data and analytics services, business process services, research and development, and hardware and software design. Through AI-powered, consulting-led solutions, we help our clients transform their businesses to drive better efficiencies and generate new growth opportunities.\n\nIT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products.\n\nThe Chief Executive Officer (“CEO”) and managing director of the Company has been identified as the Chief Operating Decision Maker as defined by IFRS 8, “Operating Segments”. The CEO evaluates the segments based on their revenue growth and operating income.\n\nAssets and liabilities used in the Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.\n\n-188-\n\n[Table of Contents](#toc_page)\n\n \n\nInformation on reportable segments for the year ended March 31, 2024 is as follows:\n\n \n\n \n\n \n\nIT Services\n\n \n\n \n\nIT Products\n\n \n\n \n\nReconciling Items\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\nAmericas 1\n\n \n\n \n\nAmericas 2\n\n \n\n \n\nEurope\n\n \n\n \n\nAPMEA\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevenue\n\n \n\n₹\n\n268,230\n\n \n\n \n\n₹\n\n269,482\n\n \n\n \n\n₹\n\n253,927\n\n \n\n \n\n₹\n\n102,177\n\n \n\n \n\n₹\n\n893,816\n\n \n\n \n\n₹\n\n4,127\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n897,943\n\n \n\nSegment result\n\n \n\n \n\n59,364\n\n \n\n \n\n \n\n59,163\n\n \n\n \n\n \n\n33,354\n\n \n\n \n\n \n\n12,619\n\n \n\n \n\n \n\n164,500\n\n \n\n \n\n \n\n(371\n\n)\n\n \n\n \n\n(7,726\n\n)\n\n \n\n \n\n156,403\n\n \n\nUnallocated\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(20,304\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(20,304\n\n)\n\nSegment result total\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n144,196\n\n \n\n \n\n₹\n\n(371\n\n)\n\n \n\n₹\n\n(7,726\n\n)\n\n \n\n₹\n\n136,099\n\n \n\nFinance expense\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(12,552\n\n)\n\nFinance and other income\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n23,896\n\n \n\nShare of net profit/(loss) of associate accounted for using the equity method\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(233\n\n)\n\nProfit before tax\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n147,210\n\n \n\nIncome tax expense\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(36,089\n\n)\n\nProfit for the year\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n111,121\n\n \n\nDepreciation, amortization and impairment\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n34,071\n\n \n\n \n\nInformation on reportable segments for the year ended March 31, 2025 is as follows:\n\n \n\n \n\n \n\nIT Services\n\n \n\n \n\nIT Products\n\n \n\n \n\nReconciling Items\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\nAmericas 1\n\n \n\n \n\nAmericas 2\n\n \n\n \n\nEurope\n\n \n\n \n\nAPMEA\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevenue\n\n \n\n₹\n\n281,824\n\n \n\n \n\n₹\n\n271,972\n\n \n\n \n\n₹\n\n240,077\n\n \n\n \n\n₹\n\n94,351\n\n \n\n \n\n₹\n\n888,224\n\n \n\n \n\n₹\n\n2,692\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n890,916\n\n \n\nSegment result\n\n \n\n \n\n58,186\n\n \n\n \n\n \n\n61,326\n\n \n\n \n\n \n\n29,434\n\n \n\n \n\n \n\n12,850\n\n \n\n \n\n \n\n161,796\n\n \n\n \n\n \n\n(173\n\n)\n\n \n\n \n\n(195\n\n)\n\n \n\n \n\n161,428\n\n \n\nUnallocated\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(10,157\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(10,157\n\n)\n\nSegment result total\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n151,639\n\n \n\n \n\n₹\n\n(173\n\n)\n\n \n\n₹\n\n(195\n\n)\n\n \n\n₹\n\n151,271\n\n \n\nFinance expense\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(14,770\n\n)\n\nFinance and other income\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n38,202\n\n \n\nShare of net profit/(loss) of associate and joint venture accounted for using the equity method\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n254\n\n \n\nProfit before tax\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n174,957\n\n \n\nIncome tax expense\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(42,777\n\n)\n\nProfit for the year\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n132,180\n\n \n\nDepreciation, amortization and impairment\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n29,579\n\n \n\n \n\n-189-\n\n[Table of Contents](#toc_page)\n\n \n\nInformation on reportable segments for the year ended March 31, 2026 is as follows:\n\n \n\n \n\n \n\nIT Services\n\n \n\n \n\nIT Products\n\n \n\n \n\nReconciling Items\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\nAmericas 1\n\n \n\n \n\nAmericas 2\n\n \n\n \n\nEurope\n\n \n\n \n\nAPMEA\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevenue\n\n \n\n₹\n\n305,571\n\n \n\n \n\n₹\n\n269,077\n\n \n\n \n\n₹\n\n244,165\n\n \n\n \n\n₹\n\n102,340\n\n \n\n \n\n₹\n\n921,153\n\n \n\n \n\n₹\n\n6,940\n\n \n\n \n\n₹\n\n-\n\n \n\n \n\n₹\n\n928,093\n\n \n\nSegment result\n\n \n\n \n\n62,896\n\n \n\n \n\n \n\n53,138\n\n \n\n \n\n \n\n31,083\n\n \n\n \n\n \n\n14,955\n\n \n\n \n\n \n\n162,072\n\n \n\n \n\n \n\n559\n\n \n\n \n\n \n\n(7,954\n\n)\n\n \n\n \n\n154,677\n\n \n\nUnallocated\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(3,426\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,426\n\n)\n\nSegment result total\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n158,646\n\n \n\n \n\n₹\n\n559\n\n \n\n \n\n₹\n\n(7,954\n\n)\n\n \n\n₹\n\n151,251\n\n \n\nFinance expense\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(14,577\n\n)\n\nFinance and other income\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n36,491\n\n \n\nShare of net profit/(loss) of associate and joint venture accounted for using the equity method\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n257\n\n \n\nProfit before tax\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n173,422\n\n \n\nIncome tax expense\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(40,767\n\n)\n\nProfit for the year\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n132,655\n\n \n\nDepreciation, amortization and impairment\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n₹\n\n29,107\n\n \n\n \n\n-190-\n\n[Table of Contents](#toc_page)\n\n \n\nRevenues from India, being the Company’s country of domicile, were ₹ 23,484, ₹ 20,699 and ₹ 23,446 for years ended March 31, 2024, 2025 and 2026, respectively.\n\n \n\nRevenues from the United States of America and United Kingdom contributed more than 10% of Company’s total revenues as per table below:\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nUnited States of America\n\n \n\n₹\n\n512,740\n\n \n\n \n\n₹\n\n529,943\n\n \n\n \n\n₹\n\n553,186\n\n \n\nUnited Kingdom\n\n \n\n \n\n108,613\n\n \n\n \n\n \n\n95,241\n\n \n\n \n\n \n\n97,041\n\n \n\n \n\n₹\n\n621,353\n\n \n\n \n\n₹\n\n625,184\n\n \n\n \n\n₹\n\n650,227\n\n \n\n \n\nNo customer individually accounted for more than 10% of the revenues during the years ended March 31, 2024, 2025 and 2026.\n\n \n\nManagement believes that it is currently not practicable to provide disclosure of geographical location wise assets, since the meaningful segregation of the available information is onerous.\n\nNotes:\n\na)\n“Reconciling Items” includes elimination of inter-segment transactions and other corporate activities.\n\nb)\nRevenue from sale of Company owned intellectual properties is reported as part of IT Services revenues.\n\nc)\nFor the purpose of segment reporting, the Company has included the impact of “foreign exchange gains/(losses), net” in revenues, which is reported as a part of operating profit in the consolidated statement of income, amounting to ₹ 340, ₹ 32 and ₹ 1,853 for the fiscal years ended March 31, 2024, 2025 and 2026, respectively.\n\nd)\nRestructuring cost of ₹ 6,814, ₹ Nil and ₹ 5,139 is included under Reconciling items for the years ended March 31, 2024, 2025 and 2026, respectively.\n\ne)\nReconciling Items for the year ended March 31, 2024, includes employee costs of ₹ 921 towards outgoing CEO and managing director.\n\nf)\nImpact of past service cost on gratuity and remeasurement of leave encashment due to implementation of new labour code amounting to ₹ 2,756 for the year ended March 31, 2026, is included under Reconciling items.\n\ng)\n“Unallocated” within IT Services segment includes:\n\n \n\n \n\n \n\nYear ended March 31,\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n2025\n\n \n\n \n\n2026\n\n \n\nAmortization and impairment expenses on intangible assets (Refer to Note 6)\n\n \n\n₹\n\n11,756\n\n \n\n \n\n₹\n\n7,909\n\n \n\n \n\n₹\n\n7,787\n\n \n\nChange in fair value of contingent consideration (Refer to Note 19)\n\n \n\n \n\n(1,300\n\n)\n\n \n\n \n\n(169\n\n)\n\n \n\n \n\n49\n\n \n\n \n\nSegment results of IT Services segment for the year ended March 31, 2024 are after considering additional amortization due to change in estimate of useful life of the customer-related intangibles in an earlier business combination. (Refer to Note 6)\n\nh)\nSegment results of IT Services segment are after recognition of share-based compensation expense ₹ 5,590, ₹ 5,542, and ₹ 4,465 for the years ended March 31, 2024, 2025 and 2026, respectively.\n\ni)\nSegment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of, ₹ (2,072), ₹ (606) and ₹ (393) for the years ended March 31, 2024, 2025 and 2026, respectively.\n\n34.\nOn November 21, 2025, the Government of India notified four labour codes (the “Labour Codes”), effective immediately, replacing the existing 29 labour laws. In accordance with IAS 19, employee benefits and changes to employee benefit plans arising from legislative amendments are treated as plan amendments, requiring immediate recognition of past service cost in the Statement of Income. This approach is consistent with the guidance issued by the Institute of Chartered Accountants of India.\n\nThe Company has concluded the salary restructuring exercise in compliance with the Labour Codes. The implementation of the Labour Codes has resulted in a net increase of ₹ 2,756 in the provision for gratuity and remeasurement of leave encashment, which has been recognized as employee benefit expense in the current year. The Company continues to monitor the finalization of Central and State Rules, as well as Government clarifications on other aspects of the Labour Codes.\n\n-191-\n\n[Table of Contents](#toc_page)\n\n \n\n35.\nEvents after the reporting period\n\na)\nThe Company completed its acquisition of Mindsprint, Olam Group’s IT services arm, a provider of technology and digital transformation services in May 2026 for a total consideration of U.S.$ 375 million.\n\nb)\nOn April 14, 2026, the Company signed a definitive agreement to acquire select customer contracts of Alpha Net Consulting, a provider of enterprise software development, data engineering, and managed services for a total consideration (including earnouts) of U.S.$ 70.8 million. The acquisition is subject to customary closing conditions and is expected to be concluded by quarter ending June 30, 2026.\n\nc)\nOn April 16, 2026, the Company's Board of Directors approved a proposal to buyback of equity shares, subject to the approval of shareholders, for purchase by the Company of up to 600,000,000 equity shares of ₹ 2 (U.S.$ 0.02*) each (being 5.7% of total number of equity shares) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of ₹ 250 (U.S.$ 2.71*) per equity share for an aggregate amount not exceeding ₹ 150,000 (U.S.$1,626*), in accordance with the provisions contained in the SEBI (Buy-back of Securities) Regulations, 2018, as amended and the Companies Act, 2013 and rules made thereunder. This proposal was approved by the shareholders of the Company by way of a special resolution dated May 21, 2026, passed through postal ballot by e-voting.\n\n \n\n*Based on the certified foreign exchange rates published by the Federal Reserve Board of Governors on April 8, 2026, which was ₹ 92.25 per U.S.$ 1.\n\nd)\nOn June 1, 2026, the Company acquired additional 20% equity interest in Aggne Global Inc. for a consideration of U.S.$ 28.5 million.\n\n \n\n \n\n \n\nThe accompanying notes form an integral part of these consolidated financial statements.\n\n-192-\n\n[Table of Contents](#toc_page)"}