FINANCIAL STATEMENTS | Standalone Accounts 361 40. Financial instruments (contd.) (f) Fair Value Disclosures (contd.) (ii) Financial Instruments measured at amortised cost Rupees crores Particulars Carrying Value Fair value (Level 2) As at 31st March, 2026 Financial liabilities Non Current Borrowings — Debentures...................................................................................................................................................................................................... 500.00 593.29 — Other loans...................................................................................................................................................................................................... 26.54 25.12 As at 31st March, 2025 Financial liabilities Non Current Borrowings — Debentures...................................................................................................................................................................................................... 974.76 1,065.76 — Other loans...................................................................................................................................................................................................... 81.14 73.90 There were no transfers between Level 1 and Level 2 during the year. Valuation methodologies of financial instruments not measured at fair value Below are the methodologies and assumptions used to determine fair values for the above financial instruments which are not recorded and measured at fair value in the company’s financial statements. These fair values were calculated for disclosure purposes only. Non-Current Borrowings The fair value of borrowings which have a quoted market price in an active market is based on its market price and for other borrowings the fair value is estimated by discounting expected future cash flows, using current interest rates. Except for the above, carrying value of financial assets/liabilities measured at amortised cost represent reasonable estimate of fair value. 41. Related Party Disclosures: (a) Related parties where control exists: Subsidiaries: S. No. Name of the entity 1 2 x 2 Logistics Private Limited 2 Anthurium Developers Limited 3 Arabian Dreams Hotels Apartments LLC 4 Are Villa 3 AB 5 Automobili Pininfarina Americas Inc. 6 Automobili Pininfarina GmbH 7 Bristlecone (Malaysia) Sdn. Bhd. 8 Bristlecone (Singapore) Pte. Limited 9 Bristlecone Consulting Limited 10 Bristlecone GmbH 11 Bristlecone Inc. 12 Bristlecone India Private Limited 13 Bristlecone Internacional Costa Rica Limited 14 Bristlecone International AG 15 Bristlecone Middle East DMCC 16 Bristlecone UK Limited 17 Bristlecone Worldwide, Inc S. No. Name of the entity 18 Covington S.a.r.l 19 Deep Mangal Developers Private Limited 20 Erkunt Sanayi Anonim Şirketi 21 Erkunt Traktor Sanayii Anonim Şirketi 22 Gables Promoters Private Limited 23 Gromax Agri Equipment Limited 24 Guestline Hospitality Management and Development Service Limited 25 Heritage Bird (M) Sdn Bhd 26 Holiday Club Canarias Investments S.L. 27 Holiday Club Canarias Resort Management S.L. 28 Holiday Club Canarias Sales & Marketing S.L. 29 Holiday Club Canarias Vacation Club SLU 30 Holiday Club Resorts Oy 31 Holiday Club Sport and Spa hotels AB 32 Holiday Club Sweden Ab Åre 33 Industrial Township (Maharashtra) Limited
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