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The financial results for the year ended 31 March 2026 have been audited by the Statutory Auditors of the Parent Company. <BR> <BR> 2) These consolidated financial results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015. <BR> <BR> 3) The consolidated financial results include the financial results of the Parent Company and the financial results of the following subsidiaries and step-down subsidiaries (collectively referred as ‘the Group’): <BR> <BR> A. VGL Retail Ventures Limited, Mauritius <BR> a. Shop TJC Limited, UK <BR> i. Shop LC Global Inc., USA <BR> ii. Mindful Souls BV, Netherlands <BR> B. STS Global Supply Limited, Hong Kong <BR> a. Pt. STS Bali, Indonesia <BR> b. STS (Guangzhou) Trading Limited, China <BR> C. STS Jewels Inc., USA <BR> D. STS Global Limited, Thailand <BR> E. STS Global Limited, Japan <BR> F. Vaibhav Lifestyle Limited, India <BR> G. Shop LC GmbH, Germany <BR> H. Vaibhav Global Employee Stock Option Welfare Trust <BR> <BR> 4) The Parent Company has allotted 59,233 and 910,846 equity shares having face value of Rs. 2/- each for the quarter ended 31 March 2026 and year ended 31 March 2026 respectively, under the Company's various Employees Stock Option Benefit Schemes through Vaibhav Global Employee Stock Option Welfare Trust at exercise price ranging from Rs. 2.00 - Rs. 188.95. <BR> <BR> 5) Item exceeding 10% of total expenditure (included in other expenses): Amount in Rs. lakhs <BR> Particulars Quarter ended Year ended <BR> 31-Mar-26 31-Dec-25 31-Mar-25 31-Mar-26 31-Mar-25 <BR> Content and broadcasting expenses <BR> 18,910.53 19,636.80 17,472.56 72,443.02 65,021.57 <BR> <BR> 6) Pursuant to the changes introduced through the Finance Act, 2026 and basis approval of the Board of Directors, the Company has elected to transition into the new tax regime effective 1 April 2026. The new tax regime allows MAT credit available as of 31 March 2026 to be set off up to 25% of tax payable in a year. The Company has therefore reassessed the recoverability of previously recognized and unrecognized MAT credit asset and concluded on probability of utilizing the entire MAT credit of Rs. 6,691.26 lakhs against future tax liabilities. Accordingly, the Company has recognized an incremental deferred tax asset of Rs. 4,670.93 lakhs with respect to MAT credit in the current year. <BR> <BR> 7) The Income Tax Department (“the ITD”) conducted a Survey proceeding under section 133A of the Act at the premises of the Parent Company in November 2021, During earlier years, the Parent Company received notices under Section 142(1) for Assessment Year 2019 – 20 to Assessment Year 2022 – 23 requiring further information. Subsequently, the Company provided all cooperation and necessary data/documents/information. In previous quarter of the current financial year, all the proceedings related to the survey for the above-mentioned assessment years have been concluded in the Company's favor by the relevant authorities. <BR> <BR> 8) In preceding years, the Company received notices from the Income Tax Department ("the Department") under Section 148 of the Act for Assessment Year 2011-12 to Assessment Year 2015-16. Subsequently, during previous quarters, the Honorable High Court of Rajasthan ("the High Court") quashed all proceedings pertaining to the aforesaid Assessment Year on technical grounds. The Department has filed a Special Leave Petition ('SLP') before the Hon'ble Supreme Court against the High Court's order, and the matter is currently pending adjudication. <BR> <BR> The Department issued notices under Section 153C for Assessment Years 2010-11 to 2016-17, leading the Company to file a writ petition before the High Court and subsequently an SLP before the Supreme Court. In previous quarter, the Supreme Court stayed further proceedings under Section 153C. Further the Department has passed favorable order for Assessment Years 2010-11, accepting the returned income without additions. <BR> <BR> Considering the nature and merits of the matter, the management does not anticipate any liability arising from these proceedings in respect of Assessment Years 2011-12 to 2016-17. <BR> <BR> 9) The Board of Directors of the Parent Company has in their meeting dated 21 May 2026 have recommended final dividend of Rs. 1.5/- per fully paid-up equity shares of Rs. 2/- each, subject to approval of shareholders. <BR> <BR> In addition to the above final dividend of Rs. 1.50/-, i.e., 75% on equity share capital, interim dividends aggregating to Rs. 4.50/- per share (Rs. 1.5/- per share per quarter) were declared and paid during the current period. Hence, total dividend of Rs. 6.00/- per share have been declared during the current year. <BR> <BR> 10) Exceptional items are as below: <BR> Amount in Rs. lakhs <BR> Particulars Quarter ended Year ended <BR> 31-Mar-26 31-Dec-25 31-Mar-25 31-Mar-26 31-Mar-25 <BR> Grant income - Shop LC Global Inc., USA (refer note a) <BR> 2,969.08 - - 2,969.08 - <BR> <BR> Impairment of Loan granted to Encase Packaging Private Limited, India (refer note b) <BR> (450.00) - - (450.00) - <BR> <BR> Impairment of Goodwill for Mindful Souls B.V (refer note c) <BR> (2501.55) - - (2501.55) - <BR> <BR> Total 17.53 - - 17.53 - <BR> <BR> a) During the current quarter, Shop LC Global Inc. USA received a grant under the Employee Retention Credit (ERC) scheme pursuant to the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) from the Internal Revenue Service, Department of the Treasury, United States of America with respect to qualifying wages paid during the eligible periods under the CARES Act. The total amount comprising grant (net of expenses) of USD 2.76 million (equivalent to Rs 2,450.81 lakhs) as well interest of USD 0.58 million (equivalent to Rs 518.27 lakhs) have been disclosed as exceptional items in these financial results. <BR> <BR> b) In accordance with the principles of Ind AS 109 “Financial Instruments”, the parent Company has recognized expected credit loss of Rs. 450.00 lakhs on secured loan given to a party after considering the expected recoveries from collateral and has disclosed this as an exceptional item in these financial results. <BR> <BR> c) The Parent Company considers the operations of its subsidiary Mindful Souls B.V. as a single cash-generating unit ('CGU'). In accordance with Ind AS 36 “Impairment of Assets”, the Parent Company carried out an impairment assessment as at 31 March 2026 and determined that the carrying value of Rs 10,078.19 lakhs was higher than the recoverable amount of Rs. 7,576.64 lakhs which was determined using the Value in Use ('VIU') method on the business plan comprising five-year cash flow forecast. Consequently, an impairment charge of Rs 2,501.55 lakhs has been recognised towards impairment of goodwill and disclosed as an exceptional item in these financial results. <BR> <BR> 11) On 21 November 2025, the Government of India notified four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Parent Company has assessed and disclosed the incremental impact of these changes on the basis of the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. The incremental impact of Rs. 171 lakhs on provision for gratuity primarily arises due to change in definition of wages. The Parent Company continues to monitor the finalization of Central/State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. <BR> <BR> 12) During the year, certain subsidiaries of the group operating in the United States of America (‘USA’) have paid import tariffs aggregating to USD 4.59 million (INR 4,338.55 lakhs) pursuant to measures introduced under the International Emergency Economic Powers Act (IEEPA). The U.S. Supreme Court in due course ruled that such tariffs were not authorised under IEEPA, and the U.S. Court of International Trade directed the USA government to refund the tariffs so collected. However, the mechanism for such refund has only been formulated post the reporting date pursuant to which, subsequent to the year end, the aforesaid subsidiaries have filed refund claims with the relevant authorities. In line with the principles of Ind AS 37 “Provisions, Contingent Liabilities and Contingent Assets” and considering the nature of this matter, the ultimate outcome of the refund claims, including acceptance and related disbursements are considered probable at this stage. Accordingly, the above amount has been considered as contingent assets. <BR> <BR> 13) The figures for the quarter ended 31 March 2026 and 31 March 2025 are the balancing figures between the audited figures in respect of full financial year and published year to date figures up to 31 December 2025 and 31 December 2024 respectively. Also, the figures up to the end of third quarter of the respective years were only reviewed and not subject to audit. <BR> <BR> 14) Segment information as per Ind AS – 108, ‘Operating Segment’ is disclosed in Annexure – I.2025-04-012026-03-31AuditedConsolidated369178570004126990003733055600039906350008792141000-37511000616817900014937600010288500001442211500034513785000281677100017530002818524000808827000-65159400015723300002661291000000026612910001108512000376980300026612910000376980300003340480002015.9715.750015.9715.75Other Expenses3762918000Other Expenses1442211500020609340001343940002954863000104449600092839200012164300000300000122499000122529000111260600010830600085881630008112541000190356000339654300033354450003784050004111800047354400078154110009564300001688438200025472545000334048000161452890001647933700001647933700000002728950000272895000010675900029415000286512400011223200006544900026168520002682301000101633000048209510001109814000433980001539210006128084000899320800025472545000Other non-current financial assets122499000Non Current tax assets (net)67472000Other non-current assets40834000Other current financial assets473544000Other current assets956430000Lease liabilities2728950000Lease liabilities307075000Other financial liabilities709255000Other current liabilities1109814000United States of America5957822000United Kingdom2528763000India1409264000Europe (excluding United Kingdom)1071312000Rest of world958615000Less: Intersegment eliminations0United States of America22882140000United Kingdom10346788000India5851332000Europe (excluding United Kingdom)4075749000Rest of world4055215000Less: Intersegment eliminations01192577600047211224000257870200010293367000934707400036917857000United States of America328340000United Kingdom-225616000India452921000Europe (excluding United Kingdom)-31360000Rest of world211506000Less: Intersegment eliminations-53625000United States of America1643061000United Kingdom984802000India1769892000Europe (excluding United Kingdom)114453000Rest of world1260746000Less: Intersegment eliminations-28050540006821660002967900000430550001493760006391110002818524000United States of America14102200000United Kingdom20656872000India11095539000Europe (excluding United Kingdom)2042582000Rest of world18655754000Less: Intersegment eliminations-4108040200025472545000025472545000United States of America5743072000United Kingdom5292067000India2415987000Europe (excluding United Kingdom)4553566000Rest of world864885000Less: Intersegment eliminations-9876369000899320800008993208000149376000-393743000-24790300001448840000000-2989980000001028850000460507000-48000000-9836800001006720002000660000025238000029515500001164344000398286800000088066200003102206000000000001314050003317110000000000000000000001034710000878168000781333000000000639960000016953000294573000105414700018898200000-149065900023928800003071500024235950009118500003335445000Remeasurement of defined benefit plans365000365000Remeasurement of defined benefit plans1919000019190000160006594000Exchange difference on translation of foreign operations493110000493110000Exchange difference on translation of foreign operations10959160001095916000004934590001108512000AuditedtrueBSR & CO LLPtrue2028-07-31