32   Fair value measurement

i)    Financial instruments by category

(₹ In Crore)

Particulars

31 March 2026

31 March 2025

FVTPL

FVTOCI

Amortised Cost

FVTPL

FVTOCI

Amortised Cost

Financial assets

Investments

–

Equity

12.08

3,159.40

–

–

4,626.75

–

–

Bonds

–

–

4,200.36

–

–

1,433.63

–

Subordinated Debentures

–

–

500.00

–

–

–

–

Government securities

–

–

–

–

–

367.55

–

Commercial Papers

–

–

294.10

–

–

–

–

Fixed maturity plans

–

–

1,126.90

–

–

884.18

–

Exchange traded funds

–

–

6,369.20

–

–

7,640.05

–

Fixed deposits

–

–

745.00

–

–

280.00

–

Short-term funds

5,702.42

–

–

4,950.53

–

–

–

Short duration bond funds

1,024.31

–

–

731.78

–

–

–

Liquid mutual funds

484.55

–

–

960.24

–

–

–

Alternate Investment fund

–

2.98

–

–

–

–

–

Arbitrage Funds

788.09

–

–

2,493.57

–

–

–

Derivative Asset

–

–

–

2.51

–

–

Trade receivables

–

–

2,712.20

–

–

2,282.64

Loans

21.40

–

1,637.31

21.40

–

1,063.29

Other financial assets

–

–

1,544.14

–

–

1,513.82

Cash and cash equivalents

–

–

1,220.56

–

–

813.42

Other bank balances

–

–

80.47

–

–

515.13

Total financial assets

8,032.85

3,162.38

20,430.24

9,160.03

4,626.75

16,793.71

Financial liabilities

Borrowings

–

–

–

–

–

800.00

Sales tax deferral

–

–

73.30

–

–

127.64

Trade payables

–

–

7,356.23

–

–

6,267.63

Other financial liabilities

10.49

–

739.19

–

–

680.07

Total financial liabilities

10.49

–

8,168.72

–

–

7,875.34

      

ii)

Fair value hierarchy

This section explains the judgments and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

      

Financial assets/liabilities measured at fair value-recurring fair value measurements at 31 March 2026
	(₹ In Crore)
Particulars			Notes		Level 1		Level 2		Level 3		Total
Financial investments at FVTPL
–	Short-term funds		5		5,702.42		–		–		5,702.42
–	Short duration bond funds		5		1,024.31		–		–		1,024.31
–	Liquid mutual funds		5		484.55		–		–		484.55
–	Arbitrage funds		5		788.09		–		–		788.09
–	Derivative Asset		7		–		–		–		–
–	Loans		6		–		21.40		–		21.40
–	Equity investment		5		–		–		12.08		12.08
Financial investments at FVTOCI
–	Equity investment		5		3,061.10		98.30		–		3,159.40
–	Alternate Investment fund		5		–		–		2.98		2.98
Total financial assets					11,060.47		119.70		15.06		11,195.23

      

Assets disclosed at fair value – At 31 March 2026
(₹ In Crore)
Particulars		Notes		Level 1		Level 2		Level 3		Total
Investment property		3		–		238.78		–		238.78

      

Financial assets/liabilities measured at fair value-recurring fair value measurements At 31 March 2025
											(₹ In Crore)
Particulars			Notes		Level 1		Level 2		Level 3		Total
Financial investments at FVTPL
–	Short-term mutual funds		5		4,950.53		–		–		4,950.53
–	Short duration bond funds		5		731.78		–		–		731.78
–	Liquid mutual funds		5		960.24		–		–		960.24
–	Arbitrage funds		5		2,493.57		–		–		2,493.57
–	Derivative Asset		7		–		2.51		–		2.51
–	Loans		6		–		21.40		–		21.40
Financial investments at FVTOCI
–	Equity investment		5		4,365.57		261.18		–		4,626.75
Total financial assets					13,501.69		285.09		–		13,786.78

      

Assets disclosed at fair value – At 31 March 2025
(₹ In Crore)
Particulars		Notes		Level 1		Level 2		Level 3		Total
Investment property		3		–		234.09		–		234.09

      

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in active markets. Quotes would include rates/values/valuation references published periodically by BSE, NSE etc. basis which trades take place in a linked or unlinked active market. This includes traded bonds and mutual funds, as the case may be, that have quoted price/rate/value.

Level 2: The fair value of financial instruments that are not traded in an active market are determined using valuation techniques which maximise the use of observable market data (either directly as prices or indirectly derived from prices) and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

Valuation Techniques used to determine fair value

Valuation Techniques used to determine fair value include

•    Open ended mutual funds at NAV’s/rates declared and/or quoted

•    Derivative instruments at values determined by counter parties/banks using market observable data

Investment in equity instruments fair valued at Level 3 pertains to investment in equity share of special purpose vehicle (SPV) entity under solar power generation agreement with Clean Max Godavari Private Limited. This investment has been made in current financial year and are expected to generate benefits in the form of savings in energy costs over the contracted period. Management has assessed that based on the present value of estimated future cash flows from the said project, the carrying value approximates its fair value.

iii) Fair value of financial assets and liabilities measured at amortised cost
(₹ In Crore)
Particulars		31 March 2026				31 March 2025
		Carrying Amount		Fair value		Carrying Amount		Fair value
Financial assets
Investments
Bonds		4,200.36		4,152.30		1,433.63		1,403.15
Government securities		–		–		367.55		362.30
Fixed maturity plans		1,126.90		1,149.47		884.18		891.68
Exchange traded funds		6,369.20		6,363.38		7,640.05		7,675.55
Total financial assets		11,696.46		11,665.15		10,325.41		10,332.68

      

The carrying amounts of commercial paper, subordinated debentures, fixed deposits, trade receivables, trade payables, other financial assets/liabilities, other bank balances and cash and cash equivalents are considered to be the same as their fair values, due to their short-term nature. The fair value of non- current financial assets/liabilities also approximate their carrying values.