40   Financial risk management

The Group’s activities expose it to credit risk, liquidity risk and market risk (including foreign exchange risk and interest rate risk). In order to minimise any adverse effects on the financial performance of the Group, derivative financial instruments such as foreign exchange forward contracts and foreign currency option contracts are entered to hedge certain foreign currency risk exposures. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments. The aim of financial risk management is to manage and limit credit risk, liquidity risk and market risks.

The Board is regularly informed about risks that could have a significant impact on business development. The principles of financial risk management are defined and monitored by the Board. Implementation is the responsibility of Group Treasury. This note explains the sources of risk which the Group is exposed to and how the entity manages the risk and the impact of hedge accounting in the financial statements.

       

Risk		Exposure arising from		Measurement		Management
Credit Risk		• Cash and cash equivalents, financial assets measured at amortised cost & fair value through profit or loss. • Derivative financial instruments • Trade receivables • Risk of financial loss arising out of customers or counterparties failing to meet their repayment obligations of the Group.		• Credit ratings • Credit Limit & Ageing analysis • Credit risk is measured as the amount at risk due to repayment default by customers or counterparties to the Group. Various metrics such as the instalment default rate, overdue position, contribution of stage 2 and stage 3 assets etc are used as leading indicators to assess credit risk.		• Diversification of counterparties, diversification of investment limits, monitoring of counterparties basis credit rating • Deal with reputed banks holding high credit risk rating. • No. of overdue days, monitoring of credit limits • Credit exposure levels, portfolio performance, repeat customers contributions, are monitored through periodic reviews and portfolio analytics and are managed by a robust control framework by the risk unit.
Liquidity Risk		• Other liabilities • Risk arising from mismatch in the timing of cashflows		• Maturity analysis • Measured by identification of gaps in the structural and dynamic liquidity and Liquidity coverage ratio (LCR) in accordance with guidelines issued by RBI and board approved liquidity risk framework.		• Maintaining sufficient cash/cash equivalents and marketable securities. • Monitored by periodic review of ALCO of liquidity position and LCR position. • Managed by the Group’s treasury team though various means like HQLA, liquidity buffers, source of long term funds, positive asset liability mismatch, keeping strong pipeline of sanctions from banks.
Market Risk- Foreign Exchange		• Highly probable forecast transactions and financial assets and liabilities not denominated in INR.		• Sensitivity analysis • Measured by using changes in interest rates and foreign exchange currency fluctuations resulting impact on net interest and other metrics.		• Forward foreign exchange contracts and foreign currency options.  • Interest Rate Risk  • Monitored by assessment of key parameters like fluctuations in interest rates and foreign currency fluctuation and probable interest rate movement in both fixed and floating rate assets and liabilities.
Market Risk – Interest Rate		• Term borrowings linked to benchmark interest rates.		• Sensitivity analysis based on changes in benchmark interest rates.		• Periodic monitoring of interest rate movements by treasury and ALCO.
Market Risk – Equity price risk		• Investments in mutual funds, bonds, FMPs, ETFs, index funds and listed equity instruments.		• Monitored through NAVs of mutual funds and quoted market prices of listed equities.		• Managed through diversification, exposure limits and periodic review by senior management and the Board.

   

The Board of Directors of the respective companies of the group provide guiding principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of available funds. The Group’s risk management is carried out by a treasury department as per such policies approved by the Board of Directors of the respective companies of the group. Accordingly, Group’s treasury department identifies, evaluates and hedges financial risks.

A)  Credit risk

Credit risk refers to the risk that a counterparty may default on its contractual obligations leading to a financial loss to the Group. Credit risk primarily arises from cash and cash equivalents, derivative financial instruments, financial assets measured at amortised cost, financial assets measured at fair value through profit or loss and trade receivables. None of the financial instruments of the Group result in material concentration of credit risk.

A.1  Credit risk management

For Derivative instruments exposures are extended with multiple banks holding high credit risk ratings.

In regard to Trade receivables, which are typically unsecured, credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to whom credit is extended in the normal course of business. The Group follows a ‘simplified approach’ for recognition of impairment loss allowance on trade receivables. Accordingly, impairment loss allowance is recognised based on lifetime expected credit losses at each reporting date, right from its initial recognition. The provision rates are based on days past due; and the calculation reflects the probability weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.

For BAIHAG (subgroup), the maximum payments terms granted were significantly reduced in the course of the restructuring proceedings: The maximum payment term is 180 days.

Set out below is the information about the credit risk exposure of the Group’s trade receivables using provision matrix:

    

(₹ In Crore)
Particulars		As on 31 March
		2026		2025
Estimated total gross carrying amount		3,654.76		2,139.67
Loss allowance		(181.32)		(14.45)
Net carrying amount		3,473.44		2,125.22

    

Reconciliation of impairment allowance – Trade receivable

    

Particulars		(J In Crore)
Impairment allowance as on 01 April 2024		19.37
Changes in loss allowance		(4.92)
Impairment allowance as on 31 March 2025		14.45
Changes in loss allowance		166.87
Impairment allowance as on 31 March 2026		181.32

    

A.2   Classification of financial assets under various stages (of Financial Service Business)

Stage 1: unimpaired and without significant increase in credit risk since initial recognition on which a 12-month allowance for ECL is recognised;

Stage 2: a significant increase in credit risk since initial recognition on which a 12-month ECL is recognised

Stage 3: objective evidence of impairment and therefore considered to be in default or otherwise credit impaired on which a lifetime ECL is recognised.

(₹ In Crore)
Particulars		As on 31 March
		2026		2025
Term Loans to customers under Financing		18,834.68		9,503.28
ECL		(385.13)		(110.33)
Net carrying value		18,449.55		9,392.95

(₹ In Crore)
Particulars		As on 31 March
		2026		2025
Advances to dealer		453.04		444.37
Loss allowance		(4.31)		(2.04)
Net carrying value		448.73		442.33

    

Collateral

Bajaj Auto Credit Limited, the Subsidiary Company (Financial Service Business) offers two and three wheelers to customers and loans is secured by collateral. Although collateral is an important risk mitigant of credit risk, the risk the Subsidiary Company’s practice is to lend on the basis of assessment of the customer’s ability to repay than placing primary reliance on collateral. Based on the nature of product and the Subsidiary Company’s assessment of customer credit risk, a loan may be offered with suitable collateral. Depending on its form, collateral can have a significant effect in mitigating the subsidiary Company’s credit risk. The type of collateral obtained are as follows:

    

Product group		Name of securities
Two and three wheeler finance		Hypothecation of underlying two and three wheelers

    

Other financial assets:

The Group has an investment policy which allows the Group to invest only with counterparties having a credit rating equal to or above AA+ and A1+. The Group reviews the creditworthiness of these counterparties on an on-going basis. Counter party limits maybe updated as and when required, subject to approval of Board of Directors.

B) Liquidity risk

The Group’s principal source of liquidity are ‘cash and cash equivalents’, bank balance other than ‘cash and cash equivalents’, current investments and cash flows that are generated from operations and investment for the purpose of maintaining liquidity ratio as per RBI for the financial services segment of the Group. The Group believes that its working capital is sufficient to meet the financial liabilities within maturity period. Additionally, the Group has invested its surplus funds in fixed income securities or instruments of similar profile thereby ensuring safety of capital and availability of liquidity as and when required.

The Group’s Board approves Liquidity Risk Management Framework which covers liquidity risk management policy, strategies and practices, liquidity coverage ratio (LCR), liquidity risk measurement- currency risk, interest rate risk and liquidity risk monitoring framework. The Group exceeds the regulatory requirements of LCR which mandates maintaining prescribed coverage of expected net cash outflows for a stressed scenario in the form of high-quality liquidity assets (HQLA). The Group’s ALCO monitors assets liability mismatch to ensure that there are no imbalances or excessive concentrations on either side of the Balance Sheet.

The liquidity risks of the BAIHAG are primarily due to the fact that cash inflows from sales revenues are below the planned assumptions due to a weakening in demand. The BAIHAG countered this risk by maintaining a liquidity reserve in the form of unused credit lines and, if necessary, in the form of cash holdings with banks with a high credit rating. Direct cash flow planning is carried out on a weekly basis and strict expenditure control is carried out via internal Group approval processes against the background of the analysis of operationally necessary transactions.

Further, the Group participates in a factoring program whose purpose is to enable efficient payment processing and interim financing. This enables the Group to centralize payments from trade receivables and at the same time maintain flexibility in liquidity management.

On 1 August 2024, Bajaj Mobility declared to Erste Group Bank AG that it would exercise its rights as owner of various direct and indirect shareholdings in such a way that, in accordance with sound commercial practice, these would be financially equipped to service their liabilities arising from the Erste confirming business relationship in a timely manner.

From Bajaj Mobility AG’s perspective, this declaration dated 1 August 2024, constitutes a soft letter of comfort that does not result in any obligation on the part of Bajaj Mobility AG to pay or any payment obligation on the part of Bajaj Mobility AG as guarantor to Erste Group Bank AG. The legal qualification of the declaration dated 1 August 2024, is currently the subject of legal clarification. Based on the current status, management does not expect any significant outflow of funds from this matter.

The Group’s credit agreements do not contain any critical covenants entitling the holder to early maturity, which the Group evaluates not expected to be met. Hence the Group carries a negligible liquidity risk.

Group’s principal source of liquidity:

	(₹ In Crore)
Particulars			As at 31 March
			2026		2025
Net Working capital funds (includes)			14,638.97		7,862.12
–	Cash and Cash equivalents		2,989.97		2,331.53
–	Current Investments		7,811.66		5,902.02
–	Other bank balances		81.92		516.07

    

The table below summarises the contractual undiscounted payment maturities of financial liabilities as at 31 March 2026 and 31 March 2025:

Maturities of financial liabilities

    

(₹ In Crore)
Particulars		Less than and equal to 1 year		More than 1 year – less than 5 Years		More than 5 Years		Total
As on 31 March 2026
Non-derivatives
Sales tax deferral (discounted)		–		73.30		–		73.30
Trade payables		8,804.01		–		–		8,804.01
Non – current borrowings		–		16,655.93		415.82		17,071.75
Current borrowings		7,816.53		–		–		7,816.53
Lease liabilities		184.09		400.47		165.60		750.16
Other financial liabilities		1,333.53		55.33		–		1,388.86
Total non-derivative liabilities		18,138.16		17,185.03		581.42		35,904.61
Derivative financial liability		10.49		14.62		–		25.11
Total financial liabilities		18,148.65		17,199.65		581.42		35,929.72

     

(₹ In Crore)
Particulars		Less than and equal to 1 year		More than 1 year – less than 5 Years		More than 5 Years		Total
As on 31 March 2025
Non-derivatives
Sales tax deferral (discounted)		–		127.64		–		127.64
Trade payables		6,372.71		–		–		6,372.71
Non – current borrowings		–		6,082.74		–		6,082.74
Current borrowings		3,153.78		–		–		3,153.78
Other financial liabilities		743.57		31.66		–		775.23
Total non-derivative liabilities		10,270.06		6,242.04		–		16,512.10
Derivative financial liability		–		18.56		–		18.56
Total financial liabilities		10,270.06		6,260.60		–		16,530.66

     

C)	Market risk
	Market risk is the risk that the fair value of future cashflows of financial instruments will fluctuate due to changes in the market variables such as interest rates, equity prices and foreign exchange rates and credit spreads on investment and borrowings.
(i)	Foreign currency risk
	The Group has significant exports and is therefore exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US$. Foreign exchange risk arises from highly probable forecast transactions and recognised assets and liabilities denominated in a currency that is not the Group’s functional currency (INR). The risk is measured through sensitivity analysis which shows the effects of a +/- 10% change in the exchange rate on profit and loss, other comprehensive income and equity. The affected bank balances, receivables and liabilities of the Group as well as future inflows and outflows in foreign currency were used as a basis. It was assumed that the risk on the balance sheet date essentially represents the risk during the financial year.
	The primary objective for forex hedging against anticipated foreign currency risks will be to hedge the Group’s highly probable foreign currency cash flows arising from such transactions (thus reducing volatility of cash flow and profit).
A.	Foreign Operations
	The BAIHAG is influenced by global economic parameters such as changes in currency parities or developments on the financial markets. In particular, the exchange rate development of the US dollar, which represents the highest individual risk in the BAIHAG’s foreign currency risk, plays a major role in the Group’s revenue and earnings development. Due to the increasing importance of the USD in purchasing, the foreign currency risk for the USD is significantly reduced (‘natural hedge’).
	BAIHAG also faces currency risks if financial assets and liabilities are settled in a currency other than the local currency of the respective company. The majority of the Group’s companies invoice in local currency and are largely financed in local currency. Investments are mainly made in the local currency of the investing Group company. For these reasons, of course, currency positions usually result in closed.
	Currency risks from INR positions in subsidiaries whose functional currency differs from the INR were allocated to the currency risk of the functional currency of the respective subsidiary. Risks from foreign currency positions other than the INR were aggregated at Group level. Exchange rate-related differences from the translation of financial statements into the Group currency were not taken into account.
	For the sensitivity of profit and loss, bank deposits, receivables and liabilities of the Group in foreign currency that are not accounted for in the functional currency of the Group company are taken into account.
The Group’s exposure to foreign currency risk at the end of the reporting period are as follows

     

								(Amount in Million)
		USD		MXN		CNY		JPY		Others*
Receivables		12.48		242.64		63.77		424.51		70.22
Others (Cash)		53.55		97.59		4.48		141.42		85.19
Payables		(25.79)		(59.02)		(162.74)		(37.66)		(25.52)
Total		40.24		281.21		(94.49)		528.27		129.89
Total in equivalent EUR million		34.25		13.32		(11.49)		2.87		6.64
Total in equivalent INR crore (translated)		361.24		140.44		(121.14)		30.27		69.98

     

* Others mainly include Australian dollar, Canadian dollar, New Zealand dollar, Swedish krona, South African rand, Brazilian real, Indian rupee, Hungarian forint, Swiss franc & Czech koruna.

    

Below is a currency risk sensitivity for the cases where the Group uses Euro as a functional currency. The results of the sensitivity are translated in INR based on respective closing rates as at 31 March 2026 is as below:

     

(₹ In Crore)
		As at 31 March
Particulars		10% increase		10% decrease
Changes in profit before tax		(43.71)		53.42
Change in equity		(33.66)		41.13

    

As at 31 March 2025, BAIHAG was an associate entity and hence the disclosure has not been made.

B.	Domestic operations
	The Group’s risk management policy permits the use of plain foreign exchange forward contracts and foreign currency option contracts including Foreign Currency – INR Option Cost Reduction Structures to hedge forecasted sales.
	The Group also imports certain materials the value of which is not material as compared to value of exports. Currently, Group does not hedge this exposure. Nevertheless, Group may wish to hedge such exposures.
	The Group uses a combination of foreign currency option contracts and foreign exchange forward contracts to hedge its exposure in foreign currency risk. The Group designates forward contracts in entirety and intrinsic value of foreign currency option contracts as the hedging instrument. To the extent these hedges are effective; the change in fair value of the hedging instrument is recognised through other comprehensive income in the ‘Cash flow hedging reserve’ within equity. The change in time value that relate to the hedged item (aligned time value) is recognised through other comprehensive income in ‘Costs of hedging reserve’ within equity. Amount recognised in equity is reclassified to consolidated profit or loss when the hedged item (i.e. forecasted export sales) affects consolidated statement of profit or loss. The ineffective portion of change in fair value of the hedging instrument and any residual time value (the non-aligned portion), if any, is recognised in the Statement of Profit and Loss immediately.
	The intrinsic value of foreign exchange option contracts is determined with reference to the relevant spot market exchange rate. The differential between the contracted strike rate and the spot market exchange rate is defined as the intrinsic value. Time value of the option is the difference between fair value of the option and the intrinsic value.

The Group’s exposure to foreign currency risk at the end of the reporting period are as follows:

Particulars		31 March 2026				31 March 2025
		USD Million		In J Crore		USD Million		In J Crore
Receivables		63.29		600.19		59.81		511.23
Payables		(25.16)		(238.60)		(33.66)		(287.71)
Borrowings		–		–		–		–
Others (EEFC balances)		84.84		804.62		50.24		429.43

Below is a currency risk sensitivity for the cases where the Group uses INR as a functional currency.

The results of the sensitivity based on respective closing rates as at 31 March 2026 is as below:

Increase/decrease		31 March 2026				31 March 2025
		10% increase		10% decrease		10% increase		10% decrease
Changes in profit before tax		(116.62)		116.62		(65.29)		65.29
Change in equity		(87.27)		87.27		(48.86)		48.86

      

Impact of hedging activities:

Cash flow hedge as on 31 March 2026:

The Group does not have any outstanding foreign exchange contracts in the nature of Cash flow hedge as on 31 March 2026.

The details of impact for foreign exchange contracts taken during the year is as follows:

Type of hedge		Nominal value		Hedge ratio*		Amount reclassified to profit or loss		Line item affected in the Statement of Profit and Loss because of the reclassification
Foreign currency options		3,737.47		1:1		87.59		Revenue

The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, so a qualitative assessment of effectiveness is performed. During the years ended 31 March 2026 and 31 March 2025, the Group did not have any hedging instruments with terms which were not aligned with those of the hedged items.

Therefore, no ineffectiveness is recognised in the Statement of Profit and Loss during the years ended 31 March 2026 and 31 March 2025.

Cash flow hedge as on 31 March 2025:

During the year the Group did not undertake any foreign exchange hedging contracts in the nature of Cash flow hedge. The Group does not have any outstanding foreign exchange contracts in the nature of Cash flow hedge as on 31 March 2025.

* The foreign exchange forward and option contracts are denominated in the same currency as the highly probable future sales, therefore the hedge ratio is 1:1.

Maturity of outstanding contracts

The details in respect of the maturity of outstanding foreign exchange forward contracts are given below:

On foreign currency loan receivable:

    

Particulars		31 March 2026				31 March 2025
		Notional In EURO Mn (Sell)		MTM Gain/(Loss) (J In Crore)		Notional In EURO Mn (Sell)		MTM Gain/(Loss) (J In Crore)
Not later than 3 months		150.00		(10.49)		115.00		2.51
Total		150.00		(10.49)		115.00		2.51

     

While the notional amount is eliminated at the consolidated level, foreign currency exposure persists at the Group level in respect of underlying loan.

(ii)   Interest rate risk 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s long-term debt obligations with floating interest rates.

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into hedge contracts for external commercial borrowings.

For interest rate risk, the exposures as of the reporting date in the form of book values (borrowings which are unhedged for interest rate risk exposures)

(₹ In Crore)
Particulars		As at 31 March
		2026		2025
Variable interest rate borrowings		16,773.14		5,339.55
Variable interest rate lease liabilities		615.29		–
		17,388.43		5,339.55

       

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group’s profit before tax is affected through the impact on floating rate borrowings, as follows:

(₹ In Crore)
		As at 31 March
Change in profit before tax		Increase of 100bp		Decrease of 100bp
31 March 26
Change in profit before tax		(173.88)		173.88
Change in Equity		(131.53)		131.53
31 March 25
Change in profit before tax		(53.40)		53.40
Change in Equity		(39.96)		39.96

      

The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment.

C.   Derivative

The Group enters into certain forward foreign exchange contracts with the intention to reduce the foreign exchange risk. These contracts are not designated in hedge relationships and are measured at fair value through profit and loss.

Impact of hedging activities in financial service business

The Group’s hedging policy only allows for effective hedging relationships to be considered as hedges as per the relevant IndAS. 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 instruments.

(a)   Disclosure of effects of hedge accounting on financial position:

     

Cash flow hedge foreign exchange risk 31 March 2026
(₹ In Crore)
Type of hedge and risk		Nominal value		Carrying amount of hedge instrument asset		Carrying amount of hedge instrument liability		Changes in fair value of hedging instrument		Change in the value of hedged item used as a basis for recognising hedge effectiveness
Foreign currency loans		1,866.00		231.46		–		(231.46)		16.80
Indian currency loans		2,137.50		–		14.62		14.62		–
Total		4,003.50		231.46		14.62		(216.84)		16.80

   

Cash flow hedge foreign exchange risk 31 March 2025
(₹ In Crore)
Type of hedge and risk		Nominal value		Carrying amount of hedge instrument asset		Carrying amount of hedge instrument liability		Changes in fair value of hedging instrument		Change in the value of hedged item used as a basis for recognising hedge effectiveness
Foreign currency loans		1,866.00		1.14		6.32		5.18		16.80
Indian currency loans		1,637.50		–		12.24		12.24		–
Total		3,503.50		1.14		18.56		17.42		16.80

      

(b) Disclosure of effects of hedge accounting on financial performance

   

Cash flow hedge foreign exchange risk 31 March 2026
(₹ In Crore)
Type of hedge		Change in the value of the hedging instrument recognised in other comprehensive income		Hedge ineffectiveness recognised in profit or loss		Amount reclassified from cash flow hedging reserve to profit or loss		Line item affected in the Statement of Profit and Loss because of the reclassification
Foreign currency loans		(231.46)		–		–		–
Indian currency loans		14.62		–		–		–
Total		(216.84)		–		–		–

   

Cash flow hedge foreign exchange risk 31 March 2025
(₹ In Crore)
Type of hedge		Change in the value of the hedging instrument recognised in other comprehensive income		Hedge ineffectiveness recognised in profit or loss		Amount reclassified from cash flow hedging reserve to profit or loss		Line item affected in the Statement of Profit and Loss because of the reclassification
Foreign currency loans		5.18		–		–		–
Indian currency loans		12.24		–		–		–
Total		17.42		–		–		–

    

The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, so a qualitative assessment of effectiveness is performed. During the years ended 31 March 2026 and 31 March 2025, the Group did not have any hedging instruments with terms which were not aligned with those of the hedged items.

Therefore, no ineffectiveness is recognised in the Statement of Profit and Loss during the years ended 31 March 2026 and 31 March 2025.

Movements in cash flow hedging reserve

(₹ In Crore)
Risk Category		Foreign Currency Risk and Interest Rate Risk
Derivative Instrument		Cross Currency Interest Rate Swaps (CCIRS) and Interest rate swap (IRS)
Cash flow hedging reserve
Balance – As at 01 April 2024		–
Add: Change in intrinsic value of foreign currency options		(32.43)
Less: Amount reclassified to profit or loss		–
Deferred tax relating to the above (net)		8.15
Balance – As at 31 March 2025		(24.28)
Add: Change in value of hedge of CCIRS and IRS		35.51
Less: Amount reclassified to profit or loss		–
Deferred tax relating to the above (net)		(8.20)
Balance – As at 31 March 2026		3.03

      

(iii)  Equity price risk

The Group has deployed its surplus funds into various financial instruments including units of mutual funds, bonds, fixed maturity plans, exchange traded funds, index funds and equity instruments of a listed company, which are classified and measured as fair value through other comprehensive income . The Group is exposed to price risk on such investments, which arises on account of movement in interest rates, equity prices, liquidity and credit quality of underlying securities.

The Group has invested its surplus funds primarily in debt based mutual funds and fixed maturity plans, and certain equity instruments of a listed company designated at FVTOCI. The value of investment in these mutual fund schemes is reflected through Net Asset Value (NAV) declared by the Asset Management Group on daily basis, while the fair value of equity instruments is determined based on quoted market prices on recognised stock exchange. The Group manages such risk through portfolio diversification, by placing limits on individual and aggregate exposure, and through periodic monitoring and review of investments. Please refer quoted investments in note 5 for total exposure to such investments price risk. Given that the changes in fair values of the investments held are strongly positively correlated with changes of the NSE market index, the Group has determined that an increase/(decrease) of 10% on the NSE market index could have an impact of approximately ₹ 2,167.22 crore increase/(decrease) on the income and equity attributable to the Group.