Our business activities are exposed to a variety of market risks, including foreign currency risk and interest rate risk. Foreign Currency Risk. We are exposed to movements in currency exchange rates to the extent that there is a mismatch between the currencies in which sales, purchase of services and borrowings are denominated (being our functional currency) and foreign currency. Our functional currencies are primarily Indian Rupees, US dollars and Emirati Dirhams. Our exposure to foreign currency risk primarily arises in respect of our non-Indian Rupee-denominated trade and other receivables and trade and other payables, which were $6.6 million and $251.2 million, respectively, as of March 31, 2026. Based on our operations in fiscal year 2026, a 10.0% appreciation of the US dollar against the Indian Rupee as of March 31, 2026, assuming all other variables remained constant, would have decreased our profit for fiscal year 2026 by $22.6 million. Similarly, a 10.0% depreciation of the US dollar against the Indian Rupee as of March 31, 2026, assuming all other variables remained constant, would have increased our profit for fiscal year 2026 by $22.6 million. A 10.0% appreciation of the Emirati Dirham against the Indian Rupee as of March 31, 2026, assuming all other variables remained constant, would have decreased our profit for fiscal year 2026 by $1.9 million. Similarly, a 10.0% depreciation of the Emirati Dirham against the Indian Rupee as of March 31, 2026, assuming all other variables remained constant, would have increased our profit for fiscal year 2026 by $1.9 million. We currently do not have any hedging agreements or similar arrangements with any counter-party to cover our exposure to any fluctuations in foreign exchange rates. Fluctuations in the Indian Rupee-US dollar exchange rate and Indian Rupee-Emirati Dirham exchange rate could have a material adverse effect on our business and our financial condition and results of operations as reported in US dollars. For more information, see “Item 3. Key Information — D. Risk Factors — Risks Related to Our Business and Our Industry — Our results of operations are subject to fluctuations in currency exchange rates.” Interest Rate Risk. We currently do not have any variable rate interest bearing financial instruments, hence there is no interest rate risk. 142