Non-Current Liabilities

Long-dated obligations are less urgent but not less real, and their maturity profile matters as much as their size — ₹500 crore due in equal instalments over ten years is a different company from ₹500 crore due in year three. That schedule appears in the notes, not on the face of the balance sheet, which is why the notes are where debt analysis actually happens. Since Ind AS 116, most operating leases appear here as lease liabilities, which raised reported debt across retail and aviation without any new borrowing. Deferred tax liabilities are an accounting timing item rather than money owed to anyone, and treating them as debt overstates leverage.