Anya Polytech & Fertilizers Ltd Management Discussions

For The Financial Year 2025-26 Provides An Overview Of The Business Environment, Operational Performance, Financial Highlights, Opportunities, Risks, And Outlook For Anya Polytech & Fertilizers Limited.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report for the financial year 2025-26 provides an overview of the business environment, operational performance, financial highlights, opportunities, risks, and outlook for Anya Polytech & Fertilizers Limited.

GLOBAL ECONOMIC OVERVIEW

The global economy during FY 2025-26 continued to navigate a complex and evolving macroeconomic environment Global growth remained moderate amid persistent geopolitical tensions, changing trade dynamics, monetary policy adjustments, and continuing realignments in global supply chains. While inflationary pressures eased from the elevated levels witnessed in earlier years, economic activity remained uneven across regions.

Advanced economies experienced relatively moderate growth, with differences in economic performance across major markets. Emerging markets and developing economies continued to demonstrate resilience, supported by domestic consumption, investment activity, and policy measures, although they remained exposed to external factors including commodity price movements, global interest rates, currency fluctuations, and geopolitical developments.

Global commodity markets remained volatile during the year. Movements in crude oil, natural gas, agricultural commodities and key industrial inputs continued to influence production costs, trade flows and business sentiment For the fertilizer and agro-input sector, fluctuations in the prices and availability of raw materials, energy costs and logistics continued to remain important factors affecting operating conditions. Geopolitical developments and changes in international trade policies also contributed to uncertainty in global markets. Supply-chain diversification and efforts towards greater resilience continued to influence sourcing and procurement strategies across industries.

For Anya Polytech & Fertilizers Limited, the global economic environment presented both opportunities and challenges. Volatility in input costs, logistics and market conditions required continued focus on strategic sourcing, operational efficiency, prudent cost management and market diversification. The Company remained focused on strengthening its business operations and responding effectively to changing market conditions.

GLOBAL INFLATION

Global inflationary pressures continued to moderate during FY 2025-26 compared with the elevated levels witnessed in the preceding years. The easing of inflation was supported by the gradual normalization of supply conditions and moderation in certain commodity prices. However, inflation remained above desired levels in several economies, while energy prices, food prices, wages and geopolitical developments continued to pose upside risks. Central banks across major economies continued to carefully calibrate their monetary policies in response to evolving inflation and growth conditions. Changes in interest rates and monetary policy stances influenced global borrowing costs, investment decisions, currency movements and capital flows. For emerging markets and developing economies, inflation trends remained closely linked to global commodity prices, exchange-rate movements and domestic demand conditions. Businesses continued to focus on cost optimization and supply-chain resilience to manage the impact of inflationary pressures.

For the fertilizer and agro-input industry, inflation and commodity price movements remained relevant due to their impact on raw material costs, energy expenses, transportation and overall operating costs. The Company continued to monitor these developments and adopt appropriate measures relating to sourcing, cost management and operational efficiency.

GROWTH IN EMERGING ECONOMIES

Emerging markets and developing economies continued to demonstrate resilience during FY 2025-26, despite a challenging global environment characterised by geopolitical tensions, trade policy uncertainties, commodity price volatility and changing financial conditions. Growth remained supported by domestic demand, investment activity and improving economic fundamentals across several emerging economies.

Emerging and developing Asia continued to remain an important contributor to global economic growth, supported by resilient domestic consumption, investment and expanding services activity. However, the region remained exposed to global trade developments, changes in commodity prices and geopolitical uncertainties.

China continued to experience a relatively moderate growth environment, with challenges in the property sector, subdued investment and domestic demand affecting the pace of economic expansion. These developments, together with changes in global trade patterns, continued to influence regional supply chains and commodity markets.

India remained among the fastest-growing major economies globally. According to the World Banks April 2026 India Development Update, Indias economic growth accelerated to 7.6% in FY 2025-26, compared with 7.1% in FY 2024-25. Growth was supported by robust domestic demand, resilient services activity, improving manufacturing performance and supportive macroeconomic conditions.

Despite continuing global uncertainties, Indias strong domestic economic base, expanding infrastructure, rising consumption and improving investment environment continued to provide a relatively favourable foundation for sustained growth.

INDIAN ECONOMIC OVERVIEW

The Indian economy demonstrated strong resilience and maintained its growth momentum during FY 2025-26, despite heightened global trade and geopolitical uncertainties. According to the World Banks latest India Development Update, Indias GDP growth accelerated to 7.6% during FY 2025-26, making India one of the fastest- growing major economies in the world.

The growth momentum was supported by robust domestic demand, resilient private consumption, strong services activity, manufacturing growth and continued infrastructure development. Indias relatively strong macroeconomic fundamentals and expanding domestic market provided support to economic activity despite external headwinds.

The Government continued to focus on infrastructure development, manufacturing, digitalisation, rural development, employment generation and improving the overall business environment These initiatives, together with continued investment in physical and digital infrastructure, contributed to strengthening the foundations for long-term economic growth.

The agriculture and allied sectors remained important contributors to Indias economic and rural development Continued policy support, improvements in agricultural productivity, irrigation, mechanisation, digital agriculture and initiatives aimed at improving farm incomes supported the broader agricultural ecosystem.

This environment continued to provide opportunities for the fertilizer and agrochemical industry, as agricultural productivity, food security and efficient nutrient management remain important national priorities. Demand for conventional fertilizers, specialty fertilizers, micronutrients and other crop-input solutions continues to be influenced by cropping patterns, farm incomes, monsoon conditions, government policies and increasing awareness of balanced plant nutrition.

The Indian fertilizer industry is also witnessing a gradual shift towards efficient and balanced nutrient application, with increasing emphasis on soil health, micronutrient management, customized nutrient solutions and sustainable agricultural practices. Growing awareness among farmers regarding soil fertility and crop-specific nutrient requirements are expected to support demand for value-added and specialty agricultural inputs.

India continues to offer significant long-term opportunities for the fertilizer and agrochemical industry, supported by:

• A large and diverse agricultural base

• A substantial farming population

• Continued focus on food security and agricultural productivity

• Increasing awareness of balanced fertilization and soil health

• Growing adoption of micronutrients and specialty crop inputs

• Government initiatives supporting agricultural development and rural infrastructure

• Increasing digital penetration and adoption of agri-tech solutions

At the same time, the industry continues to face several challenges. Key operational and market pressures include:

• Volatility in raw material and commodity prices

• Energy and transportation costs

• Dependence on imported raw materials for certain nutrients

• Changes in government policies, subsidies and nutrient-based pricing

• Weather and monsoon-related uncertainties

• Regulatory and environmental requirements

• Intensifying competition within the fertilizer and agro-input market

The policy environment remains an important determinant of industry dynamics. Government initiatives relating to fertilizer availability, nutrient efficiency, soil health, sustainable agriculture and the promotion of alternative and innovative agricultural inputs are expected to influence the industrys future direction.

The increasing penetration of digital technologies in rural India is also creating new opportunities for the agricultural sector. Digital advisory platforms, mobile-based farmer engagement, online distribution channels, precision agriculture and data-driven crop management are gradually improving access to information and agricultural inputs.

For Anya Polytech & Fertilizers Limited, the evolving Indian economic and agricultural environment presents opportunities for sustainable business growth. The Company remains focused on strengthening its product portfolio, improving operational efficiency, expanding market reach and enhancing its engagement with the agricultural ecosystem.

Key areas supporting the Companys long-term growth include:

• Strengthening the product portfolio with micronutrient and value-added fertilizer solutions

• Improving operational and supply-chain efficiency

• Expanding geographical and market presence

• Enhancing dealer and farmer engagement

• Promoting balanced crop nutrition and soil health

• Leveraging technology and digital channels

• Maintaining prudent cost and working-capital management

With Indias continued emphasis on food security, agricultural productivity, soil health, rural development and sustainable farming, the long-term outlook for the Indian fertilizer and agro-input industry remains positive. The Company intends to leverage these structural opportunities while continuing to manage market, operational, regulatory and input-cost risks prudently.

Indias strong domestic demand and resilient economic fundamentals provide a favourable backdrop for businesses operating in essential sectors such as agriculture and allied industries. The Company remains committed to aligning its business strategy with evolving market requirements and contributing to the development of a more productive, efficient and sustainable agricultural ecosystem.

INDIAN ECONOMIC GROWTH DRIVERS

Indias economic growth during FY 2025-26 remained supported by strong domestic fundamentals, resilient consumption, investment activity and continued development of infrastructure and productive capacity. The Indian economy continued to demonstrate resilience amid global uncertainties, supported by domestic demand, improving business confidence and policy measures aimed at strengthening long-term economic growth.

Key factors supporting Indias economic prospects include:

1. Strong Domestic Consumption

Private consumption continued to remain an important driver of economic activity. Rising household incomes, increasing formalisation of the economy, expanding digital payments and improving consumer confidence supported domestic demand across several sectors.

2. Continued Infrastructure and Capital Investment

Sustained public expenditure on infrastructure, transportation, logistics, energy and digital infrastructure continued to support economic activity and create opportunities for private-sector investment The focus on improving connectivity and productive capacity is expected to contribute to Indias long-term growth potential.

3. Manufacturing and Investment Momentum

Government initiatives aimed at strengthening domestic manufacturing, improving ease of doing business and encouraging investment continued to support the expansion of Indias productive base. The increasing emphasis on domestic value creation and supply-chain resilience also presents opportunities for manufacturing enterprises.

4. Resilient Financial and Banldng Sector

The financial sector continued to support economic activity through improved credit availability, digital financial services and increasing formalisation. Access to institutional finance remains an important enabler for businesses, particularly MSMEs, supporting investment, working capital and expansion.

5. Digitalisation and Technology Adoption

Rapid digitalisation across businesses, government services and rural markets continued to transform Indias economic landscape. Greater adoption of digital platforms, data-driven solutions, automation and financial technology is improving efficiency and creating new avenues for business growth.

6. Agriculture and Rural Economy

Agriculture continues to play a critical role in Indias economic and social development Government initiatives supporting agricultural productivity, rural infrastructure, irrigation, soil health and farmer welfare are contributing to the development of the broader rural economy.

For Anya Polytech & Fertilizers Limited, these economic drivers provide a favourable operating environment, particularly through sustained agricultural activity, increasing awareness of crop productivity and growing demand for efficient nutrient management solutions.

INDUSTRY OVERVIEW

The Indian fertilizer and agrochemical industry continues to play a critical role in supporting agricultural productivity, food security and sustainable farming. The sector is gradually evolving from a predominantly volume- driven market towards a more efficient, technology-enabled and value-oriented agricultural input ecosystem.

The industry encompasses a broad range of products, including fertilizers, micronutrients, specialty fertilizers, bio- fertilizers, soil conditioners and other crop-nutrition solutions. Increasing awareness among farmers regarding balanced fertilization and soil health is creating greater opportunities for products that address specific nutrient deficiencies and crop requirements.

Agriculture is increasingly moving towards precision and need-based nutrient management Farmers are becoming more conscious of soil conditions, crop-specific requirements, input efficiency and the relationship between nutrient application and crop productivity. This transition is creating opportunities for manufacturers and distributors of value-added agricultural inputs. The growth of digital agriculture is also transforming the sector. Increasing smartphone penetration, digital advisory platforms, online information resources and agri-tech solutions are enabling farmers to access information relating to weather, soil health, crop management and agricultural inputs more efficiently.

The rural economy continues to remain an important contributor to fertilizer demand. Government initiatives relating to farmer welfare; irrigation, rural infrastructure, agricultural productivity and soil health continue to support the development of the agricultural ecosystem. At the same time, increasing emphasis is being placed on balanced fertilization, soil health and sustainable agricultural practices. Efficient utilization of fertilizers and greater awareness of micronutrients are expected to remain important themes in the development of Indian agriculture.

The sector, however, continues to face challenges arising from raw material price volatility, logistics costs, and regulatory requirements, changing government policies, weather conditions and competitive pressures. Global commodity prices and geopolitical developments can also influence the availability and cost of certain raw materials. In this evolving environment, companies operating in the fertilizer and agro-input sector need to focus on product quality, operational efficiency, cost management, distribution strength, customer engagement and innovation.

For Anya Polytech & Fertilizers Limited, the changing agricultural landscape provides opportunities to strengthen its presence in the crop-nutrition market The Companys focus on fertilizer and micronutrient products, dealer engagement and market development is aligned with the increasing emphasis on balanced crop nutrition and improved agricultural productivity.

The fertilizer industry is therefore increasingly moving beyond the traditional supply of nutrients towards providing efficient, targeted and sustainable crop-nutrition solutions that support farmers in improving productivity while maintaining soil health.

INDUSTRY OVERVIEW: OPPORTUNITIES

The Indian agriculture and agri-input sector continues to offer significant opportunities for growth, innovation and market expansion. For Anya Polytech & Fertilizers Limited, the Companys product portfolio, market presence and focus on crop nutrition provide opportunities to participate in the evolving agricultural input ecosystem.

The key opportunities include:

1. Growing Demand for Micronutrients and Specialty Fertilizers

Increasing awareness of soil deficiencies and balanced nutrient application is creating opportunities for micronutrients and specialty crop-nutrition products.

Products such as Zinc Sulphate Monohydrate, Zinc Sulphate Heptahydrate and Zinc EDTA can play an important role in addressing crop-specific micronutrient requirements. The growing focus on soil health and nutrient-use efficiency is expected to support long-term demand for such products.

2. Precision and Need-Based Crop Nutrition

Farmers are increasingly seeking solutions based on specific crop, soil and geographical requirements. This provides opportunities for companies to develop and market crop-specific and need-based nutrient solutions. Technologies such as:

• Soil health diagnostics

• Farm and crop mapping

• Digital agricultural advisory

• Data-driven nutrient management

can further support the adoption of efficient crop-nutrition practices.

3. Digital Transformation and Farmer Engagement

Increasing digital penetration in rural India provides an opportunity to strengthen communication with dealers and farmers.

Digital platforms can support:

• Product education and awareness

• Crop-nutrition advisory

• Farmer engagement

• Dealer communication

• Market intelligence and feedback

The continued development of digital channels can improve accessibility to agricultural information and strengthen customer relationships.

4. Expansion into New Markets and Geographies

Indias diverse agricultural landscape provides opportunities for expansion into regions where awareness and adoption of specialty fertilizers and micronutrients are still developing. The Company can explore opportunities to strengthen its presence across underpenetrated agricultural markets, subject to commercial viability, distribution capabilities and regulatory requirements.

5. Growing Focus on Sustainable Agriculture

The increasing emphasis on soil health, nutrient-use efficiency, sustainable agriculture and responsible use of agricultural inputs is creating opportunities for innovative and efficient crop-nutrition solutions. The Company can benefit from this transition by continuing to focus on product quality, appropriate nutrient application and farmer awareness.

6. Government Focus on Agricultural Productivity

Continued government emphasis on food security, agricultural productivity, soil health, farmer welfare and efficient fertilizer use provides a supportive long-term environment for the agricultural input industry. Alignment with evolving agricultural policies and programmes can create opportunities for companies operating in the fertilizer and crop-nutrition sector.

CONCLUSION

The Indian fertilizer and agro-input industry is undergoing a gradual transformation towards balanced nutrition, greater efficiency, technology adoption and sustainable agricultural practices.

For Anya Polytech & Fertilizers Limited, this evolving environment presents opportunities to strengthen its market presence by focusing on quality products, micronutrient solutions, dealer engagement, market expansion and efficient crop nutrition.

The Companys continued focus on operational efficiency, customer relationships and market development is expected to support its ability to participate in the long-term growth of Indias agricultural ecosystem.

INDUSTRY OVERVIEW: RESTRAINTS

While the Indian fertilizer and agrochemical industry presents significant opportunities for growth, it continues to face structural, regulatory, market and operational challenges. These restraints can affect cost structures, margins, working capital requirements and the pace of market expansion. Effective risk management, operational discipline and continuous adaptation remain important for sustainable growth.

1. Volatility in Raw Material Prices and Supply Chain Disruptions

The fertilizer and agrochemical industry remains exposed to fluctuations in the prices and availability of key raw materials and other inputs. Global commodity-price movements, geopolitical developments, transportation constraints and supply-chain disruptions can result in cost volatility and uncertainty in procurement For manufacturers such as Anya Polytech & Fertilizers Limited, fluctuations in input costs may influence product pricing, margins and working capital requirements. Maintaining reliable sources of supply and efficient inventory management therefore remains important

2. Regulatory and Policy-Related Challenges

The fertilizer industry operates within a regulated and policy-sensitive environment, with various products and nutrients being subject to government policies, pricing mechanisms, subsidy frameworks and regulatory requirements. Changes in government policies, subsidy mechanisms, environmental requirements, product registrations, quality standards and other compliance obligations may affect market dynamics and business planning. Companies are therefore required to continuously monitor regulatory developments and adapt their operations accordingly.

3. Intensifying Market Competition

The Indian fertilizer and agrochemical market is characterized by the presence of established domestic players, multinational companies and regional manufacturers. Increasing competition, product availability and price- sensitive agricultural markets can place pressure on margins and market positioning. Sustaining competitiveness requires companies to focus on product quality, customer relationships, distribution efficiency, brand credibility and effective farmer and dealer engagement

4. Environmental and Sustainability Pressures

Increasing awareness regarding soil health, balanced nutrient application, environmental sustainability and responsible use of agricultural inputs is influencing the development and adoption of fertilizer products.

The industry is consequently required to balance productivity requirements with environmental considerations and evolving regulatory expectations. This may require continued investment in product development, quality management, process improvements and sustainable agricultural solutions.

5. Limited Digital Penetration in Rural Markets

Although digital adoption in agriculture is increasing, access to and adoption of digital tools can remain uneven across rural and agricultural markets. Differences in digital literacy, connectivity and technology adoption may limit the effectiveness of technology-enabled farmer engagement and distribution initiatives in certain regions.

Companies seeking to expand digital engagement therefore need to complement technology-based initiatives with effective physical distribution and on-ground dealer and farmer engagement

6. Fragmented Distribution and Last-Mile Challenges

The agricultural input market continues to involve extensive and geographically dispersed distribution networks. Reaching farmers in remote and rural markets can involve logistical challenges, transportation costs and dependence on multiple distribution channels. Maintaining product availability, timely delivery and efficient inventory management across diverse markets requires continuous coordination and operational oversight

CONCLUSION

The Indian fertilizer and agrochemical industry continues to operate in an environment influenced by input-cost volatility, regulatory developments, competitive intensity, sustainability considerations and distribution challenges.

For Anya Polytech & Fertilizers Limited, managing these restraints will require continued focus on operational efficiency, prudent financial management, product quality, regulatory compliance, customer engagement and adaptability. The Company remains focused on strengthening its capabilities and responding effectively to the evolving requirements of the agricultural sector.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Anya Polytech & Fertilizers Limited places significant emphasis on maintaining an effective internal control environment commensurate with the size, nature and complexity of its operations. The Companys internal control framework is designed to provide reasonable assurance regarding the safeguarding of assets, reliability of financial reporting, accuracy and completeness of accounting records, prevention and detection of errors and frauds, and compliance with applicable policies and regulatory requirements.

The internal control framework covers key operational and financial processes and is subject to periodic review by the Management and the Audit Committee, as applicable.

Key features of the internal control framework include:

• Periodic assessment of operational and financial risks;

• Review of internal processes and controls;

• Monitoring of compliance with established policies and procedures;

• Validation of the accuracy and completeness of financial records and reporting;

• Safeguarding of the Companys assets and resources; and

• Periodic review of control processes to identify areas for strengthening.

The Company continuously evaluates its internal control mechanisms in light of changes in its business environment, regulatory requirements and emerging risks. Wherever required, appropriate corrective measures are undertaken to strengthen the control environment

The Audit Committee and the Board, as applicable, oversee the Companys internal control framework and review significant matters relating to internal controls and financial reporting.

The Companys internal financial controls over financial reporting are designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with applicable accounting principles.

The Statutory Auditors have also reported on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting, as part of their audit report forming part of the Annual Report

FINANCIAL REVIEW

For the Financial Year Ended 31 March 2026

Important: I would not use the FY24-25 financial-review table you pasted for FY25-26. The FY24-25 table appears to contain standalone figures, whereas the FY25-26 figures currently available to us include the consolidated financial results. We should not mix standalone and consolidated figures.

The confirmed FY25-26 consolidated figures are:

Particulars	FY 2025-26	FY 2024-25	Growth / fDeclinel
Revenue from Operations	*17,815.11 lakhs	*13,681.00 lakhs	30.2%
Other Income	*716.24 lakhs	*166.26 lakhs	330.9%
Total Income	*18,531.35 lakhs	*13,847.26 lakhs	33.8%
Profit Before Tax	*1,052.08 lakhs	*1,171.76 lakhs	flO.2%)
Profit After Tax	*867.69 lakhs	*834.65 lakhs	4.0%
EPS - Basic	*0.71	*0.87	(18.4%)
EPS - Diluted	*0.71	*0.87	(18.4%)

Financial Performance

During FY 2025-26, the Companys consolidated Revenue from Operations increased to *17,815.11 lakhs, compared with *13,681.00 lakhs in FY 2024-25, representing growth of approximately 30.2%.

Consolidated Total Income increased to *18,531.35 lakhs, compared with *13,847.26 lakhs in the previous year, reflecting an increase of approximately 33.8%.

The Company recorded Profit Before Tax of *1,052.08 lakhs during FY 2025-26, compared with *1,171.76 lakhs in FY 2024-25. Consolidated Profit After Tax increased to *867.69 lakhs, compared with *834.65 lakhs in the previous year.

The consolidated profit attributable to owners of the Company stood at *831.93 lakhs during FY 2025-26.

The consolidated Earnings Per Share (Basic and Diluted) stood at *0.71 for FY 2025-26, compared with *0.87 in FY 2024-25.

Overall, the financial performance reflects a significant increase in the scale of operations and revenue, while profitability remained positive during the year amid the Companys continued focus on operational efficiency, cost management and business growth.

HUMAN RESOURCES / INDUSTRIAL RELATIONS

At Anya Polytech & Fertilizers Limited, human resources remain an important contributor to the Companys sustainable growth and operational effectiveness. The Company recognizes that a capable, committed and responsible workforce is essential for achieving its business objectives.

During FY 2025-26, the Company continued to focus on maintaining a professional and supportive work environment that encourages accountability, teamwork, effective communication and continuous learning.

The Company seeks to strengthen employee capabilities through appropriate training, knowledge sharing and on- the-job development, enabling employees to enhance their functional and technical skills and remain responsive to changing business and industry requirements.

The Companys human resource approach focuses on:

• Capability and skill development

• Merit-based performance

• Employee engagement

• Diversity and inclusion

• Health, safety and well-being

• Professional and ethical conduct

• Compliance with applicable labour and employment requirements

The Company also seeks to foster a workplace culture based on mutual respect, integrity, collaboration and shared responsibility. The industrial relations environment during the year remained cordial and constructive, and the Company continued to maintain open communication with its employees.

Conclusion

The Company believes that continued investment in people, capability development and employee engagement will remain important to its long-term growth. By fostering a professional, inclusive and performance-oriented work environment, the Company seeks to build a strong foundation for sustainable business performance.

KEY FINANCIAL RATIOS

For the Financial Year Ended 31 March 2026

Sr. No.	Particulars	FY 2025-26	FY 2024-25	Variance {%)	Explanation for variance of 25% or more
1	Current Ratio	To be calculate!	1.10	-	To be provided based on actual movement
2	Debt Service Coverage Ratio	To be calculate!	0.95	-	To be provided based on actual movement
3	Return on Equity Ratio f%l	To be calculate!	11%	-	To be provided based on actual movement
4	Inventory Turnover Ratio	To be calculate!	4.31	-	To be provided based on actual movement
5	Trade Receivables Turnover Ratio	To be calculated	7.00	-	To be provided based on actual movement
6	Trade Payables Turnover Ratio	To be calculated	10.59	-	To be provided based on actual movement
7	Net Capital Turnover Ratio	To be calculated	21.91	-	To be provided based on actual movement
8	Net Profit Ratio (%]	To be calculated	6%	-	To be provided based on actual movement
9	Return on Capital Employed f%l	To be calculated	7%	-	To be provided based on actual movement
10	Return on Investment f%j	To be calculated	8%	-	To be provided based on actual movement

CAUTIONARY STATEMENT

Statements made in the Management Discussion and Analysis and Directors Report describing the Companys objectives, strategies, expectations, plans, estimates and other forward-looking information may constitute forward- looking statements within the meaning of applicable laws and regulations.

These statements are based on certain assumptions and expectations concerning future events and are subject to various risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements due to, among other factors:

• Changes in economic and business conditions;

• Changes in government policies, regulations and regulatory requirements;

• Market demand and supply conditions;

• Volatility in raw material and input costs;

• Competitive pressures;

• Changes in agricultural and industry dynamics;

• Supply chain and logistical disruptions;

• Technological and operational developments; and

• Domestic and global developments affecting trade, markets and business operations.

The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws and regulations.

PARTICULARS OF EMPLOYEES

DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

1. The percentage increase in remuneration of each Director, Chief Financial Officer, and Company Secretary during the Financial Year 2025-26 and ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the Financial Year 2025-26 are as under

: Sr. No.	Name	Designation	Percentage Increase in Remuneration (FY 2025-26 vs FY 2024- 25)	Ratio of Remuneration of each Director to Median Remuneration of Employees
1 .	Mr Yashpal Singh Yadav	Managing Director	8.30%	9.8:1
2.	Mr Tej Pal Singh	Director	-	-
3.	Mr. Anurag Agarwal	Chief Financial Officer	-	-
4.	Mrs. Aayushee Bhatia	Company Secretary & Compliance Officer	9.09%	-

Note: Except for the Key Managerial Personnel mentioned above, no other Directors received remuneration other than sitting fees for attending Board and Committee meetings.

2. The percentage increase in the median remuneration of employees in the Financial Year: 10.20% 3. The number of permanent employees on the rolls of the Company: 131 4. The average percentile increase already made in the salaries of employees other than the managerial personnel is 10.28% in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof is 10.22% and point out if there are any exceptional circumstances for increase in the managerial remuneration 5. It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors, Key Managerial Personnel and other Employees. 6. Information as per Rule 5(2) & 5(3) of Chapter XIII, Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 - Top 10 employees in terms of remuneration drawn during the year

: Sr. No.	Name	Designation / Nature of Duties	Age (Years]	Remuneration (Rs. Lakhs)	Qualification	Experience (Years)	Commence me nt of Employment (Joining Date)	Last Employm ent Held	Percent age of Equity Shares Held
1.	Rajit Malhotra	CFO	55	16.20	Chartered Accountant	29	05-05-2025	March 2025	0%
2.	Punit Chandra Agarwal	Marketing Manager	44	11.52	B.Sc (Agriculture), MBA(ABM)	20	23-03-2015	March 2015	0%

7. Other disclosures as per the Rules:

a. Employees employed throughout the Financial Year 2025-26 with remuneration not less than tl.02 crore - Nil

b. Employees employed for part of the Financial Year 2025-26 with remuneration at a rate not less than t8.5 lakh per month - Nil

c. Employees employed throughout or part of the Financial Year 2025-26 who drew remuneration in excess of that of the Managing Director and holding >2% equity shares - Nil

8. None of the employees of the Company is a relative of any Directors of the Company - Not Applicable