Aries Agro Ltd Management Discussions

FORWARD LOOKING STATEMENTS

This report contains forward looking statements, which may be identified by their use of words like ‘plans, ‘expects, ‘will,

‘anticipates, ‘believes, ‘intends, ‘projects, ‘estimates, or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the Companys strategy for growth, product development, market position, expenditures and financial results, are forward looking statements. These forward looking statements, which may include statements relating to future results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the Directors and Management of the Company, about the business, industry and markets in which the Company operates. These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, many of which are beyond Companys control and difficult to predict, that could alter actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of the Company. In particular, such statements should not be regarded as a projection of future performance of the Company. It should be noted that the actual performance or achievements of the Company may vary significantly from such statements.

OVERVIEW

Overview of Industry

The Company continues to grow as part of the Specialty Plant Nutrition industry, which includes Micronutrients, Water Soluble Fertilizers, Secondary Nutrients and Bio-stimulants. India as a whole experienced above-normal rainfall during the Southwest Monsoon season (June-September), receiving 108% of the Long Period Average (LPA) of 868.6 mm. This exceeded the IMDs initial forecast of 106% ? 4% of LPA. From June to October 2024, Indias rainfall pattern showed early variability but ended largely positive. June recorded an 11% deficit, while heavy July rains offset the shortfall. August and September received above-normal rainfall, contributing to a 7.6% surplus for the monsoon season. On a standalone basis, the Companys gross revenue increased by 17.22% from Rs.664.03 Crores to Rs.778.35 Crores. International sales have showed significant growth which includes sales from the

Aries branch in Fujairah, UAE and from our Associate Company, Amarak Chemcials FZC, UAE.

Manufacturing Base

The total capacity utilization currently stands at 76.32% of the total installed capacity of 95,400 MT p.a. in India. The manufacturing unit at Fujairah, UAE has produced 8751 MT of Sulphur Bentonite and other value added Sulphur products for sale in India and globally.

Financial Year	Capacity Utilization
2020-21	67.33%
2021-22	69.42%
2022-23	71.43%
2023-24	72.61%
2024-25	76.32 %

Highlights & Key Developments HighLights

Financial Year 2024-25 was characterized by uncertain supply chains and consequent price volatility. . Despite these challenges, the revenue distribution remained relatively stable, with the first half of the year contributing slightly more (51.60%) compared to the previous year (50.68%). The quarterly revenue shares saw minor shifts, with Q1 showing a notable increase, while other quarters remained largely consistent with FY 2023–24

Quarter	Share in Annual Revenue 2023-24	Share in Annual Revenue 2024-25
Q 1	20.74%	22.83%
Q 2	29.94%	28.77%
H 1	50.68%	51.60%
Q 3	28.13%	27.30%
Q 4	21.19%	21.11%
H 2	49.32%	48.40%
Annual	100 %	100 %

The annual booking bazaars led to bookings worth Rs. 835.10 Crores and conversion of these bookings and routine orders led to total revenue of Rs.778.35 crores during FY 2024-25, up by 17.22% over the last Financial Year.

New Products

Market requirements identified the need for certain new products, which were formulated & developed during FY 2024-25

1) Aries Ecoshield:

Aries Ecoshield is a plant IMMUNITY BOOSTER containing hydrolysed microbial biomass with naturally occurring proteins.

2) Majorsol Soybean and Pulses Special:

Majorsol Soybean and Pulses Special contains both macro and micro nutrients in proper proportion for better growth and quality and seed production.

3) Calmax:

Calmax is a naturally occurring source of plant based macro and micronutrients, especially Calcium and Magnesium, in bioavailable form. It also contains organic substances such as amino acids, oligosaccharides, fatty acids, proteins and traces of phytohormones.

4) Zinc HD Gold:

Dense Suspension concentrate of liquid zinc.

We also enhanced our Equipment Division with the addition of the following:

• Three models of Knapsack Sprayers

• Soil Testing scanned devices

• Magic Traps Successful Digitization at Aries

Aries has embraced digital transformation across multiple business functions, streamlining operations and enhancing user experience. The following core processes are now fully digitized:

AIMS – Aries Integrated Management System

A comprehensive digital platform that integrates and automates internal workflows, ensuring seamless coordination across departments, better data management, and improved decision-making.

Khazaana – Customer Reward & Redemption System

An intuitive digital loyalty program that allows customers to accumulate reward points and redeem them online with ease—enhancing customer engagement and satisfaction.

Aries Everywhere – Sales & Market Activity Monitoring

A mobile-enabled solution that empowers our sales force with real-time reporting, geo-tagging, and activity tracking. It also supports planning and evaluation of Market Development Activities (MDAs).

Soil Test Reporting & Recommendation System

Digitally captures soil test results and instantly generates tailored agronomic recommendations—delivered electronically to farmers and field teams, promoting precision agriculture.

Online Banking & Digital Payments

A secure and streamlined digital payment ecosystem enabling seamless transactions, vendor disbursements, and customer collections across multiple online channels. During the year under review, 99% of customer payments are initiated through our online banking and digital platforms—a strong testament to user adoption and system reliability

Aries Everywhere: Empowering Farmers, Expanding Horizons — From Farm Fields To Global Forums Farmer Outreach

29 May 2024 - A Mega Farmers Meeting and Lucky Draw Contest was organized at the Kissan Outlet in Firozpur (PRC), fostering community engagement and brand visibility.

17 Jul 2024 - Participated in the Kisan Mela at Moga, Punjab to directly engage with the farming community. Aries showcased agri-solutions aimed at improving crop yields and soil health.

13 Aug 2024 – Mega Farmers Meeting with Soil Testing and Drone demonstrations was conducted in Dhomane village in Chalisgaon, Jalgaon, Maharashtra 23 Aug 2024 - Participated in the Polam Badi Program in Andhra Pradesh, educating farmers on soil testing and analysis. Hands-on demonstrations highlighted the benefits of using Aries advanced agri tools.

8 Sep 2024 - Co-organized a Kisan Mela with the Punjab Potato Growers Association in Kartarpur. Engaged with local growers to promote sustainable agri practices using Aries solutions.

16 Nov 2024 - Engaged with Karnatakas farming community at the Kisan Mela in GKVK, Bangalore. Demonstrated Aries technologies designed to improve soil and crop management.

16 Dec 2024 - Showcased Aries organic farming solutions at Vishaka Organic Mela. Focused on promoting eco-friendly inputs and enhancing farmer productivity.

18 Dec 2024 - Multiple crop-focused campaigns were carried out which targeted region-specific agricultural needs and practices -

Strawberry Crop in Pachgani and Bhilar (Satara District), Mango Crop in Ratnagiri District, Watermelon Crop in Dharmabad and Biloli (Nanded District), Orange Crop in Amravati and Waruad (Nagpur Division) and Onion Crop Campaign was implemented in the Gangapur area of Nashik, educating farmers on best cultivation practices. A group campaign on Onion Crop was conducted in Narayangaon, Pune, to promote collective farming techniques and success stories.

22-Dec-24 - A Booking-cum-Dealer Training Program held in

Solan, Himachal Pradesh, offering an in-depth session on Aries wide range of nutritional products.

16 Jan 2025 - Participated in Kisan Mela at Kumhari, Raipur alongside Union and State Agriculture Ministers. Engaged farmers on modern crop nutrition techniques and sustainable practices.

18 Jan 2025 - Joined Maharashtra Mango Growers Association event in Mumbai. Engaged with over 200 FPOs and mango growers on integrated crop solutions.

7 Feb and 8 Feb 2025 - Aries led the efforts of Indian

Manufacturers Association (IMMA) in their 5th National Crop Nutrition Summit at the World Trade Centre Mumbai, focusing on "Next Practices for Climate-Smart Agriculture." The event brought together policymakers, scientists, and industry leaders to explore innovations, sustainable practices, and strategies for boosting farm productivity. Key objectives included showcasing new technologies, fostering collaborations, scaling successful models, and advocating for policy changes to support climate-smart agriculture in India. On Day 2 (8 Feb 2025) Aries participated in IMMAs B2B Conclave at the iconic Bombay Stock Exchange in Mumbai where we had private meeting with potential new partners, buyers and suppliers. This was an ideal platform to build new partnerships Besides several outreach programmes for farmers, Aries also conducted a series of farmers meetings across various regions to promote agricultural products and provide support. These meetings focused on a variety of crops, including cotton, soybean, potato, paddy, and vegetables. Notable events included a drone and soil testing demo in Jalgaon, Maharashtra, and a retailer meeting in Himachal Pradesh, where discussions centered on potato and vegetable crops. Several large gatherings were held, such as at Harinagar Sugar Mills, Assam, and other areas like Baghpat, Rohtak, and Thanjavur, covering a wide range of products like HD NPKs and crops such as paddy, and groundnut, etc. These meetings helped strengthen connections with farmers and promote new agricultural technologies and products. Mega Farmer meetings were also conducted in Chindwara, Madhya Pradesh and also at Dhomane Village, Jalgaon Maharashtra.

Conferences, Meetings, Exhibitions and Expo

18 – 19 April 2024 – Aries Emerald Jubilee Celebration - A Showcase of Innovation and Excellence. Aries celebrated its 55th Year "The Emerald Jubilee" at the CIDCO Exhibition Centre in Vashi, Navi Mumbai on April 19th 2024. The event marked a momentous occasion for the company, bringing together over 2500+ guests, including Farmers, Aries top distributors, dealers, agripreneurs, global and domestic suppliers, and other stakeholders from the plant nutrition industry. This event showcased not only Aries rich

55-year legacy but also what it has to offer in the a dozen exhibits demonstrated Aries innovations and upcoming product launches planned for the next few years for the Indian farmers.

20 – 23 April 2024 – Aries Agro Ltd.s Elite Club Customer Convention in Dubai was a four-day, high-impact event curated for over 450 elite customers from 26 Indian states. The convention opened with the Annual Dealers Club meeting and featured distinguished speakers such as His Highness, Mr. Abdulla Al

Hashmi, Director General Jebel Ali Free Zone and COO, Parks and Zones - DP World CC and Shri C. S. Raghavan from the Confederation of Indian Industry, who shared valuable insights on global trade and emerging industry trends. A key highlight was the visit to our Amarak Factory in the Fujairah Free Zone. Mr. Sharief Habib Al Awadi - Director General, Fujairah Free Zone also visited our factory and the Chairmans Club dealers had interaction with him and gained insights into Fujairahs economic landscape and itsMicronutrient role in global trade. 25 – 26 July 2024 Aries participated in the 11^th Annual Mice India and Luxury Travel Congress (MILT) at Jaipur. We were also felicitated with the MILT Excellence Award" for "Best Incentive Program in an International Destination

3 Aug 2024 - CII Agri Connect Expo 2024 in Tamil Nadu drew over 12,500 visitors. The event reinforced Aries role in shaping sustainable agri practices and public-private partnerships.

24 Aug 2024 - Aries participated in the Parle District Beed Agriculture Exhibition, showcasing its innovative agricultural solutions. During the event, Shri Dhananjay Munde, the Agriculture

Minister of Maharashtra, visited the Aries stall, offering a valuable opportunity to engage with key stakeholders and discuss Aries contributions to advancing agricultural practices in the region. 29–30 Aug 2024 - Showcased at India International Agri Business (IIAB) Expo 2024 in Hyderabad, attended by over 3,000 visitors and 75 global speakers. Shri Thummala Nageswara Rao, Minister of Agriculture, Telangana state visited our stall in the Expo. The CMD, Dr. Rahul Mirchandani was honored at the Expo for his outstanding contribution to the Agri Industry.

10 Sep 2024 – CMD, Dr. Rahul Mirchandani moderated a high-level panel Session "Agritech: Cultivating a Future of Smart, Sustainable Agriculture" in Mumbai. This was part of the ‘UAE–India Business Forum – Beyond CEPA: Innovation & Future – Ready Economies supported by CII, featuring global agri leaders.

11 Sep 2024 – Participated in the CCI Delta Agri Expo 2024 held at Thanjavur, Tamil Nadu, organized by Chamber of Commerce

& Industry (CCI) which showcased the needs of the farmers and requirements and emphasized regional advancements in agricultural productivity 1 Oct 2024 - Participated in the National Pomegranate Buyer-Seller Conclave in Chickkaballapura, Karnataka. The event facilitated key market linkages between producers and buyers.

22 Oct 2024 – Participated in the ‘Amravati Drone Summit in Vijayawada and had interaction with the Aviation Minister of State,future.Over Shri Ram Mohan Naidu. Focused on the role of drone tech in transforming agri-logistics and monitoring systems.

15 17 Nov 2024 - Aries showcased its range of offerings at the

Krishi Bharat Expo in Lucknow. The expo was centered on harvesting innovation for future-ready agriculture.

4 Dec 2024 - Participated in the MSME Expo held at Vijayawada to connect with micro and small agri enterprises. Showcased Aries innovations tailored for scalable and inclusive growth.

6 Dec 2024 – Aries empowered Agriculture at FAI Annual Seminar 2024. The CMD, Dr.Rahul Mirchandani took center stage sharing insights on Harnessing Data and Ag Tech for Integrated Crop Nutrition. His insights laid a visionary path paving the way for smarter and more sustainable farming models 11–12 Dec 2024 - CMD, Dr. Rahul Mirchandani, proudly represented Aries at the 15^th Agricrop Conference "Enriching FPOs" held in collaboration with the Bombay Chamber of Commerce & Industry and the Kisan Agri Show in PIECC. He delivered an insightful talk on "Digitization in Agriculture" exploring cutting-edge concepts like Climate Stack, Agri Stack and Mandi Stack paving the way for smarter and more sustainable farming practices.

20 Dec 2024 - Aries in collaboration with FIL Industries Ltd and Indian Oil Corpn., proudly sponsored the J&K International Apple Conclave organized by CII in Srinagar. The event was moderated and chaired by our CMD, Dr.Rahul Mirchandani fostering insightful discussions on innovation and growth in the apple industry. We had the privilege of guiding apple growers on optimizing the Aries range of crop nutrition solutions to enhance pre-harvest and post-harvest practices to achieve superior yields and quality produce.

21 Dec 2024 - Nipani team exhibited at the Vibrant Horticulture University Exhibition, Bagalkot. Made a strong impression with unique contributions and localized innovations.

27 Dec 2024 - Participated in Krishi Fair in Jamnagar, Gujarat. Interacted with farmers and agribusinesses to promote Aries crop nutrition range.

16 Jan 2025 - Attended Agri Expo to explore emerging trends and interact with agri stakeholders. Focused on market innovations and partnership opportunities.

17 Jan 2025 - Participated in Agri Expo in Baramati, Pune to strengthen outreach in western India. Promoted Aries range of solutions for diverse agro-climatic zones.

The Annual Planning and Strategy Meet 2024-25 was held at Mumbai with attendance of All India Team Leaders to discuss strategies for the current Financial Year. A similar meet was also conducted in Lucknow before the winter season. Marketing Core Group Meeting was held in Sept24 and Feb25 at Delhi and Indonesia respectively. These meetings were conducted to finalize the sales strategies and targets of the year.

Operations Core Group Meeting were held in Sept24 and Feb25 in Goa and Coimbatore respectively to line up the supply chain infrastructure and operations strategies to serve our markets in India and globally.

Dealers Meetings were also held in Tirupati, Jaipur, Guntur, Eastern Region Distributors Meeting Siliguri.

International Engagements and Market Expansion

22 May 2024 - Aries strengthened its global footprint by meeting customers from New Zealand and Europe in Singapore. These discussions focused on expanding collaborations and identifying new market opportunities.

2 Jun 2024 - Aries welcomed a buyer delegation from Bangladesh to Mumbai to explore potential trade opportunities 18 Nov 2024 - Vendor from Nigeria recently visited our Ghaziabad office. This visit aimed to strengthen our business relationship and explore new opportunities for collaboration in the Nigerian market.

21 – 22 Jan 2025 - Aries participated in The 20th edition of flagship event of PMFAIs International Crop Science Conference

& Exhibition (ICSCE 2024 Dubai). This trading platform facilitated the establishment of relationships within the agrochemicals, agricultural biological products, and allied industries. It enabled us to forge strategic partnerships with international companies, stay informed about current trends in the market, and enhance our engagement with the Generic Pesticide Industry. Furthermore, this participation brought together researchers in agriculture, pesticide manufacturers, agrochemical traders, agricultural biological industries, and allied sectors, contributing to the overall health and collaboration within these fields.

4 Feb 2025 - Participated in the INDO-Israel Horticultural Fair in Mangiana, Sirsa, Haryana, focusing on agri-tech exchange and fostering bilateral cooperation. The Centre of Excellence (COE), part of a nationwide initiative, aims to introduce advanced Israeli agricultural technologies and practices to Indian farmers.

12 – 15 Mar 2025 – Aries Participated in the Horti Agri Next Expo in Thailand, the complete Seed to Food tradeshow for Asia. Horti Agri Next is the premier trade show showcasing the latest products, innovations, and advancements in horticultural food production, landscaping, controlled environment practices, environmental conservation and agriculture.

17 Mar 2025 - Aries participated in the CAC Expo held in Shanghai, China, showcasing their innovative products and solutions in the agricultural sector. The expo provided a platform for Aries to network with international industry leaders, explore emerging market trends, and present their cutting-edge technologies. The event helped strengthen Aries global presence and highlight their commitment to advancing agricultural practices worldwide. Government Relations and B2B Engagements 10 Jun 2024 - Held a strategic meeting with Karnatakas Minister for Civil Supplies, Shri K. H. Muniyappa, discussing potential state-level agricultural initiatives and collaborations.

2–3 Sep 2024 - Aries made strong B2B pitches at the PMFAI International Crop Science Conference in Delhi. Discussions focused on strategic partnerships in crop protection and nutrition.

20 Nov 2024 - Hosted a high-level visit by IAS and Horticulture Director to Aries Progressive Farm. The delegation evaluated best practices in modern, sustainable cultivation techniques.

30 Jan 2025 - The CMD of Aries and President of IMMA, Dr. Rahul Mirchandani, met with Honble Agriculture Minister, Mr. Manikrao Kokate, GoM, to discuss key issues like Label Claim Fertilizers, integration of innovative products, and the standardization of micronutrient labels. The Minister committed to taking strict action against unethical practices, including false tagging and misleading claims by bulk fertilizer companies, reinforcing the need for transparency and regulation in the sector.

7 Mar 2025 - CMD met Odishas Agri Commissioner, Mr. Prem Chandra (IAS) to discuss tech-driven farmer education. Explored initiatives to introduce micronutrient technologies in the region.

Domestic and Global Leadership and Training Programmes

16 May 2024 Our Staff, Mr. Annasaheb Atole conducted a session at Narsee Monjee Institute of Management Studies (NMIMS) at Nashik, in the presence of esteemed faculty members from the School of Agricultural Sciences and Technology.

14^th August - First Cohort of our Mumbai Head Office team started their journey of higher learning for an 18-month Business School Programme at the Welingkar Institute of Management, Mumbai. This initiative represents Aries commitment to empowering employees with advanced business knowledge and leadership skills. It is a significant step towards fostering a skilled workforce ready to take on challenges in an ever-evolving corporate environment.

30-Aug-24 - In an effort to modernize agricultural practices and enhance farming efficiency, Aries launched a specialized DGCA approved Drone Training Programme in partnership with IITM University in Nava, Raipur. The program was inaugurated by Mr. O. P. Chaudhary, the Finance Minister of Chhattisgarh, alongside the MLA of Raigarh, Chhattisgarh. The program is set to revolutionize agricultural practices in the region, providing farmers with innovative tools to improve productivity and reduce labor costs. 18-Sep-24: "Train The Trainers Session" at Aries HO, focusing on patented pesticide molecules, conducted by experts from Rallies India, Godrej Agrovet, and Best Agrolife Ltd. This event emphasized corporate partnerships in the industry.

21-Sep-24 - The first batch of drone pilots trained through Aries specialized Drone Training Program at ITM University in Raipur successfully graduated. These newly certified drone pilots have completed a comprehensive training course, acquiring the skills necessary to operate drones for agricultural purposes, such as crop spraying and monitoring. This marks a significant milestone in the companys efforts to integrate technology into agriculture and empower local farmers with advanced tools for improved farming efficiency.

25 Oct 2024 – Training Session "Farishtey – Accident First

Responder" A CII-Yi Initiative was conducted at Aries Head Office to manage accident scenes, provide immediate care and stabilize victims till professional medical help arrives.

11–15 Nov 2024 - Dr. Rahul Mirchandani and Mr. Omkar Patil represented Aries at Harvards Innovation & Business Strategy Executive Development Programme. This initiative focused on professional training on business strategy and sustainable agri-innovation leadership.

21 Jan 2025 The staff attended Interactive live session on

"Centralized Pension Payment System (CCPS) and this was also streamed on YouTube, Instagram and facebook channels of EPFO.

9-Mar-25 - Aries participated in the Annamalai Alumni Business Network (AABN) interactive networking session held digitally. The session focused on the theme of the Agri Economy 2025, delving into key challenges, opportunities, and innovations within the agricultural sector. 11-Mar-25 - Aries hosted a live session aimed at educating employees and the broader community on the essential processes of activating their Universal Account Number (UAN) and linking it with Aadhaar and bank accounts. This session provided guidance on ensuring smooth and efficient processing of employment-related benefits, especially in the context of the Indian governments digital initiatives aimed at financial inclusion and improving the transparency of payroll systems.

Aries Group Expansion Initiatives and Campaigns

9 May 2024 - Launched the Sahi Chuno Campaign to empower farmers in making informed decisions about crop protection and nutrient choices.

14 May 2024 - The Aries Everywhere mobile application was launched on iOS, extending digital accessibility to a broader farmer base.

15 May 2024 - A WhatsApp-based campaign for Paddy crops was rolled out in the Punjab region, led by Mr. Manan Kumar. The campaign successfully engaged over 3,100 farmers through digital outreach.

17 Jul 24 – Aries Fujairah has signed the contract to begin the construction of its Amarak Chemical FZCs Sulphur Bentonite facility in Jebel Ali Free Zone (JAFZA), UAE. This marks a significant step in the companys further expansion into the UAE market, reinforcing its commitment to strengthening its global presence.

17 Jul 24 Completed the first floor construction at the Vijayawada office, where the CSS Team Operations will now be based. A Pooja ceremony was held to mark the occasion, and in tandem, Aries launched the "Aries Agriculture Guide," a tool designed to support farmers and agricultural professionals with expert guidance.

22 Aug 24 - Jafza Ground Breaking - Mobilization for shifting of Amarak Sulphur Bentonite factory to Jebel Ali, UAE. The ground breaking marks the beginning of this major expansion, strengthening Aries position in the region and enhancing its production capabilities.

11 Aug 2024 - The winner of the "Sahi Chuno" Campaign from Telangana was honored with a recognition gift, celebrating farmer participation. 11 Sep 2024 - The "Rythu Radham" Campaign was conducted in Charasikunta, Pothineedupalem, and Ramasinghavaram villages, focusing on sustainable and progressive farming practices.

24 Sep 2024 - A ‘Mobile Display Campaign was launched in flood-affected regions of Andhra Pradesh to raise awareness on managing bacterial and fungal diseases in crops.

14-Oct-24 - Conducted the Bhoomi Pujan ceremony for its upcoming manufacturing facility in Lucknow, India. This new facility will play a crucial role in expanding Aries manufacturing footprint in the region, reinforcing its commitment to local production and economic growth. 1 Nov 2024 – "We unveiled the "I Built Aries" campaign — a tribute to the visionaries, pioneers, and dedicated members of the Aries

Family whose relentless efforts have transformed Aries Agro into the stellar organization it is today. This initiative showcased powerful, first-hand accounts of commitment, perseverance, and pride, as told by those who helped build the foundation of our success. This initiative was awarded the ‘Best Social Media Campaign Award by ‘Mad Over Marketing.

6 Dec 2024 – Launched "Field to Future – Success Stories of Aries Farmers", a tribute to the achievements of farmers who experienced success using Aries Agro products.

Festive Celebrations & Employee Engagements

2 Jun 2024 -. The HO team participated in the Royal Strikers Corporate Cricket League 2024 to foster camaraderie.

15 Aug 2024 - The Independence Day celebration at Aries reaffirmed the companys commitment to empowering the agricultural community by showcasing its innovative products and solutions aimed at improving the agricultural landscape. 7 Sep 2024 - During the Ganesh Chaturthi celebration at the HO, the factory creatively used unused packaging materials to construct an eco-friendly Ganesh Puja Mandap, promoting sustainability in traditional festivities.

11 Oct 2024 - Dassehera Poojas were performed across branch offices and depots. We also honored the academic achievements of staff members children by presenting them with "Founders

Memorial Awards" for their outstanding performance in the year 2023-24.

24 Oct 2024 - Aries staffhad the privilege of visiting Raj Bhavan, the

Governors Estate in Mumbai, as part of a special event celebrating the companys culture and achievements.

30 Oct 2024 - The Diwali celebrations at the HO included a traditional Pooja ceremony, while employees nationwide also celebrated with festive spirit and joy.

27 Nov 2024 - The Foundation Day celebration spanned an entire month, highlighting the companys journey, values, and commitment to the agricultural community, reflecting on past milestones and future aspirations. The National Shubham Campaign took place, consisting of farmer meetings and outreach activities across multiple states, enhancing direct farmer engagement. Employees participated in numerous activities, including Annadanam, Farmer Meetings, and Shubham Campaigns, marking the continued celebration of Foundation Day and the companys mission to support farmers. 23 Dec 2024 - Farmers Day, celebrated the contributions of local farmers in Sungaon, Jalgaon Taluka, with the event being graced by

Smt. Shubhangi Rathod, highlighting the importance of community and collaboration in agriculture. 24 Dec 2024 - The Christmas Eve celebration at the HO included a heartfelt donation of clothes and books to Goonj Foundation, helping to support their 25-year mission of providing essential supplies to Indias most disadvantaged communities.

7 Mar 2025 - On International Womens Day, Aries celebrated the invaluable contributions of women across all departments, with special celebrations held at both the HO and branches. The events recognized and honored the dedication of Aries women working in various roles, highlighting their significant impact on the company.

Additionally, the day featured special interviews with 8 women farmers, celebrating their contributions to agriculture, sharing their stories through special interviews that highlighted their role in advancing agriculture. Fire Fighting and Safety Management training was held in Feb 2025. This is crucial for ensuring the well-being of employees, preventing accidents, and minimizing damage in the event of a fire or other emergency. Health Check-ups: These check-ups typically include measurements such as blood pressure, blood sugar levels, cholesterol levels, BMI (Body Mass Index) and other basic health parameters. Health check-ups not only detect health issues early but also empower employees to take proactive steps towards better health. They play a crucial role in promoting a culture of wellness within organizations, ultimately contributing to enhanced employee well-being and productivity.

Media, Public & Academic Engagements

Sep 2024 - Forbes India spotlighted Aries Agro Ltd. in their feature, ‘Aries Agro Ltd.: Building a Stellar Team of Dynamic Next-Gen Leaders, for breaking the ‘three-generation rule by empowering the next generation to drive the company forward with renewed energy, cutting-edge technology, and innovative strategies.

25 - 31 Dec 2024 - As part of ‘Jai Vigyan, Jai Kisan Week, we proudly launched "The Jeevans Agri Show – Indias first-ever agricultural show hosted by our mascot, Jeevan"! This exciting social media event brought together industry experts who shared insights on cutting-edge agri topics like hydroponics, sustainable farming, plant nutrition, digital agriculture, and the science of chelation. From innovative practices to real-world solutions, the show aimed to empower and engage the agri-community across India.

31 Dec 2024 - Dr. Rahul Mirchandani featured in the podcast

‘Unfiltered in the Supal Sharma Show. He shared leadership insights and his inspiring entrepreneurial journey.

16 Feb 2025 - Showcased agri-innovations at Rajendra Agriculture University, Bihar. Interacted with researchers and students on sustainable practices.

12 Mar 2025 – Launched a very special book " SHOCK and AWE! Building Brands - The Aries Agro Way - collection of 17 short stories of innovative campaigns and products of Aries over the decades …. Stories of ‘Next Practices that we created and gave to India and the World. Authors - Dr. Rahul Mirchandani and Mr. Omkar Patil

Made in India Initiatives:

Aries is progressively reducing its import dependence. This is evidenced by the following trend showing the reduction in imported raw materials as a percentage of total raw materials over the past few years

IMPORT OF RAW MATERIALS FROM 2018-19 TO 2024-25 FY	Percentage
2018-19	51
2019-20	25
2020-21	25
2021-22	27
2022-23	24
2023-24	28
2024-25	18

Moreover, the most successful import substitution initiative was the manufacture of Aries HD range reducing our dependence on water soluble fertilizers imports from China. The HD range has continued to show good growth as evidenced below.

FY	Growth Of HD Sales Sale Value in Rs. (Lakhs)	% Growth
2021 - 2022	268.96
2023 - 2024	920.89
2024-2025	2401.96	795%

Social Media Presence/Campaigns

With the ongoing wave of rapid digitization, Aries social media platforms have witnessed significant growth and engagement. Our official channels, YouTube, Twitter, Instagram, and Facebook under

"Aries Agro Limited" have been consistently updated with inspiring stories highlighting individuals within the Aries network who have demonstrated excellence.

Several farmer meetings were conducted virtually, wherein groups of farmers received structured training from the Aries team through a series of online sessions branded as Aries Fasal Sabha. These sessions not only served as knowledge-sharing platforms but also encouraged participating farmers to provide testimonials based on their experiences.

The technical attributes of Aries products were communicated effectively through these digital Fasal Sabha sessions. In addition, active WhatsApp groups comprising staff, farmers, and distributors regularly share timely updates on developments relevant to the Aries business.

At present, our combined social media audience reach stands at approximately 4,70,950. Nationwide campaigns such as Fasal Sabha, Sahi Chuno Campaign Lucky Draw, I Built Aries, The Jeevans Agri Show, Womens Day, and others were successfully executed across various platforms, contributing to increased visibility and engagement. We continue to list our products on third party portals viz. Amazon and Flipkart which helped us expand urban markets.

Platform	Increase in Engagement Ratio
LinkedIn	42%
Facebook	53%
Instagram	49%
YouTube	83%

Soil Testing Services:

Soil testing with mobile kit is an essential practice in modern agriculture to assess soil health and fertility accurately. The Company has organized during the year soil testing camps in Maharashtra, Gujarat, Punjab, North Karnataka, Andhra Pradesh and Telangana using Mobile Soil Testing Kits which analyse 10 parameters including pH, EC, NPK levels in soil, micro nutrient levels including Zinc, Ferrous, Boron, Organic Carbon, etc. These tests are conducted following the Indian Council of Agricultural Research (ICAR) norms to ensure accurate soil analysis. By assessing these parameters, farmers can make informed decisions about fertilization and amendments, to improve crop yields sustainably.

o Aries Created History Once Again - On 27th November 2024, as part of our Emerald Jubilee Year celebrations, Aries Agro organized farmer meetings across 26 states, covering 121 different crops all in a single day! We are proud to share that this extraordinary feat has been officially recognized by the India Book of Records as the "Highest Number of Farmer Meetings on 121 Crops Across 26 States in a Single Day." This recognition is a testament to Aries unwavering commitment to farmer education and well-being, further reinforcing our mission to empower Indian agriculture o Aries won "The Mommys Award" for ‘Best Brand – Agriculture awarded by Mad over Marketing for Social Media Campaign "I Built Aries", launched on our 55^th anniversary. This inspiring campaign featured 55 stories of our dedicated team members, celebrating their journeys and contributions. o Aries won the ‘Asian Business Leadership Gold Award for ‘The Best Rural Marketing Strategy (Events). This award honours the excellence and dedication demonstrated in the 55^th Emerald Jubilee Event, which prominently featured the rural community. Out of 220 entries from 5 countries, our event stood out for its exceptional creativity and innovation, setting new standards in Rural Marketing.

o Aries was honoured with ‘Sustainable Agriculture Award" under the Category "Safe Agri Innovator Award for Chelation Technology" for outstanding contributions to sustainable agriculture – by Agriculture Post & Indi Agri in August 2024. o Aries NPK HD Range was recognized with "National Excellence Award 2024" as "Most Admired Agri Innovation Award 2024" in July 2024.

o Our CMD, Dr. Rahul Mirchandani, was honoured with the "Agriculture Leadership Award 2024" for ‘dynamic leadership to making Aries Agro the most admired crop care solution companies by Agriculture Today Group in July 2024 in the Honble presence of the Union Minister, Shri Nitin Gadkari and Maharashtra Chief Minister, Shri Eknath Shinde.

o Aries was recognized with "Finance Transformation Initiative of the Year Award" for transformation done in our collections, payments and digital banking process by Inventicon Business Intelligence in their 12^th Finance Transformation India Summit & Awards 2024 in July 2024.

o Aries won the ‘MILT Excellence Award" for "Best Incentive Program in an International Destination- Group Size of 250-500 in July 2024 for planning and execution of an Impactful Event for its Elite Club Members in the Agri sector to UAE in April 2024. This was awarded by MICE India & Luxury Travel Congress.

o Agri Business Summit & Awards – ABSA 2024 – "Company of the year under Plant Nutrition Category" in June 2024 by Ray Consulting in partnership with State Bank of India.

o For Twenty consecutive years Aries Quality Management

System was audited and certified as ISO 9001:2015

o We would also like to mention that our Employee, Mr. Devendra Kumar Tiwari and his wife won State Award for "State Level Best Terrace Gardening Award" - this award was presented by Mr. Ramvichar Netam, Agriculture Minister of State, Chhattisgarh Our CMD continues to have a seat on the Bureau of Indian Standards Soil Quality and Fertilizers Sectional Committee in his capacity as President of IMMA. It is noteworthy that he was reelected as IMMA President for the second consecutive term.

Global Sourcing

Aries has sourced 18% of its total raw material requirements from overseas suppliers located in key international markets, including China, the United States, Turkey, and the United Arab Emirates. This deliberate global sourcing strategy is designed to diversify our supplier base, reduce dependency on any single market, and leverage the unique strengths of each region, be it cost efficiency, material specialization, or supply reliability.

By engaging with well-established suppliers in these countries, we gain access to a broader spectrum of raw materials at competitive prices, enabling us to optimize procurement costs without compromising on quality. These partnerships also enhance our agility in responding to fluctuations in global supply and demand, geopolitical shifts, and logistical challenges.

Furthermore, our international sourcing efforts are aligned with our commitment to building a resilient and responsive supply chain. This ensures that Aries is well-positioned to meet production targets, maintain consistent product quality, and support long-term growth objectives, even in a dynamic and uncertain global market environment.

Global Distribution

In line with the companys strategic objective to expand its global footprint, several initiatives were undertaken to enhance export volumes and develop new international markets. These efforts have yielded positive outcomes, with a steadily growing client base across diverse regions including Australia, Brazil, New Zealand, Nigeria, Nepal, the Philippines, Taiwan, the United Arab Emirates, and other emerging markets. This geographical diversification has not only strengthened the companys market presence but also mitigated risks associated with over-dependence on any single region. The growth in international sales has been particularly noteworthy, supported significantly by increased contributions from our branch at Aries Fujairah, UAE, as well as from our associate company, Amarak Chemicals FZC, also based in the UAE. These developments underscore the effectiveness of our international business strategy and position the company well for continued global expansion.

Manpower

The total Manpower of the Company increased from 1123 to 1196 during the year under review. In the Financial Year 2024-25, 273 new employees joined Aries.

Particulars	FY 2024-25
New joinees FY – 2024-25	273
% of staff receiving increment FY 2024-25	36%
% of staff receiving promotion FY 2024-25	43%
No. of employees on roll as on March 2025	1196

Aries prides itself as an organization, which has a very unique work culture, a highly driven and motivated team as well as a deeply institutionalized reward structure for high performing employees. This culture of excellence has been built through decades of people centric policies, which have manifested itself in the following unique features of the Aries team;

1) A team of 1196 highly qualified and driven employees functioning in 26 States of India and in UAE

2) Very low employee turnover

3) More than 68% of young talents.

Tenure at Aries as on 31.03.2025	0 5 Years	06 10 Years	11 15 Years	16 20 Years	21 30 Years	>30 Years
No. of Employees	629	268	167	87	35	10

4) Massive pool of qualified employees skilled in agri business and allied areas of work

Qualification	No. of Employees as on 31.03.2025
Bachelors Degree	596
Masters Degree	218
PhD and above	04

Workplace Diversity and Inclusion:

We are committed to fostering an equal opportunity workplace throughout the Company, striving to create an inclusive workforce that includes not only individuals from metropolitan areas but also those from towns and villages across India. Over 72% of our employees come from these towns and villages.

Region	No. of Employees
Metro Cities	336
Towns & Villages	860

Empowering Excellence: Advancing Gender Balance and Leadership Diversity Across Our Organization

At Aries, we take pride in fostering a gender-balanced workforce and promoting women into leadership roles, hallmarks of our progressive and inclusive management philosophy. Our commitment to diversity is not only a reflection of our values but also a driver of innovation, employee engagement, and organizational success.

Women in Leadership Roles:

Women currently heads 5 out of 10 major departments at our

Head Office, each appointed on the basis of merit and excellence.

This not only reinforces our belief in equal opportunity but also showcases the depth of talent and leadership among the women of Aries

Together, these milestones reflect our unwavering pursuit of an inclusive, forward-thinking workplace.

Outlook

The Year 2025-26 is the 56^th year of Aries operations. The favourable projection of monsoons indicates positive future trend for the agro industry. The Company is geared to address the high demand scenario by adding to automation, warehousing and taking steps for more stringent inventory control. We shall continue promotion of climate proof products and expansion in the range of plant protection products during the year. The Annual booking for 2025-26 was conducted online with participation of 1717 Dealers from 26 States who used the Aries booking app and have placed their bookings for Rs. 830.44 crores of products to be lifted during FY 2025-26. This is expected to achieve gross revenue of around Rs.950 crores in FY 2025-26.

Segmentwise / Productwise Performance

As the Companys business activity falls within a single primary business segment, the disclosure requirements of Accounting Standard (Ind AS-108) " Operating Segments ", are not applicable.

RISK MANAGEMENT & INTERNAL CONTROLS Risk Management

The Company has a Risk Management Policy.

The Company manages, monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives. The Companys management systems, organizational structures, processes, standards, code of conduct and behaviour together form the Aries Risk Management Systems (ARMS) that governs how the Company conducts its business and manages associated risks.

The Company has in place adequate Internal Financial Controls with reference to Financial Statements. During the year, such controls were tested and no reportable material weakness were observed.

Internal Control System

The Company has an extensive system of internal controls to ensure optimal utilization of resources and accurate reporting of financial transactions and strict compliance with applicable laws and regulations. The Company has put in place sufficient systems to ensure that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are authorized, recorded and reported correctly.

Threats and Opportunities

The external factors, which could serve as possible threat to the business would include global conflicts severely affecting ocean freight and availability of fertilizers, erratic spread of the rainfall and water availability in the reservoirs, fluctuations in oil and gas prices, foreign exchange rate fluctuations, shortages of key raw materials, pricing pressure, indirect and direct substitutes, etc.

Foreign Exchange Risk, supply chain uncertainties due to war, tariffs and blockades, increase in import costs, high logistic costs thus leading to high cost of raw materials remained threats to profitability.

Opportunities to be captured include creating demand for cheaper substitutes of higher cost products, locally sourced or ‘Made in India import substitutes, expanding into bulk and institutional business, reducing costs through technology integration with raw materials being purchased in-house through our subsidiaries. Further opportunities would also include growth in product range as well as expansion into unserved markets in India and abroad. Increasing awareness levels amongst existing customers on balanced crop nutrition will increase number of products the farmers purchase from the Aries range.

COST MANAGEMENT (STANDALONE)

Trade Schemes has decreased by 0.33%. Overall PAT increased by 47.85% compared to the previous Financial Year. Gross Operating margins (EBIDTA) reduced from 12.06% in FY 2023-24 to 11.24% in FY 2024-25.

FINANCIAL PERFORMANCE (STANDALONE)

The Companys Sales Turnover for the financial year ended March

31, 2025 increased to Rs. 77,835.37 Lakhs from Rs. 66,403.63

Lakhs in the previous year, reflecting an increase of 17.22%.

Total expenses for the year was Rs. 56,437.83 Lakhs as against Rs. 48,225.64 Lakhs in the previous year.

Profit Before Tax increased to Rs. 4,119.99 Lakhs during the year as against Rs. 3,180.53 Lakhs in the previous year. Tax provision for the year was Rs. 895.01 Lakhs as against Rs. 999.27 Lakhs in the previous year which translates 1.50 % on FY 2024-25 Net Sales.

Profit After Tax for the year was Rs. 3,224.99 Lakhs as against Rs.

2,181.26 Lakhs in the previous year which is 5.40% of FY 2024-25 Net Sales. Current Ratio for the year was 1.84 as against 1.83 in the previous year. The change in ratio is 0.69 times.

Debtors Turnover (on Net Sales) for the year was 69 days as against 77 days in the previous year. Inventory Turnover (on Net Sales) for the year was 75 days as against 89 days in the previous year. Inventory Turnover (on Cost of Goods Sold to Average Inventory) for the year was 7.58 as against 5.80 in the previous year. The change in ratio is over 30.72 times which is due to increase in Turnover and higher demand of goods.

Debt-Equity Ratio (On Total Debt including Current Maturities of Long Term Debt and Lease Liabilities to Total Equity) for the year was 0.14 as against in the previous 0.26 year. The change in ratio is over (45.17) times which is due to efficient funds management.

Trade Payables Turnover (On Net Credit Purchases to Average Trade Payables for Goods) for the year was 10.04 as against 7.49 in the previous year. The change in ratio is over 34.01 times which is due to efficient funds management.

Return on Equity for the year was 12.35 as against 9.18 in the previous year. The change in ratio is 34.53% which is due to effective usage of Shareholders funds to generate profits. Operating Profit Margin (on Net Sales) for the year was 11.24% as against 12.06% in the previous year.

Net Profit Margin (on Net Sales) for the year was 5.40% as against

4.30% in the previous year.

RESOURCES & LIQUIDITY (STANDALONE)

As on March 31, 2025, the Net Worth of the Company stood at Rs. 27,451.07 Lakhs as against Rs. 24,778.82 Lakhs. As on March 31, 2025, the Company had a Debt / Equity ratio of 0.14 as against 0.26 in the previous year. The Company has not raised any Deposits from the public. As on March 31, 2025, Interest Coverage Ratio was 3.80 as against 2.78 in the previous year. As on March 31, 2025, Current Ratio was 1.84 as against 1.83 in the previous year.

DISCLOSURE OF ACCOUNTING TREATMENT

The Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies

(Indian Accounting Standards) Rules, 2015 notified under Section

133 of the Companies Act, 2013 ("the Act") and other relevant provisions of the Act.

Human Resources

At the end of the financial year there were 1196 employees under the permanent rolls and 344 under contract. We have an ongoing arrangement with few labour supplier organizations for our various locations. We have 178 workers in our permanent employment and sizeable numbers on contract, working in our factories. The detailed breakup of the same is as under:

Sr. No. Particular	Employees - 2024-25
1. Skilled	80
2. Semi-Skilled	10
3. Unskilled	88
Sub- Total	178
4. Contract Labour	380
TOTAL	558

The Department wise breakup of our manpower is as under:

Sr. No Name of the Department	No. of Staff - 2024-25
1. Directors	01
2. Accounts, Personnel & Administration, Legal & Secretarial	241
3. Production(Staff and Workers), R&D and Spray Dryer Operators	170
4. Sales	784
TOTAL	1196

Health / safety / Environment Sensitivity Health through nutrition:

The Company promotes "Balanced Nutrition as a National Imperative", building resistance of crops to pests and diseases and hence lowering the usage of harmful and expensive pesticides

Environmental Sensitivity / Responsibility and Sustainability

• Our Solar Power Generation System at the manufacturing and registered office in Mumbai produced 1,68,129 units of clean energy during the Financial Year 2024-25, with 1,21,776 units consumed onsite and the remaining 46,353 units fed back into the grid, contributing to renewable energy use and reducing carbon footprint.

• The solar installation at our Chhatral manufacturing unit generated 5,398 units of power from November 2024 to March 2025. Meanwhile, the Hyderabad unit produced 1,279 units between April 2024 and January 2025, with limited operation due to ongoing construction activities.

• At Aries, sustainability guides product development: all products adhere to the philosophy of "Use less chemicals and use safe chemicals," utilizing low doses of chemically inert and cost-effective nutrient complexes that prioritize environmental safety.

Our complete range of Aries Chelates is certified environmentally safe, reflecting our commitment to eco friendly agricultural solutions.

• We have transitioned all packaging for powders and liquids to 100% recyclable materials, further reducing environmental impact.

Additionally, 21 Aries products are organically certified by

UK Cert, underscoring our dedication to sustainable and responsible product standards.

Commitment to Pollution Prevention

All Aries manufacturing facilities operate with zero effluent discharge and maintain non-polluting processes, ensuring no harmful emissions are released into the environment.