Bella Casa Fashion & Retail Ltd Management Discussions

COMPANY OVERVIEW

Bella Casa Fashion & Retail Limited. is a leading apparel Original Design Manufacturer (ODM), providing end- to- end product development and manufacturing solutions to Indias leading fashion brands and retailers. The Company operates six manufacturing facilities in Jaipur with a consolidated annual production capacity of over 2 crore apparel pieces and a workforce of more than 3,500 employees. Over the past 27 years, Bella Casa has built a strong reputation for its ability to anticipate evolving fashion trends, develop market- relevant products and consistently deliver quality, scale and reliability. With a focused apparel ODM business model and continuous investments in capability enhancement, the Company is well positioned to capitalise on the long- term growth opportunities in Indias branded fashion retail industry.

ECONOMIC OVERVIEW

Global Economy

The global economy remained resilient during 2025, supported by easing inflationary pressures, stable financial conditions and continued investments in advanced technologies, particularly artificial intelligence (AI). While evolving trade policies and regulatory changes continued to influence business sentiment, several economies witnessed lower- than- anticipated inflation, with global inflation moderating to 4.1%, contributing to a relatively stable operating environment.

Global growth, however, continued to navigate an increasingly complex geopolitical landscape. Escalating tensions in West Asia emerged as a significant source of uncertainty, disrupting trade routes, energy markets and global supply chains. At the same time, the lingering effects of the Russia- Ukraine conflict continued to influence commodity prices and logistics. Together, these developments contributed to higher input costs, supply- side pressures and increased market volatility across industries.

Despite these challenges, the global economy expanded by 3.4% in 2025, led by 4.4% growth in emerging markets. Advanced economies grew by 1.9%, with the United States registering growth of 2.1%, supported by resilient domestic consumption and fiscal support measures. The Euro Area expanded by 1.4%, while Japan recorded growth of 1.2%.

World Output Advanced Economies Emerging Market and Developing Economies

Global trade conditions improved during the year as new trade agreements reduced tariffs and temporarily eased certain export restrictions. Although policy uncertainty remained above historical averages, it moderated from the elevated levels witnessed in late 2025. Stable financial markets, sustained export activity across Asia and calibrated monetary policy actions, including gradual interest rate reductions in the United States and the United Kingdom, helped support global trade and economic activity.

Outlook

According to the International Monetary Fund (IMF), global GDP growth is projected to moderate slightly to 3.1% in 2026 before improving to 3.2% in 2027. The medium- term outlook remains supported by continued technology- led productivity gains, particularly through the increasing adoption of artificial intelligence across industries, despite persistent geopolitical uncertainties.

Advanced economies are expected to expand by 1.8% in 2026, with the United States projected to grow by 2.3%, supported by fiscal incentives and tax relief measures. Growth in the Euro Area is expected at 1.3%, while Japan is projected to expand by 0.7%. Emerging markets are expected to continue outperforming advanced economies, with projected growth of 3.9%, led by China, which is expected to grow by 4.4% on the back of domestic stimulus measures and improving trade relations with the United States.

The global inflation outlook remains favourable, with inflation expected to moderate further to 3.8% in 2026 and 3.4% in 2027. Easing inflation, accompanied by measured interest rate reductions, is expected to support capital investment and business expansion. While global trade growth is projected to soften to 2.6% amid ongoing tariff adjustments, resilient demand across high- value sectors is expected to support the stability of global supply chains.

Indian Economy

India continued to reinforce its position as one of the worlds fastest- growing major economies during FY 2025- 26, supported by resilient domestic demand, sustained investment activity and ongoing structural reforms. Despite an uncertain global environment characterised by geopolitical tensions, trade disruptions and financial market volatility, the Indian economy remained on a strong growth trajectory, reflecting the resilience of its domestic demand- led economic model.

Indias GDP is estimated to have grown by 7.4% in FY 2025- 26, compared with 7.1% in FY 2024- 25. Economic growth was underpinned by robust agricultural output, which supported rural incomes, alongside improving urban consumption driven by stable employment conditions, supportive tax measures and easing inflation. Private consumption continued to serve as the primary engine of growth, benefiting from higher real incomes and improving consumer confidence.

Investment activity remained robust, led by the Governments capital expenditure of 12.2 lakh crore, which continued to stimulate growth across manufacturing, infrastructure, construction, logistics and energy. Long- term initiatives such as Viksit Bharat 2047 and Kartavya Kaal further reinforced the countrys focus on self- reliance, industrial capacity creation and sustainable economic development.

Inflation moderated significantly during the year, declining to 1.7% during the first nine months of FY 2025- 26, the lowest level since the introduction of the current Consumer Price Index (CPI) series. Stable prices strengthened household purchasing power and supported consumption- led growth, while the Reserve Bank of India (RBI) projects inflation at 2.0% for the full year.

A combination of prudent fiscal management, record tax collections, healthy bank credit growth and a well- capitalised banking system with low non- performing assets continued to strengthen macroeconomic stability.

Foreign exchange reserves exceeding US$700 billion further enhanced the countrys resilience against external shocks.

The Union Budget for FY 2026- 27 reaffirmed the Governments commitment to sustaining long- term economic growth through continued investments in infrastructure and manufacturing. Strategic priorities such as energy transition, digital transformation and support for micro, small and medium enterprises (MSMEs), together with measures to simplify business regulations and improve access to credit, are expected to encourage private investment, strengthen industrial activity and support sustained domestic consumption.

Outlook

Indias economic outlook remains favourable, supported by strong macroeconomic fundamentals, policy continuity and resilient domestic demand. Real GDP growth for FY 2026- 27 is projected to range between 6.8% and 7.2%, reflecting the countrys ability to sustain growth amid an evolving global environment.

Growth is expected to be driven by continued public infrastructure investments, increasing private sector capital expenditure and the ongoing expansion of the manufacturing sector, complemented by the steady performance of the services economy. Supported by stable policy measures, improving business sentiment and sustained investment across key sectors, India remains well positioned to maintain broad- based, inclusive and sustainable economic growth over the medium term.

Global Textile and Apparel Industry

The global apparel market was valued at US$1.9 trillion in 2025 and is expected to grow at 4% CAGR between 2026 and 2034, while the global textile and apparel trade is set to reach US$1.2 trillion by 2030 at a CAGR of 4%. At the same time, global fibre demand is projected to touch 149 million tonnes by 2030, creating a wider canvas for Indias textile industry to grow its export footprint.

Growth is being driven by rising per- capita apparel consumption in emerging markets, expansion of organised and online retail channels, and increasing demand for technical and functional textiles across automotive, healthcare, construction and industrial applications. Asia Pacific continues to dominate global textile manufacturing, accounting for more than half of global output, supported by integrated supply chains, cost competitiveness and large- scale production capacity.

The industry is undergoing a structural shift in sourcing patterns, as global apparel brands and retailers pursue a "China

Plus One" strategy to diversify manufacturing away from China amid rising costs, capacity constraints and geopolitical uncertainty. This has accelerated sourcing diversification toward alternate manufacturing hubs, including India, Bangladesh and Vietnam. In parallel, brands are placing greater emphasis on sustainability, traceability and compliance across the value chain, while faster fashion cycles and digitally- enabled design and inventory management are compelling manufacturers to invest in automation, Industry 4.0 practices and flexible, quick- turnaround production capabilities.

Input cost volatility, particularly in cotton and other key raw materials, along with evolving trade policies and tariff structures in key consumer markets, continue to be key variables shaping sourcing decisions.

Key Developments in FY 2025-26

Trade policy volatility was the defining feature of the global textile and apparel industry during FY 2025- 26. Average U.S. tariffs on apparel imports rose sharply through the year, reaching decades- high levels by December 2025, before a subsequent U.S. Supreme Court ruling and related trade actions reset a large share of duties to a more uniform baseline, with further country- specific tariff proposals under discussion. This sustained uncertainty compressed margins for global apparel brands and accelerated sourcing diversification away from China toward alternate manufacturing hubs, including India, Bangladesh, Vietnam and Cambodia, alongside a parallel push toward near- shoring in Mexico and Central America for the U.S. market.

Sustainability and traceability regulation continued to tighten during the year, particularly in the European Union, with the phased rollout of Extended Producer Responsibility requirements, mandatory separate collection of textile waste, and continued preparatory work toward the Digital Product Passport and Corporate Sustainability Due Diligence Directive. These measures are pushing global brands and their supply chains toward greater use of certified and recycled fibres, verifiable material traceability, and circular design practices, making compliance and disclosure capability an increasingly important differentiator for manufacturing partners.

On the raw material and demand side, global fibre production continued to grow, led by synthetic fibres, while cotton prices remained broadly range- bound through the 2025- 26 season on softer mill consumption and elevated stock levels. Consumer demand stayed cautious and value- conscious for much of the year amid inflationary pressures in key Western markets, prompting brands to lean further on data and AI- driven demand forecasting to manage inventory and reduce overproduction risk.

Outlook

The industry outlook for the year ahead reflects cautious optimism as the sector moves from a period of trade- driven disruption toward a more strategic, resilient sourcing model. Continued diversification away from China, combined with policy support in alternate manufacturing hubs, is expected to benefit cost- competitive, compliant and scalable producers, particularly in South and Southeast Asia. Industry platforms such as Bharat Tex and India ITME are expected to reinforce Indias position as a preferred sourcing and manufacturing destination. At the same time, tariff uncertainty, tightening sustainability regulation and value- conscious consumer demand are likely to remain key variables, rewarding manufacturers with financial strength, design capability and supply chain flexibility.

Indian Textile and Apparel Industry

India is the worlds second- largest producer of textiles and garments and the third- largest exporter, covering apparel, home textiles, and technical textile products. The country holds a 4.6% share of global trade and features among the top five exporters in several categories. The industry contributes around 2% of Indias GDP and about 11% of manufacturing GVA (Gross Value Added) as of February 2026. Its role in employment is also significant, with over 45 million people engaged and about 22,000 million garments produced annually. By 2030, the textile industrys share in GDP is expected to more than double, reaching close to 5%.

The domestic market is valued at US $225 billion in 2025 and is growing at a brisk pace of 10- 12% CAGR. Rising incomes, ecommerce penetration, and evolving consumer preferences are expected to push the market size to US $350 billion by 2030. This expansion will be further supported by Indias rising per capita income, which is projected to increase from US$ 2,812.62 in FY26F to US $4,000 by FY30.

On the export front, Indias textiles and apparel exports, including handicrafts, stood at US37.8billioninFY25,withthegovernmenttargetingUS37.8billioninFY25,withthegovernmenttargetingUS 100 billion in exports by 2030, supported by policy initiatives and improving global demand.

In FY26 (April- February 2026), the total exports of textiles and apparel (including handicrafts) stood at US32.63billion.TheReady-MadeGarments(RMG)category,withexportsofUS32.63billion.TheReady-MadeGarments(RMG)category,withexportsofUS 14.53 billion, accounted for the largest share (45%) of total exports, followed by Cotton Textiles (29%, US9.36billion)andMan-MadeTextiles(159.36billion)andMan-MadeTextiles(15 4.82 billion).

For FY25, textiles contributed Rs. 3,30,010 crore (US$ 36.55 billion) and amounted for 5% of Indias total merchandise exports. As of December 2025, India had 276 operational Special Economic Zones (SEZs) across sectors, including textiles and apparel, reflecting continued development of export- oriented industrial infrastructure.

The government is planning to set up 12 new industrial parks and 5- 6 mega textile parks, announced by Minister of Commerce and Industry Mr. Piyush Goyal. He also urged the private sector to capitalize on these initiatives.

Ministry of Textiles has sanctioned 19 research projects totaling approximately Rs. 21 crore (US$ 2.52 million) across various domains of Technical Textiles under the National Technical Textiles Mission.

The Gross Value Added (GVA) is expected to see a consistent growth rate of 9% during the period 2021 - 2028.

The India- UK FTA signed on July 24, 2025, grants duty- free access to 99% of Indias textile exports, removing the 10- 12% tariff gap with rivals. This is expected to boost Indias textile exports to the UK, currently at US1.79billion,byuptoUS1.79billion,byuptoUS 5 billion. The deal supports growth in hubs like Tirupur and traditional clusters, promotes joint ventures, and aims to double bilateral trade to US$ 112 billion by 2030.

The Textile Ministrys allocation increased from Rs. 5,272 crore (US623.46million)in2025-26toRs.5,279.01crore(US623.46million)in2025-26toRs.5,279.01crore(US 597.34 million) in 2026- 27, reflecting the governments continued focus on strengthening the textile sector, enhancing competitiveness, and supporting long- term industry growth.

The Union Budget 2026- 27 allocates Rs. 405 crore (US$ 45.83 million) for the Production- Linked Incentive (PLI) Scheme for Textiles to support domestic manufacturing and exports in man- made fibre (MMF) apparel, MMF fabrics, and technical textiles.

The Governments Rs. 10,683 crore (US$ 1.44 billion) PLI scheme is expected to be a major booster for the textile manufacturers. The scheme proposes to incentivise MMF (man- made fibre) apparel, MMF fabrics and 10 segments of technical textiles products.

According to ICRA, Indian apparel exporters are expected to see revenue grow by 9- 11% in FY26. This will be driven by higher sales volumes and prices, supported by the "China Plus One" strategy and importers needing to restock inventory.

Indias textile sector is poised for a transformative decade, driven by strong domestic demand, rising global opportunities, and supportive government initiatives. With expanding technical textiles, growing export potential, and sustained innovation, the industry is set to play an even greater role in powering Indias economic growth and strengthening its position as a global textile leader.

OPPORTUNITY

(i) The Indian textile industry is set for strong growth, buoyed by both strong domestic consumption as well as export demand and declining imports.

(ii) Urbanization is expected to support higher growth due to changes in fashion & trends.

(iii) Migration to organised retail market and e-commerce (un-branded to branded)

(iv) Upscaling of consumer preferences towards quality & aspirational products.

(v) Rapid growth of value fashion market with legacy business houses expanding with stores across all segments (including tier 2 and tier 3 markets)

THREATS

(i) 100 percent FDI (automatic route) is allowed in the Indian textile sector.

(ii) Increased Competition from Local & Big Players.

(iii) Our operations are in an unorganized sector, which is prone to changes in government policies.

SEGMENT REVIEW

During FY 2025- 26, your Companys total sales registered a percentage increase of 20.10%. Net Revenue being 41,969.14 Lacs in FY 2026 as against 34,945.31 Lacs in FY 2025. Return on net worth of the Company in FY 2026 is 12.05% as against 10.56% in FY 2025.

Table 1: Financial Overview

Amount in crores

Particulars	2025-26	2024-25	Changes in Crores	%
Revenue from Operations	416.40	348.54	67.86	19.5%
Less: Operating Expenses	382.90	319.89	63.01	19.7%
Earning Before Finance Cost, Depreciation & Amortization and Tax (EBITDA)	33.50	28.65	4.85	16.9%
Less: Finance Cost	5.33	5.33	-	-
Less: Depreciation & Amortization expenses	4.32	2.94	1.38	46.9%
Add: Other Income	3.29	0.91	2.38	261.5%
Profit Before Tax and Exceptional Items	27.14	21.29	5.85	27.5%
Less: Tax	7.01	5.49	1.52	27.7%
Profit After Tax	20.13	15.80	4.33	27.4%

Table 2: Key Financial Ratios

S.No	Particulars	2025-26	2024-25
1	ROCE	16.87%	18.06%
2	Debtors Turnover Ratio	7.12x	8.19x
3	Inventory Turnover Ratio	3.57x	2.90x
4	Interest Coverage Ratio	6.09x	5.26x
5	Current Ratio	1.91x	3.35x
6	Debt Equity Ratio	0.30x	0.12x
7	Debt Service Coverage Ratio	6.90x	5.54x
8	Gross Profit Ratio	12.91%	15.29%
9	Operating Profit Ratio	7.80%	7.64%
10	Return on Net-Worth	12.05%	10.56%
11	Operating Cost Ratio	92.20%	92.36%
12	Profit before tax to Sales	6.52%	6.11%
13	Net Profit Ratio	4.86%	4.53%
14	EBIT	7.80%	7.64%
15	EBITDA	8.83%	8.48%

- Return on Capital Employed (RoCE) moderated on a year- on- year basis, primarily due to higher working capital borrowings, which increased from ?18.43 crore in FY2025 to ?50.00 crore in FY2026. Additionally, operating margins were impacted by higher raw material costs, with material consumption increasing to 41% of revenue in FY2026 from 38% in FY2025, resulting in a lower return on capital employed.

- Current Ratio decreased from 3.35 in the FY2025 to 1.91 in the FY2026 due to increase in short term Borrowings & increase in Bank and Trade Receivables

- Return on Equity (ROE) improved to 12.0% in FY2026 from 10.6% in FY2025, supported by higher profitability. The increase was primarily driven by a significant rise in other income, which increased from ?0.91 crore in FY2025 to ?3.29 crore in FY2026, partially offsetting the impact of lower operating margins.

- The Debt-to-Equity ratio increased from 0.12% in FY2025 to 0.30% in FY2026, primarily due to additional working capital borrowings undertaken to support higher business volumes and operational requirements.

- Debt Service Coverage Ratio increased from 5.54% in the FY2025 to 6.90% in FY2026 Due to increase in profits & decrease in the long term debts.

- EBITDA margin remained broadly stable at 8.83% in FY2026 compared with 8.48% in FY2025. The marginal moderation was primarily attributable to higher raw material costs during the year.

- Profit After Tax (PAT) margin improved to 4.83% in FY2026 from 4.53% in FY2025, supported by higher other income, which more than offset the slight moderation in operating margins.

Table 3:WORKING CAPITAL

Particulars	2025-26	2024-25
Inventories	102.26	126.07
Receivables	51.27	45.97
Payables	36.93	32.75
Working Capital	84.56	123.72

Table 4:CASH & DEBT POSITION

Particulars	2025-26	2024-25
Debt	4,999.51	1842.5
Cash & Other Bank Balances	13.30	14.19
Net Debt / (Cash)	2.33	3.91

Table 5:ROIC & RETURN ON NET WORTH

Particulars	2025-26	2024-25
ROIC %	16.87%	18.06%
Return on Net Worth, %	12.05%	10.56%

OUTLOOK

The outlook for the Indian textile industry continues to be positive. The factors which contribute to the India advantage are expected to continue over the medium term. This is expected to help India enhance its market share further in the other key geographies.

INTERNALCONTROLSYSTEMANDTHEIRADEQUACY

The Company has designed and implemented robust internal control systems in line with the nature, size, geographical spread and complexities of business operations. Internal control policies and procedures are designed to provide reasonable assurance towards the effectiveness and efficiency of its operations, reliability of financial reporting, compliance with applicable laws and regulations, prevention and detection of frauds & errors and Safeguarding of its assets.

The Company has a strong governance structure with related authorities and responsibilities assigned to the Committees of the Board, function heads and various process owners. The established policy framework is reviewed periodically to keep them contemporary and relevant to the changing business environment.

Detailed procedures, SOPs, work instructions and controls are well documented, digitised and embedded in business processes to ensure the mitigation of risks in operations, reporting and compliance. Such internal controls are regularly tested for adequacy of design and operating effectiveness. Compliance with policies and procedures is an integral part of the management review process. The Companys ERP, system infrastructure and checks are integral parts of the internal control system. The company has been leveraging data analytics, predictive and visualization tools to identify data exceptions and trends for minimising errors and avenues to improve the processes. The Company has a strong compliance management system to monitor the compliance status online and to update compliance requirements with the latest changes in statutes and business operations. The Company has laid out a process for business plan approval and periodic a review including review of business performance, capital and revenue expenditure and new business investments.

Regular communication and awareness towards the Code of Conduct, whistle- blower process and various policies and procedures are done to ensure common understanding on these leveraging e- modules. The Company has strong Internal Audit governance to assure the adequacy and effectiveness of internal controls. The risk- based internal audit plan covering key business processes and establishments is approved by the Audit Committee. This Committee periodically reviews the adequacy and effectiveness of the Companys internal financial controls and the implementation of audit recommendations.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED.

HUMAN RESOURCES

We remain steadfast in our mission to attract and retain top talent, promote a culture of continuous learning and development, encourage high performance, maintain positive industrial relations, and ensure a safe and inclusive workplace. Our employees are our most valuable assets, and we are proud to showcase our human resource initiatives in this new chapter of our Companys history. As on 31st March 2026 the company has 1302 employees on its pay roll.

Focused on Learning and Development

We understand the importance of investing in employees growth and development to ensure their success. We have implemented several initiatives to promote a culture of continuous learning. We have expanded our training programmes, including leadership development, technical training, and cross- functional collaboration. Our mentoring programme has helped our employees build relationships and receive valuable guidance from experienced leaders. We also encourage our employee to pursue external certifications and educational opportunities to enhance their skills and knowledge

Promoting high performance and excellence in all aspects of our business is essential during the integration process. We are committed to aligning our goals and objectives with those of the Company to ensure a seamless integration process. Our performance management system is designed to provide regular feedback, goal setting, and performance evaluation, enabling our employees to develop and achieve their full potential in the new organisation. We are also leveraging digital tools to facilitate performance management, such as online goal setting and progress tracking. We have also implemented a rewards and recognition programme to acknowledge outstanding performance and incentivise our employees to continue striving for excellence. By recognising and rewarding high performers, we foster engagement and create a culture of excellence.

INDUSTRIAL RELATIONS

Industrial Relations remained cordial throughout the year across all our manufacturing units and facilities and the Board records its appreciation for the contribution of all employees towards the growth of the company without which the achievements made, would not have been possible.

RISKSANDCONCERNS

RISKS AND CONCERNSThe broader trends in the economy are expected to have a direct impact on your Companys growth prospects as well. Inflation is expected to remain elevated for the foreseeable future, driven by war- induced commodity price increases and broadening price pressures. In these circumstances, the ability to successfully navigate cost pressures would have a significant bearing on the overall performance of your Company. Diminishing purchasing power and demand due to economic circumstances could result in fundamental shifts in consumer behaviours and adversely impact the market for textiles and apparel. A detailed Risk Management Framework as well as their mitigation is given in Directors Report at Page [28] (Point Number 27) of this Annual Report.

DISCLOSURE OF ACCOUNTING TREATMENT IN THE PREPARATION OF THE FINANCIAL STATEMENT

The Company has followed the Indian Accounting Standards referred to in section 133 of the Companies Act, 2013. The Significant Accounting Policies which are consistently applied are set out in the Notes to the Financial Statements.

MARKETING STRATEGIES

Further widening of our customer base

With the expanding market opportunities, we are committed to growing our business by acquiring new customers across existing and new geographical markets and market segments. Additionally, we aim to increase our footprint in the ever- growing Indian fashion and retail industry, enhancing our share with our valued customers who are structurally focusing on growing the industry by investing aggressively in the value retail market. Leveraging our design and execution capabilities, built over years of experience, is crucial as we strive to add more value to our customer base. We are also focused on exploring opportunities in the domestic market for our branded products. By broadening our customer base for our brand, we can effectively utilize our production capacity and tap into the expertise of our production team. Our strategy includes leveraging our marketing expertise and relationships while maintaining a strong focus on total customer satisfaction.

Reduction of operational costs and achieving efficiency

Apart from expanding business and revenues, we have to look for areas to reduce costs and achieve efficiencies in order to remain a cost- competitive company. We try to reduce the wastages and control the production on the production floor through effective supervision. Our focus has been to reduce operational costs to gain a competitive edge. Operationally, the company is undertaking steps towards digitalization of production flow, integrating tech- based automation capabilities to accelerate the conversion cycle and enhance production efficiency. This should help the company in reduction of working capital cycle and increase in operating margins.

Leverage technology to automate and digitalize production capabilities

As part of its strategy, Bella Casa plans to accelerate the adoption of technology to automate and digitalize its production capabilities. This transformation will enable the company to enhance operational efficiency, reduce dependency on manual processes, and ensure greater consistency and scalability across its manufacturing ecosystem. By investing in suitable ERP, real- time data monitoring, and process automation, Bella Casa aims to build a more agile and responsive manufacturing infrastructure—crucial for meeting evolving consumer demands and sustaining long- term growth.

Focus on a cordial relationship with our Suppliers, Customer and employees

We believe that developing and maintaining long- term sustainable relationships with our suppliers, customers and employees will help us in achieving the organizational goals, increasing sales and entering into new markets.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Companys operations include raw material availability and its prices, cyclical demand and pricing in the Companys principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries in which the Company conducts business and other ancillary factors.

For and on behalf of the Bella Casa Fashion & Retail Limited

sd/-

Harish Kumar Gupta

Chairman & Whole Time Director

DIN: 01323944

Pawan Kumar Gupta

Managing Director

DIN: 01543446

Date: Thursday, August 13, 2026

Place: Jaipur