Belrise Industries Ltd Management Discussions

GLOBAL ECONOMY 1

The global economy navigated 2024 under the shadow of persistent geopolitical tensions, elevated public debt, and intensifying trade protectionism. The period was marked by stable yet subdued growth, with the external environment turning more uncertain following the imposition of U.S. tariffs on 2 nd April, 2025 and subsequent countermeasures by trading partners. Effective tariff rates have now reached levels not seen in a century, creating a major negative shock to global activity and compounding policy uncertainty. e Global growth slowed to 3.3% in 2024, below the 2000?€“2019 historical average of 3.7%. Growth is projected to decelerate further to 2.8% in 2025 and recover modestly to 3.0% in 2026. Advanced economies are expected to expand by just 1.4% in 2025. Emerging market and developing economies are forecast to grow at 3.7% in 2025 and 3.9% in 2026, with notable downgrades for countries most affected by recent trade measures.

Global headline inflation moderated to 5.7% in 2024 from 6.6% in 2023 but remains above target in several economies. Inflation is projected to ease further to 4.3% in 2025 and 3.6% in 2026, with a slower-than-expected decline in advanced economies and marginally softer outcomes for emerging markets. Services inflation remains sticky in major developed markets.

The global outlook is dominated by downside risks.

A prolonged or intensified trade war, coupled with volatile policy shifts, adverse currency movements, and debt sustainability challenges could dampen near-term growth and erode long-term potential. On the upside, a de-escalation in trade tensions and greater clarity in trade policy could lift sentiment and restore growth momentum.

In light of the above, Belrise Industries remains largely insulated from the adverse impact of recent U.S. tariff measures. Our exposure to U.S. revenues is extremely limited, resulting in a negligible effect on our overall performance. The Companys growth trajectory is expected to remain primarily domestic, underpinned by robust demand from our core customers and continued momentum in our end-user industries.

INDIAN ECONOMY 2

India maintained its position as the fastest-growing major economy in 2024?€“25, despite a moderation in growth momentum. Gross Domestic Product (GDP) expanded by 6.5% during the year, supported by resilient domestic demand, favourable policy support, and a healthy macroeconomic framework.

Foreign capital continues to flow strongly into India, with FDI inflows rising approximately 14% to around

USD 81 billion in FY 2024-25, underscoring sustained confidenc globalinvestor

Amid this growth, inflation remained well under control. The CPI inflation rate eased to just 3.34% in

March 2025, the lowest year-on-year reading since August 2019, helping to ensure macroeconomic stability.

Additionally, Indias external sector remains a pillar of strength, with record-high exports of over USD 825 billion in FY 2024-25, diversified across merchandise and services.

The policy environment continued to focus on strengthening manufacturing, infrastructure, and technology ecosystems. These structural measures are aimed at fostering industrial growth, enhancing competitiveness, and supporting Indias medium-term growth potential.

GLOBAL AUTOMOTIVE INDUSTRY 3

The global automotive industry remains one of the largest and most dynamic sectors in the world economy, with its size valued at approximately USD 4,236.09 billion in 2023. The market is projected to grow at a CAGR of 5.2% over 2024?€“2032, reaching an estimated USD 6,678.28 billion by 2032. This growth trajectory is supported by rising vehicle demand in emerging markets, rapid technological innovation, and increased penetration of electric and hybrid vehicles.

Regionally, Asia-Pacific continues to global production and sales, underpinned by strong domestic markets in China and India. Europe remains at the forefront of EV adoption and green mobility initiatives, while North America is witnessing renewed demand momentum, particularly in SUVs and pickup segments.

Theindustryalsofacesnear-termheadwinds,including supply chain realignment due to geopolitical shifts, raw material cost volatility, and evolving trade policies. Nonetheless, long-term fundamentals remain positive, with OEMs and suppliers adapting to new mobility paradigms and sustainability imperatives.

On the other hand, electrification will continue to be a central growth driver, with manufacturers scaling up EV production and expanding model portfolios to meet tightening emission standards. Regions with strong charging infrastructure and supportive policies are expected to see the fastest adoption rates, creating competitive advantages for early movers.

Autonomous and connected vehicles are expected to gradually enter mainstream markets, with forecasts suggesting that up to 15% of new cars sold globally by 2030 could be fully autonomous. The integration of AI, advanced driver-assistance systems (ADAS), and over-the-air software capabilities will redefine customer experiences and open new recurring revenue streams through digital services.

Market strategies are evolving towards ecosystem partnerships, where traditional OEMs, technology companies, and new entrants collaborate to accelerate innovation while managing capital intensity. Established players are increasingly investing in battery technology, lightweight materials, and flexible manufacturing systems to future-proof operations.

In the near term, growth will be underpinned by: reflecting growing EV adoption.

?€? Recovery in global light vehicle production post-pandemic supply disruptions

?€? Robust replacement demand in mature markets

?€? Rising vehicle penetration in developing economies, particularly in Asia-Pacific and

?€? Resurgence in premium and performance vehicle demand in high-income markets

Looking ahead, the industrys optimism stems from its capacity to adapt. Companies that combine operational resilience, technology leadership, and customer-centric offerings will be best placed to capture growth in both traditional and new mobility segments. For suppliers like Belrise Industries, the shift towards premiumisation, safety systems, and electrification presents significant deepen OEM relationships and expand into high-value product categories.

INDIAN AUTOMOTIVE 2W, 3W, 4W PV & CV, EV INDUSTRY 4

The Indian automotive industry maintained its growth trajectory in FY 2024?€“25, cementing its position as one of the fastest-growing sectors contributing to the countrys economic progress. India is the largest manufacturer of three-wheelers globally, among the top two producers of two-wheelers, and a significant player in passenger and commercial vehicles.

Industry sales grew by 7.3% during the year, supported by resilient domestic demand, higher infrastructure investment, and continued government capital expenditure post the general elections. The export segment recorded a robust 19% growth, driven primarily by passenger car and two-wheeler shipments to Latin America and Africa.

Passenger Vehicles (PVs)

The PV segment achieved record production of 5.07 million units in FY 2024?€“25, a 3% year-on-year increase, driven by strong demand for utility vehicles (UVs). UVs increased their share of total PV sales to 62?€“65%, up from 57% in the previous year, preference for feature-rich, modern designs. Strategic discounting, promotional offers, and new model launches sustained momentum despite a high base. Exports also reached their highest-ever levels.

Two- and Three-Wheelers

Two-wheelers: Sales rose 11.1% to 23.81 million units, led by scooters, which benefited from improved rural and semi-urban connectivity and attractive new models. Electric two-wheelers crossed a 6% share of total two-wheelersales,

Three-wheelers: Sales reached 1.05 million units, up 5.7% year-on-year, supported by strong urban and semi-urban demand and increasing penetration of electric three-wheelers.

4 SIAM

COMMERCIAL VEHICLES (CVS)

The CV segment faced early-year headwinds due to the election-related slowdown in infrastructure spending but rebounded strongly in the second half. Annual production declined marginally by 1.2?€“3% compared to FY 2023?€“24. Fleet operators continued to favour higher gross vehicle weight (GVW) trucks, aided by the expansion of expressway networks and improved logistics efficiency. Exports of CVs grew by

23% year-on-year. opportunities to

Electric Vehicles (EVs)

Total EV registrations rose to 1.97 million units in FY 2024?€“25, up from 1.68 million units the previous year. E-two-wheelers grew by 21.2%, and E-three-wheelers by 10.1%, with Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Delhi being the largest contributors. Electric passenger cars remain a niche category due to high upfront costs and charging infrastructure constraints.

Leveraging from this industry momentum, Belrise aims to strengthen its leadership position in high-value engineered automotive as well as non-automotive systems by deepening OEM partnerships, increasing localisation of EV components, and expanding its Tier 0.5 integration capabilities.

COMPANY OVERVIEW

Belrise Industries Limited (BIL) is a leading automotive component manufacturer in India, delivering safety-critical systems and advanced engineering solutions for two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and agricultural vehicles. Its product portfolio spans metal chassis systems, polymer components, suspension systems, body-in-white parts, exhaust systems, and other critical assemblies. Designed to be largely powertrain-agnostic, our Companys offerings cater to both internal combustion engine (ICE) and electric vehicles (EVs), positioning the company to capitalise on the industry s shift toward electrification.

The Company has grown at CAGR of 15.39% since FY 2021-22 with a 24% market share in the Indian two-wheeler metal components segment (by revenue, as of 31 st March, 2025), our Company ranks among the top three players in precision sheet-metal pressing and fabrication. Its expertise extends across multiple vehicle categories, from two- and three-wheelers to passenger and commercial vehicles.

Since inception, our Company has built long-standing partnerships with over 30 leading OEMs in India and abroad, including prominent multinational brands. As of 31 st March, 2025, the company operates 17 manufacturing facilities across 10 cities in nine Indian states?€”strategically located near customer plants to enable just-in-time supply, collaborative product development, and rapid response to evolving needs. This footprint expanded in March 2025 through the acquisition of H-One India Private Limited, formerly a subsidiary of Japan-based H-One Company Limited.

our Companys customer-centric approach includes end-to-end involvement?€”from design, engineering, and prototyping to validation and mass production?€”across multiple commodities and product categories. Its 159-member design, engineering, and new product development team specialises in product simulation, prototyping, and testing. The companys manufacturing expertise spans multiple steel grades, custom special-purpose machinery, and proprietary technologies such as patented suspension systems and high-precision steering columns.

To meet the automotive industrys rising technological demands, our Company integrates robotics, automation, and digital systems into its operations. The company has deployed 800+ robots for metal fabrication, developed semi-automated lines for complex sub-systems like seating and steering columns, and implemented advanced IoT-based monitoring for real-time quality and

Current R&D initiatives include the development of proprietary EV components such as motors, motor controllers, and chargers, increasing our Companys value contribution per vehicle.

Belrise fosters an inclusive, people-focused workplace culture and is deeply committed to environmental, social, and governance (ESG) principles?€”promoting renewable energy, pursuing carbon-neutral operations, and contributing to community welfare.

FINANCIAL OVERVIEW Operational Performance

Belrise Industries Limited reported consolidated revenues of INR 82,908 million for the year ended 31 st March, 2025, an increase of 11% year-on-year, outpacing overall industry growth. In FY 2024?€“25, manufacturing operations accounted for 79.5% of total consolidated revenue, with the trading business contributing the remaining 20.5%.

Manufacturing Performance

In FY 2024?€“25, Belrise Industries Limiteds manufacturing revenue grew by 9% year-on-year, driven entirely by organic growth across multiple product categories. Key growth drivers included:

?€? Three-Wheeler (3W) segment: Revenue up 44%

?€? Commercial Vehicle (CV) segment: Revenue up 28%

?€? Premium 2W motorcycle OEM: Revenue up 105%

The majority of our Companys product portfolio is powertrain-agnostic, catering to both EV and ICE vehicles. In FY 2024?€“25, revenue from powertrain-agnostic products rose to 73.2% of manufacturing revenue (INR 48,267 million), compared to 69.5% (INR 41,914 million) in FY 2023?€“24.

Exports revenue increased from 4.4% in FY 2023?€“24 to 5.8% in FY 2024?€“25, supported by new orders from a premium four-wheeler customer and the supply of our Companys proprietary steering columns to a major European OEM. With these developments, export contribution is expected to rise further in the coming years.

Trading Performance

Badve Engineering Trading FZE (BIL FZE), a wholly owned subsidiary of our Company, is a Free Zone Establishment registered in Ras Al Khaimah, UAE. Operating as a trading entity, BIL FZE focuses on commodities such as steel and other ferrous and non-ferrous metal products.

In FY 2024?€“25, trading operations contributed 20.5% to our Companys consolidated revenue, with revenue rising 15% from INR 14,516 million in FY 2023?€“24 to INR 16,970 million in FY 2024?€“25. This growth was driven by the consolidation of BIL FZEs performance into group results.

Operational Performance

Category (as a % of Revenue from Opertions)

Sheet Metal ?€“ 75.49% Polymer ?€“ 2.52% Suspension ?€“ 0.52% Electric-Vehicle ?€“ 0.06% Others* - 21.41%

*Others includes white goods, trading by our wholly-owned Material Subsidiary and other operational revenue.

Vehicle Type ?€“ (as a % of Manufacturing Revenue)

2W+3W ?€“ 84.83% 4W Commercial ?€“ 7.26% 4W Passenger ?€“ 4.43% Others ?€“ 3.48%

This consistent and strong performance demonstrates companys capabilities in strong execution, scalability and adopting to the changing industry trends.

Profitability

In FY 2024?€“25, EBITDA increased by 10% to INR 10,212 million, with EBITDA margins at 12.3%, in line with guidance and reflecting a healthy operating performance. Profitafter Tax (attributable to shareholders of our Company) rose 13.3% year-on-year to INR 3,555 million.

Our Companys consistent out-performance relative to the broader automotive industry underscores the resilience of its diversified its technology-driven product development, and its sustained focus on operational excellence.

PERFORMANCE VEHICLE TYPE

2-Wheeler & 3-Wheeler - Segments 2-Wheeler - Segment

Over the years, Belrise Industries Limited has established itself as one of the largest players in Indias two-wheeler segment, particularly in the sheet metal space. In FY 2024?€“25, the two-wheeler segment remained the companys largest revenue driver, contributing 81.29% of manufacturing revenue and 64.65% of consolidated revenue.

Segment revenues grew 13.13% year-on-year to INR 53,600 million (from INR 47,380 million in FY 2023?€“24), driven by new order wins, increased content per vehicle, and deeper customer penetration.

Our Company continues to serve a comprehensive product portfolio for the two-wheeler market, including sheet metal components, polymers, suspension systems, and braking systems?€”alongside newly developed and acquired proprietary products. Growth in this division is supported by an expanding market presence, strong OEM relationships, and a sustained focus on technological innovation.

Key Developments & Growth Strategies

?€? CapacityExpansion: OurCompanyisestablishing three new manufacturing facilities in Chennai (Tamil Nadu), Bhiwadi (Rajasthan), and Pune (Maharashtra) to cater to both two-wheeler and four-wheeler OEMs. These plants are expected to contribute significantly to future two-wheeler revenues. The Chennai facility is scheduled to commence operations in Q1 FY 2026, followed by the Bhiwadi facility in Q3 FY 2026. The Pune plant, dedicated to hub motor manufacturing, is currently in the testing phase.

?€? Product Innovation & Portfolio Expansion: Leveraging its in-house R&D capabilities, our Company has developed proprietary two-wheeler components such as steering columns, suspension systems, and braking systems. The acquisitions of Mag Filters and H-One India have further strengthened the companys portfolio with filtration systems and high-tensile steel components.

?€? Increase content per vehicle with deeper OEM Engagement: The company aims to increase its share of business with key OEM customers by raising content per vehicle through the supply of critical and differentiated products.

?€? Premiumization & Growth Focus: Our Company will pursue premiumization strategies to strengthen its two-wheeler segment, capitalising on robust domestic demand while actively exploring export opportunities.

3-Wheeler - Segment

Our Companys three-wheeler segment plays a pivotal role in supporting the companys growth trajectory and diversifying its product mix across vehicle categories. In FY 2024?€“25, the segment contributed INR 2,332 million?€”3.54% of manufacturing revenue?€”yet recorded an impressive 44% year-on-year growth.

This performance was driven by our Companys established leadership in chassis and body-in-white (BIW) components for three-wheelers, robust domestic demand, and its technological edge in robotic fabrication.

Key Developments & Growth Strategies

?€? Portfolio Expansion: Our Company has broadened its three-wheeler product range with the in-house development of proprietary steering columns. The company has commenced supplies of this product to three major three-wheeler OEMs, including a European OEM serving the Morocco market.

?€? EV-Agnostic Advantage: Our Companys three-wheeler products are powertrain-agnostic, enabling the company to capitalise on the accelerating EV penetration in the domestic three-wheeler segment. Leveraging its established market position, technological edge, and critical product offerings, our Company aims to secure a greater share of future business in this segment.

4-Wheeler ?€“ Passenger Segment

The four-wheeler passenger vehicle segment has been a key strategic focus area for our Company over the past 2?€“3 years. In FY 2024?€“25, the segment contributed INR 2,918 million?€”4.43% of manufacturing revenue.

A significant portion of this

European OEM, to which our Company supplies 190 components. Recently, the company secured an additional order for 60 components, further reinforcing its reputation for quality and engineering excellence.

Although the segments current revenue contribution is modest, our Company has ambitious plans to expand its presence, recognising that the Indian four-wheeler passenger market is approximately 2.7x larger than the two-wheeler market. Growth will be pursued through both organic and inorganic strategies, supported by targeted investments:

A. Mag Filters Acquisition ?€“ Through a Business Transfer Agreement, our Company acquired proprietary filtration system technology and gained vendor codes from the largest Japanese four-wheeler OEM in India and a leading Japanese two-wheeler OEM.

B. H-One India Acquisition ?€“ On 27 th March, 2025, our Company acquired H-One India Private Limited, a subsidiary of Japans H-One Company Limited, via a Share Purchase Agreement. This strategic acquisition provides access to high-tensile steel manufacturing?€”critical for lightweighting and improving durability and strength?€”along with a complete R&D setup and two state-of-the-art manufacturing facilities in Greater Noida and Bhiwadi. It has also added one new Japanese four-wheeler OEM to our Companys customer base and increased penetration with two existing Japanese two-wheeler OEMs.

In addition, our Companys in-house R&D team has developed critical proprietary products for the segment, such as the Cross Car Beam for passenger cars. Production and supply of this product have already commenced for a major domestic OEMs new EV models.

Key Developments & Growth Strategies

?€? Strategic Acquisitions: In FY 2024?€“25, our Company acquired Mag Filters and H-One India

Private Limited, enhancing its technological capabilities, expanding its product portfolio, and strengthening its penetration in the four-wheeler passenger vehicle segment.

?€? LeveragingHigh-TensileSteelTechnology: With the automotive industry increasingly focused on lightweighting?€”especially for electric and hybrid vehicles under stricter safety norms?€”our Company aims to leverage H-One Indias high-tensile steel technology to diversify and expand its OEM customer base.

?€? Increased Content per Vehicle: The company expects to boost content per vehicle by approximately INR 1,000 from filtration systems and INR 15,000 from high-tensile steel components.

?€? Cross-Selling Opportunities: By offering a range of proprietary products, our Company is positioned to cross-sell additional sheet metal and polymer components to both existing and newly acquired OEM customers, building on its experience supplying a premium European four-wheeler passenger car OEM.

4-wheeler Commercial Segment

The four-wheeler commercial vehicle segment has been a steady contributor to our Companys manufacturing revenue over the years. In FY 2024?€“25, the segment recorded revenue of INR 4,790 million 7.26% of manufacturing revenue reflecting

28% year-on-year growth. This performance was driven by new order wins and increased supply of chassis systems to one of the largest light commercial vehicle OEMs, where our Company serves as the single-source supplier.

Beyond revenue contribution, the four-wheeler commercial segment strengthens our Companys diversificationacross vehicle categories and provides a natural hedge against the cyclical nature of the Indian automotive industry. Looking ahead, our Company aims to deepen its presence in this segment through:

?€? Introduction of proprietary products such as air tanks and high-tensile chassis

?€? Capitalising on the growing adoption of EVs in the light commercial vehicle space by offering lightweight, high-strength chassis and other critical components

?€? Expansion into the medium and heavy commercial vehicle segment, with a portion of the companys planned capex over the next two years earmarked for this initiative

Key Developments & Growth Strategies

?€? Single-Source Supplier: our Company serves as the single-source supplier for key models of a light commercial vehicle produced by one of the largest commercial vehicle OEMs.

?€? EV Platform Development: The company co-developed the chassis systems for the OEMs new EV platform and has been appointed as the exclusive supplier.

?€? Proprietary Product Introduction: our Company has developed and commenced supply of proprietary products, such as air tanks, to established OEM customers in the commercial vehicle space.

?€? Lightweighting & Safety Focus: Leveraging H-One Indias high-tensile steel technology, our Company aims to offer lightweight components that meet stricter safety norms, targeting both electric and hybrid commercial vehicles.

?€? Content per Vehicle Growth: The development of proprietary products, including air tanks, is expected to increase our Companys content per vehicle in the commercial four-wheeler segment.

Other Businesses

The "Others" category in manufacturing revenue primarily comprises sales from white goods, battery containers, and tools & dies. Our Company supplies polymer components to the white goods industry and polymer battery cases to one of the largest battery manufacturers serving the automotive sector. In FY 2024-25, this segment contributed INR 2,297 million, accounting for 3.48% of manufacturing revenue. This has been a steady and reliable business for our Company and is expected to maintain similar contribution levels in the coming years.

EXPENSES Cost of Goods Sold

Cost of Goods Sold (COGS) increased by 11.4% to INR 67,116 million in FY 2024-25 from INR 60,254 million in FY 2023-24. The increase was primarily driven by higher sales volumes and an uptick in material costs. Despite this rise, COGS remained proportionate to the growth in revenue from operations, enabling the

Company to maintain a stable gross profitmargin in the range of 19.0% to 19.5%.

Employee Costs

Employee benefits expense increased by 6.94% to INR 2,938 million in FY 2024-25 from INR 2,748 million in FY 2023-24, primarily due to higher salaries, wages, and bonuses. However, as a percentage of revenue from operations, employee costs declined to 3.54% in FY 2024-25 from 3.67% in the previous year. This reduction reflects the Company s ongoing investments in automation and adoption of IoT technologies, which have driven operational efficiencies and optimized workforce utilization. ials.

Other Expenses

Other expenses, comprising manufacturing-related costs, selling and distribution expenses, and office-related overheads, stood at INR 2,643 million in FY 2024-25. As a percentage of revenue from operations, these expenses decreased to 3.94% in FY 2024-25 from 4.24% in the previous year.

This reduction was primarily attributable to:

?€? Manufacturing-related expenses, which declined to INR 1,039 million in FY 2024-25 from INR 1,113 million in FY 2023-24.

?€? Office and administrative expenses, which reduced to INR 884 million in FY 2024-25 from INR 899 million in FY 2023-24.

?€? A sharp drop in inspection, calibration, and testing expenses to INR 16 million in FY 2024-25 from INR 49 million in FY 2023-24.

?€? Lower plant repairs and maintenance expenses, which fell to INR 287 million in FY 2024-25 from e costs of INR 3,074.39 million and interest, financ INR 378 million the prior year, as maintenance activities were distributed evenly across all four quarters rather than concentrated in a single period.

These savings were partially offset by an increase in selling and distribution expenses, which rose to INR 719 million in FY 2024-25 from INR 543 million in FY 2023-24, reflecting higher sales volumes and expanded market reach.

Depreciation & Amortization

Depreciation and amortization expenses increased by 2.60% to INR 3,298 million in FY 2024-25 from INR 3,213 million in FY 2023-24, primarily due to additions to the gross block during the year.

Finance Costs

Finance costs increased to INR 3,074 million in FY 2024-25 from INR 2,902 million in FY 2023-24, primarily due to a net increase in borrowings, including lease liabilities, of INR 5,157.04 million. Going forward, finance costs are expected to decline significantly from Q1 FY 2025-26 onwards, as the benefits of debt repayment using IPO proceeds begin to reflect in the Company s

CASH FLOWS

Particulars	FY	FY
	2024-25	2023-24
Net Cash Flow generated	7,043.95	5,823.51
from operating activities
Net Cash Flow used in	(9,811.41)	(3,616.42)
Investing activities
Net cash flow generated 1,685.36 (1,413.36)
from financing activities
Net Increase/(decrease) in	(1,082.11)	793.73
cash and cash equivalents

Operating Activities

The Net Cash Flows generated from Operating activities increased to INR 7,043.95 Mn in FY 2024-25 from INR 5,823.51 million in the previous year. The increase was primarily due to increase in the profit before tax of the company which increased by 18.51% in FY 2024-25 as compared to FY 2023-24. Profit before tax was primarily adjusted for depreciation and amortization expense of INR 3,297.58 million,

rent and dividend income of INR 418.66 million, and consolidated amount of INR 4.59 million for loss on sales investment, loss on sale of property, plant and equipment, effect of other comprehensive income and unrealized gain of exchange rate fluctuations.

This was further adjusted primarily for increases in inventory of INR 1,538.21 million, trade receivables of INR 3,632.50 million, non-current assets of INR 254.26 million, other current assets of INR 292.88 million, trade payables of INR 1,083.78 million, financial liabilities of

INR 1,658.81 million and decrease in short term and long term provision of INR 256.58 million.

Investing Activities

The Company continues to build and increase capacities, Net cash used in investing activities was INR 9,811.41 million for the period ended 31 st March, 2025, primarily due to the acquisition of property, plant and equipment, right-of-use assets and capital work in progress of INR 8,677.16 million, partially offset by income from interest, rent and dividend of INR 418.66 million.

Financing Activities

In FY 2024-25, net cash used in financing activities was INR 1,685.36 million, primarily due to payment of interest of INR 3,074.39 million, and partially offset by net increase in borrowings including lease liabilities of INR 5,157.04 million.

Financial Indebtedness

As of 31 st March, 2025, we had outstanding borrowings (current and non-current) amounting to INR 29,044.92 million, which primarily consisted of term loans, interest-free VAT loans, cash credit and bill discounting facilities and current maturities of long-term debts. However, with the recent successful IPO on 28 th May, 2025, our Company has reduced its financial indebtedness significantly.

Key Ratios

Particulars	FY	FY
(INR in Million)	2024-25	2023-24
Debtor\u2019s Turnover (Days)	70	60
Inventory Turnover (Days)	42	37
Creditor\u2019s Turnover (Days)	58	48
Current Ratio	1.34	1.52
Net Debt Equity Ratio	1.01	1.04
ROCE (%)	14.5%	14.8%
ROE (%)	14.1%	14.2%