Complete Sports and Management India Limited Management Discussions

OPERATIONS

You should read the following discussion of our financial condition and results of operations in conjunction with our Restated Financial Information on page 249for the Fiscals 2026, 2025 and 2024.

This Red Herring Prospectus may include forward-looking statements that involve risks and uncertainties, and our actual financial performance may materially vary from the conditions contemplated in such forward-looking statements as a result ofvarious factors, including those described below and elsewhere in this Red Herring Prospectus. For further information, see Forward-Looking Statements on page 21. Also see Risk Factors and Significant Factors Affecting our Results of Operations and Financial Condition on pages 23 and respectively, for a discussion of certain factors that may affect our business, financial condition or results of operations.

Our financial year commences on April 1 and ends on March 31 of the subsequent year, and references to a particular financial year are to the 12 months ended March 31 of that year. Unless otherwise indicated, or the context otherwise requires, the financial information included herein is based on our Restated Financial Information included in this Red Herring Prospectus. Unless otherwise stated or the context otherwise requires, references in this section to we , us , our , our Company or the Company are to Complete Sports and Management India Limited.

Unless otherwise indicated, industry and market data used in this section has been derived from the industry report titled Industry Report on Indoor Amusement Center dated June 26, 2026 (the D&B Report ) prepared and issued by Dun & Bradstreet Information Services India Private Limited, appointed by us pursuant to an engagement letter dated February 23, 2026 and exclusively commissioned and paid for by us to enable investors to understand the industry in which we operate in connection with the Issue. The data included herein includes excerpts from the D&B Report and may have been re-ordered by us for the purposes of presentation. Unless otherwise indicated, financial, operational, industry and other related information derived from the D&B Report and included herein with respect to any particular calendar/ fiscal year refers to such information for the relevant calendar/fiscal year. A copy of the D&B Report is available on the website of our Company a For further details, see Certain Conventions, Use of Financial Information and Market Data and Currency of Presentation - Industry and Market Data and Risk Factors - 47- The industry related disclosure in this Red Herring Prospectus has been derived from the D&B Report which we have commissioned and purchased and any reliance on such information for making an investment decision in the Issue is subject to inherent risks. on pages 18 and 55, respectively.

BUSINESS OVERVIEW

Our Company, Complete Sports and Management India Limited ( CSML or the Company ), engaged in the business of sourcing, trading and distribution of a diversified portfolio of amusement and leisure equipment. We also provide installation, commissioning, maintenance and related advisory and consulting services. We operate across the amusement, entertainment and leisure infrastructure value chain and provide solutions to customers for the development and operation of entertainment destinations.

We procure amusement and entertainment equipment from domestic and international manufacturers and suppliers for distribution and installation in India and overseas. Our customer base includes family entertainment centres ( FECs ), clubs, hotels, resorts, corporate clients and residential developments. Our product portfolio comprises bowling solutions, arcade games, soft play areas and indoor play structures, trampoline parks, laser tag systems, bumper cars, go-karting systems, debit card and cashless gaming systems, as well as related spares, consumables and accessories. We also provide customised amusement and entertainment solutions based on the specific requirements of our customers, including considerations relating to available space, budget, operational requirements and target demographics.

Our Company is the authorised distributor of Brunswick Bowling products LLC in India, Singapore, Malaysia and Indonesia. We entered into a distributorship agreement with Brunswick Bowling & Billiards Corporation for the territory of India on January 1, 2010, pursuant to which we were appointed as its authorised distributor in India. Subsequently, on August 28, 2025, our distributorship was expanded to include the territories of Singapore, Malaysia and Indonesia, further strengthening our presence across South and Southeast Asia. Through this strategic association with Brunswick Bowling products LLC, we provide comprehensive bowling solutions, including design and layout consultation, supply, installation, commissioning, lane servicing, preventive and corrective maintenance, scoring systems integration, spare parts management and technical support for both traditional and duckpin bowling formats. Our bowling solutions cater to a diverse customer base, including bowling centres, family entertainment centres, clubs, hotels, shopping malls and integrated leisure and entertainment destinations.

In addition to our bowling solutions business, we have established longstanding relationships with several internationally recognised manufacturers of amusement and entertainment equipment, including Baohui, Coastal Amusements Inc., Elaut

NV, Intercard Inc., Komuse America Inc., Bandai Namco and Sega. Leveraging these strategic relationships, we offer a comprehensive portfolio of arcade games, redemption and skill-based games, cashless gaming systems, interactive entertainment solutions, as well as related accessories, spare parts and consumables. Over the years, we have served a diversified customer base comprising leading family entertainment centre operators, hospitality companies, leisure destination developers and other commercial entertainment establishments. Our customer portfolio includes prominent industry participants such as Timezone, Malpani Arcade Private Limited, Snow World Entertainment, Prasuk Jain Hospitality and TORQ03 Sports & Adventures, reflecting our longstanding presence and credibility in the amusement and entertainment industry.

Our engagement with customers generally commences with an assessment of their project requirements, followed by project conceptualisation and planning. We thereafter provide design consultation and assist in finalising the proposed solution, including layout planning and selection of the appropriate mix of attractions and equipment. Based on the requirements finalised with the customer, we undertake vendor identification and sourcing, procurement, logistics coordination and, where applicable, customs clearance. Depending on the nature of the project, the procured equipment is either received at our warehouse for onward delivery or delivered directly to the customer s site. At the customer s site, we undertake installation and erection of the equipment, followed by testing and commissioning. Upon completion, we provide the relevant project documentation, staff training and formal handover. We also provide ongoing maintenance and after-sales support and, based on the customer s requirements, advisory and consulting services relating to operations, maintenance and project management.

Through our operating and consulting verticals, we also assist customers with day-to-day park and centre operations, preventive maintenance planning, manpower deployment strategies, development of standard operating procedures and compliance with applicable safety and statutory requirements. These services are provided based on the scope and requirements of the relevant project and customer. The scope of our services varies depending on the specific requirements, scale and nature of each project. Our execution capabilities and continued after-sales support have enabled us to develop and maintain long-term relationships with our customers.

Our Company has established an operational presence in both India and Singapore, enabling us to effectively cater to domestic as well as international markets. To strengthen our regional operations and expand our presence across neighbouring markets, we have incorporated our wholly owned subsidiary, CSML Group PTE. Ltd., in Singapore. The Singapore subsidiary serves as a strategic operational and distribution hub, supporting procurement coordination, logistics management and the execution of cross-border business activities, thereby enhancing our ability to efficiently serve customers across the region.

As part of our growth strategy, we have undertaken forward integration initiatives in the entertainment and hospitality segment. In April 2026, we launched our first sports restro-bar under the brand name All Sett Go at Infiniti Mall, Andheri, Mumbai, which is designed as a sports-oriented entertainment destination combining live sports viewing, hospitality and interactive gaming experiences. Further, on July 25, 2026, we commenced operations of our first company-operated Duckpin - The Bowling Bistro at Infiniti Mall, Malad, Mumbai. Duckpin - The Bowling Bistro is an integrated entertainment and leisure destination offering duckpin bowling, arcade and interactive gaming experiences, food and beverage offerings and other ancillary recreational activities. Through these forward integration initiatives, we seek to expand our presence across the entertainment and leisure ecosystem and diversify our business operations beyond our traditional activities of sourcing, distribution, installation, commissioning and related services for amusement and entertainment equipment.

The origins of our business are rooted in the entrepreneurial vision and industry experience of our Promoters, who have developed longstanding relationships with equipment manufacturers, operators and venue owners. Over time, we have evolved from a distribution-focused business into a diversified amusement solutions provider, with our service offerings expanding to include installation, commissioning, maintenance, operations and advisory and consulting services. This evolution has been supported by the increasing requirements of customers for integrated project execution, professional operations, maintenance support, safety compliance and related advisory services in the amusement and leisure industry. We serve a diversified customer base across multiple geographies and cater to both first-time entrants into the amusement sector and established operators undertaking expansion, refurbishment or improvements in operational efficiency. Our customer base spans multiple customer segments and project types. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, we served approximately 90, 95 and 72 customers, respectively.

Our Promoters, Board of Directors and senior management have played an important role in the development of our business and bring experience across operations, business development and customer relationship management. Our Promoter, Chairman and Managing Director, Mr. Rohit Rajesh Mathur, has over 23 years of experience in the amusement and leisure industry and is responsible for providing strategic direction to our business, including in relation to long-term business planning and business development initiatives. As on July 31, 2026, our workforce comprised 136 employees across various functions, including sourcing, project execution, technical services and customer support, supporting the

execution of our business operations and delivery of services to our customers. For further information, see Our Management - Board of Directors and Our Promoters and Promoter Group on pages 226 and 244, respectively.

KEY PERFORMANCE INDICATORS ( KPIS )

The following table sets forth details of our KPIs based on the Restated Standalone Financial Information for Fiscal 2026, Fiscal 2025 and Fiscal 2024:

Particulars*	For the year ended
	March 2026	March 2025	March 2024
Financial KPIs
Revenue From operations (? in lakhs) (1)	11,356.02	11,034.57	8,150.42
PBT (? in lakhs) (2)	2,419.35	1,562.28	1,355.21
PAT (? in lakhs) (3)	1,795.32	1,140.94	1,011.76
EBIT (? in lakhs) (4)	2,468.35	1,582.51	1,369.93
EBIT Margin (in %) (5)	21.74	14.34	16.81
Adjusted EBITDA (? in lakhs) (6)	2,329.46	1,477.83	1,266.38
Adjusted EBITDA Margin (in %) (7)	20.51	13.39	15.54
PBT Margin (in %) (8)	21.30	14.16	16.63
PAT Margin (in %) (9)	15.81	10.34	12.41
Return on Equity (RoE) (in %) (10)	53.55	60.45	124.73
Return on Capital Employed (in %) (11)	47.97	59.11	89.49
Debt to Equity Ratio (in Times) (12)	0.21	0.09	0.16
Debt Service Coverage Ratio (in Times) (13)	26.78	21.39	22.88
Current Ratio (in Times) (14)	1.76	1.31	1.00

A The above details have been certified by R H Nisar & Co., Chartered Accountants, pursuant to their certificate dated August 18, 2026, and has been included in Material Contracts and Documents for Inspection - Material Documents on page 472.

Notes:

(1) Revenue from operation means revenue from operating activities

(2) PBT means Profit before taxes expense

3 PAT represents total net profit after tax for the year.

(4) EBIT means Earnings before interest and taxes expense, arrived at by obtaining the profit before tax for the year and adding back finance costs.

(5) EBIT Margin is calculated as EBIT as a percentage of revenue from operations.

(6) Adjusted EBITDA means Earnings before interest, taxes, depreciation and amortisation expense, arrived at by obtaining the profit before tax for the year and adding back finance costs and depreciation and amortisation expenses and adjusted by other income

(7) Adjusted EBITDA Margin is calculated as Adjusted EBITDA as a percentage of revenue from operations.

(8) PBT Margin is calculated as PBT as a percentage of revenue from operations.

(9) pat Margin is calculated as PAT as a percentage of revenue from operations.

(10) Return on Equity (ROE) is calculated as PAT divided by average of net worth;

(11) Return on Capital Employed (ROCE) is calculated as EBIT divided by capital employed where (i) EBIT means Earnings before interest and taxes expense, arrived at by obtaining the profit before tax for the year and adding backfinance costs and (ii) Capital employed means Net worth + Total debt + Deferred tax liability;

(12) Debt to Equity Ratio is defined as total debt divided by total equity. Total debt is the sum of total non-current & current borrowings; total equity means sum of equity share capital and other equity;

(13) Debt Service Coverage Ratio is calculated as earning before interest and tax expenses as divided by finance cost and principal repayments.

(14 Current Ratio is calculated by dividing total current assets by total current liability.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our results of operations and financial condition are influenced by various factors, including those discussed in the section titled Risk Factors beginning on page 23. In particular, we believe that the following factors have had a significant impact on our results of operations and financial condition during the periods under review and may continue to affect our results of operations and financial condition in the future.

a) Ability to Retain and Expand Existing Client Relationships and Establish New Client Relationships

Our results of operations are dependent, in part, on: (i) the continuation, renewal and expansion of our engagements with existing clients, including through the provision of additional services; and (ii) our ability to establish and maintain relationships with new clients.

Existing Client Relationships

We have served, on average, over 86 client organisations during the last three Fiscals. Our ability to generate repeat business from existing clients has been a significant contributor to our revenue profile. Revenue generated from repeat customers increased from ?192.17 lakhs in Fiscal 2024 to ?545.78 lakhs in Fiscal 2026, representing a compound annual growth rate of approximately 68.53% during this period.

Our ability to secure repeat engagements is supported by our execution capabilities, experience in policy-led communication and ability to manage assignments across multiple locations. In addition, our top 10 customers have been associated with us for an average period ranging from approximately five to seven years, reflecting a degree of continuity in such relationships.

We intend to continue to focus on maintaining and expanding our relationships with existing clients, including through cross-selling of our service offerings and increasing client engagement. However, there can be no assurance that such relationships will continue or that we will be able to generate similar levels of repeat business in the future.

New Client Relationships

Our growth is also dependent on our ability to identify, acquire and onboard new clients. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, new active clients contributed ?10,810.24 lakhs, ?10,734.20 lakhs and ?7,958.24 lakhs, respectively, to our revenue from operations during the respective periods.

We intend to leverage our experience, execution capabilities and existing client relationships to expand into additional sectors and strengthen our presence across business verticals. However, there can be no assurance that we will be successful in acquiring new clients or that such client relationships will result in sustained or increased revenues.

b) Concentration in Certain Industry Sectors

Our results of operations are significantly influenced by the industries in which our clients operate, and a substantial portion of our revenue from operations is derived from clients operating in a limited number of industry sectors. In particular, our revenue is concentrated in the family entertainment centres, club houses, hotels and corporate sectors. For Fiscal 2026, clients operating in the family entertainment centres sector contributed 87.47% of our revenue from operations, followed by clients in the club houses, corporate and hotels sectors, which contributed 4.18%, 3.45% and 2.30%, respectively.

Our results of operations may be affected by changes in demand, capital expenditure, business conditions and other factors affecting the sectors in which our clients operate. Any adverse developments affecting these sectors, particularly the family entertainment centres sector, may adversely affect our business, results of operations and financial condition.

Particulars	For the year ended
	March 31, 2026		March 31, 2025		March 31, 2024
	Amount (? in lakhs)	% of Revenue from Operations	Amount (? in lakhs)	% of Revenue from Operations	Amount (? in lakhs)	% of Revenue from Operations
Family Entertainment Centres	9,932.93	87.47%	8,139.83	73.77%	6,414.79	78.70%
Club Houses	474.68	4.18%	822.82	7.46%	438.04	5.37%
Hotels	261.68	2.30%	142.04	1.29%	193.59	2.38%
Corporate	392.30	3.45%	30.25	0.27%	18.99	0.23%
Resorts	23.38	0.21%	1,015.45	9.20%	-	-
Residential	6.65	0.06%	-	-	-	-
Others*	264.39	2.33%	884.18	8.01%	1,085.01	13.31%
Total	11,356.02	100.00%	11,034.57	100.00%	8,150.42	100.00%

*The revenue disclosed under the category Others comprises revenue generated from direct business-to-consumer ( B2C ) sales undertaken by the Company.

Our revenues are linked to the growth, capital expenditure and business requirements of our clients and are dependent, in part, on their marketing, communication and outreach budgets, which may be discretionary in nature. Accordingly, any slowdown, disruption or other adverse developments affecting the industries in which our clients operate may result in reduced client spending and, consequently, adversely affect our revenues and results of operations.

Our business is also exposed to changes in industry trends, technological developments and evolving client preferences. Our ability to anticipate and respond effectively to such changes is important to maintaining the relevance and competitiveness of our service offerings. Any inability to identify, adapt to or respond to such changes in a timely and effective manner may adversely affect our competitiveness, business, results of operations and financial condition.

c) Geographical Concentration of Revenue

A significant portion of our revenue from operations is derived from a limited number of states, namely Maharashtra, Karnataka, Telangana and Delhi. These states have historically contributed a substantial proportion of our total revenue from operations and, accordingly, our business, results of operations and financial condition are dependent, in part, on the demand for our products and services in these geographies.

Our geographical concentration exposes us to risks arising from regional economic conditions, changes in the business environment, political and administrative developments, project execution delays and competitive intensity in these markets. Any adverse developments in these key states, including a decline in demand for our products and services or increased competition, may adversely affect our business, results of operations and financial condition.

The following table sets forth our revenue from key states for the periods indicated:

Particulars	FY 2025-26		FY 2024-25		FY 2023-24
	Amount (? in lakhs)	% of Revenue from Operations	Amount (? in lakhs)	% of Revenue from Operations	Amount (? in lakhs)	% of Revenue from Operations
Maharashtra	3,027.74	26.66%	1,578.52	14.31%	3,000.32	36.81%
Karnataka	4,992.80	43.97%	4,365.79	39.56%	887.36	10.89%
Telangana	901.51	7.94%	781.41	7.08%	630.67	7.74%
Delhi	841.08	7.41%	429.30	3.89%	421.76	5.17%
Total	9,763.13	85.98%	7,155.02	64.84%	4,940.11	60.61%

We intend to continue to expand our presence across other geographies and diversify our revenue base. However, there can be no assurance that such expansion and diversification efforts will be successful or sufficient to mitigate the risks associated with our geographical concentration. Our ability to establish and scale operations in new markets is subject to various risks, including increased competition, operational and execution challenges and regulatory considerations. Accordingly, our continued dependence on a limited number of geographies, or any adverse developments affecting such geographies, may adversely affect our business, results of operations and financial condition.

MATERIAL ACCOUNTING POLICIES AND OTHER EXPLANATORY INFORMATION

The Restated Financial Information has been prepared using the accounting policies and measurement basis summarised below:

1. Corporate Information

The Restated Financial Information pertains to Complete Sports and Management India Limited (formerly known as Complete Sports and Management India Private Limited) (hereinafter referred to as the Company ) for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024.

Complete Sports and Management India Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 2013 (the Act ). The registered office of the Company is situated at Andheri (East), Mumbai, and its principal place of business is in India.

Our Company is engaged in the business of trading in amusement and entertainment equipment and providing related services, including installation, testing and commissioning, operations and maintenance, consulting and technical support.

2. Significant Accounting Policies

2.1. Basis of preparation

The restated financial information of the Company of the Restated Statement of Assets and Liabilities as at March 31, 2026, March 31, 2025, and March 31, 2024, the Restated Statement of Profit and Loss, Restated Statement of Cash Flows for the

year ended March 31, 2026, March 31, 2025, and March 31, 2024 and Notes to the Restated Financial Information and Statement of Adjustments to Audited Standalone Financial Statements (collectively, the Restated Financial Information).

These Restated Financial Information have been prepared by the Management of the Company for the purpose of inclusion in the Red Herring Prospectus ( RHP ) and Prospectus to be filed by the Company with the SME Platform of Bombay Stock Exchange of India Limited (BSE SME Limited) in connection with proposed Initial Public Offering ( IPO ) of its equity shares.

The Restated Financial Information, which have been approved by the Board of Directors of the Company, have been prepared in accordance with the requirements of:

Section 26 of the Companies Act, 2013 ( the Act ) as amended from time to time;

Paragraph A of Clause 11 (I) of Part A of Schedule VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended to date (the SEBI ICDR Regulations ) issued by the Securities and Exchange Board of India (the SEBI ); and

The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ( ICAI ), as amended from time to time (the Guidance Note ).

The Restated Financial Information have been prepared from the audited financial statements of the Company as at March 31, 2026, March 31, 2025, and March 31, 2024 which are prepared in accordance with Accounting Standards (AS) specified under the Section 133 of the Companies Act, 2013 read together with the rule 7 of the companies (Accounts) Rules 2014 and Companies (Accounting Standard) amendment Rules 2016, which have been approved by the Board of Directors of the Company at their meetings on which an unmodified audit opinion was issued.

The Restated Financial Information has been prepared on a historical cost basis.

The accounting policies have been consistently applied by the Company in preparation of the Restated Financial Information. This Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of auditor s reports on the audited financial statements mentioned above.

The Restated Financial Information:

a) have been prepared after giving retrospective effect to adjustments arising from changes in accounting policies, correction of material errors, if any, and regrouping/reclassification of items for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, so as to ensure consistency with the accounting policies and grouping/classification adopted as at March 31, 2026;

b) do not require any adjustments in respect of qualifications, as there were no qualifications in the underlying audit reports.

All amounts included in the Restated Financial Information are presented in Indian Rupees ( Rupees or T or INR ) and are rounded off to the nearest lakhs, except for per share data and unless otherwise stated.

2.2. Summary of significant accounting policies

a) Current versus non-current classification

Our Company presents assets and liabilities in the restated statement of assets and liabilities based on current / non-current classification.

An asset is classified as current when it is expected to be realised or intended to be sold or consumed in normal operating cycle, held primarily for the purpose of trading, expected to be realised within twelve months after the reporting period, or cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when it is expected to be settled in normal operating cycle, it is held primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Company has identified twelve months as its operating cycle.

b) Foreign currencies Functional and presentation currency

Items included in the Restated Financial Information of the Company are measured using the currency of the primary economic environment in which it operates i.e. the functional currency . The Company s restated financial information is presented in INR.

Transactions and balances

Transactions in foreign currencies are initially recorded by the Company s at their respective functional currency at exchange rates prevailing at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognised in restated statement of profit and loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e. translation differences on items whose fair value gain or loss is recognised in restated statement of profit and loss).

c) Revenue recognition

Revenue is measured based on the consideration specified in a arrangement with a customer net of trade discounts, volume rebates, any payments made to a customer (unless the payment is for a distinct good or service received from the customer) and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers product or service to a customer.

Our Company provides incentives to its users in various forms. Incentives, discounts, rebates granted to customers that are not in exchange for a distinct good or service are generally recognized as a reduction of revenue.

Where the Company acts as an agent for selling goods or services, only the commission income is included within revenue. The specific revenue recognition criteria described below must also be met before revenue is recognized. Typically, the Company has a right to payment before or at the point that services are delivered. Cash received before the services are delivered is recognised as advance from customers.

Sale of Goods

Revenue from sale of goods is recognised when significant risks and rewards of ownership are transferred to the customer, generally upon delivery. Sales are presented net of GST, trade discounts and returns, as applicable.

Sale of services

Revenue from services is recognized when the significant risks and rewards in services is transferred as per the terms of the agreement with customer i.e. as and when services are rendered. Revenues are disclosed net of the Goods and Service tax charged on such services. In terms of the contract, excess of revenue over the billed at the year-end is carried in the restated statement of assets and liabilities as unbilled revenue under other financial assets where the amount is recoverable from the customer without any future services to be rendered. Cash received before the services are delivered is recognised as Advance from customers.

Other operating revenue

Where the Company is contractually entitled to receive claims/compensation in case of non-discharge of obligations by customers, such claims/compensations are measured at amount receivable from such customers and are recognised as other operating revenue when there is a reasonable certainty that the Company will be able to realize the said amounts.

Interest income

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head other income in the restated statement of profit and loss account.

d) Taxes

Current tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the India where the Company operates and generates taxable income.

Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred tax

Deferred tax is provided using the liability method on timing differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable timing differences.

Deferred tax assets are recognised for all deductible timing differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible timing differences, and the carry forward of unused tax credits and unused tax losses can be utilised, The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

Minimum alternate tax

Credit of MAT is recognised as deferred tax asset only when it is probable that taxable profit will be available against which the credit can be utilised. In the year in which the MAT credit becomes eligible to be recognised as an asset, the said asset is created by way of a credit to the restated statement of profit and loss account. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent it is no longer probable that the Company will pay normal income tax during the specified period.

Taxes paid on acquisition of assets or on incurring expenses

Assets are recognised net of the amount of GST paid, except when the tax incurred on a purchase of assets is not recoverable from the taxation authority, in which case, the tax paid is recognised as part of the cost of acquisition of the asset.

Expenses are recognised net of the amount of GST paid, except when the tax incurred on a purchase of services is not recoverable from the taxation authority, in which case, the tax paid is expensed off in restated statement of profit and loss.

The net amount of tax recoverable from, or payable to, the taxation authority is included as part of other current/ noncurrent assets or other current liabilities in the restated statement of assets and liabilities.

e) Property, plant and equipment

Property, plant and equipment are carried at cost less accumulated depreciation and any accumulated impairment, if any. Property, plant and equipment is depreciated on a straight-line value basis and written down value method to its residual value over its estimated useful life.

Cost directly attributable to acquisition are capitalised until the property, plant and equipment are ready for use, as intended by the management.

Subsequent costs are capitalised on the carrying amount or recognised as a separate asset, as appropriate, only when future economic benefits associated with the item are probable to flow to the Company and cost of the item can be measured reliably. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All repair and maintenance are charged to restated statement of profit and loss during the reporting period in which they are incurred.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is classified as capital advances under the non-current assets and the cost of assets not ready to use before such date are disclosed under Capital work in progress .

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the restated statement of profit and loss on the date of disposal or retirement.

Depreciation is provided using the straight-line value method and written down value method charged to restated statement of profit and loss as per the useful life prescribed under Schedule II of the Companies Act, 2013, given below:

CERTAIN ITEMS IN THE RESTATED STANDALONE STATEMENT OF ASSETS AND LIABILITIES

ASSETS

The following table sets forth the principal components of our assets as of the dates indicated:

(Z in lakhs, except as otherwise state)

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Assets
Non-current assets
Property, plant & equipment and intangible Assets
- Property, plant & equipment	302.51	10.17	49.81
- Capital Work-in-progress	56.80	-	-
Non-Current Investment	249.85	506.03	948.98
Deferred tax assets (net)	16.95	20.88	20.59
Long Term loans and Advance	585.48	475.07	390.55
Other non-current assets	362.86	133.93	46.99
Total non-current assets (I)	1,574.45	1,146.07	1,456.91
Current assets
Inventories	1,005.08	2,410.17	1,475.75
Trade receivables	4,794.10	1,230.33	763.68
Cash & cash equivalents	55.94	77.02	68.09
Short-term Loans & advances	837.66	2,067.98	949.31
Other current assets	35.62	11.86	9.34
Total current assets (II)	6,728.40	5,797.35	3,266.16
Total assets (I+II)	8,302.85	6,943.43	4,723.07

a) Property, Plant & Equipment:

The following are the details of Property, Plant & Equipment :

(Z in lakhs, except as otherwise state)

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Property, Plant & Equipment	302.51	10.17	49.81
Total	302.51	10.17	49.81

Our Company s Property, Plant and Equipment ( PPE ) decreased from ?49.81 lakhs as at March 31, 2024 to ?10.17 lakhs as at March 31, 2025, primarily due to the write-off of assets aggregating to ?43.79 lakhs, partially offset by capital additions amounting to ?6.60 lakhs. Subsequently, as at March 31, 2026, the Companys PPE increased to ?302.51 lakhs, primarily on account of fresh capital additions aggregating to ?317.60 lakhs, partially offset by depreciation amounting to ?25.26 lakhs during Fiscal 2026.

b) Capital Work-In-Progress

The company has property plant and equipment under development i.e., Capital Work-In-Progress of ?56.80 lakhs during year ended March 31, 2026:

(Z in lakhs, except as otherwise state)

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Capital Work-In-Progress	56.80	-	-
Total	56.80	-	-

c) Non-Current Investment

The following are the details of Non-Current Investment:

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Investment Property	138.80	138.80	138.80
Investment in subsidiary	0.07	0.07	-
Fixed Deposits	110.99	367.17	810.18
Total Non-Current Investment	249.85	506.03	948.98

Our Company invested ?138.80 lakhs in property during Fiscal 2024. Additionally, the Company made investments in fixed deposits aggregating to ^810.18 lakhs, ?367.17 lakhs and ^110.99 lakhs during Fiscal 2024, Fiscal 2025 and Fiscal 2026, respectively.

d) Long Term loans and Advances

The following are the details of Long Term loans and Advances :

(Z in lakhs, except as otherwise state)

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Capital Advance	99.83	87.31	87.31
Advance for Property	257.00	159.10	96.25
Advance for Purchase of Shares	228.65	228.65	206.99
Total Non-Current Investment	585.48	475.07	390.55

Our Company made capital advances aggregating to ?87.31 lakhs during Fiscal 2024 and Fiscal 2025, with further capital advances amounting to ?12.52 lakhs made during Fiscal 2026. Additionally, the Company provided advances towards the purchase of property amounting to ?96.25 lakhs during Fiscal 2024, followed by further advances of ?62.85 lakhs and ?97.90 lakhs during Fiscal 2025 and Fiscal 2026, respectively.

Further, our Company advanced funds towards the proposed acquisition of shares in a potential associate amounting to

?206.99 lakhs during Fiscal 2024 and ?21.66 lakhs during Fiscal 2025. Accordingly, the aggregate amount advanced towards the proposed acquisition of shares stood at ?228.65 lakhs as at March 31, 2026.

e) Inventories

Our Company s inventory primarily comprises finished goods held for sale in the ordinary course of business. The inventory stood at ?1,475.75 lakhs as at March 31, 2024, increased to ?2,410.17 lakhs as at March 31, 2025, and subsequently decreased to ?1,005.08 lakhs as at March 31, 2026.

The increase in inventory as at March 31, 2025 was primarily attributable to the growth in the Company s operations and revenue, necessitating higher inventory levels to meet increased customer demand and support the expansion of its business. The subsequent decrease in inventory as at March 31, 2026, compared to March 31, 2025, was primarily attributable to the timing of procurement and sales during the relevant period.

f) Trade Receivables

Trade receivables refer to outstanding dues from customers that remain unpaid. The company has the policy to allow credit period to its customers. The following are the details of the Trade receivables of the company:

(Z in lakhs, except as otherwise state)

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Trade receivables	4,794.10	1,230.33	763.68
Total	4,794.10	1,230.33	763.68

g) Cash & Cash Equivalents

The following are the details of the Cash & Cash Equivalents of the company:

(Z in lakhs, except as otherwise state)

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Balance with bank	49.27	57.37	54.38
Cash in hand	6.68	19.65	13.71
Total	55.94	77.02	68.09

h) Short term Loans and Advances

Our Company s short-term loans and advances stood at ?949.31 lakhs as at March 31, 2024, increased to ?2,067.98 lakhs as at March 31, 2025, and subsequently decreased to ?837.66 lakhs as at March 31, 2026. The increase from Fiscal 2024 to Fiscal 2025 was primarily attributable to an increase in advances to suppliers from ?919.59 lakhs to ?2,019.77 lakhs.

The subsequent decrease in Fiscal 2026 was primarily attributable to a reduction in advances to suppliers to ?765.14 lakhs. Other short-term loans and advances primarily comprised advances to employees, balances with government authorities, loans and advances to parties other than related parties, and other balances. The following table sets forth the details of the Company s short-term loans and advances for the periods indicated.

(Z in lakhs, except as otherwise state)

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Loans & Advances to other than Related parties	13.82	0.10	0.94
Advance to Suppliers	765.14	2,019.77	919.59
Advance to employees	27.85	28.79	28.45
Balances with Government Authorities	5.17	19.32	0.33
Others	25.68	-	-
Total	837.66	2,067.98	949.31

LIABILITIES

The following table sets forth the principal components of our liabilities as of the dates indicated:

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Equity & liability
Equity
Share capital	1,501.00	1.00	1.00
Reserves and Surplus	2,746.06	2,456.99	1,316.05
Total equity	4,247.06	2,457.99	1,317.05
Liabilities
Non-current liabilities
Long-term Borrowings	110.03	1.80	65.06
Other Long-term Liabilities	83.85	4.22	4.22
Provisions	37.97	64.36	57.22
Total non-current liabilities	231.86	70.38	126.50
Current liabilities
Short term Borrowings:	788.56	217.42	148.78
Trade payables	576.50	370.13	198.12
Other current liabilities	1,816.40	3552.80	2634.28
Provisions	642.48	274.70	298.32
Total current liabilities	3,823.94	4,415.06	3,279.52
Total equity & liability	8,302.85	6,943.43	4,723.07

a) Long-term Borrowings

Our Company s long-term borrowings decreased from ?65.06 lakhs as at March 31, 2024 to ?1.80 lakhs as at March 31, 2025, primarily due to the repayment of its secured borrowings. Subsequently, as at March 31, 2026, our Company s longterm borrowings increased to ^110.03 lakhs, primarily on account of fresh borrowings from banks and financial institutions. The increase in long-term borrowings during Fiscal 2026 was primarily attributable to an increase in secured borrowings of ?16.80 lakhs and unsecured borrowings of ?91.44 lakhs during the period.

The following table sets forth the details of the Company s non-current borrowings for the periods indicated:

in lakhs, except as otherwise state)

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Secured
- Term loan from banks	16.80	-	63.26
Unsecured
- Term loan from banks	48.65	-	-
- Directors	44.59	1.80	1.80
Total	110.03	1.80	65.06

b) Short-term Borrowings

Our Company s other current liabilities increased from ?148.78 lakhs as at March 31, 2024 to ?217.42 lakhs as at March 31, 2025, primarily due to an increase in loans repayable on demand from ?105.00 lakhs to ?148.26 lakhs and an increase in the current maturities of long-term borrowings from ?42.53 lakhs to ?63.26 lakhs.

Subsequently, our Company s other current liabilities increased significantly to ?788.56 lakhs as at March 31, 2026, primarily on account of a substantial increase in loans repayable on demand to ?773.65 lakhs, partially offset by a decrease in the current maturities of long-term borrowings to ?13.53 lakhs.

The following table sets forth the details of the Companys other current liabilities for the periods indicated:

Particulars	For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Loans repayable on demand	773.65	148.26	105.00
Unsecured Loans and advances from related parties	-	-	-
Credit Card	1.39	5.91	1.25
Current Maturities of Long-term borrowing	13.53	63.26	42.53
Total	788.56	217.42	148.78

c) Trade Payables

Trade payables comprise amounts due to our Company s creditors in the ordinary course of business. Our Company s trade payables increased from ?198.12 lakhs as at March 31, 2024 to ?370.13 lakhs as at March 31, 2025, and further to ?576.50 lakhs as at March 31, 2026. The increase in trade payables was primarily attributable to the growth in the Company s operations and the corresponding increase in procurement and other operating expenses.

The following table sets forth the details of the Company s trade payables for the periods indicated:

in lakhs, except as otherwise state)

Particulars	For the year ended
	March 31, 2026	March 31, 2026	March 31, 2026
Outstanding from Micro & Small Enterprises	150.35	49.62	28.50
Outstanding from other than MSME	426.15	320.51	169.62
Total	576.50	370.13	198.12

d) Other Current Liabilities

Our Company s other current liabilities increased from ?2,634.28 lakhs as at March 31, 2024 to ?3,552.80 lakhs as at March 31, 2025, primarily due to an increase in advances from customers from ?2,328.39 lakhs to ?3,362.67 lakhs.

Subsequently, our Company s other current liabilities decreased to ?1,816.40 lakhs as at March 31, 2026, primarily due to a decrease in advances from customers to ?752.52 lakhs. This decrease was partially offset by an increase in statutory dues, including GST payable of ?713.29 lakhs, customs duty payable of ?127.21 lakhs and TDS payable of ?49.81 lakhs, as at March 31, 2026.

CERTAIN ITEMS IN THE RESTATED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES ASSETS

The following table sets forth the principal components of our assets as of the dates indicated:

Particulars	For the year ended
	March 31, 2026	March 31, 2025
Assets
Non-current assets
Property, plant & equipment and intangible Assets
- Property, plant & equipment	302.51	10.17
- Capital Work-in-progress	56.80	-
Non-Current Investment	249.78	505.96
Deferred tax assets (net)	16.95	20.88
Long Term loans and Advance	585.48	475.07
Other non-current assets	362.86	133.93
Total non-current assets (I)	1,574.39	1,146.07
Current assets