Darshan Orna Ltd Management Discussions

(A) INDUSTRY STRUCTURE & DEVELOPMENTS

The global economy demonstrated commendable resilience during FY 2025 26, navigating a complex web of geopolitical tensions, trade policy realignments, shifting monetary cycles, and energy market volatility with considerable fortitude. Despite these headwinds, the broad trajectory of global growth remained positive, consumer confidence held firm in key markets, and inflationary pressures continued their gradual retreat creating a broadly constructive environment for businesses operating in precious metals, jewellery, and bullions.

According to the International Monetary Fund (IMF), global GDP growth is projected at 3.3% for 2026 and 3.2% for 2027, revised slightly upward from earlier estimates, supported by technology investment, fiscal and monetary support, accommodative financial conditions, and private sector adaptability that helped offset the impact of trade policy shifts. This modest but steady pace of expansion reflects an economy that, while no longer in a post-pandemic recovery mode, has found a durable equilibrium. Emerging market and developing economies continued to lead the global growth table, expanding at just above 4%, while advanced economies grew at approximately 1.5%, underscoring the growing economic weight of the developing world.

United States

The United States economy maintained its position as the worlds largest and most resilient developed market economy during FY 2025 26. US real GDP grew 2.2% in 2025, supported by real consumer spending growth of 2.7% and real gross private domestic investment growth of 2.0%. GDP growth for 2026 is projected at 2.0% before moderating to 1.7% in 2027. The Federal Reserves calibrated approach to monetary easing, including a series of rate cuts through 2025, provided incremental support to growth while managing inflation expectations. Importantly for precious metals, the US dollar depreciated by approximately 11% against major currencies in the first half of 2025 its steepest decline in over 50 years reflecting a structural shift away from dollar dependence as investors sought alternative reserve assets. This dollar weakness was a powerful tailwind for global gold and silver prices, which are denominated in US dollars.

Europe

The Eurozone economy showed gradual signs of recovery through FY 2025 26 after a period of sluggish growth. Full-year 2025 Eurozone GDP growth reached 1.5%, the strongest in three years, with the growth outlook for 2026 projected between 1.1% and 1.2%. Germanys GDP is expected to benefit from a sharp increase in federal government spending, while growth in Southern Europe particularly Spain remained solid, with real consumer spending continuing to grow at around 3% as the economy diversified into higher value-added services. The European Central Bank (ECB) maintained an easing bias through the year, helping support financial conditions and consumer confidence across the bloc.

China

China, the worlds second-largest economy and one of the most significant consumers of gold globally, navigated a period of structural transition during FY 2025 26. The Chinese government set an economic growth target of approximately 4.5 5.0% for 2026, the lowest target since the early 1990s, citing both domestic and external factors as key reasons for the more cautious outlook. GDP growth is projected to reach 4.4% in 2026 and 4.3% in 2027. While Chinas property market continued to work through its structural correction, government-led fiscal stimulus, resilient exports, and the ongoing expansion of its middle class continued to support domestic precious metal consumption.

Geopolitical uncertainty remained elevated throughout the year, with ongoing tensions in multiple regions continuing to shape investor behaviour and commodity markets. Heightened risk sentiment, concerns around supply chain disruptions, and a broader questioning of the global financial architecture reinforced the safe-haven premium in gold and silver. Central banks across emerging market economies continued their multi-year campaign of de-dollarisation, systematically increasing their gold reserves as a hedge against currency and geopolitical risk a trend that provided sustained structural support to gold prices throughout FY 2025 26.

Indias macroeconomic performance in FY 2025 26 was nothing short of remarkable, cementing the countrys position as the fastest-growing major economy in the world and the most compelling domestic growth story for businesses operating in the precious metals and jewellery sector.

India recorded robust GDP growth of 7.7% in FY 2025 26, compared to 7.1% in the previous fiscal year, with the fourth quarter of the year posting impressive growth of 7.8% surpassing market estimates. This exceptional performance was underpinned by resilient domestic consumption, a recovery in private investment, strong government capital expenditure, and a buoyant services sector. Indias growth rate comfortably outpaced all other major economies, reinforcing its standing as the engine of global growth. At current prices, Indias Nominal GDP is projected to reach approximately 3,45,47,000 crore (approximately US$3.91 trillion) in FY 2025 26, up from 3,18,07,000 crore in the previous year, registering nominal growth of 8.6%

Indias inflation trajectory was one of the most encouraging features of the domestic macroeconomic landscape. Indias annual inflation remained comfortably below the Reserve Bank of Indias (RBI) tolerance band of 2% 6%, with the annual average for FY 2025 26 projected at approximately 2.1% one of the lowest in years. This benign inflationary environment preserved real household incomes and maintained the purchasing capacity of Indian consumers, including for jewellery and precious metals.

The Reserve Bank of India (RBI) pursued a clearly accommodative monetary policy stance through FY 2025 26, providing significant liquidity and rate support to the domestic economy. The RBI cut its key repo rate by a cumulative 125 basis points during the year, bringing it to 5.25% its lowest level since July 2022. The central bank also undertook open market operations and forex swap programmes to inject liquidity into the banking system and facilitate faster monetary transmission. Declining borrowing costs supported both consumer spending and business investment, creating favourable conditions for the organised jewellery retail sector. The RBI revised its GDP growth forecast for FY 2025 26 upward to 7.6%, reflecting sustained momentum in domestic consumption and investment.

The Union Budget for FY 2025 26 was a significant positive catalyst for the precious metals and jewellery industry. The customs tariff on jewellery was reduced from 25% to 20%, and on platinum findings from 25% to 5%, making jewellery more affordable and boosting domestic demand. These duty rationalisation measures, following the landmark reduction in basic customs duty on gold and silver to approximately 6% in the Union Budget 2024 25, materially improved the cost competitiveness of the domestic industry and helped channel trade away from informal channels. The government also accorded Authorised Economic Operator (AEO) status to the gems and jewellery sector, easing export-import processes with quicker cargo release and lower bank guarantee requirements. Indias growing network of Free Trade Agreements including the UAE FTA and ongoing negotiations for an India GCC FTA further enhanced the export potential of the sector.

FY 2025 26 witnessed an extraordinary chapter in the history of global precious metals markets. Gold and silver prices scaled historic highs, rewriting record books and attracting an unprecedented surge of investor and institutional interest.

The LBMA gold price set 53 new all-time highs during 2025, with the highest annual average gold price ever recorded at US$3,431 per ounce representing a 44% increase year-on-year. Gold surged approximately 66% over the course of 2025, its best annual performance since 1979, while silver delivered even more dramatic gains, rising over 142% in the same year. Silver shattered its previous all-time record in October 2025 and entered 2026 trading above US$74 per ounce, representing a more than 150% increase from the beginning of 2025.

This historic rally reflects a fundamental structural shift in how investors worldwide view precious metals no longer merely as short-term safe havens, but as long-term structural hedges against currency debasement, geopolitical fragmentation, and an evolving global monetary order. Three interconnected forces drove this rerating: Federal Reserve monetary policy shifts, escalating geopolitical tensions across multiple theatres, and accelerating central bank gold accumulation by nations seeking to diversify away from US dollar-denominated assets.

Total global gold demand, including over-the-counter (OTC) transactions, exceeded 5,000 tonnes for the first time ever in 2025, yielding an unprecedented combined market value of US$555 billion a 45% increase year-on-year. Investment activity was the primary driver, with global gold ETF holdings growing by 801 tonnes the second-strongest year on record and bar and coin buying reaching a 12-year high. Central bank demand remained historically elevated, with purchases projected to average 585 tonnes per quarter into 2026, as geographically widespread buying by emerging market central banks continued unabated.

Sentiment toward gold jewellery remained remarkably positive despite elevated prices, with the value of global jewellery demand climbing 18% to a record US$172 billion, even as volumes came under some pressure from high price levels. This demonstrated the robustness of jewellery demand when measured in value terms a dynamic that directly benefits businesses operating in the value chain.

India occupies a uniquely privileged position in the global jewellery ecosystem. The gems and jewellery industry contributes nearly 7 8% to Indias GDP and accounts for

12 14% of merchandise exports, supporting over 5 million livelihoods across the value chain from artisans and craftsmen to retailers and exporters. India is the second-largest gold consumer globally and one of the worlds largest consumers of silver.

The India jewellery market was estimated at approximately US$94 billion in 2025 and is expected to grow to US$99 billion in 2026, with a projected compounded annual growth rate of 6.5% through to 2033, reaching US$153 billion by the end of the decade. A more ambitious projection places the market at US$130 150 billion by 2030, driven by wedding demand, premiumisation, organised retail expansion, and rising consumer confidence.

The domestic gold jewellery industry is expected to grow by 12 14% in FY 2025 26, fuelled by elevated gold prices, a higher number of auspicious days supporting wedding and festive demand, a normal monsoon outlook, and favourable rural consumption trends. Weddings and festive occasions continue to account for over half of annual domestic gold consumption, providing a resilient and predictable demand cycle. Bridal jewellery accounts for 50 55% of gold jewellery demand in India, driven by the countrys approximately 11 13 million weddings annually a number that remains structurally stable.

While volume demand experienced some moderation due to record-high gold prices, investment demand for gold bars, coins, and ETFs jumped 74% and 60% respectively year-on-year, as consumers and investors increasingly turned to gold as an asset class alongside its traditional role as jewellery.

The confluence of a buoyant macroeconomic environment, elevated precious metal prices, a supportive regulatory framework, and powerful structural demand drivers places the Indian gold and silver jewellery and bullion industry in a position of exceptional opportunity. With global gold prices expected to remain elevated and potentially reach new highs, domestic consumption backed by weddings, festivals, and rising investment demand, and the ongoing shift toward the organised sector the medium-to-long term outlook for the industry remains highly positive. Your Company is well-positioned to capture the opportunities this environment presents, leveraging its established market presence, operational capabilities, and commitment to quality and compliance.

The gold and silver jewellery retail sector continue to offer significant growth opportunities, several of which Darshan Orna Limited is well-positioned to capitalise upon:

1. Favourable Precious Metal Price Environment

Gold prices remained at historic highs throughout FY 2025 26, crossing 90,000 per 10 grams, significantly improving revenue realisations per unit sold. The Companys Revenue from Operations grew to 7,148.51 Lakhs, more than trebling from the previous years 2,168.78 Lakhs, partly driven by this price appreciation.

Silver demand has seen renewed momentum on account of its growing industrial applications in solar photovoltaic panels, electric vehicle batteries, semiconductors, and consumer electronics, expanding the addressable market beyond traditional investment and jewellery demand.

2. Shift from Unorganised to Organised Sector

BIS hallmarking and HUID (Hallmark Unique Identification) mandates issued by the Bureau of Indian Standards are progressively eliminating sub-standard products from the market. Organised and compliant jewellers stand to gain market share as consumers migrate towards certified and trustworthy retailers.

Growing consumer awareness regarding purity, transparency, and after-sale buyback assurances is accelerating the shift from local, unbranded jewellers to organised retail formats.

3. Rising Domestic Demand

India remains the worlds second-largest consumer of gold. Strong wedding season demand, festive purchases, and gifting culture continue to underpin consistent jewellery consumption across both urban and semi-urban markets.

Rising disposable incomes, particularly among the aspirational middle class and rural households benefiting from higher agricultural income and government welfare schemes, provide sustained demand tailwinds.

4. Geographic and Category Expansion

Significant headroom exists in Tier 2 and Tier 3 cities and semi-urban markets where organised jewellery retail penetration remains low. Expansion into these geographies can drive meaningful volume and revenue growth.

Digital gold platforms, jewellery e-commerce, and omnichannel retail strategies offer additional avenues to acquire new customer segments, particularly younger, digitally savvy consumers.

5. Policy and Regulatory Tailwinds

Government schemes such as Sovereign Gold Bonds (SGBs) and Gold Monetisation Schemes continue to formalise gold ownership and investment, increasing overall ecosystem engagement with gold as a financial and physical asset.

Indias export promotion initiatives and the India-UAE CEPA trade agreement have opened avenues for jewellery exporters to access duty-advantaged markets.

The following external and largely uncontrollable factors represent potential threats to the Companys business and are closely monitored by the management:

1. Import Duty and Regulatory Changes

Any increase in customs duty on gold and silver imports by the Government of India directly raises input costs. Conversely, duty reductions, while benefiting consumers, can lead to short-term inventory write-downs for stockists and retailers. The Government reduced customs duty on gold from 15% to 6% in the Union Budget 2024, which had a temporary adverse impact on inventory valuations across the industry.

2. Illicit Trade and Smuggling

Smuggled gold and under-invoiced silver imports create artificial price competition in the market, making it difficult for compliant, duty-paying businesses to compete on price. This remains a structural concern for the organised segment of the industry.

3. Global Price Volatility and Macro Headwinds

Gold and silver prices are influenced by global factors including US Federal Reserve interest rate decisions, USD strength, geopolitical tensions, and central bank reserve management policies. A sustained rise in US real interest rates could reduce investment demand for gold globally, exerting downward pressure on prices.

A global economic slowdown reducing disposable incomes could suppress discretionary jewellery spending, particularly in export markets.

4. Intensifying Competitive Landscape

The organised jewellery retail space is witnessing aggressive expansion by large national chains. These players pan-India presence, strong brand equity, and deep financial resources pose competitive challenges to regional and mid-size jewellery retailers.

5. Substitution and Changing Consumer Preferences

Growing consumer interest in lab-grown diamonds, platinum jewellery, and fashion jewellery (silver-based, oxidised, and kundan styles) poses a partial substitution threat to traditional gold jewellery volumes, particularly among younger urban consumers.

(C) SEGMENT-WISE / PRODUCT-WISE PERFORMANCE

The Company operates in a single reportable business segment, namely the retail and wholesale trading and distribution of gold and silver bullions and jewellery and allied precious metal products. Accordingly, separate segment-wise reporting as prescribed is not applicable. The entire Revenue from Operations for FY 2025 26 is attributable to this single business segment. The Companys product portfolio comprises gold jewellery and silver jewellery and artefacts, catering to consumers across wedding, festive, and daily-wear categories.

(D) OUTLOOK

The outlook for the gold and silver jewellery retail industry in India remains broadly positive, underpinned by structural demand drivers, a supportive regulatory environment, and Indias enduring cultural affinity with precious metal jewellery.

Industry Outlook

Indias gold demand is expected to remain resilient, supported by wedding season purchases, festive demand, and investment buying. The World Gold

Council estimates Indias annual gold demand at approximately 700 800 metric tonnes, placing the country consistently among the top two global consumers.

The progressive formalisation of the jewellery retail sector through BIS hallmarking mandates is expected to continue, benefiting organised and compliant players. The share of organised retail in Indias jewellery market is projected to grow from approximately 35 36% currently to over 45% by FY 2030, as consumers increasingly seek certified and transparent retail experiences.

Silvers growing role as an industrial metal driven by solar energy adoption,

EV manufacturing, and consumer electronics is expected to support sustained demand and price stability in the medium term.

Company Outlook

Darshan Orna Limited is focused on consolidating its operations, deepening customer relationships, and strengthening its product portfolio across both gold and silver jewellery categories. The management remains committed to improving operational efficiencies and scaling the business in a disciplined and sustainable manner.

The Company will continue to monitor precious metal price movements, import duty changes, and macroeconomic developments closely and adapt its procurement, pricing, and inventory strategies accordingly to protect margins and sustain growth.

With a strong revenue base of 7,148.51 Lakhs established in FY 2025 26, the Company is well positioned to build upon its operating momentum, provided gold and silver prices remain supportive and domestic consumer demand continues on its current trajectory.

(E) RISKS AND CONCERNS

The Company acknowledges the following risks and concerns inherent to its business model and operations, and has instituted appropriate mitigation measures as part of its enterprise risk management framework:

1. Commodity Price Risk

The Companys revenues and profitability are directly linked to gold and silver price movements. A sharp correction in precious metal prices could result in inventory devaluation and margin compression. The Company manages this risk through disciplined inventory planning and stock turnover monitoring.

2. Foreign Exchange Risk

Gold is imported and priced in US Dollars. Any depreciation of the Indian Rupee against the USD directly increases the landed cost of gold, compressing retail margins unless fully passed on to consumers. INR-USD movements are monitored closely as part of procurement planning.

3. Working Capital and Liquidity Risk

The jewellery business is working capital intensive, with high per-unit inventory costs, seasonal demand patterns, and reliance on loans and facilities. Efficient management of credit lines and inventory cycles is critical to maintaining healthy operating cash flows.

4 . Interest Rate Risk

Borrowings to finance gold inventory attract interest costs that are sensitive to RBIs monetary policy. Any upward revision in repo rates can increase finance costs and adversely affect the Companys net profitability.

5. Regulatory and Compliance Risk

The jewellery sector is subject to evolving compliance requirements under the Prevention of Money Laundering Act (PMLA), KYC norms for transactions above 2 Lakhs, GST provisions, and BIS hallmarking regulations. Non-compliance with any of these requirements could invite regulatory scrutiny, penalties, and reputational damage.

6. Operational Risk

Risks of shrinkage, pilferage, theft, and fraud are inherent to precious metal. The Company has established internal controls, physical security measures, and periodic stock audit procedures to mitigate such operational risks.

7. Sustainability of Revenue Growth

A significant portion of the 229.7% revenue growth recorded in FY 2025 26 has been aided by elevated gold and silver prices. The management is mindful that price corrections could moderate revenue growth in future periods and is focused on volume-led growth and customer acquisition to build a sustainable revenue base.

8. Margin Concern

The PBT margin of approximately 1.23% ( 88.16 Lakhs on 7,148.51 Lakhs revenue) reflects the inherently thin-margin nature of jewellery business. Enhancing margins through product mix optimisation, making charges management, and cost controls remains a key management priority.

(F) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has put in place a robust system of internal controls commensurate with its size, scale, and the nature of its operations in the gold and silver jewellery business. These controls are designed to ensure the reliability and accuracy of financial reporting, compliance with applicable laws and regulations, and the safeguarding of the Companys assets.

Key Elements of Internal Control

Inventory Management Controls: Given the high value and susceptibility to pilferage of precious metal inventories, the Company maintains strict stock control procedures, including periodic physical verification, weight reconciliation, and third-party stock audits. All gold and silver inventory is tracked with documentation of hallmarking and HUID compliance.

Financial Reporting Controls: The Company follows well-defined accounting policies in line with Indian Accounting Standards (Ind AS). Financial statements are prepared with appropriate maker-checker controls and reviewed by the management and statutory auditors to ensure accuracy and completeness.

Procurement and Purchase Controls: All procurement of gold and silver is routed through authorised channels with proper documentation of invoices, certificates of origin, and purity certifications. Purchase approvals follow a defined authorisation matrix.

Cash and Payment Controls: High-value jewellery transactions comply with KYC norms and PMLA requirements. Cash transactions above prescribed limits are monitored and reported as required. Payment approvals follow a dual-authorisation framework.

Compliance Monitoring: The Company maintains a compliance calendar covering GST filings, TDS obligations, BIS hallmarking compliance, PMLA reporting, and SEBI listing obligations. Any deviations are escalated to the Board for remediation.

IT and Data Security: The Company uses computerised billing and inventory management systems to maintain accurate records of all transactions. Access controls are in place to prevent unauthorised system access or data manipulation.

Adequacy Assessment

The Board of Directors and the management are of the opinion that the internal control systems currently in place are adequate and proportionate to the size and nature of the Companys operations. The Statutory Auditors have not reported any material weakness in the Companys internal financial controls during their audit for FY 2025

26. The Company remains committed to continuously reviewing and strengthening its control framework as the business scales.

(F) DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The following section discusses the key financial parameters of Darshan Orna Limited for FY 2025 26 in the context of its operational activities during the year.

Revenue Performance

The Company recorded Revenue from Operations of 7,148.51 Lakhs in FY 2025 26, as compared to 2,168.78 Lakhs in FY 2024 25, representing a year-on-year growth of approximately 229.7%. This exceptional growth in revenue reflects a combination of higher precious metal prices (gold crossing 100,000 per 10 grams during the year), increased business volumes, and expanding customer reach. Other Income during the year was 0.54 Lakhs (FY 2024 25: 81.25 Lakhs), resulting in Total Revenue of 7,149.05 Lakhs (FY 2024 25: 2,250.03 Lakhs).

Particulars	FY 2025 26 ( Lakhs)	FY 2024 25 ( Lakhs)
Revenue from Operations	7,148.51	2,168.78
Other Income	0.54	81.25
Total Revenue	7,149.05	2,250.03
Profit Before Tax (PBT)	88.16	56.61
PBT Margin (%)	1.23%
YoY Revenue Growth	229.7%

Profitability

The Company recorded a Profit Before Tax (PBT) of 88.16 Lakhs for FY 2025 26. The PBT margin of approximately 1.23% is reflective of the inherently thin-margin structure of the bullion and jewellery business, where the cost of raw material (gold and silver) constitutes the overwhelming proportion of the cost of goods sold, and operational profitability is sensitive to making charges, finance costs on gold loans, and operating overheads.

The management views the achievement of a positive PBT of 88.16 Lakhs against the backdrop of a rapidly scaling business as a sound operational outcome, and remains focused on improving the PBT margin progressively through volume growth, cost discipline, and better product mix management in the coming years.

Operational Highlights

The Company successfully scaled its revenue demonstrating strong execution capability and growing market acceptance.

Consistent revenue FY 2025 26 indicates that the business has reached a higher and stable operating base, which the management intends to consolidate and build upon.

The near-zero Other Income in FY 2025 26 ( 0.54 Lakhs vs 81.25 Lakhs in FY 2024 25) reflects that the Companys earnings are now driven almost entirely by core business operations, with minimal dependence on non-recurring income sources.

(G) MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS

Human Resources form the backbone of Darshan Orna Limiteds operations. The

Company recognises that attracting, developing, and retaining the right talent is fundamental to sustaining its growth trajectory and delivering superior customer experience in the competitive gold and silver jewellery retail market.

Workforce Strength

As on 31st March 2026, the Company had a total of 7 (Seven) permanent employees on its rolls. The lean workforce structure is consistent with the Companys current stage of business development and its operational model, which is focused on efficient retail operations supported by a core team of experienced professionals.

Human Resource Initiatives

The Company is committed to building a performance-oriented work culture that rewards initiative, accountability, and customer focus. All employees are provided with clearly defined roles, responsibilities, and performance expectations.

Given the specialised nature of the jewellery business, employees are periodically trained on product knowledge (gold and silver jewellery specifications, hallmarking standards, HUID compliance), customer service skills, and regulatory requirements including PMLA and KYC compliance protocols.

The Company maintains a safe, respectful, and inclusive workplace environment in compliance with applicable labour laws, including the Payment of Wages Act, the Provident Fund and Miscellaneous Provisions Act, the Employees State Insurance Act, and the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The management remains attentive to employee welfare, compensation benchmarking, and retention, recognising that skilled retail and back-office staff are critical assets in a high-value, trust-dependent business such as jewellery retail.

Industrial Relations

The Company maintained cordial and harmonious industrial relations throughout FY 2025 26. There were no instances of labour disputes, strikes, lockouts, or industrial unrest during the year. The management remains committed to maintaining an open and constructive dialogue with employees at all levels to ensure a motivated and productive workforce.

Outlook on Human Capital

As the Company scales its operations and potentially expands its retail footprint, the Board and management are mindful of the need to augment the team with skilled professionals across retail operations, finance, compliance, and customer relationship management. Talent acquisition and development will be a focus area in the coming years to support the Companys growth ambitions.

Key Financial Ratios

Ratio	31st March 2025	31st March 2024	Change in %	Reasons
1. Current Ratio	2.99	3.33	0.34	-
2. Inventory Turnover Ratio	1.15	1.14	0.01	-
3. Trade Receivable Turnover Ratio	8.43	-	8.43	-
4. Trade Payable Turnover Ratio	92.93	203.17	110.24	Decrease in Net profit
5. Return on Equity	2.38	14.13	11.75	-
6. Net Profit Ratio	2.15	12.80	10.65	-
7. Return on Capital Employed	2.32	12.89	10.57	-
8. Debt Equity Ratio	-	-	-	-
9. Debt Service Coverage Ratio	8.50	56.26	47.76	Decrease in Net profit

Accounting Treatment

In the preparation of the financial statements for the financial year ended 31 March 2026, the Company has complied with all applicable Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder. The accounting policies adopted have been applied consistently and are in conformity with the prescribed accounting standards.

There has been no departure from the applicable accounting standards in the preparation and presentation of the financial statements. Accordingly, no disclosure is required in respect of any alternative accounting treatment. The financial statements present a true and fair view of the financial position, financial performance, cash flows, and changes in equity of the Company for the year under review.

Return on Net worth

The Return on Net Worth for FY2026 stood at 0.02%, as compared to 0.02% in the previous year. The fall is due to reduction in net profit amount during the year.

Cautionary Statement

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, and expectations 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 a difference to the

Companys operations include global and domestic commodity price movements, changes in government regulations, economic developments in India and globally, and other incidental factors.