Devson Catalyst Ltd Management Discussions

OPERATIONS

The following discussion is intended to convey managements perspective on our financial condition and results of operations for the year ended on March 31, 2026, March 31,2025 and March 31, 2024,. You should read the following discussion of our financial condition and results of operations together with our restated financial statements including the schedules, notes and significant accounting policies thereto, included in the chapter title Restated Financial Statements beginning on page 214 of this Red Herring Prospectus. Our Restated Financial Statements have been derived from our audited financial statements and restated in accordance with the SEBI ICDR Regulations and the ICAI Guidance Note.

You should also read the section entitled Risk Factors beginning on page no 23 of this Red Herring Prospectus, which discusses a number of factors, risks and contingencies that could affect our financial condition and results of operations.

The following discussion relates to our Company and is based on our restated financial statements, which have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion are also based on internally prepared statistical information and other sources. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year (Fiscal Year) are to the twelve-month period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to we, us or our refers to our Company. Unless otherwise indicated, financial information included herein are based on our Restated Financial Statements for the Financial Years 2025-26, 2024-25, and 2023-24, are included in this Red Herring Prospectus beginning on page 214.

Note: Statement in the Management Discussion and Analysis Report describing our objectives, outlook, estimates, expectations or prediction 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 our operations include, among others, economic conditions affecting demand/supply and price conditions in domestic and overseas market in which we operate, changes in Government Regulations, Tax Laws and other Statutes and incidental factors

BUSINESS OVERVIEW

Devson Catalyst Limited is an ISO 9001:2015 and ISO 45001:2018 certified company and an indigenous manufacturer of catalysts, adsorbents and ceramic balls used as key materials in various industrial processes. The Company operates a manufacturing facility in Gujarat with an annual production capacity of approximately 6,205.00 metric tons.

Our products are used to improve process efficiency and facilitate removal of impurities from gases and liquids across various industrial applications. The Company primarily manufactures:

Catalysts, which enable chemical reactions to occur faster and more efficiently without being consumed during the process.

Adsorbents , which are used for removal of impurities such as moisture, dust and other undesirable components from gases and liquids.

Ceramic balls, which act as support media in industrial reactors and towers, helping in catalyst bed support, uniform distribution of gas or liquid flow and protection of catalysts from pressure or flow variations.

Our products are supplied to customers operating in industries such as oil and gas refineries, petrochemicals, steel, fertilizers and other industrial processing sectors. These products play an important role in enhancing process efficiency, improving operational reliability and supporting sustainable industrial practices. We cater to customers in both domestic and international markets.

( Source: As per D&B report on Industrial Catalyst and Adsorbent).

Our manufacturing operations are carried out at our facility located at Plot Nos. 213 to 218 and 233 to 237, Phase II, Ambawadi, GIDC, Wadhwan City, Surendranagar, Gujarat, India 363030 . The facility has the machinery and infrastructure required for manufacturing activities, and we follow standard operating procedures and internal quality checks to maintain consistency of output. Our total installed manufacturing capacity is 6,205.00 MT per annum.

For detailed information on our Business, please refer to section titled Business Overview on page no. 149 of this Red Herring Prospectus.

FINANCIAL KPI OF OUR COMPANY

Particulars	March 31,	March 31,	March 31,
	2026	2025	2024
Revenue from operations (1)	5,577.59	5,319.21	4,346.99
Total Income (2)	5,684.44	5,353.89	4,375.04
EBITDA (3)	1,676.46	1,093.17	669.08
EBITDA Margin (4) (%)	29.49%	20.42%	15.29%
Profit after Tax (5)	1,252.09	767.23	407.84
Current Ratio (6) ) (No. of Times)	4.18	3.26	1.81
Debt Equity Ratio (7) ) (No. of Times)	0.07	0.13	0.33
Debt Service Coverage Ratio (8) (No. of Times)	5.63	7.72	95.30
Return on Capital Employed (%) (9)	47.60%	44.71%	36.67%
Net profit Ratio (%) (10)	22.45%	14.42%	9.38%
Return on Equity (%) (11)	45.97%	44.76%	36.20%
Net worth	3,349.82	2,097.73	1,330.50

As certified by the Statutory auditor vide their certificate dated June 08, 2026 bearing UDIN: 26147132ABUCPJ3231.

Notes:

(1) Revenue from operations is calculated as the sum of revenue from sale.

(2) Total income is calculated as the sum of revenue from operations and other income for the period/year.

(3) Operating EBITDA refers to earnings before interest, taxes, depreciation, amortisation, gain or loss from discontinued operations and exceptional items.

(4) Operating EBITDA Margin refers to EBITDA during a given period as a percentage of Total income during that period.

(5) Profit / (loss) for the period/ year is calculated as Total Income less Total Expenses plus Share of (loss) from joint ventures (Net of tax) less Total Tax expenses for the period/ year. (6) Current Ratio is a liquidity ratio that measures our ability to pay short-term obligations (those which are due within one year) and is calculated by dividing the current assets by current liabilities.

(7) Debt to equity ratio is calculated by dividing the debt (i.e., borrowings (current and non-current) and current maturities of long-term-borrowings) by total equity (which includes issued capital and all other equity reserves).

(8) Debt Service Coverage Ratio is calculated by dividing the sum of Profit after Tax and interest amount by sum of the repayment of loan and Interest.

(9) RoCE (Return on Capital Employed) (%) is calculated as profit before tax plus finance costs divided by total equity plus Reserves & Surplus.

(10) Net Profit Ratio/Margin quantifies our efficiency in generating profits from our revenue and is calculated by dividing our net profit after taxes by our total revenue.

(11) Return on equity (RoE) is equal to profit for the year divided by the total equity during that period and is expressed as a percentage. (12) Net Worth = Equity Share Capital + Reserve and Surplus (including surplus in the Statement of Profit & Loss) - Preliminary Expenses to the extent not written-off.

Explanation for KPI metrics:

Term	Description
Revenue from operations ( in	Revenue from Operations is used by our management to track the revenue profile of
lakhs)	the business and in turn helps assess the overall financial performance of our
	Company and size of our business
Total Income ( in lakhs)	Total income is calculated as the sum of revenue from operations and other income
	for the period/year. Total Income is used by our management to obtain a
	comprehensive view of all income including revenue from operations and other
	income
EBITDA ( in lakhs)	EBITDA refers to earnings before interest, taxes, depreciation, amortisation, gain or
	loss from discontinued operations and exceptional items. EBITDA provides
	information regarding the operational efficiency of our business
EBITDA Margin (in %)	EBITDA Margin refers to EBITDA during a given period as a percentage of Total
	income during that period. EBITDA Margin is an indicator of the operational
	profitability and financial performance of our business.
Profit after Tax ( in lakhs)	Profit after Tax is calculated as Total Income less Total Expenses and Tax expenses
	for the period/ year. Profit after Tax provides information regarding the overall
	profitability of our business
Current Ratio	Current Ratio is a liquidity ratio that measures our ability to pay short-term obligations
	(those which are due within one year) and is calculated by dividing the current assets
	by current liabilities. Current Ratio provides efficiency which current assets are
	managed by the Company.
Term	Description
Debt Equity Ratio	Debt-equity ratio is a gearing ratio which compares shareholder\u2019s equity to company
	debt to assess our company\u2019s amount of leverage and financial stability.
Debt Service Coverage Ratio	Debt Service Coverage Ratio indicated how much cash flow is available against the
	liability of the Company for repayment of Debt and Interest.
Return on Capital Employed (in	Return on Capital Employed provides how efficiently our Company generates
%)	earnings from the capital employed in our business.
Net profit Ratio (in %)	Net Profit Ratio is an indicator of the overall profitability and financial performance
	of our business.
Return on Equity (in %)	This metric enables us to track how much profit a company generates with the money
	that the equity shareholders have invested.
Net Worth	Net Worth is calculated as a sum of Equity Share Capital and Reserve and Surplus
	(including surplus in the Statement of Profit & Loss) less Preliminary Expenses to the
	extent not written-off.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The notes to the Restated Financial Statements included in this Red Herring Prospectus contain a summary of our significant accounting policies. For details relating to our significant accounting policies, see Restated Financial Statement - Note1 - Significant Accounting Policies on page 258 of the Red Herring Prospectus.

Changes in the accounting policy, if any, in the last three years and their effect on our profits and reserves

There have been no changes in accounting policies of the Company during the three years, Fiscals 2026, 2025 and 2024.

FACTORS AFFECTING OUR RESULT OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled Risk Factors on page 23. Our Companys future results of operations could be affected potentially by the following factors :

1. A significant portion of our revenue is derived from a limited number of customers. Any loss or reduction in orders from such customers may adversely affect our business, results of operations and cash flows.

2. We depend on a limited number of suppliers for procurement of key raw materials. Any disruption in supply or adverse fluctuation in raw material prices may materially impact our margins and operations.

3. Our products are subject to stringent quality requirements from institutional buyers and end-use industries. Any failure to meet prescribed specifications may lead to product rejection, loss of customer confidence and reputational damage.

4. Our ability to accurately forecast demand and maintain optimal inventory levels of catalysts, adsorbents and ceramic balls impacts our operational efficiency. Any mismatch in inventory levels may adversely affect revenue and working capital.

5. Any decline in demand, pricing pressure, or adverse developments in the relevant industries may materially and adversely affect our business and results of operations.

6. General economic, political and business conditions in India and globally, including inflation/deflation, interest rate volatility and financial market performance, may affect demand and profitability.

7. Changes in laws, regulations and tax policies, as well as increased compliance requirements, may impact our operations and cost structure. Any non-compliance may also result in penalties and operational restrictions.

8. Exchange rate volatility may adversely affect our export revenues and profitability, as export sales are denominated in foreign currencies.

9. Our performance depends on successful implementation of our growth strategy, expansion plans and technological initiatives, including obtaining necessary registrations/approvals in a timely manner.

10. Our ability to retain key managerial personnel and skilled employees is critical to sustaining operations and driving growth.

11. Our ability to service existing borrowings and comply with covenants under financing arrangements may affect liquidity and financial flexibility.

12. Any adverse outcome in legal proceedings, conflicts of interest with related parties, and concentration of ownership among our promoters may affect business operations and investor perception.

13. Events beyond our control such as pandemics, wars, environmental issues, uninsured losses or other disruptions may adversely affect our business, financial condition and results of operations.

REVENUE RECOGNISITION METHOD

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:

i. Revenue from sale of goods is recognised when significant risk and rewards of ownership of the goods have been passed to the buyer and it is reasonable to expect ultimate collection. Sale of goods is recognised net of GST and other taxes as the same is recovered from customers and passed on to the government. ii. Interest is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable. iii. Other items of income and expenses are recognised on accrual basis. iv. Income from export entitlement is recognised as on accrual basis.

RESULTS OF OUR OPERATIONS

Based on Financial Statements of Profit & Loss as Restated

( in Lakhs)

			For the Year Ended
Particulars
	March 31, 2026	% of Total Income	March 31, 2025	% of Total Income	March 31, 2024	% of Total Income
INCOME
Revenue From Operations	5,577.59	98.12%	5,319.21	99.35%	4,346.99	99.36%
Other Income	106.85	1.88%	34.68	0.65%	28.05	0.64%
Total Income	5,684.44	100.00%	5,353.89	100.00%	4,375.04	100.00%
EXPENSES
Cost of Material Consumed	2,951.94	51.93%	2,528.06	47.22%	2,590.39	59.21%
Purchase of Stock in trade	248.22	4.37%	835.62	15.61%	177.39	4.05%
Changes in inventories of finished
goods, work in progress and stock in	-483.34	-8.50%	-67.48	-1.26%	102.50	2.34%
trade
Employee Benefit Expenses	434.8	7.65%	385.62	7.20%	304.90	6.97%
Finance Costs	44.08	0.78%	37.87	0.71%	89.94	2.06%
Depreciation and Amortisation
	56.04	0.99%	52.03	0.97%	39.33	0.90%
Expenses
Other Expenses	749.51	13.19%	544.21	10.16%	502.72	11.49%
Total Expenses	4,001.25	70.39%	4,315.93	80.61%	3,807.17	87.02%
Profit Before Tax	1,683.19	29.61%	1,037.96	19.39%	567.87	12.98%
Tax Expenses
Current Tax	432.27	7.60%	269.08	5.03%	153.75	3.51%
Deferred Tax	-1.17	-0.02%	1.65	0.03%	6.28	0.14%
Profit After tax	1,252.09	22.03%	767.23	14.33%	407.84	9.32%

KEY COMPONENTS OF COMPANYS PROFIT AND LOSS STATEMENT

INCOME

Revenue from Operation

Revenue from operation mainly consist of Sale of Manufactured goods and Traded goods such as Catalysts, Adsorbent, Ceramic Ball.

Product wise Revenue bifurcation

( in Lakhs)

Product Category	FY 2026		FY 2025		FY 2024
	Revenue	%age of Revenue	Revenue	%age of Revenue	Revenue	%age of Revenue
Ceramic Ball	2,131.18	38.59%	1,378.26	26.07%	1,581.78	36.64%

Product Category	FY 2026		FY 2025		FY 2024
	Revenue	%age of Revenue	Revenue	%age of Revenue	Revenue	%age of Revenue
Adsorbents	599.18	10.85%	1,873.42	35.43%	567.19	13.14%
Catalyst	2,792.62	50.56%	2,035.79	38.50%	2,168.33	50.22%
Total	5,522.98	100.00%	5,287.46	100.00%	4,317.30	100.00%

As certified by the Statutory auditor vide their certificate dated June 08, 2026, bearing UDIN: 26147132ORVSRJ5086.

State wise revenue bifurcation

( In Lakhs)

	FY 2025-26		FY 2024-25		FY 2023-24
Regions	Revenue	%age of total Revenue	Revenue	%age of total Revenue	Revenue	%age of total Revenue
INDIAN STATES
Andhra Pradesh	78.13	1.41	24.92	0.47	-	-
Assam	26.75	0.48	251.45	4.76	77.21	1.79
Bihar	113.03	2.05	437.67	8.28	9.50	0.22
Chhattisgarh	2.57	0.05	7.21	0.14	15.55	0.36
Dadra & Nagar Haveli
	1.47	0.03	1.11	0.02	5.46	0.13
and Daman & Diu
Delhi	2.34	0.04	7.79	0.15	11.88	0.28
Gujarat	1,471.42	26.63	1,534.81	29.03	693.59	16.07
Haryana	117.84	2.13	154.16	2.92	191.53	4.44
Himachal Pradesh	7.66	0.14	-	-	-	-
Jharkhand	18.90	0.34	15.31	0.29	38.80	0.90
Karnataka	104.71	1.90	130.53	2.47	153.86	3.56
Kerala	340.57	6.17	108.17	2.05	6.84	0.16
Madhya Pradesh	121.14	2.19	244.31	4.62	68.66	1.59
Maharashtra	649.70	11.76	324.49	6.14	355.08	8.22
Odisha	61.09	1.11	35.80	0.68	384.44	8.90
Punjab	69.53	1.26	115.28	2.18	62.58	1.45
Rajasthan	20.20	0.37	1.50	0.03	13.50	0.31
Tamil Nadu	99.07	1.79	344.75	6.51	337.85	7.82
Telangana	11.34	0.21	21.41	0.40	15.27	0.35
Uttar Pradesh	117.37	2.13	164.65	3.10	56.54	1.31
Uttarakhand	1.87	0.03	1.22	0.02	1.78	0.04
West Bengal	26.76	0.48	32.44	0.61	-	-
Total	3,463.16	62.70	3,958.97	74.87	2,499.92	57.90

As certified by the Statutory auditor vide their certificate dated June 08, 2026, bearing UDIN: 26147132ORVSRJ5086.

Country-wise Revenue from operations

( In Lakhs)

	FY 2025-26		FY 2024-25	FY 2023-24
Country	Revenue	%age of total Revenue	Revenue	%age of total Revenue	Revenue	%age of total Revenue
British Virgin Island	-	-	7.65	0.14	7.12	0.16
Egypt	-	-	-	-	(1.24)	(0.03)
Indonesia	47.69	0.86	97.45	1.84	40.42	0.94
Iraq	-	-	-	-	20.88	0.48
Italy	-	-	-	-	-	-
Kuwait	950.26	17.21	375.13	7.09	313.23	7.26
Malaysia	-	-	-	-	-	-
Poland	-	-	-	-	12.52	0.29
Qatar	318.02	5.76	175.39	3.32	224.75	5.21

	FY 2025-26		FY 2024-25	FY 2023-24
Country	Revenue	%age of total Revenue	Revenue	%age of total Revenue	Revenue	%age of total Revenue
Russia	-	-	0.57	0.01	-	-
Saudi Arabia	-	-	31.18	0.59	24.20	0.56
South Africa	-	-	-	-	-	-
Sultanate of Oman	-	-	-	-	40.37	0.94
Turkey	175.76	3.18	27.68	0.52	216.46	5.01
U.S.A.	181.25	3.28	181.31	3.43	627.15	14.53
UAE	320.35	5.81	432.13	8.19	291.52	6.75
Vietnam	7.30	0.13	-	-	-	-
Germany	24.90	0.45
Senegal, West Africa	34.29	0.62
Total	2,059.82	37.30	1,328.49	25.13	1,817.38	42.10

As certified by the Statutory auditor vide their certificate dated June 08, 2026, bearing UDIN: 26147132ORVSRJ5086.

Other Income:

Other income mainly comprises Interest on FDR, Foreign Exchange gain, gain on Mutual fund and other operating income.

EXPENSES

Cost of Material Consumed

Cost of Material consumed expenses primarily comprise of consumption of raw material.

Purchase of Stock in Trade

Purchase of Stock in Trade comprises of Purchase of Traded Goods

Changes in inventories of finished goods and stock in trade

Changes in Inventories of finished goods, WIP and traded goods. i.e. difference between opening stock and closing stock of Stock-In-Trade & Finished Goods.

Employee Benefit Expenses

Employee benefit expenses include salaries and bonus, gratuity expenses, Contribution to ESI and PF, staff welfare expenses, and directors remuneration.

Finance cost

Finance cost includes Interest expense and other borrowing costs.

Depreciation and Amortisation Expenses

Depreciation includes depreciation on building, plant & machineries, Computers & Software, Office Equipments, vehicles and furniture.

Other Expenses:

Other expenses includes Freight Inward and Freight outwards, power and fuel, Manufacturing expenses, Auditors Remuneration, Administrative, selling and general expenses, Commission, Export Expenses, Insurance, Rates, fees and taxes, and CSR expenditure.

COMPARISON OF FINANCIAL PERFORMANCE OF FISCAL 2026 WITH FISCAL 2025

Particulars	March 31, 2026	March 31, 2025	% Change
INCOME
Revenue From Operations	5,577.59	5,319.21	4.86
Other Income	106.85	34.68	208.10
Total Income	5,684.44	5,353.89	6.17
EXPENSES
Cost of Material Consumed	2,951.94	2,528.06	16.77

Purchase of Stock in trade	248.22	835.62	-70.30
Changes in inventories of finished goods,work in
	-483.34	-67.48	616.27
progress and stock in trade
Employee Benefit Expenses	434.80	385.62	12.75
Finance Costs	44.08	37.87	16.40
Depreciation and Amortisation Expenses	56.04	52.03	7.71
Other Expenses	749.51	544.21	37.72
Total Expenses	4,001.25	4,315.93	-7.29
Profit Before Tax	1,683.19	1,037.96	62.16
Tax Expenses
Current Tax	432.27	269.08	60.65
Deferred Tax	-1.17	1.65	-170.91
Profit After tax	1,252.09	767.23	63.20

I. INCOME

Total Income:

Total income for the financial year 2025-26 stood at 5,684.44 Lakhs whereas in financial year 2024-25, the same stood at 5,353.89 Lakhs representing an increase of 6.17%. This increase was primarily attributable to due to higher revenue from operations supported by increase in other income during the year. The total income consists of revenue from operations and other income.

Revenue from Operations:

Our Company is engaged in the manufacturing of Catalyst, Adsorbent and Ceramic Balls. The Revenue from Operations increased by 4.86% from 5,319.21 Lakhs for the financial year ended March 31, 2025, to 5,577.59 Lakhs for the financial year ended March 31, 2026. The increase was primarily driven by improved price realization of our products along with better execution of customer orders during the year.

( In Lakhs)

Product Category		FY 2026		FY 2025
	Revenue	% of Revenue	Revenue	% of Revenue
Ceramic Ball	2,131.18	38.59%	1,378.26	26.07%
Adsorbents	599.18	10.85%	1,873.42	35.43%
Catalyst	2,792.62	50.56%	2,035.79	38.50%
Total	5,522.98	100.00%	5,287.46	100.00%

Other Income

The other Income for the FY 2025-26 was 106.85 Lakhs which was 34.68 lakhs in the FY 2024-25. The Other income mainly consists Foreign exchange gain 75.66 Lakhs in FY 2025-26 which was 22.28 Lakhs in FY 2024-25, gain on mutual fund of 21.84 lakhs in FY 2025-26 which was 3.97 lakhs in FY 2024-25, Interest income of 7.99 lakhs in FY 2025-26 which was 5.95 lakhs in FY 2024-25, and other non-operating income of 1.36 lakhs in FY 2025-26 which was 2.48 lakhs in FY 2024-25.

II. EXPENSES

Cost of Material Consumed

Cost of materials consumed marginally increased by 16.77%, from 2,528.06 lakhs in the financial year ended March 31, 2025 to 2,951.94 lakhs in the financial year ended March 31, 2026. The cost of material consumed was 51.93% of the total income in F.Y 2025-26 as against 47.22% of total income in FY 2024-25.

Purchase of Stock in Trade

Our Purchase of Stock-in-Trade decreased by 70.30% from 835.62 lakhs in FY 2024-25 to 248.22 lakhs in FY 2025-26.

Changes in inventories of finished goods, work in progress and stock in trade

Changes in inventories of finished goods, work in progress and stock-in-trade increased by 616.27% from (67.48) lakhs in FY 2024-25 to (483.34) lakhs in FY 2025-26 mainly due to higher sales during the year.

Employee Benefits Expenses

The Employee benefit expenses for F.Y. 2025-26 was 434.80 Lakhs against the expenses of 385.62 Lakhs in FY 2024-25 showing increase by 12.75%. The employee benefit expenses mainly consist salaries & wages of 418.15 lakhs in FY 2025-26 which was 377.77 lakhs in FY 2024-25, Contribution to provident and other funds of 8.09 lakhs in FY 2025-26 which was 3.19 lakhs in FY 2024-25, Gratuity Expense of 2.35 lakhs in FY 2025-26 which was 0.99 lakhs in FY 2024-25 and Leave Encashment of 6.21 lakhs in FY 2025-26 which was 3.67 lakhs in FY 2024-25. The increase was mainly driven by an increase in the number of employees during the year, resulting in higher salaries and wages, along with benefits.

Finance Cost

Finance cost increased by 16.40% from 37.87 lakhs in FY 2024-25 to 44.08 lakhs in FY 2025-26 mainly due to increase in overall borrowings during the year. The Company has avails the loans of 127.00 lakhs in FY 2025-26.

Depreciation and Amortization Expenses

Depreciation increased by 7.71% from 52.03 lakhs to 56.04 lakhs mainly due to higher capital expenditure and addition of fixed assets. Depreciation for the year increased as full-year depreciation was charged on assets capitalised in the previous year and depreciation was also charged (proportionately) on assets added during the year.

Other Expense

Other Expenses increased to 749.51 Lakhs for FY 2025-26 against 544.21 Lakhs in FY 2024-25. The Other expenses mainly consist of export expenses of 120.08 lakhs in FY 2025-26 which was 68.17 lakhs in FY 2024-25, Repair and Maintenance of 53.40 lakhs in FY 2025-26 which was 19.33 lakhs in FY 2024-25, Administrative, selling and general expenses of 149.53 lakhs in FY 2025-26 which was 47.07 lakhs in FY 2024-25 and Manufacturing expenses of 82.95 lakhs in FY 2025-26 which was 76.89 lakhs in FY 2024-25.

I. PROFIT / (LOSS)

Profit before Tax (PBT)

The restated profit before tax increased by 62.16% from 1,037.96 lakhs to 1,683.19 lakhs primarily because the Company earned higher revenue during the year while keeping cost increases under control, leading to higher profitability.

Tax Expenses

The current tax expenses increased by 60.65% from 269.08 lakhs in FY 2024-25 to 432.27 lakhs in FY 2025-26 mainly due to higher profit before tax during the year, resulting in higher current tax liability.

Profit after Tax (PAT)

The Companys profit after tax increased from 767.23 lakhs in FY 2024-25 to 1,252.09 lakhs in FY 2025-26 mainly due to higher total income, which increased from 5,353.89 lakhs to 5,684.44 lakhs. The increase in total income, decrease in cost, which improved overall profitability.

COMPARISON OF FINANCIAL PERFORMANCE OF FISCAL 2025 WITH FISCAL 2024

Particulars	March 31, 2025	March 31, 2024	% Change
INCOME
Revenue From Operations	5,319.21	4,346.99	22.37
Other Income	34.68	28.05	23.64
Total Income	5,353.89	4,375.04	22.37
EXPENSES
Cost of Material Consumed	2,528.06	2,590.39	-2.41
Purchase of Stock in trade	835.62	177.39	371.06
Changes in inventories of finished goods, work in progress
and stock in trade	-67.48	102.50	-165.83
Employee Benefit Expenses	385.62	304.90	26.47
Finance Costs	37.87	89.94	-57.89
Depreciation and Amortisation Expenses	52.03	39.33	32.30