Dhabriya Polywood Ltd Management Discussions

Economy Overview

Global

Overview: Global economic growth declined marginally from 3.3% in 2023 to an estimated 3.2% in 2024. This was marked by a slowdown in global manufacturing, particularly in Europe and parts of Asia coupled with supply chain disruption and weak consumer sentiment. In contrast, the services sector performed more creditably.

The growth in advanced economies remained steady at 1.7% from 2023 to 2024 as the emerging cum developing economies witnessed a growth decline at 4.2% in 2024 (4.4% in 2023).

On the positive side, global inflation was expected to decline from 6.1% in 2023 to 4.5% in 2024 (projected at

3.5% and 3.2% in 2025 and 2026 respectively). This decline was attributed to the declining impact of erstwhile economic shocks, and labour supply improvements. The monetary policies announced by governments the world over helped keep inflation in check as well.

The end of the calendar year was marked by the return of Donald Trump as the new US President. The new US government threatened to impose tariffs on countries exporting to the US unless those countries lowered tariffs for the US to export to their countries. This enhanced global trade and markets uncertainty and emerged as the largest singular uncertainty in 2025.

Region Growth%	2025	2024
World Output	3.2	3.1
Advanced economies	1.7	1.7
Emerging and developing economies	4.2	4.4
Source: IMF, KPMG, Press Information Bureau, BBC, India Today

Outlook: The global economy has entered a period of uncertainty following the imposition of tariffs of products imported into the USA and some countries announcing reciprocal tariffs on US exports to their countries. This is likely to stagger global economic growth, the full outcome of which cannot be currently estimated. This risk is supplemented by risks related to conflicts, geopolitical tensions, trade restrictions and climate risks. In view of this, World Bank projected global economic growth at 2.7 per cent for 2025 and 2026, factoring the various economic uncertainties. (Source: IMF, United Nations)

India

Overview: The Indian economy was projected to grow at 6.5% in FY 2024-25, compared to a revised 9.2% in FY 2023-24. This represented a four-year low due to a moderate slowdown within the Indian economy (marked by slower manufacturing growth and a decline in net investments). Despite the slowdown, India retained its position as the worlds fourth-largest economy.

Indias nominal GDP (at current prices) was 331 trillion in FY 2024-25 ( 301.23 trillion in FY 2023-24). The nominal GDP per capita increased from 2,15,936 in FY 2023-24 to

2,35,108 in FY 2024-25, reflecting the impact of an economic expansion.

Indias foreign exchange reserves stood at a high of $676 billion as of April 4, 2025. This was the fourth consecutive year when rating upgrades outpaced downgrades on account of strong domestic growth, rural consumption, increased infrastructure investments and low corporate leverage (annualized rating upgrade rate 14.5% exceeded the decade-long average of 11%; downgrade rate was 5.3%, lower than the 10-year average of 6.5%).

	FY22	FY23	FY 24	FY 25
Real GDP growth (%)	8.7	7.2	8.2	6.5

(Source: Financial Express, New Indian Express, Times of India)

Growth of the Indian economy, 2024-25

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25
Real GDP growth (%)	6.5	5.6	6.2	7.4

(Source: The Hindu, National Statistics Office)

Manufacturing activity was subdued in FY 25, with growth projected at 4.3%, which was lower than 12.3% in FY 24. Moreover, due to lower public spending in the early part of the year, government final consumption expenditure (GFCE) is anticipated to have slowed to 3.8% in FY 25, compared to 8.1% in FY24.

The Nifty 50 and SENSEX recorded their weakest annual performances in FY 25 in two years, rising 5.3% and 7.5% during the year under review respectively. Gold rose 37.7% to a peak of $3,070 per ounce, the highest increase since FY 2007-08, indicating global uncertainties.

Outlook: India is expected to remain the fastest-growing major economy. Initial Reserve Bank of India estimates have forecast Indias GDP growth downwards from 6.7% to 6.5% based on risks arising from US tariff levies on India and other countries. India identified at least 10 sectors such as apparel and clothing accessories, chemicals, plastics and rubber where the US high tariffs give New Delhi a competitive advantage in the American market over other suppliers. While India faced a 10% tariff after the US suspended the 26% additional duties for 90 days, the levy remained at 145% on China, the biggest exporter to the US. Chinas share of apparel imports into the US was 25%, compared with Indias 3.8%, a large opportunity to address differential (Source: Niti Aayog).

The Union Budget 2025-26 laid a strong foundation for Indias economic trajectory, emphasizing agriculture, MSMEs, investment, and exports as the four primary growth engines. With a fiscal deficit target of 4.4% of GDP, the government reinforced fiscal prudence while allocating 11.21 lakh Crore for capital expenditure (3.1% of GDP) to drive infrastructure development. The February 2025 Budget marked a shift in approach, with the government proposing substantial personal tax cuts. Effective from April 1, 2025, individuals earning up to 12 lakh annually will be fully exempt from income tax. Economists estimate that the resulting 1 lakh Crore in tax savings could boost consumption by 3-3.5 lakh Crore, potentially increasing the nominal private final consumption Expenditure (PFCE) by 1.5-2% of its current

200 lakh Crore.

In its February 2025 meeting, the Monetary Policy Committee (MPC) reduced policy rates by 25 basis points, reducing it to 6% in its first meeting of FY 2025-26. Besides, Indias CPI inflation is forecasted at 4% for the fiscal year 2025-26. (Source: CNBC, Press Information Bureau, Business Standard, Economic Times, Indian Express, Ministry of External Affairs, Times of India, Business Today)

Indian construction and building materials industry Construction materials include any substance used in building structures. Historically, natural materials such as clay, pebbles, sand, wood, twigs, and leaves were commonly employed. Today, a wide range of both naturally occurring and man-made, synthetic products are integral to construction. The production of building materials has evolved into a well-established global industry, supporting specialized trades such as carpentry, insulation, plumbing, and roofing. These materials form

the essential building blocks for homes, commercial spaces, and broader living environments.

The global construction materials market is expected to expand from USD 1.11 billion in 2024 to USD 1.72 billion by 2033, reflecting a compound annual growth rate of 4.9% during the estimated period from 2025 to 2033.

This growth is primarily driven by increasing demand across residential and commercial sectors. Manufacturers worldwide are capitalizing on this opportunity by boosting capital investments, intensifying research and development activities, and delivering higher-quality products. Rapid infrastructure development, particularly in emerging economies, serves as a significant catalyst for market expansion. However, challenges such as high production costs and limited awareness about eco- friendly materials in developing regions are impeding the markets full growth potential.

In India, the construction materials market was valued at USD 114.45 million in 2024 and is expected to reach USD

156.80 million by 2033, growing at a CAGR of 3.20% during 2025?€“2033. Rapid urbanization, infrastructure development, and rising real estate investments are the primary drivers of this growth. Demand for materials such as cement, steel, bricks, and advanced construction products is increasing, further supported by government initiatives, smart city projects, and a growing focus on sustainable and technologically advanced construction practices . (Source: Business Research Insights, IMARC, Mordor Intelligence)

Outlook

The construction materials industry is poised for continued strong growth, driven by major infrastructure and housing projects, along with the increased adoption of technology and automation to enhance efficiency and logistics. Industry consolidation is accelerating, with larger companies acquiring smaller players to strengthen market positioning. There is a rising emphasis on sustainability, with growing demand for ecofriendly construction materials. However, challenges persist, including intense competition from unorganized players leading to price pressures and a lack of standardization. Volatile raw material prices and supply chain disruptions also pose risks to profitability. The industry faces a critical need for skilled labour to support installation, maintenance, and technical services. While government- backed projects are expected to drive demand and

business growth, environmental concerns such as dust, noise, vibrations, and ecological disruptions from material extraction present significant hurdles. High logistics costs, stringent zoning laws, and restrictions on natural resource extraction are creating supply chain constraints, further complicating market expansion efforts . (Source: Fortune Business Insights, Linked-In)

Indian Plastic/PVC Industry

The PVC size was valued at USD 67.80 Bn in 2023 and is expected to reach USD 87.43 Bn by 2030, at a CAGR of 3.7%. Polyvinyl Chloride (PVC), an economical and versatile thermoplastic polymer, plays a pivotal role in the building and construction industry, particularly in producing door and window profiles, and other infrastructure materials. Renowned for its lightweight, durability, cost-effectiveness, and ease of processing, PVC is increasingly replacing traditional materials like wood, metal, and ceramics across various applications. The markets growth is fueled by the rising demand in construction, urbanization, and infrastructure development, particularly in emerging economies. Furthermore, advancements in PVC technology, such as chlorinated PVC and molecular-oriented PVC (PVC-O), are expanding its applications, enhancing its performance, and solidifying its position in diverse sectors.

The PVC market is driven by its widespread adoption in the construction sector due to its versatility, recyclability, and cost-effectiveness. The ongoing boom in infrastructure development and urbanization, especially in developing economies, has significantly boosted demand for PVC products such as window profiles and roofing materials. Additionally, the materials water resistance, durability, and minimal maintenance requirements make it a preferred choice for sustainable construction. Innovations in PVC production processes and the shift towards eco-friendly practices are further accelerating market growth, while regulatory initiatives promoting sustainable development are encouraging the adoption of PVC across diverse industries.

PVC is a synthetic resin made from the polymerization of vinyl chloride. It is the third largest plastic in production and consumption. Technology has gradually improved over time with improvements in safety, product quality, production volume, environmental issues and cost. A key feature of PVC is that it can be combined with additives and fabricated into a wide variety of forms. These include

pipes and fittings, profiles and tubes, windows and doors, sidings, wires and cables, film and sheets, toys and other moulded products and floorings. This quality, together with features such as durability, self-extinguishing property, resistance to most chemicals and oil, mechanical strength and ease of processing, means that PVC is a competitive and attractive option for many end uses in construction and infrastructure, agriculture, electrical products and healthcare. Further, only 43% of PVCs content comes from oil. The balance 57% comes from salt, meaning that PVC is less dependent on fossil fuels compared to other materials. This feature, coupled with the fact that PVC products can last up to 100 years, can be recycled and can provide products with good quality to price ratio, greatly reduces life cycle costs of PVC.

UPVC Windows and Doors

The uPVC doors and windows market in India has experienced remarkable expansion in recent years, and there is a projected substantial growth trajectory throughout the forecast period spanning from 2023 to 2027. uPVC doors and windows have gained popularity in India due to their energy efficiency, durability, and low maintenance requirements. They are used in both residential and commercial buildings and offer advantages over traditional materials like wood and aluminum. Enhanced funding from both central and state governments for infrastructure projects, alongside public investments, coupled with a reduction in construction material costs, is set to amplify the growth of the product market.

The sharp spike in uPVC adoption across the country has been credited to many socioeconomic factors, including sustainability goals. India accommodates almost 1.44 billion people, and this huge base of population is responsible for constant urbanisation and a phenomenal increase in demand for residential and commercial properties to maintain a desirable pace in the economy. uPVC has become the situational and futuristic need of green construction with unparalleled features that are remarkable in maintaining indoor temperature and reducing external noise to a great extent.

The competitive landscape of the India uPVC Doors and Windows Market was dynamic and competitive, with both domestic and international companies operating in the market. The industry attracted various players offering a wide range of uPVC Doors and Windows products. The popularity of uPVC doors and windows has surged

significantly, particularly in residential, hospital, and institutional settings. This heightened demand is attributed to the exceptional noise-cancellation attributes of uPVC materials. The superior thermal insulation properties of uPVC are effective in reducing the heating and cooling needs of modern spaces. Besides, it comparatively has a long lifecycle and almost zero maintenance, which makes uPVC profiles favorable material for doors and windows.

Despite the rising popularity of uPVC in Indias construction and real estate industry, there are still challenges that need to be addressed to keep growth momentum at a desirable pace. One of the pressing concerns is heavy reliance on imported PVC resin, which causes price fluctuations due to exchange rate volatility. Moreover, though uPVC is quite cost-effective in the long term, a slightly higher upfront cost and lack of awareness among the masses about its benefits continue to hinder widespread adoption. So, awareness is the most potent solution to promote this material for the sake of green construction.

Your Company is perfectly poised to play a major role in this upward trend with a wide range of premium quality customizable uPVC windows & doors backed by impeccable end-to-end solutions across the country. Our world-class manufacturing infrastructure has helped us making as one of the most trusted & preferred uPVC windows and doors suppliers delivering complete end- to-end solutions with maximum efficiency. All our high- quality uPVC window and door systems are built to meet the highest European quality standards and deliver unmatched performance over a long period of time with minimal maintenance.

As the Indian market looks to make the switch to the superior benefits of uPVC windows and doors, we are excited to be at the forefront of this trend and deliver exceptional products to more and more delighted customers across the country.

Company Overview

Late Prof. S.S. Dhabriya, who was an environmentalist, and a remote sensing expert had contributed a lot towards saving nature. His motto of life was to save trees. He has been the inspiration for all of us to work towards the betterment of the human race by saving natural resources. His values have been the motto of our lives and we have reached so far following his footprints. Dhabriya

Polywood Limited was incorporated under the erstwhile Companies Act, 1956 in the year 1992.

Your Company started its operations in the year 1995 with production of U/R-PVC (Unplastisized/Rigid Poly Vinyl Chloride) Profiles under the brand name "Polywood". Over the years, we have gradually expanded our product base to include the PVC (Poly Vinyl Chloride) Section with various designs to suit the complete fabrication requirement of Doors, Windows, Partitions, False Ceilings, Wall Paneling, Pelmet, Kitchen Cabinets & other interior applications. In the last 25 years, "Polywood" has been an undeniable part of the "Save Trees" campaign by bringing in the minds of people the use of PVC Profiles which, was only confined to European Countries earlier. The Company has also taken the credit of launching for the first time in India some exquisite products like PVC Fluted Panels, PVC Folding Doors, PVC Designer Doors, PVC Fencing, Wood Plastic Composite Panels.

PRODUCT PORTFOLIO

DHABRIYA POLYWOOD LTD. is one of the most reputed name in the manufacturing of uPVC and PVC products for a wide range of building interior & exterior applications. The company was incorporated in the year 1992 with the brand name POLYWOOD with PVC profile products. With continuous growth and innovation, the company extended its product range within the brands: uPVC Windows, uPVC Doors, System Aluminum Windows & Doors, PVC Doors, PVC Wall Panel, PVC Fencing, PVC Furniture, SPC Flooring, PVC foam board.

Wall & Ceiling Fluted Panels

Polywood Wall & Ceiling Fluted Panels is a new type of environmentally friendly product for wall decor. It has the characteristics of 100% waterproof, fire retardant, termite proof, simple & quick installation. With our vision to save natural resources like trees, we always make sure to develop and bring the product which are environmentally friendly and safe to use. Polywood At the same time, Polywood Wall & Ceiling Fluted Panels are very cost effective and durable. We have a collection of vast range of exclusive shades.

Our continuous research and innovation for Wall & Ceiling Fluted Panels is based on continues upgradation demand and consumption by Architects, Interior Designers, Users. We take care of their different choices, moods, type of application and aesthetically pleasing.

uPVC Windows & Doors

Polywood has a very wide range of windows and doors like sliding windows & doors, casement windows & doors, combination window, bay window, fixed window, villa window, arched window etc. Polywood has its own research and development team, and we manufacture and supply as per customer requirements using latest technology. We are using world class profile like Shide & Kommerling to manufacture it.

uPVC is proven to offer excellent performance and durability; it is long lasting and requires very little maintenance making it the perfect material for your windows. It is also recognised for its thermal efficiency, sound insulation and great value for money. With Safe style we can rest assured that even in the harshest weather conditions Polywood windows will not warp, rot or rust due to the quality and nature of the uPVC we manufacture. Polywood windows is 100% waterproof & termite proof & Borer free. It is light in weight and not required any paint or polish and gives an elegant look.

PVC Door

The most popular material for bathroom doors these days, PVC doors are the material of choice for doors in bathroom. They are not only far more durable and enduring than other door materials but are also more flexible in terms of design options. Despite the fact that wooden doors tend to look elegant, they are usually better saved for other parts of the home. Wood is a naturally absorbent material and has the capacity to soak up humidity and moisture which may result in the warping of the doors over time.

Steel doors, on the other hand, are extremely durable and rugged but not pleasing to the eye. While steel is also naturally resistant to water damage, steel tends to be a bit expensive side. Furthermore, another factor that should be considered is that prolonged exposure to humidity and moisture will eventually cause many steel doors to rust. Polywood has a wide range of PVC doors like single panel door, multi panel door, premium egress door, glass designer door, folding door, digital printed door etc.

Soffit Ceiling & Wall System

Polywood Soffit Ceiling & Wall System Panels is a new type of environment friendly product for wall decor. It has the characteristics of 100% waterproof, fire retardant, termite proof, simple & quick installation. With our vision to save natural resources like trees, we always make sure

to develop and bring the product which is environment friendly and safe to use. At the same time, Polywood Soffit Ceiling & Wall System Panels is a very cost effective and durable. We have a collection of vast range of exclusive shades. Our continuous research and innovation for Soffit Ceiling & Wall System Panels is based on continues upgradation demand and consumption by Architects, Interior Designers, Users. We take care of their different choices, moods, type of application and aesthetically pleasing.

PVC Wall Panel & False Ceiling

Polywood PVC Wall Panels are extensively used to add look and charm to residential as well as commercial places. Available in a variety of designs and textures, these are easy to maintain and clean. Being waterproof, it is widely popular at locations where wall seepage is a common problem. Available in a wide range of color and designs. If required these panels ca be easily uninstalled to relocate from one place to another. Our range of wall paneling can be customized as per the clients specifications and configuration. These wall panels are non-porous and non-absorbent, thus helping in the safe fitting of lighting, access hatches and air-vents.

PVC Furnitures

Polywood modular furniture helps you to make the most of the available space, by effectively giving you plenty of storages and space. Our full spread of features is available for all layouts and designs, allowing you to create furniture that is built for how you use it. These are available in broad range of eye-catching colors and designs to match the unique requirements of any interior furniture design.

Polywood workstations & Tables help you to utilize and organize your workspace very well. Having a stylish appearance and strong construction, our range of PVC workstations is offered in various textures and designs in order to fulfill the varied requirements of our clients, at market leading rates.

PVC Fencing

Polywood fencing can be used for both interior as well as exterior applications. It can be easily grouted over soil, making it ideal for application around household gardens. One of the biggest advantages is that it has rounded edges with plastic fasteners, no metal parts. Therefore, it is safe even when used around childrens. It does not corrode, requires no painting or polishing.

Invulnerable to insects or termites and almost no maintenance is required.

There are 2 types of U-PVC fencings ?€“ Outdoor UV resistant type ?€“ It can be used for both interior as well as exterior applications. It is grouted with sand. Heavy duty concrete filled type ?€“ It is used for exterior applications only and is grouted with cement, concrete and iron rod inside the main fence pillars

SPC Flooring

Polywood SPC Flooring is a new type of environmentally friendly floor that can be recycled. It has the characteristics of 100% waterproof, mold & fungus proof, fire retardant, termite proof, anti-skid, noise free, zero formaldehyde and simple & quick installation.

With our vision to save natural resources like Tree, we always make sure to develop and bring the product which is environment friendly and safe to use. Polywood SPC Flooring production process required no glue, no formaldehyde, no benzene and other toxic substances. It also has no radiation and green product which do not harm the human body. At the same time, Polywood SPC Flooring is very cost effective and durable. We have a collection of textures like wood grain, marble and fabric. Our continues research and innovation for SPC Flooring is based on continues upgradation demand and consumption by Architects, Interior Designers, and Users. Acceleration of urbanisation and the popularity of premium villas, bungalows and townships, the decorative SPC Flooring has immense demand. Its durability and excellent performance in extreme condition will definitely be the first preference against wood and stone flooring.

Aluminium Windows & Doors

Polywood Slider windows work well in a variety of rooms. A popular choice for contemporary styled homes, sliding windows bring improved ventilation as sashes can be moved right or left with a smooth sliding motion. Polywood Sliding door design offers a unique combination of oversized openings, Compression sealed technology for high energy performance and effortless sash operation all in a traditional sliding panel aesthetic. Polywood Sliding Windows & Doors feature two [or more] horizontal sashes fitted with rollers at the bottom for swift sideways movement on tracks. Faster & easier to operate, they are great for panoramic views and air circulation. As a whole-house solution, sliders create a stunning look that accentuates modern architecture.

PVC Foam Board

Polywood PVC Foam Boards provide a constantly smooth and bright surface. They are lightweight and durable and offer excellent chemical resistance. They have good thermal properties too, making PVC Foam Board a versatile choice suitable for use indoors and outdoors.

Polywood PVC foam board is a kind of building made of polyvinyl chloride, with features as waterproof, flame retardant, acid & alkali resistant, light & heat preservation, noise insulation and shock absorption. The PVC foam sheet can be the ideal substitute of wood, aluminum and composite board. Furthermore, the surface is very smooth and high hardness, which is not easy to be scratched. For this feature, PVC foam board can be the prime choice in making furniture. The surface is polished, grain less, non-porous and clean which can be printed, painted, coated and laminated directly.

D-Stona

D-Stona is a revolutionary product engineered to transform your buildings interiors to a new level of luxury. It is a high-quality engineered marble with limestones as the major component. It is brainchild of Dhabriya Group, a company known throughout India for the benchmark quality they provide. D-Stona decorative and interior products offering are Marble sheet, Moldings, SPC Wall Panels and PVC Laminates in various Marble, Wooden, Royal touch, Metallic, Matt, Sparkle, Elite shades. With its diverse range D-Stona is sure to add a whole new dimension to interior decoration.

Outlook

Polywood is a prestigious name in the industry sector has withstood its vision for quality products, ethical and transparent business practices and strong focus on human aspect. Founded in 1992, the company maintains its leadership position in the market with its extensive array of building materials and innovative solutions. Company is dedicated to delivering sustainable, high quality, and future-ready products to its customers. It has a diversified product portfolio of eco-friendly products that are designed to meet constantly evolving customer requirements.

The Company has demonstrated expertise in comprehensive building materials and solutions. Production and marketing of products, that are sustainable, future-ready, innovative and has a high quality, has helped the company achieve market leadership. The Company fosters a wide reach with an

extensive sales and distribution network, stretching across India. This can be owed to its strong focus on customer-centricity.

The past two years have shown that that we operate in a world which is not always predictable. The various measures taken by industry in general have helped consolidate this sector. Further, the fiscal measures provided by the government have also helped the building material industry substantially. Consequently, your Company is very positive on robust growth of this sector in the coming financial year.

Financial Overview

Analysis of the profit and loss statement

?ƒž Revenues: Revenue from operations reported 15.51% growth from 11276.40 lakhs in 2023-24 to

13025.50 lakhs in 2024-25. Other income of the Company accounted for 0.58% share of the Companys revenues, reflecting the Companys dependence on its core business operations.

?ƒž Expenses: Total Raw Material Expenses of the Company increased by 8.79% from 6054.55 lakhs in 2023-24 to 6586.86 lakhs in 2024-25 due to higher production.

?ƒž Gross Profit of the Company increased by 23.30% from 5221.85 to 6438.64 from previous year, while the Gross Profit margin increased by 6.74% from 46.31% to 49.43% from the previous year.

?ƒž Employee expenses accounting for 16.64% of the

Companys revenues and increased by 14.18% from

1898.63 lakhs in 2023-24 to 2167.86 lakhs in 2024-25.

?ƒž Profit & Loss: Profit before taxes reported 51.02% growth from 678.77 lakhs to 1025.10 lakhs in 2024-25. Net Proft for the year reported 52.65% growth from 501.12 lakhs to 764.99 lakhs in 2024-

25. Total comprehensive income for the period reported 55.12% growth from 496.97 lakhs to

770.90 lakhs compared from previous year.

?ƒž Finance costs of the Company decreased by 3.27% from 475.71 lakhs in 2023-24 to 460.18 lakhs in 2024-25 following the repayment of liabilities and negotiation of better terms with bankers.

Analysis of the Balance Sheet

?ƒž The capital employed by the Company increased by 10.83% from 7406.09 lakhs as on 31 st March 2024 to 8208.09 lakhs as on 31 st March 2025.

?ƒž The net worth of the Company increased by 14.80% from 4846.63 lakhs as on 31 st March 2024 to 5563.41 lakhs as on 31 st March 2025 owing to increase in reserves and surpluses. The Companys equity share capital, comprising 1082.42 lakhs equity shares of 10 each, remained unchanged during the year under review.

Applications of funds

?ƒž Fixed assets (gross) of the Company increased by 11.57% from 7208.75 lakhs as on 31 st March 2024 to 8043.02 lakhs as on 31 st March 2025 owing to expansion.

Working capital management

?ƒž Current assets of the Company increased from 5960.20 lakhs as on 31 st March 2024 to 7131.50 lakhs as on 31 st March 2025.

?ƒž Inventories including raw materials, work in-progress and finished goods among others increased by 21.74% from 3328.90 lakhs as on 31 st March 2024 to 4052.44 lakhs as on 31 st March 2025.

?ƒž Trade receivables increased by 17.98% from 1855.66 lakhs as on 31 st March 2024 to 2189.34 lakhs as on 31 st March 2025.

?ƒž Cash and bank balances of the Company increased by 4.24% from 242.88 lakhs as on 31 st March 2024 to 253.18 lakhs as on 31 st March 2025.

Margins

?ƒž The EBIDTA margin of the Company Increased by 162 basis points from 13.21% in 2023-24 to 14.83% in 2024-25 while the net profit margin of the company increased by 143 basis points.

Particulars	2024-25	2023-24
Debt-equity ratio (in times)	0.87	0.99
Return on equity (%)	14.70	10.83
Inventory Turnover (in times)	3.53	3.31
Debt Service Coverage Ratio	1.93	1.44
Current Ratio (in times)	1.42	1.37
EBITDA Margin (%)	14.83	13.21
Net Profit Margin (%)	5.87	4.44

Return on Equity (%): Increase is on account of growth in revenue and profit.

Debt Service Coverage Ratio: Improvement in ratio is mainly due to, increase in profitability in current year as compared to previous year.

EBIDTA Margin (%): Increase in EBIDTA Margin is due to, increase in sales and profitability in current year.

Net Profit ratio(%): Improvement in net profit ration is mainly due to, increase in sales and profitability in current year as compared to previous year.

Market Presence

Your Companys market presence covers all the major cities of India. Your Company is having three manufacturing facilities (i.e. two at Jaipur {Rajasthan}, and one at Bangalore {Karnataka}), through which whole India is being catered. Company is having strong market hold throughout the India except couple of states for which also Company has made detailed marketing plans to strengthen its presence there also in the next one to two years.

Opportunities & Threats Opportunities

?ƒž Development of company activities in management, marketing, quality, research and branding

?ƒž Trained / skilled manpower at competitive wage level

?ƒž Modernized manufacturing units.

?ƒž Changing consumer behavior

?ƒž Increasing awareness to protect the environment & green building revolution

Threats

?ƒž Unfavorable foreign exchange rate fluctuations.

?ƒž Government bans

?ƒž Volatile raw material pricing

?ƒž Increased Competition from Local & Big Players

Internal Control System and their Adequacy

The Company has adequate internal control system, commensurate with the size of its operations. Adequate records and documents are maintained as required by laws. The Audit Committee reviews adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations. The Audit Committee gives valuable suggestions from time to time for improvement of the companys business processes, systems and internal controls. All efforts are being made to make the internal control systems more effective.

Human Resources/Industrial Relations

Your Company considers its human resource a vital asset. The Company prioritizes the professional as well as personal development of each employee, encouraging them to remain motivated and achieve organizational

objectives. Company aims to create a conducive working environment, upholding the values of diversity, openness and transparent communications across organizational hierarchies.

The company strongly believes that its Human Resources are one of its most valuable resource and it is the quality and dynamism of its human resources that enables it to make a significant contribution to enhance stakeholders value. Company places employee engagement, development and retention of talent as one of its key priority, to enable achievement of organizational goals. The Company continuously provides Technical, Behaviour and Leadership trainings to employees, so that they become competent enough to advance in their careers. The Company has 523 male & 22 female Employees on the rolls of Company as on March 31, 2025 The company maintains a good work culture, ethics, values and attractive remuneration to keep its staff highly motivated. The Company creates employee engagement program at regular intervals that makes learning activities fun by indulging in various programmes like festive celebrations, health care activities, cultural nights with family events, etc. to create an overall healthy work environment.

Your Company believes that human resource is its most valuable resource, and it is the quality and dynamism of human resources that enables it to make a significant contribution to enhance stakeholders value.

Cautionary Statement

The statements in the management discussion and analysis section describing the Companys objectives, projections, estimates and prediction may be considered as forward-looking statements. All statements that address expectations or projections about the future, including but not limited to statements about the Companys strategy for growth, product development, market positioning, expenditures and financial results are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Companys actual results, performance or achievement may thus differ materially from those projected in such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statement on the basis of any subsequent developments, information or event.