Gokul Refoils and Solvent Ltd Management Discussions

Industry Structure and Developments:

Edible Oils

India continues to be one of the largest consumers and importers of edible oils globally, supported by a growing population, rising disposable incomes, urbanization, and evolving dietary preferences. The edible oil sector plays a critical role in Indias food security and agri-processing ecosystem. Consumption is driven by a diverse mix of oils, including palm oil, soybean oil, sunflower oil, mustard oil, groundnut oil, rice bran oil, sesame oil, and coconut oil. (Source: Department of Food & Public Distribution, Government of India, 2025)

India remains among the worlds leading producers of oilseeds; however, domestic edible oil production continues to be insufficient to meet total demand. Approximately 57% of Indias edible oil requirement is met through imports, while domestic self-sufficiency remains around 43-44%. (Source: Department of Food & Public Distribution, Government of India - Edible Oil Scenario, 2025)

Palm oil continues to account for the largest share of edible oil imports, followed by soybean oil and sunflower oil, making India one of the worlds largest vegetable oil importing nations. (Source: Solvent Extractors Association of India (SEA), Vegetable Oil Import Data FY2025-26)

To enhance domestic production and reduce import dependence, the Government of India launched the National Mission on Edible Oils - Oilseeds (NMEO-Oilseeds) with a total outlay of f 10,103 Crore for the period 2024-25 to 2030-31. The mission aims to increase oilseed production from 39 million tonnes in 2022-23 to 69.7 million tonnes by 2030-31. (Source: Ministry of Agriculture & Farmers Welfare, Government of India, NMEO-Oilseeds Guidelines, 2024)

During FY 2025-26, the edible oil industry witnessed significant volatility in global prices due to geopolitical developments, weather-related disruptions, and changing trade policies. India continued to import approximately 15.5-16.0 million tonnes of vegetable oils annually to bridge the domestic demand-supply gap. (Source: Solvent Extractors Association of India (SEA), FY2025-26; Reuters Industry Reports, 2026)

India continues to dominate the global castor oil industry and maintains its position as the worlds largest producer and exporter of castor seeds, castor oil, and castor-based derivatives. The country accounts for more than 80% of global castor oil production and exports, with Gujarat serving as the primary cultivation and processing hub. The industry plays a significant role in Indias agri-export sector and supports a wide range of downstream industries across the globe. (Source: APEDA Export Statistics 2025-26; Ministry of Agriculture & Farmers Welfare, Government of India)

The global castor oil market continues to witness steady growth, driven by increasing demand for sustainable, renewable, and bio-based raw materials. Castor oil and its derivatives are widely used across pharmaceuticals, cosmetics, personal care products, lubricants, paints, coatings, polymers, surfactants, textiles, and specialty chemicals. Growing environmental awareness and stricter sustainability regulations have encouraged manufacturers worldwide to adopt bio-based alternatives to petroleum-derived products, thereby supporting long-term demand for castor- based products. Furthermore, technological advancements in processing and derivative manufacturing, coupled with expanding industrial applications, continue to create new opportunities for market growth. (Source: IMARC Group Castor Oil Market Report2025; Grand View Research Castor Oil Market Analysis 2025)

Indias castor seed production for the 2025-26 season is estimated at approximately 17.6 lakh tonnes, reflecting an increase of around 11% compared to the previous season, supported by favorable acreage, improved farming practices, and better crop realization. The countrys well- established supply chain, processing infrastructure, and export competitiveness continue to strengthen its leadership position in the global castor oil market. (Source: Ministry of Agriculture & Farmers Welfare, Government of India; Economic Times Agri Report, 2026)

Despite strong long-term fundamentals, the industry continues to face certain challenges. Production remains significantly dependent on monsoon conditions and climatic factors, which can affect crop yields and lead to fluctuations in raw material availability and prices. The market also faces competition from alternative vegetable oils and synthetic substitutes in select industrial applications. Additionally, global economic uncertainties, trade policy changes, logistics disruptions, and increasingly stringent quality and regulatory requirements, particularly in pharmaceutical and cosmetic applications, may impact market growth and profitability. Nevertheless, rising demand for environmentally friendly products, increasing industrial adoption of bio-based chemicals, and continued innovation in castor derivatives are expected to support the industrys long-term growth trajectory. (Source: IMARC Group Castor Oil Market Report 2025; OECD Bioeconomy Reports; APEDA Export Statistics 2025-26)

Indias edible oil industry continues to present significant growth opportunities, supported by rising population, increasing disposable incomes, rapid urbanization, and growing awareness of health and nutrition. India remains one of the worlds largest consumers and importers of edible oils, with domestic demand continuing to outpace local production. The Governments continued focus on achieving self-sufficiency through the National Mission on Edible Oils - Oilseeds (NMEO-Oilseeds), which targets increasing oilseed production from 39 million tonnes in 2022-23 to 69.7 million tonnes by 2030-31 (Source: Ministry of Agriculture & Farmers Welfare, Government of India, 2025), is expected to strengthen the domestic edible oil ecosystem. Demand for palm oil, soybean oil, mustard oil, sunflower oil, groundnut oil, and specialty oils continues to be supported by the expanding food processing sector, organized retail, quick-service restaurants, and changing consumer preferences. Increasing health consciousness is also driving demand for cold-pressed, fortified, and value-added edible oils, creating opportunities for branded players to expand their market presence. (Source: IMARC Group India Edible Oil Market Report, 2025; Department of Food & Public Distribution, Government of India)

However, the industry continues to face challenges arising from its dependence on imported edible oils, exposing it to volatility in global commodity prices, foreign exchange fluctuations, geopolitical developments, and changes in international trade policies. India imported approximately 16.5 million tonnes of edible oils during FY 2025-26, with palm oil, soybean oil, and sunflower oil accounting for the majority of imports (Source: Solvent Extractors Association of India (SEA), FY 2025-26). Additionally, fluctuations in import duties, climate-related uncertainties affecting oilseed production, rising logistics costs, and increasing competition from regional and unorganized players may impact industry margins and growth. Nevertheless, companies with strong brands, diversified sourcing capabilities, efficient supply chains, and extensive distribution networks are expected to remain well positioned to capitalize on the long-term growth prospects of the Indian edible oil market. (Source: CRISIL Industry Report2025; SEA Industry Updates 2025-26)

Indias edible oil industry continues to face significant challenges due to its high dependence on imports, making the sector vulnerable to fluctuations in international commodity prices, foreign exchange movements, geopolitical developments, and supply chain disruptions. India continues to meet more than half of its edible oil requirement through imports, primarily of palm oil, soybean oil, and sunflower oil (Source: Department of Food & Public Distribution, Government of India, 2025). Adverse weather conditions in major producing countries, export restrictions, logistics bottlenecks, and global economic uncertainties can significantly impact availability and pricing of edible oils in the domestic market. Furthermore, volatility in crude oil prices and freight costs may also influence procurement costs and operating margins across the value chain. (Source: Solvent Extractors Association of India (SEA), FY2025-26; USDA Oilseeds and Products Annual Report, 2025)

The global transition toward sustainable and bio-based products continues to create significant opportunities for the castor oil industry. Growing environmental awareness and increasing regulatory emphasis on renewable raw materials are driving demand for castor oil and its derivatives across a wide range of end-use industries, including specialty chemicals, personal care products, pharmaceuticals, lubricants, coatings, polymers, and bio-based materials. The increasing adoption of green chemistry practices and the search for alternatives to petroleum-based products are expected to support long-term growth in demand for castor-based products worldwide. (Source: Grand View Research Castor Oil Market Report, 2025; IMARC Group Castor Oil Market Report, 2025)

Further, expanding applications in high-value derivatives, biodegradable packaging materials, specialty polymers, medical formulations, and performance chemicals offer attractive growth prospects for industry participants. Continuous innovation in derivative products, increasing focus on value-added exports, development of improved seed varieties, and growing acceptance of sustainable products in international markets are expected to strengthen the industrys growth outlook. Additionally, increasing demand from key export markets across Asia, Europe, and North America is expected to create new opportunities for Indian manufacturers to expand their global footprint and enhance value realization. (Source: APEDA Export Statistics 2025-26; OECD Bioeconomy Outlook; Grand View Research Castor Oil Market Report, 2025)

The castor oil industry remains exposed to several external and operational risks that may impact its growth and profitability. Fluctuations in global demand, particularly from major consuming industries such as specialty chemicals, pharmaceuticals, lubricants, and personal care products, can influence export volumes and pricing trends. Additionally, volatility in raw material prices, changing trade policies, freight cost fluctuations, and global economic uncertainties may affect the competitiveness of castor oil and its derivatives in international markets. The industry also faces increasing competition from alternative vegetable oils and synthetic substitutes in certain industrial applications, which may impact demand in price-sensitive segments. (Source: Trade Map Global Trade Statistics, 2025; IMARC Group Castor Oil Market Report, 2025)

The Gokul Group is engaged in the manufacturing, refining, processing, and marketing of a diversified portfolio of edible oils catering to both domestic and international markets. The Companys product range includes groundnut oil, mustard oil, Kachi Ghani mustard oil, refined cottonseed oil, refined soybean oil, palm oil, sunflower oil, and other value-added edible oil products. These products cater to a broad consumer base across retail, institutional, and industrial segments, supported by an extensive distribution network and modern manufacturing facilities. The

Group continues to focus on product quality, operational efficiency, and customer satisfaction while complying with applicable food safety and quality standards. Growing consumer awareness regarding health, nutrition, and food safety, coupled with increasing demand for branded edible oils, continues to support long-term growth prospects for the edible oil business.

The Gokul Group is one of the established manufacturers and exporters of castor oil serving a wide range of industries including pharmaceuticals, personal care, lubricants, specialty chemicals, paints, coatings, polymers, textiles, and industrial applications. The Companys product portfolio includes castor oil that cater to diverse customer requirements across domestic and international markets. Castor meal, a by-product of the manufacturing process, is also utilized as an organic fertilizer, supporting sustainable agricultural practices. With increasing global demand for biobased and environmentally sustainable products, castor oil continues to find expanding applications across multiple industries. The Groups strong manufacturing capabilities, export presence, and focus on quality and customer relationships position it favourably to capitalize on emerging opportunities in the global castor oil and specialty chemicals market.

The growing emphasis on sustainable agriculture, soil health management, and balanced nutrient application continues to create significant opportunities for the organic fertilizer industry. Increasing awareness among farmers regarding the adverse effects of excessive chemical fertilizer usage, coupled with rising demand for residue-free and organically grown agricultural produce, is driving the adoption of organic and biobased fertilizers across various crop segments. Government initiatives promoting organic farming, natural farming, and sustainable agricultural practices, including the Paramparagat Krishi Vikas Yojana (PKVY), National Mission on Natural Farming (NMNF), and other soil health improvement programs, are expected to further support market growth. (Source: Ministry of Agriculture & Farmers Welfare, Government of India; APEDA Organic Agriculture Statistics 2025)

Gokul Groups portfolio of organic manure products, including Organic Castor DOC, Gokul Hipro, Gokul PROM, and Gokul Potash, is well positioned to benefit from the increasing demand for nutrient-rich organic inputs that enhance soil fertility and crop productivity. Rising cultivation of fruits, vegetables, plantation crops, and horticultural produce, along with growing acceptance of integrated nutrient management practices, offers substantial opportunities for expansion. Furthermore, increasing export demand for organically cultivated products, growing focus on regenerative agriculture, and expanding distribution channels through agri-input networks and farmer outreach programs are expected to create long-term growth opportunities for the Companys organic fertilizer business.

The organic fertilizer industry faces several challenges that may impact its growth trajectory. Compared to conventional chemical fertilizers, organic fertilizers generally have lower nutrient concentrations, requiring larger application quantities to achieve desired results. This can increase transportation, storage, and application costs for farmers, particularly in geographically dispersed agricultural regions. In addition, varying quality and nutrient composition of organic inputs, dependence on availability of raw materials, and limited awareness among certain farming communities regarding the long-term benefits of organic soil management may affect market penetration and adoption rates.

During the year under review, total revenue from operations reached 4,12,047.87 lakhs, compared to 3,51,085.00 lakhs in the previous year, reflecting a robust increase of 17.36% year-on-year. Approximately 81.88% of this revenue was contributed by the wholly owned subsidiary, Gokul Agri International Ltd. (GAIL). GAIL operates a production facility in Sidhpur, District Patan, Gujarat, India, and is engaged in seed processing, solvent extraction, and refining of edible and non-edible industrial oils, such as castor oil. The Siddhpur plant processes a diverse range of oils, including Kachi Ghani Oil, Mustard Oil, Groundnut Oil, Refined Cottonseed Oil, Soyabean Refined Oil, Palmolein, Castor Oil and Sunflower Oil.

Edible Oil Sale for the FY 2025-26 was 2,67,957.59 Lakhs while in the previous year, it was 2,26,124.30 Lakhs.

Sale of Non-edible oils and by product for the FY 2025-26 was 1,40,574.67 Lakhs while in the previous year it was 1,21,303.20 Lakhs.

Product wise sales

The Net Profit after Tax for the year under review stood at 1,847.82 Lakhs, as against 1,480.85 Lakhs in the previous financial year, reflecting a substantial increase of approximately 24.78%. This substantial growth reflects the Companys significant scale-up of trading activities in the edible & non-edible oil segment during the year.

Consolidated equity attributable to equity holders of the parent company increased to 36,339.68 lakhs as of March 31, 2026, from 34,457.07 lakhs as of March 31,2025. Of this, other equity, comprising reserves and retained earnings, amounted to 34,359.78 lakhs as of March 31, 2026, compared to 32,477.17 lakhs March 31,2025. The book value per share rose to 36.71 as of March 31,2026, from 34.82 as of March 31,2025.

The Consolidated net debt (adjusted for cash, bank balances, and liquid investments) of the Group as of March 31, 2026, was 24,633.25 lakhs, compared to 24,281.15 lakhs in the previous year. The net debt-to-equity ratio was 1.05 as of March 31,2026, compared to 0.80 as of March 31, 2025.

The Consolidated net block (including capital work in progress) as of March 31, 2026, was 11,103.20 lakhs, a decrease of approximately 237 lakhs from 11,340.65 lakhs in the previous year, solely due to depreciation.

The total Capital Employed (CE) at the end of the year increased to 37,147.60 lakhs from 36,290.36 lakhs at the end of the previous year.

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with explanations thereof, including:

Details of any change in Return on Net Worth as compared to the immediately previous financial year along with a detailed explanation thereof

The Indian edible oil industry is expected to witness steady growth in the coming years, supported by rising population, increasing disposable incomes, urbanization, and changing food consumption patterns. Growing consumer awareness regarding health, nutrition, and food safety is driving demand for branded, fortified, and value-added edible oils across both urban and rural markets. The Governments continued focus on enhancing domestic oilseed production through initiatives such as the National Mission on Edible Oils - Oilseeds (NMEO-Oilseeds) is expected to strengthen the domestic edible oil ecosystem and improve long-term supply security. At the same time, increasing demand from the food processing, hospitality, and quick-service restaurant sectors is expected to support industry growth. According to IMARC Group, the India edible oil market is projected to continue its growth trajectory over the next several years, driven by favourable demographic trends and evolving consumer preferences.

The outlook for the castor oil and organic fertilizer businesses also remains positive. Growing global emphasis on sustainability, renewable resources, and bio-based products continues to drive demand for castor oil and its derivatives across specialty chemicals, pharmaceuticals, personal care products, lubricants, and industrial applications. Similarly, increasing focus on sustainable agriculture, soil health management, and organic farming practices is expected to support growth in the organic fertilizer segment. The Company remains committed to strengthening its market position through operational excellence, product innovation, customer-centric strategies, and expansion of its distribution and export footprint. With its diversified product portfolio, established manufacturing capabilities, strong customer relationships, and focus on quality, the Company is well positioned to capitalize on emerging opportunities while effectively managing industry challenges and market volatility.

The Companys businesses are exposed to various risks arising from changes in market conditions, regulatory frameworks, commodity prices, and global economic developments. The edible oil industry remains particularly vulnerable to fluctuations in international edible oil prices, foreign exchange movements, changes in import duty structures, and supply-demand imbalances in major producing countries. Since India continues to depend significantly on imports for meeting its edible oil requirements, disruptions in global supply chains, geopolitical uncertainties, adverse weather conditions in key exporting regions, and volatility in freight and logistics costs may impact raw material availability and profitability. Additionally, changing consumer preferences, increasing competition from organized and unorganized players, climate-related risks affecting domestic oilseed production, and evolving food safety and sustainability regulations continue to pose challenges for industry participants. (Source: Department of Food & Public Distribution, Government of India; Solvent Extractors Association of India (SEA), FY2025-26; USDA Oilseeds and Products Annual Report, 2025)

The castor oil and organic fertilizer businesses are also subject to various operational and market-related risks. Demand for castor oil and its derivatives is influenced by global industrial activity and consumption trends across specialty chemicals, pharmaceuticals, personal care, lubricants, and other end-use sectors. Any slowdown in these industries, emergence of alternative products, or changes in international trade policies may affect demand and export opportunities. Further, climatic uncertainties, fluctuations in agricultural commodity prices, availability of quality raw materials, and increasing compliance requirements relating to product quality, traceability, environmental standards, and export regulations may impact business performance. In the organic fertilizer segment, competition from conventional fertilizers, changing agricultural practices, and variations in farmer adoption levels may influence market growth. The Company continuously monitors these risks and focuses on strengthening operational efficiencies, supply chain resilience, product quality, regulatory compliance, and customer relationships to effectively mitigate potential adverse impacts. (Source: APEDA Export Statistics 2025-26; Ministry of Agriculture & Farmers Welfare, Government of India; IMARC Group Castor Oil Market Report, 2025; Fortune Business Insights Organic Fertilizer Market Report, 2025)

The Company has established a comprehensive risk management framework designed to identify, assess, monitor, and mitigate risks that may impact its business operations, financial performance, and strategic objectives. The framework is supported by well-defined policies, internal controls, periodic reviews, and reporting mechanisms that enable timely identification of emerging risks and implementation of appropriate mitigation measures. Risk management is embedded into key business processes and decision-making activities, ensuring that potential risks are proactively evaluated and managed in a structured manner. The Company continuously reviews its risk profile in light of evolving market dynamics, regulatory developments, technological advancements, and changing business environments to enhance organizational resilience and sustainable growth.

Given the nature of its operations, the Company is exposed to various internal and external risks, including fluctuations in commodity prices, foreign exchange movements, changes in government policies and regulations, supply chain disruptions, climatic factors affecting agricultural production, competitive pressures, and global economic uncertainties. The Companys risk management framework facilitates ongoing monitoring and assessment of these risks through effective governance structures and operational controls. By integrating risk management with business planning and performance monitoring processes, the Company seeks to minimize potential adverse impacts, strengthen operational efficiency, protect stakeholder interests, and capitalize on emerging opportunities in a dynamic business environment.

The Company has established an adequate system of internal controls commensurate with the size, scale, and complexity of its operations. The internal control framework is designed to ensure the orderly and efficient conduct of business, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information. The Company has implemented appropriate policies, procedures, and control mechanisms across its key business processes to ensure compliance with applicable laws, regulations, and internal guidelines. Periodic reviews are conducted by the Internal Auditors and External Auditors, and their observations and recommendations are suitably acted upon by the management. The Company also maintains a robust budgetary control system with regular monitoring of actual performance against approved budgets to facilitate effective decision-making and operational efficiency.

The Company remains committed to conducting its business in a responsible, environmentally sustainable, and resource-efficient manner. As a responsible corporate citizen, the Company continues to undertake various initiatives aimed at reducing its environmental footprint, optimizing resource utilization, promoting renewable energy, and supporting long-term sustainable development. Energy conservation, efficient utilization of natural resources, waste reduction, recycling, and pollution control remain integral components of the Companys sustainability strategy. The Company continuously endeavors to adopt environmentally responsible practices across its operations while complying with applicable environmental laws and regulations.

As part of its commitment towards clean energy and environmental stewardship, the Group has installed and operates three Wind Turbine Generators (WTGs) with an aggregate installed capacity of 3.75 MW in the State of Gujarat. In addition, the Group has established a 4.6 MW Ground Mounted Solar Power Plant at Village Sedrana, Sidhpur, Gujarat, which is being utilized for captive consumption and has been operational since FY 2022-23. The Company also promotes circular economy principles by utilizing castor de-oiled cake as a fuel for steam generation at its Sidhpur manufacturing facility, thereby reducing dependence on conventional fuels and enhancing resource efficiency. Through these initiatives, the Company continues to contribute towards renewable energy adoption, reduction of carbon emissions, and sustainable industrial growth.

At Gokul, our employees remain one of our most valuable assets and a key contributor to the Companys sustained growth and competitive strength. The Company is committed to fostering a transparent, inclusive, performance-driven, and people-centric work culture that encourages innovation, collaboration, and continuous learning. Our Human Resources function plays a strategic role in attracting, developing, engaging, and retaining talent while aligning workforce capabilities with the Companys long-term business objectives. Through various learning and development initiatives, employee engagement programs, and performance management practices, the Company continues to strengthen organizational capabilities and create opportunities for professional growth.

The Company believes that a motivated and skilled workforce is essential for achieving operational excellence and delivering sustainable value to stakeholders. Emphasis is placed on employee well-being, workplace safety, talent development, leadership building, and maintaining harmonious industrial relations across all locations. The industrial relations climate during the year remained cordial and conducive to business operations. As on March 31, 2026, the Gokul Group had a total workforce of 332 Employees. (Previous Year: 332 employees as on March 31,2025).

Sustainability remains a core element of Gokul Groups long-term business strategy and operational philosophy. The Company believes that sustainable growth is achieved through a balanced focus on economic performance, environmental responsibility, and social commitment. In an increasingly dynamic business environment characterized by market volatility, evolving regulatory landscapes, climate-related challenges, and changing stakeholder expectations, the Companys resilience is supported by its strong business fundamentals, diversified operations, robust governance framework, and commitment to continuous improvement. These strengths enable the Company to effectively navigate challenges, adapt to changing market conditions, and create sustainable value for all stakeholders.

Gokul Group continues to integrate sustainability principles across its operations through responsible sourcing, resource optimization, renewable energy utilization, environmental stewardship, and community-focused initiatives. As a member of the World Castor Sustainability Forum (WCSF), an initiative of The Solvent Extractors Association of India (SEA), the Company supports efforts aimed at promoting a sustainable, transparent, and traceable castor value chain. WCSF works towards improving the economic, social, and environmental performance of the castor ecosystem by encouraging responsible agricultural practices, enhancing productivity, strengthening farmer livelihoods, and promoting sustainability across the value chain. Through its continued focus on responsible business practices, innovation, stakeholder engagement, and sustainable development, the Company remains committed to contributing positively to the industry, society, and the environment while building long-term resilience and growth.

Gokul Agri International Ltd., a wholly owned subsidiary of the Company, has been at the forefront of innovation since establishing its Research and Development (R&D) Center in 2017 at the Kandla factory. In 2021, the R&D Center was relocated to Sidhpur, where it continues to drive advancements in oleochemical derivatives. Led by a team of three Ph.D. scientists specializing in oleochemicals, the Center focuses on pioneering research into castor oil derivatives, a domain traditionally dominated by European countries. Our efforts aim to position the Company as a global leader in this field.

The R&D Center has developed innovative biopolyol products tailored for applications in adhesives, sealants, elastomers, and the paint industry, meeting customized customer requirements. Equipped with state-of-the-art facilities, including a wet chemistry laboratory, pilot plants for hydrogenation and pyrolysis, and specialized setups for chemical reactions such as polymerization, condensation, and dehydration, the Center supports continuous improvement of existing products and the development of novel solutions. This strategic focus on R&D underscores our commitment to innovation, sustainability, and delivering value to our customers.

The Company continues to witness significant growth opportunities across its core business segments, supported by its established market presence, diversified product portfolio, strong customer relationships, and extensive industry experience. The Companys focus on strengthening its branded product portfolio, expanding distribution reach, enhancing operational efficiencies, and increasing value-added product offerings is expected to support long-term sustainable growth. Leveraging its manufacturing capabilities, integrated business model, and strong procurement network, the Company remains well positioned to capitalize on emerging opportunities in the edible oils, castor oil derivatives, and organic fertilizer markets. The Company also continues to focus on product innovation, customer-centric initiatives, and market expansion strategies to further strengthen its competitive position and drive profitable growth.

The Company remains committed to strengthening its leadership position through operational excellence, prudent risk management, sustainable business practices, and continuous value creation for stakeholders. With an improving domestic economic environment, supportive government initiatives, growing consumer demand, and increasing focus on sustainability, the Company remains optimistic about the long-term prospects of its businesses. Strategic emphasis will continue to be placed on enhancing procurement efficiencies, optimizing supply chain operations, improving manufacturing productivity, strengthening export presence, expanding retail and distribution networks, and increasing the contribution of value- added products across business segments.

The Company will continue to focus on direct sourcing ofraw materials, efficient inventory management, technology-driven process improvements, and strengthening customer engagement initiatives. At the same time, efforts will be directed towards improving product quality, expanding market penetration, enhancing brand visibility, and leveraging opportunities arising from growing demand for edible oils, castor derivatives, and sustainable agricultural products. With its strong business fundamentals, experienced management team, and commitment to innovation and sustainability, the Company is well positioned to pursue future growth opportunities while effectively managing industry challenges.

Statements in the Management Discussion and Analysis Report describing the Companys objectives, expectations, projections, estimates, and outlook may constitute "forward-looking statements" within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various factors including changes in economic conditions, government policies and regulations, taxation laws, demand and supply conditions, fluctuations in commodity prices, foreign exchange movements, availability and cost of raw materials, competitive pressures, climatic conditions, geopolitical developments, legal proceedings, labour relations, and other factors beyond the Companys control. The Company assumes no responsibility to publicly amend, modify, or revise any forward-looking statements based on subsequent developments, information, or events.