Goldline Pharmaceutical Ltd Management Discussions

OPERATIONS

You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in the Draft Red Herring Prospectus. You should also read the section entitled "Risk Factors" on page 22 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 on other sources.

Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the ICDR Regulations and restated as described in the report of our auditor dated September 19, 2025 which is included in this Draft Red Herring Prospectus under "Financial Statements". The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve-month period ended March 31 of that year.

Overview of the Company

We are engaged in the business of marketing pharmaceutical products under the brand name "Goldline." Our product portfolio is organized into five distinct segments: Goldline Pharma, Goldline Cardinal, Goldline Aayushman, Goldline InLife, and Goldline Wellness. The pharmaceutical products marketed under the "Goldline" brand are not manufactured by our Company. Instead, we enter into contractual arrangements with third-party manufacturers, who produce the products based on our market research, demand analysis, and specifications. These contractual arrangements ensure that all products meet the requisite quality standards and regulatory norms.

The products are marketed and sold exclusively under the "Goldline" brand. Our customers primarily comprise distributors, who further supply to retailers and wholesalers, forming the main channel of distribution to the end-users. Presently, we maintain contractual arrangements with 15 manufacturers and 7 distributors, ensuring a stable supply chain and consistent market presence.

For more information on our Company’s business, please refer to chapter titled "Our Business‘‘ on page 121.

Significant Developments Subsequent to the period ending on March 31, 2025

After the date of last audited accounts i.e. March 31, 2025, the Directors of our Company confirm that, there have not been any significant material developments which materially and adversely affect or is likely to affect within the next twelve months the trading or profitability of the Company, the value of its assets or its ability to pay its liability.

Key Operational and Financial Performance Indicators:

The business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factor" beginning on page 22. Our results of operations and financial conditions are affected by numerous factors including the following:

The KPIs disclosed below have been used historically by our Company to understand and analyse the business performance, which in result, help us in analysing the growth of various verticals.

Our Company confirms that it shall continue to disclose all the KPIs included in this section on a periodic basis, at least once in a year (or any lesser period as determined by the Board of our Company), for a duration of one year after the date of listing of the Equity Shares on the Stock Exchange or till the complete utilisation of the proceeds of the Fresh Issue as per the disclosure made in the Objects of the Issue Section, whichever is later or for such other duration as may be required under the SEBI ICDR Regulations.

The KPIs of our Company have been disclosed in the sections titled "Our Business" and "Management’s Discussion and Analysis of Financial Position and Results of Operations" on pages 235 and 235, respectively. We have described and defined the KPIs as applicable in "Definitions and Abbreviations" on page 1.

Explanation for KPI metrics

KPI	Explanations
Revenue from Operations (Rs. lakhs)	Revenue from Operations is used by our management to track the revenue profile of the business and in turn helps assess the overall financial performance of our Company and size of our business.
Total Revenue	Total Revenue is used to tack the total revenue generated by the business including other income.
EBITDA (Rs. lakhs)	EBITDA provides information regarding the operational efficiency of the business.
EBITDA Margin (%)	EBITDA Margin is an indicator of the operational profitability and financial performance of our business.
Profit after Tax (Rs. lakhs)	Profit after tax provides information regarding the overall profitability of the business.
PAT Margin	PAT Margin is an indicator of the overall profitability and financial performance of our business.
RoE (%)	RoE provides how efficiently our Company generates profits from shareholders’ funds.
Debt To Equity Ratio	Debt-to-equity (D/E) ratio is used to evaluate a company’s financial leverage.
Interest Coverage Ratio	The interest coverage ratio is a debt and profitability ratio used to determine how easily a company can pay interest on its outstanding debt.
Return on Capital employed (RoCE) (%)	It is calculated as profit before tax plus finance costs divided by total equity plus non-current and current borrowings.
Current Ratio	It tells management how business can maximize the current assets on its balance sheet to satisfy its current debt and other payables.
Net Capital Turnover Ratio	This metric enables us to track the how effectively company is utilizing its working capital to generate revenue.

The KPIs disclosed below have been approved by a resolution of our Audit Committee dated September 30, 2025 and the members of the Audit Committee have verified the details of all KPIs pertaining to the Company. Further, the members of the Audit Committee have confirmed that there are no KPIs pertaining to our Company that have been disclosed to any investors at any point of time during the three years period prior to the date of filing of this DRHP. Further, the KPIs herein have been certified by B Shroff & Co., Chartered Accountants, by their certificate dated September 30, 2025.

(Rs. in lakhs)

Financial Metrics	As at and for the year ended
	March 31, 2025	March 31, 2024	March 31, 2023
Revenue From operations1? (Rs. in lakhs)	2,805.57	2,356.60	1,984.84
Total revenue(b) (Rs. in lakhs)	2,805.57	2,356.60	1,984.85
EBITDA(c) (Rs. in lakhs)	583.22	430.31	219.44
EBITDA Margin(d) (%)	20.79	18.26	11.06
Profit after tax(e) (Rs. in lakhs)	283.42	180.60	25.66
PAT Margin? (%)	10.10	7.66	1.29
Return on Equity(g) (ROE) (%)	35.84	31.34	0.90
Debt To Equity Ratio(h)	1.50	2.14	3.09
Interest Coverage Ratio?	3.24	2.57	1.25
Return on Capital Employed? (ROCE) (%)	38.46	32.41	19.43
Current Ratio(k)	1.98	1.92	1.87
Net Capital Turnover Ratio?	2.42	2.52	2.54

As certified by B Shroff & Co., Chartered Accountants pursuant to their certificate dated September 30, 2025. The Audit committee in its resolution dated September 30, 2025 has confirmed that the Company has not disclosed any KPIs to any investors at any point of time during the three years preceding the date of this Draft Red Herring Prospectus other than as disclosed in this section.

Notes:

a) Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.

b) EBITDA refers to earnings before interest, taxes, depreciation, amortisation, gain or loss from discontinued operations and exceptional items. EBITDA excludes other income but includes reversal of provision of doubtful debts.

c) EBITDA Margin refers to EBITDA during a given period as a percentage of revenue from operations during that period.

d) Net Profit Ratio/Margin quantifies our efficiency in generating profits from our revenue and is calculated by dividing our net profit after taxes but before other comprehensive income by our revenue from operations.

e) Return on equity (RoE) is equal to Net profit after taxes divided by shareholders equity excluding preference share capital.

f) Debt to equity ratio is calculated by dividing Total debt divided by Shareholders Equity (excluding preference share capital) and where total debt refers to sum of current & non-current borrowings including preference share capital.

g) Interest Coverage Ratio measures our ability to make interest payments from available earnings and is calculated by dividing EBIT by finance cost.

h) RoCE (Return on Capital Employed) (%) is calculated as profit before tax plus finance costs divided by total equity plus non-current and current borrowings.

i) 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.

j) Net Capital Turnover Ratio quantifies our effectiveness in utilizing our working capital and is calculated by dividing our revenue from operations by our working capital (i.e., current assets less current liabilities).

Our Significant Accounting Policies

For Significant accounting policies please refer Significant Accounting Policies, in the section titled "Financial Information" on page 199

Discussion on Results of Operations

The following discussion on results of operations should be read in conjunction with the restated financial results of our Company for financial years ended March 31, 2025, March 31, 2024 and March 31, 2023.

Main Components of our Profit and Loss Account

Income - Our total income comprises of revenue from operations and other income.

Revenue from Operations- Our revenue from operation includes Domestic sale of goods.

Other Income - Other income includes Interest Income from Fixed Deposit.

Expenditure- Our total expenditure primarily consists of Purchase of stock-in-trade, Changes in inventories of finished goods, WIP and Stock in trade, employee benefit expenses, Depreciation and amortization expenses, financial costs and Other Expenses.

Purchase of stock-in-trade - Purchase of stock-in-trade are primarily in relation to purchase raw material for manufacturing.

Changes in Inventory of finished goods - Changes in Inventory of finished goods primarily consist of difference between inventories of finished goods at end of the year and beginning of the year.

Employee Benefit Expenses- Our employee benefits expense comprises of Salaries & wages, Salary to Directors & Gratuity Expenses.

Finance costs- Our Finance cost expenses comprise of Bank charges & commission & Interest Expenses.

Other Expenses - Other expenses primarily include selling & distribution expense, Meeting & seminar expense, Rent & taxes, Manufacturing Expenses, GST late fees & Interest, Advertisement expenses etc.

Provision for Tax - The provision for current taxation is computed in accordance with relevant tax regulations. Deferred tax is recognized on timing differences between the accounting and the taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on balance sheet date. Deferred tax assets are recognized and carried forward to the extent that there is a virtual certain that sufficient future taxable income will be available against which such deferred tax assets can be realized in future.

Our Results of Operation

The Overall Industrial growth also Impacts the profit margins, because we increase the high margin sales and use our production plant accordingly to reduce the production loss time.

RESULTS OF KEY OPERATIONS

The following table sets forth select financial data from our restated financial statement of profit and loss for the financial years ended March 31, 2025, 2024 and 2023 the components of which are also expressed as a percentage of total revenue for such period and financial years.

(except percentages, % in lakhs)

Particulars	For the year ended on
	March 31, 2025	% of Total Income	March 31, 2024	% of Total Income	March 31, 2023	% of Total Income
Revenue from operation	2,805.57	100.00	2,356.60	100.00	1,984.84	100.00
Other income	-	0.00	-	0.00	0.01	0.00
Total Revenue	2,805.57	100.00	2,356.60	100.00	1,984.85	100.00
Purchase of stock in trade	1,008.80	35.96	819.40	34.77	573.81	28.91
Changes in inventories of Finished Goods	71.34	2.54	(212.02)	(9.00)	9.06	0.46
Employee Benefits Expenses	575.40	20.51	557.14	23.64	539.09	27.16
Finance Cost	172.35	6.14	161.18	6.84	161.79	8.15
Depreciation and Amortisation Cost	25.03	0.89	16.44	0.70	17.52	0.88
Other Expenses	566.82	20.20	761.77	32.33	643.44	32.42
Total Expenses	2,419.73	86.25	2,103.91	89.28	1,944.71	97.98
Profit Before Tax	385.84	13.75	252.69	10.72	40.14	2.02
Tax Expenses	102.41	3.65	72.09	3.06	14.48	0.73
Profit (Loss) for the Year	283.42	10.10	180.60	7.66	25.66	1.29

COMPARISON OF FISCAL 2025 WITH FISCAL 2024 Revenue from Operations

During Fiscal 2025, the revenue from operations was ? 2,805.57 lakhs as compared to ? 2,356.60 lakhs in Fiscal 2024. The increased operational revenue can be attributed to the higher demand for our branded medicines. Domestic sales increased by 19.05% in Fiscal 2025 as compared to Fiscal 2024.

Revenue - Other Income

The other income was NIL in Fiscal 2025 and Fiscal 2024.

Purchase of stock in trade

Our purchase of stock in trade for the Fiscal 2025 was Rs. 1,008.80 lakhs as compared to Rs. 819.40 lakhs for Fiscal 2024, representing an increase of 23.11%. This was primarily due to increase in purchase of stock in trade to compensate for increase in sales.

Changes in inventory of finished goods

Changes in inventory of finished goods for the Fiscal 2025 was Rs. 71.34 lakhs as compared to Rs. (212.02) lakhs for Fiscal 2024. This reflects buildup of inventory to support future sales and timely order fulfillment.

Employee Benefits Expenses

Employee benefit expenses in the Fiscal 2025 increased by 3.28%, reaching Rs. 575.40 lakhs in comparison to the Rs. 557.14 lakhs incurred in the Fiscal 2024. This rise in employee expenses stemmed from increases in director’s salaries by Rs. 16.00 lakhs, increase in salaries and wages by Rs. 2.12 lakhs and Gratuity expenses increased by Rs. 0.14 lakhs.

Finance Cost

Finance cost in the Fiscal 2025 increased by 6.93%, reaching Rs. 172.35 lakhs in comparison to the Rs. 161.18 lakhs incurred in the Fiscal 2024. The increase in Finance Charges is on account increase in interest costs slightly offset by Bank charges & Commission by Rs. 3.53 lakhs.

Depreciation and Amortisation Expenses

Depreciation and amortization in the Fiscal 2025 increased significantly by 52.32%, reaching Rs. 25.03 lakhs in comparison to the Rs. 16.44 lakhs incurred in the Fiscal 2024 due to additions in Fixed assets of Rs. 63.99 lakhs during the year ended March 31, 2025.

Other Expenses

Other expenses in the Fiscal 2025 decreased by 25.59%, reaching Rs. 566.82 lakhs in comparison to the Rs. 761.77 lakhs incurred in the Fiscal 2024. This decline in other expenses was primarily attributed to decrease in Selling & Distribution expense by Rs. 189.98 lakhs.

Tax Expenses

Tax expenses increased by 42.06%, reaching a total of Rs. 102.41 lakhs in the Fiscal 2025, in contrast to the Rs. 72.09 lakhs in the Fiscal 2024. This notable increase in tax expenses can be primarily attributed to rise in current tax slightly offset by decrease in deferred tax amount.

Profit after Tax (PA T)

Due to the aforementioned factors, the profit experienced a increase, primarily driven by the decrease in purchase of stock in trade as a percentage of total income. The Profit After Tax (PAT) for the Fiscal 2025 reached Rs. 283.42 lakhs, marking a increase from Rs. 180.60 lakhs in the Fiscal 2024. In the Fiscal 2025, PAT constituted 10.10% of the total revenue, in contrast to 7.66% in the Fiscal 2024.

COMPARISON OF FISCAL 2024 WITH FISCAL 2023

Revenue from Operations

During the Fiscal 2024, the revenue from operations was Rs. 2,356.60 lakhs as compared to Rs. 1,984.84 lakhs in Fiscal 2023. The increased operational revenue can be attributed to the additional demand for our products. The domestic sale increased by 18.73% in Fiscal 2024 as compared to Fiscal 2023.

Revenue - Other Income

The other income was 0.01 lakhs in Fiscal 2023 and NIL in Fiscal 2024.

Purchase of stock in trade

Our purchase of stock in trade for the Fiscal 2024 was Rs. 819.40 lakhs as compared to Rs. 573.81 lakhs for Fiscal 2023, representing an increase of 42.80%. This was primarily due to increase in purchase of stock in trade to compensate for increase in sales.

Changes in inventory of finished goods

Changes in inventory of finished goods for the Fiscal 2024 was Rs. (212.02) lakhs as compared to Rs. 9.06 lakhs for Fiscal 2023. This was on account of rationalisation of stock levels and liquidation of surplus inventory carried forward from earlier periods.

Employee Benefits Expenses

Employee benefit expenses in the Fiscal 2024 increased by 3.35%, reaching Rs. 557.14 lakhs in comparison to the Rs. 539.09 lakhs incurred in the Fiscal 2023. This rise in employee expenses stemmed from increases in directors’ salaries by Rs. 12.00 lakhs, Gratuity expenses increased by Rs. 7.88 lakhs and decrease in salaries and wages by Rs. 1.83 lakhs.

Finance Cost

Finance cost in the Fiscal 2024 gradually decreased by 0.38%, reaching Rs. 161.18 lakhs in comparison to the Rs. 161.79 lakhs incurred in the Fiscal 2023. The decrease in Finance Charges is on account decrease in interest costs and correspondence increase in bank charges & commission by Rs. 3.60 lakhs.

Depreciation and Amortisation Expenses

Depreciation and amortization in the Fiscal 2024 decreased by 6.18%, reaching Rs. 16.44 lakhs in comparison to the Rs. 17.52 lakhs incurred in the Fiscal 2023.

Other Expenses

Other expenses in the Fiscal 2024 increased by 18.39%, reaching Rs. 761.77 lakhs in comparison to the Rs. 643.44 lakhs incurred in the Fiscal 2023. This rise in other expenses was primarily attributed to Rs. 138.67 lakhs increase in Selling & distribution expenses.

Tax Expenses

Tax expenses increased by 398.03%, reaching a total of Rs. 72.09 lakhs in the Fiscal 2024, in contrast to the Rs. 14.48 lakhs in the Fiscal 2023. This notable increase in tax expenses can be primarily attributed to rise in current tax and deferred tax amount.

Profit after Tax (PA T)

Due to the aforementioned factors, the profit experienced a increase, primarily driven by the decrease in purchase of stock in trade as a percentage of total income. The Profit After Tax (PAT) for the Fiscal 2024 reached Rs. 180.60 lakhs, marking a increase from Rs. 154.94 lakhs in the Fiscal 2023. In theFiscal2024, PAT constituted 7.66% of the total revenue, in contrast to 1.29% in the Fiscal 2023.

Cash Flow

The table below summaries our cash flows from our Restated Financial Information for the financial years ended in 2025, 2024, and 2023:

(Rs. in lakhs)

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Net cash (used in)/ Generated from operating activities	232.14	292.24	239.12
Net cash (used in)/ Generated from investing activities	16.23	(110.88)	(103.49)
Net cash (used in)/ Generated from finance activities	(203.38)	(107.78)	(144.31)
Net increase/ (decrease) in cash and cash equivalents	44.98	73.57	(8.68)
Cash and Cash Equivalents at the beginning of the period	78.99	5.42	14.11
Cash and Cash Equivalents at the end of period	123.97	78.99	5.42

Cash Flow from/(used in) Operating Activities

Net cash generated from operating activities in the Fiscal 2025 was Rs. 232.14 lakhs and our profit before tax that period was Rs. 385.84 lakhs. The difference was primarily attributable to depreciation of Rs. 25.03 lakhs, Interest paid of Rs. 172.35 lakhs and thereafter change in working capital and income tax paid of Rs. (268.92) lakhs and Rs. 91.28 lakhs respectively, resulting in gross cash generated from operations at Rs. 232.14 lakhs.

Net cash generated from operating activities in the Fiscal 2024 was Rs. 292.24 lakhs and our profit before tax that period was Rs. 252.69 lakhs. The difference was primarily attributable to depreciation of Rs. 16.44 lakhs, Interest paid of Rs. 161.18 lakhs and thereafter change in working capital and income tax paid of Rs. (122.76) lakhs and Rs. 19.50 lakhs respectively, resulting in gross cash generated from operations at Rs. 292.24 lakhs.

Net cash generated from operating activities in the Fiscal 2023 was Rs. 239.12 lakhs and our profit before tax that period was Rs. 40.14 lakhs. The difference was primarily attributable to depreciation of Rs. 17.52 lakhs, Interest paid of Rs. 161.73 lakhs and thereafter change in working capital and income tax paid of Rs. 2.78 lakhs and Rs. 3.50 lakhs respectively, resulting in gross cash generated from operations at Rs. 239.12 lakhs.

Cash Flow from/(used in) Investing Activities

In the Fiscal 2025, our net cash flow from investing activities was Rs. 16.23 lakhs, which constitutes of net cash inflow of Rs. 17.13 lakhs from Property, Plant & Equipment and increase in non-current investment by Rs. (0.90) lakhs during the said year.

In the Fiscal 2024, our net cash used in investing activities was Rs. (110.88) lakhs, which was for Purchase of fixed assets of Rs. (110.88) lakhs during the said year.

In the Fiscal 2023, our net cash used in investing activities was Rs. (103.49) lakhs, which constitutes of net cash inflow of Rs. (100.99) lakhs from Property, Plant & Equipment and (Increase)/Decrease in Non-Current Investment/Assets by Rs. (2.50) lakhs during the said year.

Cash Flow from/(used in) Financing Activities

In the Fiscal 2025, our net cash outflow from financing activities was Rs. (203.38) lakhs. This was primarily due to repayment of long term borrowings of Rs. (85.96) lakhs, increase in short term borrowings of Rs. 76.39 lakhs, dividend paid to preference shareholders of Rs. (21.47) lakhs and Interest Paid of Rs. (172.35) lakhs.

In the Fiscal 2024, our net cash generated from financing activities was Rs. (107.78) lakhs. This was primarily due to increase in long term borrowings of Rs. 24.08 lakhs, increase in short term borrowings of Rs. 6.00 lakhs, proceeds from share issued of Rs. 45.00 lakhs, dividend paid to preference shareholders of Rs. (21.68) lakhs and Interest Paid of Rs. (161.18) lakhs.

In the Fiscal 2023, our net cash used in financing activities was Rs. (144.31) lakhs. This was primarily due to increase in short term borrowings of Rs. 259.56 lakhs, repayment of long term borrowings of Rs. (220.40) lakhs, dividend paid to preference shareholders of Rs. (21.68) lakhs and Interest Paid of Rs. (161.79) lakhs.

Information required as per Item 11 (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

Unusual or infrequent events or transactions

To our knowledge there have been no unusual or infrequent events or transactions that have taken place during the last three years.

Significant economic changes that materially affected or are likely to affect income from continuing operations.

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in ‘Factors Affecting our Results of Operations’ and the uncertainties described in the section entitled "Risk Factors" beginning on page 22. To our knowledge, except as we have described in this Draft Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes.

Income and Sales on account of major product/main activities

Income and sales of our Company mainly consists of sale of products under the "Goldline" brand categorized into five segments: Goldline Pharma, Goldline Cardinal, Goldline Aayushman, Goldline InLife, and Goldline Wellness.

Whether the company has followed any unorthodox procedure for recording sales and revenues

Our Company has not followed any unorthodox procedure for recording sales and revenues.

Future changes in relationship between costs and revenues, in case of events such as future increase in labour or material costs or prices that will cause a material change are known.

Other than as described in "Risk Factors", "Our Business’" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" on pages 22, 121, and 235, respectively, to our knowledge there are no known factors that may adversely affect our business prospects, results of operations and financial condition.

Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue, or income from continuing operations.

Apart from the risks as disclosed under Section titled "Risk Factors" beginning on page 22 in this Draft Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or services or increased sales prices.

Increases in revenues are by and large linked to increases in volume of business.

Total turnover of each major industry services in which the Offer company operated.

The Company is in the business of, the relevant industry data, as available, has been included in the chapter titled "Industry Overview" beginning on page 100.

Status of any publicly announced new products or business services.

Our Company has not announced any new services or business services.

The extent to which business is seasonal.

Our Company’s business is not seasonal.

Any significant dependence on a single or few suppliers or customers.

The % of contribution of our Company’s suppliers vis-a-vis the total purchases from operations respectively as of for the Fiscal 2023, 2024 and 2025 is as follows:

(except percentages, % in lakhs)

Particulars	As on March 31, 2025		As on March 31, 2024		As on March 31, 2023
	Amount	% of total Purchase	Amount	% of total Purchase	Amount	% of total Purchase
Top 1 Supplier	364.91	37.25	127.19	16.18	97.68	17.98
Top 3 Suppliers	596.11	60.85	309.93	39.43	278.59	51.27
Top 5 Suppliers	746.25	76.18	455.60	57.96	391.96	72.14
Top 10 Suppliers	920.37	93.95	693.51	88.23	508.71	93.62

The % of contribution of our Company’s customers vis-a-vis the total revenue from operations respectively as of for the Fiscal 2023, 2024 and 2025 is as follows:

(except percentages, Rs. in lakhs)

Particulars	As on March 31, 2025		As on March 31, 2024		As on March 31, 2023
	Amount	% of total Revenue	Amount	Amount	% of total Revenue	Amount
Top 1 customer	1087.15	38.75	949.31	40.28	754.46	38.01
Top 3 customers	1696.46	60.47	1562.58	66.31	1218.43	61.39
Top 5 customers	2198.58	78.36	1860.42	78.94	1558.66	78.53
Top 10 customers	2558.39	91.19	2084.26	88.44	1762.90	88.82

Competitive conditions.

Competitive conditions are as described under the Chapters titled "Industry Overview" and "Our Business‘‘ beginning on 100 and 121.

CAPITALISATION STATEMENT

The following table sets forth our capitalisation derived from our Restated Financial Statements for the Financial Year ended March 31, 2025, and as adjusted for the Issue. This table should be read in conjunction with "Management’s Discussion and Analysis of Financial Condition and Results of Operations’’‘, "Financial Information" and "Risk Factors’‘ on pages 235, 199 and 22 respectively.

(Rs. in lakhs)

Particulars	Pre-Issue as at March 31, 2025 (A)	Post Issue* (B)
Total borrowings
Short Term Debt	564.96	[•]
Long Term Debt (Including Preference Share Capital and current maturity and interest accrued and due on borrowings)	719.18	[•]
Total Debt ( C )	1,284.14	[•]
Total equity
Equity share capital	690.00	[•]
Other equity	164.64	[•]
Total equity (D)	854.64	[•]
Total non-current borrowings (including current maturities of long- term borrowings)/ Total equity	0.84	[•]
Total borrowings/ total equity (C) / (D)	1.50	[•]

Notes:

1. As per Restated Financial Statements of the Company as on March 31, 2025.

2. The corresponding post capitalisation data for each of the amounts given in the above table is not determinable at this stage pending the completion of Book building process and hence the same have not been provided in the above statement.