GRM Overseas Ltd Management Discussions

Management Discussion and Analysis

ECONOMIC OVERVIEW

Global Economy Overview

The global economy is on a path of moderate growth, with advanced economies leading the charge, exemplified by the United States robust consumer-driven expansion. However, this stability is not universal, as some Asian and European regions face economic headwinds. China, for instance, has seen its growth tempered by weaker consumer spending and a lagging real estate sector, despite some support from improved exports. The global economy continues to display resilience but is entering a phase of slower growth and rising uncertainty. After expanding by approximately 3.3% in 2024, growth is forecast to moderate to around 2.8% in 2025, the weakest annual rate since the COVID-19 pandemic period.

(IMF Global Economy Outlook_April2025 Report)

Emerging Markets & Developing Economies are also advancing, though at a tempered pace, as they grapple with a blend of challenges but continue to show signs of economic progress.

https://www.imf.org/en/Publications/WEO/Issues/2025/ 01/17/world-economic-outlook-update-january-2025.

Business confidence has bounced back, led by a thriving service sector and a particularly strong performance in financial services, and a boosted international trade and export orders. This recovery has elevated business optimism to a five-month high. Meanwhile, the manufacturing sector is experiencing stagnation, with only the consumer goods category showing signs of growth amidst overall declines in new orders and international trade.

https://www.pmi.spglobal.com/Public/Home/PressRelea se/16b271b3c4524743858e8f97ebe056de.

Global trade growth in goods and services is expected to decelerate significantly to 1.8% in 2025, down from 3.4% in 2024. The forecast has been revised downward by 1.3 percentage points since January, primarily due to evolving trade policies in major economies and heightened trade policy uncertainty. Rising tariffs are anticipated to further constrain trade activity.

(Source: World bank global economic prospects June 2025 report)

The inflationary environment is marked by a split between goods and services, with goods inflation returning to or falling below historical levels, while service costs remain high, particularly in the United States and the euro area, as well as in some emerging markets and developing countries in Europe and Latin America. Central banks in areas where inflation persists are proceeding cautiously, slowing the pace of monetary easing as they closely watch economic indicators and currency movements. Despite regional and sectoral disparities, there is a general trend of declining global inflation, suggesting a careful yet optimisticdirection in managing inflation worldwide.

https://www.imf.org/en/Publications/WEO/Issues/2025/ 01/1 7/world -economic-out look-update-j an uary- 2025;https://www.imf.org/en/Publications/WEO/weo- database/2024/October.

Global Economic Outlook

The anticipated expansion of the world economy is projected to settle at a 3.3% growth rate for 2025F and 2026F that is slightly subdued compared to the robust average growth of 3.7% recorded from 2000 to 2019. The United States is leading the charge with an upwardly revised economic forecast due to robust demand fueled by a more accommodating monetary stance and favorable financial conditions which is expected to offset the more tempered growth projectionsforotherkeyglobalregions.

In the eurozone, a modest uptick in economic activity is forecasted, although persistent geopolitical tensions are casting a shadow over the regions economic sentiment. Policymakers are faced with the delicate task of tempering inflation without derailing economic growth, reinforcing economic defenses, and advocating forstructural reforms alongside international collaboration to sustain long-term expansion. Emerging markets and developing nations are predicted to maintain their growth pace from 2024 into the following two years. China, in particular, has seen a slight uptick in its 2025F growth forecast to 4.6%, with expectations for a steady 4.5% growth in 2026F as it navigates past trade policy issues and tackles labor supply challenges.

On the inflation front, a downward trend is projected, with global inflation rates expected to fall to 4.2% in 2025F and furtherto 3.5% in 2026F. In advanced economies, headline inflation is projected to ease to approximately 2.5%, aligning closely with central bank targets and reflecting cooling demand, stabilizing energy prices, and effective monetarytightening. Meanwhile, in emerging market and developing economies, inflation is expected to average around 5.5%, as persistent food price volatility, currency pressures, and structural transformation challenges slow the disinflation process

https://www.imf.org/en/Publications/WEO/Issues/2025/

01/17/world-economic-outlook-update-january-

(Source: The International Monetary Funds World Economy Outlook report)

The IMF considers markets are entering a "critical juncture" requiring calibrated policy responses to rebalance the growth-inflation trade-off, rebuild fiscal buffers,and restore internationalcooperation.

(IMF Global Economy Outlook_April 2025 Report)

Indian Economic Overview

The real GDP is projected to grow healthily at 6.4% in FY2025E, with private consumption, services, and agriculture as key drivers, although industrial sector growth remains tepid. The economy is expected to maintain this momentum, supported by strong agricultural outputs, anticipated industrial recovery, and robust consumer spending, partly due to tax incentives. Investment is also set to rebound, and service exports will continue to aid growth. However, geopolitical and trade uncertainties pose risks to this outlook. Taking these factors into consideration, real GDP growth for FY2026F is projected at 6.7%, with the first quarterat 6.7%, the second quarter picking up to 7.0%, and the third and fourth quarters expected to slowto 6.5% each.

https://www.rbi.org.in/Scripts/BS_PressReLeaseDispLay.

aspx Rs.prid=59694

Federation of Indian Export Organizations (FIEO) has projected that the countrys overall goods and services exports are expected to grow by over 21% year-on-yearto $1 trillion during 2025-26. Healthy growth may come on account of international buyers seeking to diversify their sourcing in the wake of global economic uncertainties.

(https://fieo.org/view_detaiL.php Rs.id=0,21&dcd=11737&eve

type=0)

The agriculture sector is projected to grow at 3.8-4.4% in FY2025, supported by a favourable monsoon, improved rabi output, and sustained growth in allied sectors Like Livestock and horticulture. This marks a recovery from Last years muted performance, aided by targeted government interventions and resiLient ruraL demand.

(https://www.pib.gov.in/PressReLeasePage.aspx Rs.PRID=2

097921&utm_)

The services sector is anticipated to experience a significant growth, maintaining its position as a key driver of the economy, whiLe the industrial sector is aLso expected to see a heaLthy expansion, consistent across FY2025Eand FY2026F. This points to a baLanced growth trajectory across the primary sectors contributing to the nations economicoutput.

https://www.rbi.org.in/Scripts/PubLicationsView.aspx Rs.id=22783

According to RBI, Indias headLine retaiL infLation (CPI) is projected to average around 3.7% in FY 2025-26, refLecting a downward revision from earLier estimates. This easing trend is primariLy driven by improved food suppLy conditions—supported by record rabi output, stabLe gLobaL commodity prices, and expectations of a normaL monsoon.

InfLationary pressures have aLso moderated due to a decLine in core infLation and effective monetary tightening in priorquarters.

However, the RBI has highLighted upside risks from weather-reLated disruptions and geopoLiticaL uncertainties that couLd impact commodity prices and food security.

(https://www.pib.gov.in/PressNoteDetaiLs.aspx Rs.NoteId=1

54573&ModuLeId=3)

Outlook

The economic Landscape is currentLy navigating through a period marked by persistent uncertainties in gLobaL financiaL markets, unpredictabLe energy prices, and the impact of adverse weather events, aLL of which may introduce heightened riskstothe infLation outLook.

The Monetary PoLicy Committee has recognized a favorabLe downward trend in infLation, which is being supported by advantageous food prices and the ongoing infLuence of previous monetary poLicy measures. This trend is projected to extend into FY2026F, graduaLLy aLigning with the set infLation target.

Despite the positive trends in infLation, the manufacturing sectors sLowdown presents a significant concern, particuLarLy in the context of job creation, and stands in contrast to the robust growth of the services sector and the improvements seen in agricuLture. RBI has projected a GDP growth of 6.7% for H2FY25E and FY2026F, indicating a cautiousLy optimistic stance on the economys infLation and growth prospects.

https://www.rbi.org.in/Scripts/BS_PressReLeaseDispLay.

aspx Rs.prid=59818

INDUSTRY OVERVIEW

Indian FMCG Industry

The Fast-Moving ConsumerGoods (FMCG) industry stands as a cornerstone in the robust connection of the Indian economy, being the fourth Largest sector that contributes 5%-6%to the countrys GDP. The sector enjoys Low market penetration, providing ampLe room for growth and expansion. The manufacturing processes for a majority of FMCG products are straightforward, which transLates into reLativeLy modest capitaL requirements for setting up production faciLities. A weLL-entrenched distribution network ensures that products reach consumers efficientLy, whiLe the Low operationaL costs associated with the industry enhance profit margins. AdditionaLLy, the vast consumer base and Lower per capita consumption compared to deveLoped markets suggest significant potentiaLforvoLume growth.

The burgeoning consumer base, with its evoLving preferences and increasing purchasing power, has been a pivotaL force in driving demand. The proLiferation of smartphones, the integration of onLine banking systems, and the emergence of e-commerce pLatforms have revoLutionized the way FMCG products are accessed and purchased, particuLarLy in the hinterLandsof India.

The proLiferation of onLine retaiL and e-commerce has revoLutionized the FMCG Landscape, enabLing businesses to market and seLL their products nationwide with minimaL investment in traditionaL marketing activities. The convenience aLLows customers to effortLessLy browse and purchase a wide array of products whiLe the added benefit of home deLivery services further enhances consumer satisfaction by bringing products directLy to their doorstep. This seamLess integration of technoLogy with consumerism has cataLyzed the sectors expansion, making it more incLusive and far-reaching. This digitaL expansion, coupLed with consumer-driven growth and higher product prices, has propeLLed the Indian FMCG

market to reach USD 167 biLLion by December 2023. The sector is expected to continue its impressive growth, with a projected CAGR of 27.9% from 2021 to 2027F, potentiaLLy reaching nearLy USD 615.87 biLLion.

The Indian e-commerce market is expected to growfrom USD 83 biLLion in 2022 to USD 185 biLLion in 2026F, with a projected annuaL gross merchandise vaLue of USD 350 biLLion by 2030F. The countrys internet user base reached over 907 miLLion in 2023, representing ~64% of the totaL popuLation. The onLine grocery market in India is aLso projected to expand from USD 4.5 biLLion in 2022 to USD 76.8 biLLion by 2032F, at a CAGR of 32.7%. In metropoLitan areas, there is a noticeabLe shift towards supermarket chains and onLine grocery shopping, with organized retaiL formats accounting for roughLy 30% of FMCG saLes. This trend underscores the evoLving consumer behavior and the growing significance of organized retaiLin Indias FMCG sector.

Quick commerce is rapidLy transforming the onLine grocery Landscape in India, now contributing 70-75% of totaL e- grocery orders—up significantLy from approximateLy 35% in 2022, as per a recent Bain & Company report. This remarkabLe growth is underpinned by strong operationaL execution, rising disposabLe incomes, an expanding product assortment, and growing consumer demand for speed and convenience.

For FMCG companies, quick commerce has emerged as a powerfuL growth channeL, with saLes surging by 50-100% in FY25. Looking ahead, the market is projected to reach between USD 25 biLLion and USD 55 biLLion by2030,fueLLed by a rising base of high-frequency, high-vaLue users.

Adding further momentum, Amazon is expected to enter the segment with the Launch of its own quick commerce pLatform in India, targeted for roLLout in the first quarter of 2025.

The Indian food processing market is projected to escaLate to USD 470 biLLion by 2028F, growing at a CAGR of 9.5% during the 2023-2028F period. This growth presents a Lucrative opportunity for entrepreneurs Looking to establish food-related FMCG industries. The governments initiative to set up agro-processing clusters offers cost advantages for setting up processing units, thereby incentivizing investment in this sector. The Union government introduction of a new Production-Linked Incentive (PLI) schemewith an allocation of Rs. 109 billion (USD 1.46 billion). This scheme is designed to disburse incentives over six years until 2027, providing a stimulus forgrowth and innovation.

Resilience in manufacturing, operations, retail, logistics, consumer insights, and communication is essential for FMCG companies to create long-term value for consumers.

Employment in the FMCG sector is substantial, providing jobs to around 3 million people, which is about 5% of Indias total factory employment. The sectors growth is driven by favorable government initiatives, a burgeoning rural market, a youthful population, innovative branded products, and the expansion of e-commerce platforms.

In the post-pandemic era, FMCG companies have a prime opportunity to increase household penetration. The purchasing habits of Indias newgeneration are prompting a shift in market attitudes. By 2030, the country is expected to have 370 million Generation Z consumers, each with distinct preferences including health-consciousness. Indian FMCG firms are also channeling investments into R&D to innovate and align with evolving consumer preferences of diverse Indian population. The agility of companies and innovative approach is giving rise to new FMCG sub-sectors, including airpurifiers and organicfood staples and introduction of products like plant-based milk, tofu, and nutritionalyeast, etc. The industrys commitment to enhancing product quality and investing in aesthetically pleasing and functional packaging has fortified consumer confidence and cultivated a sense of brand allegiance. The advent of digital marketing and the strategic use of social media platforms have been instrumental in amplifying brand narratives, thereby engaging a wider audience and fostering a more inclusive market environment.

However, the journey is not barren of hurdles. The FMCG industry in India grapples with the unpredictability of price fluctuations in essential commodities, a regulatory environment in flux, and intensifying competition from a plethora of domestic and international entities alongside a competitive mix of organized and unorganized players. These challenges underscore the need for continuous innovation, resilient in strategic planning, and a forwardthinking mindset to maintain the industrys growth momentum and to navigate the complex landscape of the Indian FMCG market. This competitive environment, combined with a robust distribution network and low operational costs, makes India a key emerging marketthat global corporations view as a fertile ground for future growth.

The trajectory of the FMCG sector in India is not just a testament to its resilience and adaptability but also reflects the changing contours of the Indian economy. As the sector continues to innovate and adapt to the digital age, it is expected to remain a vital engine of economic growth, employment, and consumer satisfaction in the years to come.

(Source: IBEF Report on FMCG Industry, Feb 2025) https://www.ibef.org/industry/fmcg.

Basmati Rice Industry

Indias status as the worlds one of the largest producer of rice is a testament to its favorable climatic conditions, which are ideal for rice cultivation. The country satisfies over 20% of the global rice demand, thanks to its diverse climatic zones that facilitate the growth of various rice varieties year-round.

The Indian basmati rice market is driven by consumer preference for specialty long-grain rice due to its high quality, aroma, and flavor. The market is further bolstered by the growing popularity of brown basmati rice, which is favored for its nutritional benefits and low-fat content. Basmati rices role as a key component in traditional Indian cuisines, such as biryani and pilafs, as well as in desserts, also contributes to its market growth.

Basmati rice, a distinctive variety of long-grain aromatic rice from the Indian subcontinent, is celebrated for its floral aroma and nutty flavor. When cooked, its slender grains elongate at least twice their original size, offering a soft, fluffy texture and a distinct taste. Available in both white and brown forms, it is nutritionally rich, containing vitamins, fiber, minerals like zinc, copper, calcium, magnesium, potassium, and carbohydrates, while being low in sodium. Its nutritional profile and unique taste make

it a staple ingredient in a wide range of rice dishes. To date, 45 varieties of Basmati rice have been officially recognized underthe Seeds Act of 1966.

Within the broad spectrum of Indian rice, Basmati rice is distinguished by its exceptional quality and international reputation. It enjoys Geographical Indication (GI) status, which restricts the use of the "Basmati" label to rice grown in specific Indian regions, including Jammu & Kashmir, Himachal Pradesh, Punjab, Haryana, Delhi, Uttarakhand, and western Uttar Pradesh. The cultivation of Basmati rice is contingent upon specific agro-climatic conditions and requires rigorous attention to agricultural practices, including plant nutrition, agronomy, harvesting, processing, and aging.

Additionally, the market is supported by strong export demand, particularlyfrom the Middle East, and facilitated by favorable trade policies and export licensing procedures. Government initiatives aimed at increasing domestic production and storage capacity are reinforcing the market. Organizations like the Agricultural and Processed Food Products Export Development Authority (APEDA) and Basmati Export Development Foundation (BEDF) are working to enhance basmati rice cultivation through farmer education and support to state governments. The major importers of Indian Basmati rice include Saudi Arabia, Iran, Iraq, the United Arab Emirates, the USA, and the Yemen Republic.

(Source: APEDA - Agricultural and Processed Food Products Exports Development Authority) https://apeda.gov.in/BasmatiRice

As per IMARC Group, the Indian Basmati rice market size reached Rs. 495 billion in 2024 and is expected to reach Rs. 537biUion in 2033F.

https://www.imarcgroup.com/india-basmati-rice-market

The Basmati rice exports growth from FY20 to FY24 reveals a strategic shift in Indias export dynamics and market penetration. While the MENA region has traditionally been the largest market for Indian Basmati rice, its dominance in terms of volume has slightly decreased from 82.2% in FY20 to 74.8% in FY24, growing at a CAGR of mere 9% during the period. Despite this decrease, the MENA region still accounts for the majority of Basmati exports, reflecting its strong preference forthis variety of rice.

However, the more significant insight comes from the growth in exports to other regions, particularly the US & Canada, Europe, and other countries. The US & Canadas share increased from 5.5% to 7.0%, Europes from 5.6% to 8.3%, and other regions from 6.6% to 10.0%. This diversification suggests that Indian Basmati rice is carving out a Larger presence in these markets, which could be due to a variety of factors such as targeted trade policies, marketing campaigns, orshifts in consumer eating habits. The exports to US & Canada saw an 18% revenue CAGR, Europe a 23% and other regions a remarkable 24%. These figures indicate not only an increase in value but also potentially higher unit value realization or a successful push towards premium segments in these markets.

The impressive revenue growth rates in the US & Canada, Europe, and other regions suggest that these markets are becoming increasingly important for Indian Basmati rice exporters. The higher growth rates could be indicative of successful market development strategies, such as the introduction of new Basmati varieties tailored to local tastes, enhanced branding efforts, or leveraging health and quality aspects of Basmati rice to appeal to healthconscious consumers in these regions.

The data suggests that Indian exporters are effectively tapping into new and existing markets, capturing higher value, and positioning Basmati rice as a premium product on the global stage.

The export dynamics of Indian Basmati rice are shaped by a confluence of factors, including global commodity price trends, government policies, production fluctuations, and geopolitical tensions such as the Russia-Ukraine war. Climatic conditions are paramount, as they directly influence crop yields and quality, thereby impacting the global supply and pricing of Basmati rice. Production fluctuations can lead to variability in export volumes and prices, creating a degree of unpredictability for producers and internationalmarketsalike.

Global commodity price trends play a significant role in determining the export value of Basmati rice. An uptick in global grain prices can boost the profitability of Basmati exports, while a downturn can pressure Indian exporters to maintain competitiveness. Government policies are also key, with export incentives, subsidies, and trade agreements shaping the industrys export capabilities. These policies can either open up or restrict access to international markets, and changes in such policies can rapidlyalterthe export scenario.

Export restrictions aimed at controlling domestic prices present another critical factor. The Indian government may impose such measures to ensure domestic food security and affordability, especially in times of inflationary pressure or supply constraints. While these restrictions can stabilize domestic rice prices, they can also limit the volume of rice available for export, potentially leading to a loss of market share in the international arena and affecting long-term trade relationships.

The ongoing Russia-Ukraine conflict adds a layer of complexity, potentially disrupting established grain supply chains and leading nations to seek alternative suppliers. This could position Indian Basmati rice favorably if India is perceived as a stable and dependable source amidst global supply chain disruptions. However, the conflict may also escalate logistical and insurance costs, as well as cause currency market fluctuations, potentially affecting the competitiveness of Indian Basmati rice exports.

Each element can significantly influence Indias export strategy and performance in the global Basmati rice market, impacting both the quantity and value of exports.

Indian Basmati Rice Industry Outlook

The basmati rice market size has grown rapidly in recent years, and as per Business Research Company it is expected to grow from USD 13.1 billion in 2024 to USD 14.7 billion in 2025F at a growth of 12.4% and it is further expected to increase to USD 23.4 billion by2029F.

The anticipated expansion during the forecast period is driven by a shift in dietary habits, an increased focus on health and wellness, governmental backing for agricultural initiatives, enhancements in infrastructure, and the promotion of products with geographical indications. Key trends expected to shape the forecast period encompass technological innovations in agricultural practices, the rise of organic and non-GMO basmati rice cultivation, advancements in rice processing and milling techniques, heightened emphasis on quality assurance and certification, and the broadening of the basmati rice product range.

https://www.thebusinessresearchcompany.com/report/b asmati-rice-global-market-report#:~:text=It%20will% 20grow%20from%20%2413.08%20billion%20in%20202 4,cultural%20and%20festive%20use % 2C%20brand%20 recognition%2C%20climatic%20conditions.

Packaged Foods Industry

India packaged food market size reached US$ 113.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 210.81 Billion by 2032, exhibiting a growth rate (CAGR) of 7.08% during 2024-2032. The changing consumer preferences towards convenient meal options and the widespread adoption of food preservation techniques are primarily driving the market growth.

Packaged food, also known as processed or convenience food, encompasses food products that are pre-prepared and sealed in packaging for sale to consumers. This type of food undergoes various processing stages, including washing, cooking, freezing, canning, or the addition of preservatives to prolong its shelf life. Packaged food is available in diverse forms, including canned goods, frozen meals, snacks, and beverages. The packaging serves the dual purpose of preserving the food and safeguarding it from contamination, thereby enhancing both shelf life and safety. Furthermore, the packaging often includes labels containing essential information such as ingredients, nutritionalfacts, and expiration dates, enabling consumers to make informed choices. In addition to these benefits, packaged food offers convenience and time savings in meal preparation.

Packaged food, synonymous with processed or convenience food, includes a variety of pre-prepared items that are commercially sealed and sold. These foods undergo several processing steps such as cleaning, cooking, freezing, canning, orthe addition of preservatives to extend shelf life. The assortment of packaged foods spans canned goods, frozen dishes, snacks, and drinks. Packaging plays a crucial role in maintaining food quality and preventing contamination, thus extending shelf life and ensuring safety. It also provides consumers with vital information like ingredients, nutritional content, and expiration dates, aiding in informed purchasing decisions. Packaged foods are particularly appealing for their convenience and time-saving attributes during meal preparation.

As per IMARC Group, the Indian packaged food industry has experienced a remarkable surge, reaching a valuation of USD 113.9 billion in 2023 and a potential growth to USD 210.81 billion by 2032F, with an annual growth rate of 7.08% from 2024 to 2032F is expected. This upward trajectory is largely fueled by a shift in consumer behavior favoring convenience foods and the widespread implementation of food preservation methods.

The growth of the packaged food market in India is a reflection of changing lifestyles, urbanization, and a growing preference for convenient food options. Factors contributing to this growth include increased disposable incomes, altered dietary habits, and the rise of dualincome households, leading to a preference for ready-to- eat and easy-to-prepare foods.

The Indian markets diversity, with its rich culinary heritage, has seen the packaged food sector adapt by offering products that cater to local tastes, significantly bolstering market growth. Additionally, there is a rising demand for healthier food options, prompting manufacturers to enhance nutritional value, reduce additives, and introduce organic and natural ingredients to appeal to health-conscious consumers.

Government initiatives that promote food safety standards have also reinforced consumer confidence in the quality of packaged foods, furtherstimulating market expansion. The presence of both domestic and international players in the market encourages innovation and competition, which is expected to drive further growth during the forecast period.

The market encompasses various product types, including Bakery Products, Dairy Products, Beverages, Breakfast Products, Meals and Otherassorted food items.

This variety ensures that the Indian packaged food market caters to a wide range of consumer preferences and dietary requirements, positioning it for continued success inthecomingyears.

About GRM Overseas Ltd.

Founded in 1974, GRM began as a rice milling and trading entity. Through the decades, it has transformed into a prominent player within the consumer staples sector. GRMs initial venture involved exporting rice to the Middle East, the UK, and the United States. Today, the company boasts a formidable international footprint, with its high-quality Basmati rice relished across more than 42 countries. The cornerstone of GRMs enduring success lies in its steadfast dedication to maintaining the highest quality standards and a deep-seated knowledge of consumer preferences.

Vision

Tobe the most preferred company of choice for aLL our customers, in India and abroad, and to continuously renderservice excellence to surpass their expectations.

I Mission

To create a versatile product range, to ensure prompt and seamless delivery of the product and service to the customer, to ensure continuous improvement in all of our products, to enhance competency and knowledge of our people, and to delivervalue to ourstakeholders.

Core values

• Integrity

• Quality

• Ethics

• Commitment

• Environmental Consciousness

GRMs growth trajectory has been marked by a strategic pivot towards fostering a closer connection with end- users. By securing placements on the shelves of leading retailers both domestically and intemationaUy, GRM has made its premium products more accessible to a broader audience. The companys strategy integrates cutting-edge technology with substantial investments in research and development. This forward-thinking approach allows GRM to anticipate market trends and rapidly introduce innovative and appealing products to consumers.

To amplify its global reach, GRM has established a comprehensive network of sales and distribution offices in strategic locations, including the UK, USA, and the Middle East. Furthermore, the company has forged partnerships with over 2,200 retail outlets worldwide, ensuring that GRMs offerings are conveniently available to consumers. Through these deliberate and focused initiatives, GRM has cemented its reputation as a reliable and esteemed brand within the consumer staples market. The company remains unwavering in its commitment to pursuing growth, fostering innovation, and upholding excellence. GRM is dedicated to surpassing customer expectations and consistently delivering superior value and satisfaction to its clientele.

Going forward, it is poised to continue its legacy of excellence, expanding its product lines and reaching new markets while remaining true to the values that have driven its success for nearly half a century.

GRMs Philosophy:

Bridging Transparency and Pinnacle of Quality

At GRM, our ethos is deeply rooted in the principle of transparency, which forms the bedrock of our unwavering commitment to quality. We understand that trust is built on the clarity of our processes and the integrity of our products. Our robust research and development team is the driving force behind our innovative practices, ensuring that we remain at the forefront of the industry. We meticulously select our vendors based on shared values and standards, and we enforce rigorous quality controls at every stage of production.

Our focus is not on volume but on exceLLence. We are dedicated to producing a specialized, high-caliber portfolio of products. This dedication extends to our adoption of environmentally sustainable technologies, reflecting our responsibility towards the planet and future generations.

We assure our global clientele that each GRM product embodies the peakof qualityand craftsmanship. From the individual grains of oursignature Basmati rice to the purity of our oils, we guarantee that only the finest products grace yourdining experience.

This pLedge is not merely a slogan; it is the essence of our daiLy operations. With comprehensive quality assessments conducted at various production phases, a cadre of expertly trained professionals, and a focus on fostering optimal working environments, we have cultivated a seamless process that ensures excellence. Our relentless pursuit of enhancement is evident, yielding tangible results in the form of sophisticated, superior products that we are honored to presenttothe world.

GRMs journey towards excellence is a continuous one, marked by a culture of improvement and innovation. We are dedicated to not just meeting but exceeding industry standards, delivering unparalleled quality that our customers have come to expect and trust. Our philosophy of transparency leading to excellence is more than a belief—it is the very essence of GRMs identity.

Environmental Stewardship

At GRM Overseas, environmental care is not just a compliance requirement, but a core value that shapes how we operate. We are committed to reducing our ecological footprint by optimising energy and water usage, increasing reliance on renewable energy sources, and continuously improving waste management practices.

Oursupply chain is built on transparency and accountability, with robust traceability systems that ensure each stage, from sourcing to processing to delivery, meets our environmental and ethical benchmarks. We actively collaborate with suppliers to embed sustainability into their operations, ensuring that environmental care is not just a policy, but a shared responsibility across the value chain. In line with our commitment to reducing environmental impact, we are transitioning towards eco- friendly packaging solutions, including recyclable and

Social Responsibility & Governance

Our ESG philosophy extends beyond environmental action to the peopLe and communities connected with our business. We are committed to creating a safe, inclusive, and empowering workplace where employees can thrive through training, skill development, and career growth opportunities. Through our community outreach initiatives, we support projects in rural development, education, and livelihood generation, especially in farming communities. On governance, GRM Overseas follows strong ethical and compliance frameworks, ensuring that our decision-making is transparent, accountable, and aligned with the highest standards of corporate responsibility. We believe that by embedding ESG principles into every aspect of our operations, we can deLiver sustainabLe vaLue for our stakeholders while making a positive difference in society.

biodegradable materials, to minimise waste and plastic use. We also explore innovations such as reusable packaging solutions and partnerships with packaging suppliers committed to green manufacturing practices. By integrating sustainable farming, responsible sourcing, and eco-friendly packaging into our core business strategy, we aim to create a supply chain that is not only efficient and profitable, but also resilient, ethical, and aligned with the long-term well-being of the planet.

We recognise that climate change poses real challenges to agriculture and food security, and we are proactively adopting climate-resilient practices to safeguard both our business and the communities we work with. Our longterm vision is to integrate sustainability into every stage of ourvalue chain, ensuring that growth today does not come at the expense of tomorrows resources.

Business Segments

Our business comprises of two key segments -

GLOBAL

GRM has carved out a prestigious position in the Basmati rice industry, emerging as the third-largest exporter on a global scale. Our brand has established a formidable presence, particularly in the MENA region, where we are recognized as the second-largest exporter. Our international footprint spans over 42 countries, a testament to our global appeal and the trust we have garnered in the market. The cornerstone of our reputation is our unwavering commitment to quality. Each grain of rice that bears the GRM name is meticulously sourced from our esteemed partners in India, ensuring that we delivernothing butauthenticand superiorBasmati rice.

Our global business model is predominantly centered around exporting private labels, which constitutes about 95% of our international dealings. The remaining 5% is attributed to our proprietary brands, which are distributed through our UK-based subsidiary, GRM International. In 2018, we introduced our premium global brands, Himalaya River and Tanoush, which were crafted to satisfy the palates of the most discerning consumers. These brands showcase the creme de la creme of our aromatic Basmati rice and have secured shelf space in prestigious retailers such as Tesco, Sainsburys, and Walmart. Tanoush, in particular, was developed with the Gulf region in mind, responding to the strong local demand for premium- quality rice.

Our mission at GRM is straightforward yet profound: to share the rich, nourishing fLavors of Indian Basmati rice with the worLd, thereby contributing to global health and weLl-being. With our expansive reach across more than 42 countries, we are wholeheartedly committed to ensuring that each grain of rice we distribute is synonymous with excellence. This commitment is underpinned by robust relationships and a well-oiled global rice supply chain network. Our relentless pursuit of quality and exceptional service is the driving force behind our operations and cements our position as a leader in the international Basmati rice market.

The international segment of our business has shown a consistent upward trajectory, contributing a significant 59% to the companys total revenue. This segment has demonstrated steady growth in its share of total revenue, culminating in an impressive Rs. 783 crores in revenue in FY25. This growth is not just a reflection of our financial success but also an indicator of the trust and preference that consumers worldwide place in GRMs Basmati rice. We are poised to continue this journey of growth, rooted in the principles of quality and customer satisfaction, as we bring the heritage and tradition of Indian Basmati rice to a global audience.

DOMESTIC

GRMs domestic voyage is spearheaded by our esteemed flagship brand, 10X, nurtured by oursubsidiary, GRM Foodkraft Pvt. Ltd. The introduction of 10X in 2020 marked a pivotal moment in our history, signaling a strategic shift towards fortifying our footprint in both General and Modern Trade channels throughout India. With 10X, we are making remarkable inroads into the Indian Fast-Moving Consumer Goods (FMCG) sector.

The 10X brand encompasses a comprehensive array of kitchen essentials, including rice, spices, atta (flour), and Ready-to- Eat meals. This carefully curated product range is designed to meet the high expectations of Indian consumers, offering quality staples that are not only healthful but also embody the trust and reliability associated with the 10X name. Our dedication to providing consumers with superior, health-promoting products is unwavering and at the heart of our brand ethos.

DISTRIBUTION NETWORK

In Line with our strategic objectives, we have undertaken significant marketing initiatives to enhance the visibility and appeal of the 10X brand. Notably, we onboarded Bollywood superstar Salman Khan as our Brand Ambassador, which has significantly elevated our brands profile and resonance with consumers. Additionally, we launched CGI Ad Campaigns for our flagship product, 10X Zarda King, showcasing our commitment to innovative marketing strategies. Our continuous Below-The-Line (BTL) marketing efforts further reinforce our engagement with consumers, driving brand loyaltyand recognition.

The Launch of 10X Ventures represents a strategic initiative aimed at fostering growth through targeted investments in Digital-First New Age Direct-to-Consumer (D2C) brands, Lifestyle brands, niche portfolio brands, and incubator opportunities. The key objectives of 10X Ventures include revitalizing and reintroducing established brands, facilitating the incubation of smallacquisitions, investing in Lifestyle and wellness concepts, engaging with the next generation of consumers, and collaborating with aspiring entrepreneurs to drive innovation and market relevance. Ourfirst investment under 10XVentures sawGRM acquire a single largest stake (44%) in Swmabhan Commerce Pvt Ltd, further solidifying our commitment to strategic growth.

Despite the relative infancy of our domestic branded segment, the growth trajectory we have witnessed is extraordinary. We have seen our revenue soar to Rs. 539 crores in FY25, Rs. 257 crores in FY24, up from Rs. 264 croresin FY23, Rs. 189 crores in FY22,and Rs. 58croresin FY21. This remarkable ascent reflects a stunning CAGR of 75.12%from FY21 to Fy25.

The momentum behind 10X fuels our conviction that it is on course to become Indias most esteemed standalone consumer staples brand, a source of immense pride for our stakeholders and a clear indicator of our brands dynamic growth.

Our strategic emphasis on nurturing the 10X brand has been instrumental in our success to date, and we are resolute in sustaining this upward trend. We are fervently attuned to the shifting preferences of our customers and are buoyed by the positive reception to our endeavors. As we continue to broaden and enhance our domestic operations, our commitment to the pinnacle of excellence remains steadfast. We eagerly anticipate reaching new heights and milestones, instilling in our stakeholders a sense of anticipation and confidence in the bright and promising future that awaits.

Diverse Range of Products

The momentum behind 10X fuels our conviction that it is on course to become Indias most esteemed standalone consumer staples brand, a source of immense pride for our stakeholders and a clear indicator of our brands dynamic growth.

Our strategic emphasis on nurturing the 10X brand has been instrumental in our success to date, and we are resolute in sustaining this upward trend. We are fervently attuned to the shifting preferences of our customers and are buoyed by the positive reception to our endeavors. As we continue to broaden and enhance our domestic operations, our commitment to the pinnacle of excellence remains steadfast. We eagerly anticipate reaching new heights and milestones, instilling in our stakeholders a sense of anticipation and confidence in the bright and promising future that awaits.

Strong Marketing Initatives

In line with our strategic objectives, we have undertaken significant marketing initiatives to enhance the visibility and appeal of the 10X brand. Notably, we onboarded Bollywood superstar Salman Khan as our Brand Ambassador, which has significantly elevated our brands profile and resonance with consumers. Additionally, we launched CGI Ad Campaigns for our flagship product, 10X Zarda King, showcasing our commitment to innovative marketing strategies. Our continuous Below-The-Line (BTL) marketing efforts further reinforce our engagement with consumers, driving brand loyalty and recognition.

The launch of 10X Ventures represents a strategic initiative aimed at fostering growth through targeted investments in Digital-First New Age Direct-to-Consumer (D2C) brands, lifestyle brands, niche portfolio brands, and incubator opportunities. The key objectives of 10X Ventures include revitalizing and reintroducing established brands, facilitating the incubation of smallacquisitions, investing in lifestyle and wellness concepts, engaging with the next generation of consumers, and collaborating with aspiring entrepreneurs to drive innovation and market relevance. Ourfirst investment under 10X Ventures saw GRM acquire a single largest stake (44%) in Swmabhan Commerce Pvt Ltd, further solidifying our commitment to strategic growth.

Despite the relative infancy of our domestic branded segment, the growth trajectory we have witnessed is extraordinary. We have seen our revenue soar to Rs. 539 crores in FY25, Rs. 257 crores in FY24, up from Rs. 264 croresin FY23, Rs. 189 crores in FY22,and Rs. 58 crores in FY21. This remarkable ascent reflects a stunning CAGR of 75.12%from FY21 to Fy25.