GRP Ltd Management Discussions

FOR THE FINANCIAL YEAR 2025-26

Company overview

GRP Limited (hereinafter referred to as ‘GRP) stands today as one of Indias leading circular materials companies, built on decades of experience in transforming end-of-life waste into value-added materials for diverse industrial applications. Operating at the intersection of materials innovation and resource recovery, the Company has evolved into a diversified, multi-vertical enterprise with businesses spanning rubber, plastics, polymer composite, alongside a growing focus on circular and energy recovery solutions. As an integrated polymer recycling company, it enables over 400 customers globally to reduce dependence on virgin materials every year and has earned the trust of 8 of the top 10 global tyre manufacturers, positioning GRP as a key partner in their sustainability journeys.

The Companys business verticals - Reclaim Rubber, Engineering Plastics, Repurposed Polyolefins (under its wholly owned subsidiary, GRP Circular Solutions Limited), Polymer Composite & Custom Die Forms, and Waste-to-Energy, branded as Pyrova

Energy, collectively reflect its integrated approach and a common objective: maximising value from end-of-life materials while minimising environmental impact.

With a recycling capacity exceeding 122,000 MTA, supported by 8 manufacturing units, a sourcing network across 150+ cities, and a global presence spanning over 55 countries, GRP has built a robust and reliable supply ecosystem. This scale, combined with strong supplier partnerships and adherence to stringent industry standards, enables the Company to ensure consistent availability of quality inputs, support growing customer requirements, and deliver traceable circular materials and credible sustainability-linked credits at scale.

The financial year 2025 26 was a year of resilience for the industry at large, as geopolitical uncertainties, demand volatility, and fluctuations in key input costs created sustained headwinds across markets.

Within this environment, GRP remained agile and focused, responding through calibrated actions across operations, technology deployment, market priorities, and product strategy, allowing it to navigate near-term disruptions while reinforcing its strategic direction.

While these headwinds were reflected in the Companys key performance indicators for the year, the underlying actions taken have strengthened its operating foundation and position GRP well for a more stable and improved performance trajectory ahead.

Key Parameters	2025-26	2024-25
Total Income ( Lakhs)	53,100	53,852
Profit before tax ( Lakhs)	1,374	5,003
Profit after Tax ( Lakhs)	893	3,786
Return on Capital Employed (%)	10	26
Market Value per share ( ) (As on 31st March) (BSE)	1,870	2,782
Sales volume – growth/(decline) in % over previous year	1%	8%

Business wise overview

Your company is committed to empowering its customers and communities by seamlessly integrating them into the circular economy through initiatives embedded within its business operations, as well as through its ESG, CSR efforts focused on building a sustainable future.

Historically, your Companys standalone businesses have been closely aligned with the mobility sector -Reclaim Rubber (RR) serving tyre and component manufacturers, Engineering Plastics (EP) linked to the automotive OEM supply chain, Polymer Composite (PC) catering to ground transportation and shipping, and Custom Die-Forms (CDF) addressing agricultural and earth-moving equipment.

Repurposed Polyolefins, under its wholly owned subsidiary, which initially catered to the packaging industry, is now also catering to automotive OEM requirements.

Building on this foundation, GRP is strengthening its position in the mobility sector while simultaneously expanding beyond it, leveraging its capabilities to tap opportunities across emerging applications such as petrochemicals, infrastructure.

In line with this direction, the Company is advancing its efforts towards greater value extraction from end-of-life tyres through the commissioning of its Crumb Rubber and Continuous Pyrolysis facilities in Solapur. This marks Phase 1 of GRPs ELT-to-Energy initiative, with further integration into recovered Carbon Black (rCB).

Reclaim Rubber

Known for developing breakthrough reclaim rubber grades, your company during the year, commercialised its next-generation, low-GHG emission production line. In parallel, it transitioned traditional reclaim processes to new technology, improving operational efficiencies, with supplies approved by both tyre and non-tyre customers. Your company also introduced advanced materials designed to deliver enhanced substitution ratios in customer formulations, reducing the overall consumption of fossil fuel-based materials and associated carbon footprint.

Your companys earlier shift to biofuels for plant systems continued to deliver strategic benefits during the year, shielding operations from fuel supply disruptions and cost volatility experienced globally. Building on this, GRP further expanded its renewable energy footprint, reinforcing its commitment to sustainable and resilient operations.

Engineering Plastics

Initially centred on tire cord extracted from end-of-life (EOL) tires, the vertical has broadened its raw material base and successfully developed and commercialized grades using ocean plastics (such as fishnet waste) and textile waste. This shift has reduced reliance on in-house sources while improving supply chain flexibility. However, since these alternative raw materials are externally sourced, the margins on such engineering plastics remain lower than those based on our core tyre recycling operations. Key focus areas during the year included streamlining processes for alternate material handling, expanding the product portfolio, and obtaining approvals for the newly developed grades.

Polymer Composite and Custom Die Forms

The Polymer Composite and Custom Die-Forms businesses, which are predominantly dependent on the U.S. market, were significantly impacted during the year under review due to the imposition of U.S. tariffs. While the Custom Die-Forms business continued to register modest year-on-year growth, the Polymer Composite segment was adversely affected by tariff pressures and strong local competition, rendering operations commercially unviable.

Following a comprehensive evaluation of strategic options, the Company decided to discontinue contract manufacturing in this segment, wind down the related Polymer Composite operations, and reallocate resources towards higher-growth and more sustainable business areas.

Pyrova Energy

During the year, your Company successfully commercialized its Waste-to-Energy business under the new brand identity "Pyrova Energy", representing a significant step in expanding its circular materials portfolio into value-added energy and petrochemical applications. The business houses Indias largest single-line continuous reactor, and a capacity to process over 30,000 MT of crumb rubber annually. The outputs from this platform cater to diverse end-use industries including petrochemicals, tyre and rubber manufacturing, pigments, paints & coatings, and plastics.

Repurposed Polyolefins

The vertical faced near-term headwinds during the year, impacted by a sharp decline in virgin polypropylene prices and continued inflow of low-cost imports, leading to pressure on pricing and slower-than-expected demand scale-up linked to EPR regulations. While these factors temporarily affected market momentum, the Company views the current environment as cyclical, with strong underlying structural drivers for growth.

GRP continues to focus on strengthening product positioning, expanding into higher-spec applications such as automotive and appliances, and enhancing sourcing and operational efficiencies. The Company remains committed to the long-term opportunity, adopting a calibrated and disciplined approach to scaling the business in line with evolving market conditions.

As per the Indian Accounting Standards (Ind AS) 108 on operating verticals, "Reclaim Rubber" has been identified as a reportable vertical, and non-reclaim rubber businesses not separately reportable (Polymer Composite, Engineered Plastics, Pyrova Energy) have been grouped under the heading "Others".

Verticals wise revenue:

- Revenue of 44,040 lakhs was generated from Reclaim Rubber vertical and

- Revenue of 6,148 lakhs was generated from Other verticals.

Capital Expenditure:

During the year under review, the company invested about 4,237 lakhs across key areas:

Plant and Machinery: 2,451 lakhs

Civil Infrastructure: 1,504 lakhs

Others: 282 lakhs

Major initiatives included strategic investments in Pyrova Energy, automation across Reclaim Rubber operations, development of low-GHG reclaim rubber processes, and the introduction of a new product line which can result in higher level of substitution in customer formulations.

In line with our strategic capital expenditure plan, your Company has secured External Commercial Borrowings (ECB) of up to EUR 12 million from Soci?t? de Promotion et de Participation pour la Coop?ration Economique S.A. (PROPARCO), France, for partial funding of key projects. By the end of FY26, EUR 7.5 million has been drawn down, with the balance to be availed in phases. This funding mainly supports the Companys future growth initiatives, including the development and expansion of Pyrova Energy vertical.

Subsidiary

GRP Circular Solutions Limited

This business initiative is driven by the Government of Indias Extended Producer Responsibility (EPR) regulation for the plastics sector, which mandates brand owners to incorporate recycled polymers into their packaging from April 1, 2026. In response, your company has been at the forefront of developing materials from rigid end-of-life (EOL) packaging waste, with a focus on polyolefins such as polypropylene and polyethylene. The business currently operates at an annual capacity of 6,000 tons, with capacity utilization gradually ramping up month over month. While the Company has successfully developed and secured approvals for these materials from leading brand owners, it is cautiously scaling operations with a clear focus on profitability and sustainable unit economics. All operations related to Repurposed Polyolefins are housed under our wholly owned subsidiary, GRP Circular Solutions Limited (GCSL). After successfully overcoming post-fire challenges, GCSL commenced commercial production in March 2024 and has since secured approvals from leading FMCG, lubricant, and paint manufacturers, including prominent brands like Asian Paints, Mobil,

Castrol, Pidilite, and Bisleri. With the upcoming enforcement of EPR regulations, GCSL is well-positioned to capitalize on the growing demand for recycled plastic solutions.

Capital Expenditure

Your Company did not undertake any investments in the Repurposed Polyolefins business during the year under review.

Industry Structure and Development

The financial year 2025 26 unfolded against a backdrop of significant geopolitical and economic headwinds, marked by persistent geopolitical tensions, elevated trade barriers, policy uncertainty, and energy price shocks arising from Middle East developments in early 2026. Global growth slowed from an estimated 3.4% in 2025 to 3.1% in 2026, reflecting the lagged impact of high tariffs, supply-chain disruptions, and renewed inflationary pressures.

Regional performance remained uneven across major economies. Growth in Asia-Pacific moderated from around 4.9% in 2025 to approximately 4.4% in 2026, reflecting softer external demand and trade disruptions. Europe continued to see subdued expansion, with growth easing from about 1.5% to 1.3%, amid weak industrial activity and energy-related uncertainties. North America showed relative stability, with growth improving modestly to around 2.2% in 2026 from 1.9% in 2025, supported by steady consumption in the

United States despite tighter financial conditions.

Indias growth moderated from a strong 7.6% in the previous year to an estimated 6.5% in 2026, yet it remained among the fastest-growing major economies. This performance was underpinned by resilient domestic demand, infrastructure spending, and policy continuity, even as external headwinds and a softer global environment weighed on exports.

Overall, the uneven distribution of growth, persistent inflationary pressures in key markets, currency volatility, and ongoing supply-chain realignments driven by geopolitical developments created a complex and uncertain operating environment for manufacturing exporters.

The outlook for circular materials remains strong, supported by tightening regulations, rising consumer awareness, and sustainability commitments from global brands. In India, the implementation of Extended Producer Responsibility (EPR) has created a more structured and traceable recycling ecosystem for tyres and plastics, while during the year this momentum was further strengthened by interventions from NITI Aayog to advance the circular economy for waste tyres, with active industry participation including your Company. Additionally, Indian Tyre Technical Advisory Committee has partnered with recycling companies on long-term development initiatives; in reclaim rubber, it is working with your Company to develop advanced processes for automotive tyre applications, positioning your Company to benefit as the ecosystem matures.

Reclaim Rubber

Your companys core business witnessed a modest volume decline of ~2% over the previous year, reflecting the impact of global trade disruptions and macroeconomic headwinds. The global tyre market remained mixed, with modest growth in PCLT driven by China while Europe stayed subdued. Replacement demand remained resilient, whereas OE demand stayed weak, particularly in the Americas.

The evolving trade policy landscape in the United States emerged as a key external disruptor during the year, influencing global demand patterns and supply chain flows. Reclaim rubber exports from India remained stable year-on-year during the year, following an 10% growth recorded in the preceding year (FY 2024–25). Given the exposure of key customers to the US market, these developments had both direct and indirect implications for your companys volumes.

Overall, ~33% of Reclaim revenue from key customers were impacted by US tariffs and 44% corresponding impact on RM margin till Jan directly. The impact extended beyond immediate volume disruption, as customers recalibrated sourcing strategies, deferred offtake, and operated with reduced visibility amid ongoing uncertainty. In response, your company demonstrated agility by rebalancing its market mix, strengthening domestic engagement, and maintaining close alignment with customers.

This is reflected in a calibrated portfolio shift: export volumes declined by 15%, while domestic volumes grew by 10%. Export revenue share reduced to by 5 percentage points, while domestic revenues increased, supported by proactive customer engagement and selective price actions. This pivot towards domestic markets helped partially offset external pressures.

In the domestic market, overall rubber consumption grew by 4% during calendar year 2025, while consumption by tyre industry remained largely stable. Reclaim rubber continued to outperform, growing by 7% YoY, with 15% growth in tyre applications, creating trade diversion opportunities that your company effectively leveraged to strengthen its domestic presence and deepen customer relationships.

On the raw material front, volatility persisted across key inputs. As highlighted in the previous year, prices of a specific grade contributing nearly 30% volumes increased sharply by 43%, resulting in an 18% contraction in raw material margins for those grades. Despite these pressures, your company maintained disciplined execution through strategic sourcing initiatives, active price management, and focused cost control measures.

FY26 has been a period defined as much by external disruption as by internal transformation. During the year, your company replaced 32% of its traditional reclaim capacity with new technology, delivering an estimated ~5% reduction in energy consumption per ton and improving cost efficiency.

In parallel, the company continued to strengthen its sustainability-led operations. Increased use of solar power at the Solapur plants which resulted in estimated savings of ~Rs. 115 lakhs in FY26. Additionally, an 8 MW solar power project in PPA for the Gujarat plants is being operationalised, with expected commissioning in September 2026.

These initiatives are aligned with the companys commitment to achieve 50% renewable energy usage by 2028. Your companys early investments in in-house bio-based fuel heating systems emerged as a key strategic differentiator during the year. Amid global fuel supply uncertainties and escalating energy costs, this capability provided insulation from external shocks, ensured continuity of operations, and enabled tighter control over energy costs, strengthening overall operational resilience.

Operationally, while wage rates increased during the year, overall manpower deployment reduced through productivity improvements, automation, and process efficiencies, supporting cost optimisation.

Overall, in a year marked by external volatility, your company demonstrated strong resilience and execution agility, proactively managing market shifts, optimising controllable levers, and continuing to invest in efficiency and sustainability, thereby reinforcing its competitive position and building a stronger foundation for future growth.

Other Business:

The Non-Reclaim business witnessed a year of transition, marked by the commercialization of new growth platforms amid a challenging external operating environment. During the year, your Company operationalized the "Pyrova Energy" platform, strengthening its position in circular energy and resource recovery solutions. However, as with any first-of-its-kind scale-up, initial teething issues impacted the ramp-up to full-scale production during the year. Despite these early operational challenges, the successful commercialization of the facility establishes a strong foundation for future scale-up and positions your Company strategically within the emerging circular energy ecosystem.

The overall volume growth in the Non-Reclaim segment during the year was primarily driven by the contribution from this newly commissioned business, while most existing verticals witnessed softer offtake amid subdued market conditions. The Engineering Plastics and Repurposed Polyolefins businesses continued to face near-term headwinds arising from a sharp correction in virgin prices and sustained inflows of low-cost imports, particularly from China, which has increasingly emerged as a net exporter. These developments impacted industry pricing dynamics and affected competitiveness across recycled polymer applications.

In response to the evolving market environment, your Company has initiated a reassessment of the operating model of its Repurposed

Polyolefins subsidiary to ensure that capital deployment remains aligned with return thresholds and long-term strategic priorities. The focus remains on improving sourcing efficiency, strengthening product positioning in higher-specification applications, and expanding presence across value-added end markets such as automotive, electricals, and appliances.

The Engineering Plastics business, despite near-term softness, continued to strengthen its position in application-led segments.

Given that a significant portion of demand in this business is linked to the automotive sector, the recent government measures and

GST-linked incentives aimed at stimulating consumption are expected to support recovery in automotive demand. Accordingly, your

Company remains optimistic about a gradual normalization in offtake and improved demand visibility for Engineering Plastics going forward.

The Custom Die Forms business delivered a resilient performance during the year, registering a 4% growth in volumes despite continued headwinds arising from U.S. tariff measures. In contrast, the Polymer Composite business became economically unviable under the prevailing market conditions and, accordingly, your Company has decided to discontinue its operations. Consequently, a loss of Rs. 79 lakhs was recorded during the year.

Changes in key financial ratios :

Sr. no.	Particulars	Ratio as on 31st March, 2026	Ratio as on 31st March, 2025
(i)	Debtors Turnover	4.57	4.62
(ii)	Inventory Turnover	17.70	17.14
(iii)	Interest Coverage Ratio	3.31	7.80
(iv)	Current Ratio	1.28	1.24
(v)	Debt Equity Ratio	1.04	0.68
(vi)	Operating Profit Margin (%)	5.64%	12.41%
(vii)	Net Profit Margin (%)	1.80%	7.86%
(viii)	Return on Net worth (%)	4.63%	18.91%

Opportunities, Risks and Concerns:

The expansion of the Crumb Rubber–Pyrolysis–recovered Carbon Black (rCB) value chain is progressing steadily. This development aligns with a broader industry transformation underway in the recovered carbon black sector, which is entering a new growth phase.

Emerging markets such as India and the Asia-Pacific region are driving demand, while mature markets like the EU and North America are creating opportunities through policy support and sustainability mandates.

Standardization initiatives are gathering pace globally, aimed at facilitating wider adoption of rCB in tyre manufacturing. These efforts are critical in enabling consistent product quality and broader OEM acceptance. At the same time, non-tyre rubber goods (GRG) segments, including conveyor belts and automotive components are beginning to commercialize applications using rCB, opening up parallel avenues for scale. In Europe, the evolution of mass balance systems has accelerated the use of Tire Pyrolysis Oil (TPO) as a sustainable feedstock, replacing conventional naphtha in petrochemical processes. A notable shift is now occurring as even virgin carbon black (vCB) manufacturers are entering into agreements to secure TPO for use as a CBFS substitute, to blend rCB into their formulations, and to collaborate with rCB producers for outsourced supply. This evolving landscape not only validates the relevance of the pyrolysis-rCB value chain but also strengthens the long-term business case for our investment in this space.

While your company continues to grow and innovate, several risks warrant attention:

Global Trade Volatility: Container shortages and rising freight costs, demand linked to geopolitical tensions could affect timely delivery and export margins. GRP continues to mitigate this through geographic diversification and domestic focus.

Raw Material Price Volatility and Availability: Fluctuations in raw material prices and supply chain disruptions could pose risks to cost management and production timelines, requiring proactive sourcing strategies and supplier diversification

Extended Producer Responsibility (EPR): While the overall risk has reduced due to greater regulatory clarity on pricing and improved stability of the EPR portal, implementation gaps in the policy framework, the presence of non-compliant recyclers, external stakeholder dependencies and imbalances in demand and supply dynamics continue to pose operational uncertainties. Additionally, delays with the plastics EPR portal contribute to the residual risk, underscoring the need for continuous monitoring and adaptive compliance strategies.

Capacity Utilization: GCSL, despite a successful launch and major customer approvals, is currently operating below optimal capacity due to delays in scaling operations and supply chain bottlenecks. Technology Adoption: Although significant projects are underway (Upgrades to existing SAP systems, DMS, shopfloor digitization), the pace of execution needs to accelerate to match the scale of

GRPs growth ambitions.

Outlook:

Looking ahead, FY 2026–27 is poised to be a transformative year for GRP. With several high-potential initiatives in execution mode, the company is targeting a threefold capacity expansion across key verticals:

- Scaling the Reclaim Rubber business with increased deployment of next-gen, high-margin technologies.

- Expansion of Pyrova Energy vertical and operationalization of rCB facilities.

- New product launches such as recovered carbon black will strengthen GRPs innovation pipeline.

- On the technology front, upgrades to existing SAP systems, adoption of Artificial Intelligence, and digital shopfloor automation are expected to enhance enterprise-wide efficiency.

During the year, approvals obtained for the proposed Qualified Institutional Placement (QIP) expired without issuance, resulting in related project development and financing expenses amounting to Rs. 42 lakhs.

With strong fundamentals, an empowered team, and a mission-driven approach, GRP is well prepared to deliver continued value to all its stakeholders in FY 2026–27 and beyond.

Internal Control Framework:

Your Company conducts its business with integrity, high ethical standards, and in compliance with applicable laws and regulations. A robust internal control framework, supported by standard operating procedures, policies, monitoring mechanisms, and self-assessment processes, helps ensure operational efficiency and regulatory compliance.

In addition to external audits, Independent Internal Auditors periodically review financial and operational controls across locations and report significant observations to the Audit Committee of the Board. The Audit Committee oversees the adequacy and effectiveness of internal controls, implementation of audit recommendations, and compliance with statutory and regulatory requirements through a structured compliance reporting framework across functions.

People and Practices:

FY 2025 26 marked GRPs focused efforts to build a future-ready workforce and deepen leadership capability amid scaleup and diversification. Strengthened emphasis was placed on capability building, process improvement, and crossfunctional mobility.

To reinforce the leadership pipeline, GRP launched Catalyst, a structured succession-planning program for highpotential managers.

Aligned with its growth strategy, the Company continued to attract senior talent globally from diverse sectors, while a significant number of critical roles were filled internally, reflecting the effectiveness of leadership development initiatives.

GRPs workforce continues to reflect diversity, inclusion, and a strong values-driven culture. Internal role and geographic movements supported career progression, while participation in initiatives such as the UN Womens Empowerment Program enhanced workplace equity, aligned with the Companys ESG priorities.

Employee retention was supported through competitive remuneration, longterm incentives and ESOPs for critical roles, internal career advancement, and wellbeing initiatives. Structured managerial development programs continued, and a Human Resource Management Software was implemented to streamline employee lifecycle processes.

Employee experience is monitored through periodic surveys, supported by values-aligned recognition and reward frameworks. The Board, comprising experienced professionals across industry and functional domains, continues to provide strategic oversight and guide the Companys long-term vision.

Manufacturing operations:

Manufacturing operations continued to focus on improving operational efficiency, sustainability, and process excellence during the year. Your Company is proactively adopting new technologies aimed at enhancing energy efficiency across manufacturing facilities and has also deployed Artificial Intelligence-based systems to improve shopfloor productivity and operational efficiencies. Early and ongoing investments in renewable energy continue to shield operations from fuel-related uncertainties, supporting greater cost stability and continuity in operations.

The Company remains committed to maintaining high manufacturing and quality standards across locations, with all manufacturing facilities continuing to uphold IATF and Integrated Management System (IMS) certifications. Improvements in productivity and process efficiencies have also contributed to optimisation in manpower requirements across operations.

Environment, Health and Safety (EHS):

EHS continued to remain a key focus area across all operations during the year. With increased mechanisation, operational processes at core business facilities were reviewed through an external process improvement engagement, with implementation of recommendations already delivering gains in safety and productivity across plants.

Your Company continued to strengthen its EHS framework through infrastructure upgradation, regular training on safe working practices, external safety audits, and leadership-led EHS reviews. EHS teams were further reinforced with domain experts, while cross-functional teams were established to foster a strong safety culture across the organisation and recorded no time loss due to injury or occupational illness during the year.

Risk Management:

During the year under review, your Company constituted a Risk Management Committee to further strengthen its risk governance framework and oversight mechanisms. The Board also approved the ESG Policy and renewed the Corporate Governance and Grievance Policies, which have been made available on the Companys website.

The Enterprise Risk Management (ERM) framework is embedded within the Companys operating and decision-making processes and aligned with its strategic planning approach. The framework enables systematic identification, assessment, mitigation, and monitoring of risks and opportunities across strategic, operational, financial, people-related, environmental, ESG, and market-related areas.

The ERM process is governed by a cross-functional internal committee comprising functional heads, with designated risk owners responsible for implementing mitigation plans aligned with the Companys short and long-term objectives. A structured review mechanism, including monthly risk reviews and bi-annual reporting to the Risk Management Committee of the Board, helps strengthen risk oversight and foster a culture of risk awareness across the organisation.

Sustainability practices:

As global brands place increasing emphasis on their ESG credentials and emission scopes, they demand greater transparency from their supply chain partners. We have proactively met these expectations, enhancing our metrics over the years. Consequently, we are proud to be the first reclaim rubber manufacturer to achieve ISCC+ certification. and our Engineering Plastics & Repurposed Polyolefin plant has earned GRS certification, ensuring traceability in recycling processes.

ESG performance is embedded into your Companys performance review framework, enabling organisation-wide accountability and driving consistent implementation across all levels. Over the past two years, your Company has voluntarily undertaken

Business Responsibility and Sustainability Reporting (BRSR), reflecting its commitment to transparent and responsible business practices. Building on this foundation, the Company is transitioning this year to a comprehensive Sustainability Report aligned with globally recognised reporting standards, providing stakeholders with a broader and more integrated view of its sustainability initiatives, progress, and long-term commitments. Your Company remains committed to setting industry benchmarks in sustainability and operational excellence, continuously advancing responsible practices that create enduring value for customers, stakeholders, communities, and the environment.

Under the Proparco funding framework, performance will now be tracked across environmental (carbon emissions), social (job creation and skilling), and governance metrics, reinforcing GRPs commitment to responsible growth.

Cautionary Statement:

Statements in the Management Discussion and Analysis report describing the companys objectives, projections, estimates and expectation may be forward looking within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied. The company assumes no responsibility to publicly amend, modify or reverse any forward-looking statements, based on any subsequent developments, information or events.

While we have come a long way since the return from the pandemic, the focus of the organization will remain on building scale in the non-reclaim rubber business in the days to come apart from focusing on cleaner upgraded process for reclaim rubber manufacturing. As a sustainable materials company, we shall endeavour to create Impact Positive in all the sectors we operate in.

	For and on behalf of the Board of Directors
	sd/-	sd/-
	Harsh Gandhi	Hemal Gandhi
Place : Mumbai	Managing Director	Executive Director
Date : 15th May 2026	DIN : 00133091	DIN : 01444424