You should read the following discussion in conjunction with the Restated Financial Information. The Restated Financial Information has been prepared by our management as required under the SEBI ICDR Regulations read with the ICAI Guidance Note. For more information, see Risk Factors Significant differences exist between Ind AS and other accounting principles, such as U.S. GAAP and IFRS, which may be material to investors assessments of our financial condition on page 73.
This Red Herring Prospectus also contains forward-looking statements that involve risks, assumptions, estimates and uncertainties. Our actual results could differ materially from those anticipated in these forward looking statements as a result of certain factors, including but not limited to the considerations described below. For details, see Forward-Looking Statements on page 19.
Unless otherwise indicated or the context otherwise requires, the financial information for the three months ended June 30, 2026 and the Fiscal 2026, Fiscal 2025, and Fiscal 2024, included herein is derived from the Restated Financial Information included in this Red Herring Prospectus. For details, please see Restated Financial Information on page 282. The Restated Financial Information is based on our audited financial statements and is restated in accordance with the Companies Act, 2013, and the SEBI ICDR Regulations. Our financial year ends on March 31 of each year, and references to a particular Fiscal are to the twelve months ended March 31 of that year.
Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance have been included in this section and elsewhere in this Red Herring Prospectus. Such non-GAAP financial measures should be read together with the nearest GAAP measure. See Risk Factors We have included certain Non-GAAP Measures, industry metrics and key performance indicators related to our operations and financial performance in this Red Herring Prospectus that are subject to inherent measurement challenges. These Non-GAAP Measures, industry metrics and key performance indicators may not be comparable with financial, or industry-related statistical information of similar nomenclature computed and presented by other companies. Such supplemental financial and operational information is therefore of limited utility as an analytical tool for investors and there can be no assurance that there will not be any issues, or such tools will be accurate going forward.
The industry-related information contained in this section is derived from the industry titled Assessment of the market for fire protection equipment in India, with focus on fire suppression dated September 2026 (the CRISIL Report ). We have exclusively commissioned and paid for the CRISIL Report for the purposes of confirming our understanding of the industry exclusively in connection with the Offer. We officially engaged CRISIL in connection with the preparation of the CRISIL Report pursuant to an engagement letter dated May 19, 2025. CRISIL is not, and has not in the past, been engaged or interested in the formation, or promotion, or management, of our Company. Further, it is an independent agency and neither our Company, nor our Directors, Promoters, KMPs, SMPs, and Subsidiaries, nor the BRLMs are a related party to CRISIL as per the definition of related party under the Companies Act, 2013. A copy of the CRISIL Report shall be available on the website of our Company at https://www.hdfire.com/investor-relations/ from the date of this Red Herring Prospectus until the Bid/Offer Closing Date. Unless otherwise indicated, the industry-related information contained in this section is derived from the CRISIL Report (extracts of which have been appropriately incorporated as part of Industry Overview on page 144).
Overview
We are an Indian manufacturer and supplier of fire protection equipment and systems, offering a comprehensive portfolio spanning water, foam, and gas-based fire suppression systems, which are also generally known as fire fighting products. We develop majority of our products in-house with proprietary designs to meet national and international standards, serving high-hazard industrial applications as well as residential and commercial sectors. According to the CRISIL Report on page 203, we were the second-largest manufacturer of fire protection equipment and systems in India in terms of operating income (revenue from operations) in Fiscal 2025 and the largest exporter by value (equipment) in Fiscal 2025. We have export sales in 49 countries as of the three months period ended June 30, 2026 and more than 90 countries as of Fiscal 2026. With more than three decades of experience, we have established ourselves as a globally recognized and reliable brand.
In the early 1990s, critical fire protection equipment and systems such as deluge valves, alarm valves, and medium velocity water spray nozzles were generally imported, with lack of Indian manufacturers offering high-quality alternatives like UL Listed and FM Approved products (Source: CRISIL Report page 170). Our Company is the first Indian fire protection equipment and systems manufacturer to receive UL Listing for deluge valves (1996) (Source: CRISIL Report page 202 ). Since the commencement of our business, we have consistently focused on providing locally manufactured fire protection equipment and systems as import-substitutes. We are also the first Indian fire protection equipment and systems manufacturer to receive FM approval for range of products used in low expansion foam system namely foam concentrates, bladder tanks, proportioners, topside discharge devices and foam water sprinkler discharge devices (Source: CRISIL Report page 202). Further, we are also the first Indian company focused on fire protection equipment and systems manufacturing to receive ASME U (pressure vessels) stamp certification (Source: CRISIL Report page 202). With 21 and 87 UL Listed and FM Approved certifications, as per UL product certifications and FM product certifications respectively, we have the highest number of UL Listed and FM Approved product certifications amongst the fire protection equipment focused peers in India as of September 2026 (Source: CRISIL Report page 202).
Our business was originally carried on under the name M/s HD Fire Protect Co. , which was established by Harish Dharamshi as a partnership firm on April 27, 1990. Our Company was incorporated on April 24, 1997, as D.H. Fire Protect Private Limited and in the year 2005 the name of our Company was changed to HD Fire Protect Private Limited. Thereafter, on April 1, 2005, our Company acquired M/s HD Fire Protect Co., as a going concern along with all its assets and liabilities, and the business was consolidated under a single corporate entity.
As of June 30, 2026, our offerings are spread across 8 product categories, namely –
(a) sprinklers, alarm valves and accessories,
(b) deluge valves, deluge skids and pre-action systems,
(c) foam equipment and suppression systems,
(d) monitors and monitor nozzles,
(e) systems valves and accessories,
(f) water spray nozzles,
(g) custom engineered systems, and
(h) gas suppression systems, covering a wide spectrum of
(a) industrial end use in sectors such as industrials, heavy engineering, aerospace, oil & gas, refining and petrochemicals, power & energy, pharmaceuticals, data centres, warehousing amongst others; and
(b) residential and commercial end use in sectors such as hospitality, healthcare, retail, education, banking and warehousing. We are also empanelled with various customers across sectors where we have presence.
We operate two manufacturing facilities in Maharashtra, Jalgaon MIDC and Thane MIDC, spanning a combined area of 8.50 acres. We have expanded the capacity of our Jalgaon facility, with one unit for manufacturing and another for a dedicated fire test laboratory, industrial warehouse and R&D centre, admeasuring 2.50 acres, and are also constructing a warehouse at Wagle Estate, Thane, admeasuring 0.50 acres, which is expected to be completed by November 2026. In addition to our in-house production, we also undertake contract manufacturing of off-the-shelf products as well as white labelling to cater to diverse customer requirements. In Fiscal 2026, we supplied our fire protection equipment and systems to 2,066 customers. We supplied our fire protection equipment and systems across 49 countries in the three-month period ended June 30, 2026, and across more than 90 countries between inception and March 31, 2026. This international reach is supported by a distributor-led supply chain for international markets and a stockist model for India.
We maintain a strong focus on quality, reflected in the absence of product recalls and a replacement rate of just 0.01% over the three months period ended June 30, 2026 and the past three fiscals. Our R&D initiatives are directed toward next-generation technologies that enhance performance, ensure environmental compliance, and meet global certification standards. We also specialize in custom-engineered fire protection skids tailored to client-specific requirements and are the only Indian manufacturer to offer certain advanced systems, such as a next-generation pre-action system. Our innovation pipeline includes a new deluge valve design, for which a patent application is currently under process. As on the date of this Red Herring Prospectus, we hold patents in the United States of America, India, Turkey and Saudi Arabia for pressure operated fluid valve with configurable diaphragm arrangement, and two design registrations in India for diaphragm of fire protection valve. We have also made a patent application in the United Arab Emirates in respect of the same.
We have supplied products at some of the key sites including master stream nozzle installations at Indias space launch pad at Sriharikota, fire protection equipment (alarm valve, monitor, master stream nozzle) at Indias largest refinery at Jamnagar, fire protection equipment (drain valve, water flow detectors etc.) for the new Indian parliament building, fire protection systems (deluge valves) at Saudi Aramcos Ras Tanura Sea Island site and fire protection equipment (deluge valves, sprinklers etc.) for
Omans Integrated Power & Water Plant Project (Source: CRISIL Report page 199). These projects highlight both the global acceptability and trust placed in our equipment and systems.
We are both India focused and export oriented, with a balanced revenue mix across domestic and international markets. The following table sets forth our revenue from operations from domestic and export markets for the periods indicated:
| Particulars | Three months period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| Revenue from operations*( million) | % of revenue from operations* | Revenue from operations*( million) | % of revenue from operations* | Revenue from operations*( million) | % of revenue from operations* | Revenue from operations* ( million) | % of revenue from operations* | |
| Domestic revenue | 727.77 | 67.22 | 3,170.07 | 65.31 | 2,731.69 | 63.76 | 2,465.79 | 66.67 |
| Exports revenue | 354.93 | 32.78 | 1,684.05 | 34.69 | 1,552.62 | 36.24 | 1,232.84 | 33.33 |
| Total | 1,082.70 | 100.00 | 4,854.12 | 100.00 | 4,284.31 | 100.00 | 3,698.63 | 100.00 |
*Revenue from Operations excluding other operating revenue i.e. export incentives and scrap sales
Our key export destinations include UAE, Saudi Arabia, Brazil, Turkey, Malaysia, and Indonesia. The map below details the destinations we export to as on the date of this RHP:
We are guided by a group of seasoned promoters and accomplished industry professionals whose collective experience forms the foundation of our sustained growth and operational excellence. Harish Narshi Dharamshi, one of our Promoters as well as the Chairman and Managing Director provides strategic leadership and brings over 41 years of experience in the fire protection industry. Similarly, our other Promoters, namely, Miheer Sadanand Ghotikar, Anik Narendra Dharamshi, and Parika Miheer Ghotikar, oversee various business functions and each of them bring over 16 years of experience, respectively, in the fire protection industry.
We have demonstrated strong and consistent financial performance across last 3 fiscals and the three months period ended June 30, 2026. Our Revenue from Operations stood at 1,090.52 million, 4,892.81 million, 4,327.99 million, and 3,729.53 million for the three months period ended June 30, 2026, Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, reflecting a CAGR of 14.54% from Fiscal 2024 to Fiscal 2026. Our Operating EBITDA for the respective periods stood at 297.25 million, 1,504.59 million, 1,380.08 million, and 1,066.32 million, translating to Operating EBITDA margins of 27.26%, 30.75%, 31.89%, and 28.59%. Similarly, our PAT was 238.65 million in the three months period ended June 30, 2026, 1,167.87 million in Fiscal 2026, 1,097.18 million in Fiscal 2025, and 879.20 million in Fiscal 2024, translating to PAT margins of 20.92%, 23.12%, 24.35%, and 22.43%, respectively. As of the end of the three months period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, our order book stood at 1,586.01 million, 1,344.48 million, 703.45 million, and 752.92 million, respectively, providing strong visibility for future growth.
The following table presents certain key performance indicators for the periods indicated:
| KPIs | Unit | Three months period ended June 30, 2026 | As of and for periods | ||
| Fiscal 2026 | March 31, 2025 | March 31, 2024 | |||
| Key financial metrics | |||||
| Revenue from Operations (1) | in million | 1,090.52 | 4,892.81 | 4,327.99 | 3,729.53 |
| Domestic Revenue (2) | in million | 727.77 | 3,170.07 | 2,731.69 | 2,465.79 |
| Exports Revenue (3) | in million | 354.93 | 1,684.05 | 1,552.62 | 1,232.84 |
| Operating EBITDA (4) | in million | 297.25 | 1,504.59 | 1,380.08 | 1,066.32 |
| Operating EBITDA Margin (5) | % | 27.26% | 30.75% | 31.89% | 28.59% |
| PAT (6) | in million | 238.65 | 1,167.87 | 1,097.18 | 879.20 |
| PAT Margin (7) | % | 20.92% | 23.12% | 24.35% | 22.43% |
| RoE (8) | % | 6.13% # | 30.17% | 29.63% | 28.41% |
| RoCE (9) | % | 8.36% # | 40.33% | 39.63% | 37.61% |
| Fixed Asset Turnover Ratio (10) | Ratio | 1.09 # | 5.17 | 5.18 | 4.86 |
| Inventory Days (11) | Days | 109 | 85 | 77 | 85 |
| Trade Receivable Days (12) | Days | 61 | 57 | 45 | 48 |
| Trade Payable Days (13) | Days | 58 | 40 | 39 | 37 |
| Cash Conversion Cycle (14) | Days | 112 | 102 | 83 | 96 |
| Key operational metrics | |||||
| Number of Customers | No. of customers | 905 | 2,066 | 2,179 | 2,114 |
Notes:
# Not annualised
(1) Revenue from Operations is as per Restated Financial Information refers to income earned by an entity from its core business activities including Sale of goods, Rendering services and Other operating revenue
(2) Domestic Revenue represents revenue stream specific to India.
(3) Export Revenue represents revenue stream specific to outside India.
(4) Operating EBITDA is calculated as restated profit before tax plus finance costs, depreciation and amortization expense less other income.
(5) Operating EBITDA margin is calculated as Operating EBITDA divided by Revenue from Operations
(6) Profit After Tax (PAT) for the year is as per Restated Financial Information
(7) PAT Margin is calculated as profit after tax (PAT) as a percentage of Total Income.
(8) Return on equity (RoE) is calculated as PAT divided by Average Tangible Net worth. Tangible Net worth is calculated as Total Equity subtracted by Intangible Assets
(9) Return on capital employed (RoCE) is calculated as earnings before interest and tax (EBIT) divided by the Average capital employed. EBIT is calculated as the restated profit after tax for the year/ period plus total tax expense plus finance costs and capital employed is calculated as the sum of Tangible Net worth and total borrowings
(10) Fixed Asset Turnover Ratio is calculated as Revenue from Operations divided by Average Property, plant and equipment, Capital work-in-progress and Right-to-use assets.
(11) Inventory days is calculated as average inventory divided by Cost of Sales, multiplied by 365. However, for the three months ended June 30, 2026, inventory days is calculated as inventories divided by Cost of Sales for the given period multiplied by 90 days. Cost of Sales is calculated as total expenses less Finance cost and Depreciation and amortization
(12) Trade Receivable days is calculated as average trade receivable divided by Revenue from Operations, multiplied by 365. However, for the three months ended June 30, 2026, trade receivable days is calculated as trade receivables divided by Revenue from Operations for the given period multiplied by 90 days.
(13) Trade payable days is calculated as average trade payable divided by Cost of Goods Sold (COGS), multiplied by 365. However, for the three months ended June 30, 2026, trade payable days is calculated as trade payables divided by Cost of Goods Sold (COGS) for the given period multiplied by 90 days. COGS is calculated as the sum of Cost of materials consumed, Purchase of stock-in-trade and change in inventories of finished goods, stock-in-trade and work-in-progress.
(14) Cash conversion cycle is calculated as the sum of trade receivable days and inventory days, less trade payable days.
SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION
In our opinion, the following factors have a significant influence on the operational and financial performance:
Dependence on new projects and order book prediction
Our business is dependent on new capital project developments across diverse sectors, including infrastructure, industrial manufacturing, oil and gas, power, warehousing, and commercial construction. Given that our fire protection equipment and systems are long-life assets with an average service life of 15 20 years, recurring demand from existing installations is generally limited to spare parts, replacements, and system expansions. Consequently, the majority of our product demand is driven by new construction and greenfield developments.
Our Order Book as at a particular date is calculated based on the aggregate contract value of our confirmed purchase orders as of such date reduced by the value of goods and services invoiced by us until such date ( Order Book ). The table below sets forth the size of our Order Book as of June 30, 2026 and March 31, 2026, 2025, and 2024:
| Particulars | As of June 30, 2026 | As of March 31, 2026 (in million) | As of March 31, 2025 (in million) | As of March 31, 2024 (in million) |
| Order Book | 1586.01 | 1344.48 | 703.45 | 752.92 |
We cater to small and mid-sized projects, which typically follow more predictable procurement and execution schedules. However, larger and high-value projects, such as oil terminals, refineries, large warehouses, airports, and industrial parks, are often subject to uncertainties related to site readiness, regulatory approvals, or modifications in project scope. In such cases, even technically confirmed orders may face delays, which can subsequently impact delivery timelines and revenue recognition.
While it reflects the business we expect to execute in the foreseeable future, it is not a guarantee of future operating performance or financial results. Our ability to convert Order Book into revenue is subject to multiple factors, including timely execution, customer satisfaction, fulfilment of contractual obligations, and timely payment by customers.
Customer relationships, supply terms, and pricing dynamics
Our business is primarily based on short-term purchase orders or delivery schedules, and we do not typically enter into long-term or committed volume agreements with our customers, nor do we have exclusive arrangements with them.
The table below sets forth the revenue derived from repeat customers and new customers for the periods indicated:
| Particular | As at June 30, 2026 | As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2024 | ||||
| Amount ( million)* | Percentage of revenue from operations* (%) | Amount ( million)* | Percentage of revenue from operations* (%) | Amount ( million)* | Percentage of revenue from operations* (%) | Amount ( million)* | Percentage of revenue from operations* (%) | |
| Revenue from repeat customers | 863.45 | 79.76 | 4,135.01 | 85.20 | 3,697.45 | 86.30 | 3,256.62 | 88.05 |
| Revenue from new customers | 219.25 | 20.24 | 719.11 | 14.80 | 586.86 | 13.70 | 442.01 | 11.95 |
| Revenue from operations | 1,082.70 | 100.00 | 4,854.12 | 100.00 | 4,284.31 | 100.00 | 3,698.63 | 100.00 |
*Revenue from Operations excluding other operating revenue i.e. export incentives and scrap sales
Our ability to secure orders is strongly influenced by our relationships with fire protection contracting companies, project consultants, engineering, procurement and construction (EPC) contractors, system integrators, and end-users. These stakeholders play a decisive role in product selection, specification approvals, and brand recommendations. In many projects, particularly within highly regulated sectors, the list of approved vendors is finalised at the design stage, after which product substitution becomes difficult. Consequently, early engagement with project stakeholders during the design phase is critical to our success.
Commercial terms, including pricing, delivery timelines, warranty support, and credit conditions, also play a significant role in winning contracts. In competitive tenders or high-volume orders, aggressive pricing by global competitors can exert downward pressure on our margins. Therefore, our ability to optimise costs, nurture relationships, and deliver a competitive yet value-driven proposition remains essential.
Raw material price volatility
Our production processes depend on the uninterrupted supply and affordability of specific primary raw materials, namely ductile iron, cast iron and cast steel castings, which are integral to the functionality and quality of our fire protection equipment and systems, from multiple vendors across various geographies. While our diversified sourcing approach reduces dependence on any single supplier, disruptions in the availability, quality, or pricing of ductile iron castings could adversely impact our production schedules and operational efficiency.
Raw materials represent a substantial component of our cost structure. Our primary inputs include pig iron, copper (impacting brass and bronze components), stainless steel, mild steel, rubber, and other related materials. The prices of these commodities are subject to frequent fluctuations driven by international market trends, global supply demand dynamics, and currency volatility.
A significant portion of our raw materials is sourced from our top 10 suppliers. To mitigate supply disruption risks, we maintains a minimum raw material inventory of 45 to 90 days, and supplier quotations are typically valid for 45 days. For more details on risks relating to supplier concentration please see Risk Factors As of Fiscals 2026, 2025, and 2024, our top 10 suppliers contributed to 59.28%, 47.76%, 42.90%, and 35.59%, of the total expenses, respectively. We rely on a limited number of third-party suppliers to meet our raw material and contract manufactured goods requirements, and we do not have any long-term purchase agreements or firm commitments with our suppliers. As a result, any loss of or reduced support from one or more such suppliers could adversely impact our business, results of operations, and financial condition on page 24 .
We have historically sourced raw materials as well as contract manufactured products from suppliers outside India. The following table sets forth the breakup of our cost of raw materials and contract manufactured products imported and procured domestically, for the periods indicated:
| Particular | Three months period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| Amount (in million) | As a % of the total raw material expense | Amount (in million) | As a % of the total raw material expense | Amount (in million) | As a % of the total raw material expense | Amount (in million) | As a % of the total raw material expense | |
| Domestic raw material cost | 307.05 | 41.70 | 1,134.12 | 3.24 | 1,073.70 | 47.53 | 901.88 | 49.37 |
| Imported raw material cost | 26.80 | 3.64 | 212.59 | 6.00 | 182.23 | 8.07 | 116.59 | 6.38 |
| Domestic contract manufactured cost | 59.66 | 8.10 | 231.20 | 8.65 | 137.87 | 6.10 | 95.86 | 5.25 |
| Imported contract manufactured cost | 342.78 | 46.56 | 1,090.75 | 40.80 | 865.13 | 38.30 | 712.54 | 39.00 |
Our primary raw materials include bronze ingots, brass rod hexes, C.S. plates, angle valve, MV nozzle housing brass, among others. The table below details the breakup of the cost of each of these raw materials against the total cost of raw materials consumed :
| Particular | Three months period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| Amount (in million) | As a % of the total raw material expense | Amount (in million) | As a % of the total raw material expense | Amount (in million) | As a % of the total raw material expense | Amount (in million) | As a % of the total raw material expense | |
| Bronze Ingots | 18.24 | 5.46 | 51.62 | 3.82 | 47.19 | 3.76 | 53.94 | 5.30 |
| Brass Rod Hex 30.5 mm | - | - | 7.06 | 0.52 | 17.62 | 1.40 | 14.00 | 1.37 |
| C.S. Plate 6 mm | 5.26 | 1.58 | 21.99 | 1.63 | 22.36 | 1.78 | 15.62 | 1.53 |
| Angle Valve | 9.14 | 2.74 | 51.59 | 3.82 | 45.60 | 3.63 | 23.87 | 2.34 |
| MV Nozzle Housing Brass | 10.97 | 3.29 | 28.02 | 2.07 | 26.30 | 2.09 | 32.53 | 3.19 |
| Others* | 290.24 | 86.94 | 1,191.43 | 88.14 | 1,096.86 | 87.33 | 878.51 | 86.26 |
| Total cost of raw materials consumed | 333.85 | 100.00 | 1,351.71 | 100.00 | 1,255.93 | 100.00 | 1,018.47 | 100 |
*Others includes casting made from cast iron, ductile iron, pipes, sheets, etc
The table below sets forth the change in price for our primary raw materials for the past three Fiscals:
| Particulars | Price as on March 31, 2026 ( /Kg) | Change in price year-on-year | Price as on March 31, 2025( /Kg) | Change in price year-on-year | Price as on March 31, 2024( /Kg) | Change in price year on year |
| Bronze Ingots | 1,094.20 | 49.89% | 730 | 12.30% | 650 | N/A |
| Brass Rod Hex | 753.30 | 15.36% | 653 | 7.40% | 608 | N/A |
| 30.5 mm | ||||||
| C.S. Plate 6 mm | 66.67 | 4.17% | 64 | (7.25%) | 69 | N/A |
For more details on the risks relating to raw material price volatility see Risk Factors Any disruption in the availability, timely delivery, or price volatility of raw materials and contract manufactured goods may adversely affect our business, financial condition, and results of operations on page 26.
To mitigate these risks, we maintain three to four months of inventory and foster long-term relationships with reliable suppliers. However, price movements beyond a certain threshold can materially impact profitability, particularly under fixed-price contracts. For instance, a sharp increase in copper prices directly raises production costs for nozzles, valves, and monitors manufactured from brass or bronze. When customer pricing has already been finalised, absorbing such cost increases becomes challenging. In such situations, our ability to respond swiftly, adapt procurement strategies, and optimise sourcing plays a critical role in safeguarding margins.
Exposure to global economic conditions and trade relationships
Our international business accounts for approximately 30 40% of revenue from operations and extends across multiple geographies. Performance in export markets is influenced by global capital expenditure trends, industrial growth cycles, and macroeconomic conditions in key regions such as the Middle East, Southeast Asia, Europe, and Africa. A significant portion of our international customers operate in infrastructure, oil and gas, and logistics sectors, industries that are inherently sensitive to geopolitical developments, regulatory changes, and funding constraints.
We operate in a competitive environment that includes multinational corporations (MNCs) in both domestic and international markets. These companies often benefit from strong global branding, extensive reference projects, and regional warehousing capabilities. For instance, in projects such as international data centres in India, product approvals are governed by global standards and customer-specific compliance protocols. Similarly, in the Middle East, many government projects require Civil Defence approval, which entails product listing and adherence to local fire safety regulations. Sustaining our relevance in such scenarios demands continuous engagement, technical agility, and strict alignment with customer documentation and standards.
The table below sets out the details of our revenue from customers with geographical location outside India:
| Particulars | Three months period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Revenue from operations (in million)* | 1,082.70 | 4,854.12 | 4,284.31 | 3,698.63 |
| Revenue from outside India (in million) | 354.93 | 1,684.05 | 1,552.62 | 1,232.84 |
| Revenue from outside India as a % of revenue from operations* | 32.78 | 34.69 | 36.24 | 33.33 |
*Revenue from Operations excluding other operating revenue i.e. export incentives and scrap sales
The table below sets forth the breakdown of our income from sale of goods across geographic markets, as a percentage of our revenue from operations in the periods indicated:
| Name of the Country | Three months period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| Revenue from operations* ( in million ) | % of revenue from operations* | Revenue from operations* ( in million ) | % of revenue from operations* | Revenue from operations* ( in million ) | % of revenue from operations* | Revenue from operations* ( in million ) | % of revenue from operations* | |
| India | 727.77 | 67.22 | 3170.08 | 65.31 | 2,731.69 | 63.76 | 2,465.79 | 66.67 |
| Middle East | 145.85 | 13.47 | 727.31 | 14.98 | 637.06 | 14.87 | 565.15 | 15.28 |
| Rest of Asia | 113.97 | 10.53 | 481.72 | 9.92 | 532.66 | 12.43 | 341.47 | 9.23 |
| South America | 34.39 | 3.18 | 126.80 | 2.61 | 130.11 | 3.04 | 91.72 | 2.48 |
| Europe | 25.08 | 2.32 | 111.89 | 2.31 | 124.60 | 2.91 | 89.07 | 2.41 |
| North America | 0.90 | 0.08 | 106.07 | 2.19 | 67.85 | 1.58 | 70.09 | 1.90 |
| Africa | 32.80 | 3.03 | 120.41 | 2.48 | 54.21 | 1.27 | 71.35 | 1.93 |
| Oceania | 1.94 | 0.18 | 9.84 | 0.20 | 6.13 | 0.14 | 3.98 | 0.11 |
| Total | 1,082.70 | 100.00 | 4854.12 | 100.00 | 4,284.31 | 100.00 | 3,698.63 | 100.00 |
*Revenue from Operations excluding other operating revenue i.e. export incentives and scrap sales
Despite our global presence, the success of our products in different geographies remains inherently unpredictable. A product that performs well in one region may fail to generate traction in another, due to variations in fire safety norms, climate, end-use industries, price sensitivity, and customer preferences. Product acceptance varies across geographies, influenced by local regulatory frameworks and market preferences. For instance, AR-SFFF foam systems are mandated in certain markets where the use of fluorinated surfactants is being phased out or prohibited.
Indias diplomatic relations and trade policies with individual countries further shape our international operations. Any imposition of import restrictions, sanctions, or changes in bilateral agreements can materially impact our ability to conduct business in these markets.
Brand development and marketing investments
As a specialist in life-saving fire protection systems, brand reputation and customer trust are central to our success. While we have built a strong presence in both domestic and export markets, maintaining and expanding this presence requires consistent investment in brand-building and customer outreach. Our participation in global exhibitions, industry seminars, technical webinars, and digital platforms helps us stay visible and relevant in a competitive market.
Our Company extensively invests in the marketing and promotion of our brand and products, both in India and overseas. The table below details our marketing expense over the three months period ended June 30, 2026 and the Fiscals 2026, 2025, and 2024:
| Particular | Three months period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| Amount ( million) | Percentage of Revenue from Operations (%) | Amount ( million) | Percentage of Revenue from Operations (%) | Amount ( million) | Percentage of Revenue from Operations (%) | Amount ( million) | Percentage of Revenue from Operations (%) | |
| Marketing expenses | 5.32 | 0.49 | 38.37 | 0.78 | 40.25 | 0.93 | 37.03 | 0.99 |
Our branding and marketing activities include participation in industry exhibitions and trade shows (both domestic and international), advertising through print media (catalogues, brochures, and trade magazines), digital marketing through email campaigns, LinkedIn and technical blogs, and direct marketing to consultants and EPC contractors.
Marketing activities are carried out by the in-house team in coordination with third-party marketing and creative agencies. These agencies primarily assist in managing our digital presence across platforms such as Facebook, LinkedIn, Instagram, and YouTube.
For our international markets, we rely on a marketing strategy that includes participation in various fire protection exhibitions, in collaboration with distributors, and targeted campaigns across digital platforms and trade media. These initiatives collectively play a key role in strengthening and sustaining our brand presence across export geographies.
These initiatives also help in showcasing new product launches, technical upgrades, and certifications. However, they involve ongoing expenditure which can influence short-term margins. We continuously assess the return on these investments and align them with our strategic focus on customer acquisition, consultant engagement, and international growth.
Order Book influenced by product approvals, brand strength, and compliance capabilities
Our order acquisition is strengthened by our ability to meet international and project-specific compliance requirements. Over the years, we have built a wide portfolio of internationally certified and approved products. These certifications are critical for participation in projects that demand high compliance and traceability.
Our technical team consistently monitors updates in codes and fire safety standards in India and overseas. We also proactively adapt our designs and testing procedures to meet revised requirements. This is essential to remain eligible for participation in technically demanding and time-sensitive projects. For instance, in high-security projects like hyperscale data centres, oil refineries, or metro stations, the pre-qualification requirements can be extremely specific and often evolve based on the latest global trends in fire protection engineering.
Although these strengths improve our chances of securing new orders, the actual conversion of leads into confirmed business continues to depend on multiple external variables. These include customer project timelines, budget approvals, logistics, and site readiness, all of which must align before revenue can be recognised.
These are some of the key factors that significantly influence our operational and financial performance. While we actively manage these aspects through strategic planning and ongoing improvements, various other internal and external elements may also affect our results from time to time.
Material Accounting Policies to the Restated Financial Information
Company Overview and Material Accounting Policies:
a. Corporate Information
HD Fire Protect Limited (Formerly known as HD Fire Protect Private Limited) (the Company) is a Public Limited Company incorporated in India having its registered office at Mumbai, Maharashtra and manufacturing facility at Jalgaon and Thane, Maharashtra, India. The Company is primarily engaged in the business of manufacturing and trading of various Fire Fighting Equipment. The Company sells its products across India and international markets.
b. Statement of Compliance and Basis of Preparation
(i) Basis of Preparation
The Restated financial Information have been prepared in accordance with Indian Accounting Standards (Ind AS) as notified under the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter, the relevant provisions of the Companies Act, 2013 (the Act) as applicable. In addition, the guidance notes/announcements issued by the Institute of Chartered Accountants of India (ICAI) are also applied except if compliance with other statutory promulgations require a different treatment.
(ii) Statement of Compliance
The Restated Financial Information comprise the Restated Statement of Assets and Liabilities as at June 30, 2026, March 31, 2026, March 31, 2025 and March 31, 2024; the related Restated Statement of Profit and Loss (including Other Comprehensive Income), the Restated Statement of Changes in Equity, and the Restated Statement of Cash Flows for the period ended June 30, 2026, year ended March 31, 2026, March 31, 2025 and March 31, 2024 and the material accounting policies and Restated Other Financial Information (together referred to as Restated Financial Information).
The Restated Financial Information have been prepared on a going concern basis on the basis of relevant Ind AS that are effective as at June 30, 2026. These restated financial information have been approved by the Board of Directors on September 22, 2026.
The Restated financial information comply in all material aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act), Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other relevant provisions of the Act.
These Restated Financial Information have been prepared by the management as required under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended issued by the Securities and Exchange Board of India (SEBI), in pursuance of the Securities and Exchange Board of India Act, 1992, for the purpose of inclusion in the Draft Red Herring Prospectus in connection with the proposed initial public offering of equity shares of the Company comprising an offer for sale of equity Shares held by the Selling shareholders (the Offer), prepared by the in terms of the requirements of:
Section 26 of Part I of Chapter III of the Companies Act, 2013 (the Act);
The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (ICDR Regulations); and
The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India as amended from time to time (the Guidance Note)
The Restated Financial Information has been compiled by the Company from Audited Special Purpose Financial Statements as at and for the quarter ended June 30, 2026, Audited Financial Statements of the Company as at and for the years ended March 31, 2026 , March 31, 2025 and March 31, 2024 prepared in accordance with Indian Accounting Standard (referred to Ind AS) as prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India which has been approved by the Board of Directors at their meeting held on September 22, 2026, July 20, 2026, July 10, 2025 and August 20, 2024 respectively.
The accounting policies have been consistently applied by the Company in preparation of the Restated Financial Information and are consistent with those adopted in the preparation of financial statements for the year ended June 30, 2026. This Restated Financial Information does not reflect the effects of events that occurred subsequent to the respective dates of board meeting held to approve and adopt the Audited Ind AS Financial Statements.
The Restated Financial Information have been prepared so as to contain information/disclosures and incorporating adjustments set out below in accordance with the SEBI ICDR Regulations:
a. Adjustments to the profits or losses of the earlier periods and of the period in which the change in the accounting policy has taken place, recomputed to reflect what the profits or losses of those periods would have been if a uniform accounting policy was followed in each of these periods, if any;
b. Adjustments for reclassification of the corresponding items of income, expenses, assets and liabilities, in order to bring them in line with the groupings as per the Restated Financial Information of the Company for the year ended June 30, 2026 and the requirements of the SEBI ICDR Regulations, if any;
c. The resultant impact of tax due to the aforesaid adjustments, if any.
d. do not require any adjustments for modifications as there is no modification in the underlying audit reports.
(iii) Basis of Preparation and presentation
Basis of Preparation:
The Restated financial information have been prepared on a historical cost basis, except the following assets and liabilities which have been measured at fair value
Certain financial assets and liabilities (refer accounting policy regarding financial instruments)
Employees Defined Benefit Plan as per actuarial valuation
Derivative Financial instruments measured at fair value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions, regardless of whether that price is directly observable or estimated using another valuation technique. In determining the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.
Functional and Presentation Currency:
The financial information are presented in Indian Rupees and all values are rounded to the nearest Million (INR 000,000), except otherwise indicated.
Summary of Material Accounting Policies
Classification of Assets and Liabilities into Current/Non-Current:
The Company has ascertained its operating cycle as twelve months for the purpose of Current/ Non-Current classification of its Assets and Liabilities.
For the purpose of Balance Sheet, an asset is classified as current if:
a) It is expected to be realised, or is intended to be sold or consumed, in the normal operating cycle; or
b) It is held primarily for the purpose of trading; or
c) It is expected to realise the asset within twelve months after the reporting period; or
d) The asset is a cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is classified as current if:
a) It is expected to be settled in the normal operating cycle; or
b) It is held primarily for the purpose of trading; or
c) It is due to be settled within twelve months after the reporting period; or
d) The Company does not have an unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. Terms of a liability that could result in its settlement by the issue of equity instruments at the option of the counterparty does not affect this classification.
All other liabilities are classified as non-current.
Property, Plant and Equipment (PPE):
The initial cost of PPE comprises its purchase price, including import duties and non-refundable purchase taxes and any directly attributable costs of bringing an asset to working condition and location for its intended use, including relevant borrowing costs and any expected costs of decommissioning. Following initial recognition, items of PPE are carried at its cost less accumulated depreciation and accumulated impairment losses, if any. Gross carrying amount of all PPE are measured using cost model. Expenditure incurred after the PPE have been put into operation, such as repairs and maintenance, are charged to the Statement of Profit and Loss in the period in which the costs are incurred. PPE are eliminated either on disposal or when retired from active use. Capital work-in-progress comprises of cost incurred on property, plant and equipment under construction / acquisition that are not yet ready for their intended use at the Balance Sheet Date.
If significant parts of an item of PPE have different useful lives, then they are accounted for as separate items (major components) of PPE. Material items such as spare parts, stand-by equipment and service equipment are classified as PPE when they meet the definition of PPE as specified in Ind AS 16 Property, Plant and Equipment.
Expenditure during construction period:
a) Expenditure / Income during construction period (including financing cost related to borrowed funds for construction or acquisition of qualifying PPE) is included under Capital Work-in-Progress and the same is allocated to the respective PPE on the completion of their construction.
Advances given towards acquisition or construction of PPE outstanding at each reporting date are disclosed as Capital Advances under Other non-current Assets.
b) Property, plant and equipment are eliminated either on disposal or when retired from active use. Profit/Losses arising in case of retirement of property, plant and equipment and gains or losses arising from disposal of property, plant and equipment are recognized in the statement of profit and loss in the year of occurrence.
Depreciation:
a) Depreciation on the property, plant and equipment (other than freehold land and capital work in progress) is provided on a Written Down method (WDV) over their useful lives which is in consonance of useful life mentioned in Schedule II to the Act.
b) The useful lives of the property, plant and equipment are in accordance with Schedule II and are as follows:
| Particulars | Useful Life |
| Factory buildings | 30 years |
| Other buildings (RCC structure) | 60 years |
| Other Plant and Machinery | 15 years |
| Computers | 3 years |
| Furniture & fittings | 10 years |
| Office & Plant Equipment | 5 years |
| Motor vehicles | 8 years |
c) In case of assets purchased, sold or discarded during the year, depreciation on such assets is calculated on pro-rata basis from the date of such addition or as the case may be, up to the date on which such asset has been sold or discarded.
d) Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted prospectively.
e) Leasehold lands are amortized over the period of lease or useful life whichever is lower. Buildings constructed on leasehold land are depreciated over its useful life which matches with the useful life mentioned in Schedule II.
Intangible Assets and Amortisation:
a) Intangible assets are recognized only if it is probable that the future economic benefits attributable to asset will flow to the Company and the cost of asset can be measured reliably. Intangible assets are stated at cost of acquisition/development less accumulated amortization and accumulated impairment loss if any.
b) Cost of an intangible asset includes purchase price including non - refundable taxes and duties, borrowing cost directly attributable to the qualifying asset and any directly attributable expenditure on making the asset ready for its intended use.
c) Class of intangible assets and their estimated useful lives are as under:
| Assets | Estimated useful life amortized on WDV basis |
| Computer software | 5 years |
d) Amortisation methods and useful lives are reviewed at each financial year end and adjusted prospectively.
e) In case of assets purchased during the year, amortization on such assets is calculated on pro-rata basis from the date of such addition.
Impairment of Non-Financial Assets:
At the end of each reporting period, the Company reviews the carrying amounts of non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in Statement of Profit and Loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in the Statement of Profit and Loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Inventories:
The inventories are valued at lower of cost and net realizable value after providing for cost of obsolescence wherever considered necessary. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.
The cost comprises of costs of purchase, duties and taxes (other than those subsequently recoverable), conversion cost and other costs incurred in bringing the inventories to their present location and condition. The cost of raw materials including Stock in Trade is computed on weighted average basis.
In case of work in progress and finished goods, the costs of conversion include costs directly related to the units of production and systematic allocation of fixed and variable production overheads. The cost of Work in Progress and Finished Goods is computed on Weighted average basis
Borrowing Costs:
Borrowing costs that are directly attributable to the acquisition, construction or development of a qualifying asset are capitalized as part of the cost of the respective asset till such time the asset is ready for its intended use. A qualifying asset is an asset which necessarily takes a substantial period of time (12 months or more) to get ready for its intended use. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest, amortization of discounts, hedge related cost incurred in connection with foreign currency borrowings and exchange difference arising from foreign currency borrowings to the extent they are treated as an adjustment to the borrowing cost and other costs that an entity incurs in connection with the borrowing of funds.
Government Grants and Subsidies:
Government grants and subsidies are recognized when there is reasonable assurance that the Company will comply with the conditions attached thereto and that the grants will be received. Grants/Subsidy related to specific PPE are recognized in statement of Profit and Loss as other Income on systematic basis over the useful use of assets. Grants/Subsidy related to revenue are credited to Profit/Loss and presented as other income.
Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows to net present value using an appropriate pre-tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Unwinding of the discount is recognized in the Statement of Profit and Loss as a finance cost.
Provisions are reviewed at each reporting date and are adjusted to reflect the current best estimate.
A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent liabilities are also disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.
Claims against the Company where the possibility of any outflow of resources in settlement is remote, are not disclosed as contingent liabilities.
A contingent asset is disclosed, where an inflow of economic benefits is probable. Contingent assets are not recognized in financial information since this may result in the recognition of income that may never be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and is recognized.
Revenue Recognition:
a) Revenue from contracts from customers
Revenue is recognized on the basis of approved contracts regarding the transfer of goods or services to a customer for an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation. The transaction price of goods sold and services rendered is net of variable consideration and outgoing taxes on sale. Any amounts receivable from the customer are recognised as revenue after the control over the goods sold are transferred to the customer which is generally on dispatch/delivery of goods.
Variable consideration - This includes incentives, volume rebates, discounts etc. It is estimated at contract inception considering the terms of various schemes with customers and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. It is reassessed at end of each reporting period.
Significant financing component - Generally, the Company receives short term advances from its customers. Using the practical expedient in Ind AS 115, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less.
b) Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.
c) Dividend income on investment is accounted for in the period/year in which the right to receive the same is established.
d) Service income is recognized upon rendering of services. Service income is recorded net of GST.
e) Revenue from Sale of Power from Solar Power System is accounted when the same is transmitted to and confirmed by Electric Board to whom it is sold.
f) Export incentives principally comprises of Duty Drawback, merchandise exports from India scheme (MEIS) and RODTEP based on guidelines formulated for the respective scheme by the government authorities. These incentives are recognized as income on accrual basis in Statement of Profit and Loss only to the extent that realisation/utilisation is certain.
Leases:
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:
(i) the contract involves the use of an identified asset
(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and
(iii) the Company has the right to direct the use of the asset (ROU).
Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated on a straight-line basis over the lease term. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.
Derivative Financial Instruments and Hedge Accounting:
The Company enters into forward contracts to hedge the foreign currency risk of firm commitments and highly probable forecast transactions. Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period.
Hedge Accounting:
The Company designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk.
The effective portion of changes in the fair value of the designated portion of derivatives that qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognized immediately in the statement of profit and loss.
Amounts previously recognized in other comprehensive income and accumulated in equity relating to (effective portion as described above) are reclassified to the Statement of Profit and Loss in the periods when the hedged item affects profit or loss. However, when the hedged forecast transaction results in the recognition of a nonfinancial asset or a non-financial liability, such gains and losses are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the statement of profit and loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in the statement of profit and loss.
Employees Benefits:
a) Short term employee benefits
All employee benefits falling due wholly within twelve months of rendering the service are classified as short term employee benefits and they are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss in the period in which the employee renders the related service.
b) Other Long term benefits:
Long-term compensated absences are provided for on the basis of an actuarial valuation at the end of each financial year. Actuarial gains/losses, if any, are recognised immediately in the Statement of Profit and Loss.
c) Post-employment benefits
i) Defined contribution plan
The defined contribution plan is post-employment benefit plan under which the Company contributes fixed contribution to a government administered fund and will have no obligation to pay further contribution. The Companys defined contribution plan comprises of Provident Fund, Employee State Insurance Scheme and Labour Welfare Fund. The Companys contribution to defined contribution plans are recognized in the Statement of Profit and Loss in the period in which employee renders the related service.
ii) Defined benefit plan
The Companys obligation towards gratuity liability is funded to an approved gratuity fund, which fully covers the said liability under Cash Accumulation Policy of Life Insurance Corporation of India (LIC). The present value of the defined benefit obligations is determined based on actuarial valuation using the projected unit credit method. The rate used to discount defined benefit obligation is determined by reference to market yields at the Balance Sheet date on Indian Government Bonds for the estimated term of obligations. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and fair value of plan assets. Re-measurement gains or losses arising from experience adjustments changes in actuarial assumptions is reflected immediately in the Balance Sheet with a charge or credit recognized in Other Comprehensive Income (OCI) in the period in which they occur. Re-measurement recognized in OCI is reflected immediately in retained earnings and will not be reclassified to Statement of Profit and Loss in the subsequent period.
Income Taxes:
a) Tax expenses comprise of current tax, deferred tax charge or credit and adjustments of taxes for earlier years. In respect of amounts adjusted against securities premium or retained earnings or other reserves, the corresponding tax effect is also adjusted against the securities premium or retained earnings or other reserves, as the case may be, as per the announcement of Institute of Chartered Accountant of India.
b) Current Tax is measured on the basis of estimated taxable income for the current accounting period in with the applicable tax rates and the provisions of the Income-tax Act, 1961 and other applicable tax laws.
c) Deferred tax is provided, on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date.
Tax relating to items recognized directly in equity or OCI is recognized in equity or OCI and not in the Statement of Profit and Loss. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable.
Earnings per Share:
Basic earnings per share (EPS) are calculated by dividing the net profit or loss (after tax) for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the period is adjusted for events of bonus issue and share split if any.
For the purpose of calculating diluted earnings per share, the net profit or loss (after tax) for the year attributable to equity shareholders and the weighted average number of equity shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
Foreign Currency Transactions:
a) Transactions denominated in foreign currencies are recorded at the exchange rates prevailing on the date of the transaction.
b) As at balance sheet date, foreign currency monetary items are translated at closing exchange rate. Foreign currency non-monetary items carried at fair value are translated at the rates prevailing at the date when the fair value was determined. Foreign currency non-monetary items measured in terms of historical cost are translated using the exchange rate as at the date of initial transactions.
c) Exchange difference arising on settlement or translation of foreign currency monetary items are recognized as income or expense in the year in which they arise.
Financial Instruments:
a. Initial recognition
The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities that are not at fair value through profit or loss are added to the fair value on initial recognition.
b. Subsequent measurement
(i) Financial assets carried at amortised cost
A financial asset is subsequently measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
(ii) Financial assets at fair value through other comprehensive income
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has made an irrevocable election for its investments which are classified as equity instruments & trust funds to present the subsequent changes in fair value in other comprehensive income based on not held for trading.
(iii) Financial assets at fair value through profit or loss
A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss.
(iv) Financial liabilities
Financial liabilities are subsequently carried at amortised cost using the effective interest rate method. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.
c. De-recognition of financial instruments
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for de-recognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognised from the Companys balance sheet when the obligation specified in the contract is discharged or cancelled or expires.
d. Fair value of financial instruments
In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include available quoted market prices and discounted cash flow analysis. All methods of assessing fair value result in general approximation of value and such value may never actually be realised.
Cash Flow Statement and Cash and Cash Equivalents:
Cash and cash equivalents include cash in hand, bank balances, deposits with banks and all short term highly liquid investments (with zero exit load at the time of investment) that are readily convertible into known amounts of cash and are subject to an insignificant risk of changes in value. Cash flows are reported using the indirect method, where by net profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.
Dividend distribution:
Final equity dividends on shares are recorded as a liability on the date of approval by the shareholders and interim equity dividends are recorded as a liability on the date of declaration by the Companys Board of Directors.
Segment Reporting:
Operating segments have been identified taking into account the nature of the products / services, geographical locations, nature of risks and returns, internal organization structure and internal financial reporting system. These operating results are regularly reviewed by the companys Board of Directors.
Critical accounting judgements and key sources of estimation uncertainty:
The preparation of the Companys financial information requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Critical judgements and estimates in applying accounting policies:
1) Property, Plant and Equipment:
Property, Plant and Equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an assets expected useful life. The useful lives of the Companys assets are determined by the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technical or commercial obsolescence arising from changes or improvements in production or from a change in market demand of the product or service output of the asset.
2) Estimation of Defined benefit obligation:
The costs of providing post-employment benefits are charged to the Statement of Profit and Loss in accordance with Ind AS 19 Employee benefits over the period during which benefit is derived from the employees services.
The costs are assessed on the basis of assumptions selected by the management. These assumptions include salary escalation rate, discount rates, expected rate of return on assets and mortality rates. The same is disclosed in Note 35.
3) Fair value measurement of Financial Instruments (Refer Note 43):
The management assessed that cash and bank balances, trade receivables, trade payables and other financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The Company has established the following fair value hierarchy that categorises the values into 3 levels. The inputs to valuation techniques used to measure fair value of financial instruments are:
Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. The fair value of all equity investments, bonds. NCD, mutual funds which are traded in the stock exchanges is valued using the closing price or NAV or dealer quotations as at the reporting date.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on company specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
Principal Components of Statement of Profit and Loss
Total income
Our total income comprises Revenue from Operations and Other Income.
Revenue from Operations
Our revenue from operations primarily includes revenue from sale of products, sale of services and other operating revenue consisting of export incentives and scrap sales. We generate majority of our revenue from Sale of Products from our product offerings namely
(a) sprinklers, alarm valves and accessories,
(b) deluge valves, deluge skids and pre-action systems,
(c) foam equipment and suppression systems,
(d) monitors and monitor nozzles,
(e) systems valves and accessories,
(f) water spray nozzles,
(g) custom engineered systems, and (h) gas suppression systems
Other Income
Our other income primarily includes
(i) exchange gain (net),
(ii) interest income,
(iii) subsidy from state government,
(iv) profit on sale of non-current investments,
(v) fair valuation gain/(loss) on instruments through profit or loss,
(vi) profit on sale of property, plant and equipment,
(vii) dividend received,
(viii) rent income,
(ix) sale of power from solar power plants,
(x) other income, and
Expenses
Our total expenses include the below mentioned expenses:
Purchase of Stock In Trade
Our purchases of stock-in-trade consist of sprinklers, flexi drop, butterfly valve, gate valve, foam concentrate, etc
Cost of materials consumed
Our cost of materials consumed consists of opening stock and purchases, less the closing stock.
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress
Our changes in inventories of finished goods, stock-in-trade and work-in-progress comprises difference between the closing and the opening inventory of finished goods, work-in-progress and stock-in-trade.
Employee benefits expense
Our employee benefits expense primarily include
(i) salaries, wages, bonus & allowances,
(ii) contribution to provident and other funds, and
(iii) staff welfare expenses.
Finance costs
Our finance costs primarily include
(i) interest on loan,
(ii) Interest Others and
(iii) interest on income tax
Depreciation and Amortization expense
Our depreciation and amortization primarily include
(i) depreciation on property, plant and equipment
(ii) amortisation of intangible assets, and
(iii) amortisation of lease hold land.
Other Expenses
Our other expenses primarily include
(i) freight & forwarding charges,
(ii) power & fuel,
(iii) job work & contract labour charges,
(iv) advertisement expenses,
(v) commission,
(vi) business promotion expenses,
(vii) auditors remuneration,
(viii) legal and professional fees,
(ix) insurance & ECGC premium,
(x) inspection, testing & approval fees,
(xi) rent,
(xii) rates & taxes,
(xiii) repair & maintenance of building, plant & machinery, and others,
(xiv) travelling & conveyance expenses,
(xv) corporate social responsibility expenses,
(xvi) provision for expected credit loss, and
(xvii) miscellaneous expenses
Tax Expenses
Our tax expenses primarily include current tax, and deferred tax.
Profit after tax for the period
Profit after tax for the period includes the profit for the year after tax expenses and exceptional items.
Results of Operations based on our Restated Financial Information
The following table sets forth select financial data from our statement of profit and loss for the three months period ended June 30, 2026 and the Fiscals 2026, 2025, and 2024, the components of which are also expressed as a percentage of total income for such periods.
| Particulars | Three months period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||||||
| (In million) | (As a % of total income) | (In million) | (As a % of total income) | (In million) | (As a % of total income) | (In million) | (As a % of total income) | ||||
| Revenue | |||||||||||
| Income | |||||||||||
| Revenue from Operations | 1,090.52 | 95.60 | 4,892.81 | 96.87 | 4,327.99 | 96.03% | 3,729.53 | 95.14% | |||
| Other income | 50.16 | 4.40 | 158.34 | 3.13 | 178.76 | 3.97% | 190.66 | 4.86% | |||
| Total income (I) | 1,140.68 | 100 | 5,051.15 | 100 | 4,506.75 | 100.00% | 3,920.19 | 100.00% | |||
| Expenditure | - | - | |||||||||
| Cost of materials consumed | 343.73 | 30.13 | 1,230.80 | 24.37 | 1,193.65 | 26.49% | 1,118.96 | 28.54% | |||
| Purchases of stock-in-trade | 402.44 | 35.28 | 1,321.95 | 26.17 | 1,003.00 | 22.26% | 808.41 | 20.62% | |||
| Changes in Inventories of Finished | (190.39) | (16.69) | (53.90) | (1.07) | (85.07) | (1.89%) | 39.49 | 1.01% | |||
| Goods, Stock-in-Trade and Work-in- Progress | |||||||||||
| Employee benefits expense | 112.31 | 9.85 | 456.77 | 9.04 | 420.02 | 9.32% | 354.17 | 9.03% | |||
| Finance costs | 0.24 | 0.02 | 1.72 | 0.03 | 0.26 | 0.01% | 0.07 | 0.00% | |||
| Depreciation and amortisation expenses | 22.07 | 1.93 | 101.42 | 2.01 | 91.43 | 2.03% | 93.38 | 2.38% | |||
| Other expenses | 125.18 | 10.97 | 432.60 | 8.56 | 416.31 | 9.24% | 342.18 | 8.73% | |||
| Total expenses (II) | 815.58 | 71.50 | 3,491.36 | 69.12 | 3,039.61 | 67.45% | 2,756.66 | 70.32% | |||
| Profit before exceptional items and taxes (I-II) | 325.10 | 28.50 | 1,559.79 | 30.88 | 1,467.14 | 32.55% | 1,163.53 | 29.68% | |||
| Exceptional items | 0 | 0 | 0 | 0 | 0 | 0.00% | 0 | 0.00% | |||
| Profit before tax after exceptional items | 325.10 | 28.50 | 1,559.79 | 30.88 | 1,467.14 | 32.55% | 1,163.53 | 29.68% | |||
| Tax Expense | |||||||||||
| (i) Current tax | 80.72 | 7.08 | 411.65 | 8.15 | 363.17 | 8.06% | 280.31 | 7.15% | |||
| (ii) Deferred tax | 5.73 | 0.50 | (19.73) | (0.39) | 6.79 | 0.15% | 4.02 | 0.10% | |||
| Total tax expenses | 86.50 | 7.58 | 391.93 | 7.76 | 369.96 | 8.21% | 284.33 | 7.25% | |||
| Profit for the period/ year | 238.65 | 20.92 | 1,167.87 | 23.12 | 1,097.18 | 24.35% | 879.2 | 22.43% | |||
| Other Comprehensive Income | |||||||||||
| Items that will not be reclassified to Statement of Profit and Loss | |||||||||||
| Remeasurement of Defined Benefit Plans | (3.09) | (0.27) | 4.09 | 0.08 | (1.27) | (0.03%) | (5.11) | (0.13%) | |||
| Equity Instruments through other comprehensive income | 2.34 | 0.21 | 34.43 | 0.68 | 5.28 | 0.12% | 106.04 | 2.70% | |||
| Particulars | Three months period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| (In million) | (As a % of total income) | (In million) | (As a % of total income) | (In million) | (As a % of total income) | (In million) | (As a % of total income) | |
| Income Tax relating to items that will not be reclassified to profit & loss | 0.44 | 0.04 | (4.90) | (0.10) | (1.48) | (0.03%) | (12.16) | (0.31%) |
| Items that will be reclassified to Statement of Profit and Loss | ||||||||
| The effective portion of gains and loss on hedging instruments in a cash flow hedge | 0.51 | 0.04 | (0.66) | (0.01) | 0.01 | 0.00% | 0 | 0.00% |
| Income Tax relating to items that will be reclassified to profit & loss | (0.13) | (0.01) | 0.17 | 0.00 | 0 | 0.00% | 0 | 0.00% |
| Other Comprehensive Income for the period/ year (IV) | 0.07 | 0.01 | 33.13 | 0.66 | 2.54 | 0.06% | 88.77 | 2.26% |
| Total Comprehensive Income for the period/ year (III + IV) | 238.73 | 20.93 | 1,201.00 | 23.78 | 1,099.72 | 24.36% | 967.97 | 24.69% |
| Earnings per equity share of face value of Rs.5/- each | ||||||||
| Basic & Diluted (in Rs.) | 1.36* | 6.66 | 6.26 | 5.01 | ||||
| * Not Annualised | ||||||||
ANALYSIS OF THE RESULTS OF OPERATIONS
Three months period ended June 30, 2026
Total Income
Our total income amounted to 1,140.68 million for the three months period ended June 30, 2026 on account of the factors discussed below.
Revenue from operations
Our revenue from operations amounted to 1,090.52 million for the three months period ended June 30, 2026, primarily due to sustained demand for our products and increased sales volumes,
Other income
Our other income amounted to 50.16 million for the three months period ended June 30, 2026, primarily comprising exchange gain (net) amounting to 4.85 million, interest income was amounting to 8.83 million, subsidy from state government was amounting to 0.16 million, profit on sale of non-current investments was amounting to 0.05 million and Fair Valuation Gain/(Loss) on Instruments through Profit or Loss was amounting to 36.27 million
Expenses
Our total expenses amounted to 815.58 million for the three months period ended June 30, 2026, on account of the factors discussed below.
Purchase of stock-in-trade
Our purchases of stock in trade amounted to 402.44 million in the three months period ended June 30, 2026, primarily due to the procurement of traded goods to meet customer demand and support the growth in sales during the period.
Cost of materials consumed
Our cost of material consumed has amounted to 343.73 million for the three months period ended June 30, 2026, primarily due to the consumption of raw materials and other inputs required for the production of our products during the period.
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress
Our cost of changes in inventories of finished goods, stock-in-trade and work-in-progress amounted to (190.39) million for the three months period ended June 30, 2026, primarily due to to an increase in inventories of finished goods, stock-in-trade and work-in-progress during the period
Employee Benefits Expense
Our employee benefits expense amounted to 112.31 million for the three months period ended June 30, 2026, primarily due to to salaries, wages and other employee-related benefits, including an increase in employee headcount and annual increments during the period.
Finance Costs
Our finance costs amounted to 0.24 million for the three months period ended June 30, 2026, primarily due to interest-others during the period.
Depreciation and Amortization expense
Our depreciation and amortization expense amounted to 22.07 million for the three months period ended June 30, 2026, primarily comprising of depreciation of property, plant and equipment of 20.90 million.
Other Expenses
Our other expenses amounted to 125.18 million for the three months period ended June 30, 2026, primarily due to to job work and contract labour charges of 23.46 million, provision for expected credit loss of 20.41 million, freight and forwarding charges of 12.31 million, inspection, testing and approval fees of 12.27 million, miscellaneous expenses of 12.19 million, repair and maintenance expenses of 14.56 million, travelling and conveyance expenses of 7.24 million, corporate social responsibility expenses of 6.61 million and business promotion expenses of 5.21 million, among other operating expenses incurred during the period.
Tax Expense
Our tax expense amounted to 86.45 million for the three months period ended June 30, 2026, primarily comprising of current tax of 80.72 million and deferred tax of 5.73 million.
Profit after tax for the period
As a result of the foregoing factors, our profit after tax for the period amounted to 238.65 million for the three months period ended June 30, 2026.
Comparison of the Fiscals 2026, 2025 and 2024
Fiscal 2026 Compared to Fiscal 2025
Total Income
Our total income increased by 12.08% to 5,051.15 million for Fiscal 2026, from 4,506.74 million for Fiscal 2025 on account of the factors discussed below.
Revenue from operations
Our revenue from operations increased by 13.05% to 4,892.81 million for Fiscal 2026 from 4,327.99 million for Fiscal 2025. The growth was primarily attributable to sustained demand in the domestic market, with regulatory compliance requirements supporting higher sales volumes. Further, the Companys efforts to expand its international presence in key overseas markets contributed to an increase in export volumes and supported the overall growth in sales.
Other income
Our other income decreased by 11.42% to 158.34 million for Fiscal 2026 from 178.76 million for Fiscal 2025, primarily due to a decrease in the fair valuation gain on instruments through profit or loss to (67.93) million for Fiscal 2026 from 37.44 million in Fiscal 2025, decrease in the interest income to 42.98 million for Fiscal 2026 from 69.76 million in Fiscal 2025 and decrease in the dividend received to 1.87 million for Fiscal 2026 from 4.66 million in Fiscal 2025.
Expenses
Our total expenses increased by 14.86% to 3,491.37 million for Fiscal 2026 from 3,039.61 million for Fiscal 2025, on account of the factors discussed below.
Purchase of stock-in-trade
Our purchases of stock in trade increased by 31.80% to 1,321.95 million in Fiscal 2026 from 1,003.00 million in Fiscal 2025, primarily due to higher procurement requirements to support increased sales volumes and meet growing customer demand.
Cost of materials consumed
Our cost of material consumed has increased by 3.11% to 1230.80 million for Fiscal 2026 from 1,193.65 million for Fiscal 2025, primarily due to higher production volumes undertaken to meet the increase in sales demand.
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress
Our cost of changes in inventories of finished goods, stock-in-trade and work-in-progress decreased by 36.65% to (53.90) million for Fiscal 2026 from (85.07) million for Fiscal 2025, primarily due to lower levels of inventory build-up during the year, in line with the increase in sales and corresponding consumption of finished goods, stock-in-trade and work-in-progress.
Employee Benefits Expense
Our employee benefits expense increased by 8.75% to 456.77 million for Fiscal 2026 from 420.03 million for Fiscal 2025, primarily due to annual increments in employee remuneration and an increase in employee strength during the year, resulting in higher salary and related employee benefit costs.
Finance Costs
Our finance costs increased by 562.91% to 1.72 million for Fiscal 2026 from 0.26 million for Fiscal 2025, primarily due to interest expenses on other items of 1.55 million incurred during Fiscal 2026, as compared to nil in Fiscal 2025.
Depreciation and Amortization expense
Our depreciation and amortization expense increased by 10.93% to 101.42 million for Fiscal 2026 from 91.43 million for
Fiscal 2025, primarily due to an increase in the depreciable asset base and the corresponding depreciation and amortization charges during the year.
Other Expenses
Our other expenses increased by 3.91% to 432.59 million for Fiscal 2026 from 416.31 million for Fiscal 2025, primarily due to increase in the job work & contract labour charges to 118.68 million for Fiscal 2026 from 111.27 million for Fiscal 2025, repair & maintenance to 59.39 million in Fiscal 2026 from 34.57 million in Fiscal 2025 and inspection, testing & approval fees to 30.17 million for Fiscal 2026 from 27.61 million for Fiscal 2025.
Tax Expense
Our tax expense increased by 5.45% to 391.92 million for Fiscal 2026 from 369.96 million for Fiscal 2025, primarily due to increase in the revenue from operations of our Company.
Profit after tax for the period
As a result of the foregoing factors, our profit after tax for the period increased by 6.61% to 1,167.86 million for Fiscal 2026 from 1,097.18 million for Fiscal 2025.
Fiscal 2025 Compared to Fiscal 2024
Total Income
Our total income increased by 14.96% to 4,506.74 million for Fiscal 2025 from 3,920.19 million for Fiscal 2024, on account of the factors discussed below.
Revenue from operations
Our revenue from operations increased by 16.05% to 4,327.99 million for Fiscal 2025 from 3,729.53 million for Fiscal 2024, primarily due to (i) increase in the revenue from sale of products to 4,277.09 million for Fiscal 2025 from 3,694.90 million for Fiscal 2024, (ii) increase in the service income to 7.22 million in Fiscal 2025 from 3.73 million in Fiscal 2024, and (iii) increase in other operating revenue to 43.68 million in Fiscal 2025 from 30.90 million in Fiscal 2024. The aforementioned increase was primarily due to the increase in domestic market demand, driven by regulatory compliance, significantly contributed to overall sales growth. Additionally, we strategically strengthened global footprint by appointing new distributors in key international markets, which resulted in rise in export volumes. We also strengthened our field service support team, which led to increase in services income.
Other income
Our other income decreased by 6.24% to 178.76 million for Fiscal 2025 from 190.66 million for Fiscal 2024, primarily due to a decrease in the fair valuation gain on instruments through profit or loss to 37.44 million for Fiscal 2025 from 70.21 million in Fiscal 2024, decrease in the subsidy from state government to 0.21 million for Fiscal 2025 from 6.16 million in Fiscal 2024 and decrease in the dividend received to 4.66 million for Fiscal 2025 from 4.97 million in Fiscal 2024.
Expenses
Our total expenses increased by 10.26% to 3,039.61 million for Fiscal 2025 from 2,756.66 million for Fiscal 2024, on account of the factors discussed below.
Purchase of stock-in-trade
Our purchases of stock in trade increased by 24.07% to 1,003.00 million in Fiscal 2025 from 808.41 million in Fiscal 2024, primarily due to procurement of inventory to ensure uninterrupted operations and meet sales requirements.
Cost of materials consumed
Our cost of material consumed has increased by 6.67% to 1,193.65 million for Fiscal 2025 from 1,118.95 million for Fiscal
2024, primarily due to higher production volumes, aligned with growing sales demand. However, raw material prices themselves remained relatively stable, and no significant price escalation was observed during the period.
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress
Our cost of changes in inventories of finished goods, stock-in-trade and work-in-progress decreased by 315.42% to (85.07) million for Fiscal 2025 from 39.49 million for Fiscal 2024, primarily due to an increase in the volume of business conducted.
Employee Benefits Expense
Our employee benefits expense increased by 18.59% to 420.03 million for Fiscal 2025 from 354.17 million for Fiscal 2024, primarily due to increase in the number of employees to 261 as at March 31, 2025 from 242 as at March 31, 2024 and the corresponding increase in the salaries, wages, staff welfare expenses, gratuity and contribution to provident and other funds.
Finance Costs
Our finance costs increased by 271.43% to 0.26 million for Fiscal 2025 from 0.07 million for Fiscal 2024, primarily due to increase in interest income tax to 0.26 million for Fiscal 2025 from 0.00 million for Fiscal 2024.
Depreciation and Amortization expense
Our depreciation and amortization expense decreased by 2.09% to 91.43 million for Fiscal 2025 from 93.38 million for Fiscal 2024, primarily because a significant portion of the capex incurred during Fiscal 2025 was capitalized toward the end of the financial year, resulting in only a partial depreciation impact in the current period.
Other Expenses
Our other expenses increased by 21.66% to 416.31 million for Fiscal 2025 from 342.19 million for Fiscal 2024, primarily due to increase in the job work & contract labour charges to 111.27 million for Fiscal 2025 from 91.47 million for Fiscal
2024, legal and professional fees to 25.31 million in Fiscal 2025 from 16.60 million in Fiscal 2024 and inspection, testing & approval fees to 27.61 million for Fiscal 2025 from 18.74 million for Fiscal 2024.
Tax Expense
Our tax expense increased by 30.72% to 369.96 million for Fiscal 2025 from 284.33 million for Fiscal 2024, primarily due to increase in the revenue from operations of our Company. The profit before tax for Fiscal 2025 was 1,467.14 million as against profit before tax of 1,163.53 million for Fiscal 2024.
Profit after tax for the period
As a result of the foregoing factors, our profit after tax for the period increased by 24.60% to 1,097.18 million for Fiscal 2025 from 879.20 million for Fiscal 2024.
Liquidity and Capital Resources
We have historically financed the expansion of our business and operations through owned funds and funds generated from our operations. Further, we believe that after taking into account the expected cash to be generated from our business and operations, we will have sufficient capital to meet our anticipated capital requirements for our working capital and capital expenditure requirements. As of March 31, 2026, we had 873.56 million in inventories, 937.13 million trade receivables, cash and cash equivalents of 148.74 million and other current assets of 76.33 million.
For the Fiscals 2026, 2025, and 2024, our total liabilities based on our Restated Financial Statements amounted to 548.79 million, 528.50 million, and 492.19 million, respectively.
Cash Flows based on Restated Financial Information
The table below summarizes the statement of cash flows, as per our cash flow statements, for the periods indicated:
| Particulars | Three months period ended June 30, | Fiscal | ||
| 2026 | 2026 | 2025 | 2024 | |
| Net cash generated from / (used in) operating activities | 471.95 | 924.92 | 983.15 | 637.71 |
| Net cash generated from / (used in) investing activities | (490.83) | 409.74 | (525.59) | (329.81) |
| Net cash generated from / (used in) financing activities | 8.59 | (1360.58) | (492.03) | (228.95) |
| Cash and cash equivalents | 138.45 | 148.74 | 174.66 | 209.13 |
Operating Activities
In the three months period ended June 30, 2026, our net cash generated from operating activities was 471.95 million. This was primarily derived from a profit before tax of 325.10 million, which was adjusted for non-cash items such as depreciation and amortisation expenses of 22.07 million, finance costs amounting to 0.24 million and a provision for expected credit loss of 20.41 million. These adjustments were partially offset by unrealised gain on investments of 36.27 million, interest income of 8.83 million, realised gain on investments of 0.05 million. Our operating profit before working capital changes amounted to 322.72 million. Adjustments in working capital included an inflow from trade receivables of 363.96 million and outflow inventories of 180.52 million, partially offset by an outflow from other receivables of 166.83 million and inflow trade payables & other liabilities of 184.80 million. Cash generated from operations totalled 524.13 million, and income tax paid was 52.18 million.
In Fiscal 2026, our net cash generated from operating activities was 924.92 million. This was primarily derived from a profit before tax of 1,559.79 million, which was adjusted for non-cash items such as depreciation and amortisation expense of 101.42 million, a profit on sale of property, plant, & equipment of 1.60 million, and a provision for expected credit loss of (0.89) million. These adjustments were partially offset by unrealised loss on investments of 67.93 million, interest income of 42.98 million, realised gain on investments of 132.36 million, and dividend income of 1.87 million. Our operating profit before working capital changes amounted to 1,551.16 million. Adjustments in working capital included an outflow from trade receivables of 358.45 million and inventories of 174.80 million, partially offset by an inflow from other receivables of 262.45 million and trade payables & other liabilities of 50.40 million. Cash generated from operations totalled 1,330.77 million, and income tax paid was 405.85 million.
In Fiscal 2025, our net cash generated from operating activities was 983.15 million. This was primarily derived from a profit before tax of 1,467.14 million, which was adjusted for non-cash items such as depreciation and amortisation expenses of 91.43 million, a loss on sale of property, plant, & equipment of 1.01 million, and a provision for expected credit loss of 8.47 million. These adjustments were partially offset by unrealised gain on investments of 37.44 million, interest income of 69.76 million, realised gain on investments of 35.87 million, and dividend income of 4.66 million. Our operating profit before working capital changes amounted to 1,420.58 million. Adjustments in working capital included an outflow from trade receivables of 106.69 million and inventories of 147.35 million, partially offset by an inflow from other receivables of 154.32 million and trade payables & other liabilities of 32.88 million. Cash generated from operations totalled 1,353.74 million, and income tax paid was 370.59 million.
For Fiscal 2024, our net cash generated from operating activities was 637.71 million. Our profit before tax was 1,163.53 million, which was adjusted for depreciation and amortisation expenses of 93.38 million, and a loss on sale of property, plant, & equipment of 1.09 million. These adjustments were partially offset by unrealised gain on investments of 70.21 million, interest income of 61.08 million, provision for expected credit loss of 0.46 million, realised gain on investments of 23.83 million, and dividend income of 4.97 million. Our operating profit before working capital changes was 1,097.52 million. Working capital adjustments included an inflow from trade receivables of 28.98 million and inventories of 139.97 million, offset by an outflow from other receivables of 376.66 million and an inflow from trade payables & other liabilities of 46.69 million. Cash generated from operations amounted to 936.50 million, and income tax paid was 298.79 million.
Investing Activities
In the three months period ended June 30, 2026, our net cash generated from / (used in) investing activities was (490.83) million. This was primarily due to payments for the purchase of property, plant & equipment of 0.26 million, capital work-in-progress of 50.57 million, and purchase/redemption in investments of 440.05 million. These outflows were partially offset by proceeds from the sale of property, plant & equipment of 0.05 million
In Fiscal 2026, our net cash generated from / (used in) investing activities was 409.74 million. This was primarily due to payments for the purchase of property, plant & equipment of 41.49 million, capital work-in-progress of 137.44 million, and Redemption in Investments of 371.28 million. These outflows were partially offset by proceeds from the sale of property, plant & equipment of 2.96 million, realised gain on investments of 212.56 million, and dividend income of 1.87 million.
Our net cash used in investing activities was 525.59 million in Fiscal 2025. This was primarily due to payments for the purchase of property, plant, and equipment of 159.90 million, capital work-in-progress of 80.54 million, and investment in shares & mutual funds of 346.35 million. These outflows were partially offset by proceeds from the sale of property, plant & equipment of 0.48 million, realised gain on investments of 56.06 million, and dividend income of 4.66 million.
In Fiscal 2024, our net cash used in investing activities was 329.81 million. This was primarily due to payments for the purchase of property, plant & equipment of 72.41 million, capital work-in-progress of 9.52 million, and investment in shares & mutual funds of 286.73 million. These outflows were partially offset by proceeds from the sale of property, plant & equipment of 0.17 million, realised gain on investments of 33.71 million, and dividend income of 4.97 million.
Financing Activities
Our net cash used in financing activities was 8.59 million in the three months period ended June 30, 2026. This was primarily driven by interest income of 8.83 million and finance cost of (0.24) million.
Our net cash used in financing activities was 1,360.58 million in Fiscal 2026. This was primarily driven by dividend paid of 1401.84 million and interest expense of 1.72 million, partially offset by interest income of 42.98 million.
Our net cash used in financing activities was 492.03 million in Fiscal 2025. This was primarily driven by dividend paid of 561.53 million and interest expense of 0.26 million, partially offset by interest income of 69.76 million.
In Fiscal 2024, our net cash used in financing activities was 228.95 million. This was primarily due to the buyback of shares with tax amounting to 288.06 million, dividend paid of 1.90 million, loan repaid of 1.00 million and interest expense of 0.07 million. These outflows were partially offset by interest income of 61.08 million and a loan taken of 1.00 million.
Indebtedness
As of September 30, 2026, we had non fund based borrowings of 62.99 million, with a debt-to-equity ratio of Nil as per the Restated Financial Information. For further information on our agreements governing our outstanding indebtedness, see Financial Indebtedness on page 326.
Contractual Obligations
The following table sets forth the details regarding our contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities as on June 30, 2026
| Particulars | Less than 1 year (Amount) | 1 to 5 years (Amount) | More than 5 Years (Amount) | Total (Amount) |
| Trade payables | 422.05 | - | - | 422.05 |
| Other financial liabilities | 84.58 | - | - | 84.58 |
| Total | 506.63 | - | - | 506.63 |
Contingent Liabilities
The following table sets forth the principal components of our contingent liabilities as of June 30, 2026 and March 31, 2026, as per the Restated Financial Information:
(Rs. in million)
| Particulars | As at June 30, 2026 | As at March 31, 2026 |
| Outstanding Bank guarantees (fully secured against Fixed Deposits) | 58.50 | 54.39 |
| Other money for which the company is contingently liable | 0.96 | 0.96 |
| Export promotion capital goods scheme | ||
| - Duty Saved | 5.24 | - |
| -Export Obligation | ||
| - Obligation yet to be fulfilled | 31.43 | - |
Off-Balance Sheet Arrangements
Our Company has no off balance sheet arrangements as on the date of this Red Herring Prospectus.
Related Party Transactions
We enter into various transactions with related parties. For further information see Restated Financial Information Annexure VI Note 36: Related party disclosure on page 314.
Quantitative and Qualitative Disclosures about Market Risk
Our Companys principal financial liabilities, other than derivatives, comprise trade and other payables. The main purpose of these financial liabilities is to finance our Companys operations. Our Companys principal financial assets include trade and other receivables, investments and cash & cash equivalents that derive directly from its operations.
Our Company is exposed to market risk, credit risk and liquidity risk. Our Companys senior management oversees the management of these risks. It is our Companys policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:
a) Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk:
(i) interest rate risk and
(ii) foreign currency risk. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and borrowings. The sensitivity analyses in the following sections relate to the position as at June 30, 2026, and March 31, 2026, March 31, 2025, and March 31, 2024.
The analyses exclude the impact of movements in market variables on the carrying values of gratuity and other post-retirement obligations; provisions.
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at June 30, 2026, March 31, 2026 and March 31, 2025 and March 31, 2024.
(i) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Our Company does not any borrowings. Hence interest rates risk is not applicable.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. Our Company transacts business in local currency and in foreign currency, primarily in USD.
Disclosure regarding Derivative Instrument and Unhedged Foreign Currency Exposure:
The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:
| Particulars | Currency | As at June 30, 2026 | As at March 31, 2026 | As at March 31, 2025 | As at March 31 2024 | ||||
| Amt. in Foreign Currency | Amount | Amt. in Foreign Currency | Amount | Amt. in Foreign Currency | Amount | Amt. in Foreign Currency | Amount | ||
| Amount | USD | 1.49 | 141.07 | 2.86 | 270.91 | 1.34 | 114.91 | 0.66 | 55.02 |
| Receivable | EURO | - | - | 0.02 | 2.35 | - | - | - | - |
| Amount | USD | 0.55 | 52.40 | 0.44 | 41.48 | 0.39 | 33.34 | 0.35 | 28.89 |
| Payable | EURO | 0.03 | 3.48 | 0.03 | 3.44 | 0.01 | 1.09 | 0.06 | 5.66 |
| SGD | 0.01 | 1.10 | 0.01 | 0.95 | 0.01 | 0.76 | 0.01 | 0.70 | |
| Cash & | USD | 0.99 | 93.97 | 0.84 | 79.49 | 0.76 | 64.95 | 1.28 | 106.54 |
| Bank | EURO | 0.01 | 0.71 | 0.02 | 1.89 | 0.00 | 0.64 | 0.01 | 0.97 |
| AED | 0.00 | 0.05 | 0.00 | 0.09 | 0.01 | 0.05 | - | - | |
| Total | 178.83 | 308.85 | 145.36 | 127.29 | |||||
Derivatives for hedging currency are as under:
| Particulars | Hedged Item | Currency | As at June 30, 2026 | As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2024 | Cross Currency |
| Forward Contracts | Receivables | USD | 0.05 | 0.25 | 0.07 | 0.50 | INR |
Foreign currency sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in rate of USD, with all other variables held constant. The impact on our Companys profit before tax is due to changes in the fair value of monetary assets and liabilities. Our Companys exposure to foreign currency changes for all other currencies is not material.
| Basis Points | As at June 30, 2026 | As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2024 | ||||
| 2% increase | 2% decrease | 2% increase | 2% decrease | 2% increase | 2% decrease | 2% increase | 2% decrease | |
| Effect on profit before tax (Amount) | 3.48 | (3.48) | 5.70 | (5.70) | 2.90 | (2.90) | 2.55 | (2.55) |
b) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Our Company is exposed to credit risk from its operating activities (primarily trade receivables).
Our Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk our Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition.
Financial assets are written off when there are no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with our Company.
Balances with Banks is subject to low credit risk due to good credit rating assigned to these banks. As per simplified approach, our Company makes provision of expected credit losses on trade receivables using a provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting date whenever outstanding is for longer period and involves higher risk. As per our Companys policy, trade receivables are classified into different ageing buckets based on the period of overdue, ranging from 6 months to more than 3 years. In accordance with the provisioning norms, receivables that are overdue for more than one year are considered impaired and a provision for impairment loss is recognized accordingly.
The following table summarizes the changes in loss allowances measured using lifetime expected credit loss model and provision is made after considering credit notes/recoveries anticipated.
| Provisions | As at June 30, 2026 | As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2024 |
| Opening Provision | 9.30 | 10.19 | 1.72 | 2.18 |
| Add:- Additional provision made | 20.59 | 4.42 | 9.32 | 0.96 |
| Less:- Provision utilised against bad debts/discount | 0.00 | (0.07) | (0.79) | (0.01) |
| Less:- Amount Recovered | (0.18) | (5.24) | (0.06) | (1.41) |
| Closing provisions | 29.71 | 9.30 | 10.19 | 1.72 |
No Significant changes in estimation techniques or assumptions were made during the year.
c) Liquidity risk
Our Companys principal source of liquidity are cash and cash equivalents and the cash flow that is generated from operations. Our Company believes that the working capital is sufficient to meet its current requirements.
As on June 30, 2026, our Company had working capital of 1,631.37 Million including cash and bank balances of 304.54 Million.
(i) Maturity patterns of the Financial Liabilities of our Company at the reporting date based on contractual undiscounted payment-
| As at June 30, 2026 | Less than 1 year (Amount) | 1 to 5 years (Amount) | More than 5 Years (Amount) | Total (Amount) |
| Trade payables | 422.05 | - | - | 422.05 |
| Other financial liabilities | 84.58 | - | - | 84.58 |
| Total | 506.63 | - | - | 506.63 |
| As at March 31, 2026 | Less than 1 year (Amount) | 1 to 5 years (Amount) | More than 5 Years (Amount) | Total (Amount) |
| Trade payables | 297.84 | - | - | 297.84 |
| Other financial liabilities | 86.10 | - | - | 86.10 |
| Total | 383.94 | - | - | 383.94 |
| As at March 31, 2025 | Less than 1 year (Amount) | 1 to 5 years (Amount) | More than 5 Years (Amount) | Total (Amount) |
| Trade payables | 247.78 | - | - | 247.78 |
| Other financial liabilities | 51.64 | - | - | 51.64 |
| Total | 299.42 | - | - | 299.42 |
| As at March 31, 2024 | Less than 1 year (Amount) | 1 to 5 years (Amount) | More than 5 Years (Amount) | Total (Amount) |
| Trade payables | 208.96 | - | - | 208.96 |
| Other financial liabilities | 54.54 | 0.30 | - | 54.84 |
| Total | 263.50 | 0.30 | - | 263.80 |
For further information, see Restated Financial Information Annexure VI Note 31 Financial risk management objectives and policies on page 310.
Capital Expenditures
Our historical capital expenditures were, and we expect our future capital expenditures to be, primarily for asset acquisition. For the three months period ended June 30, 2026, Fiscals 2026, 2025 and 2024 and, our capital expenditures (comprising of purchase of plant & machinery, office equipment, furniture & fixtures, etc) were 0.27 million, 43.23 million, 209.59 million, and 79.26 million, respectively as per our Restated Financial Information. The following table sets forth additions to property, plant and equipment by category of expenditure, for the fiscals indicated below:
(Rs.in million)
| Particulars | As at and for the three months period ended June 30, 2026 | As at and for Fiscal 2026 | As at and for Fiscal 2025 | As at and for Fiscal 2024 |
| Computers | 0.02 | 2.92 | 1.41 | 1.00 |
| Office Equipment | 0.02 | 3.85 | 10.36 | 2.41 |
| Building | 0 | 1.14 | 26.84 | 23.07 |
| Furniture & Fixture | 0 | 1.38 | 9.75 | 9.51 |
| Leasehold Land | 0 | 0 | 91.32 | 11.11 |
| Freehold Land | 0 | 0 | 0 | 0.10 |
| Plant & Machinery | 0.23 | 25.25 | 39.03 | 28.62 |
| Electric Installation | 0 | 0.18 | 3.91 | 1.40 |
| Vehicles | 0 | 8.52 | 26.97 | 2.06 |
Change in accounting policies
Other than as disclosed in the Restated Financial Information, there have been no changes in accounting policies for the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024.
Significant Economic Changes
Other than as described above under the heading titled Principal Factors Affecting Our Financial Condition and Results of Operations , to the knowledge of our management, there are no other significant economic changes that materially affect or are likely to affect income from continuing operations.
Unusual or Infrequent Events of Transactions
Except as described in this Red Herring Prospectus, there have been no other events or transactions that, to our knowledge, may be described as unusual or infrequent.
Known Trends or Uncertainties
Our business has been affected, and we expect will continue to be affected by the trends identified above in the heading titled Managements Discussion & Analysis of Financial Conditions and Results of Operations- S ignificant Factors Affecting Our Results of Operations and Financial Condition on page 330 and the uncertainties described in the section titled Risk Factors beginning on page 21. To our knowledge, except as described or anticipated in this Red Herring Prospectus, there are no known factors which we expect will have a material adverse impact on our revenues or income from continuing operations.
Future Relationship Between Cost and Income
Other than as described in this Red Herring Prospectus, to the knowledge of our management, there are no known factors that might affect the future relationship between costs and revenues.
New products, Services or Business Verticals
Other than as described in Our Business on page 210, there are no new offerings or business verticals in which we operate.
Seasonality of Business
Given the nature of our business operations, our business is not seasonal in nature.
Competitive Conditions
We operate in a competitive environment. See Our Business , Industry Overview and Risk Factors on pages 210, 144 and 21, respectively, for further information on competitive conditions that we face.
Reservations, Qualifications and Adverse Remarks Included by Auditors
There are no reservations, qualifications and adverse remarks included by the Statutory Auditors in the Restated Financial Information.
Significant Developments after June 30, 2026
1. Declaration of Final Dividend for FY 2025 26
At the Annual General Meeting held on July 31, 2026, our Company declared a final special dividend of 3 per equity share for FY 2025-26, resulting in a cash outflow of 525.69 million.
2. Grant of ESOP Options under ESOP Plan 2025
a) Pursuant to the resolution passed at the meeting of the Nomination and Remuneration Committee held on July 20, 2026, our Company granted 5,87,759 Employee Stock Options (ESOPs) under the ESOP Plan 2025.
b) Pursuant to the resolution passed at the meeting of the Nomination and Remuneration Committee held on September 12, 2026, our Company granted an additional 62,683 Employee Stock Options (ESOPs).
3. Incorporation of Subsidiary Company
Our Company has incorporated a subsidiary in the Kingdom of Saudi Arabia (KSA), in which it holds a 70% equity stake.
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