Inducto Steel Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In 2024, the global economy navigated moderate growth amidst persistent inflationary pressures and geopolitical instability. A year marked by significant global elections, the immediate impact of which is evident, while long term effects remain to be seen, added another layer of complexity. Monetary policy, particularly interest rate adjustments in major economies, remained a central focus. Emerging markets exhibited diverse performance, influenced by commodity markets and debt vulnerabilities. Trade tensions and supply chain disruptions continued to strain global commerce and investment, while geopolitical volatility persisted. Concurrently, technological advancements, especially in AI and renewable energy, presented both, significant opportunities for productivity gains and challenges related to workforce adaptation. This confluence of factors created a dynamic and uncertain economic landscape for businesses and policymakers worldwide.

The OECDs latest Economic Outlook highlights a weakening in global economic prospects, driven by rising trade barriers, tightening financial conditions, declining investor and consumer confidence, and growing policy uncertainty. Global GDP growth is projected to decelerate from 3.3% in 2024 to 2.9% in both 2025 and 2026, with the most notable slowdowns anticipated in the United States, Canada, Mexico, and China. While modest improvements are forecasted in the euro area, inflationary pressures persist due to higher trade costs, though partially offset by softer commodity prices. G20 inflation is expected to gradually decline from 6.2% to 3.2% by 2026, underscoring a shift from post-pandemic resilience to a more uncertain global economic trajectory.

Key downside risks identified include further trade fragmentation, prolonged inflation, rising debt servicing costs, and tighter global financial conditions, especially impacting low-income nations. Persistent volatility in equity markets and the potential for more restrictive monetary policies remain significant concerns. Conversely, any easing of trade barriers and resolution of geopolitical conflicts could strengthen investor confidence and support global recovery. The OECD calls for structural policy reforms focused on revitalizing investment, enhancing productivity, and promoting long-term debt sustainability. A targeted reform agenda, particularly in public infrastructure and housing, is essential to stimulate sustainable growth and economic competitiveness in the coming years.

INDUSTRY STRUCTURE AND DEVELOPMENTS

Steel remains a critical driver of industrial and economic growth, serving core sectors such as construction, housing, power, petrochemicals, and engineering. India is the second-largest producer of steel globally and is projected to emerge as the largest producer in the near future, supported by capacity expansion, modernization, and enhanced integration with global raw material sources.

Ship breaking plays a vital role in this ecosystem by supplying re-rollable scrap and recyclable steel to the domestic market. With the average operational life of ships being 25-30 years, the steady decommissioning of vessels ensures a regular flow of scrap metal. The industry is highly labour-intensive and contributes significantly to the circular economy by recycling steel and reducing dependence on primary production.

India, with its long coastline and established ship breaking yards, has emerged as one of the leading global hubs for ship dismantling. This activity not only supports the domestic steel supply chain but also complements the maritime economy, where nearly 90-95% of Indias trade by volume is conducted via sea routes.

The ship breaking and recycling sector in India operates within a well-defined legal and regulatory framework, ensuring compliance with global standards of safety, labour welfare, and environmental protection:

• The Ship Breaking Code (Revised), 2013 lays down detailed standards for ship dismantling, covering environmental safeguards, hazardous material handling, and worker safety protocols.

• The Recycling of Ships Act, 2019 aligns India with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009, making India the first South Asian country to accede to this international standard.

• The Recycling of Ships Rules, 2020, framed under the Act, provide detailed regulatory guidance on compliance, safety, and environmental procedures for ship recycling facilities.

• Oversight by the Directorate General of Shipping (DGS) ensures adherence to international conventions such as SOLAS (Safety of Life at Sea) and MARPOL (Marine Pollution), further strengthening Indias compliance ecosystem.

With most ship breaking yards obtaining Statements of Compliance (SoC) with the Hong Kong Convention, India has reinforced its position as a global leader in sustainable and safe ship recycling.

Your Company, with its primary focus on selling steel derived from dismantled ships, remains well-positioned within this industry framework. However, the demand for re-rollable scrap is inherently sensitive to fluctuations in iron and steel prices, which directly impact profitability.

> Global Overview:

According to the World Steel Associations Short Range Outlook (SRO), global steel demand is expected to return to a growth trajectory after two consecutive years of contraction. Demand is projected to grow by 1.7% in 2024 to reach 1,793 Mt, followed by a further 1.2% growth in 2025 to 1,815 Mt. Despite persistent challenges-such as lingering pandemic effects, geopolitical tensions, inflationary pressures, and monetary tightening-the global economy has shown resilience, supporting the steel sectors gradual recovery.

In China, which remains the largest consumer of steel, demand is expected to remain stable in 2024, supported by infrastructure and manufacturing activity offsetting weakness in real estate investments. However, in 2025, demand is projected to decline by 1%, indicating that China may have already peaked in steel consumption, with a medium-term downward trend anticipated as its economy shifts away from real estate-driven growth.

Excluding China, steel demand is forecasted to expand by a healthy 3.5% annually over 20242025. India continues to be the strongest growth driver, with demand expected to rise at 8% per annum in both years, driven by infrastructure investment and growth across all steel-using sectors. By 2025, Indias demand is projected to be nearly 70 Mt higher than in 2020, reinforcing its position as the key growth market. Other emerging regions such as MENA and ASEAN are also expected to witness accelerating demand, though challenges around political stability and competitiveness may weigh on ASEANs medium-term prospects.

In the developed economies, steel demand is expected to recover modestly, with 1.3% growth in 2024 and 2.7% in 2025. The US, Japan, and Korea are projected to demonstrate resilience, while the EU and UK continue to face the steepest challenges from inflation, high energy costs, and geopolitical uncertainty. After a prolonged slump, EU steel demand is expected to show meaningful recovery only in 2025, with a 5.3% rebound, though it would still remain close to pandemic trough levels.

Overall, global steel markets are set to remain volatile and unevenly distributed across regions, with India leading demand growth, China entering a phase of decline, and developed economies showing signs of a gradual but fragile recovery.

> Domestic Overview & Market Size:

The India steel market generated a revenue of USD 119,496.1 million in 2023 and is expected to reach USD 154,745.5 million by 2030. The India market is expected to grow at a CAGR of 3.8% from 2024 to 2030. In terms of segment, building & construction was the largest revenue generating end use in 2023.

India stands as the second-largest producer of crude steel globally, with production in FY 202425 reaching approximately 137.96 million tonnes of crude steel and 132.57 million tonnes of finished steel. Finished steel consumption mirrored this growth, totalling 137.85 million tonnes during the same period, and is forecasted to expand by 9-10% in FY25.

Per capita steel consumption, a key indicator of market maturity, stood at 97.7 kg in FY24, with the Government aiming to elevate this to 160 kg by 2030-31, signalling strong long-term growth potential.

Indias steelmaking capacity currently approaches 200 million tonnes, with crude steel production around 151.1 million tonnes in FY 2024-25. The Government remains confident about reaching 300 million tonnes capacity by 2030-31, demonstrating robust industry expansion

In fiscal 2024, India shifted from being a net exporter to a net importer of steel, with a trade deficit of 1.1 million tonnes, due to surging domestic demand and rising imports totalling 8.3 million tonnes Exports grew modestly but could not offset import volumes.

The sector is witnessing significant capacity expansions, with major players such as JSW Steel and Tata Steel investing billions in new infrastructure-adding around 22 million tonnes of capacity from April 2024, including an increase by JSW to 38.5 Mt. This expansion is in response to buoyant domestic demand and infrastructure-led growth.

India hosts one of the worlds largest ship breaking facilities at Alang, Gujarat, with over 150 yards, contributing about 33% of global scrapped tonnage (~6.2 million GT annually). In FY 2023-24, 157 ships were dismantled, recycling 1,147,480 LDT, up from 1,093,450 LDT in FY 2022-23. As of FY 2024, 15 ships have already arrived for dismantling.

After a 22% revenue decline in FY 2023-24 and 8.5% in FY 2022-23, the industry is expected to recover with ~15% revenue growth in FY 2024-25 (CRISIL Ratings). Growth is supported by (i) higher availability of ageing vessels globally, and (ii) Indias rising competitiveness over Bangladesh and Pakistan due to better infrastructure and adherence to green recycling norms.

With its strong global position and focus on sustainable recycling, the sector is set for a healthy rebound in FY 2024-25, reinforcing Indias role in the circular economy.

> Government Initiatives

The Government of India has undertaken several initiatives to enhance the competitiveness of the steel and allied ship recycling sector. Under the National Steel Policy (NSP) 2017, India is targeting a crude steel capacity of 300 MTPA by 2030-31, supported by large-scale infrastructure spending of Rs.11.5 lakh crore in FY 2024-25. In addition, the PLI Scheme for Specialty Steel, with investment commitments of around Rs.17,000 crore, is set to create 25 MTPA of high-value downstream steel capacity, reducing dependence on imports and encouraging technological advancement.

In the ship recycling industry, Alang continues to be the global leader, with over 150 yards operating along the Gujarat coast. The government has extended policy and financial support to strengthen this sector, including customs duty exemptions on imported ships for recycling, easier access to credit, and reforms to enhance environmental and worker safety standards. In FY 2023-24, 157 ships were recycled in Alang, contributing over 1.14 million LDT, and the momentum continues with 15 ships already arriving in FY 2024-25.

Further, India is aligning its practices with global norms. The governments emphasis on compliance with the Hong Kong International Convention (HKC) for Safe and Environmentally Sound Recycling of Ships has resulted in 96 Alang yards securing HKC Statements of Compliance, making India the largest cluster of compliant yards in the world. This strengthens Indias position against competitors such as Bangladesh and Pakistan.

To improve long-term competitiveness, the government has also announced the Maritime India Vision 2030 and set up a Rs.25,000 crore Maritime Development Fund to upgrade shipbuilding, repair, and recycling infrastructure. These steps are expected to attract more global shipowners to recycle vessels in India and ensure steady scrap supply to domestic steelmakers.

Collectively, these initiatives underline the governments focus on building capacity, improving global compliance, and positioning India — particularly Alang shipbreaking yard —as a sustainable global hub for ship recycling and steel recovery.

OPPORTUNITY AND THREAT

With increasing infrastructure development, rapid urbanisation, and the drive towards sustainable solutions, the steel industry in India is poised for strong growth. India, among the fastest-growing major economies, is projected to become the third-largest economy by 2030, and the steel sector will play a critical role in supporting this expansion. Infrastructure investments, particularly in transport, housing, and renewable energy, will remain the primary driver of domestic steel demand.

India has clear structural advantages that strengthen its competitiveness, including abundant raw material reserves, a strong base of technically skilled manpower, and one of the worlds fastest-growing markets. The National Steel Policy, 2017 envisions a 300 million tonne steelmaking capacity and 158 kg per capita steel consumption by FY 2030-31. The policy also emphasizes rural steel consumption, with the government targeting an increase from 19.6 kg to 38 kg per capita by 2030-31, creating significant long-term opportunities for the industry.

In addition to traditional sectors such as construction and housing, demand is increasingly emerging from areas like personal mobility, capital goods, and renewable energy equipment. The governments push towards Aatmanirbhar Bharat, along with rural economic growth, will further boost steel consumption in India. This provides a favorable landscape for steel companies to expand capacity and consolidate their market presence.

At the same time, global trends around climate change and sustainability present both risks and opportunities. The steel sector, being a hard-to-abate industry, faces increasing pressure to reduce its carbon footprint. However, this also creates avenues for innovation in processes, products, and business models. Companies that adopt green technologies and circular economy practices can build a differentiated position and strengthen long-term resilience.

Overall, while external risks such as global economic volatility and climate-related challenges persist, Indias policy support, demographic trends, and strong domestic demand position the steel industry for sustained growth in the coming decade.

SEGMENT WISE PERFORMANCE

> Segmental Review

The Companys business segments are identified based on the geographic locations of its units and the internal business reporting system as per Ind AS 108. Business segments of the company are primarily categorized as: Mumbai (Trading & Investment) and Bhavnagar (Ship Breaking & Trading).

> Segment-wise Standalone Ind AS Financial Results

			(Rs. In Lakhs)
Particulars	Mumbai	Bhavnagar	Total
Segment Assets	4,699.59	961.41	5661.00
Segment Liabilities	1,682.59	29.01	1,711.6
Revenue from External Source (excluding Inter Segment Revenue)	10,400.58	5,560.86	15,961.44
Segment Results Before Interest and Taxes	(108.59)	(142.54)	(251.13)

i. Bhavnagar:

During FY 2024-25, the Ship-Breaking Unit at Alang Ship Breaking Yard, Bhavnagar witnessed a challenging year due to volatile prices of old ships, fluctuations in iron and steel product markets, and currency movements of the Indian Rupee against the US Dollar. As a result, the segment recorded revenue of Rs.5,560.86 Lakhs with a loss of Rs.142.54 Lakhs, compared to a revenue of Rs.8,053.74 Lakhs and profit of Rs.279.29 Lakhs in the previous year.

Despite these headwinds, the management maintained a prudent approach towards ship procurement and inventory management. While international markets remained uncertain, the company ensured that operations were aligned with long-term sustainability goals.

The management remains optimistic about the sectors future outlook, supported by the expected recovery in global shipping cycles, increasing demand for iron and steel, and continued infrastructure development in India. With careful capacity utilization and strategic procurement, the company is confident of improving performance and returning to a path of profitable growth in the coming years.

ii. Mumbai:

During the year under review, the Mumbai Unit reported a revenue of Rs.10,400.58 Lakhs; however, the operations resulted in a net loss of Rs.108.59 Lakhs.

OUTLOOK

India continues to remain the largest ship-breaking market in the world, with the Alang Ship Breaking Yard in Gujarat alone handling nearly 450 ships annually. The Government of India, through initiatives under the Recycling of Ships Act, 2019 and alignment with the Hong Kong Convention, has laid strong emphasis on making the sector more environmentally sound and globally competitive. With this, the countrys ship recycling capacity is expected to surpass nine million gross tonnage, strengthening Indias leadership position in the global market.

On the domestic front, the outlook for the iron and steel sector remains encouraging, supported by rapid infrastructure development, urbanisation, and government-led investments in core industries. The demand for sustainable and innovative products, coupled with Indias rising share in global steel consumption, is expected to create substantial growth opportunities for ship-recycled steel.

Your Directors believe that the Company is well positioned to capitalise on these developments. Despite short-term fluctuations in ship availability, international pricing, and currency volatility, the management remains confident in the long-term prospects of the industry. With prudent procurement strategies, efficient operations, and focus on sustainability, the Company aims to strengthen its presence in the market.

Looking ahead, the management expects that the increasing demand for recycled steel, supported by global moves towards greener practices and circular economy, will continue to drive growth. The Company is committed to leveraging these opportunities to create long-term value for stakeholders, while maintaining its focus on environmental compliance, innovation, and sustainable practices.

RISK AND CONCERN

Over and above the economic risks the shipping industry is impacted by numerous short term and regional factors, like weather changes, environmental changes, slow global trade etc. This results in great amount of volatility in the freight market, which in turn impacts your Companys earnings. The global economy is in uncertain territory, and not showing signs of picking up sharply in shorter span of time. Global economic uncertainties have affected Indias economy, Key risks synonymous to industry include the global recessionary trend, economic slowdown, increase in financial charges, non-availability (or undue increase in cost) of raw materials, such as, steel and labour etc., coupled with market fluctuations. The Company does not apprehend any inherent risk in the long run, with the exception of certain primary concerns that have afflicted the progress of our industry in general, like:

• Shortage of labour

• Rising manpower and material costs,

• Approvals and procedural difficulties.

• Lack of adequate sources of finance.

Information regarding key risks facing the Company and their mitigation strategies is given here:

> Regulatory Risks

The steel sector is subject to an extensive, complex and evolving regulatory framework that may have material impact on operations. Any deviation in compliance and adherence has the potential to not only impact the Companys operating performance but also impact its reputation adversely. Global disruptions, emerging trade patterns and evolving environmental & sustainability policies, etc. could influence business decisions and market footprint. The aim is to protect and enable business to generate value. The Company is constantly monitoring the regulatory landscape to proactively assess the impact of changing laws and policies and evolving government mindset on matters affecting Companys operations.

> Macroeconomic and Market risks

Steel demand is affected by high inflation, especially for energy and commodities, trade barriers and protectionist policies. Re-imposition of mobility restrictions amidst spread of new variants may also affect demand and supply chains potentially impacting sales. Fast-paced technological changes and shifting customer preferences may necessitate adoption of newer grades of steel and alternate materials.

> Safety Risks

Inconsistent adherence to process & workforce safety requirements, safety laws and regulation may have adverse impact on business continuity and operation. The implications of the risks increase manifold with the growth and diversification of our business and operations at multiple locations that subjects the Company to various stringent safety laws and regulations.

> Commodity Risks

Volatility in raw material prices (mainly coal and iron ore) significantly impacts the input costs in steelmaking and therefore, profitability.

The risks for the Company arise from the inherent nature of the shipbuilding industry. The commercial shipbuilding industry prospects are dependent on world trade and the cyclicity of oil, natural gas, shipping, transportation and other trade related industries. Offshore Industry continues to be in the trough.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

Internal financial control systems of the Company are commensurate with its size and nature of its operations. These have been designed to provide reasonable assurance with regard to the orderly and efficient conduct of its business including adherence to the Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and the timely preparation of reliable financial information and disclosures.

Systems and procedures are periodically reviewed and these are routinely tested by Statutory as well as Internal Auditors and cover all functions and business areas. The Audit Committee reviews adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations, including those relating to strengthening of the Companys risk management policies and systems. During the year under review, no material or serious observation has been received from the Statutory Auditors and the Internal Auditors of the Company on the inefficiency or inadequacy of such controls.

FINANCIAL PERFORMANCE & ANALYSIS

The Companys financial performance for the year ended March 31, 2025 is summarized below:

Standalone & Consolidated Ind AS Financial Results: Review and Analysis

				(Rs. In Lakhs)
	Standalone		Consolidated
Particular	For the financial year ended 31.03.2025	For the financial year ended 31.03.2024	For the financial year ended 31.03.2025	For the financial year ended 31.03.2024
Revenue from operations	15,856.71	10,404.84	15,856.71	10,404.84
Other Income	37.55	177.82	37.55	177.82
Total Revenue	15,894.26	10,582.66	15,894.26	10,582.66
Cost of raw materials consumed	4642.76	6,574.65	4642.76	6,574.65
Purchase of Stock - in - trade	11313.21	3,975.29	11313.21	3,975.29
Changes in inventories of finished goods, stock - in - trade, work - in - process	(245.93)	(814.48)	(245.93)	(814.48)
Manufacturing expenses	121.09	133.32	121.09	133.32
Employee benefits expenses	174.92	221.91	174.92	221.91
Finance costs	216.94	356.57	216.94	356.57
Depreciation and amortization expenses	34.11	28.38	34.11	28.38
Other expenses	105.24	81.42	105.24	81.37
Total Expenses	16,362.33	10,557.06	16,362.33	10,557.01
Share of profit/ (loss) from associates	-	-	-	(0.05)
Profit / (Loss) before tax	(468.07)	25.60	(468.07)	25.60
Less: Current Tax	-	7.73	-	7.73
Less: Deferred Tax	(96.21)	1.73	(96.21)	1.73
Profit / (Loss) after tax	(371.86)	16.14	(371.86)	16.14
Other Comprehensive Income	0.33	0.01	0.33	0.01
Total Comprehensive Income for the year	(371.52)	16.15	(371.52)	16.15
Earnings Per Share (Face Value of Rs. 10/- each)
-Basic	(9.26)	0.40	(9.26)	0.40
-Diluted	(9.26)	0.40	(9.26)	0.40

> Standalone Cash Flow Analysis

		(Rs. In Lakhs)
Particular	For the financial year ended 31.03.2025	For the financial year ended 31.03.2024
Net Cash Flow from Operating Activities	(1186.95)	(109.34)
Net Cash Outflow from Investing Activities	105.52	1,095.18
Net Cash Outflow from Financing Activities	1075.50	(1,574.25)
Net Cash Inflow/(Outflow)	(5.94)	(588.41)

> Business Overview

The company is in the business of ship breaking, trading and investment activities.

The sales turnover of the company for FY 2024-25 and FY 2023-24 were Rs.15,856.71 Lakhs and Rs. 10,404.84 Lakhs respectively. In spite of frequent fluctuation in the prices of old ship in the international market and also heavy dollar exchange rate fluctuations, the company was able to perform very well in terms of sales turnover. However, the prices in Iron and steel industry are gradually getting stabilized, but foreign currency and fluctuations in value of Indian Rupee vis-a-vis US Dollar remains a concerning area for the company even in the current year.

Whenever, there is no immediate payment liability against old ship purchased for breaking, the surplus funds available with the Company are given as loan on short term basis. The Company is hopeful that the Company can earn reasonable return on these loans/investments

Surplus funds are also invested in new avenues of earnings in the form of partnership with other entities like in Real Estate and Redeveloping firms. At present the Company has partnership with M/s. Calvin Divine Enterprises with 20% share and M/s. Shree Balaji Associates with 5% share. The management is hopeful that the Company can earn reasonable return on these investments.

Standalone

For the financial year 2024-25, the Company reported revenues of Rs.15,894.26 lakhs. The operations for the year resulted in a loss before tax of Rs.468.07 lakhs and a loss after tax of Rs.371.86 lakhs.

Consolidated

For the financial year 2024-25, the Company reported revenues of Rs.15,894.26 lakhs. The operations for the year resulted in a loss before tax of Rs.468.07 lakhs and a loss after tax of Rs.371.86 lakhs.

Revenue

The Company reported Revenue of Rs.15,856.71 Lakhs for the financial year 2024-25 in comparison to Rs. 10,404.84 Lakhs for the financial year 2023-24 registering a growth of 52.40% over the previous year.

Finance Cost

Finance cost stood at Rs. 216.94 Lakhs for the financial year 2024-25 in comparison to Rs.356.57 Lakhs for the financial year 2023-24.

Depreciation

Depreciation stood at Rs. 34.11 Lakhs for the financial year 2024-25 in comparison to Rs.28.38 Lakhs for the financial year 2023-24.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES

Your Company treats its "human resources" as one of its most important assets. We continuously invest in attraction, retention and development of talent on an ongoing basis. Our thrust is on the promotion of talent internally through job rotation and job enlargement. We believe in harnessing its leadership and people capabilities through sharp focus and initiatives on talent development. The total number of permanent employees as on 31.03.2025 was 280.

We review our talent based on their performance and potential to assess their readiness for future roles of higher scale and complexity. We believe in developing our employees through multiple experiences requiring them to handle scale and complexity. We have instituted this through varied job rotation and project roles. We have put in place various recognition initiatives for our employees to reward them on their noteworthy performance and contribution. Social awareness and cultural/ sports programmes are arranged regularly to create interest in living a meaningful life and release tensions

Our Company is committed to providing work environment that ensures every employee is treated with dignity and respect and afforded equitable treatment. The Company is also dedicated at promoting a work environment that is conducive to the professional growth of its employees and encourages equality of opportunity. To foster a positive workplace environment, free from harassment of any nature, we have institutionalized the Anti Sexual Harassment Framework through which we address complaints of sexual harassment at the workplace. We follow a gender-neutral approach in handling complaints of sexual harassment and we are compliant with the law of the land where we operate. We have also constituted Complaints Committee to consider and address sexual harassment complaints in accordance with Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

SIGNIFICANT KEY FINANCIAL INDICATORS

For changes in 25% or more in key financial indicators as compared to the immediately previous financial year, refer note no. 5.10 to the Financial Statement for the year ended March 31, 2025.

CHANGE IN NET WORTH

The Companys Net worth stood at Rs.3,949.39 Lakhs for the financial year 2024-25 as compared to Net worth of Rs.4,320.91 Lakhs for the previous financial year 2023-24. During the year under review, the Company incurred losses as compared to the profit earned for the previous year 2023-2024 and hence the return on Net worth of Company is (9.26)% as compared to 0.40 % of previous financial year.

CAUTIONARY STATEMENT

Statements in the Boards Report and the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to your Companys operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in your Companys principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which your Company conducts business and other factors such as litigation and your Company is not obliged to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events or otherwise. The "Managements Discussion and Analysis" does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of the Companys securities.

CONCLUSION

At Inducto Steel Limited, innovation and responsibility have been at the core of building a sustainable enterprise and exploring possibilities towards creating a better future. We have focused on strengthening our balance sheet, upholding the highest standards in ethical and responsible business practices and striving towards a shared future of prosperity.

For and on behalf of the Board of Directors
For INDUCTO STEEL LIMITED
Rajeev Reniwal	Sweety Reniwal
Managing Director	Director
(DIN: 00034264)	(DIN: 00041853)
Date: May 30, 2025
Place: Mumbai