Inter State Oil Carrier Ltd Management Discussions

OVERVIEW AND DEVELOPMENTS

FY 2025-2026 represents a defining phase of transformation for Indias logistics sector, as it shifts from infrastructure-led expansion to efficiency-driven, technology-enabled optimization. With supply chains becoming more complex and time-sensitive, logistics is no longer just a support function but a strategic driver of economic competitiveness and resilience.

Indias continued push toward becoming a global manufacturing and export powerhouse is accelerating demand for integrated, agile, and scalable logistics solutions. Growth across sectors such as e-commerce, pharmaceuticals, electronics, and agriculture is reshaping freight patterns and increasing the need for precision, visibility, and speed across supply chains.

While long-term freight movement is projected to grow steadily, the immediate focus in FY 2025-2026 has shifted toward unlocking efficiencies within existing capacity, improving asset utilization, and reducing systemic bottlenecks.

Transformational Drivers in FY 2025-2026:

a. From Infrastructure Creation to Network Optimization

With major infrastructure nearing completion, the focus has shifted to integration and efficient utilization. Multimodal connectivity and logistics ecosystems are improving speed, coordination, and value-added services.

b. Data-Led Logistics and Intelligent Supply Chains

The sector is increasingly driven by real-time data, predictive analytics, and digital platforms, enhancing visibility, reducing disruptions, and optimizing operations through tools like digital twins.

c. Reinventing Last-Mile Economics

Expanding consumption beyond metros is reshaping last-mile logistics. Hub-and-spoke models, shared infrastructure, and innovations like EVs and drones are improving efficiency and cost management.

d. Sustainability as a Competitive Imperative

Sustainability is now linked to efficiency and brand value. Companies are adopting green practices such as electrification and energy-efficient warehousing, driven by regulatory, customer, and global supply chain demands.

e. Supply Chain Resilience and Risk Management

Businesses are strengthening resilience through diversification, multi-sourcing, and inventory strategies, with logistics providers emerging as strategic partners in risk management.

f. Sectoral Evolution and Opportunities

Growth in 3PL services, cold chain expansion, and tech-driven innovation is reshaping the sector, supported by strong domestic and global investments.

FY 2025-2026 marks a transition toward a more intelligent, responsive, and sustainable logistics ecosystem in India, with the sector increasingly shifting from fragmented operations to integrated networks, from reactive management to real-time visibility, and from purely cost-driven models to sustainability-led growth balanced with efficiency. As supply chains emerge as a key determinant of business success, logistics is evolving into a core strategic capability for the Indian economy. This transformation presents a significant opportunity for stakeholders across the value chain to innovate, collaborate, and lead in building a logistics ecosystem that is not only faster and more cost-effective, but also resilient and future-ready.

GLOBAL ECONOMY OUTLOOK

The global economy in 2025-2026 is experiencing moderate but uneven growth, projected at around 2.8%-3.1%, amid heightened geopolitical tensions and ongoing trade realignments.

Conflicts across key regions have increased volatility in energy and commodity markets, impacting inflation and business costs, while supply chain shifts and strategic stockpiling continue to disrupt global trade flows.

Although inflation has eased from peak levels, it remains above pre-pandemic norms. Central banks are maintaining a cautious stance, resulting in a prolonged higher interest rate environment, tighter liquidity, and moderated capital flows to emerging markets.

Growth is supported by resilient consumer demand, recovery in emerging economies, and continued investments in energy transition, defence, and supply chain resilience. Governments are increasingly focusing on economic security through reshoring and diversification strategies.

Labour markets remain tight in major economies, supporting consumption but also sustaining wage pressures and core inflation. Meanwhile, rising fiscal deficits and high debt levels pose medium-term risks.

Global growth is expected to remain stable but uneven, influenced by geopolitical developments, energy dynamics, and policy responses. Strengthening resilience will depend on policy coordination, energy security, and continued digital and sustainable investments.

INDIAN ECONOMY OUTLOOK

Indias economy in FY 2025-2026 continues to demonstrate remarkable resilience and structural strength, reinforcing its position as the fastest-growing major economy globally. Building on a strong growth trajectory in the previous year, economic momentum remains well-supported by robust domestic demand, sustained government capital expenditure, and increasing private sector participation.

A key driver of growth has been the governments continued focus on infrastructure development, manufacturing expansion, and digital transformation. Large-scale investments in transport, logistics, energy, and urban infrastructure are not only enhancing productivity but also creating a multiplier effect across industries. At the same time, initiatives aimed at strengthening the manufacturing ecosystem and boosting exports are positioning India as a critical node in global supply chain realignment.

Consumption demand remains steady, supported by rising incomes, improving employment conditions, and urbanization, while rural demand is gradually recovering. The financial sector remains stable and well- capitalized, enabling improved credit flow to businesses and consumers, further supporting economic activity.

Indias medium-term outlook continues to be highly positive, with the economy firmly on track to evolve into a USD 7 trillion economy by the early 2030s, driven by an average growth rate in the range of 6-7%. Structural reforms, ease of doing business improvements, and a young, dynamic workforce are expected to further strengthen this trajectory.

However, FY 2025-2026 is not without its challenges. The Indian economy remains exposed to global headwinds, including geopolitical tensions, volatility in energy and commodity prices, and tightening global financial conditions. Additionally, climate-related risks, supply chain disruptions, and rapid technological shifts are creating new complexities for businesses and policymakers alike.

In response, there is a growing emphasis on sustainable growth, energy transition, and innovation-led development. Investments in renewable energy, digital infrastructure, and emerging technologies are becoming central to Indias long-term strategy, ensuring resilience while unlocking new growth opportunities.

Overall, Indias economic outlook for FY 2025-2026 remains strong, stable, and forward-looking, underpinned by sound macroeconomic fundamentals and a clear policy direction. The focus going forward will be on balancing growth with sustainability, managing external risks, and continuing reforms to maintain Indias momentum as a leading global economic powerhouse.

GLOBAL LOGISTICS INDUSTRY

The global logistics industry in 2025-2026 is undergoing a phase of recalibration and transformation, shaped by geopolitical tensions, supply chain realignments, and evolving trade dynamics. While global trade growth remains moderate, the demand for resilient, flexible, and technology-enabled supply chains continues to rise.

Ongoing geopolitical conflicts and disruptions in key trade routes have led to increased freight costs, longer transit times, and greater uncertainty in global supply chains. In response, businesses are actively diversifying sourcing strategies, adopting nearshoring and friend-shoring models, and building more resilient logistics networks.

At the same time, the industry is witnessing accelerated adoption of digital technologies, including AI, loT, blockchain, and advanced analytics, to improve visibility, optimize operations, and enhance decision- making. Real-time tracking, predictive logistics, and automation are becoming standard practices across global supply chains.

Sustainability has emerged as a critical priority, with increasing regulatory pressure and stakeholder expectations driving investments in green logistics solutions, such as alternative fuels, electric fleets, and energy-efficient warehousing. Companies are also focusing on reducing carbon footprints and improving ESG compliance.

E-commerce continues to be a key growth driver globally, fueling demand for efficient warehousing, fulfilment, and last-mile delivery solutions, particularly in emerging markets. However, the sector faces ongoing challenges, including high operating costs, labour shortages, infrastructure constraints, and volatility in fuel and energy prices.

Overall, the global logistics industry is transitioning toward a more digitally integrated, sustainable, and resilient ecosystem, where adaptability and innovation will be critical to navigating uncertainties and capturing growth opportunities.

LOGISTICS SECTOR IN INDIA

Indias logistics sector is undergoing a phase of accelerated transformation, emerging as a critical enabler of economic growth and global competitiveness. The industry is projected to expand from approximately US$ 317 billion in 2024 to over US$ 480 billion by 2029, registering a healthy CAGR of 8-10%. This growth is driven by rising domestic consumption, expanding manufacturing activity, and deeper penetration of e- commerce across urban as well as Tier II and Tier III markets.

The sector is transitioning from a traditionally fragmented ecosystem into a more integrated, technology- driven, and efficiency-focused network. Increasing emphasis on multimodal connectivity and streamlined cargo movement is enhancing supply chain reliability, reducing turnaround times, and improving overall logistics performance.

1. Economic Significance and Demand Drivers

Indias economic structure continues to be led by the services sector, contributing approximately 55% to Gross Value Added (GVA), while manufacturing (25.20%) and agriculture (19.80%) remain essential for balanced growth. These sectors rely heavily on efficient logistics systems to ensure competitive production and timely distribution across domestic and international markets.

Manufacturing alone contributes nearly 30% of total logistics demand, underlining the importance of robust supply chain infrastructure. Additionally, high-growth sectors such as e-commerce, retail, pharmaceuticals, and manufacturing continue to drive strong demand for logistics services.

The rapid rise of India as a global manufacturing alternative, supported by initiatives such as the Production Linked Incentive (PLI) Schemes, is further strengthening logistics demand. The PLI schemes have attracted investments exceeding Rs1.46 trillion, generated production and sales worth approximately Rs12.50 trillion, and contributed exports of around Rs4 trillion, while enabling the establishment of over 1,300 manufacturing units across multiple sectors.

2. Key Growth Drivers and Strategic Priorities

• Development of integrated, multimodal logistics networks

• Continued infrastructure investments (roads, rail, ports, logistics parks)

• Adoption of advanced technologies (AI, IoT, analytics) for efficiency and visibility

• Expansion of e-commerce driving last-mile innovation

• Growing focus on sustainability through EVs and energy-efficient warehousing.

3. Policy Support and Institutional Framework

The Government of India continues to position logistics as a key growth enabler, with a focus on reducing logistics costs to 8-10% of GDP and enhancing supply chain efficiency through policy reforms, infrastructure development, and digital integration.

The Government of India continues to prioritize logistics as a key growth enabler, with a strategic focus on reducing logistics costs to 8-10% of GDP and improving supply chain efficiency. Policy reforms, infrastructure investments, and institutional mechanisms are collectively strengthening the ecosystem.

Key Initiatives

• Integrated Infrastructure & Connectivity: PM Gati Shakti, Bharatmala, Sagarmala, Dedicated Freight Corridors (DFCs), Multimodal Logistics Parks (MMLPs), National Industrial Corridor Development Programme (NICDP), PMGSY;

• Digital & Trade Facilitation: ULIP, Logistics Data Bank (LDB), E-way Bill, ICEGATE, ONDC, Bharat Trade Net (BTN), Parivahan Portal, digitization of logistics documentation;

• Policy & Institutional Reforms: National Logistics Policy (NLP), Comprehensive Logistics Action Plan (CLAP), Logistics Efficiency Enhancement Programme (LEEP), customs reforms;

• Sustainability & Innovation: National Green Hydrogen Mission, Zero-Emission Trucking (ZET), Mission LiFE;

• Sectoral & Global Support: Union Budget initiatives, Ministry-led developments (Road Transport, Railways, Ports & Shipping), ADBs SMILE initiative, Jal Vahak (inland waterways);

CHALLENGES FACED BY THE INDIAN LOGISTICS SECTOR

Despite strong growth momentum and ongoing transformation, Indias logistics sector continues to face several structural and operational challenges that may impact efficiency and scalability:

• The sector remains highly fragmented, with the presence of numerous small and unorganized players. This leads to disjointed operations and limits the development of a cohesive, integrated logistics ecosystem. As a result, adoption of advanced technologies, standardization of services, and economies of scale continue to be constrained.

• While infrastructure development is progressing, challenges persist, particularly in rural and remote

regions. Indias vast geographic landscape, coupled with gaps in road connectivity and logistics infrastructure, continues to affect last-mile delivery efficiency, leading to higher operational costs and resource inefficiencies.

• Although significant progress has been made in streamlining regulations, further alignment is required across direct taxation, GST implementation, budgetary support, and policy execution. Ensuring consistency, clarity, and faster on-ground implementation remains critical for improving ease of doing business in the sector.

• The industry continues to face risks related to the safety of goods, personnel, and digital transactions. Threats such as pilferage, cargo damage, cyberattacks, and disruptions caused by natural or man- made disasters necessitate stronger risk mitigation frameworks and enhanced security infrastructure.

• A shortage of adequately trained and skilled manpower remains a key challenge. The need for professionals capable of managing modern logistics operations, adhering to evolving regulatory standards, and leveraging advanced technologies is becoming increasingly critical for sustaining sectoral growth and efficiency.

DRIVING LOGISTICS FORWARD WITH DIGITAL INTELLIGENCE

Integrated Information Systems—an advanced evolution of ERP—are becoming the digital backbone of the logistics sector, enabling seamless integration of procurement, inventory, finance, and customer functions for end-to-end visibility and efficiency.

With the global market projected to exceed US$ 70 billion by 2030, adoption is accelerating, particularly in India, where businesses are achieving efficiency gains of up to 20% and cost reductions of around 15%. Growth is further supported by expanding digital infrastructure, including B2B platforms, digital payments, ONDC, and OCEN.

In Indias MSME-driven ecosystem, these systems are critical for real-time data exchange, stakeholder integration, and regulatory compliance, enabling more agile, transparent, and customer-centric supply chains.

Key Impact Areas

• Real-time visibility through AI and IoT-enabled tracking

• Data-driven decision-making via analytics and predictive tools

• Improved operational efficiency through automation

• Faster and optimized last-mile delivery

• Enhanced transparency and security through blockchain

• Stronger cybersecurity and data protection

• Sustainability through route optimization and reduced emissions

• Competitive advantage via agility, scalability, and resilience SAFETY IN LOGISTICS

Safety remains a critical aspect of logistics operations, ensuring the secure movement of goods, protection of personnel, and continuity of supply chains. The sector faces risks such as cargo damage, pilferage, transit accidents, and disruptions from natural or man-made events, along with growing cybersecurity threats due to increased digitization.

To mitigate these risks, companies are adopting advanced tracking systems, standardized processes, workforce training, and stronger cybersecurity measures. A proactive and technology-driven approach to safety is essential for building a reliable, resilient, and secure logistics ecosystem.

ABOUT INTER STATE OIL CARRIER LIMITED (ISOCL)

COMPANY OVERVIEW

Inter State Oil Carrier Limited continues to be a prominent player in the bulk liquid and gas transportation sector, operating across various strategic zones including East-North-East, West-North-West, West-East- West, East-South-East, and South-West-South. The Company maintains a robust and expanding fleet and has established camp offices in key locations such as Haldia, Chennai, Hazira, Mumbai, Kandla, Vadodara, Namrup, and Paradeep, ensuring comprehensive coverage of Indias critical logistics corridors.

During the year under review, the Company further strengthened its operational capabilities by expanding its fleet size and securing a significant number of new contracts, thereby reinforcing its market presence and service reach.

In line with its growth and diversification strategy, the Company has also commenced multimodal transportation services through railways. In March, the Company initiated trial demonstration operations for rail-based multimodal transportation as part of the expansion of its existing logistics operations. This strategic development marks the Companys entry into integrated multimodal logistics, complementing its established road tanker transportation business and enhancing its overall logistics capacity, operational efficiency, and ability to handle bulk cargo more effectively.

Through its multimodal capabilities, the Company offers flexible and scalable logistics solutions tailored to diverse customer requirements:

1. Rake Booking - ISOCL provides rake booking services for bulk cargo movement, enabling customers to transport goods from origin to destination across the rail network (subject to railway siding availability). This service offers seamless door-to-door delivery.

2. Piecemeal Bookings - The Company also offers flexible piecemeal booking solutions, allowing customers to transport from a single container to multiple containers, depending on their specific requirements.

Our key multimodal routes include:

* Kolkata Guwahati

* Morbi Rs Kolkata / Guwahati

* Ahmedabad Rs Kolkata / Guwahati

* Ahmedabad Rs Bangalore

* Chennai Rs Delhi

* Delhi Rs Chennai

Your Directors remain committed to minimizing the impact of any contraction in demand for tanker movement on a hired basis. The Company continues to place strong reliance on the efficiency and dedication of its workforce at all levels, and it is further strengthened by the continued trust and confidence reposed in it by its valued clients across India.

FINANCIAL PERFORMANCE OVERVIEW

The financial statements of the Company for the year ended 31st March, 2026 have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time. The accounting policies adopted in the preparation of these financial statements are consistent with those followed in the previous year, and the significant accounting policies have been disclosed in the notes forming part of the financial statements.

The following table presents an overview of the financial performance of the Company for the year under review.

Particulars	Financial Year 2025-2026	Financial Year 2024-2025
Total Income	10866.86	8,856.24
EBITDA	995.22	763.02
EBITDA Margin (%)	9.16%	8.62%
PBT	274.78	155.90
PAT	191.99	114.42
PAT Margin (%)	1.77%	1.29%
EPS	3.85	2.29

a) Analysis of revenue growth, profitability, margin performance and Earnings Per Share (EPS).

The financial performance of the Company during the financial year 2025-26 demonstrated significant improvement as compared to the previous financial year 2024-25, driven by higher operational activity, improved efficiency and better cost management.

• Revenue Growth:

The Company achieved Total Income of Rs10,866.86 Lakhs during FY 2025-26 as against Rs8,856.24 Lakhs in FY 2024-25, registering a growth of approximately 22.70% over the previous year. The increase in revenue was primarily attributable to improved business operations and higher execution levels during the year under review.

• Profitability:

The Profit Before Tax (PBT) of the Company increased from Rs155.90 Lakhs in FY 2024-25 to Rs274.78 Lakhs in FY 2025-26, reflecting a growth of approximately 76.25%. Profit After Tax (PAT) also increased from Rs 114.42 Lakhs in the previous financial year to Rs191.99 Lakhs during FY 2025-26, recording a growth of approximately 67.79%. The improvement in profitability was supported by higher revenue generation and improved operational efficiency.

• Margins:

The EBITDA of the Company stood at Rs995.22 Lakhs during FY 2025-26 as compared to Rs763.02 Lakhs in FY 2024-25. Consequently, the EBITDA Margin improved from 8.62% in the previous financial year to 9.16% during the year under review, indicating better operational performance and effective cost optimization measures undertaken by the Company.

Further, the PAT Margin improved from 1.29% in FY 2024-25 to 1.77% in FY 2025-26, reflecting the Companys improved profitability and enhanced financial performance during the year.

• Earnings Per Share (EPS):

The Earnings Per Share (EPS) increased from Rs2.29 in FY 2024-25 to Rs3.85 in FY 2025-26, registering a growth of approximately 68.12%. The increase in EPS reflects the improved profitability achieved by the Company during the financial year.

b) Segment-Wise Performance:

The Company operates in a single business segment and there are no separate reportable segments in accordance with the Indian Accounting Standards ("Ind AS"). Accordingly, segment-wise reporting is not applicable for the year under review.

Overall, the Company witnessed healthy growth in revenue and profitability during FY 2025-26. Improved operational efficiency, better resource utilization and effective cost management contributed to enhanced margins and higher shareholder returns. The management remains focused on sustainable growth, operational excellence and strengthening the financial position of the Company in the coming years.

INTERNAL CONTROL SYSTEM

The Company maintains a robust internal control system and procedures that are appropriately designed to align with the size and nature of its operations. These controls ensure that financial and operational records are reliable and accurate, supporting the preparation of financial statements and other management reports while safeguarding the accountability of assets.

An Internal Auditor conducts regular internal audits throughout the year, with audit activities carried out on a quarterly basis. The Internal Audit Reports are submitted to the Audit Committee for their review and to identify opportunities for enhancing the system across the organization.

The Company utilizes a comprehensive ERP system that facilitates accurate data recording for accounting, consolidation, and management information purposes, ensuring efficiency and integrity in data management.

The Audit Committee, composed two of Independent Directors and one Non Executive / Non Independent Director meets quarterly to provide oversight. Their role is to ensure independent, professional, and high-quality audits, reinforcing the governance framework and contributing to continuous improvement in the Companys internal control environment.

OPPORTUNITIES AND THREATS Opportunities

The logistics sector continues to present significant growth opportunities, driven by evolving customer expectations, supply chain transformation, and increasing demand for efficient and reliable delivery solutions. The shift towards integrated and technology-driven logistics models such as Direct-to- Customer (D2C), Direct-to-Retailer (D2R), and Direct-to-Kirana (D2K) is reshaping distribution networks and creating new avenues for service providers.

Growing demand for end-to-end logistics solutions, including warehousing, fulfilment, and last-mile delivery, is encouraging companies to enhance their capabilities and invest in advanced technologies such as AI-driven analytics, real-time tracking, and route optimization. The expansion of consumption into Tier 2 and Tier 3 markets further strengthens the need for agile and scalable logistics solutions.

Government initiatives focused on multimodal connectivity, infrastructure development, and logistics cost optimization continue to act as strong growth enablers. Investments in highways, dedicated freight corridors, multimodal logistics parks, and digital platforms are improving efficiency and opening new opportunities across the logistics value chain.

Additionally, the increasing focus on multimodal transportation and sustainable logistics practices is creating opportunities for companies to diversify operations, improve cost efficiency, and align with evolving environmental standards.

Threats

The logistics industry continues to operate in a dynamic and challenging environment, with multiple external and structural risks. Geopolitical uncertainties, volatility in fuel and energy prices, and global supply chain disruptions remain key concerns, impacting operating costs and planning cycles. Environmental regulations and the growing emphasis on decarbonization and sustainability require continuous investment in cleaner technologies and fleet modernization, which may increase short-term cost pressures. At the same time, evolving regulatory frameworks and compliance requirements add to operational complexity.

Infrastructure gaps in certain regions, coupled with congestion and capacity constraints, continue to pose challenges to efficient cargo movement. Additionally, the rapid pace of technological change requires continuous adaptation, while integration of emerging technologies brings operational, safety, and capital investment challenges.

Climate-related risks, including extreme weather events, and the need to maintain resilience in supply chains further add to uncertainties. However, the industrys ability to leverage digitalization, automation, and collaborative logistics models will be critical in mitigating these risks and sustaining long-term growth. RISK AND CONCERN

Risk is inherent in all business activities and continues to evolve in a dynamic economic and regulatory environment. The Company follows a proactive and structured approach to risk management, with continuous monitoring and evaluation to mitigate potential impacts on its operations and performance. During the year, the key risks faced by the Company include intense market competition, volatility in fuel and operating costs, and rapid technological advancements, all of which significantly influence the business landscape. In addition, geopolitical uncertainties, supply chain disruptions, and fluctuations in demand for transportation services pose challenges to operational stability.

The increasing focus on regulatory compliance, environmental sustainability, and adoption of new technologies also requires ongoing investments and strategic alignment. Infrastructure constraints in certain regions and evolving customer expectations further add to the complexity of operations.

The Company continues to strengthen its risk management framework by focusing on operational efficiency, cost optimization, diversification through multimodal logistics, and leveraging technology, thereby ensuring resilience and sustainable growth in an increasingly competitive environment.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Your Company places great importance on its human resources and maintains cordial relations at all levels. We are committed to investing in people and processes to enhance human capital and improve service delivery to stakeholders.

Attracting, developing, and retaining the right talent remains a key strategic focus. Recognizing human capital as vital to success, the Company values employee performance and looks forward to continued excellence. Empowerment across the organization fosters effectiveness, supported by a strong talent pool across operational areas. The human resource environment has remained smooth throughout the year, reflecting our belief that the workforce is an invaluable asset.

Safety is a core company value, and all necessary measures are taken to ensure a safe working environment.

FUTURE OUTLOOK OF YOUR COMPANY

Inter State Oil Carrier Limited (ISOCL) continues to demonstrate a strong commitment to growth and operational excellence through consistent expansion of its fleet and service capabilities. The Company has further strengthened its fleet during the year, comprising a mix of owned and dedicated-attached stainless steel tankers, single and multi-compartment tankers, and advanced integrated tanker trailers equipped with modern safety and handling features. This expansion reflects ISOCLs proactive approach to meeting increasing demand and enhancing service reliability.

Looking ahead, the Company is well-positioned to capitalize on emerging opportunities in the evolving logistics landscape. The recent foray into multimodal transportation through railways marks a significant strategic milestone, enabling ISOCL to diversify its operations beyond road transport and enhance efficiency in bulk cargo movement. This integrated approach is expected to improve turnaround times, optimize costs, and strengthen the Companys competitive positioning.

With a strong operational network, growing customer base, and continued focus on capacity expansion, the Company aims to further consolidate its presence across key logistics corridors. Backed by favourable industry trends, government support for infrastructure and multimodal logistics, and increasing demand from core sectors, ISOCL is poised to achieve sustainable growth and long-term value creation.

In accordance with the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations 2018, the Company is required to give details of significant changes (Change of 25% or more as compared to the immediately previous year) in key sector specified financial ratio.

a) Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios or sector specific ratios, along with detailed explanations thereof:

Particulars	Financial Year 2025- 2026	Financial Year 2024- 2025	Change %	Reason for Variance
Current Ratio	1.21	1.04	16.35%	N.A.
Debt-Equity Ratio	1.36	1.24	9.68%	N.A.
Debt Service Coverage Ratio	1.14	1.05	8.57%	N.A.
Return on Equity Ratio	0.09	0.06	50.00%	Due to increase in net profit after tax during the year.
Inventory Turnover Ratio	N.A.	N.A.	N.A.	N.A.
Trade Receivables Turnover Ratio	6.86	6.03	13.76%	N.A.
Trade Payables Turnover Ratio	24.71	21.75	13.61%	N.A.
Net Capital Turnover Ratio	21.61	102.62	-78.94%	Due to increase in working capital during the year.
Net Profit Ratio	0.02	0.01	100.00%	Due to increase in net profit after tax during the year.
Return on Capital Employed	0.10	0.07	42.86%	Due to increase in earnings before interest and taxes during the year.
Return on Investment	0.02	0.00	N.A.	Due to increase in income generated from invested funds during the year.

b) Details of any change in Return on Net Worth as compared to the immediately previous financial year along with a detailed explanation thereof;

Particulars	Financial Year 2025- 2026	Financial Year 2024- 2025	Change (%)	Reason for Variance
Return on Net Worth (%)	8.66	6.10	41.97%	There has been increase in return on Net Worth as compared to Previous Year due to increase in Net Profit during the year

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations, or future outlook may constitute "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied in such statements.

The Companys performance is subject to various risks and uncertainties that could cause actual outcomes to differ significantly from those anticipated. These include, but are not limited to, changes in economic conditions, geopolitical developments, fluctuations in demand and supply, volatility in input and fuel costs, changes in government policies and regulations, and other factors beyond the control of the Management.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

	For and on behalf of the Board of Directors
	Sanjay Jain	Siddhant Jain
Place: Kolkata	Managing Director	Whole-Time Director
Dated: The 25th Day of May, 2026	(DIN:00167765)	(DIN:07154500)