Jaykay Enterprises Ltd Management Discussions

INDUSTRY STRUCTURE & DEVELOPMENT

Global Economic Overview

The global economy continues to demonstrate cautious resilience, with growth projected at 3.0% in 2025 and moderating slightly to 3.1% in 2026, as per the IMFs July 2025 World Economic Outlook update. This marks an upward revision from earlier forecasts, supported by pre-emptive import front-loading ahead of potential tariff escalations, easing financial conditions, and fiscal stimulus in key economies. Despite this positive adjustment,significantheadwinds persist. Rising trade tensions, widening fiscal deficits, and heightened geopolitical volatility remain key downside risks. Emerging markets are expected to grow at 4.1% in 2025 and 4.0% in 2026, while advanced economies are likely to face sustained inflationary pressures, tightening fiscal space, and slowing demand.

Global headline inflation is expected to ease gradually, from 4.2% in 2025 to 3.6% in 2026, though price pressures in advanced economies are expected to remain elevated. Financial markets are also likely to remain volatile, influenced by shifting interest rate expectations, debt sustainability concerns, and geopolitical risks, including the ongoing war in Ukraine and instability in the Middle East.

In addition, structural challenges such as trade fragmentation, rising sovereign debt, and currency vulnerabilities pose further risks, particularly for low-income economies. Sustained global recovery will hinge on stabilising trade relations, fostering multilateral cooperation, and addressing domestic structural imbalances.

Indian Economy Overview

India continues to outpace global peers. The IMFs July 2025 World Economic Outlook Update projects real GDP growth of 6.4% in both 2025 and 2026 (calendaryears),reaffirmingIndia as the fastest-growing major economy. Separately, the IMFs Article IV report and the RBIs Monetary Policy Committee (MPC) both place FY 2025-26 growth near 6.5%, supported by resilient domestic demand, robust public investment, and ongoing reforms.

In Q1 FY 2025-26 (Apr-Jun 2025), GDP expanded by 7.8%, driven by government capital expenditure, a revival in rural demand, and strong performance in the services sector. Economists, however, expect moderation later in the year as external headwinds weigh on industry and private investment.

For FY 2024-25, India sustained its trajectory as the worlds fastest-growing major economy, with GDP growth estimated at 6.5%, in line with its long-term average. Growth was underpinned by a revival in rural demand, strong consumption, and easing inflationary pressures. Private final consumption expenditure rose by 7.3%, while retail inflationdeclined to 4.6%, its lowest level since FY 2018 19, contributing to overall macroeconomic stability.

Over the past decade, Indias GDP has nearly doubled from USD 2.1 trillion in 2015 to an estimated USD 4.3 trillion in 2025, outpacing other major economies. This expansion has been propelled by structural reforms, rapid digitalisation, favourable demographics, and strategic investments in infrastructure, financial inclusion, and manufacturing. The services sector - particularly IT and financial services, remains a key growth driver. Looking ahead, Indias GDP growth is projected at 6.4 6.5% in FY 2025-26, reflecting a more balanced pace of expansion following a strong demand-led recovery. A normal monsoon is expected to support rural growth, while urban consumption should remain steady on the back of improving job markets and lower interest rates. Inflation is projected to remain within the 3 4% range, consistent with the RBIs target, providing scope for policy support to credit growth and key sectors.

Indias long-term outlook remains robust, with the economy on track to become a USD 10 trillion economy by 2032, powered by consumption, investment, and foreign capital inflows. Flagship programmes such as Make in the National Infrastructure Pipeline are enhancing manufacturing capacity andlogisticsefficiency,while the expanding digital economy is creating opportunities in fintech, startups, and innovation-led sectors.

On the global stage, several analysts project India to surpass Japan as the worlds fourth-largest economy and potentially overtake Germany by 2027-2028, underscoring the countrys strong growth trajectory.

Risks remain in the form of global uncertainties, tariff-related trade disruptions, volatile oil prices, and climate-related shocks. Domestically, inflation management and uneven rural recovery require careful monitoring. Nevertheless, with continued reforms, strong fundamentals, and focused investments, India is well-positioned to sustain growth momentum and progress toward its aspiration of becoming a developed economy by 2047.

Organization and Business Overview

Jaykay Enterprises Limited ("JKE"/ "the Company"), a part of the J K Organisation and part of the 140 years old conglomerate, traces its legacy to Late Lala Juggilal Singhania and his son Late Kamlapat Singhania, a diversified dynamic personality with a broad vision.

Strategic Repositioning of JKE into Digital & Technology Business

JKE, which initially operated in the business of manufacturing nylon & acrylic fibers and subsequently in Registrar and Share Transfer Agent services, revived its business operations in 2020 with a renewed focus on Digitisation and Technology. The Companys present business operations are structured around three core segments: a. Defence & Aerospace - Engaged in the manufacturing of essential parts and accessories utilized in the defence and aerospace sectors. Furthermore, we are engaged in precision engineering including design and development of these products spanning diverse industry verticals. Our diverse portfolio encompasses composite applications, underwater mines, and precision machining tailored specifically for the Defence and Aerospace industry. b. Digital Manufacturing & Advanced Systems - Focused on additive manufacturing systems, prototyping, powder metallurgy, reverse engineering, and plant modelling, leveraging advanced technologies to drive innovation in manufacturing. c. Digital Services - An important pillar with digital transformation and artificial intelligence (AI) as the main drivers.

Through this strategic repositioning, JKE is steadily transforming into a future-ready Digital & Technology enterprise, with a diversified business model aligned to emerging industry opportunities.

Commitment to Quality

At JKE, quality is our utmost priority. Our rigorous quality assurance processes ensure that every product meets the highest standards of performance and reliability. Our dedicated team of experts works tirelessly to deliver outstanding results on every project.

FORWARD-LOOKING BUSINESS OUTLOOK OF KEY BUSINESS SEGMENTS

Defence & Aerospace

The defence and aerospace sector in India continues to present robust growth opportunities in the current decade. The market is projected to touch USD 70 billion by 2030, fuelled by rising domestic demand, higher defence allocations in the Union Budget, and the governments strong push towards self-reliance under the Atmanirbhar Bharat and Make in India programmes.

The Indian government has progressively enhanced the capital outlay for modernisation, increased the scope for private participation, andreserved significantshare of procurement for indigenous manufacturers. The opening of the defence production sector to 100% FDI under the automatic route (74% direct) has attracted global players to partner with Indian firms through joint ventures and technology transfer arrangements. Strategic collaborations, coupled with the indigenisation drive and reforms such as corporatisation of Ordnance Factories, are creating a strong ecosystem for both domestic suppliers and exporters.

India is also emerging as an aerospace manufacturing hub with international majors setting up design, engineering, and maintenance facilities. This provides substantial opportunities for companies engaged in precision manufacturing, composites, digital integration, and advanced technology solutions tailored for defence and aerospace applications. JKE, with its proven expertise in precision machining, composite applications, and systems integration, is well-positioned to capitalise on these developments. The Company continues to strengthen its capabilities to serve strategic missile programs, aerospace platforms, and next-generation defence technologies, aligning itself with national security imperatives and global standards.

Precision Manufacturing for Aerospace and Defense

At JKE, we are experts in high-precision manufacturing, designed to meet the rigorous demands of the aerospace and defense industries. Our advanced facility and strict quality standards ensure superior performance and dependability. JKE has been a key player in the defense sector, providing high-precision components, subsystems, and systems for various defense and aerospace programs. We have significantly contributed to strategic missile programs through the provision of machined components and subassemblies. Our proficiency also includes systems integration for diverse defense programs, backed by our cutting-edge in-house facilities.

Digital & Additive Manufacturing

The digital manufacturing and 3D printing industry is witnessing rapid adoption as industries strive to improve efficiency, reduce material wastage, and shorten time-to-market. Additive manufacturing allows the creation of complex, customised, and lightweight components that are critical in sectors such as aerospace, healthcare, automotive, energy, and oil & gas. Globally, the additive manufacturing market is shifting from prototyping to large-scale industrial production, driven by falling equipment costs, advanced materials, and software integration. In India, though still at a nascent stage, the sector is gaining momentum with strong government policy support under initiatives like the National Strategy for Additive Manufacturing (NSAM) 2022, which aims to make India a global hub for 3D printing by 2025.

JKEs capabilities in large-scale digital manufacturing, powder metallurgy, and reverse engineering ensure it remains at the forefront of this transformation, catering to diverse industries and unlocking new growth avenues. Moving beyond its traditional strongholds in additive manufacturing, prototyping, reverse engineering, and aerospace components, JKE is now expanding its market footprint in medical technology. has been the launch of customised medical and patient-specific implants. Leveraging JKEs A significant expertise in additive manufacturing, digital design, and advanced materials, these biocompatible implants, especially in orthopaedics and dental care, represent a high-growth vertical with strong social impact potential.

Healthcare is becoming a significant growth driver, with patient-specific implants, prosthetics, and surgical models increasingly being developed using 3D printing.

JKEs early investments in this segment enable it to tap into a market that combines social impact with commercial opportunities. By offering customised solutions tailored to individual patient anatomy, JKE is not only supporting better healthcare outcomes but also building a strong foundation for sustainable growth in this high-potential domain.

Digital Services (Information Technology Sector)

IT Sector has become a cornerstone of economic growth, both globally and in India, and is expected to maintain its strong trajectory over the coming years. India remains a leading hub for IT services, supported by a large talent base, global outsourcing demand, and policy initiatives such as Digital India. Technology is no longer viewed as just an enabler but as a critical driver of business outcomes and competitiveness.

The rapid adoption of artificialintelligence, cloud computing, data analytics, enterprise applications, and hyper-automation is reshaping industries and driving efficiency across sectors. As enterprises increasingly rely on digital solutions to achieve growth, the Indian IT industry is well positioned to capture these opportunities, ensuring sustained expansion and innovation-led growth in the years ahead.

JKTL, a material subsidiary of JKE, is a Gen AI-focused data services organization delivering digital transformation solutions through a range of services with a specialized focus on the Insurance & Financial Services and Retail & CPG sectors. At the core of JKTLs offerings is JIVA, an enterprise-grade Gen AI orchestrator that seamlessly unifies data, AI agents, and industry context to deliver autonomous workflows. Its Agentic AI capabilities transform fragmented enterprise systems into connected, context-aware processes that accelerate decision-making, reduce errors, and scale without additional headcount. Complementing this, JKTLs MDM Studio establishes a single source of truth by cleansing, governing, and unifying data, ensuring AI-ready, trustworthy information pipelines. Together, these innovations enable enterprises to move beyond siloed operations into a state of intelligent automation and enterprise autonomy. Beyond these flagship platforms, JKTL offers a robust suite of services in data transformation and cloud engineering, helping clients modernize legacy systems, design intelligent pipelines, build scalable architectures, and implement secure governance frameworks. With measurable outcomes such asimprovedefficiency,revenue protection, faster time-to-market, and enhanced customer experiences, JKTL empowers organizations to drive innovation, boost productivity, and accelerate their digital transformation journey. Its clientele include Unilever, ICON, Edwards, Thermo Fisher, Segdwick, Inveniam, Belden, Allied World, Menards, HBK, Alliant International, One Shield, Specsavers, Mark Anthony and Lowell etc.

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE

Your Company has consolidated its business focus into specific dedicated opportunities. The Company along with its Subsidiaries, Associates and/or LLP is primarily engaged in the following business portfolio: (i) Defence & Aerospace - Machining and Manufacturing of precision-turned components and all varied types of engineering goods for the Defence, Aerospace along with trading and dealing in various kinds of products related to Defence, Aerospace and allied industries;

(ii) Digital Manufacturing & Advanced Systems - Additive manufacturing including 3D Printing, providing technical consultancy services, 3D Scanning, Reverse Engineering, plant modelling, design, development, and marketing of 3D printers, advance systems and software products for 3D and allied activities; and (iii) Digital Services - Information Technology (IT) services (Application Development, Integration & Support, IT Consulting, Mobility, Staff Augmentation, Portal Services, Hyper Automation), Artificial Intelligence/Machine Learning, Data Transformation, Cloud Engineering, Enterprise Solutions (SAP, QAD, Microsoft Progress, Mendix, ERP & CRM), Education and Training (IT/Non-IT, Industry Induction and Mobile Solutions).

As on date of this report, your Company has 10 subsidiaries, 1 associate, and 1 joint venture.

The subsidiaries included:

• two (2) wholly owned subsidiaries ("WoS"), namely JK Defence & Aerospace Limited ("JK Defence") and JK Digital & Advance Systems Private Limited ("JK Digital"); • two (2) subsidiaries, namely JK Technosoft Limited and Neumesh Labs Private Limited; and • six (6) step-down subsidiaries, namely Allen Reinforced Plastics Limited (formerly Allen Reinforced Plastics Private Limited), JKT Bangladesh Private Limited, JK Tech US Inc (formerly Proserve Consulting Inc), JK Tech UK Limited, JKT Europe B.V. and JKT Netherlands B.V. In addition, the Company has:

• one (1) associate company i.e. Nebula3D Services Private Limited, and

• one (1) joint venture in the form of a limited liability partnership i.e. JK Phillips LLP.

The in-house Research and Development department enables to achieve cost and leadership. The strong team keeps itself regularly updated to adapt to the latest technologies.

Key Business Strategies/Significant Events

During the period under review and current year, the Company and its Subsidiaries made strategic investments aimed at strengthening the Companys position and supporting the Companys broader growth trajectory. Various other significant events also happened during the period under review and current year as under:

a. Jaykay Enterprises Limited:

• Acquisition of Fully Paid-Up Equity Shares of JK Technosoft Limited ("JKTL"): During the year under review, the Company acquired 97.48% of JKTLs fully paid-up equity share capital for a total purchase consideration of Rs. 88.89 crore. In consideration, the Company allotted 54,53,754 equity shares of face value of Re. 1/- each, at an issue price of Rs. 163/- per share, to the shareholders of JKTL on a preferential basis, for consideration other than cash. Post-acquisition, JKTL became a material subsidiary of the Company w.e.f. March 27, 2025, thereby enabling the Company to consolidate the accounts of JKTL with its accounts resulting in a strong financial position and consequently greater value for the shareholders.

• Acquisition of Partly Paid-Up Equity Shares of JKTL: During the current year, the Company further acquired 1,24,07,276 partly paid-up equity shares of face value of Rs. 10/- (Paid up Rs. 2.50/-) each of JKTL for a total purchase consideration of Rs. 112.43 crore. In consideration, the Company allotted 79,17,936 equity shares of face value of Re. 1/- each, at an issue price of Rs. 142/- per share to the shareholders of JKTL on a preferential basis, for consideration other than cash. Pursuant to this acquisition, the Companys shareholding in JKTL stands increased from 97.48% to 99.07% (assuming full conversion of partly paid-up shares into fully paid-up shares).

b. JK Defence & Aerospace Limited

• Acquisition of additional Equity Stake in Allen Reinforced Plastics Limited (formerly Allen Reinforced Plastics

Private Limited) ("Allen"): During the year under review, the Company through its WoS i.e. JK Defence, on June 02, 2024, acquired 1,94,03,363 partly paid-up equity shares of Allen, a step-down subsidiary of the Company, pursuant to a Rights Issue. During the current year, upon completion of the payment of the call monies on the said shares, the shareholding of JK Defence in Allen increased from 76.41% to 92.92%.

• Final Allotment of Industrial Land in Lucknow by Uttar Pradesh Expressways Industrial Development Authority

("UPEIDA"): During the year under review, JK Defence, has received the final allotment letter from the UPEIDA, for an industrial land parcel measuring 4.9 hectares (49,000 square meters), for the purpose of establishing Defence Production Industry under Defence Industrial Corridor Project, Lucknow Node.

• GrantofPossessionCertificatefor Land Allotment: During the year under review, JK Defence has taken possession of the 5 acres of land from Karnataka Industrial Areas Development Board ("KIADB") at Devanahalli General Industrial Area (ITIR), Bangalore Rural District under the investment proposal of Office of the Commissioner for the Industrial Development and Director of Industries and Commerce, Government of Karnataka, to establish a unit for the manufacture of "Precision Turned Components and all types of Engineering Goods for the Defence, Aerospace and other Allied Industries including assembling in all kinds of products of Defence and Aerospace Equipments".

c. Allen Reinforced Plastics Limited (formerly Allen Reinforced Plastics Private Limited)

• Receipt of Letter of Intent/Communication from BrahMos Aerospace Private Limited and Bharat Dynamics

Limited by Allen: During the current year , Allen, a step-down subsidiary of the Company, has received the following Letter of Intent ("LOI") / Communication from: -- BrahMos Aerospace Private Limited - valued at approx. Rs. 94.45 Crores (including GST); and Bharat Dynamics Limited - valued at approx. Rs. 15.90 Crores (including GST). The above LOI/Communication, upon conversion into definitive orders, are expected to strengthen Allens project pipeline and contribute to the future revenues of Allen.

d. JK Digital & Advance Systems Private Limited:

• Signing of MOU with Neuro-Engineering Lab, All India Institute of Medical Sciences, New Delhi ("NEL-AIIMS"):

During the current year, JK Digital, WoS of the Company, has entered into a Memorandum of Understanding, with NEL-AIIMS, to establish a collaborative framework between NEL-AIIMS and JK Digital for the development of neurosurgical instruments through an iterative process of design, prototyping, and validation.

• Signing of MOU with Council of Scientific & Industrial Research, through its constituent laboratory, Central Scientific Instruments Organisation, Chandigarh ("CSIR-CSIO"):During the current year, JK Digital has entered into a Memorandum of Understanding, with CSIR-CSIO to collaborate on the research and development of metal implants by using additive manufacturing technology.

SWOT ANALYSIS

SWOT Analysis is a strategic tool used to evaluate the Companys internal strengths and weaknesses while identifying external opportunities and threats that may influence its business environment. The SWOT analysis of the Company is as follows:

STRENGTHS	WEAKNESSES
Trusted and established brand name	Limited presence in international/export markets.
Cost Effective In-house Research and Development department	Production-related challenges impacting efficiency
Products with High Local content and confirming to Government Policies of Make in India	High Cost of Capital involved
Leaders in composite application
Promoters have 140 plus years old diversified conglomerate in various fields with presence across the region in India
OPPORTUNITIES	THREATS
Favourable trends in Government Policies supporting the sector	Liquidity crisis with customers
Growth potential under Make in India initiatives	High dependence on Government customers and contracts
Scope for innovation and increased investments	Increasing competition from unorganized sectors and industry peers.
Strong growth prospects in Defense Sector.
Expanding opportunities in Digital Manufacturing sector

RISKS AND CONCERNS

The major risks and concerns for the Company include:

Dependency on limited customers for new contracts.

Intense competition from domestic and international players.

Exposure to risks from natural disasters and pandemics.

Heavy reliance on Government/Defence contracts; adverse sectoral developments may impact business sustainability.

Dependence on R&D; failure to innovate or expand product portfolio may hinder long-term growth.

Adverse geopolitical conditions may affect business and financial performance.

HUMAN RESOURCES

Employees are the core strength and driving force behind the success of Jaykay Enterprises Limited and remain central to the Companys long-term growth strategy. The Human Resource strategy of the Company is firmly anchored on the belief that our people are our most valuable assets and that nurturing talent today is essential to build a stronger tomorrow.

The Company fosters a transparent and inclusive work culture where employees are encouraged to express their views, raise concerns, and contribute actively to the growth of the organization. This open environment has resulted in higher engagement levels, improved team collaboration, and lower employee turnover. We remain committed to ensuring fairness, equal opportunities, and a safe workplace for all.

During FY 2024-25, the Company focused on hiring skilled professionals across key functions and invested in capability building through continuous learning programs. Employees completed training in technical, leadership, and compliance modules. Several initiatives were also undertaken across key HR domains, including strengthening recognition frameworks to reward high performance and leadership behaviors, and implementing supportive policies and health benefits. As part of our employee engagement journey, we organized an inter-office cricket match between the Delhi and Kanpur teams. The event went beyond sport, it fostered camaraderie, cross-location collaboration, and a spirit of healthy competition, while reinforcing our culture of inclusion and togetherness. Such initiatives are more than moments of fun; they strengthen bonds, boost morale, and ultimately translate into higher engagement, productivity, and retention.

In Delhi, a dedicated team-building program was conducted, where employees participated in activities designed to enhance trust, communication, and collaboration. The experience served as a reminder that teamwork is not just a concept but the foundation of collective success truly, teamwork makes the dream work.

The Company also conducted mandatory POSH (Prevention of Sexual Harassment) training for all employees, reinforcing both awareness and our unwavering commitment to a safe, inclusive, and respectful workplace.

In addition, the Company continued to celebrate everyday moments that strengthen its culture. Monthly birthday gatherings bring employees together to share joy, cut cakes, and create meaningful memories,smallyetsignificantrituals that foster a sense of belonging and community. The Company remains equally committed to employee well-being and engagement, with initiatives such as health benefits, supportive policies, and celebrations of key occasions including Diwali, Holi, Christmas, Eid, Womens Day, etc., thereby nurturing a vibrant workplace.

Health, safety and environmental responsibility continued to remain priorities. Regular internal and external audits ensured compliance and strengthened our safety culture. We are committed to maintaining a safe, inclusive and sustainable workplace. In the coming year, HR will focus on strengthening leadership pipelines, enhancing digital HR solutions, and driving employee engagement initiatives aligned with business transformation.

In August 2024, our company actively participated in the Rozgar Mela held in Kanpur, which was graced by the presence of the Honble Chief Minister of Uttar Pradesh, Shri Yogi Adityanath, as the Chief Guest. The event witnessed an excellent turnout and provided us with a valuable platform to connect with a large pool of talented candidates. It was a significant step in supporting the states employment generation efforts while further strengthening the Companys employer brand and regional presence.

The journey ahead will demand agility, innovation, and resilience, qualities our workforce embodies every day. With the right balance of people, processes, and purpose, we are confident of creating not just organizational success, but also a workplace where individuals find meaning, growth, and pride in being part of our story.

As on March 31, 2025, Jaykay Group had a total manpower of 835 employees (including 200 on contract basis). Out of these, 42 employees (including 5 on contract basis) are part of Jaykay Enterprises Limited. These employees continue to play a pivotal role in driving the Companys growth and ensuring its long-term sustainability.

INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY

The internal control framework forms an integral part of the Companys governance and risk management practices. Your Company has instituted adequate internal financial controls commensurate with its size and nature of operations, ensuring transparency, integrity, and security of transactions. These controls are supported by well-defined policies and standard operating procedures that facilitate orderly and efficient business conduct, adherence to Company policies, safeguarding of assets, prevention and detection of frauds and errors, accuracy of accounting records, and timely preparation of reliable financial information.

The internal financial controls are further strengthened through regular internal audits, periodic management reviews, and clearly documented policies and guidelines. These mechanisms ensure that financial and other records are reliable for the preparation of financial information and other reports and for maintaining regular accountability of the Companys assets.

The system of internal financial controls has been found to be operating effectively, with no material weaknesses observed. The Company has a process in place to continuously monitor the same and identify potential gaps, if any, and implement new and / or improved controls whenever the effect of such gaps have a material effect on the Companys operations.

FINANCIAL PERFORMANCE

During the financial year 2024-25, your Company delivered improved operational performance both on a standalone and consolidated basis.

On a standalone basis, revenue from operations increased significantly to Rs. 591 lakh as compared to Rs. 192 lakh in the previous financial year. The Company registered an EBITDA of Rs. 1,800 lakh during the year under review as against Rs. 1,383 lakh in the previous financial year. The Net Profit for the financial year 2024-25 stood at Rs. 1,267 lakh as compared to Rs. 1,293 lakh in the previous financial year.

On a consolidated basis, revenue from operations increased to Rs. 8,064 lakh as against Rs. 5,266 lakh in the previous financial year. The Company registered an EBITDA of Rs. 1,784 lakh during the financial year 2024-25 as compared to Rs. 1,739 lakh in the previous financial year. The Net Profit for the financial year 2024-25 stood at Rs. 717 lakh as compared to Rs. 960 lakh in the previous financial year.

(Rs. in Lakhs)

	Standalone		Consolidated
Particulars	FY 2024-25	FY 2023-24	FY 2024-25	FY 2023-24
Revenue from Operations	591	192	8064	5266
Other Income	2078	1818	1830	1397
Total Income	2669	2010	9894	6663
Earnings before Interest, Tax, Depreciation and Amortisation Expenses (EBITDA)	1800	1383	1784	1739
Finance Cost	46	9	608	442
Depreciation/ Impairment and Amortization	245	80	467	271
Profit before Tax	1509	1294	709	1026
Tax Expenses	242	1	(8)	66
Profit after Tax	1267	1293	717	960
Other Comprehensive Income / (Loss)	(172)	274	(168)	275
Total Comprehensive Income / (Loss)	1095	1567	549	1235

KEY FINANCIAL RATIOS AND DETAILS OF SIGNIFICANT CHANGES THEREIN VIS-A-VIS IMMEDIATELY PRECEDING FINANCIAL YEAR

Particulars	As at March 31, 2025	As at March 31, 2024	Movement (%)	Reasons of Variance
Debtors Turnover Ratio (in times)	1.78	0.84	111.40%	Debtors Turnover Ratio is higher due to increase in revenue from operations during the year as compared to previous year.
Inventory Turnover Ratio (in times)	0.90	0.35	156.20%	Inventory Turnover Ratio is higher due to increase in cost of materials consumed during the year and increase in inventory.
Interest Coverage Ratio	35.13	20.39	72.28%	Interest Coverage ratio is higher due to increase in EBIT as compared to previous year.
Current Ratio (in times)	14.71	7.12	106.60%	Current Ratio is higher due to a reduction in current liabilities as compared to current assets.
Debt Equity Ratio (in times)	0.001	0.19	-93.80%	Debt-Equity Ratio decreased due to repayment of loans and an increase in equity share capital.
Debt Service Coverage Ratio (in times)	3.37	20.39	-83.50%	Debt Service Coverage Ratio declined due to reduction in net profit.
Operating Profit Margin (%)	2.63%	6.77%	-61.18%	Operating Profit Margin declined due to increase in employee benefit expenses, depreciation and other expenses.
Net Profit Margin (%)	0.47%	6.72%	-92.90%	Net Profit Margin declined due to increase in employee benefit expenses, depreciation and finance costs.
Return on Net Worth (%)	0.04%	0.08%	-50.20%	Return on Net Worth declined due to reduction in profits after tax coupled with an increase in equity share capital.
Earnings per Share (EPS) (Rs.)	1.40	2.27	-38.33%	EPS declined due to lower profit after tax as compared to the previous year.

FORWARD-LOOKING STATEMENT

Certain statements made in the Annual Report relating to the Companys objectives, projections, outlook, expectations, estimates and others may constitute ‘forward looking statements within the meaning of applicable laws and regulations. We use words such as anticipates, believes, expects, future, intends, and similar expressions to identify forward-looking statements. Forward-looking statements reflect managements current expectations and are inherently uncertain. Actual results may differ from such expectations whether expressed or implied. Several factors couldmakesignificantdifference to the Companys operations. These include climatic and economic conditions affecting demand and supply, government regulations, taxation, pandemic and other natural calamities over which the Company does not have any direct control. The Company assumes no responsibility to amend, modify or revise any such statements. The Company disclaims any obligation to update these forward-looking statements except as may be required by law.