JHS Svendgaard Laboratories Ltd Management Discussions

Forward-Looking Statements

This Management Discussion and Analysis (MD&A) contains certain statements that may constitute forward-looking statements within the meaning of applicable securities laws and regulations. These statements relate to the Companys future business prospects, strategies, plans, objectives, expectations, estimates and projections and are based on the current beliefs, assumptions and expectations of the management.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such statements. These factors include, but are not limited to, changes in economic conditions, government policies, taxation, regulatory framework, industry trends, market demand, competitive pressures, foreign exchange fluctuations, inflation, technological developments, supply chain disruptions, geopolitical developments and other factors beyond the Companys control.

The Company undertakes no obligation to publicly update, revise or modify any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable laws and regulations.

The financial statements of the Company have been prepared in accordance with the applicable provisions of the Companies Act, 2013, 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, and other accounting principles generally accepted in India. The financial statements have been prepared on a historical cost basis, except where otherwise stated, and on the accrual basis of accounting. The management has exercised prudent judgment and made reasonable estimates and assumptions to ensure that the financial statements present a true and fair view of the Companys financial position, results of operations and cash flows.

This MD&A should be read in conjunction with the Companys audited standalone and consolidated financial statements together with the notes forming part thereof and other sections of this Annual Report. Unless the context otherwise requires, references to the Company, JHS, JHS Svendgaard, we, our and us refer to JHS Svendgaard Laboratories Limited.

Economic Overview

Global FMCG Industry

The Global Fast-Moving Consumer Goods (FMCG) industry continues to demonstrate resilient growth, driven by rising consumer spending, rapid urbanization, increasing health and hygiene awareness, and expanding retail and e-commerce networks. Consumers are increasingly seeking products that combine quality, convenience, affordability, and sustainability, prompting manufacturers to focus on innovation, premiumization, and digital transformation across various product categories.

Within the FMCG sector, the personal care and hygiene segment remains one of the fastest- growing categories, with oral care continuing to witness strong and consistent demand. The global oral care market was valued at approximately USD 37.8 billion in 2024 and is projected to reach around USD 54.1 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of approximately 6.2% during 2025-2030. This growth is supported by increasing consumer awareness of preventive healthcare, expanding distribution channels, premium product offerings, and rising demand across emerging markets.

Asia-Pacific continues to be a key growth region for the FMCG industry, supported by favourable demographics, rising disposable incomes, increasing urbanization, and growing consumer awareness regarding health and personal hygiene. Countries such as India and China continue to offer significant opportunities across food, personal care, home care, and oral care categories, driven by expanding modern retail formats, increasing digital commerce, and evolving consumer preferences.

Innovation remains a key growth driver across the FMCG sector. Companies are investing in research and development to introduce value-added products, sustainable packaging solutions, advanced manufacturing technologies, and consumer-centric product innovations. In the oral care segment, manufacturers continue to develop technologically advanced toothbrushes, specialized toothpaste formulations, eco-friendly products, and smart oral care devices to address evolving consumer needs. These trends are expected to support the long-term growth of the FMCG industry while creating opportunities across multiple product categories.

Sources: Grand View Research, Markets and Markets, Markets and Markets Press Release.

Indian FMCG Industry

Indias Fast-Moving Consumer Goods (FMCG) industry continues to be one of the largest and fastest-growing sectors of the economy, supported by favourable demographics, rising disposable incomes, increasing urbanisation, expanding digital commerce, and growing consumer preference for quality, health, hygiene, and personal care products. The sector is witnessing sustained demand across food & beverages, personal care, home care, healthcare, and hygiene categories, making it a key contributor to Indias consumption-led economic growth.

The Indian FMCG market is expected to maintain a healthy growth trajectory over the coming years, driven by increasing household consumption, premiumisation, higher rural penetration, organised retail expansion, and rapid adoption of e-commerce and quick commerce platforms. Government initiatives supporting manufacturing, digital infrastructure, and ease of doing business are further strengthening the sectors long-term outlook.

Within the FMCG industry, personal care and hygiene continue to be among the fastest-growing segments. Oral care represents a significant category within this segment and continues to witness robust demand, supported by increasing consumer awareness regarding preventive healthcare, rising spending on personal wellness, and growing preference for specialised, herbal, and value-added products. The Indian oral care market was valued at approximately USD 3.18 billion in 2024 and is expected to reach around USD 5.00 billion by 2030, growing at a CAGR of approximately 7.9% during 2025-2030.

Consumer preferences across the FMCG sector are evolving rapidly, with increasing demand for premium, natural, sustainable, and technology- driven products. Manufacturers are responding by investing in product innovation, automation, sustainable packaging, supply chain efficiencies, and omnichannel distribution networks to cater to changing consumer expectations. Digital platforms, modern retail, and quick commerce are also transforming the way FMCG products are marketed and consumed across both urban and rural India.

The Indian FMCG industry offers significant longterm opportunities, supported by a young population, rising incomes, increasing health consciousness, and favourable consumption trends. Companies with diversified manufacturing capabilities, strong customer relationships, operational excellence, and the ability to innovate across multiple FMCG categories are well positioned to benefit from these structural growth drivers.

The Indian FMCG landscape comprises several established domestic and multinational companies, including Hindustan Unilever Limited, Dabur India Limited, Procter & Gamble India, ITC Limited, Nestle India Limited, Marico Limited, Godrej Consumer Products Limited, Emami Limited, Haleon India Private Limited, Colgate-Palmolive (India) Limited and others, all of which continue to invest in product innovation, capacity expansion, brand building, and distribution capabilities to strengthen their market position.

Sources: Grand View Research, IMARC Group, Fortune Business Insights, Markets and Markets, industry reports.

About JHS Svendgaard Laboratories Limited

JHS Svendgaard Laboratories Limited (JHS or the Company) is one of Indias leading integrated contract manufacturers in FMCG segment, offering comprehensive manufacturing solutions across a diverse portfolio comprising toothbrushes, toothpastes, mouthwashes, whitening gels, Talcum Powder and other personal care products. Operating primarily under a private-label manufacturing model, the Company partners with several prominent domestic and international brands, including Dabur, Patanjali, Amway, Chicco, Enshine, Nycil, Denver, Mother Sparsh, Me&Moms and many more, enabling them to deliver high- quality products to consumers. The Company has also strengthened its international presence through strategic partnerships and exports.

Evolution and Manufacturing Capabilities

Since commencing operations with the manufacture of toothbrushes, JHS has consistently expanded and diversified its product portfolio in line with evolving consumer preferences and market demand. Over the years, the Company has developed into one of Indias leading integrated private label manufacturer, offering a wide range of products for both domestic and international markets.

The Company provides end-to-end contract manufacturing services encompassing product development, formulation, design, manufacturing, packaging, and quality assurance, enabling its customers to focus on brand development and market expansion while leveraging JHSs manufacturing expertise.

JHS operates modern manufacturing facilities located at Kala-Amb, Himachal Pradesh, equipped with fully integrated production lines. The facilities are supported by advanced manufacturing technologies, stringent quality control systems, and efficient supply chain processes, enabling the Company to consistently deliver products that meet international quality standards.

The Companys operations are driven by a dedicated workforce of over 235 managers, engineers, officers, supervisors, and skilled professionals, whose expertise and commitment contribute significantly to operational excellence, product quality, and continuous improvement.

Recognising that people are its most valuable asset, JHS remains committed to employee development through continuous training, skill enhancement, workplace safety initiatives, statutory welfare measures, and a collaborative work environment that promotes innovation, accountability, and sustainable growth.

Technology, Innovation and Research & Development

Innovation remains central to the Companys longterm growth strategy. JHS is supported by a robust in-house Research & Development (R&D) centre that focuses on developing innovative formulations, customised product solutions, process optimisation, and continuous product improvement to meet evolving customer requirements and global quality benchmarks.

The Companys strong Research & Development capabilities have emerged as a key competitive advantage, enabling it to successfully develop and localize advanced product formulations and designs within India that were previously sourced and manufactured in European markets. Through continuous innovation, technical expertise, and a robust product development framework, JHS has achieved import substitution by manufacturing these products to international quality standards at its domestic facilities. Building upon this success, the Company has further strengthened its global presence by exporting these indigenously developed products to European markets, demonstrating the quality, innovation, and competitiveness of its R&D capabilities on the international stage. This achievement underscores JHSs commitment to innovation, self-reliance, and its evolution from a technology adopter to a global manufacturing and export partner.

The Companys R&D capabilities facilitate faster product development cycles, support regulatory compliance, and enable customers to introduce differentiated products across multiple market segments.

To ensure consistent product quality and compliance with international standards, JHS operates a fully equipped Quality Control Laboratory with advanced testing and analytical capabilities. The Companys manufacturing infrastructure comprises technologically advanced machinery sourced from globally recognised manufacturers.

JHS maintains complete in-house manufacturing capabilities across the entire production value chain—from injection moulding, bristling, formulation, filling, and packaging to final quality inspection. This integrated manufacturing model provides greater operational efficiency, enhanced quality assurance, reduced lead times, and the flexibility to develop customised solutions for its customers while maintaining high standards of reliability and consistency.

Certifications and Compliance

JHS Svendgaard Laboratories Limited adheres to the highest standards of quality and compliance. The Company holds certifications including:

ISO 9001:2015 - Quality Management System

ISO 13485 - Quality Management System for Medical Devices

Good Manufacturing Practices (GMP) Certification

U.S. FDA Registration

AYUSH Manufacturing Licence / Certification

These accreditations reflect the Companys robust systems and commitment to global quality, environmental, and ethical benchmarks.

Market Position

JHS Svendgaard Laboratories Limited is an integrated FMCG manufacturing company with strong capabilities in personal care and hygiene products. The Company provides end-to-end contract manufacturing solutions to domestic and international brands through its advanced manufacturing infrastructure, operational efficiencies, and focus on quality and innovation. Supported by long-standing customer relationships and continuous investment in technology and process improvement, JHS has established itself as a trusted manufacturing partner in the FMCG sector, while maintaining a strong presence in the oral care category.

Financial Overview

The performance of the Company for the financial year ended March 31 st , 2026, is as follows:

Particulars	As on 31 March, 2026	As on 31 March, 2025
Revenue from operations	10169.47	9,199.73
Other income	344.87	287.71
Total income	10514.34	9,487.44
Profit before exceptional items and tax	(228.54)	(964.23)
Profit before tax	(228.54)	(1,250.17)
Tax expense	(36.81)	723.67
Profit for the year	(191.73)	(1,973.84)

Revenue from operations increased from Rs. 9,199.73 lakhs in FY 2024-25 to Rs. 10169.47 lakhs in FY 202526 (10.5% YoY growth). Other income increased from Rs.287.71 lakhs to Rs.344.87 lakhs, resulting in total income rising from Rs.9,487.44 lakhs to Rs.10,514.34 lakhs, an increase of approximately 10.8%. The Companys loss before tax narrowed significantly to Rs.228.54 lakhs from Rs.1,250.17 lakhs, while loss after tax reduced to Rs.191.73 lakhs (Rs.1.92 crore) from Rs.1,973.84 lakhs (Rs.19.74 crore) in the previous year, reflecting a substantial improvement in profitability.

Resources and Liquidity

As at March 31, 2025, the Companys net worth stood at Rs. 17,313.24 lakhs, while its debt stood at Rs. 514.27 lakhs. Cash and cash equivalents as at March 31, 2024 stood at Rs. 672.18 lakhs.

Product Category wise Business Performance

The Company is into manufacturing toothpaste, toothbrushes, Talcum etc. Revenue share broad product category wise are stated below:

Category of product	% of total turnover of the Company
Toothbrush	62%
Toothpaste	24%
Talcum	11%
Others	3%

Risks and Concerns

Like any business, JHS Svendgaard Laboratories Limited is exposed to a variety of internal and external risks in the course of its operations and in pursuit of its strategic goals. The Company has a comprehensive Risk Management Policy and conducts periodic risk workshops for each business vertical and support function to identify, assess, and mitigate risks within its defined risk appetite. Risk Registers are maintained and reviewed regularly to ensure timely action and risk preparedness.

Key Risks Identified:

Credit Risk: The Company faces credit risk arising from delayed customer payments. To mitigate this, credit terms are evaluated and decided based on the credit limit approvals and due diligence procedures that includes clients creditworthiness, volume of purchase and the term of engagement. Prior to engaging with clients, the Company conducts independent financial assessments.

A streamlined receivables management process ensures timely follow-ups and collection efforts.

Interest Rate Risk: The Company follows a conservative financial strategy and maintains a relatively low level of debt. While it is not entirely debt-free and currently has certain term loans and working capital borrowings, the overall debt exposure remains limited. This prudent approach has helped contain the interest burden and manage the Companys exposure to interest rate fluctuations effectively.

Competition Risk: The Company operates in a competitive landscape with both domestic and multinational players. However, its strong focus on quality, timely delivery, infrastructure, customer-specific solutions, and a diversified client base has helped mitigate this risk. Continued investment in technology and human resources ensures competitiveness and resilience.

Input Cost Risk: Fluctuations in prices of raw materials, utilities, and manpower can affect profitability. However, the Company operates on a cost-plus model with several clients, enabling partial pass-through of such costs. Key input risks like power tariffs and workforce expenses are closely monitored and managed.

Liability Risk: This includes the risk of damage to equipment, life, or third-party assets that may result in financial or legal exposure. The Company mitigates this risk through appropriate insurance coverage, robust contractual frameworks, and compliance protocols.

Inventory Risk: Efficient inventory management is critical. Low inventory levels may result in stockouts, impacting customer satisfaction and sales. Conversely, excess inventory may signal overproduction or slow-moving stock. The Company maintains optimal inventory levels supported by a demand-driven planning approach.

Opportunities

The FMCG industry is undergoing significant transformation, presenting various growth avenues for JHS Svendgaard:

Hygiene Awareness Post-COVID-19: The pandemic has led to an increased demand for personal hygiene and oral care products such as liquid handwashes, sanitizers, and bar soaps.

Government and MNC Initiatives: Ongoing GST rationalisation measures aimed at streamlining tax structures and reducing compliance complexities are expected to enhance operational efficiencies, optimise supply chains, and support sustained growth across the FMCG industry.

Changing Consumer Preferences: Modern consumers seek value-added oral care solutions with superior quality and appealing design. This is driving demand for personalized, sustainable, and aesthetic oral hygiene products.

Growth in E-commerce: The rapid expansion of quick commerce platforms is transforming FMCG distribution by enabling faster delivery of everyday essentials. Increasing consumer preference for convenience and instant availability is driving demand for oral care and personal hygiene products through these channels, creating new opportunities for market penetration, customer engagement, and sales growth.

Rising Oral Health Issues: Increasing incidence of dental conditions such as tooth decay, gum diseases, and oral trauma is expected to fuel product demand. Growing awareness of oral aesthetics is also driving consumption of teeth whitening and premium care products.

Sustainability Trends: Government regulations banning plastic usage in oral care products are encouraging companies to adopt sustainable packaging and biodegradable materials, offering opportunities for differentiation.

Retail Infrastructure & Healthcare Expansion:

Growth in retail networks and organized pharmacy chains is enhancing product visibility and availability, positively impacting market penetration.

Threats

Despite strong fundamentals, the Company remains vigilant to the following external threats:

Intense Competition : Increasing compe titi on from domestic and international contract manufacturers, as well as expansion of in-house manufacturing capabilities by large FMCG companies, may exert pressure on pricing, margins, and market share.

Raw Material Price Volatility : Fluctua ti ons in the prices and availability of key raw materials, packaging materials, and utilities may impact production costs and profitability, particularly where cost pass-through mechanisms are limited.

Regulatory and Compliance Risk : Changes in applicable laws and regulations relating to manufacturing, product quality, environmental standards, taxation, labour, and exports may require additional investments and could affect operational efficiency.

Supply Chain Disruptions : Disruptions in the procurement of raw materials, logistics, transportation, or availability of critical inputs due to geopolitical events, natural calamities, or other external factors may affect production schedules and timely deliveries.

Technology and Innovation Risk : Rapid

technological advancements and evolving customer requirements necessitate continuous investment in manufacturing technology, automation, and research & development to remain competitive.

Execution and Capacity Utilisation Risk : Delays in scaling production, capacity expansion, commissioning of new product lines, or meeting customer delivery schedules may adversely affect customer relationships and financial performance.

Foreign Exchange Risk : As the Company expands its export business and procures certain materials or equipment from overseas, fluctuations in foreign exchange rates may impact costs and profitability.

Internal Control Systems and Adequacy

JHS Svendgaard Laboratories Limited has established a robust and comprehensive system of internal controls to safeguard its assets, ensure operational efficiency, and maintain the integrity of its financial reporting. These controls are designed to prevent unauthorized use or disposition of assets and ensure that all transactions are properly authorized, recorded, and reported in compliance with applicable laws and regulations.

The Companys internal control framework is aligned with the requirements of the Companies Act, 2013, SEBI (LODR) Regulations, 2015 and other applicable statutory and regulatory frameworks, including labor laws, tax laws, and corporate governance guidelines.

Key Features of the Internal Control System:

Asset Safeguarding : The Company has established procedures and controls to safeguard its physical and intangible assets against unauthorized use, loss, damage, or misuse.

Operational Controls : Standard operating procedures and defined control mechanisms are implemented to support efficient utilization of resources and consistency in operational processes.

Regulatory Compliance : The Company has systems and processes in place to facilitate compliance with applicable laws, regulations, and regulatory requirements, including those issued by SEBI, the stock exchanges, the Ministry of Corporate Affairs, and other relevant authorities.

Financial Governance : The Company has established policies and standard operating procedures governing budgeting, capital expenditure, accounting, financial reporting, and other financial processes.

Management Information System : Appropriate reporting mechanisms are in place to facilitate the timely flow of operational and financial information to management for informed decision-making.

Internal Audit : The Company has an internal audit mechanism that conducts periodic reviews of operational, financial, and compliance processes. The audit findings are reported to the Audit Committee along with managements responses and action plans.

Management Review : Operational and business performance is reviewed periodically by the management to monitor key performance indicators, identify areas requiring attention, and initiate corrective actions where necessary.

Capital Expenditure Controls : Capital expenditure proposals are subject to defined approval processes in accordance with the Companys delegation of authority and internal policies.

Audit Committee Oversight : The Audit Committee periodically reviews internal audit reports, significant observations, management responses, and the status of implementation of corrective actions.

Internal Financial Controls : The Company has established an internal financial control framework designed to support orderly and efficient conduct of business, safeguarding of assets, maintenance of reliable financial records, and compliance with applicable laws and regulations.

Continuous Improvement : The Company continues to review and strengthen its internal control processes, policies, and standard operating procedures, taking into consideration internal audit observations, changes in business operations, and evolving regulatory requirements.

Key Financial Ratios

Details of changes in key financial ratios as compared to immediate previous financial year.

Particulars	2025-26	2024-25	Variance	Reason for Change if change is 25% or more
Debtors Turnover	3.33	-3.92	185%	Higher ratio on account of cash profit earned during current year.
Inventory Turnover	4.82	4.98	-3%	N.A.
Interest Coverage Ratio	7.59	-16.57	146%	The ratio is better on account of higher utilisation of capacity leading to enhanced sales and higher margin for the company.
Current Ratio	1.94	2.18	-11%	N.A.
Debt Equity Ratio	0.08	0.01	581%	The increase is on account of availment of a term loan for capital expenditure, together with increased utilisation of cash credit facilities towards the close of the year to support working capital requirements.
Operating Profit Margin (%)	-1.40	-9.85	86%	The ratio is better on account of higher utilisation of capacity leading to enhanced sales and higher margin for the company.
Net Profit Margin (%)	-1.89	-20.68	-91%	The ratio improved due to reduction in net losses during the current year as compared to the previous year

Human Resource

The Company believes that its employees are a key driver of its operational excellence and long-term growth. Its Human Resource philosophy is focused on attracting, developing, and retaining skilled talent while fostering a performance-oriented, safe, and collaborative work environment.

As on 31 March 2026, the Company had 235 permanent employees and the Company continues to invest in employee development through structured training programmes covering Good Manufacturing Practices (GMP), quality systems, operational excellence, safety, regulatory compliance, and technical skill enhancement.

The Company periodically assesses competency requirements and undertakes appropriate learning and development initiatives to strengthen employee capabilities and improve productivity. It also places emphasis on employee engagement, statutory compliance, workplace safety, and creating opportunities for continuous professional growth.

The Companys information technology infrastructure supports key business functions, including manufacturing, inventory management, procurement, quality control, finance, and supply chain operations. Continuous investment in digital systems and process automation has enhanced operational efficiency, strengthened internal information flow, and supported effective decisionmaking across the organization.

Outlook

As we move into the financial year 2026-27, JHS Svendgaard Laboratories Limited remains focused on strengthening its position as an integrated FMCG manufacturing company through innovation, operational excellence, and strategic expansion. The Company is committed to enhancing its manufacturing capabilities, broadening its product offerings, and creating sustainable long-term value for all stakeholders.

The Company will continue to invest in new product development, advanced manufacturing technologies, and process improvements to address evolving consumer preferences and the changing dynamics of the FMCG industry. Backed by its integrated manufacturing infrastructure, robust quality systems, and customer-centric approach, JHS is well positioned to deliver high-quality, value- added solutions to leading domestic and international brands.

As part of its long-term growth strategy, the Company is actively evaluating opportunities to diversify its product offerings, expand its customer base, and strengthen its presence across domestic and global markets. Strategic partnerships, capacity enhancement, and continuous innovation will remain key drivers in supporting sustainable and profitable growth.

The Company expresses its sincere gratitude to its shareholders, customers, employees, business partners, suppliers, and all other stakeholders for their continued trust and support. With a strong manufacturing foundation, disciplined execution, and a clear long-term strategic vision, JHS Svendgaard Laboratories Limited remains well positioned to capitalize on emerging opportunities and deliver sustainable value for all its stakeholders. The Company remains committed to strengthening its operational capabilities, enhancing product quality, and fostering innovation to meet the evolving needs of its customers. Going forward, the Company will continue to focus on responsible growth, operational excellence, prudent resource management, and sustainable business practices. With the collective efforts of its employees and the continued support of its stakeholders, the Company looks forward to building a resilient and future- ready organisation while creating enduring value over the long term.

JHS also remains committed to expanding its international footprint by strengthening its export capabilities, obtaining relevant global certifications, and ensuring compliance with applicable international quality and regulatory standards. These initiatives are expected to enhance the Companys competitiveness and support its longterm growth aspirations in global markets.

Investment in technology, automation, manufacturing excellence, quality assurance, and operational efficiency will continue to remain central to the Companys strategy. By leveraging its integrated manufacturing platform and continuously improving productivity, JHS aims to reinforce its position as a preferred manufacturing partner within the FMCG industry.

Key Highlights & Achievements

Major Accomplishments, Milestones and Key

Business Initiatives

Major Accomplishments

Successfully completed the Medical Devices Audit, demonstrating the Companys continued commitment to maintaining the highest standards of quality, regulatory compliance, and manufacturing excellence.

Expanded the Companys CSD (Canteen Stores Department) portfolio from 4 products to 12 products, significantly strengthening its presence in the defence retail segment and creating new business opportunities.

Continued to strengthen relationships with key customers while expanding the Companys footprint across domestic and export markets, contributing to sustained business growth.

Key Milestones

Achieved annual sales of Rs.101.69 Crores during F.Y. 2025-26, representing a growth of approximately 10% over the previous financial year.

Crossed the significant milestone of Rs.100 Crores in annual revenue for the first time in the last five years, reflecting the Companys consistent operational improvements and growing market acceptance.

Noteworthy Initiatives

Successfully represented the Company at CMPL 2025, Mumbai, showcasing its manufacturing capabilities, strengthening customer relationships, and exploring new opportunities in the private label and FMCG sectors. The Company was also honoured with an industry award at the event, reinforcing its commitment to innovation, product excellence, and market leadership.

Participated in Beautyworld Middle East 2025, Dubai, one of the worlds leading beauty and personal care exhibitions, to engage with international manufacturers, distributors, and industry leaders while identifying emerging trends, sourcing opportunities, and potential strategic partnerships.

Attended PLMA 2025, gaining valuable insights into global private label trends, innovative product categories, and international best practices, thereby supporting the Companys long-term product diversification and export growth strategy.

Leveraged participation in these prestigious national and international industry platforms to enhance brand visibility, benchmark against global industry leaders, identify emerging business opportunities, and strengthen the Companys position in domestic and international markets.

Strategic Product Developments and Business Expansion

During the year, the Company continued to expand its product portfolio and strengthen customer relationships through the introduction of new products and strategic business initiatives.

A key achievement was the successful onboarding and expansion of the Denver product range, which has emerged as an important contributor to the Companys growth. The successful execution of this engagement reflects the Companys manufacturing capabilities, operational excellence, and ability to support the evolving requirements of its customers.

The Company continued to leverage its integrated manufacturing capabilities, product innovation, and customer-centric approach to expand its product offerings, strengthen existing partnerships, onboard new customers, and support sustainable long-term business growth.

Performance Summary (F.Y. 2025-26)

Quarter	Sales Revenue (Rs. In Crores)
Q1 F.Y. 2025-26	23.46
Q2 F.Y. 2025-26	22.27
Q3 F.Y. 2025-26	23.26
Q4 F.Y. 2025-26	33.70
Total F.Y. 2025-26	101.69

Year-on-Year Performance

The Company recorded a 10% year-on-year growth in sales, with revenue increasing from approximately Rs.92 Crores in FY 2024-25 to Rs.101.69 Crores in FY 2025-26, reflecting improved operational performance, enhanced customer engagement, and continued market expansion.