Kamdhenu Ventures Ltd Management Discussions

Global Economy

The global economy continues to navigate an uncertain and evolving landscape. According to the International Monetary Funds (IMF) World Economic Outlook released in April 2025, global GDP expanded by an estimated 3.3% in 2024. However, growth momentum is anticipated to soften to 2.8% in 2025, followed by a slight rebound to 3.0% in 2026. These revised projections represent a cumulative downward adjustment of 0.8 percentage points from the IMFs earlier forecast in January 2025, and remain well below the long-term average growth rate of 3.7% recorded between 2000 and 2019. This subdued outlook is largely driven by escalating trade disputes, increased geopolitical and policy uncertainty, and the enforcement of widespread tariffs by the United States. The US governments decision to implement a series of sweeping tariffs, culminating in near-universal tariffs as of 2^nd April, 2025, has had a material impact on global trade flows and economic sentiment. Although some of the proposed increases are still pending, their combined effect has pushed global tariff rates to the highest levels seen in over a century. Unlike previous episodes of trade protectionism, these measures are being introduced during a period of underlying economic fragility, which has amplified their adverse impact on global activity.

Consequently, growth in advanced economies is forecast to slow to 1.4% in 2025. The United States is projected to grow at 1.8%, a downward revision of 0.9% points from earlier projections, driven by softening demand and heightened economic uncertainty. Meanwhile, the euro area is expected to grow at a subdued pace of 0.8%, reflecting a modest downward revision from prior forecasts.

Emerging and Developing Economies

Growth in emerging market and developing economies is also expected to soften. The IMF projects GDP growth to decline from an estimated 4.3% in 2024 to 3.7% in 2025 and 3.9% in 2026. Within this group, emerging and developing Asia is particularly impacted, with growth forecast to decelerate to 4.5% in 2025 and 4.6% in 2026. Countries in the ASEAN bloc have experienced some of the sharpest setbacks, bearing the brunt of recent US tariff escalations. Chinas 2025 growth projection has been lowered to 4.0% (from 4.6% previously), as persistent trade policy uncertainty and tariff effects continue to offset the positive momentum from a strong Q4 in 2024 and recent fiscal stimulus. Similarly, Indias growth is expected to remain relatively stable at 6.2% in 2025, supported by rural consumption, though this marks a downward revision of 0.3% points owing to rising trade frictions and geopolitical risks.

In Latin America and the Caribbean, growth is forecast to moderate from 2.4% in 2024 to 2.0% in 2025, before rebounding slightly to 2.4% in 2026. These projections represent downward revisions of 0.5 and 0.3 percentage points, respectively, largely due to a significant downward revision in Mexicos outlook following weaker-than-expected economic activity and the adverse impact of tariffs and tighter financing conditions. In emerging and developing Europe, growth is projected to slow to 2.1% in both 2025 and 2026, down from 3.4% in 2024. Russias economic expansion is expected to decelerate sharply, driven by muted consumption and investment activity, despite a stronger-than-anticipated 2024 performance. T?rkiye is anticipated to bottom out at 2.7% in 2025, followed by a recovery to 3.2% in 2026, aided by recent monetary policy adjustments.

The Middle East and Central Asia are poised for a gradual recovery, with GDP growth projected to rise from 2.4% in 2024 to 3.0% in 2025 and 3.5% in 2026. This improvement is contingent on the gradual easing of geopolitical tensions, especially those impacting oil output and maritime trade routes. However, these forecasts are marginally lower than earlier estimates due to lingering structural challenges. In Sub-Saharan Africa, growth is expected to dip slightly from 4.0% in 2024 to 3.8% in 2025, before improving to 4.2% in 2026. Both Nigeria and South Africa have experienced downward revisions in their growth forecasts, heightened uncertainty, and slower global growth. South Sudans outlook has been significantly downgraded due to delays in restoring oil production capacity after infrastructure-related setbacks.

Inflation Trends

Global inflation is expected to decline gradually, though it remains above pre-pandemic levels and subject to volatility. Under the reference forecast, headline inflation is projected to ease to 4.3% in 2025 and 3.6% in 2026. Advanced economies are likely to see inflation align more closely with central bank targets, reaching 2.2% in 2026. In contrast, inflation in emerging market and developing economies is expected to remain elevated at 4.6%. Relative to the IMFs January 2025 projections, the global inflation outlook has been revised slightly upward.

In the US, inflation forecasts for 2025 have been revised upward by 1.0% point, primarily due to persistent service sector inflation and core goods price rises resulting from recently implemented tariff measures. The UK saw a 0.7% point upward revision, largely due to regulated price changes. The euro areas inflation forecast remains unchanged. Across emerging markets, inflation outlooks are mixed. In Asia, inflationary pressures have eased, with China expected to maintain subdued inflation levels. In contrast, Russia and Ukraine have seen upward revisions due to continued geopolitical instability. In Latin America, inflation revisions vary by country, with upward adjustments in Brazil and Venezuela offset by downward revisions in Argentinas forecast.

While the broader inflation outlook has improved, uncertainty remains elevated, particularly in light of the new tariff regime. The extent of inflationary pressure stemming from these tariffs will hinge on multiple variables, including their perceived permanence, firm-level pricing adjustments, and the currency denomination of trade. Countries implementing tariffs are likely to encounter cost-push inflationary effects, while tariff-targeted economies could experience demand-side deflation. Moreover, the combination of trade uncertainty, tight financial conditions, and exchange rate volatility is expected to suppress global investment and consumption in the near term.

Outlook

In the near term, global growth is projected to soften amid escalating trade tensions, elevated inflationary pressures, and persistent policy uncertainty. The combination of protectionist measures, tightening financial conditions, and geopolitical instability will likely weigh on economic sentiment and investment flows across both advanced and emerging markets. Although certain economies may demonstrate short-term resilience due to strong domestic demand and countercyclical policy interventions, the overall global outlook remains cautious, underscoring the need for vigilant monitoring and adaptive policy responses.

Indian Economy

India is projected to remain the worlds fastest-growing major economy, reaffirming its rising influence in the global economic order. According to the IMFs April 2025 WEO, the Indian economy is expected to grow by 6.5% in FY 2024-25. This robust outlook sharply contrasts with the global growth projections of 2.8% in 2025 and 3.0% in 2026, highlighting Indias continued strength amid a weaker international environment.

Growth is being driven by a combination of structural and cyclical factors. Resilient private consumption, steady government expenditure, and healthy rural demand have played a central role. A strong rabi crop has supported rural incomes, while urban consumption remains stable, backed by job creation in the services sector and a modest, albeit uneven, recovery in manufacturing. At the same time, sustained infrastructure investment, accelerating digital transformation, and a growing manufacturing base, bolstered by the Production-Linked Incentive (PLI) schemes, have added further impetus to economic activity.

Complementing these real-economy drivers, monetary policy has also turned accommodative. In February 2025, the RBI reduced the repo rate by 25 basis points to 6.25%, marking its first rate cut in five years since May 2020. This was followed by another 25-bps cut in April 2025, bringing the repo rate down to 6.00%. These measured interventions are intended to support domestic growth at a time when inflation appears contained and global headwinds, including trade tensions and retaliatory tariffs imposed by the US, continue to weigh on external trade and capital flows.

Indias macroeconomic stability has been further supported by a notable moderation in retail inflation. According to data from the Press Information Bureau, retail inflation eased to 4.6% in FY 2024-25, down from 5.4% in 2023-24 and 6.7% in FY 2022-23. This steady disinflation has been driven by improved food supply dynamics, prudent monetary policy management, and a favorable base effect. With inflation remaining within the RBIs comfort zone, the central banks Monetary Policy Committee has adopted an accommodative stance, indicating scope for additional policy support should macroeconomic conditions warrant it.

Outlook

Indias economic outlook remains broadly positive, underpinned by dynamic domestic demand, structural policy reforms, and substantial investments across critical sectors. The countrys long-term growth prospects are anchored in strong fundamentals. A large and youthful workforce, rapid urbanization, and increasing digital penetration are reshaping the economy, fostering innovation, and boosting productivity. The services sector continues to expand dynamically, while emerging sectors such as clean energy, healthcare, and advanced manufacturing are creating new growth opportunities. Looking ahead, the governments vision of Viksit Bharat by 2047 offers a comprehensive blueprint for economic transformation, centered on building human capital, expanding infrastructure, and leveraging technology for inclusive growth. Ensuring geopolitical stability will be essential to advancing this agenda, as regional frictions, particularly with neighboring Pakistan, could pose headwinds to progress. With prudent macroeconomic management, India is well-positioned to harness these structural strengths and achieve durable, sustainable progress over the coming decades.

The Indian Paint Industry

The Indian paint industry is poised for sustained and dynamic growth, propelled by macroeconomic fundamentals and sector-specific tailwinds. According to current projections, the industrys market size is expected to reach USD 10.46 billion in 2025 and grow to USD 16.37 billion by 2030, reflecting a compound annual growth rate (CAGR) of 9.38% during the forecast period of 2025-2030. This consistent upward trajectory is supported by a range of interlinked demand drivers.

Key among them is rising urbanization, which continues to reshape the countrys housing landscape. As more people migrate to cities and suburban townships develop rapidly, the need for quality housing and infrastructure is accelerating. The parallel rise in disposable incomes and aspirations of a growing middle class has led to increased spending on home ownership and enhancement, driving sustained demand for decorative paints across both new construction and repainting cycles.

Government initiatives have further galvanized this momentum. Programs like the Pradhan Mantri Awas Yojana (PMAY) and the Smart Cities Mission are driving construction activity across urban and semi-urban regions, while schemes such as ‘Housing for All are enabling broader access to homeownership, especially in the affordable housing segment. These policy measures are catalyzing large-scale residential development, inherently boosting the consumption of interior and exterior paints.

Another significant contributor to the industrys growth is the ongoing shift in consumer preferences. There is a marked transition from traditional solvent-based paints to water-based and low-VOC products, driven by growing awareness around health, safety, and environmental sustainability. Simultaneously, consumer expectations have evolved toward better aesthetics, durability, washability, and specialized functionalities, fueling increased demand for premium and performance-oriented decorative paints.

Indias per capita paint consumption, which remains lower compared to developed markets, is steadily rising as accessibility improves across rural and semi-urban regions. Greater exposure to branded offerings, heightened awareness of quality finishes, and the growing influence of digital media and e-commerce platforms are all contributing to this trend. As this base expands, it presents a long runway for volume growth in the years ahead.

Outlook

The outlook for the Indian paint industry is promising, largely aligned with the performance of key end-user sectors, especially real estate and automobiles. Among these, real estate continues to be the dominant growth driver, accounting for an estimated 70% of total paint demand. The sectors momentum, underpinned by regulatory reforms, accelerated infrastructure development, and sustained demand for both residential and commercial spaces, is expected to sustain strong growth in the paints segment. In FY 2025-26, demand from the real estate sector is expected to remain robust, bolstered by the anticipated completion of large-scale housing projects, increased government expenditure on affordable housing, and continued focus on urban infrastructure. The real estate pipeline is also set to expand further with rising investments in Tier 2 and Tier 3 cities, which are witnessing a surge in residential construction and home improvement activity.

Beyond structural drivers, lifestyle changes, rising awareness of interior aesthetics, and increasing education levels are also influencing consumer decisions in favor of decorative paints. There is a growing preference for curated interiors, personalized color palettes, and modern finishes, particularly among younger homeowners. This evolving preference is further shaped by digital inspiration, do-it-yourself makeover trends, and the wider availability of organized and tech-enabled painting services.

Furthermore, the demand for repainting continues to form a substantial portion of overall consumption. Events such as festivals, family functions, and lease renewals often prompt home refurbishment. With repainting cycles becoming shorter and more frequent, especially in urban markets, the industry benefits from steady recurring demand and faster product turnover.

From a macro perspective, the continued push toward housing development, smart urban planning, and sustainable construction practices is expected to provide a favorable backdrop for the paint industry. As decorative paints become increasingly embedded in the real estate value chain, their contribution to enhancing property aesthetics, structural protection, and homeowner personalization becomes more significant.

Rising Disposable Income and Urbanization

Indias rising income levels and growing urban population are fueling demand for housing and home improvement, including paints. As more individuals move to cities and adopt modern lifestyles, there is a noticeable shift toward greater discretionary spending on aesthetics and premium painting solutions. Improved affordability allows consumers to explore a wider range of colors, finishes, and eco-friendly options. This trend of urbanization not only stimulates new housing construction but also contributes to more frequent repainting cycles and renovation activity.

Boom in Real Estate and Construction

Ongoing urban development, commercial expansions, and rural-to-urban migration have significantly increased construction activity. Government-backed infrastructure and affordable housing projects, such as PMAY, further strengthen the demand base. Both new developments and refurbishment projects continue to drive steady paint consumption, particularly in the decorative paints segment.

Government Schemes and Policy Support

Government initiatives like the Smart Cities Mission, Housing for All, and Make in India have a direct and indirect impact on the paint industry. These programs encourage housing development, infrastructure expansion, and local manufacturing, each contributing to rising demand across decorative and industrial paint categories. Additionally, evolving environmental regulations have accelerated the transition toward water-based and low-VOC formulations. This policy landscape encourages innovation, sustainability, and broader market participation.

Growing Preference for Premium and Eco-Friendly Products

Consumers are becoming more conscious of health, sustainability, and aesthetics, driving a shift from traditional solvent-based paints to water-based and low-VOC options. There is also a rising preference for high-performance solutions, including washable, high-durability, and textured finishes, in both interior and exterior applications. As Indias middle class expands, so does its appetite for personalized and design-driven home environments, contributing to the premiumization of the paint market.

Increasing Renovation and Repainting Cycles

Beyond new construction, repainting and renovation play a crucial role in driving recurring demand. As awareness of interior design trends grows and seasonal festivals continue to serve as key triggers for home improvement, consumers are repainting homes more frequently. The demand for decorative paints surges during festive seasons and aligns with social norms of maintaining fresh-looking homes. This repainting cycle creates a stable foundation of demand, even during periods of construction slowdown.

Company Overview

Kamdhenu Ventures Limited (hereinafter referred to as ‘Kamdhenu Ventures, ‘KVL, or ‘The Company), specializing in decorative paints, offers a diverse range of products through its wholly owned subsidiary, Kamdhenu Colour and Coatings Limited (KCCL), together referred to as ‘Kamdhenu Paints. Originating from North India, Kamdhenu Paints has rapidly ascended to prominence as one of the leading paints companies in the country. Its products are widely accepted across various market segments, encompassing Tier 1, Tier 2, and Tier 3 cities, as well as urban areas, towns, and rural regions. The Companys cutting-edge production facility is located at Chopanki, Bhiwadi, in the state of Rajasthan, showcasing indigenous manufacturing excellence. Kamdhenu Paints hosts a wide array of offerings that include exterior and interior emulsions, water-based primers, wood finishes, designer paints, and construction chemicals. Leveraging top-notch equipment and state-of-the-art technologies in its production lines, it ensures premium quality paints. Offering a comprehensive suite of coloring solutions, promising unparalleled experience and satisfaction for customers, it strives to create their dream homes with the perfect color palette. With an annual production capacity of 36,000 KL and a sales potential of 450 Crores, Kamdhenu Paints offers a comprehensive range of premium and regular products tailored to meet the evolving needs of Indian consumers. Its core offerings include Premium Exterior Emulsions, Premium Interior Emulsions, and Premium Dual Emulsions, reflecting a sharp focus on quality, durability, and aesthetic appeal.

The Company has built a robust distribution network comprising 30 sales depots, over 4,400 dealers, and a community of more than 20,000 and painters. A focused dealer strategy, with a strong emphasis on premium products, has played a key role in fostering long-term relationships and sustaining demand.

Kamdhenu Paints holds a significant market share across key regions in North and East India. In rural markets, it has carved a niche by capitalizing on the Groups established steel business connections to develop a base of loyal dealers and professional painters. This cross-sector synergy has allowed the Company to establish a firm presence across the countrys extensive rural landscape. To broaden its reach, Kamdhenu Paints is actively targeting urban markets through institutional sales, while also expanding its footprint in South India via strategic partnerships with contract manufacturers. With a clear vision for national growth, the Company is enhancing pan-India visibility through aggressive investments in advertising and promotional campaigns.

Well-Entrenched and Highly Incentivized Dealer Network

Over the past 15 years, the Company has expanded its dealer network, growing to 4,400 in FY 2024-25, highlighting a resilient and steadily growing distribution footprint. This robust presence is further strengthened by a comprehensive incentive framework that includes e years through deeper fiv target-based rewards such as gifts, vouchers, and coupons, as well as competitive margins across its range of paint products. The Company also fosters dealer engagement through annual awards programs, cultural events, and company-sponsored domestic and international trips, reinforcing loyalty, motivation, and long-term partnerships.

As of FY 2024-25, the dealer network is concentrated in North (25%) and East (38%) India, regions which also drive the bulk of revenue (North: 40%, East: 33%). This regional alignment reflects a mature, high-density dealer ecosystem in these zones. However, there remains a significant growth opportunity in Central, South, and West India, where dealer presence exceeds current revenue contribution, indicating untapped potential and strong scope for revenue expansion on existing groundwork.

The Company believes its dealer base has the potential to triple over thenext market penetration, expansion into mini-markets, and strategic onboarding of new partners. This next phase of expansion will build on the Companys existing strengths: its entrenched market presence, strong dealer relationships, and a focused approach to premium product segments.

Robust Tinting Infrastructure

Kamdhenu Paints has deployed over 1,600 active tinting machines across its dealer network, enabling efficient and on-demand creation of a wide spectrum of paint shades by blending colorants with paint bases through computerized systems. This advanced tinting infrastructure not only reduces the need for extensive inventory but also supports just-in-time delivery of precise quantities, thereby enhancing operational efficiency. It also helps limit the generation of excess paint waste, aligning with the Companys commitment to sustainable practices. Additionally, the system lowers labor needs and optimizes storage space at dealer locations, while reducing the cost burden associated with frequent stock replenishment.

Financial Performance

Kamdhenu Ventures delivered a strong financial performance in FY 2024-25, reflecting the growth and consolidation of its paint business under its wholly owned subsidiary.

On a consolidated basis, the Company reported a total revenue of 266 Crores.

As the paint business was entirely transferred to Kamdhenu Color and Coatings Limited, the subsidiarys financial results offer a focused lens into the operational performance and market traction of the paint segment.

For FY 2024-25, Kamdhenu Color and Coatings Limited recorded total revenue of 266 Crores.

Above Key Ratios are based on a Consolidated basis:

Sr. No. Particulars	FY 2024-25	FY 2023-24	Change (Increase/ Decrease)	Reason for change in ratio by more than 25% as compared to the preceding year
1 Current Ratio (in Times)	2.50	2.22	12.63%	N.A.
2 Debt-Equity Ratio (in Times)	0.16	0.13	25.95%	Due to increase in borrowings
3 Debt Service Coverage Ratio (in Times)	2.34	0.42	456.06%	Due to decrease in profit
4 Return on Net Worth (in %)	4.02	8.69	(53.79)%	Due to decrease in profit
5 Inventory Turnover Ratio (in Times)	4.01	4.69	(14.55)%	N.A.
6 Trade Receivable Turnover Ratio (in Times)	1.89	2.36	(19.78)%	N.A.
7 Trade Payable Turnover Ratio (in Times)	2.41	2.43	(0.73)%	N.A.
8 Net Capital Turnover Ratio (in Times)	2.08	2.40	(13.17)%	N.A.
9 Net Profit Ratio (in %)	2.50	4.74	(47.18)%	Due to decrease in profit
10 Return on Capital Employed (in %)	6.44	10.41	(38.15)%	Due to decrease in profit
11 Interest Coverage Ratio (in Times)	4.13	6.86	(39.76)%	Due to decrease in profit
12 Operating Profit Margin (in %)	6.32	7.67	(17.58)%	N.A.

Risk Management

Kamdhenu Paints has instituted a comprehensive and transparent risk management framework to proactively address and mitigate potential risks impacting the Company. Reinforcing this commitment, a dedicated Risk Management Committee has been established to develop and oversee the implementation of a structured Risk Management Policy. This policy is geared towards identifying both internal and external risks, including financial, operational, sectoral, sustainability-related (with a focus on ESG), information, and cybersecurity risks, along with any other relevant risks as determined by the Committee. The Committee also ensures the continuous adoption of appropriate methodologies, systems, and processes to monitor, assess, and manage these risks effectively across the Companys operations. The key risks and corresponding mitigation strategies are outlined below.

Risk	Impact	Mitigation Strategy
Market-Related Risk	The Company operates in a highly competitive environment marked by demand fluctuations, raw material price volatility, and evolving consumer preferences. External uncertainties such as inflationary pressures, trade disruptions, and environmental regulations have added complexity to the market landscape in 2025.	The Company focuses on product innovation and developing differentiated solutions aligned with market needs. It adopts a flexible pricing strategy and closely monitors demand and cost trends to stay agile in a dynamic environment.
Supply Chain- Related Risk	Disruptions in the supply of raw materials due to geopolitical issues, transportation challenges, or commodity market volatility can affect the Companys production and delivery timelines.	The Company mitigates this risk by diversifying its supplier base, maintaining strong vendor relationships, and deploying advanced inventory management systems to ensure operational continuity.
Regulatory Risk	Operating in a regulated industry, the Company must comply with evolving norms related to environmental safety, emissions, and sustainable practices. Non-compliance could result in legal and financial penalties.	The Company proactively tracks regulatory developments and maintains robust compliance mechanisms. It invests in eco-friendly products and ensures strict adherence to environmental and safety regulations.
Financial Risk	The Company is exposed to financial uncertainties including fluctuations in exchange rates and interest rates, as well as credit risk from customers and suppliers.	The Company implements comprehensive financial controls and hedging strategies to manage currency and interest rate risks. It also conducts regular creditworthiness evaluations of stakeholders to minimize default risks.
Competition from New Entrants	The paints industry continues to attract new players, including regional brands and large conglomerates diversifying into the sector. These entrants often bring aggressive pricing strategies, innovative product lines, or digital- first business models, potentially impacting Kamdhenu Paints market share, dealer loyalty, and pricing power.	The Company strengthens its competitive position by focusing on brand differentiation, dealer engagement, and expanding its presence in underserved Tier 2, Tier 3, and rural markets. It continuously invests in marketing, innovation, and painter loyalty programs to deepen channel relationships and build long-term customer trust.
Reputational Risk	Negative publicity, product issues, or poor stakeholder perception could damage the Companys brand reputation.	The Company undertakes CSR and community engagement programs to build goodwill. It monitors public sentiment and addresses negative feedback promptly to uphold its brand image.
Customer Preference- Related Risk	Changing consumer preferences, such as increasing demand for sustainable, premium, and digitally-integrated products, can impact the Companys relevance and market share.	The Company conducts in-depth market research and trend analysis to stay ahead of consumer shifts. It offers a diverse and evolving product portfolio to meet new and emerging customer expectations.
Climate-Related Risk	The Company is exposed to risks arising from changes in climatic conditions across operating regions. Such changes can escalate both physical risks (e.g., extreme weather events disrupting logistics and operations) and transitional risks (e.g., regulatory shifts and evolving stakeholder expectations). These disruptions may reduce supply chain efficiency and operational productivity.	The Company actively monitors and assesses the potential impact of climatic changes to identify risks in advance. It reroutes operations and supply transitions as needed to minimize disruptions. Additionally, the Company undertakes energy conservation initiatives and focuses on reducing its carbon footprint as part of its broader commitment to environmental sustainability.

Human Resources

Kamdhenu Paints recognizes that its people are central to its sustained growth and innovation. It remains focused on fostering a work environment that supports personal and professional development while aligning individual aspirations with organizational goals. Kamdhenu Paints upholds progressive human resource policies designed to enhance employee satisfaction, drive productivity and promote long-term engagement.

In FY 2024-25, Kamdhenu Paints further strengthened its recruitment and talent management practices to attract individuals with strong skill sets, adaptability, and a growth mindset. Its people-first approach was reflected in competitive compensation structures, structured learning pathways, transparent performance evaluations, and a heightened focus on health, wellness, and safety. These efforts collectively contributed to building a culture anchored in performance, purpose, and empowerment. The Kamdhenu Paints placed increased emphasis on work-life integration, recognizing the importance of balance and flexibility in todays dynamic work environment. Through targeted engagement programs and an inclusive culture, Kamdhenu Paints successfully minimized attrition and reinforced employee commitment.

By staying attuned to the evolving needs of its workforce and cultivating an environment that values inclusion, motivation, and growth, the Company is well-positioned to retain and nurture top talent in an increasingly competitive industry landscape. Kamdhenu Paints remains committed to empowering its people to contribute meaningfully to the organizations continued success.

Internal Control Systems and their Adequacy

Kamdhenu Paints has implemented an internal control system that is appropriate for the nature and scale of its operations, covering all key functional and operational areas. A dedicated compliance management team is responsible for formulating relevant policies, procedures, and ensuring adherence to applicable laws and regulations.

The internal control framework includes clearly defined checks and balances to identify and address any deviations from established norms. Regular reviews are conducted to assess the effectiveness and efficiency of these controls, enabling timely adjustments in response to changing business needs.

In addition, the Company continually evaluates its systems, processes, and controls to ensure alignment with evolving industry best practices.

Cautionary Statement

The statements made in the Management Discussion and Analysis Report regarding the Companys objectives, projections, estimates, and expectations may be considered ‘forward-looking statements, as defined under applicable securities laws and regulations. While the Company believes these statements are based on reasonable assumptions, they are subject to various risks and uncertainties that may cause actual results or outcomes to differ materially from those expressed or implied.

Key factors that may affect the Companys performance include domestic economic conditions, industry demand-supply dynamics, fluctuations in input costs, changes in government policies and tax laws, as well as potential legal or industrial developments.

The Company does not undertake any obligation to update ‘forward-looking statements in light of future events, developments, or information that may emerge after the date of this report.