You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled
"Financial Information of the Company" beginning on page 172. You should also read the section titled "Risk Factors" on page 27 and the section titled "Forward Looking Statements" on page 18 of this Red Herring Prospectus, which discusses a number of factors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us, and, unless otherwise stated or the context requires otherwise, is based on our Restated Financial Statements.
Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor dated 17 March, 2025 which is included in this Red Herring Prospectus under "Financial Statements ". The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve-month period ended March 31 of that year.
Business Overview
Incorporated in 2005, Our Company is engaged in the manufacturing supply and export of steel fiber products for industrial applications. Our product portfolio includes Loose Hook-End Steel Fiber, Glued Hook-End Steel Fiber and Flat Crimped Steel Fiber, available in various sizes and configurations for fiber-reinforced concrete applications. Additionally, we manufacture Steel Wool Fiber, which is widely utilized in the production of friction linings for brake pads and clutches. Furthermore, we trade Macro Synthetic PP Fibers under our "Durocrete" brand and operate a subsidiary, Durafloor Concrete Solution LLP, which specializes in providing tailored concrete flooring solutions. We offer comprehensive solutions that enhance the structural integrity and performance of concrete and other composite materials.
We market our products under the Duraflex and Durabond brands, serving a diverse range of industries, including construction, engineering, warehousing, logistics, mining, infrastructure, and automotive. These products are utilized in various applications such as tunnel shotcrete, precast concrete, industrial and warehouse flooring, roads, pavements, tunnel mining, and automotive friction linings. Additionally, they are used in hydroelectric plants, road and rail tunnels, underground caverns, bridges, and highways, ensuring structural integrity. With 20 years of experience in understanding customer requirements, we remain committed to delivering quality, safe, and value-driven solutions.
We operate three manufacturing units in the MIDC industrial area of Amravati, Maharashtra, ensuring operational efficiency and seamless production.:
• Unit 1: Situated at D-13/1, MIDC, Amravati, covering 1950 Sq. Mtr., focuses on fine wire drawing processes for precision products.
• Unit 2 and Registered Office: situated at A-30/3 and A-30/3/1, MIDC, Amravati, spread across 2925 Sq. Mtr., specializes in producing steel fibers and steel wool fibers.
• Unit 3: situated at A-98, MIDC, Amravati, spanning 2000 Sq. Mtr., is dedicated to mild steel wire production through wire drawing.
Each of our manufacturing facilities is equipped with machinery, including wire drawing machines, wet and dry wire systems, and specialized equipment for steel fiber and steel wool fiber production. To ensure quality standards, we have an in-house quality control laboratory that conducts inspections before and after production. Additionally, we outsource product testing to NABL- accredited laboratories as per client requirements to ensure compliance with industry benchmarks. We have been awarded ISO 9001:2015 certification for our Quality Management System (QMS) and have received ZED (Zero Effect, Zero Defect) Silver and Bronze Certifications for manufacturing steel fibers and steel wool fiber products.
We generate revenue through both domestic sales and exports, catering to clients in six countries. Our revenue distribution from export sales stood at 1.88%, 16.56%, 4.56% and 11.76%, while domestic sales accounted for 98.12%, 98.34%, 95.44%, 88.24% of the total revenue for the period ending September 30, 2025, and the fiscal years 2025, 2024 and 2023 respectively. As at December 31, 2025, our consolidated order book stood at Rs3,752.48 lakhs, comprising orders to be executed by us and our subsidiary company.
As of the date of this Red Herring Prospectus, we operate a subsidiary, Durafloor Concrete Solution LLP, which specializes in offering customized concrete flooring solutions. Incorporated in 2015, the LLP has its registered office at Office No. S-106A, Akshar Business Park, Sector-25, Vashi, Sanpada, Thane, Maharashtra, 400703. During the fiscal year 2023, we acquired a 98% shareholding in the LLP, thereby making it a subsidiary. The LLP was recognized with the "Best Service Industry Award" by Vidarbha Industrial Association and Solar Industries in 2019.
Our primary raw materials include low carbon wire rod and medium carbon wire rod, which we procure from domestic suppliers based on market availability, pricing, and quality considerations. The cost of materials consumed (including purchase of stock in trade and changes in inventory) accounted for 50.17%, 52.47%, 61.81% and 66.15% of the revenue from operations for the period ending September 30, 2025, and fiscal years 2025, 2024 and 2023 respectively.
Our Company was originally incorporated as "Kasturi Metal Composite Private Limited" on November 24, 2005, under the Companies Act, 1956, with the Registrar of Companies, Mumbai. Subsequently, we acquired the entire running business of Kasturi Industries, a partnership firm operated by its partners, Samit Surendra Singhai and Akash Surendra Singhai. Thereafter, we converted into a Public Limited Company, and our name was changed from "Kasturi Metal Composite Private Limited" to "Kasturi Metal Composite Limited" through a fresh Certificate of Incorporation issued by the Registrar of Companies on March 19, 2024.
Our company is led by promoters Samit Surendra Singhai, Akash Surendra Singhai, Surendra Fatehchand Singhai, and Lata Surendra Singhai, who have approximately 20, 20, 26 and 21 years of experience in the steel industry, respectively. Samit Surendra Singhai, the Chairman & Managing Director, oversees production and operational activities, while Akash Surendra Singhai, the Whole-Time Director, brings 20 years of experience and is responsible for sales and marketing. As of October 31, 2025, our company is supported by an experienced management team and a workforce of 98 permanent employees. We believe the collective experience of our promoters, management team, and dedicated workforce enables us to effectively understand market trends, manage business operations, and drive growth.
Key Performance Indicators of our Company:
| Key Financial Performance | Consolidated | Standalone | ||
| For Period Ending September 30, 2025 | FY 2024-25 | FY 2023-24 | FY 2022-23 | |
| Revenue from operations (1) | 3203.98 | 5697.22 | 4,974.55 | 3,711.94 |
| EBITDA (2) | 479.56 | 568.92 | 539.54 | 397.47 |
| EBITDA Margin (%) (3) | 14.97% | 9.99% | 10.85% | 10.71% |
| PAT (4) | 246.88 | 207.37 | 235.14 | 149.22 |
| PAT Margin (5) | 7.71% | 3.64% | 4.73% | 4.02% |
| RoE (%) (6) | 13.01% | 13.80% | 24.35% | 23.76% |
| RoCE (%) (7) | 12.35% | 13.76% | 18.43% | 17.24% |
| Net Worth (8) | 2019.04 | 1776.13 | 1228.65 | 702.77 |
Notes:
(1 Revenue from operation means Revenue from Sales and other Operating Revenues
(2) EBITDA is calculated as Profit before tax + Depreciation + Interest Expenses (Excluding bank charges) - Other Income
(3) ‘EBITDA Margin is calculated as EBITDA divided by Revenue from Operations
(4) pat is Profit after tax
(5) ‘pat Margin is calculated as PAT for the year divided by Revenue from Operations
(6 Return on Equity is ratio ofProfit after Tax and Average Shareholder Equity
(7 Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as shareholders equity plus total borrowings (Current and Non- Current)
(8) Net Worth = Equity Share Capital + Reserve and Surplus (including surplus in the Statement of Profit & Loss) - Preliminary Expenses to the extent not written-off.
Explanation for KPI metrics:
| KPI | Explanations |
| Revenue from Operations | Revenue from Operations is used by our management to track the revenue profile of the business and in turn helps to assess the overall financial performance of our Company and volume of our business |
| EBITDA | EBITDA provides information regarding the operational efficiency of the business |
| EBITDA Margin (%) | EBITDA Margin (%) is an indicator of the operational profitability and financial performance of our business |
| PAT | Profit after tax provides information regarding the overall profitability of the business. |
| PAT Margin (%) | PAT Margin (%) is an indicator of the overall profitability and financial performance of our business. |
| RoE (%) | RoE provides how efficiently our Company generates profits from shareholders funds. |
| RoCE (%) | RoCE provides how efficiently our Company generates earnings from the capital employed in the business. |
| Net Worth | Net worth is used by the management to ascertain the total value created by the entity and provides a snapshot of current financial position of the entity. |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
For details in respect of Statement of Significant Accounting Policies, please refer to "Restated Financial Statements" beginning on page 172 of this Red Herring Prospectus.
1. General economic and business conditions in the markets in which we operate and in the local, regional, national and international economies;
2. Inability to promptly identify and respond to changing customer preferences or evolving trends.Any change in government policies resulting in increases in taxes payable by us;
3. Our ability to successfully implement strategy, growth and expansion plans and technological initiatives;
4. Our ability to retain our key managements persons and other employees;
5. Changes in laws and regulations that apply to the industries in which we operate.
6. Our failure to keep pace with rapid changes in technology;
7. Our ability to grow our business;
8. Our ability to make interest and principal payments on our existing debt obligations and satisfy the other covenants contained in our existing debt agreements;
9. General economic, political and other risks that are out of our control;
10. Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;
11. Companys ability to successfully implement its growth strategy and expansion plans;
12. failure to comply with regulations prescribed by authorities of the jurisdictions in which we operate;
13. Exchange rate fluctuations that may adversely affect our results of operations, since our sales from exports are denominated in foreign currencies
14. inability to successfully obtain registrations in a timely manner or at all;
15. Conflicts of interest with affiliated companies, the promoter group and other related parties;
16. Any adverse outcome in the legal proceedings in which we are involved;
17. Concentration of ownership among our Promoters;
18. Occurrence of Environmental Problems & Uninsured Losses.
19. Reduction in demands of our product.
20. We may not be able to sustain our historical growth rates, and our historical performance may not be indicative of our future growth or financial results;
21. The performance of the financial markets in India and globally;
22. Global distress due to pandemic, war or by any other reason.
23. Other Factors beyond our control.
Discussion on Result of Operations
The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for financial years ended on September 30, 2025, March 31,2025, March 31, 2024 and March 31,2023.
Revenue from operations:
Revenue from operations mainly consists of revenue from sale of products and sale of services.
Other Income:
Our other income primarily comprises of FDR Interest, Other Interest, VAT Subsidy received, Other Miscellaneous income etc.
Total Expenses:
Total expenses consist of costs like Cost of material consumed, Purchases of Stock in Trade, Change in inventories, Direct Site Expenses, Employee benefits expense, Finance costs, Depreciation and amortization expenses and other expenses.
Employee benefits expense:
Our employee benefits expense primarily comprises of Salaries & Wages, Director remuneration, Gratuity expenses, Staff welfare expenses, Contribution to Funds etc.
Finance Costs:
Our finance cost comprises of Interest on loan, Interest to others and other borrowing cost.
Depreciation and Amortization Expenses:
Depreciation includes depreciation of Factory shed, Plant & Machinery, lab equipment, Computer & Software, Office Equipments, Electrical Equipment, Furniture & Fixtures, Building, Motor vehicle, Air Conditioner etc. and Amortisation of Intangible assets.
Other Expenses:
Our Other Expenses consists of Consumption of stores and other spares parts, Exchange gain or loss, Power & Fuel expenses, Freight & Carraige, rent rates & taxes, Research Development Expenses, Administration and Office Expenses, Advertisement & Marketing Expenses, Commission & Brokerage, Insurance, Travelling and Conveyance expense, Professional Fees, Repairs and Maintenance, Printing & Stationery other Miscellaneous Expenses.
Financial Performance Highlights for the Period ended September 30, 2025.
Total Income:
Total income for the period ended September 30, 2025 stood at Rs 3228.67 Lakhs. The total income consists of revenue from operations and other income.
Revenue from Operations:
During the period ended September 30, 2025 the net revenue from operation of our Company was Rs 3203.98 Lakhs by providing sale of product and Services.
Other Income:
During the period ended September 30, 2025 the other income of our Company stood at Rs 24.69 Lakhs. Other income consists of Interest on Bank FDR, Other Interest, VAT Subsidy, Bad Debts recovered and other Miscellaneous Income respectively.
Total Expenses:
Total expenses consist of Cost of materials consumed, Purchase of stock in trade, Change in inventories of finished goods, work- in-progress and stock-in-trade, Direct Site Expenses, Employee benefits expense, Finance costs, Depreciation and amortization expenses and other expenses. During the period ended September 30, 2025 the total expenses of our Company stood at Rs 2856.35 Lakhs.
Cost of materials consumed
During the period ended September 30, 2025 the Cost of materials consumed of our Company stood at Rs 1316.07 Lakhs.
Purchase of stock in trade
During the period ended September 30, 2025 the Purchases of our Company stood at Rs 217.26 Lakhs.
Change in inventories of stock:
During the period ended September 30, 2025 Change in inventories of stock of our Company stood at Rs 74.11 Lakhs.
Direct Site Expenses:
During the period ended September 30, 2025 the Direct Site expenses of our Company stood at Rs 460.04 Lakhs.
Employee benefits expense:
During the period ended September 30, 2025 the employee benefit expenses of our Company stood at Rs 338.90 Lakhs. Employee benefits expense comprises of Salary & Wages, Director remuneration, Gratuity, Contribution to Funds, Staff Welfare Expenses etc.
Finance Costs:
During the period ended September 30, 2025 the Finance cost of our Company stood at Rs 64.42 Lakhs. Our Finance cost includes Interest expenses and other borrowing cost.
Depreciation and Amortization Expenses:
During the period ended September 30, 2025 the Depreciation and amortization charges of our Company stood at Rs 78.67 Lakhs. The major component of depreciation comprises of depreciation on Plant and Machinery, Vehicles and Building, Computer & Equipment etc.
Other Expenses:
During the period ended September 30, 2025 other Expenses of the company stood at Rs306.88 Lakhs. Major Components of Other Expenses are Consumption of Stores and Spares parts, Power & Fuel, Freight & Carraige, Repair & Maintenance, Rent, Rates & taxes, Professional Fees, Commission and Brokerage Expenses, Travelling & Conveyance Expenses etc.
Restated Profit before tax:
The Company reported Restated profit before tax for the period ending September 30, 2025 of Rs 372.32 Lakhs.
Restated profit after tax:
The Company reported Restated profit after tax for period ending September 30, 2025 of Rs 246.88 Lakhs.
Financial Year 2025 Compared to Financial Year 2024 (Based on Restated Financial Statements)
Total Income:
Total income for the financial year 2024-25 stood at Rs5721.51 Lakhs whereas in financial year 2023-24, the same stood at Rs5020.32 Lakhs representing an increase of 13.97%. The main reason of increase in total income was due to the consolidation of total income of the company with its subsidiary as reduced with intra group transactions. The total income consists of revenue from operations and other income.
Revenue from Operations:
During the financial year 2024-25, the net revenue from operation of our Company increased to Rs5697.22 Lakhs as against Rs4974.55 Lakhs in the financial year 2023-24 representing an increase of 14.53%. The main reason for increase in revenue from operations was due to consolidation of accounts of its subsidiary as reduced with intra group transaction.
Other Income:
During the financial year 2024-25, the other income of our Company decreased to Rs24.29 Lakhs as against Rs45.77 Lakhs in the financial year 2023-24 representing a decrease of 46.93%. The main reason of decrease is due to decrease in VAT Subsidy and profit on sale of property.
Total Expenses:
Total expenses consist of cost of material consumed, Purchases of Stock in Trade, Changes in inventories of finished goods and Work-in-Progress, Direct Site Expenses, Employee benefits expense, Finance costs, Depreciation and amortization expenses and other expenses. The total expense for the financial year 2024-25 increased to Rs5417.99 Lakhs from Rs4683.74 Lakhs in the financial year 2023-24 representing an increase of 15.68%. Such increase was due to increase in business operations of the Company and due to consolidation of accounts of its subsidiary.
Cost of materials consumed
The Cost of materials consumed for the financial year 2024-25 increases to Rs 2974.90 lakhs from Rs 2798.94 lakhs in the Financial Year 2023-24 representing an increase of 6.29%. Such increase was due to increases in the volume of business operations and due to consolidation of accounts of its subsidiary.
Purchases of Stock in Trade
The Purchase of stock in trade for the financial year 2024-25 decreased to Rs 232.95 lakhs from Rs 427.13 lakhs in the Financial Year 2023-24 representing a decrease of 45.46%.
Change in inventories of stock:
There has been change in inventory of Finished goods, Work in Progress, and stock in trade from Rs151.45 lakhs in financial year 2024-25 to Rs218.55 lakhs in financial year 2023-24, representing an increase of 44.31%.
Direct Site Expenses:
There has been Direct Site Expenses of Rs911.65 lakhs in financial year 2024-25 as compared to 267.58 in financial year 2023-24, representing increase of 240.70%. The major reason for increase in direct site expenses is due to full year consolidation of accounts of its subsidiary and increase in consultancy & Sub contract expenses & freight expenses. These expenses are related to subsidiary of the company.
Employee benefits expense:
Our Company has incurred Rs595.55 lakhs as Employee benefits expense during the financial year 2024-25 as compared to Rs385.91 lakhs in the financial year 2023-24. The increase of 54.32% was due to increase in salary and wages and due to full year consolidation of accounts of its subsidiary.
Finance costs:
Finance costs were for the financial Year 2024-25 increased to Rs127.92 Lakhs as against Rs113.53 Lakhs during the financial year 2023-24. The increase of 12.67 % was due to increase in interest expenses due to increase in short term borrowings.
Depreciation and Amortization Expenses:
Depreciation for the financial year 2024-25 stood at Rs167.79 Lakhs as against Rs140.79 Lakhs during the financial year 2023-24. The increase in depreciation was around 19.18% in comparison to previous year.
Other Expenses:
Our Company has incurred Rs625.77 Lakhs during the Financial Year 2024-25 on other expenses as against Rs701.31 Lakhs during the financial year 2023-24. There was decrease of 10.77% in comparison to the previous year mainly due to decrease in Freight & Carraige expenses.
Restated profit before tax:
Net profit before tax for the financial year 2024-25 decreased to Rs303.52 Lakhs as compared to Rs336.58 Lakhs in the financial year 2023-24. This decrease of 9.82% which was majorly due to factors as mentioned above.
Restated profit for the year:
As a result of the foregoing factors, the Company reported Restated profit after tax for the financial year 2024-25 of Rs207.37 Lakhs in comparison to Rs 235.14 lakhs in the financial year 2023-24, representing a decrease of 11.81%.
Financial Year 2024 Compared to Financial Year 2023 (Based on Restated Financial Statements)
Total Income:
Total income for the financial year 2023-24 stood at Rs5020.32 Lakhs whereas in financial year 2022-23, the same stood at Rs3737.30 lakhs representing an increase of 34.33%. The main reason of increase in total income was due to the consolidation of total income of the company with its subsidiary as reduced with intra group transactions. The total income consists of revenue from operations and other income.
Revenue from Operations:
During the financial year 2023-24, the net revenue from operation of our Company increased to Rs4974.55 Lakhs as against Rs3711.94 Lakhs in the financial year 2022-23 representing an increase of 34.01%. The main reason for increase in revenue from operations was due to consolidation of accounts of its subsidiary as reduced with intra group transaction.
Other Income:
During the financial year 2023-24, the other income of our Company increased to Rs45.77 Lakhs as against Rs25.36 Lakhs in the financial year 2022-23 representing an increase of 80.48%. The main reason of increase is due to increase in VAT Subsidy and Profit on sale of property.
Total Expenses:
Total expenses consist of cost of material consumed, Purchases of Stock in Trade, Changes in inventories of stock in trade, Direct Site Expenses, Employee benefits expense, Finance costs, Depreciation and amortization expenses and other expenses. The total expense for the financial year 2023-24 increased to Rs4683.74 Lakhs from Rs3537.53 Lakhs in the financial year 2022-23 representing an increase of 32.40%. Such increase was due to increase in business operations of the Company and due to consolidation of accounts of its subsidiary.
Cost of materials consumed
The Cost of materials consumed for the financial year 2023-24 increases to Rs 2798.90 lakhs from Rs 2427.03 lakhs in the Financial Year 2022-23 representing an increase of 15.32%. Such increase was due to increases in the volume of business operations and due to consolidation of accounts of its subsidiary.
Purchases of Stock in Trade
The Purchase of stock in trade for the financial year 2023-24 increased to Rs 427.13 lakhs from Rs 120.89 lakhs in the Financial Year 2022-23 representing an increase of 253.33%.
Change in inventories of stock:
There has been change in inventory of Finished goods, Work in Progress, and stock in trade from Rs92.39 lakhs in financial year 2022-23 to Rs151.45 lakhs in financial year 2023-24, representing an increase of 63.93 %.
Direct Site Expenses:
There has been Direct Site Expenses of Rs267.58 lakhs in financial year 2023-24 as compared to nil in financial year 2022-23, representing increase of 100.00%. The major reason for increase in direct site expenses is due to consolidation of accounts of its subsidiary. These expenses are related to subsidiary of the company.
Employee benefits expense:
Our Company has incurred Rs385.91 Lakhs as Employee benefits expense during the financial year 2023-24 as compared to Rs237.21 Lakhs in the financial year 2022-23. The increase of 62.69% was due to increase in salary and wages, Gratuity expenses, staff welfare expenses and due to consolidation of accounts of its subsidiary.
Finance costs:
Finance costs were for the financial Year 2023-24 increased to Rs113.53 Lakhs as against Rs93.99 Lakhs during the financial year 2022-23. The increase of 20.79 % was due to increase in interest expenses and other borrowing costs.
Depreciation and Amortization Expenses:
Depreciation for the financial year 2023-24 stood at Rs140.79 Lakhs as against Rs133.04 Lakhs during the financial year 2022-23. The increase in depreciation was around 5.83% in comparison to previous year.
Other Expenses:
Our Company has incurred Rs701.31 Lakhs during the Financial Year 2023-24 on other expenses as against Rs617.76 Lakhs during the financial year 2022-23. There was an increase of 13.52% in comparison to the previous year mainly due to increase in consumption of stores and spare parts expenses, power & Fuel Expenses, Freight & Carraige expenses, repair & maintenance, professional fees, and other expenses.
Restated profit before tax:
Net profit before tax for the financial year 2023-24 increased to Rs336.58 Lakhs as compared to Rs199.77 Lakhs in the financial year 2022-23. This increase of 68.48% which was majorly due to factors as mentioned above.
Restated profit for the year:
As a result of the foregoing factors, the Company reported Restated profit after tax for the financial year 2023-24 of Rs235.14 Lakhs in comparison to Rs149.22 lakhs in the financial year 2022-23, representing an increase of 57.58%.
Information required as per Item (II)(C)(iv) of Part A of Schedule VI to the SEBI Regulations:
An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:
1. Unusual or infrequent events or transactions
There has not been any unusual trend on account of our business activity. Except as disclosed in this Red Herring Prospectus, there are no unusual or infrequent events or transactions in our Company.
2. Significant economic changes that materially affected or are likely to affect income from continuing operations.
There are no significant economic changes that may materially affect or likely to affect income from continuing operations.
3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.
Apart from the risks as disclosed under Section "Risk Factors" beginning on page 27 of the Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.
4. Future changes in relationship between costs and revenues
Other than as described in the sections "Risk Factors", "Our Business" and "Managements Discussion and Analysis of Financial
Condition and Results of Operations" on pages 27, 117 and 228 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.
5. Segment Reporting
Our business activity primarily falls within a single business and geographical segment, other than as disclosed in "Restated Financial Statements" on page 172, we do not follow any other segment reporting.
6. Status of any publicly announced New Products or Business Segment
Except as disclosed in the Chapter "Our Business" on page 117 of this Red Herring Prospectus, our Company has not announced any new product or service.
7. Seasonality of business
Our business is not subject to seasonality. For further information, see "Industry Overview" and "Our Business" on pages 105 and 117 respectively of this Red Herring Prospectus.
8. Dependence on single or few customers
Given the nature of our business operations, we do not believe our business is dependent on any single or a few customers
9. Competitive conditions
Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" beginning on pages 105 and 117 respectively of this Red Herring Prospectus.
10. Details of material developments after the date of last balance sheet i.e., 30 September 2025
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