Ken Enterprises Ltd Management Discussions

Global Economy Review

Overview:

Global economic growth declined marginally from 3.3% in 2023 to an estimated 3.2% in 2024. This was marked by a slowdown in global manufacturing, particularly in Europe and parts of Asia coupled with supply chain disruption and weak consumer sentiment. In contrast, the services sector performed more creditably.

The growth in advanced economies remained steady at 1.7% from 2023 to 2024 as the emerging cum developing economies witnessed a growth decline at 4.2% in 2024 (4.4% in 2023).

On the positive side, global inflation was expected to decline from 6.1% in 2023 to 4.5% in 2024 (projected at 3.5% and 3.2% in 2025 and 2026 respectively). This decline was attributed to the declining impact of erstwhile economic shocks, and labour supply improvements. The monetary policies announced by governments the world over helped keep inflation in check as well.

The end of the calendar year was marked by the return of Donald Trump as the new US President. The new US government threatened to impose tariffs on countries exporting to the US unless those countries lowered tariffs for the US to export to their countries. This enhanced global trade and markets uncertainty and emerged as the largest singular uncertainty in 2025.

Outlook: The global economy has entered a period of uncertainty following the imposition of tariffs of products imported into the USA and some countries announcing reciprocal tariffs on US exports to theircountries. This islikely to stagger global economic growth, the full outcome of which cannot be currently estimated. This risk is supplemented by risks related to conflicts, geopolitical tensions, trade restrictions and climate risks. In view of this, World Bank projected global economic growth at 2.7 per cent for 2025 and 2026, factoring the various economic uncertainties.

(Source: IMF, United ations)

Indian Economy Review

Overview

The Indian economy grew at 6.5% in FY 2024-25, compared to a revised 9.2% in FY 2023-24. This represented a four-year low due to a moderate slowdown within the Indian economy (marked by slower manufacturing growth and a decline in net investments). Despite the slowdown, India retained its position as the worlds fifth-largest economy.

Indias nominal GDP (at current prices) was ?‚?330.68 trillion in FY 2024-25 (?‚?301.23 trillion in FY 2023-24). The nominal GDP per capita increased from ?‚?2,15,936 in FY 2023-24 to ?‚?2,35,108 in FY 2024-25, reflecting the impact of an economic expansion.

The Indian rupee weakened 2.12% against the US dollar in

Regional growth (%)	2024	2023
World output	3.2	3.3
Advanced economies	1.7	1.7
Emerging and developing economies	4.2	4.4

FY 2024-25, closing at ?‚?85.47 on the last trading day of FY25.

In March 2025, the rupee recorded the highest monthly appreciation since November 2018, rising 2.39% (arising out a weakening US dollar).

Inflationary pressures eased, with CPI inflation averaging 4.63% in FY 2024-25, driven by moderating food inflation

(Source: IMF, KPMG, Press Information Bureau, BBC, India Today)

Performance of the major economies, 2024

United States:

Reported GDP growth of 2.8% in 2024 compared to 2.9% in 2023.

China:

GDP growth was 5.0% in 2024 compared to 5.2% in 2023.

United Kingdom:

GDP growth was 0.8% in 2024 compared to 0.4% in 2023.

Japan:

GDP growth was 0.1% in 2024 compared with 1.9% in 2023.

Germany:

GDP contracted by 0.2% in 2024 compared to a 0.3% decline in 2023.

(Source: C BC, China Briefing, , Trading Economics, Reuters)

and stable global commodity prices. Retail inflation at 4.6% in FY 2024-25, was the lowest since the pandemic, catalysing savings creation.

Indias foreign exchange reserves stood at a high of $676 billion as of April 4, 2025. This was the fourth consecutive year when rating upgrades outpaced downgrades on account of strong domestic growth, rural consumption, increased infrastructure investments and low corporate leverage (annualized rating upgrade rate 14.5% exceeded the decade-long average of 11%; downgrade rate was 5.3%, lower than the 10-year average of 6.5%).

Gross foreign direct investment (FDI) into India rose 13.6% to $81 billion during the last financial year, the fastest pace of expansion since 2019-20. The increase in the year was despite a contraction during the fourth quarter of 2024-25 when inflows on a gross basis declined 6% to $17.9 billion due to the uncertainty caused by Donald Trumps election

and his assertions around getting investments back into the US.

Growth of the Indian economy

	FY22	FY23	FY24	FY25
Real GDP growth (%)	8.7	7.2	9.2	6.5

(Source: MoSPI, Financial Exfiress)

Growth of the Indian economy quarter by quarter,

FY 2024-25

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25
Real GDP growth (%)	6.5	5.6	6.2	7.4

(Source: The Hindu, ational Statistics Office)

The banking sector continued its improvement, with gross non-performing assets (NPA) for scheduled commercial banks (SCBs) declining to 2.6% as of September 2024, down from 2.7% in March 2024. The capital-to-risk-weighted assets ratio for SCBs stood at 16.7% as of September 2024, reflecting a strong capital position.

Indias exports of goods and services reached $824.9 billion in FY 2024-25, up from $778 billion in the previous fiscal year. The Red Sea crisis impacted shipping costs, affecting price-sensitive exports. Merchandise exports grew 6% YoY, reaching $374.1 billion.

Indias net GST collections increased 8.6%, totalling ?‚?19.56 lakh crore in FY 2024-25. Gross GST collections in FY 2024-25 stood at ?‚?22.08 lakh crore, a 9.4% increase YoY.

On the supplyside, real grossvalue added (GVA) was estimated to expand 6.4% in FY 2024-25. The industrial sector grew by 6.5%, supported by growth in construction activities, electricity, gas, water supply and other utility services.

Indias services sector grew at 8.9% in FY25 (9.0% in FY24), driven by public administration, defence and other services (expanded at 8.8% as in the previous year). In the infrastructure and utilities sector, electricity, gas, water supply and other utility services grew a projected 6.0% in FY25, compared to 8.6% in FY24. Meanwhile, the construction sector expanded at 9.4% in FY25, slowing from 10.4% in the previous year.

Manufacturing activity was subdued in FY25, with growth at 4.5%, which was lower than 12.3% in FY24. Moreover, due to lower public spending in the early part of the year, government final consumption expenditure (GFCE) is anticipated to have slowed to 3.8% in FY25, compared to 8.1% in FY24.

The agriculture sector grew at 4.6% in 2024-25 (1.4% in 2023-24). Trade, hotel, transport, communication and services related to broadcasting segment were estimated to grow at 6.4% in 2024- 25 (6.3% in 2023-24).

From a demand perspective, the private final consumption expenditure (PFCE) exhibited robust growth, achieving 7.2% in FY 2024-25, surpassing the previous financial years rate of 5.6%.

The Nifty 50 and SENSEX recorded their weakest annual performances in FY 25 in two years, rising 5.3% and 7.5% during the year under review respectively. Gold rose 37.7% to a peak of $3,070 per ounce, the highest increase since FY 2007-08, indicating global uncertainties.

Total assets managed by the mutual fund (MF) industry jumped 23% or Rs 12.3 lakh crore in fiscal 2025 to settle at Rs 65.7 lakh crore. At close of FY25, the total number of folios had jumped to nearly 23.5 crore, an all-time peak. During last fiscal, average monthly systematic investment plan (SIP) contribution jumped 45% to Rs 24,113 crore.

Foreign portfolio investments (FPIs) in India experienced high volatility throughout 2024, with total inflows into capital markets reaching approximately $20 billion by year- end. However, there was significant selling pressure in the last quarter, influenced by new tariffs announced by the new US government on most countries (including India).

Outlook

India is expected to remain the fastest-growing major economy. Initial Reserve Bank of India estimates have forecast Indias GDP growth downwards from 6.7% to 6.5% based on risks arising from US tariff levies on India and other countries. The following are some key growth catalysts for India in FY26.

Tariff-based competitiveness: India identified at least 10 sectors such as apparel and clothing accessories, chemicals, plastics and rubber where the US high tariffs give New Delhi a competitive advantage in the American market over other suppliers. While India faced a 10% tariff after the US suspended the 26% additional duties for 90 days, the levy remained at 145% on China, the biggest exporter to the US. Chinas share of apparel imports into the US was 25%, compared with Indias 3.8%, a large opportunity to address differential (Source: Niti Aayog).

Union Budget FY 2025-26: The Union Budget 2025-26 laid a strong foundation for Indias economic trajectory, emphasizing agriculture, MSMEs, investment, and exports as the four primary growth engines. With a fiscal deficit target of 4.4% of GDP, the government reinforced fiscal prudence while allocating ?‚?11.21 lakh crore for capital expenditure (3.1% of GDP) to drive infrastructure development. The February 2025 Budget marked a shift in approach, with the government proposing substantial personal tax cuts. Effective April 1, 2025, individuals earning up to ?‚?12 lakh annually will be fully exempt from income tax. Economists estimate that the resulting ?‚?1 lakh crore in tax savings could boost consumption by ?‚?3-3.5 lakh crore, potentially increasing the

nominal private final consumption Expenditure (PFCE) by 1.5-2% of its current ?‚?200 lakh crore.

Free trade agreement: In a post-Balance Sheet development, India and the United Kingdom announced a free trade agreement to boost strategic and economic ties. This could lead to a significant increase in the export competitiveness of Indian shipments in the UK across the textiles, toys, leather, marine products, footwear, and gems & jewellery sectors. About 99% of Indian exports to UK will enjoy zero- duty access tariff cuts; India will cut tariffs on 90% of tariff lines and 85% could become fully duty-free within 10 years.

Pay Commission impact: The 8 th Pay Commissions awards could lead to a significant salary revision for nearly ten million central government employees. Historically, Pay Commissions have granted substantial pay hikes along with generous arrears. For instance, the 7 th Pay Commission more than tripled its monthly salaries, raising the range from ?‚?7,000 to ?‚?90,000 to ?‚?18,000 to ?‚?12.5 lakh, triggering a widespread ripple effect.

Monsoons: The India Meteorological Department predicted an above normal monsoon in 2025. This augurs well for the countrys farm sector and a moderated food inflation outlook.

Easing inflation: Indias consumer price index-based retail inflation in March 2025 eased to 3.34 per cent, the lowest since August 2019, raising hopes of further repo rate cuts by the Reserve Bank of India.

Deeper rate cuts: In its February 2025 meeting, the Monetary Policy Committee (MPC) reduced policy rates by 25 basis points, reducing it to 6% in its first meeting of FY 2025-26. Besides, Indias CPI inflation is forecasted at 4% for the fiscal year 2025-26.

Lifting credit restrictions: In November 2023, the RBI increased risk weights on bank loans to retail borrowers and NBFCs, significantly tightening credit availability. This led to a sharp slowdown in retail credit growth from 20-30% to 9-13% between September 2023 and 2024. However, under its new leadership, the RBI has prioritized restoring credit flow. Recent policy shifts have removed restrictions on consumer credit, postponed higher liquidity requirements for banks, and are expected to rejuvenate retail lending.

(Source: CNBC, Press Information Bureau, Business Standard, Economic Times, World Gold Council, Indian Express, Ministry of External Affairs, Times of India, Business Today, Hindustan Times, Statistics Times)

Global textile industry review

The textile industry plays a vital role in global economies by producing materials for clothing, home furnishings, and industrial applications. It includes fabrics, yarn, fibers, threads, and related products from natural and synthetic sources. The industrys key segments are home furnishings, floor coverings, textile finishing, and coating mills. Its

growth is driven by population growth, rising demand for man-made fibers, supportive government policies, strong emerging markets and plastic bans. The industry is fragmented, with players ranging from apparel and decor to industrial and medical textiles. The textile market size is estimated at USD 774.33 billion in 2025, and expected to reach USD 920.55 billion by 2030, growing at a CAGR of 3.52% during the forecast period 2025-2030.

Asia-Pacific dominates the global textile market, holding over 50% of the share, driven by major manufacturing hubs in China, India, and Bangladesh. The region benefits from low labor costs, supportive government policies, and a strong supply chain. However, despite its significant contribution to GDP growth, the global textile industry faces increasing environmental scrutiny, particularly around sustainability and recycling. While the US and EU lead with progressive policies, Asian producers continue to grapple with fragmented waste collection, inadequate recycling infrastructure and informal waste management. In 2024, the Asia-Pacific textile market was valued at USD 1,067.49 billion and is projected to reach USD 2,188.99 billion by 2034, growing at a CAGR of 7.45% from 2025 to 2034.

(Source: The Business Research Company, Precedence Research, Textile Today, Statista, Fibre2fashion)

Indian textile industry review

Indias textile industry plays a vital role in its economic and cultural heritage, evolving from traditional hand-woven fabrics to modern manufacturing. It offers a wide range of products, from luxury silks to everyday cotton and polyester, supported by rich agricultural resources, skilled labor, and export-focused government initiatives. Grey fabric, an unfinished fabric used before dyeing or finishing, is a key component, with India addressing the needs of domestic and global markets. While the industry faces competition from low-cost producers, it is poised for growth through rising consumption, exports, and government schemes like the Technology Upgradation Fund Scheme (TUFS).

The Indian textile industry is a vital and complex sector that significantly contributes to the nations economy. Spanning the entire spectrum from raw material production to the final product, this industry integrates several stages, including yarn production, weaving, and fabric manufacturing.

The textile market in India is one of the oldest industries in the country, with a rich heritage that spans centuries. Overall, the industry contributes around 2% to the countrys GDP and accounts for 7% of industrial output in value terms. With a 4% share of the global textile and apparel trade, the sector is vital for Indias export economy, making up 8.21 % of the countrys overall export basket during 2023-24. This sector is broadly divided into several segments including fibre and yarn, processed fabrics, garments, and technical textiles. The garment sector is divided into ready-made garments and customized tailoring.

Textile mills experienced margin pressures, even as cotton prices had stabilized at a two-year low. The industry also grappled with a sharp rise in freight costs, which had increased by nearly 40% due to disruptions in the Red Sea region. This unexpected escalation in transportation expenses created concerns about its impact on operational costs and product pricing, particularly for the cost-sensitive ready-made garment market.

The Indian textile and apparel market size was valued at USD

222.08 Billion in 2024. The market is estimated to reach USD

646.96 Billion by 2033, exhibiting a CAGR of 11.98% from 2025-2033. The rising need for high-end clothes and smart textiles, increasing initiatives from the Indian government to help weavers, and growing use of ethical sustainable materials are key factors that drive the market.

In response to these challenges, India launched initiatives like the Production Linked Incentive (PLI) and PM Mitra schemes to boost investments in man-made fibers and technical textiles, aiming to reduce import dependence. Despite these efforts, the sector still relies heavily on imports from countries like China, Vietnam, and Taiwan. Meanwhile, labor unrest and export declines in Bangladeshs garment industry present growth opportunities for India, as global brands seek more stable and diverse supply chains.

(Source: IMARC, IBEF refiort, D&B estimates, Press Information Bureau)

Demand scenario

Changing consumer preferences : As of 2024, approximately 37% of Indias population lives in urban areas and this is expected to increase to 40% by 2030, driving the demand for urban-friendly, easy-to-maintain textiles, many of which are synthetic.

Growing apparel industry: Indias apparel market is projected to generate USD 109.45 billion in revenue in 2025, with an expected compound annual growth rate (CAGR) of 3.26% from 2025 to 2029. The steady growth of the textile industry is driven by rising consumer demand, evolving fashion trends, and increased spending from a growing middle class and urbanization. The athleisure trend, in particular, is boosting demand for synthetic fabrics due to their versatility and performance benefits.

Rising disposable income: Indias per capita income was estimated at Rs. 240,000 (USD 2,880) in FY 2025. This rising

income level is contributing to higher spending on clothing,

including synthetic textiles.

Technological advancements: Advancements in synthetic fiber technology have improved material performance, fueling growth in the sector. Underthe Union Budget 2024?€“25, the Indian textile industry received an R&D allocation of Rs. 686 crores, with a major focus on eco-friendly and recycled synthetic fibers. Continued investment in research is expected to drive further innovation in this space.

Export potential: In FY 2024?€“25, exports stood at USD 9.03 billion, reflecting a decline from the previous year but also highlighting the sectors potential amid ongoing challenges and emerging opportunities. Indias man-made fiber (MMF) textile exports is estimated to reach USD 11.4 billion by 2030.

Market trends driven by fashion: Evolving fashion trends, rising brand consciousness, and rapidly changing styles is boosting the demand for synthetic textiles. With the global end-use market for man-made fibers projected to grow by 3.7% by 2025, Indias synthetic textile industry is well- positioned to capitalize on opportunities in both domestic and export markets.

Growth in the retail sector: India emerged as the worlds third-largest retail market in 2024, with its e-retail sector reaching a GMV of around $60 billion and hosting the second-largest online shopper base globally.

(Source: Datarefiortal, Press Information Bureau, Statista, Cleartax, Mint, Manmade and Textiles Exfiort Promotion Council, Ministry of Textiles, Bain & Comfiany)

Export demand

Indias textile and apparel exports rose by 6.32% to USD 36.61 billion in FY25, led by ready-made garments, cotton textiles, and rising demand for man-made fibers. Apparel exports grew by 10.03%, while textile exports increased by 3.61%. Its key markets include the US, EU, Bangladesh, UK, and UAE. Growth is fueled by global demand, government schemes like PLI, and a diverse product mix. Despite challenges such as low-cost competition, quality and environmental issues, and market volatility, exports are projected to reach USD 65 billion by FY26, with a focus on innovation, sustainability, and technical textiles.

In the fiscal year 2024, the export of textile products experienced a notable increase, reaching Rs. 6,256 million compared to Rs. 5,145 million in FY 2023. This upward trend has been consistent since FY 2019, reflecting robust growth in the sector. The first quarter of FY 2024-25, covering April to June, also saw significant export activity amounting to Rs. 1,612 million.

(Source: Ministry of Commerce, Fibre2Fashion)

Export of synthetic textiles

Indias synthetictextile exportsectorfaces both opportunities and challenges. While global demand fluctuates and competition intensifies, there is significant growth potential driven by evolving consumer preferences and expanding domestic production. Its key segments like apparel, fabric, and filament show varied performance, reflecting shifts in global demand towards synthetic fibers such as polyester. Despite facing stiff competition from lower-cost producers, Indias market can benefit from increasing global demand for synthetic textiles by focusing on high-value products and strategic investments.

Indias synthetic textile exports fluctuated between FY 2019 and FY 2024, peaking at Rs. 116.1 billion in FY 2020, dipping to Rs. 74.8 billion in FY 2021, and gradually recovering to Rs. 108.5 billion by FY 2024. Despite the variations, the sector shows a steady upward trend, driven by rising global demand, evolving consumer preferences, and improved domestic production. The key export partners include the UAE (12%), Bangladesh (10%), and Sri Lanka (4%), emphasizing the importance of strong regional trade ties in sustaining growth and expanding market reach.

(Sources: Ministry of Commerce)

Regulatory landscape

The regulatory environment for the textile and fabric manufacturing industry in India is governed by a robust framework designed to support sustainable growth, ensure quality, and enhance competitiveness. This comprehensive set of policies and initiatives at both national and state levels plays a critical role in driving compliance, fostering innovation, and expanding market access for Indian textile manufacturers.

National Textile Policy (2000)

Outlines a strategic vision to boost competitiveness, attract investment, and promote technology across traditional and technical textiles, aiming to position India as a global textile hub.

Production-Linked Incentive (PLI) Scheme (2020)

With an allocation of Rs. 10,683 crore, the PLI Scheme incentivizes domestic production of MMF apparel, fabrics, and technical textiles, promoting innovation and sustainability.

Technical textiles mission

Focuses on R&D, investment, and innovation in technical textiles for sectors like healthcare, automotive, and geotextiles, enhancing the industrys global competitiveness.

Mega integrated textile regions and parks (MITRA) scheme (2022)

Aims to establish seven mega textile parks with world-class infrastructure over three years to attract investment and support integrated manufacturing.

Environmental regulations

Mandates compliance with waste, effluent, and pollution control under the Environment Protection Act, encouraging sustainable and eco-friendly production practices.

Product safety and quality standards

The Textiles Regulation Act (1988) enforces standards on labeling, safety testing, and material quality to ensure consumer trust and product compliance in global markets.

Export promotion and trade policies

Government incentives support quality enhancement, market access, and trade agreements to increase Indias textile and apparel exports, targeting USD 65 billion by FY26.

Growth forecast

Indias synthetic textile market is poised for strong growth, with MMF exports projected to rise by 75%, from USD 6.5 billion to USD 11.4 billion by 2030. Driven by cost-effective consumer demand and government initiatives like the PLI scheme, the sector is set to play a key role in boosting overall textile production to USD 250 billion. Technological upgrades and expanded manufacturing capacity will be crucial to strengthening Indias global position.

The demand for polyester, a key synthetic material, is forecasted to grow from about 4 million tonnes to 6.7 million tonnes by 2025, reflecting a compound annual growth rate (CAGR) of approximately 15%.

Risk and mitigation

Dependence on third-party manufacturers

Challenge: A significant portion of our production is undertaken through third-party manufacturers on a job- work basis, making us reliant on their performance, quality standards, and delivery timelines.

Mitigation: We address this risk by diversifying our vendor base, implementing strict vendor selection criteria, and conducting regular quality audits. Long-term performance- based relationships and contingency arrangements help ensure continuity and control over outsourced production.

Raw material procurement

Challenge: The absence of long-term contracts with suppliers exposes us to fluctuations in availability, pricing, and quality of raw materials, which can adversely impact margins and operations.

Mitigation: We have established strong relationships with multiple raw material sources and engage in direct sourcing from mills wherever feasible. By leveraging cash availability post-IPO, we negotiate favorable trade terms, improve procurement efficiency, and maintain adequate inventory buffers to avoid disruptions.

Macroeconomic and political conditions in India

Challenge: Our business is vulnerable to domestic economic cycles, inflationary pressures, and political shifts that could affect industrial output, demand, and investor sentiment.

Mitigation: To reduce this exposure, we have diversified our customer base across domestic and international markets. Our flexible operational model allows us to adjust to macroeconomic conditions. Moreover our International exposure is spread across South East Asia, Europe & Latin America mitigating geo-political and FTA risks Additionally, we stay engaged with policy frameworks through industry associations.

Regulatory changes

Challenge: Sudden or evolving government regulations, including changes in labor, environmental, or tax laws, could affect operational efficiency and cost structures.

Mitigation: Our compliance teams stay updated with regulatory changes, enabling timely and smooth alignment with new rules. We have built internal systems that are adaptable and ensure minimal operational disruption in case of policy shifts.

Debt risk

Challenge: Being a capital-intensive business, profitability can be impacted by interest expenses, especially during phases of expansion or liquidity strain.

Mitigation: The Company continues to maintain a prudent capital structure with low leverage. With a stronger net worth post-IPO and improved credit rating, we are shifting from high-cost trade credit to lower-cost supply chain financing, aiming to reduce interest costs to 2?€“2.5% of revenue. We also prioritize the use of internal accruals and cash profits for funding growth, enhancing financial sustainability.

Threats and challenges

Fluctuating raw material prices

Volatile global oil prices impact the cost of petroleum- based fibers like polyester, affecting production costs and profit margins.

Rising labor costs

Increasing wages in India are raising production costs, reducing competitiveness against low-wage countries.

Increased competition from low-cost imports

Cheaper imports from Bangladesh and Vietnam challenge domestic producers to innovate and cut costs.

Stringent environmental regulations

Compliance with pollution control laws requires costly investments in sustainable practices, especially for smaller firms. Synthetic textiles also contribute significantly to non- biodegradable waste and environmental pollution.

Outdated technology

Use of obsolete machinery reduces efficiency and productivity, limiting competitiveness in global markets.

Market demand fluctuations

Changing fashion trends and economic shifts cause unpredictable demand, complicating inventory and production planning.

Regulatory challenges

Fragmented and inadequate waste management regulations

hinder effective control of synthetic textile waste.

Technological limitations

Blended fabrics and lack of advanced recycling technology limit sustainable production and waste reduction efforts.

Consumer awareness and preferences

Growing demand for eco-friendly textiles may reduce interest in synthetics, affecting sales and brand perception.

Economic factors

Rising input and energy costs, coupled with global economic

uncertainty, reduce profitability and affect demand.

Table set forth below are certain key operational and financial metrics for the periods indicated:

Particulars	Financial year ended March 31, 2025	Financial year ended March 31, 2024	Financial year ended March 31, 2023
Revenue from operations(1)	48,280.13	40,220.78	36,396.26
Revenue CAGR (%) from FY 2021\u20132024(2)	15.17%	6.47%	\u2013
EBITDA(3)	2352.38	1,975.42	481.85
EBITDA (%) Margin(4)	4.87%	4.91%	1.32%
EBITDA CAGR (%) from FY 2021\u20132024(5)	121.18%	43.00 %	\u2013
EBIT(6)	3354.72	2,538.89	1,461.17
ROCE (%)(7)	29.66%	51.52%	32.58%
Current ratio(8)	1.57	1.53	1.66
Operating cash flow(9)	-1093.41	1,667.99	-239.82
PAT(10)	1232.04	892.73	394.85
PAT Margin(11)	2.55%	2.22%	1.08%
Net Worth(12)	11,159.82	4,485.23	3,592.50
ROE/ RONW(13)	11.04	19.90%	10.99%
EPS(14)	6.42	4.86	2.05

Notes:

Revenue from operations is the revenue generated from operations by our Company.

Revenue CAGR: The three-year compound annual growth rate in Revenue. [(Ending Value/Beginning Value) ^ (1/N)]-1

EBITDA is calculated as Profit before tax + Depreciation + Interest Expenses - Other Income

EBITDA Margin is calculated as EBITDA divided by Revenue from Operations

EBITDA CAGR: The three-year compound annual growth rate in EBITDA. [(Ending Value/Beginning Value) ^ (1/N)]-1

EBIT is Earnings before Finance Cost and taxes.

ROCE: Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as shareholders equity plus long-term debt.

Current Ratio: Current Asset over Current Liabilities

Operating Cash Flow: Net cash inflow from operating activities

PAT is mentioned as profit after tax for the period.

PAT Margin is calculated as PAT for the period/year divided by revenue from operations.

Net Worth means the aggregate value of the paid-up share capital and reserves and surplus of the company.

ROE: Return on Equity is calculated as PAT divided by average shareholders equity

EPS: Earning per share is calculated as PAT divide by Weighted No. of equity shares

The table set forth below are contribution of our top 10 customers towards our revenue from operations: (?‚? in lakhs, except stated in %)

Period	Revenue from Operations	Top 10 Customers Contribution	% of Top 10 Customer Contribution
As at March 31, 2022	35,479.84	13,087.32	36.89%
As at March 31, 2023	36,396.26	14,515.87	39.87%
As at March 31, 2024	40,220.78	14,212.31	35.34%
As at March 31, 2025	48,280.13	17,328.30	35.89%

Human resources

Our work force is a critical factor in maintaining quality and longevity, which strengthen our competitive position. As of August 31, 2025, we had 214 permanent employees. We train our employees on a regular basis to increase the level of operational excellence, improve productivity and maintain compliance standards on quality and safety. The company has access to the best management coaches who regularly conduct & train the key management team in not only the best practices but also in incorporating AI in routine business while scaling up.

Internal control systems and adequacy

The company has established comprehensive internal control systems and processes designed to align with its unique business operations and complexities. By implementing strong policies and procedures, it ensures business integrity, asset protection, accurate financial reporting, and fraud prevention. These systems undergo regular evaluations to enhance their effectiveness and drive continuous improvement.

Cautionary statement

This statement made in this section describes the Companys objectives, projections, expectation and estimations which may be forward looking statements within the meaning of applicable Securities Laws and Regulations. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized by the Company. Actual results could differ materially from those expressed in the statements or implied due to the influence of external factors which are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of any subsequent development, information or events.

ANNEXURE VI

Employee Remuneration

PURSUANT TO SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014, DETAILS OF THE RATIO OF REMUNERATION OF EACH DIRECTOR TO THE MEDIAN EMPLOYEES REMUNERATION.

The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year 2024-25:

The ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year

Sr. No	Name of the Director	Ratio of remuneration to the median remuneration of the employees
1.	Mr. Nikunj Hariprasad Bagdiya	115.76
2.	Mr. Sachin Janardan Mulay (Whole Time Director and CFO)	3.76
3.	Ms. Bina Hariprasad Bagdiya	9.33
4.	Ms. Arshita Singh	N.A
5.	Ms. Rashmi Sagar Mitkary	N.A
6.	Mr. Vinaykumar Ramgopal Jhawar	N.A
7.	Mr. Shailja Dubey (CS)	0.71
B.	The percentage increase in remuneration of each director, CFO, CEO, Company
Sr. No	Name of the Director/KMP	% Increase/(Decrease) over last
1.	Mr. Nikunj Hariprasad Bagdiya	80.92
2.	Mr. Sachin Janardan Mulay (Whole Time Director and CFO)	N.A
3.	Ms. Bina Hariprasad Bagdiya	16.67
4.	Ms. Arshita Singh	N.A
5.	Ms. Rashmi Sagar Mitkary	N.A
6.	Mr. Vinaykumar Ramgopal Jhawar	N.A
7.	Mr. Shailja Dubey (CS)	100
C.	The percentage decrease in the median remuneration of employees in the financial year
D.	The number of permanent employees on the rolls of the Company	246
E.	Average percentile increases already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration	The average increase, if any, is based on the objectives of the policy of the Company that is desired to attract, motivate and retain the employees who drive the organization towards success and helps the Company to retain its industry competitiveness

* Ms. Arshita Singh, Ms. Rashmi Sagar Mitkary and Mr. Vinaykumar Ramgopal Jhawar has been appointed as directors with effect from 14 September, 2024.

** Mr. Sachin Janardan Mulay (CFO) and Ms. Mr. Shailja Dubey (Company Secretary and Compliance officer) has been appointed with effect from 13 September, 2024.

For and on behalf of the Board of Directors

Ken Enterprises Limited

Place: Ichalkaranji	Nikunj Hariprasad Bagdiya Managing Director And Chairman	Sachin Janardan Mulay Whole Time Director And CFO
Dated: September 5, 2025	DIN: 00415118	DIN: 03532349