Ken Enterprises Ltd Management Discussions

Global economy review

Global economic grew marginally at an 3.4% in 2025 compared to 3.3% in the previous year, influenced by the US tariff shock of April 2025. Despite being partially unwound through subsequent trade deals, it left effective tariff rates well above pre-2025 levels and heightened trade policy uncertainty.

Advanced economies witnessed a marginal growth from

1.8% in 2024 to 1.9% in 2025, while emerging market and developing economies demonstrated relative resilience, expanding by 4.4% in 2025 compared to 4.3% in 2024. Global inflation continued its multi-year downward trend in 2025, declining to 4.1% in CY2025 from 5.8% in CY2024.

Regional growth (%)	2025	2024
World output	3.5	3.5
Advanced economies	1.9	1.9
Emerging and developing economies	4.5	4.5

(Source: IMF April 2026 World Economic Outlook; 2026 figures are IMF projections)

Performance of the major economies, CY2025 (relevant to FY2025-26)

United States: GDP growth of 2.1% in 2025 compared to 2.8% in 2024.

China: GDP growth was 5.0% in 2025 compared to 5.0% in 2024.

United Kingdom: GDP growth was 1.3% in 2025 compared to 1.1% in 2024.

Japan: GDP growth was 1.2% in 2025 compared to (0.2) % in 2024.

Germany: GDP growth was 0.2% in 2025 compared to a -0.5% in 2024.

(Source: IMF April 2026 Outlook, World Bank)

Outlook

The IMFs April 2026 World Economic Outlook, published health in FY26, with the gross NPA shortly after the close of FY2025-26, adopted a ‘reference forecast assuming the Middle East conflict remains contained in duration and scope.

Under IMFs reference scenario for the period ahead, global growth is projected at 3.0% in CY2026 and 3.4% in CY2027 (IMF July 2026 WEO). Global inflation stood at 4.1% in CY2025 and is projected to rise to 4.7% in CY2026 before easing to 3.9% in CY2027.

(Source: IMF April 2026 WEO; IMF July 2026 WEO Update)

Indian economic review

The Indian economys real GDP grew at 7.7% in FY26, compared to 7.1% in FY25. This growth was driven by strong consumption and increasing investments, Indias position as the fastest-growing major economy. Indias Real GDP at Constant Prices was estimated at 323.12 lakh crore in FY 2025-26, compared with Rs 299.89 lakh crore in FY 2024-25.

Growth of the Indian economy

	FY 22-23	FY 23-24	FY 24-25	FY 25-26
Real GDP Growth (%)	7.0*	7.2	7.1	7.7

E: First Advance Estimate (MoSPI, released February 2026). Note: FY24 figure restated under new base year 2022 23. (Source: MoSPI)

* The FY23 figure (7.0%) series back-data for FY23 will only be available after December 2026.

Growth of the Indian economy quarter by quarter, FY 2025-26

	Q1FY26	Q2FY26	Q3FY26	Q4FY26
Real GDP growth (%)	6.7	8.4	7.8	7.8

Note: Q2 revised upward from 8.2% and Q3 from 7.35% under the new base year 2022 23 series released February 27, 2026. Q4 remains an estimate. (Source: MoSPI)

Inflation, policy and currency dynamics

Inflation year CPI estimated at an exceptionally low 2.1%. This created room for 125 basis points of cumulative rate cuts, supporting consumption and investment.

However, macro stability was accompanied by currency volatility. The Indian rupee depreciated sharply by 9.88% during FY26 its steepest fall since FY12 touching 94.83 against the US dollar. This reflected global capital flows, a strong dollar environment, and geopolitical uncertainties. Banking sector stability: Indias banking sector reflected improving financial ratio declining to 2.1% as of September 2025. Scheduled commercial banks reported a return on assets of 1.3% and return on equity of 12.5%, underscoring improved balance sheet health and better credit availability for manufacturing sectors including textiles.

Outlook

The year under review underscores a defining divergence: a world grappling with uncertainty, and an India navigating it with confidence.

In a global environment marked by fragmentation and caution, India stands out as a rare convergence of stability, scale and structural opportunity. The World Bank has revised its FY2026-27 growth estimate upward to approximately 6.6%, reflecting resilient domestic momentum even as growth moderates from the previous year. India is expected to retain its position as the fastest-growing major economy. Growth will be shaped by a combination of strong domestic demand and resilient private consumption, supported by low inflation and GST rationalisation, alongside stable export performance with improved access to key markets. This momentum is further reinforced by sustained policy support, ongoing economic reforms, and a favourable demographic advantage.

While risks persist, particularly from elevated energy prices, subsidy pressures on government spending, and uncertainty in global demand, Indias macroeconomic fundamentals remain strong.

Over the medium term, sustained consumption, gradual investment recovery, and expanding global trade linkages are expected to reinforce Indias position as a key driver of global economic growth.

(Source: Upstox, Economic Times, India Today, 5paisa, Livemint, The Logical India)

Global textile industry review

The global textile industry forms a foundational pillar of the manufacturing ecosystem, supporting a wide spectrum of end-use sectors including apparel, home furnishings, healthcare, automotive, and industrial applications. Textile products comprise flexible materials derived from both natural and synthetic fibres, processed into yarns and fabrics through weaving, knitting, or other advanced techniques. Over time, the industry has evolved from traditional fabric production to a more innovation-driven landscape, marked by the emergence of technical textiles and sustainable material solutions.

The global textile market was valued at USD 1,007.9 billion in 2025 and is projected to grow from USD 1,065.45 billion in 2026 to USD 1,955.50 billion by 2034, the estimated period. This growth trajectory is underpinned by rising demand across fashion, industrial, and functional applications, alongside continuous advancements in fabric engineering and production technologies.

In 2025, Asia Pacific dominated the global textile market, accounting for a 44.17% share, with a market valuation of USD 470.61 billion. The regions leadership was driven by the strong presence of key manufacturing hubs such as China, India, and Bangladesh, supported by abundant raw material availability, cost-competitive labour, and robust production infrastructure. The market in the region is projected to grow to USD 489.63 billion in CY2026, with countries like China expected to reach USD 167.91 billion and Japan estimated at USD 40.64 billion. Favorable trade policies and increasing foreign direct investments further strengthened the regions competitive positioning.

North America accounted for 25.79% of the global textile market in 2025, with a valuation of USD 274.78 billion, and is projected to reach USD 298.61 billion in CY2026. Europe held a 21.12% share in 2025, with the market valued at USD 225.02 billion, and is projected to grow to USD 242.05 billion in CY2026. Meanwhile, the Middle East & Africa region represented 2.79% of global demand in 2025, with a market size of USD 29.73 billion, and is projected to reach USD 31.38 billion in CY2026.

The markets growth is increasingly being shaped by a pronounced shift toward sustainability. In recent years, consumers have shown a strong preference for environmentally responsible materials such as organic cotton, recycled polyester, and biodegradable fibres, prompting manufacturers to realign their product portfolios.

This transition is further supported by investments in research and development focused on bio-fabrication, circular economy models, and waste reduction technologies. Moreover, the expansion of technical textiles continues to be a key growth driver, given their superior functional properties and diverse applications across varied industrial segments. Coupled with innovations in smart and multi-functional fabrics, these developments are expected to significantly enhance the long-term growth prospects of the global textile industry.

(Source: Fortune business insight)

Indian textile industry review

The Indian textile and apparel industry stands as one of the most integral pillars of the countrys industrial and economic framework, blending a rich legacy of traditional craftsmanship with rapidly advancing manufacturing capabilities. Serving both robust domestic consumption and a diverse global export base, the sector spans a wide range of products from basic fibres and yarns to high-value fashion apparel and technical textiles - positioning India as a key player in the global textile value chain.

The Indian textile and apparel market was valued at USD 248.70 billion in CY2025 and is expected to witness strong growth, reaching USD 656.31 billion by 2034, expanding at a CAGR of 11.38% during the estimated period. This growth is driven by rising domestic demand, increasing export opportunities, favourable government policies, and the ongoing shift towards value-added and sustainable textile solutions.

In 2025, the sector continued to play a critical role in Indias economy, contributing approximately 2% to the national GDP, around 11% to manufacturing gross value added (GVA), and 8.63% to total exports. Beyond its economic contribution, the industry holds significant social importance, supporting millions of livelihoods across the value chain from cotton cultivation and fibre production to garment manufacturing and retail while also promoting rural employment and enhancing womens participation in the workforce. Indias textile ecosystem is distinguished by its unique duality, where traditional handloom artistry coexists with modern, large-scale industrial production. Regional manufacturing clusters have developed specialised capabilities that strengthen the sectors competitiveness. Maharashtra, home to Kens base in Ichalkaranji, has emerged as a hub for integrated textile production, while other regional clusters across Tamil Nadu and Gujarat further strengthen Indias diverse textile manufacturing ecosystem.

The coexistence of artisanal craftsmanship and advanced automation defines Indias competitive edge. For instance, traditional weaving centres such as Varanasi continue to produce intricate handwoven textiles, while industrial hubs like Surat operate high-capacity power looms catering to fast-evolving fashion demands. This dual capability allows Indian manufacturers to address a broad spectrum of market needs, ranging from luxury handcrafted products to mass-produced, standardised textiles.

Policy support has further accelerated industry growth. In 2025, the Production Linked Incentive (PLI) scheme gained traction, with up to 30 textile and apparel units commencing production. Of the 74 applications approved under the scheme announced in September 2021, 40 units had initiated investments, 22 achieved the required threshold levels, and 30 became operational. Such initiatives are strengthening domestic manufacturing, encouraging scale, and enhancing global competitiveness.

Looking ahead, the industrys growth trajectory is expected to be shaped by increasing investments in technology, sustainability, and innovation. The shift towards eco-friendly materials, digitalisation of supply chains, and expansion of technical textiles are likely to unlock new opportunities, reinforcing Indias position as a leading global textile and apparel hub.

(Source: IMARC, PIB)

Demand scenario

Changing consumer preferences: As of April 2026, 37.6% of Indias population, over 555 million people reside in urban areas , with urbanisation continuing at a rapid pace. This structural shift is reshaping consumption patterns, driving increased demand for diverse, quality textile products. Rising household incomes, expanding urban centres, and steady demand from end-use sectors such as apparel, home textiles, and hospitality are further reinforcing this growth trajectory. As a result, Indias textile and apparel market is expected to reach USD 656 billion by 2034. At the same time, consumer preferences are evolving beyond conventional apparel. There is a growing emphasis on value, durability, and sustainability, which is expanding demand across home textiles and technical textile segments, alongside traditional categories.

Growing apparel industry: Indias apparel industry is sustained steady growth in FY26, supported by fast fashion trends and Gen Zs preference for on-trend styles. Rising demand for ethnic wear and premium segments is further supporting this momentum.

The apparel retail market is expected to reach nearly RS.16 lakh crore (USD 193 billion) by FY30, indicating strong near-term growth visibility.

Rising disposable income: Indias per capita income reached USD 2,813 in FY26 , is steadily strengthening purchasing power and consumption. Rising incomes, coupled with deeper e-commerce penetration and evolving consumer preferences, are accelerating demand across textile and apparel categories, supporting overall market expansion.

Technological advancements and R&D push: Advancements in synthetic fibre technology are enhancing material performance, driving growthsustainable fabrics is rising asacross textile applications. At the same time, the adoption of AI-powered predictive maintenance, automated fabric cutting, and robotic-assisted garment assembly is improving efficiency, optimising production cycles, and reducing waste. The shift toward digital printing is also gaining traction, replacing traditional water-intensive dyeing methods. Complementing these technological gains, the Government of India has introduced the Textiles Focused Research, Assessment, Monitoring, Planning and Start-up (Tex-RAMPS) Scheme. With an outlay of 305 crore for FY26 to FY31, the scheme aims to strengthen research, innovation, and competitiveness in the textile sector, reinforcing long-term industry growth . Export performance and potential: Indias textile exports reflected steady global demand in FY2025 26, rising from H3,09,859 crore in FY25 to H3,16,335 crore in FY2025-26, marking a 2.1% growth . This growth highlights Indias strong positioning in global supply chains, with increasing demand for diversified, cost-competitive, and sustainable textile products. Expanding export opportunities are driving higher production, capacity utilisation, and overall demand across the textile value chain.

Market trends driven by fashion and fast commerce: Evolving fashion trends, rising brand consciousness, and shorter fast-fashion cycles are accelerating demand for synthetic textiles. The growing influence of e-commerce is further amplifying this shift, enabling quicker trend adoption and higher consumption. Digital textile printing, expanding at over 6% annually, is gaining traction as brands seek speed, flexibility, and lower inventory risks. At the same time, At the same time, Indias e-commerce market, projected to grow from USD 125 billion in 2024 to USD 345 billion by 2030 (Source: IBEF), is reinforcing demand by driving rapid product turnover and supporting fast-fashion business models, is reinforcing demand by driving rapid product turnover and supporting fast-fashion business models .

Growth in the retail sector: Indias retail market, valued at USD 1,124.2 billion in 2025, is expected to reach USD 3,505.4 billion by 2034, growing at a CAGR of 12.8%. This strong expansion is driven by rising incomes, rapid urbanisation, increasing digital adoption, and higher consumer spending. Structural factors such as the growth of the middle class, expansion of e-commerce, infrastructure development, and supportive government reforms are further accelerating market momentum. A clear shift toward branded merchandise is also strengthening demand, creating sustained growth opportunities across textile and apparel segments.

Sustainability as a demand driver: Sustainability is becoming a major focus, driven by rising consumer awareness, regulatory mandates, and global demand for eco-friendly products. Manufacturers are increasingly investing in organic cotton, recycled fibers, and water-efficient dyeing technologies. The demand for GOTS and OEKO-TEX international buyers certified emphasize responsible sourcing , creating premium pricing opportunities for compliant Indian exporters.

(Source: Worldometer, IMARC, Grand View Research, PIB, Clear tax, Unicommerce)

Export demand

Indias textile sector demonstrated resilience during FY2025-26, with total exports increasing from H3,09,859 crore in FY2024-25 to H3,16,335 crore in FY2025-26, registering a growth of 2.1%, reflecting steady global demand.

Ready-Made Garments (RMG) remained the largest contributor, rising from RS.1,35,428 crore to RS.1,39,350 crore (up 2.9%). Cotton textiles recorded stable growth of 0.4% to RS.1,02,400 crore, while man-made textiles grew by 3.6% to H42,688 crore, indicating rising demand for synthetic and value-added products. Handicrafts (excluding carpets) saw the strongest growth at 6.1%, reaching RS.15,855 crore. Export growth was recorded across 120+ destinations in FY2025-26 including the UAE (+22.3%), UK (+7.8%), Germany (+9.9%), Spain (+15.5%), and Japan (+20.6%) reflecting broad-based demand and successful market diversification.

Policy support through schemes such as RoSCTL and RoDTEP, along with multiple FTAs (UK, EU, EFTA, Oman, and New Zealand), is improving market access and competitiveness. Overall, steady export growth, expanding global reach, and supportive trade policies are driving higher production, value addition, and sustained demand across the textile value chain. The Union Minister has also expressed confidence that, despite global challenges, Indias textile exports are targeted to reach USD 100 billion by 2030.

(Source: PIB)

Synthetic and blended fabric demand

Evolving customer preferences and fashion trends are driving demand for blended and synthetic fabric constructions alongside traditional cotton. Poly-cotton blends, linen-cotton blends and other multi-fibre constructions are gaining traction as brands seek performance properties, cost efficiency and aesthetic diversity. Ken Enterprises expanding portfolio of structured fabrics andmulti-fibre constructions including value-added blended fabrics positions it to address this evolving demand landscape while building on its core expertise in cotton woven fabrics.

(Source: IBEF, Ministry of Textiles)

Regulatory landscape

Indias textile and fabric manufacturing sector operates within a well-defined regulatory framework aimed at promoting sustainable growth, ensuring product quality, and strengthening global competitiveness. A combination of national and state-level policies and initiatives provides the necessary support for compliance, encourages innovation, and facilitates broader market access, enabling the industry to evolve in line with global standards.

National Textile Policy (2000)

Articulates a strategic roadmap to enhance competitiveness, attract investments, and accelerate technology adoption across both traditional and technical textiles, with the objective of positioning India as a leading global textile hub.

Production-Linked Incentive (PLI) Scheme (2026)

Budgetary support for the Production Linked Incentive (PLI) schemes witnessed a sharp acceleration in FY2025-26, with total outlay (Budget Estimates) rising by over 108% to Rs.19,482.58 crore from Rs.9,360.36 crore in FY2024-25 (Revised Estimates). The most significant increases were directed towards key sectors including textiles. Within this, the PLI scheme for textiles recorded a substantial scale-up, with allocations surging nearly 25-fold to Rs.1,148 crore in FY2025-26 (BE), compared to Rs.45 crore in FY2024-25 (RE). This marks a decisive shift from the relatively modest actual expenditure of Rs.4 crore in FY2023-24, indicating stronger policy intent and accelerated implementation support for the sector.

(Source: The Hindu)

Environmental regulations

The industry operates under stringent environmental norms, with compliance mandated under the Environment Protection Act. These regulations govern waste management, effluent treatment, and emission adoption of sustainable and environmentally responsible manufacturing practices.

Product safety and quality standards

The Textiles Regulation Act (1988) establishes comprehensive standards for labeling, safety testing, and material quality. This framework ensures product integrity, enhances consumer confidence, and supports compliance with international quality benchmarks, strengthening Indias position in global markets.

Export promotion and trade policies

Government incentives are geared toward enhancing product quality, expanding market access, and strengthening trade partnerships, with the aim of scaling Indias textile and apparel exports to USD 96 billion by 2030.

(Source: PIB)

Risk and mitigation

Reliance on outsourced production

Risk: A large share of manufacturing is executed through external job-work partners, which creates exposure to their efficiency, quality standards, and delivery

Mitigation: To safeguard operations, the Company widens its supplier network, enforces rigorous onboarding and monitoring processes, and undertakes periodic quality reviews. Long-term partnerships are structured around performance metrics, while contingency plans ensure stability in case of disruptions.

Volatility in raw material supply

Risk: The absence of binding long-term contracts with suppliers leaves the business vulnerable to swings in raw material availability, pricing, and quality, directly affecting margins. Mitigation: The Company mitigates this by cultivating strong ties with multiple sources and pursuing direct procurement from mills wherever possible. Post-IPO liquidity enables favorable trade negotiations, improved procurement efficiency, and the cushion against supply shocks.

Exposure to economic and political shifts

Risk: Domestic economic cycles, political developments can influence demand, industrial output, and investor sentiment. Mitigation: The Company reduces this vulnerability by diversifying its customer base across India and international markets. Operations are structured to remain flexible, enablingswiftadjustmentstoshiftingconditions.Geographic diversification across South East Asia, Europe, and Latin

America further balances geopolitical and trade-related risks, while active participation in industry associations ensures alignment with evolving policy frameworks.

Regulatory uncertainty driving the

Risk: Sudden changes in government regulations - whether in labor laws, environmental mandates, or taxation, can disrupt operations and increase compliance costs. Mitigation: Dedicated compliance teams track regulatory developments closely, enabling proactive alignment with new requirements. Internal systems are designed to adapt quickly, minimizing operational disruption and ensuring smooth transitions when policies shift.

Financial leverage and debt exposure

Risk: As a capital-intensive industry, profitability can be pressured by interest costs, particularly during expansion phases or liquidity constraints.

Mitigation: The Company maintains a conservative capital structure with low leverage. Strengthened net worth post-

IPO and an improved credit rating allow a transition from high-cost trade credit to lower-cost supply chain financing, maintaining finance costs at 3.17% of revenue in FY2025 26, improved from 3.48% in FY2024 25, reflecting disciplined working capital management and improved credit terms. Growth is funded primarily through internal accruals and cash profits, reinforcing long-term financial resilience schedules.

Customer concentration

Risk: The Companys top 10 customers contribute approximately 39.28% of revenue from operations in FY2025 26. A reduction in business from one or more of these customers, or an inability to replace them with customers of comparable scale, could have a material adverse effect Mitigation: The Company actively works to diversify its customer base across domestic and international markets. Long-term relationships, supported by product differentiation, compliance credentials and consistent quality delivery, have historically underpinned customer retention. Historically, top 10 customer concentration has remained broadly stable at 35 37% of revenues across FY2022-23, FY2023-24 and FY2024-25, reflecting a well-managed and balanced customer portfolio.

Currency and exchange rate risk

Risk: Approximately 19.37% of the Companys revenue from operations in FY2025 26 ( 122.41 crore) was derived from export sales. The Indian rupee depreciated by 9.88% during FY26, touching 94.83 against the US dollar.

Adverse movements in the rupee-dollar or rupee-other currency exchange rates can affect export realisations and the competitiveness of the Companys products in international markets.

Mitigation: The Company benefits from a natural partial hedge, as a portion of raw material procurement is linked to global cotton prices denominated in foreign currency.

Export revenues are transacted in major currencies including USD, which provides a degree of natural currency offset. The Company monitors its foreign exchange exposure and may employ appropriate hedging strategies as its export portfolio grows. A weaker rupee can also improve export price competitiveness, providing some offsetting benefit

Threats and challenges

Impact of U.S. Tariff on Indian textile exports: The domestic textiles and apparel sector is facing severe disruptions in FY2025-26 following the U.S. imposition of a 50% tariffon Indian exports - a two-tiered levy effective August 2025. A nationwide survey by the Confederation of Indian Textile Industry (CITI) found that nearly one-third of businesses reported a turnover decline of more than 50%, driven by U.S. buyer demands for price discounts (30%), order cancellations or postponements (25%), and reduced order volumes (20%).

Around 85 % ofrespondentsreportedsignificant inventory build-up, while two-thirds were forced to offer discounts of up to 25% to retain competitiveness, and 82% reported extended credit cycles of three to six months.

Sustainability and consumer trust: The fashion industry remains one of the most polluting sectors, accounting for 8 10% of global carbon emissions and generating nearly ontheCompanysrevenuesandprofitability. 92 million tons of waste annually. Growing consumer awareness has intensified and authentic sustainable practices, rather than superficial greenwashing. A McKinsey survey revealed that 67% of consumers view the use of sustainable materials as a key factor in their purchasing decisions. Brands that fail to embrace genuine sustainability risk eroding consumer trust and losing market share.

Supply chain pressures: Geopolitical conflicts, trends, and climate change disrupted global supply chains during FY2025 26, creating significant challenges for fashion companies and their suppliers. These risks remain relevant in FY2026 27. Deloitte reports that 56% of fashion executives identify supply chain disruptions as their most pressing concern. To address this, businesses must build resilient and agile supply chains with real-time visibility and diversified sourcing.

Shifting consumer priorities : Despite easing inflation, consumer spending in 2026 remains cautious. More than 60% of global shoppers are actively seeking ways to cut fashion expenses, This trend reflects a deeper shift in consumer behavior, as affordability, durability, and practicality take precedence over frequent indulgence in new collections. Value-driven fashion is becoming the dominant theme in retail apparel.

As per Ministry of Corporate Affairsnotification dated

. February 16th, 2015, Companies whose securities are listed on SME Exchange as referred to in Chapter XB of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 are exempted from the compulsory requirements of adoption of Ind AS. Accordingly, the financialstatements of the Company have been prepared in accordance with the Companies (Accounting

Standards) Rules, 2006 (Indian GAAP). Investors comparing the Companys financial statements with those of Ind AS-reporting entities should note that certain presentation erences may exist between the two diff andmeasurement frameworks.*

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

Particulars	Financial year ended March 31, 2026	Financial year ended March 31, 2025	Financial year ended March 31, 2024
Revenue from operations(1)	63,182.00	48,280.13	40,220.78
Revenue CAGR (%) from FY 2021 2026(2)	21.24%	15.17%	6.47%
EBITDA(3)	4,166.61	3,476.04	2,667.36
EBITDA (%) Margin(4)	6.48%	7.04%	6.52%
EBITDA CAGR (%) from FY 2021 2026(5)	28.87%	121.18%	43.00 %
EBIT(6)	4,089.84	3354.72	2,538.89
ROCE (%)(7)	22.66%	29.66%	51.44%
Current ratio(8	1.43	1.57	1.53
Operating cash flow(9)	1,885.56	(1,066.21)	1,667.99
PAT(10)	1,540.71	1232.04	892.73
PAT Margin(11)	2.39%	2.49%	2.18%
Net Worth(12)	12,695.34	11,159.82	4,485.23
ROE/ RONW(13)	12.14%	11.04%	19.90%
EPS(14)	6.27	6.42	4.86

Notes

1. Revenue from operations represents income generated from the Companys core business activities.

2. Revenue CAGR refers to the five-year compound annual growth rate of revenue (FY2021 FY2026) and is calculated as: [(Ending Value / Beginning Value)^(1/N)] 1.

3. EBITDA is calculated as Profit before Tax + Depreciation + Finance Costs (i.e. Earnings before Interest, Taxes, Depreciation and Amortisation).

4. EBITDA Margin is calculated as EBITDA divided by Total Income (Revenue from Operations plus Other Income).

5. EBITDA CAGR refers to the five-year compound annual growth rate of EBITDA (FY2021 FY2026) and is calculated as: [(Ending Value / Beginning Value)^(1/N)] 1.

6. EBIT represents Earnings Before Interest and Taxes.

7. Return on Capital Employed (ROCE) is calculated as EBIT divided by Capital Employed, where Capital Employed comprises shareholders equity and long-term debt.

8. Current Ratio is calculated as Current Assets divided by Current Liabilities.

9. Operating Cash Flow represents net cash generated from operating activities. 10. PAT refers to Profit After Tax for the period.

11. PAT Margin is calculated as PAT divided by Total Income (Revenue from Operations plus Other Income). 12. Net Worth represents the aggregate of paid-up share capital and reserves and surplus. 13. Return on Equity (ROE) is calculated as PAT divided by average shareholders equity. 14. Earnings Per Share (EPS) is calculated as PAT divided by the weighted average number of equity shares outstanding

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, 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%
As at March 31, 2026	63,182.00	24,817.08	39.28%

Human resources

Our workforce remains a cornerstone of quality and longevity, reinforcing the Companys competitive edge. As of March 31, 2026, we employed 199 permanent staff members. Continuous training programs are conducted to enhance operational excellence, drive productivity, and uphold rigorous compliance standards in quality and safety. In addition, the company benefits management coaches who regularly mentor the leadership team, equipping them with best practices and guiding the integration of AI into everyday business processes to support scalable growth.

Internal control systems and adequacy

The company has implemented a robust internal control framework tailored to the nature and complexity of its operations. Supported by well-defined policies and procedures, the framework promotes operational efficiency, safeguards assets, ensures the accuracy of financial reporting, and mitigates the risk of fraud. The effectiveness of these controls is reviewed periodically, enabling continuous strengthening and improvement of the overall governance framework.

Cautionary statement

This statement made in this section describes the Companys objectives, projections, expectation and estimations which from leading 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 realised 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.