Krupalu Metals Ltd Management Discussions

In compliance of Regulation 34(3) and 54(f) read with Schedule V of Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, The Managements views on the Companys Performance and outlook are discussed below:

1. Overall & Business Review:

Krupalu Metals Limited is engaged in the manufacturing of wide range of brass and copper products. The company specializes in producing brass and copper sheets and strips, metal components, and providing various job work services. These metal components include cutting components, inserts, pipe fittings, profiles, terminals, electrical components, bus bars, and many other customized products. In addition to its manufacturing capabilities, the company also trades raw materials, ensuring that it has access to a diverse range of metal products to meet the specific requirements of its customers across different industries.

In the year 2009 the company was incorporated as a Private Company under the name of “M/s. Krupalu Engineering Services Private Limited” founded by Mr. Jagdish Parsottambhai Katariya. Initially the Company was operating on a small scale and focused on civil engineering work for various industries according to their designs and specifications. In 2011, the company name was changed to “M/s. Krupalu Metals Private Limited”. Further, in the year 2024, our company gets converted into Public Limited Company under the name of “M/s. Krupalu Metals Limited”.

Our Company is committed to maintaining the highest quality standards in its operations. As a testament to its commitment to quality, the company has earned ISO 9001:2015 certification for its Quality Management System (QMS). This certification recognizes the companys dedication to producing both ferrous and non-ferrous metals, raw materials, and components that consistently meet global quality standards, ensuring customer satisfaction and trust.

2. Economic Outlook:

The long-term fundamentals of the Indian economy continue to remain strong, supported by rising incomes, increasing infrastructure development, government initiatives promoting manufacturing, and sustained investments across key sectors. These growth drivers are expected to support economic expansion over the long term.

The Governments continued focus on initiatives such as Make in India, infrastructure development, renewable energy, electrification, and industrial growth is expected to create significant demand for brass and copper products. Increased investments in the electrical, electronics, automotive, construction, and engineering sectors are likely to provide growth opportunities for the Company. Further, the Companys emphasis on quality manufacturing, customised product offerings, and operational efficiency positions it well to capitalize on the expanding domestic market while also exploring export opportunities. Despite challenges such as fluctuations in raw material prices and global economic uncertainties, the Company remains optimistic about its long-term growth prospects and is committed to creating sustainable value for all stakeholders.

3. OPPORTUNITIES AND STRENGTH:

> Experienced management and a well-trained employee base

Our management and employee team combines expertise and experience to outline plans for the future development of the company. Mr. Jagdish Parsottambhai Katariya, the Promoter and Managing Director and Mr. Navinbhai Katariya, the Promoter and Executive Director of our company has significant

industry experience and has been instrumental in the consistent growth of our company. He is supported by an experienced team of professionals. We believe that the knowledge and experience of our promoter and management enables us to identify new opportunities, rapidly respond to market conditions, adapt to changes in the business landscape and competitive environment and enhances the growth in the business.

> Expertise and vast industry experience

Our Promoters are experienced in our line of business. Our company feels that the strength of any successful organization lies in the experience and guidance of its team leaders and staff alike.

A lot of care is taken in choosing the right people for the right job and creating a strong employee base.

> Innovative Ideas

Our Company is focused on expanding our existing range of products in line with this vision our strategy is to add new products to the existing product range and comes out with new business ideas.

> Quality Assurance and Standards

Our Company believes in maintaining the highest quality for our product offerings. We are dedicated towards quality of our products. We adhere to quality standards as prescribed by our customers. We generate repetitive orders from our buyers, as we are capable of meeting their quality standards, which enables us to maintain and enhance our brand image in the market.

4. THREATS AND RISK:

> Intense Competition

The brass industry faces strong competition both from other brass manufacturers and from alternative materials such as plastics, aluminium, and stainless steel, which generally offer lower costs or better performance for certain applications.

> Environment Regulations

Stringent environmental regulations on emissions, waste disposal, and resource usage could increase compliance costs and necessitate significant investments in sustainable technologies.

5. Product wise performance:

During the year under review, the Company witnessed encouraging performance across its key product segments, supported by increased customer demand and improved operational capabilities. The sheets segment continued to remain the primary contributor to the Companys overall business, reflecting its established market presence and strong customer relationships. The metal components segment demonstrated significant growth, supported by increased demand for customised and value-added products. The Company continued its trading activities to cater to diverse customer requirements and maintain a balanced product portfolio. The job-work segment also contributed to the overall business by ensuring optimum utilisation of the Companys manufacturing capabilities. The overall product-wise performance reflects the Companys continued focus on strengthening its manufacturing operations, enhancing its product offerings and increasing the contribution from value-added products. Going forward, the Company remains focused on expanding its customer base, improving operational efficiencies and achieving sustainable growth.

6. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has strong internal control procedures in place that are commensurate with its size and operations. This ensures that all transactions are authorized, recorded and reported correctly. Regular internal audit and checks are carried out to ensure the robustness of the system.

7. FINANCIAL PERFORMANCE:

During the year under review, the Company has total operational Income of Rs. 62,25,78,000/- and the Company has earned profit of Rs. 2,77,23,000/- during the year ended 31.03.2026.

The Board assures that the management will leave no efforts untouched to increase the profitability of the company gradually and to maintain the consistency of attained results in the fourth coming years.

Particulars	As on 31st March, 2026	As on 31st March, 2025
Revenue from Operations	6,225.78	4,838.61
Other Income	1.06	10.98
T otal Income	6226.84	4849.59
Profit/(Loss) Before Tax	388.77	287.45
Debt Equity Ratio	0.63	1.37
Current Ratio	_ 1.75	1.40
Interest Coverage Ratio	6.80	3.62
Net Profit Margin	4.45%	4.45%

8. COMPETITION:

The Brass Equipment Industry is highly competitive, and we face intense competition both from domestic as well as international players. The principal factors affecting competition include: customer relationships; technical excellence or differentiation; price; service delivery including the availability of qualified personnel and skilled manpower, ability to deliver processes as required including local content and presence; service quality; health, safety and environmental standards and practices; financial strength; risk management awareness and processes. The level of competition also varies depending on the size, nature and complexity of the project and the geographical region where the project is to be implemented.

Some of our competitors have (i) greater financial and other resources and better access to capital than we do, which may enable them to compete more effectively for large scale project awards; and (ii) better geographical reach which gives them the ability to quote competitively as the transportation costs are limited. However, depending on various factors, including our prior experience and the extent of our presence in the relevant geographical region, we are able to leverage our local experience, established contacts with local clients, and familiarity with local working conditions to provide more cost-effective services than our competitors or offer a better value proposition.

Our Company operates in highly competitive markets and faces competition; however, it is not possible to compute the present market share of our Company since the Brass Industry is largely an unorganized industry and no such reliable source / report which carry this data on market share.

9. HUMAN RESOURCES:

Human resource is an asset to any industry. We believe that our employees are the key to the success of our business and hence we have a structured organization plan to take care of the growth and motivation aspects of our team. Our manpower is a prudent mix of experienced and young personnel which gives us the dual advantage of stability and growth. Our work processes and skilled resources together with our strong management team have enabled us to successfully implement our growth plans.

10. CAUTIONARY STATEMENTS:

All statements made in Management and Discussion Analysis have been made in good faith. Many unforeseen factors may come into play and affect the actual results, which may be different from what the management envisages in terms of performance and outlook. Factors such as economic conditions affecting demand/supply and priced conditions in domestic & international markets in which the Company operates, and changes in Government regulations, tax laws, other statues and other incidental factors, may affect the final results and performance of the Company.

	By order of the Board of Directors
	For Krupalu Metals Limited
Date:01.08.2026	Sd/-	Sd/-
Place: Jamnagar	Jagdishbhai Parsotambhai Katariya	Navinbhai Katariya
	Managing Director	Director
	DIN:02513353	D I N: 06 5 7856 5