Laser Power & Infra Ltd Management Discussions

Some of the information in this section, including information with respect to our business plans and strategies, contains forward-looking statements that involve risks and uncertainties. You should read "Forward-Looking Statements" on page 20 for a discussion of the risks and uncertainties related to those statements and also "Risk Factors", and "Restated Consolidated Financial Information" on pages 22 and 335, respectively, for a discussion of certain factors that may affect our business, financial condition or results of operations. Our actual results may differ materially from those expressed in or implied by these forward-looking statements.

Unless otherwise indicated or the context otherwise requires, the financial information included herein is based on or derived from our Restated Consolidated Financial Information included in this Red Herring Prospectus. For further information, see "Restated Consolidated Financial Information " on page 335. Our financial year ends on March 31 of each year, so all references to a particular financial year or Fiscal are to the 12-month period ended March 31 of that year. Unless the context otherwise requires, in this section, references to "the Company", "our Company", "we", "us" or "our" refers to Laser Power & Infra Limited.

Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance have been included in this section and elsewhere in this Red Herring Prospectus. Such non-GAAP financial measures should be read together with the nearest GAAP measure. See "Risk Factor - We have included certain Non-GAAP Measures, industry metrics and key performance indicators related to our operations andfinancial performance in this Red Herring Prospectus that are subject to inherent measurement challenges. These Non-GAAP Measures, industry metrics and key performance indicators may not be comparable with financial, or industry-related statistical information of similar nomenclature computed and presented by other companies. Such supplementalfinancial and operational information is therefore of limited utility as an analytical tool for investors and there can be no assurance that there will not be any issues or such tools will be accurate going forward" on page 59.

Unless otherwise indicated, industry and market data used in this section has been derived from the industry report titled "Assessment of cables, conductors industries and investments in power sector in India" dated June 2026 (the "CRISIL Report") prepared and issued by CRISIL, appointed by us pursuant to an engagement letter dated May 5, 2025 and exclusively commissioned and paidfor by us to enable investors to understand the industry in which we operate in connection with the Offer. Unless otherwise indicated, financial, operational, industry and other related information derived from the CRISIL Report and included herein with respect to any particular calendar year/ Fiscal refers to such information for the relevant calendar year/ Fiscal. A copy of the CRISIL Report is available on the website of our Company at https://www.laserpowerinfra . com/from the date of this Red Herring Prospectus until the Bid/Offer Closing Date. For further information, see "Risk Factor - Industry information included in this Red Herring Prospectus has been derived from an industry report exclusively commissioned and paid for by our Company " on page 58. Also see, "Certain Conventions, Use of Financial Information and Market Data and Currency of Presentation - Industry and Market Data " on page 58.

OVERVIEW

We are an integrated manufacturer of power cables, conductors and other specialised products and components to the power transmission and distribution industry in India. With an established operating history spanning over three decades, we have built a strong reputation for delivering high-quality products tailored to the evolving needs of our clients and tailor-made for their projects. In furtherance of our forward integration strategy, in the year 2015, we strategically expanded our business by entering the engineering, procurement, and construction ("EPC") segment in power distribution sector, focusing on rural electrification projects, power distribution infrastructure development, and installation of substations, among other turnkey solutions.

According to CRISIL, we are one of the leading players in terms of manufacturing capacity of 85,448 MT for power cables and conductors in Fiscal 2026, among the power cable and conductor players ¹⁸ having manufacturing facilities of power cable and conductors in East India¹⁹. We are a registered supplier to Indian Railways, accredited by the Research Design & Standard Organization ("RDSO") and one of the largest approved

vendors²⁰ of PVC insulated armoured unscreened underground power cable, quad cables for signal and telecommunication ("S&T") installations and PVC insulated armoured unscreened underground railway signalling cable, signalling control, quad and power cables based on capacities of these products, among the approved vendors in East India²¹. (Source: CRISIL Report)

We operate three Manufacturing Units each located at West Bengal, India, which have a combined installed capacity of 85,448 MT, as of March 31, 2026. Two of our manufacturing units ("Manufacturing Unit I") and ("Manufacturing Unit II") are located at Dhulagarh, West Bengal. Our Manufacturing Unit I is dedicated for the manufacturing of high tension ("HT") power cables, RDSO signalling control, quad cables and conductors, and our Manufacturing Unit II focuses on manufacturing of aluminium wire rods and HT covered conductors. Our third manufacturing unit is located at Kharagpur, West Bengal and is dedicated for the manufacturing of low tension ("LT") aerial bunched cables, LT power cables and aluminium conductor steel reinforced ("ACSR") conductors ("Manufacturing Unit III", collectively with Manufacturing Unit I and Manufacturing Unit II, referred as the "Manufacturing Units"). Our Manufacturing Units are strategically located near key ports in Kolkata and Haldia, providing logistical advantages for both domestic and international markets. The strategic location of our Manufacturing Units in eastern part of India serves as a major advantage in terms of close proximity to raw material sources including aluminium and copper, which further ensures easy and cost-effective procurement of raw material, improves overall operational efficiency and reduce lead times. Our Manufacturing Units adhere to stringent quality control measures and international standards, ensuring the delivery of high- quality products. We strive to deliver customized and innovative products with speed and quality service. Our Manufacturing Units are certified for ISO 9001, ISO 14001 and ISO 45001 standards. Our Manufacturing Units are equipped with modern machinery and testing systems conforming to Bureau of Indian Standards ("BIS") and other international benchmarks.

Our Manufacturing Units are critical to our integrated approach, which enables us to leverage in-house production capacities, supply chain efficiency, and technical expertise to deliver cost-effective, high-quality solutions tailored to client and project-specific requirements.

According to CRISIL Report, in Fiscal 2025, cables and wire market were valued at Rs. 1,408 billion, up from Rs. 787 billion in Fiscal 2020, registering a CAGR of 12.30%. The increase was attributed to a growth of high voltage (HV) and extra-high voltage (EHV) above 33 kV cables and elastomeric cables (also known as rubber cables, are a type of electrical cable that uses an elastomer (a flexible, rubber-like material) for insulation and/or sheathing), which have registered exponential growth on the back of increased expansion of transmission lines and electrification initiatives in rural areas. (Source: CRISIL Report) It is expected that the wires and cables market size will grow at a CAGR of 11-13% between Fiscal 2025 and Fiscal 2030 and reach Rs. 2,350 billion - Rs. 2,550 billion by Fiscal 2030 due to ongoing infrastructure development projects, surge in construction activities, increasing digital connectivity and railway electrification, smart grid investments and export demand. (Source: CRISIL Report) The exports of wire and cables grew to ~Rs. 145 billion in Fiscal 2025, marking a substantial increase from Rs. 49 billion in Fiscal 2020 and registering a CAGR of ~24.40%. (Source: CRISIL Report) This growth can be principally attributed to heightened international demand stemming investments in transmission projects by organizations like International Development Association ("IDA") and the International Bank for Reconstruction and Development ("IBRD"). (Source: CRISIL Report) In Fiscal 2025, total market size of conductors reached Rs. 185 billion up from Rs. 102 billion in Fiscal 2020, registering a CAGR growth of 12.60%. (Source: CRISIL Report) Major factors influencing this demand includes railway electrification, reconductoring, healthy transmission line additions, etc. CRISIL expects conductor industry to grow at a CAGR of ~5-6% from Fiscal 2025 - Fiscal 2030 due to ongoing government schemes in power segment as well increased exports of conductors from India. (Source: CRISIL Report)

We have built long-standing relationships with key public sector and private clients. We serve a number of reputed government authorities including Indian Railways, various distribution companies ("DISCOMS") including TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited, TP Northern Odisha Distribution Limited, TP Southern Odisha Distribution Limited, among others. We also supply conductors, power cables to some of the private EPC players such as Montecarlo Limited, KRYFS Power Components Limited. Our diverse customer base also includes international clients which include government owned and controlled electricity companies, public enterprises and utilities, in Africa, Bangladesh, Bhutan and Nepal.

We operate two key business segments namely: (i) Manufacturing; and (ii) EPC.

Manufacturing. Our Manufacturing segment consists of three key product categories (i) power and control cables; (ii) speciality products; and (iii) conductors. In the power and control cables category, we manufacture low voltage ("LV") and medium voltage ("MV") power cables, aerial bunched cables ("ABC"), control and quad cables.These products are deployed across diverse applications including power distribution networks, substations, communication systems, machine tools, and railway signalling and electrification. Our speciality products division supports backward integration through the in-house production of aluminium rods, aluminium alloy rods, and PVC compounds used in cable insulation and manufacture of speciality cables. Speciality products are one of the key product categories in our manufacturing segment as these are customized and specially engineered electrical cables, designed to perform in unique, demanding, or harsh environments. Unlike standard power or communication cables, these are tailored for specific applications, offering properties such as high flexibility, resistance to chemicals, heat and water. Our conductor segment offers a comprehensive range of products range includes Aluminium Conductor Steel Reinforced ("ACSR"), All Aluminium Conductor ("AAC"), All Aluminium Alloy Conductor ("AAAC"), AL-59, Aluminium Conductor steel support ("ACSS"), eco- conductors and MV overhead covered conductors ("MVCC"), which play a vital role in the power transmission and distribution of electricity over long distances. For further details, see "Our Business - Our Products" on page 246.

We are a licensed stranding partner of TS Conductor Corp ("TS Conductor"), a U.S.-based company renowned for its transmission technology. The strategic partnership combines TSs linemen-friendly design, easy workability, field compatibility, and proprietary pre-tensioned carbon fibre composite core technology with our proven capabilities in precision manufacturing and large-scale production. Through this partnership, we are able to locally manufacture advanced, high-capacity conductors in India, significantly reducing import dependency and production lead times. This collaboration will allow us to offer energy-efficient transmission conductors that are lighter, stronger, and capable of carrying more power than conventional ACSR or CFCC conductors. Their engineered durability, with aluminium encapsulated sealed environmental protection to the core, safety and longevity by design make them ideal for utilities seeking to upgrade transmission lines without costly infrastructure overhauls.

Our Manufacturing Units are equipped with quality control departments for raw material testing, process monitoring, and type testing of products. The testing lab within our Manufacturing Units for quality check of the finished products is accredited by the National Accreditation Board for Testing and Calibration Laboratories ("NABL"). Our manufactured products are required to pass through stringent quality parameters which include testing of raw materials, in process goods, finished goods, routine test, and type test according to the applicable standard like RDSO.

EPC: Our EPC segment focuses on delivering turnkey solutions for rural and urban electrification, distribution, and power infrastructure development. Our EPC offerings include complete design, supply, erection, testing and commissioning of high tension ("HT") and low tension ("LT") overhead lines, substations (up to 33/11 kV), distribution transformers and switchgear, aerial bunched cabling and underground cabling, feeder segregation and system strengthening and household electrification and last-mile connectivity. In addition to distribution projects, we are prequalified and have placed bid for 18 transmission EPC works of 66 kV and above, which involves reconductoring of HTLS conductors and aggregates to approximately Rs. 9,000.00 million. This expansion positions us to expand into higher-voltage opportunities. As at March 31, 2026, we have completed over 43 projects and have 34 ongoing EPC projects across multiple Indian states, including West Bengal, Bihar, Jharkhand, Odisha, Assam, and Madhya Pradesh, serving government clients. As at March 31, 2026, we have installed over 85,191 ckm of HT and LT distribution lines and commissioned more than 113 substations. We have also forayed into the international EPC domain and have completed a power distribution EPC project in Togo.

Over a period of time, we have consistently invested into backward integration by increasing the combined installed capacity of our Manufacturing Units and expanding the in-house manufacturing of intermediate products. This backward integration allows us to insource a substantial portion of the products required for the EPC projects which reduces our dependency on third-party suppliers. Our installed capacity for manufactured products has increased by approximately 37.82% between Fiscal 2024 and Fiscal 2026, enabling us to meet a larger share of internal demand. We have increased the purchase of our products manufactured internally through our Manufacturing Units which are required for our EPC projects from Rs. 2,596.41 million in Fiscal 2024 to Rs. 3,052.71 million in Fiscal 2025 to Rs. 3,543.86 million in Fiscal 2026.

Our in-house capabilities in EPC, supported by a skilled workforce and state-specific execution teams, enable us to deliver large electrification projects within defined timelines and quality parameters. The EPC business also

benefits from synergies with our manufacturing division, providing backward integration for key materials such as conductors and cables. Backward integration allows us to be more competitive during the bidding process by leveraging our cross-feeding capabilities, resulting in operational efficiencies and economies of scale to maintain our costs while ensuring quality control.

The execution of power infrastructure in East India is often hampered by difficult terrain, dense forests and extreme climatic conditions, which increases both cost and complexity of building transmission and distribution networks thereby resulting in slower electrification and limited access to reliable power for households and industries contributing to the regions low per capita electricity consumption. (Source: CRISIS Report) Despite these challenges, we have the capabilities of handling project in tough geographies (Source: CRISIS Report) and have undertaken complex projects in the East India region collectively improving connectivity and boosting overall grid reliability. With a proven track record in electrification and EPC works in remote and geographically complex regions, we have successfully delivered large-scale projects in hilly areas, riverine islands, flood-prone zones, and hilly-terrains. Our challenging projects include the electrification of isolated villages in Saran, Bihar and Kalahandi, Odisha under rural and island electrification schemes, where materials and equipment were transported through flood-prone island villages through boat and electrification of tribal and hilly areas with minimal infrastructure access. We have also undertaken projects like the ODSSP substation development in Ganjam and rural piped water supply projects in Sambalpur, Odisha, overcoming logistical hurdles and environmental challenges. In addition to rural electrification projects, we have undertaken pilot initiatives in underground cabling and smart distribution networks within urban clusters, in line with DISCOM modernization programs.

As at March 31, 2026, our Order book was Rs. 32,434.00 million which consists of Rs. 16,688.92 million for our manufacturing business and Rs. 15,745.08 million for EPC business. The following tables sets out the details of our Order Book and revenue from our Manufacturing and EPC business:

Particulars	Order Book
	Amount as at March 31, 2026	Amount as at March 31, 2025	Amount as at March 31, 2024
Manufacturing business (1)
- Total order inflow during the year	21,232.05	17,766.40	13,542.70
- Order book pending to be executed as at the end of the	16,688.92	8,492.99	5,438.39
relevant financial year (A)
EPC business (2)
Order book pending to be executed as at the end of the	15,745.08	14,679.50	16,289.00
relevant financial year (B)
Total Order Book (A+B)	32,434.00	23,172.49	21,727.39

Notes:

1. The Order Book for the Manufacturing business comprises only third-party customer orders and excludes internal orders from the EPC business.

2. The Order Book for the EPC business includes the value of cables internally sourced from the Manufacturing division.

Particulars	Amount as of Fiscal 2026	As a percentage of Revenue from Operations as of Fiscal 2026	Amount as of Fiscal 2025	As a percentage of Revenue from Operations as of Fiscal 2025	Amount as of Fiscal 2024	As a percentage of Revenue from Operations as of Fiscal 2024
Revenue
Manufacturin g business	16,910.39	72.70%	18,570.48	72.25%	15,278.28	87.43%
EPC business	6,350.65	27.30%	7,133.49	27.75%	2,197.50	12.57%

As of March 31, 2026, we managed operations across 26 states and four union territories in India including West Bengal, Bihar, Jharkhand, Odisha, Assam, and Madhya Pradesh and 10 countries.

Further, our pan-India and global presence is set out as below:

a. Presence in India:

The following table sets forth the details of our domestic and international revenue for our business operations:

Particulars	Amount of Revenue from Operations for Fiscal 2026	As a percentage of Revenue from Operations for Fiscal 2026	Amount of Revenue from Operations for Fiscal 2025	As a percentage of Revenue from Operations for Fiscal 2025	Amount of Revenue from Operations for Fiscal 2024	As a percentage of Revenue from Operations for Fiscal 2024
Manufacturing business
Within India
- North	1,919.89	8.25%	1,455.49	5.66%	3,086.39	17.66%
- South	1,766.82	7.60%	1,790.94	6.97%	890.18	5.09%
- East	12,543.62	53.93%	14,118.56	54.93%	10,243.88	58.62%
- West	262.72	1.13%	618.39	2.41%	328.37	1.88%
Total within India	16,493.05	70.91%	17,983.39	69.97%	14,548.82	83.25%
Outside India
Bangladesh	-	-	-	-	-	-
Bhutan	90.04	0.39%	16.45	0.06%	-	-
Ethiopia	-	-	(83.39)	(0.32)%	83.96	0.48%
Mauritius	36.69	0.16%	144.72	0.56%	34.42	0.20%
Mozambique	262.44	1.13%	305.82	1.19%	-	-
Nepal	25.38	0.11%	189.33	0.74%	66.10	0.38%
Togo	-	-	-	-	66.54	0.38%
Rwanda	-	-	-	-	465.02	2.66%
United Arab Emirates	(1.21)	0.00%	14.15	0.06%	13.42	0.08%
Kuwait	4.00	0.02%	-	-	-	-
Total outside India	417.34	1.79%	587.09	2.28%	729.46	4.17%
Total revenue from Manufacturing business (A)	16,910.39	72.70%	18,570.48	72.25%	15,278.28	87.43%
EPC business
Within India
- North	(664.39)	(2.86)%	261.23	1.02%	1,118.11	6.40%
- South	-	-	-	-	-	-
- East	6,915.08	29.73%	6,429.65	25.01%	1,079.39	6.18%
- West	6.93	0.03%	-	-	-	-
Total within India	6,257.62	26.90%	6,690.88	26.03%	2,197.50	12.57%
Outside India
Togo	93.03	0.40%	442.61	1.72%	-	-
Total outside India	93.03	0.40%	442.61	1.72%	-	-
Total revenue from EPC business (B)	6,350.65	27.30 %	7,133.49	27.75%	2,197.50	12.57%
Total revenue from operations (A + B)	23,261.04	100.00%	25,703.97	100.00%	17,475.78	100.00%

Our management team is led by our Promoter and founder, Deepak Goel, who has over 37 years of experience in the field of manufacturing of power cables and conductors. Deepak Goel has been conferred with the Young Business Leader, Dare 2 Dream Awards 2021 by TV9 Network and Hurun Industry Achievement Award 2024 in Power Transmission and Distribution Solutions by Hurun India. Devesh Goel and Akshat Goel, who are also Promoters and Executive Directors, add further strength to our leadership. Devesh Goel has received India 500 CEO Award for Quality Excellence in the year 2021. Our Promoters are further supported by Navin Kumar Saffar,

executive director²² and Chief Operating officer of our Company with more than 14 years of experience in operations, business development, mergers and acquisitions, corporate finance and accounts and Amit Kumar Goel, Chief Financial Officer of our Company, who has more than 23 years of experience in the field of finance. Our founder-led management team, supported by an in-house engineering team and finance professionals with relevant educational qualifications and complementary skill sets, and we believe that it has been integral to the continued success of our business.

Our financial and operational performance for Fiscals 2026, 2025 and 2024, based on the Restated Consolidated Financial Information, are set forth in the table below:

Sr. Particulars No.	Unit	Fiscal 2026	Fiscal 2025	Fiscal 2024
1. Revenue from Operations?	in t million	23,261.04	25,703.97	17,475.78
2. 2 Year CAGR - Revenue from Operations (Fiscal 2024 to Fiscal 2026)(2)	%	15.37%
3. Manufacturing Revenue?	in t million	16,708.14	18,319.84	15,076.02
4. EPC Revenue (4)	in t million	6,350.65	7,133.49	2,197.50
5. EBITDA(5)	in t million	3,014.42	2,503.87	1,561.04
6. EBITDA Margin?	%	12.96%	9.74%	8.93%
7. PAT(7)	in t million	1,515.91	1,067.54	404.09
8. PAT Margin?	%	6.46%	4.12%	2.29%
9. RoE (9)	%	23.32%	19.76%	10.41%
10. RoCE (10)	%	17.83%	17.58%	12.49%
11. Net Debt(11)	in t million	8,013.59	4,984.96	3,931.84
12. Net Debt/Equity(12)	times	1.10	0.67	0.61
13. Net Debt/EBITDA(13)	times	2.66	1.99	2.52
14. Net Working Capital days(14)	Number of days	138	88	101
15. Order Book(15)	in t million	32,434.00	23,172.49	21,727.39
16. Capacity(16)	in MT	85,448.00	73,100.00	62,000.00
17. Capacity Utilization(17)	%	61.59%	76.23%	85.79%

Notes:

1. Revenue from Operations means the revenue from operations for the year as appearing in Restated Consolidated Financial Information.

2. 2 Year CAGR (Revenue from Operations) %) is calculated as (Revenue from Operations during Fiscal 2026/ Revenue from Operations during Fiscal 2024) ^A(1/n)-1. n= no. of years.

3. Manufacturing Revenue means the revenue from operations pertaining to manufacturing goods and others for the year as appearing in Restated Consolidated Financial Information.

4. EPC Revenue means the revenue from operations pertaining to EPC and other services for the year as appearing in Restated Consolidated Financial Information.

5. EBITDA is calculated as aggregate of profit before exceptional items (if any) and tax, depreciation and amortisation expenses and finance costs, less other income.

6. EBITDA Margin is calculated as EBITDA divided by Revenue from Operations expressed as a percentage.

7. PAT refers to profit for the year as appearing in Restated Consolidated Financial Information.

8. PAT Margin is calculated as profit for the year divided by total income expressed as a percentage.

9. RoE (Return on Equity) is calculated as profit attributable to owners of the company for the year divided by average of equity attributable to owners of the company as at the end and beginning of the fiscal year expressed as a percentage.

10. RoCE (Return on Capital Employed) is calculated as earnings before interest and tax divided by total capital employed as at the end of the fiscal year expressed as a percentage. Earnings before interest and tax is calculated as the aggregate ofprofit before exceptional items (if any) and tax, and finance costs, less other income. Total capital employed is calculated as the aggregate of total equity, total borrowings less cash and cash equivalents and deferred tax liabilities (net) as at the end of the fiscal year. Total equity is as appearing in Restated Consolidated Financial Information. Total Borrowings is calculated as non-current borrowings plus current borrowings.

11. Net Debt is calculated as total borrowings less cash and cash equivalents as at the end of the fiscal year.

12. Net Debt/Equity is calculated as Net Debt divided by total equity as at the end of the fiscal year.

13. Net Debt/EBITDA is calculated as Net Debt divided by EBITDA.

14. Net Working Capital days is calculated as average of Net Working Capital as at the end and beginning of the fiscal year divided by Revenue from Operations and multiplied by 365. Net Working Capital is inventories + trade receivables — trade payables — contract liabilities as at the end of the fiscal year.

15. Order book represents the contract value of the unexecuted portion of the existing EPC contracts and manufacturing orders received by our Company and is an indicator of visibility of future revenue for our Company.

16. Capacity represents the aggregate installed capacity of manufacturing of cables and conductors as at the end of fiscal year as certified by Chartered Engineers.

17. Capacity utilization has been calculated on the basis of actual production during the fiscal year divided by the aggregate installed capacity as of at the end of the fiscal year as certified by Chartered Engineers.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Our business, prospects, results of operations and financial conditions are affected by a number of factors, including the following:

Growth in the distribution and transmission infrastructure in India

The growth of our business is directly linked to the growth of the distribution and transmission infrastructure in India. The growth of the distribution and transmission infrastructure is in turn closely linked to the investment in the power sector in India. According to the CRISIL Report, infrastructure investments are estimated at Rs. 8.5 trillion in Fiscal 2025 and is expected to grow 6-8% in Fiscal 2026. The Central Governments focus on roads, urban infrastructure and railways is expected to give a boost to infrastructure investments. Roads, railways, irrigation and power sectors will continue to drive the bulk of these investments. (Source: CRISIL Report)

The power sector in India is highly dependent on the government policies and programs. Government spending on power sector is typically based on demand for power in India. According to the CRISIL Report, the industrial and commercial sectors are expected to be the primary drivers of power demand, with significant investments in manufacturing, infrastructure development, and policies like the Production-Linked Incentive (PLI) scheme. The governments Aatmanirbhar Bharat relief package, spending on infrastructure through the National Infrastructure Pipeline, and commissioning of dedicated freight corridors are also expected to foster power demand. Additionally, the expansion of the services industry, rapid urbanization, and increased farm income from agriculture-related reforms will contribute to the growth in power demand. The Government of India implemented multiple initiatives aimed at ensuring uninterrupted power supply to every household since 2014. Under the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), Integrated Power Development Scheme (IPDS) introduced in 2014, and the Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGYA), introduced in 2017, about Rs. 1,850 billion has been invested to boost distribution infrastructure across various states. (Source: CRISIL Report)

Our growth could be adversely impacted by any significant slow-downs in economic growth, which results in reduction in power consumption and could result in shifts of government policy away from power distribution and transmission projects. Further, our business is exposed to risks in relation to shift in government policies, delayed implementation of distribution and transmission projects and shift in budgetary allocations to the power sector. A growth of the power sector on account of governments strong focus and budgetary allocations will improve our business and prospectus and conversely a general slowdown in the economy and reduction in budgetary allocation to the power sector will adversely impact our business and financials.

Ability to maintain and grow demand for our products

We use conductors and cables manufactured by us in the engineering, procurement and construction ("EPC") projects executed by us and also sell our products to third party EPC players alongside distribution companies ("DISCOM"). According to CRISIL Report, in Fiscal 2025, cables and wire market were valued at Rs. 1,408 billion, up from Rs. 787 billion in Fiscal 2020, registering a CAGR of 12.30%. This notable surge can be primarily attributed to a remarkable growth of high voltage (HV) and extra-high voltage (EHV) - above 33 kV cables and elastomeric cables (also known as rubber cables, are a type of electrical cable that uses an elastomer (a flexible, rubber-like material) for insulation and/or sheathing), which have registered exponential growth on the back of increased expansion of transmission lines and electrification initiatives in rural areas. (Source: CRISIL Report). It is expected that the wires and cables market size will grow at a CAGR of 11-13% between Fiscal 2025 and Fiscal 2030 and reach Rs. 2,350 billion - Rs. 2,550 billion by Fiscal 2030 due to ongoing infrastructure development projects, surge in construction activities, increasing digital connectivity and railway electrification, smart grid investments and export demand. As per the CRISIL Report, in Fiscal 2025, the total market size of conductors reached Rs. 185 billion up from Rs. 102 billion in Fiscal 2020 registering a compounded annual growth rate ("CAGR") of 12.6%. Major factors influencing this demand include railway electrification, healthy transmission line additions, etc. Further, the conductor industry is expected to grow at a CAGR of 5-6% from Fiscal 2025 to Fiscal 2030 due to ongoing government schemes in power segment as well increased exports of conductors from India. (Source: CRISIL Report)

The demand for our products may decrease, either because of a deterioration in macroeconomic conditions or because of lack of government support for additional distribution and transmission projects, or our competitors selling similar products at a lower cost. Additionally, we have increased the purchase of our products manufactured internally through our Manufacturing Units which are required for our EPC projects from Rs. 2,596.41

million in Fiscal 2024 to Rs. 3,052.71 million in Fiscals 2025 and Rs. 3,543.86 million in the Fiscal 2026. The captive consumption of our products helps us in ensuring stable and predictable sales, while also streamlining production planning. Therefore, our sale of products is also dependent on the number of EPC projects executed by us. Our ability to successfully win bids for undertaking EPC projects is critical for increasing the captive utilization of our products.

The conductor and cables industry has high barriers to entry, as the industry requires technical expertise, customer and government relations and capital-intensity, but introduction of a new or novel technology by new entrants and our inability to respond to such new technologies could adversely affect our demand for products and consequently our competitive position.

Cost and availability of raw materials

Our cost of materials consumed constitutes a significant component of our cost structure. For the Fiscals 2026, 2025 and 2024 our cost of materials consumed was Rs. 13,855.40 million, Rs. 14,981.47 million and Rs. 10,769.64 million, constituting 59.56%, 58.28% and 61.63%, of our Revenue from Operations, respectively.

Our cost of materials consumed are generally impacted by our price of raw material and manufacturing volumes. Our primary raw materials required for the manufacture of our products include aluminium, copper, steel, PVC compound and cross-linked polyethylene ("XLPE") compound. Further, the price of copper and aluminium are linked to the prices on the London Metal Exchange. Accordingly, the prices we pay for these raw materials can fluctuate due to volatility in the commodity markets or in foreign currency exchange rates. Similarly, the price we pay for domestic steel can fluctuate due to volatility in Indian steel prices, though those are quoted in Indian Rupees.

In recent periods, the cost of key raw materials has increased due to ongoing geopolitical tensions in the Middle East. These geopolitical events have contributed to volatility in global energy markets, particularly impacting crude oil and natural gas prices, which are critical inputs in the production and transportation of several raw materials, including PVC and XLPE compounds. Additionally, disruptions in global supply chains, higher freight and insurance costs, and uncertainty in trade routes have led to increased procurement costs for metals such as aluminium and copper. As a result, the overall cost of sourcing raw materials has risen, thereby exerting additional pressure on our margins and cost structures.

While we are generally able to pass on changes in the cost of our raw materials to our clients (whether due to changes in commodity index prices or exchange rates) pursuant to our arrangements with them, we may not be able to do so immediately or fully, and as a result, fluctuations in the price of these raw materials may affect our operating results. We also purchase forward-contracts to hedge our exposure to changes in materials and components. As a result, we believe that our business is generally covered against fluctuations in materials and components, and our margins are not affected by material changes in the prices of materials and components.

Given that we import some of our raw materials, our raw material procurement is subject to global supply and demand, as well as global shipping and logistics dynamics. It is possible that we could continue to be exposed to the ongoing global shortages of materials or delays in the delivery of materials as a result of the geopolitical crisis in the middle east. The price and supply of these raw materials are also affected by, among others, general economic conditions, competition, production costs and levels, the occurrence of pandemic (such as COVID-19), transportation costs, indirect taxes and import duties and tariffs.

Working capital requirements

We require a significant amount of working capital primarily for our raw material purchases and manufacturing our products before we receive payments from our customers. Majority of our contracts are tender based, with our major counter-parties being state and central governmental organisations, state electricity boards, public and private sector power utilities. Supply of our manufactured products to such government owned and controlled entities, entails a long credit period which leads to uncertainty regarding the receipt of the payment. Our payment terms under EPC contracts generally stipulate a payment schedule requiring payment of 60% of the supply contract value to be paid within 60 days from submission of supply invoices, 30% after installation and 10% to be paid after commissioning and successful handover of the project. Furthermore, claim against price escalation in case of delay in procurement leading to project overrun results non-realisation of price escalation. Accordingly, we are required to fund the working capital requirements for any delayed payments by drawing our working capital credit facilities, which may require us to bear higher interest costs.

Regarding our inventory, we usually keep approximately 27 to 40 days of inventory of raw materials and work- in-progress goods at our facilities to enable us to withstand disruptions in supply as well as volatility in the price of raw material. To this end, we plan our inventory levels based on historical levels of sales, actual sale orders on hand and the anticipated production requirements taking into consideration any expected fluctuation in raw material prices and delivery delay. In recent years, we have seen the fruits of our just-in-time inventory management to mitigate the risk of inventory excess in our inventory management system requirements. This has yielded in our Company not carrying undue levels of inventory as we manufacture based on our in-hand orders. Our working capital requirements are managed through efficient inventory practices, phased payment negotiations, and leveraging in-house manufacturing to shorten procurement timelines. These measures have supported liquidity management and enabled us to execute projects without material disruptions.

Execution capabilities

Our ability to complete our projects within the expected completion dates or at all is subject to a number of risks and unforeseen events, including, without limitation collaboration with third parties, changes in applicable regulations, availability of adequate financing arrangements on commercially viable terms, as well as an inability or delay in securing necessary statutory or regulatory approvals for such projects. Our EPC projects are required to achieve commercial operation no later than the scheduled commercial operation dates specified under the relevant EPC contracts, or by the end of the extension period, if any is granted by our clients. We provide our clients with performance guarantees for completion of the construction of our projects within a specified time frame. The client may also be entitled to terminate the EPC contract in the event of delay in completion of the work if the delay is not on account of any of the agreed exceptions. In addition to the risk of termination by the client, delays in completion of development may result in cost overruns, lower or no returns on capital and reduced revenue for the client thus impacting the projects performance, as well as failure to meet scheduled debt service payment dates and increased interest costs from our financing agreements for the projects. Delay in completion of projects have major repercussions on our business including but not limited to fines and penalties payable to the vendor as per the agreed terms and conditions, partial forfeiture of our earnest money and we may be subject to disputes brought by the vendors or suppliers, etc.

Our MIS framework enhances monitoring of receivables, project timelines, and resource utilization, enabling management to make real-time, data-driven decisions. This system has strengthened internal controls and contributed to improved working capital management and operational discipline. As of March 31, 2026, our Order Book stood at approximately Rs. 32,434.00 million consisting of Rs. 16,688.92 million and Rs. 15,745.08 million for our Manufacturing and EPC business, respectively. This underpins our growth trajectory but remains subject to risks of cancellation, delay, or slower execution.

Foreign currency fluctuations

We present our financial statements in Indian Rupee. However, given that we also export our products to the overseas market, a portion of our business transactions is denominated in foreign currencies. Our revenue from operations from outside India geographical segment, amounted to Rs. 510.37 million, Rs. 1,029.70 million and Rs. 729.46 million, representing 2.19%, 4.01% and 4.17% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively.

Further, while we seek to hedge our foreign currency risk by entering into foreign exchange forward contracts, any steps undertaken to hedge the risks due to fluctuations in currencies may not adequately hedge against any losses we incur due to such fluctuations. The following table sets forth details of our foreign currency exposure for the indicated periods:

Particulars	Fiscal 2026	Fiscal 2025	Fiscal 2024
Trade USD receivables	121.55	336.69	855.99

Competition and pricing pressure

We operate in a highly competitive environment, both in India and internationally. The industry is fragmented, with a diverse range of competitors, both large multinational companies and smaller regional players. The success of our operations is heavily reliant on our ability to effectively compete, particularly by leveraging our unique capabilities.

Some of our competitors possess greater financial resources and larger manufacturing capacities. Certain competitors may also benefit from cost advantages in their operations or have expertise in manufacturing specific

products and have access to certain technologies due to their collaboration/tie-ups with certain international manufacturers. As a result, they may offer a broader product range, larger sales teams, and more extensive intellectual property resources, enabling them to appeal to a wider range of customers across various sectors.

Our ability to remain competitive and achieve desired margins is influenced by both domestic and international competition. However, we believe our focus on optimizing our product portfolio and continuing to distinguish our capabilities will help us maintain a competitive edge in this dynamic market environment.

NON-GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FINANCIAL MEASURES

This Red Herring Prospectus contains certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance like EBITDA, EBITDA Margin, PAT Margin, Networth, Return on Capital Employed, net asset value per equity share, networth, return on networth, Net Debt to EBITDA, Net Debt to Equity, Gross Fixed Asset Turnover, Net Working Capital Days and certain other statistical information relating to our operations and financial performance (together, "Non-GAAP Measures") that are not required by, or presented in accordance with, Ind AS, Indian GAAP, or IFRS. Further, these non- GAAP measures are not a measurement of our financial performance or liquidity under Ind AS, Indian GAAP, IFRS or U.S. GAAP and should not be considered in isolation or construed as an alternative to cash flows, profit/ (loss) for the years/ period or any other measure of financial performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities derived in accordance with Ind AS, Indian GAAP, IFRS or U.S. GAAP. We compute and disclose such non-Indian GAAP financial measures and such other statistical information relating to our operations and financial performance as we consider such information to be useful measures of our business and financial performance. These non-Indian GAAP financial measures and other statistical and other information relating to our operations and financial performance may not be computed on the basis of any standard methodology that is applicable across the industry and therefore may not be comparable to financial measures and statistical information of similar nomenclature that may be computed and presented by other companies and are not measures of operating performance or liquidity defined by Ind AS and may not be comparable to similarly titled measures presented by other companies. For the risks relating to our Non-GAAP Measures, see "Risk Factors - We have included certain Non-GAAP Measures, industry metrics and key performance indicators related to our operations and financial performance in this Red Herring Prospectus that are subject to inherent measurement challenges. These Non- GAAP Measures, industry metrics and key performance indicators may not be comparable with financial, or industry-related statistical information of similar nomenclature computed and presented by other companies. Such supplementalfinancial and operational information is therefore of limited utility as an analytical toolfor investors and there can be no assurance that there will not be any issues or such tools will be accurate going forward on page 59.

Reconciliation of Non-GAAP Measures

Reconciliation of Profit for the year to EBITDA and EBITDA Margin

Particulars	Unit	Fiscal 2026	Fiscal 2025	Fiscal 2024
Profit for the year (I)	in Rs. million	1,515.91	1,067.54	404.09
Adjustments:
Add: Tax expense (II)	in Rs. million	420.57	313.88	136.40
Less: Exceptional items (III)	in Rs. million	327.87	-	-
Add: Finance costs (IV)	in Rs. million	1,331.06	1,025.04	910.82
Add: Depreciation and amortisation expenses (V)	in Rs. million	292.65	318.74	270.48
Less: Other income (VI)	in Rs. million	217.90	221.33	160.75
Earnings before interest, tax, depreciation and amortization (EBITDA) (VII = I + II - III + IV+V-VI)	in Rs. million	3,014.42	2,503.87	1561.04
Revenue from operations (VIII)	in Rs. million	23,261.04	25,703.97	17,475.78
EBITDA Margin (IX = YII/YIII)	%	12.96%	9.74%	8.93%

Reconciliation of Profit for the year to PAT Margin

Particulars	Unit	Fiscal 2026	Fiscal 2025	Fiscal 2024
Profit for the year (I)	in Rs. million	1,515.91	1,067.54	404.09
Total income (II)	in Rs. million	23,478.94	25,925.30	17,636.53
PAT Margin (III = I/II)	%	6.46%	4.12%	2.29%

Reconciliation of Total Equity to Networth and Return on Networth

Particulars	Unit	Fiscal 2026	Fiscal 2025	Fiscal 2024
Total Equity (I)	in Rs. million	7,254.13	7,445.88	6,403.59
Less: Non-controlling interest (II)	in Rs. million	0.00	1,700.04	1,669.22
Less: Capital reserve (III)	in Rs. million	-	-	-
Networth (IV = I - II - III)	in Rs. million	7,254.13	5,745.84	4,734.37
Profit for the year (V)	in Rs. million	1,515.91	1,067.54	404.09
Less: Profit attributable to noncontrolling interest (VI)	in Rs. million	0.00	31.91	4.84
Profit attributable to owners of the company (VII = V-VI)	in Rs. million	1,515.91	1,035.63	399.25
Return on Networth (VIII = VII/IV)	%	20.90%	18.02%	8.43%

Reconciliation of Return on Capital Employed

Particulars	Unit	Fiscal 2026	Fiscal 2025	Fiscal 2024
Total Equity (I)	in Rs. million	7,254.13	7,445.88	6,403.59
Current borrowings (II)	in Rs. million	7,158.68	3,819.74	3,204.87
Non-current borrowings (III)	in Rs. million	1,123.66	1,209.75	732.62
Total borrowings (IV= II+III)	in Rs. million	8,282.34	5,029.49	3,937.49
Cash and cash equivalents (V)	in Rs. million	268.75	44.53	5.65
Net Debt (VI = IV-V)	in Rs. million	8,013.59	4,984.96	3,931.84
Deferred tax liabilities (VII)	in Rs. million	0.00	0.00	0.00
Total capital employed (VIII = I + VI - VII)	in Rs. million	15,267.72	12,430.84	10,335.43
Profit before tax (IX)	in Rs. million	1,936.48	1,381.42	540.49
Add: Finance costs (X)	in Rs. million	1,331.06	1,025.04	910.82
Less: Exceptional items (XI)	in Rs. million	327.87	-	-
Less: Other income (XII)	in Rs. million	217.90	221.33	160.75
EBIT (XIII = IX + X -XI- XII)	in Rs. million	2,721.77	2,185.13	1,290.56
Return on Capital Employed (XIV = XIII/YIII)	%	17.83%	17.58%	12.49%

Reconciliation of Total Borrowings to Net Debt, Net Debt to EBITDA and Net Debt to Equity

Particulars	Unit	Fiscal 2026	Fiscal 2025	Fiscal 2024
Current borrowings (I)	in Rs. million	7,158.68	3,819.74	3,204.87
Non-current borrowings (II)	in Rs. million	1,123.66	1,209.75	732.62
Total borrowings (III = I + II)	in Rs. million	8,282.34	5,029.49	3,937.49
Cash and cash equivalents (IV)	in Rs. million	268.75	44.53	5.65
Net Debt (V = III - IV)	in Rs. million	8,013.59	4,984.96	3,931.84
Earnings before interest, tax, depreciation and amortization (EBITDA) (VI)	in Rs. million	3,014.42	2,503.87	1,561.04
Net Debt/EBITDA (VII = V/VI)	times	2.66	1.99	2.52
Total Equity (VIII)	in Rs. million	7,254.13	7,445.88	6,403.59
Net Debt/Equity (IX = V/VIII)	times	1.10	0.67	0.61

Reconciliation of Revenue from Operations to Gross Fixed Assets Turnover

Particulars	Unit	Fiscal 2026	Fiscal 2025	Fiscal 2024
Revenue from Operations (I)	in Rs. million	23,261.04	25,703.97	17,475.78
Opening gross fixed assets (gross carrying value of property, plant and equipment) (II)	in Rs. million	2,335.77	2,160.15	1,640.98
Closing gross fixed assets (gross carrying value of property, plant and equipment) (III)	in Rs. million	2,485.87	2,335.77	2,160.15
Average gross fixed assets (gross carrying value of property, plant and equipment) (IV = (II+III)/2)	in Rs. million	2,410.82	2,247.96	1,900.56
Gross Fixed Asset Turnover (V = I/IV)	times	9.65	11.43	9.20

Reconciliation of Net Working Capital Days

Particulars	Unit	Fiscal 2026	Fiscal 2025	Fiscal 2024
Revenue from operations (I)	in Rs. million	23,261.04	25,703.97	17,475.78
Opening inventories (II)	in Rs. million	5,107.05	5,690.42	3,516.97
Closing inventories (III)	in Rs. million	5,637.95	5,107.05	5,690.42
Average inventory (IV = (II+III)/2)	in Rs. million	5,372.50	5,398.74	4,603.70
Inventory days (V = IV* number of days in a period/year /I)(1)	Days	84	77	96
Opening trade receivables (VI)	in Rs. million	11,199.17	7,874.17	6,016.46
Closing trade receivables (VII)	in Rs. million	13,749.57	11,199.17	7,874.17
Average trade receivables (VIII = (VI+VII)/2)	in Rs. million	12,474.37	9,536.67	6,945.32
Trade receivables days (IX = VIII* number of days in a period/year /I)(2)	Days	196	135	145
Opening trade payables (X)	in Rs. million	7,608.46	5,949.44	4,347.49
Closing trade payables (XI)	in Rs. million	7,825.47	7,608.46	5,949.44
Average trade payables (XII = (X+XI)/2)	in Rs. million	7,716.96	6,778.95	5,148.47
Trade payable days (XIII = XII* number of days in a period/year /I)(3)	Days	121	96	108
Opening contract liabilities (XIV)	in Rs. million	1,337.91	2,591.21	562.96
Closing contract liabilities (XV)	in Rs. million	1,355.44	1,337.91	2,591.21
Opening net working capital (XVI = II+VI-X-XIV)	in Rs. million	7,359.85	5,023.94	4,622.98
Closing net working capital (XVII = III+VII-XI-XV)	in Rs. million	10,206.62	7,359.85	5,023.94
Average net working capital (XVIII = (XVI+XV)/2)	in Rs. million	8,783.23	6,191.90	4,823.46
Net Working Capital Days (XIX = XVI* number of days in a period/year /I)(4)	Days	138	88	101

Notes:

Inventory days is calculated as average ofinventories as at the end and beginning ofthe fiscal year divided by Revenue from Operations and multiplied by 365.

2 Trade Receivables days is calculated as average of Trade Receivables as at the end and beginning of the fiscal year divided by Revenue from operations and multiplied by 365.

3 Trade Payables days is calculated as average of Trade Payables as at the end and beginning of the fiscal year divided by Revenue from operations and multiplied by 365.

Net Working Capital days is calculated as average of Net Working Capital as at the end and beginning of the fiscal year divided by Revenue from operations and multiplied by 365. Net Working Capital is Inventories + Trade Receivables — Trade Payables — Contract Liabilities as at the end of the fiscal year.

Reconciliation of Net Asset Value (per Equity Share)

Particulars	Unit	Fiscal 2026	Fiscal 2025	Fiscal 2024
Networth (I)	in Rs. million	7,254.13	5,745.84	4,734.37
Number of equity shares outstanding at the end of the year adjusted for the split in the face value of the equity shares and issue of Bonus Equity Shares for all year, in accordance with principles of Ind AS 33 (II)	in million	115.04	115.04	115.04
Net asset value per equity share (III) = (I/II)	in Rs.	63.06	49.95	41.15

MATERIAL ACCOUNTING POLICIES

1.1 Basis of preparation of Restated Consolidated Financial Information:

The restated consolidated summary statements of the group comprise of the restated consolidated statement of assets and liabilities as at March 31, 2026, March 31, 2025 and March 31, 2024, the related restated consolidated statement of profit and loss (including other comprehensive income), the restated consolidated statement of cash flows and the restated consolidated statement of changes in equity for the years ended March 31, 2026, March 31, 2025 and March 31, 2024, and the material accounting policies and explanatory notes (collectively, the "Restated Consolidated Summary Statements").

The Restated Consolidated Financial Information has been prepared on a going concern basis. The accounting policy are applied consistently to all the periods/years presented in the Restated Consolidated Financial Information. These Restated Consolidated Summary Statements have been prepared by the management of the holding company in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended from time to time, issued by the SEBI on September 11, 2018, in pursuance of the SEBI ICDR Regulations for the purpose of inclusion in the RHP and Prospectus in connection with its proposed initial public offering of equity to be filed by the Company with SEBI, National Stock Exchange of India Limited and BSE Limited. These Restated Consolidated Financial Information which has been approved by the board of directors of our Company, have been prepared by our Company/Group as per accordance with the relevant Indian Accounting Standards (Ind AS) that are effective in accordance in terms of with the requirements of:

a) Section 26(1) of Part I of Chapter III of the Companies Act, 2013 ("the Act");

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI), as amended (the "Guidance Note").

The Restated Consolidated Financial Information have been prepared to comply in all material respects with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time), presentation requirements of Division II of Schedule III to the Act, as applicable to the consolidated financial statements and other relevant provisions of the Act.

These Restated Consolidated Financial Information have been compiled by the Management from:

a. Audited Special Purpose Interim Consolidated Financial Statements of the Group as at and for the year ended March 31, 2026, prepared in accordance with Indian Accounting Standard 110 "Restated Consolidated Financial Statements" as specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and also adopted by the Company/Group as described in subsequent paragraphs, and other accounting principles generally accepted in India and presentation requirements of Schedule III of the Act which have been approved by the Board of Directors at their meeting held on June 23, 2026.

b. Audited consolidated financial information for the year ended March 31, 2025 and the special purpose consolidated financial statement for the year ended March 31, 2024 prepared in conformity with the accounting principle generally accepted in India including the Indian Accounting Standard as specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and also adopted by the Company /group as described in the subsequent paragraphs, and other accounting principles generally accepted in India and presentation

requirements of Schedule III of the Act which have been approved by the board of directors at their meeting held on August 28, 2025.

The accounting policies applied by the group in preparation of the Restated Consolidated Financial Information are consistent with those adopted in the preparation of statutory consolidated financial statements. The special purpose consolidated financial statements have been prepared solely for the purpose of preparation of Restated Consolidated Financial Information for inclusion in offer documents in relation to the proposed IPO, which requires financial statements of all the periods included, to be presented under Ind AS.

These Restated Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of board meeting for adoption of the Consolidated Financial Information and the special purpose consolidated financial statements.

The Restated Consolidated Financial Information have been prepared on the historical cost basis, except for the following assets and liabilities which have been measured at fair value:-

• Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments);

• Defined benefits plan - plan assets measured at fair value:- defined benefits plan - plan assets measured at fair value.

The Restated Consolidated Financial Information are presented in Indian Rupees "INR" or "Rs." and all values are stated as INR or Rs. millions, except when otherwise indicated.

(i) Operating Cycle for current and non-current classification

All assets and liabilities have been classified as current or non-current as per the Groups operating cycle and other criteria set out in the Indian Accounting Standards (Ind AS) and Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents, the Group has ascertained its operating cycle as 12 months for the purpose of current and noncurrent classification of assets and liabilities as it is not possible to identify the normal operating cycle. Deferred tax assets and liabilities are considered as non-current.

(ii) Functional and Presentation Currency

The Restated Consolidated financial information have been prepared and presented in the format prescribed in the Schedule III to the Companies Act, 2013. The disclosure requirements with respect to items in the Restated Consolidated Financial Information, as prescribed in the Schedule III to the Act, are presented by way of notes forming part of the Restated Consolidated Financial Information along with the other notes required to be disclosed under the notified Accounting Standards. Amounts in the Restated Consolidated Financial Information including notes thereon are presented in Indian Rupees (INR/Rs. ), which is Company/group functional currency and all amounts are stated in millions of rupees, rounded off to two decimal places as permitted by Schedule III to the Companies Act, 2013. Transactions in foreign currencies are recorded at their respective functional currency at the exchange rates prevailing at that date, the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currency are translated to the functional currency at the exchange rates prevailing at the reporting date.

1.2 Use of estimates and Judgements

The preparation of consolidated financial statements requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the managements best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

1.3 Principles of Consolidation

The Restated Consolidated Financial Information relate to the Laser Power & Infra Limited. (the "Company") and its subsidiaries. The Restated Consolidated Financial Information has been prepared on the following basis;

The Restated Consolidated Financial Information comprise the financial statements of the parent and its subsidiaries for the fiscal years ended March 31, 2026, March 31, 2025 and March 31, 2024. Control is achieved when the Company has power over the investee, is exposed or has right to variable return from its investment with the investee and has the ability to use its power to affect its returns.

i) The financial statements of the Company and its subsidiaries have been combined on line-byline basis by adding together, the book value of like items of assets, liabilities, income and expenses after eliminating intra group balances and intra group transactions.

ii) If Company loses control over a subsidiary, it derecognises related assets (including goodwill), liabilities, NCI and other components of equity, while any resultant gain or loss is recognised in profit and loss account. Any investment retained is recognised at fair value. Results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of profit and loss from effective date of acquisition or up to effective date of disposal, as appropriate.

iii) Non-controlling interest in the net assets of consolidated subsidiaries consists of the amount of equity attributable to the non-controlling shareholders at the date on which investments in the subsidiary companies were made. Net profit/ loss and other comprehensive income of subsidiaries is attributed to the owners of the group and to the non-controlling interests.

iv) Restated Consolidated Financial Information is prepared using uniform accounting policies for like transactions and other events in similar circumstances and are presented to extent possible, in same manner as Companys separate financial statements except as otherwise stated in notes to the accounts.

1.4 Property, Plant and Equipment

Freehold land is carried at historical cost. All other items of property, plant and equipment are stated at historical cost net of accumulated depreciation and accumulated impairment, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the assets carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the consolidated statement of profit and loss during the reporting period in which they are incurred.

An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the consolidated statement of profit and loss.

On transition to Ind AS, the group has elected to continue with the carrying value of its property, plant and equipment measured at the previous GAAP and use that carrying value as the deemed cost of property, plant and equipment.

Depreciation

(i) Depreciation on tangible assets is provided on the written down value method over the useful lives of assets as specified in the Schedule II of the Companies Act, 2013.

(ii) Leasehold improvements are depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term. The assets residual values and useful lives are reviewed by the management, and adjusted if appropriate, at the end of each reporting period.

1.5 Intangible Assets

Intangible assets (software) are stated at cost of acquisition net of accumulated amortisation and accumulated impairment, if any. Costs associated with maintaining software programs are recognized as an expense as incurred.

An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the consolidated statement of profit and loss.

On transition to Ind AS, the Group has elected to continue with the carrying value of its intangible assets measured at the previous GAAP and use that carrying value as the deemed cost of intangible assets.

Amortisation

The company amortises computer software on the written down value method over the useful lives of assets as specified in the Schedule II of the Companies Act, 2013.

Research and Development Expenditure

Research expenditure and development expenditure that do not meet the criterias mentioned below are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Property, plant and equipment used in Research and Development are capitalised.

Development costs are recognized as intangible assets when the following criteria are met:

1. it is technically feasible to complete the intangible asset so that it will be available for use

2. management intends to complete the intangible asset and use or sell it

3. there is an ability to use or sell the intangible asset

4. it can be demonstrated how the intangible asset will generate probable future economic benefits

5. adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available, and

6. the expenditure attributable to the intangible asset during its development can be reliably measured

Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is available for use.

1.6 Capital Work in Progress

Capital work-in-progress is stated at cost which includes expenses incurred during construction period, interest on amount borrowed for acquisition of qualifying assets and other expenses incurred in connection with project implementation in so far as such expenses relate to the period prior to the commencement of commercial production. Advances given towards acquisition or construction of PPE outstanding at each reporting date are disclosed as capital advances under "Other Non-Current Assets".

1.7 Impairment

At each balance sheet date, the group reviews the carrying values of its property, plant and equipment, capital work in progress and intangible assets to determine whether there is any indication that the carrying value of those assets may not be recoverable through continuing use. If any such indication exists, the recoverable amount of the asset is reviewed in order to determine the extent of impairment, if any. Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. An impairment loss is recognized in the consolidated statement of profit and loss as and when the carrying value of an asset exceeds its recoverable amount.

Where an impairment loss subsequently reverses, the carrying value of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount so that the increased carrying value does not exceed the carrying value that would have been determined had no impairment loss been recognized for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognized in the consolidated statement of profit and loss immediately.

1.8 Business Combination

The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:

i) fair values of the assets transferred

ii) liabilities incurred to the former owners of the acquired business

iii) equity interests issued by the group

iv) fair value of any asset or liability resulting from a contingent consideration arrangement.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interests proportionate share of the acquired entity s net identifiable assets. Acquisition-related costs are expensed as incurred.

The excess of the:

i) consideration transferred

ii) amount of any non-controlling interest in the acquired entity

iii) acquisition-date fair value of any previous equity interest in the acquired entity

over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised in other comprehensive income and accumulated in equity as capital reserve provided there is clear evidence of the underlying reasons for classifying the business combination as a bargain purchase. In other cases, the bargain purchase gain is recognised directly in equity as capital reserve.

Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entitys incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.

Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognised in profit or loss.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirers previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in consolidated statement of profit and loss or other comprehensive income, as appropriate.

1.9 Financial Instrument

The financial assets are classified in the following categories:

(i) financial assets measured at amortised cost.

(ii) financial assets measured at fair value through profit or loss ("FVTPL"), and

(iii) financial assets at fair value through other comprehensive income ("FVOCI").

The classification of financial assets depends on the groups business model for managing financial assets and the contractual terms of the cash flow. For assets measured at fair value, gains and losses will either be recorded in consolidated statement of profit and loss and other comprehensive income. The group reclassifies debt investments when and only when its business model for managing those assets changes.

Regular purchases and sales of financial assets are recognized on trade-date, being the date on which the Group commits to purchase or sale the financial asset.

At initial recognition, the group measures a financial asset (excluding trade receivables which do not contain a significant financing component) at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in statement of profit and loss.

Subsequent measurement of financial assets depends on the groups model of managing the assets and the cash flow characteristics of the asset. There are three measurement categories in which the Group classifies its financial assets.

Financial assets measured at amortised cost

Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets are included in Other Income using the effective interest rate method. After initial recognition, such financial assets are subsequently measured at amortised cost using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in the consolidated statement of profit and loss and presented in other gains/(losses). The losses arising from impairment are recognized in the consolidated statement of profit and loss.

Financial assets at fair value through other comprehensive income ("FVOCI")

Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognized in statement of profit and loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit and loss and recognized in other gains/ (losses). Interest income from these financial assets is included in other income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/ (losses) and impairment expenses are presented as separate line item in the consolidated statement of profit and loss.

Financial assets measured at fair value through profit or loss ("FVTPL")

Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss is recognized in the consolidated statement of profit and loss in the period in which it arises. Interest income from these financial assets are included in other income.

Investments in units of mutual funds are subsequently measured at FVTPL and the changes in fair value are recognized in the consolidated statement of profit and loss.

De-recognition of financial asset

A financial asset is derecognized only when

i) The group has transferred the rights to receive cash flows from the financial asset or

ii) Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.

Where the entity has transferred an asset, the group evaluates whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognized. Where the entity has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized.

Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognized if the group has not retained control of the financial asset. Where the group retains control of the financial asset, the asset is continued to be recognized to the extent of continuing involvement in the financial asset.

Impairment of financial assets

The Group assesses on a forward-looking basis the expected credit losses associated with its assets carried at amortised cost and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables only, the group applies the simplified approach required by Ind AS 109, which requires expected lifetime losses to be recognized from initial recognition of the receivables.

Trade Receivables

Trade receivables are amounts due from customers for goods sold or services rendered in the ordinary course of business and reflects groups unconditional right to consideration (that is, payment is due only on the passage of time).

Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, demand deposits with banks, other short term highly liquid investments, if any, with original maturities of three months or less that are readily convertible to known amount of cash and subject to an insignificant change in value.

Financial Liabilities

Borrowings

Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the consolidated statement of profit and loss over the period of the borrowings using the effective interest rate method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down.

Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the consolidated statement of profit and loss as other gains/ (losses).

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Where there is a breach of a material provision of a long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the entity does not classify the

liability as current, if the lender agreed, after the reporting period and before the approval of the financial statements for issue, not to demand payment as a consequence of the breach.

Trade and other payables

Trade and other payables represent current liabilities for goods and services provided to the group prior to the end of the financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period.

De-recognition of financial liabilities

A financial liability (or a part of financial liability) is de-recognized from groups consolidated balance sheet when obligation specified in the contract is discharged, or cancelled, or expired.

Derivative Instruments and hedge accounting

Derivatives are only used for economic hedging purposes and not as speculative investments. The group uses certain derivative financial instruments to reduce business risks which arise from its exposure to foreign exchange and interest rate fluctuations. The instruments are confined principally to forward foreign exchange contracts and interest rate swaps and options.

Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured to their fair value at the end of each reporting period. Net mark to market gains/ losses on derivatives taken by the group are recorded in other income/ expenses respectively.

The Group adopts hedge accounting for forward foreign exchange contracts wherever possible. At inception of each hedge, there is a formal, documented designation of the hedging relationship. This documentation includes, inter alia, items such as identification of the hedged item and transaction and nature of the risk being hedged. At inception, each hedge is expected to be highly effective in achieving an offset of changes in fair value or cash flows attributable to the hedged risk. The effectiveness of hedge instruments to reduce the risk associated with the exposure being hedged is assessed and measured at the inception and on an ongoing basis. The ineffective portion of designated hedges is recognized immediately in the consolidated statement of profit and loss.

When hedge accounting is applied:

i) for fair value hedges of recognized assets and liabilities, changes in fair value of the hedged assets and liabilities attributable to the risk being hedged, are recognized in the consolidated statement of profit and loss and compensate for the effective portion of symmetrical changes in the fair value of the derivatives.

ii) for cash flow hedges, the effective portion of the change in the fair value of the derivative is recognized directly in other comprehensive income and the ineffective portion is recognized in the consolidated statement of profit and loss. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognized, the associated gains or losses on the derivative that had previously been recognized in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of a nonfinancial asset or a liability, amounts deferred in equity are recognized in the consolidated statement of profit and loss in the same period in which the hedged item affects the consolidated statement of profit and loss.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to the consolidated statement of profit and loss for the period.

Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount is reported in the consolidated balance sheet where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable

right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the group or the counterparty.

1.10 Inventories

Inventories are valued after providing for obsolescence, as under:

Raw materials, components, construction materials, stores, spares and loose tools at lower of cost as per First in First out method ("FIFO") or net realisable value. However, these items are considered to be realisable at cost if the finished products in which they will be used, are expected to be sold at or above cost.

Semi-finished goods- work-in-progress and finished goods, are valued at lower of cost or net realisable value. Cost includes direct materials as aforesaid and allocated production Overheads. Saleable scrap (including goods under process) is valued at estimated realizable value. Stock-in-trade in respect of goods acquired for trading at lower of cost or net realisable value. Stock at site for Turnkey Infrastructure Project is valued at cost using FIFO method.

1.11 Leases

The Group as a Lessee

The Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract and allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.

The Group recognizes right-of-use asset representing its right to use the underlying asset for the lease term at the lease commencement date. The cost of the right of-use asset measured at inception comprises of the amount of initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date less any lease incentive received, any initial direct costs and restoration costs.

Certain lease arrangements include options to extend or terminate the lease before the end of the lease term. The right-of-use assets and lease liabilities include these options when it is reasonably certain that such options would be exercised.

The right-of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted for any re-measurement of the lease liability. The right-of-use assets is depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use asset.

Right-of-use assets are tested for impairment whenever there is any indication that their carrying amounts may not be recoverable. Impairment loss, if any, is recognized in the consolidated statement of profit and loss.

i) Lease liability is measured at the present value of the following lease payments:

ii) fixed payments (including in-substance fixed payments), less any lease incentives receivable

iii) variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date

iv) amounts expected to be payable by the Group under residual value guarantees

v) the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and

vi) payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the

lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses incremental borrowing rate.

To determine the incremental borrowing rate, the Group:

i) where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received

ii) uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by Group, which does not have recent third-party financing

iii) makes adjustments specific to the lease, e.g. term, country, currency and security

If a readily observable amortising loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, then the Group uses that rate as a starting point to determine the incremental borrowing rate. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to the statement of profit and loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Variable lease payments that depend on sales are recognized in the consolidated statement of profit and loss in the period in which the condition that triggers those payments occurs.

The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications. The Group recognises the amount of the re-measurement of lease liability as an adjustment to the right-of-use asset. Where the

carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Group recognises any remaining amount of the re-measurement in the consolidated statement of profit and loss.

Payment made towards leases for which non-cancellable term is 12 months or lesser (short-term leases) and low value leases are recognized in the consolidated statement of profit and loss as rental expenses over the tenor of such leases.

Variable lease payments not included in the measurement of the lease liabilities are expensed to the consolidated statement of profit and loss in the period in which the events or conditions which trigger those payments occur.

Company as a lessor

Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease term and is included in revenue in the standalone statement of profit and loss due to its operating nature.

1.12 Revenue Recognition

Revenue from contracts with customers is recognised when a performance obligation is satisfied by transfer of promised goods or services to a customer.

For performance obligation satisfied over time, the revenue recognition is done by measuring the progress towards complete satisfaction of performance obligation. The progress is measured in terms of a proportion of actual cost incurred to-date, to the total estimated cost attributable to the performance obligation.

The Company transfers control of a goods or service over time and therefore satisfies a performance obligation and recognizes revenue over a period of time if one of the following criteria is met:

(i) The customer simultaneously consumes the benefit of Companys performance or

(ii) The customer controls the asset as it is being created/enhanced by the Companys performance or

(iii) There is no alternative use of the asset and the Company has either explicit or implicit right of payment considering legal precedents.

In all other cases, performance obligation is considered as satisfied at a point in time.

The revenue is recognized to the extent of transaction price allocated to the performance obligation is satisfied. Transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer excluding amounts collected on behalf of a third party.

Costs to obtain a contract which are incurred regardless of whether the contract was obtained are charged- off in statement of profit and loss immediately in the period in which such costs are incurred.

Significant judgments are used in:

a. Determining the revenue to be recognized in case of performance obligation satisfied over a period of time; revenue recognition is done by measuring the progress towards complete satisfaction of performance obligation.

b. Determining the expected losses, which are recognized in the period in which such losses become probable based on the expected total contract cost as at the reporting date.

c. Determining the method to be applied to arrive at the variable consideration requiring an adjustment to the transaction price.

A) Revenue from construction/project related activity is recognized as follows:

Fixed price contracts: Contract revenue is recognized over time to the extent of performance obligation satisfied and Control is transferred to the customer. Contract revenue is recognized at allocable transaction price which represents the cost of work performed on the contract plus proportionate margin, using the percentage of completion method. Percentage of completion is the proportion of cost of work performed to-date, to the total estimated contract costs

The amount of retention money held by the customers pending completion of performance milestone is disclosed as part of trade receivables as not due.

B) Revenue from rendering of services is recognized over time as the customer receives the benefit of the Companys performance and the Company has an enforceable right to payment for services transferred.

C) Unbilled revenue represents value of services performed in accordance with the contract terms but not billed.

D) Commission income is recognized as the terms of the contract are fulfilled.

E) Other operating revenue represents income earned from the activities incidental to the business and is recognized when the performance obligation is satisfied and right to receive the income is established as per the terms of the contract.

1.13 Other Income

A. Interest income on investments and loans is accrued on a time proportion basis by reference to the principal outstanding and the effective interest rate applicable. Interest receivable on customer dues is recognized as income in the consolidated statement of Profit and Loss on accrual basis provided there is no uncertainty of realization.

B. Dividend income from investments is recognized in the period in which the right to receive the same is established.

C. Export incentive and subsidies are recognized when there is reasonable assurance that the group will comply with the conditions and the incentive will be received. Insurance claim are accounted for on final acceptance by the Insurance Group and it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably.

1.14 Borrowing Cost

Borrowing costs include interest, other costs incurred in connection with borrowing and exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to the interest cost.

General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, are capitalized during the period of time that is required to complete and prepare the assets for its intended use or sale. Qualifying assets are assets that necessary take a substantial period of time to get ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

All other borrowing costs are expensed in the period in which they are incurred.

1.15 Employee Benefit Expenses

a) Short-term employee benefits

Short-term employee benefits (i.e. benefits payable within one year) are recognized in the period in which employee services are rendered.

b) Defined contribution plans

This is a defined contribution plan for certain employees and contributions are remitted to provident fund authorities in accordance with relevant statute and charged to the statement of profit and loss in the period in which the related employee services are rendered. The group has no further obligations for future provident fund benefits other than its monthly contributions.

c) Defined benefit plans Gratuity

For defined benefit retirement schemes the cost of providing benefits is determined using the projected unit credit method, with actuarial valuation being carried out at each balance sheet date. Re-measurement gains and losses of the net defined benefit liability/ (asset) are recognised immediately in other comprehensive income. The service cost and net interest on the net defined benefit liability/ (asset) is treated as a net expense within employment costs.

Past service cost is recognised as an expense when the plan amendment or curtailment occurs or when any related restructuring costs or termination benefits are recognised, whichever is earlier.

The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit obligation as reduced by the fair value plan assets.

d) Compensated Absences

Accumulated compensated absences which are expected to be availed within twelve months from the year end are treated as short term employee benefits. The obligation towards the same is measured at the expected cost of accumulating compensated absences as the additional amount expected to be paid as a result of the unused entitlements as at the year end.

Accumulated compensated absences which are expected to be availed beyond twelve months from the year end are treated as other long term employee benefits. The groups liability is actuarially determined (using the projected unit credit method) at the end of each year. Actuarial loss/gains are recognized in the statement of profit and loss in the year in which they arise.

1.16 Provisions and Contingencies

The Group recognises a provision where there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. However, provisions are not recognized for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of managements best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources or there is a present obligation, reliable estimate of the amount of which cannot be made. Where there is a possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure for contingent liability is made.

1.17 Foreign Currencies Transaction Functional and presentation currency

Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency). The consolidated financial statements are presented in Indian rupee (INR), which is Laser Power & Infra Limiteds functional and presentation currency.

Initial Recognition: On initial recognition, all foreign currency transactions are recorded by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

Subsequent Recognition: Foreign currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the balance sheet date. The gains or losses resulting from such translations are included in net profit in the statement of profit and loss. Nonmonetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction.

1.18 Current and Deferred Tax

The income tax expense or credit for the period is the tax payable on the current periods taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the holding Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are

expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Current and deferred tax is recognised in consolidated statement of profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

1.19 Earnings per Share

Basic earnings per share is calculated by dividing net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Earnings considered in ascertaining the groups earnings per share is the net profit or loss for the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares, if any, that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

1.20 Segment Reporting

Operating segments are those components of the business whose operating results are regularly reviewed by the chief operating decision maker ("CODM") in the group to make decisions for performance assessment and resource allocation. The reporting of segment information is the same as provided to the management for the purpose of the performance assessment and resource allocation to the segments. Segment accounting policies are in line with the accounting policies of the group. In addition, the following specific accounting policies have been followed for segment reporting:

i) Segment revenue includes sales and other operational revenue directly identifiable with/allocable to the segment including inter segment revenue.

ii) Expenses that are directly identifiable with/allocable to segments are considered for determining the segment result.

iii) Most of the common costs are allocated to segments mainly on the basis of their respective expected segment revenue estimated at the beginning of the reported period.

iv) Income which relates to the Group as a whole and not allocable to segments is included in "unallocable corporate income/(expenditure)(net)".

Segment result represents profit before interest and tax and includes margins on inter-segment capital jobs, which reduced in are arriving at the profit before tax of the group.

Segment result includes the finance costs incurred on interest bearing advances with corresponding credit included in "unallocable corporate income/(expenditure)(net)".

Segment results have not been adjusted for any exceptional item.

Segment assets and liabilities include those directly identifiable with the respective segments.

Unallocable corporate assets and liabilities represent the assets and liabilities that relate to the group as a whole.

Segment revenue resulting from transactions with other business segments is accounted on the basis of transfer price which are either determined to yield a desired margin or agreed on a negotiated basis.

Operating segments are identified and reported taking into account the different risk and return, organizational structure and internal reporting system to the CODM.

1.21 Dividends

Dividends, if any, are recognized as liabilities when a present obligation arises. Final dividends are recorded as a liability on the date of approval by the shareholders at the Annual General Meeting, while interim dividends are recognized on the date of declaration by the Companys Board of Directors.

1.22 Recent pronouncements

Recent Pronouncements: Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards (as set forth) under Companies (Indian Accounting Standards) Rules as issued from time to time and are effective for annual reporting periods beginning on or after April 1, 2025 : Ind AS 1 - Preparation of Financial Statements, Ind AS 21 - Effects of Changes in Foreign Exchange Rates) Ind AS 7 - Statement of Cash Flows, Ind AS 107- Financial Instruments applicable to the Company with effect from April 1, 2025. The Government of India has also implemented four new labour codes effective November 21, 2025. The Company has reviewed the new pronouncements and based on its evaluation has determined that it does not have any significant impact in its financial statements.

2A Critical estimates and judgements

Information about critical accounting judgements, estimates, assumptions and key sources of estimation uncertainty made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements is included in the following notes:

Recognition of Deferred Tax Assets: The extent to which deferred tax assets can be recognized is based on an assessment of the probability of the Companys future taxable income against which the deferred tax assets can be utilized. In addition, significant judgement is required in assessing the impact of any legal or economic limits.

Useful lives of depreciable/ amortisable assets (tangible and intangible): Management reviews its estimate of the useful lives of depreciable/ amortisable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to actual normal wear and tear that may change the utility of plant and equipment.

Extension and termination option in leases: Extension and termination options are included in many of the leases. In determining the lease term, the Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. This assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the Company

Defined Benefit Obligation (DBO): Employee benefit obligations are measured on the basis of actuarial assumptions which include mortality and withdrawal rates as well as assumptions concerning future developments in discount rates, medical cost trends, anticipation of future salary increases and the inflation rate. The Company considers that the assumptions used to measure its obligations are appropriate. However, any changes in these assumptions may have a material impact on the resulting calculations.

Provisions and Contingencies: The assessments undertaken in recognising provisions and contingencies have been made in accordance with Indian Accounting Standards (Ind AS) 37, ‘Provisions, Contingent Liabilities and Contingent Assets. The evaluation of the likelihood of the contingent events is applied best judgement by management regarding the probability of exposure to potential loss.

Impairment of Assets (Investment in Subsidiaries): Ind AS 36 requires the Company reviews its carrying value of investments in subsidiaries carried at cost annually, or more frequently when there is indication of impairment. If recoverable amount is less than its carrying amount, the impairment loss is accounted for. The values in use (considering discounted cash flows) have been determined by external valuation experts based on managements financial projections. The determination of the value in use / fair value involves significant management judgement and estimates on the various assumptions including relating to growth rates, discount rates, terminal value, etc.

Expected Credit Losses of Trade Receivables: The Company makes allowances for doubtful debts through appropriate estimations of irrecoverable amount. The identification of doubtful debts requires use of judgment and estimates. Where the expectation is different from the original estimate, such difference will impact the carrying value of the trade and other receivables and doubtful debts expenses in the period in which such estimate has been changed.

Fair value measurement of financial Instruments: When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow model. The input to these models are taken from observable markets where possible, but where this not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility.

PRINCIPAL COMPONENTS OF STATEMENT OF PROFIT AND LOSS

The following descriptions set forth information with respect to the principal components of our profit and loss statement.

Income

Total income consists of revenue from operations and other income.

Revenue from operations

Revenue from operations primarily accounts for (i) the revenue from sale of product and services, which includes (a) manufactured goods and others; and (b) EPC and other services; (ii) other operating revenue, which includes (a) sale of scrap, (b) income from export incentive, and (c) duty drawback received.

Other income

Other income primarily consists of (a) interest income on financial assets, which includes (i) on bank deposit; (ii) unwinding income on fair valuation of security deposit; (iii) on others; and (b) other non-operating income, which includes (i) profit/ (loss) on sale of property, plant and equipment; (ii) profit/ (loss) on sale of mutual funds; (iii) receipts from insurance claim; (iv) net gain/(loss) on foreign exchange fluctuation; (v) interest on income tax refund; (vi) other miscellaneous income; (vii) profit/(loss) on commodity hedging (net); (viii) net fair value gain/loss on investments classified as FVTPL (net); and (ix) rental income.

Expenses

Our expenses comprise (i) cost of materials consumed, (ii) purchases of stock in trade, (iii) erection and other project expenses, (iv) changes in inventories of finished goods, stock-in-trade and work-in-progress, (v) employee benefits expense, (vi) finance costs, (vii) depreciation and amortisation expenses, and (viii) other expenses.

Cost of material consumed

Cost of material consumed primarily comprises of (a) opening stock, which includes (i) purchases, (ii) carriage inwards, (iii) de-recognition of subsidiary; and (b) closing stock.

Purchases of stock in trade

Purchases of stock in trade consists of (i) purchases of stock in trade and (ii) carriage inwards.

Erection and other project expenses

Erection and other project expenses comprise of (i) erection and sub-contracting charges, (ii) consumable store expenses and (iii) other expenses.

Changes in inventories

Changes in inventories consist of the difference between:

a) opening stock, which includes (i) finished goods, (ii) work-in-progress, (iii) erection work in progress, (iv) contract work in progress, (v) stock in trade, and (vi) scrap material;

b) closing stock, which includes (i) finished goods, (ii) work-in-progress, (iii) erection work in progress, (iv) contract work in progress, (v) stock in trade, and (vi) scrap material; and

c) de-recognition of subsidiary, which includes

(i) finished goods,

(ii) work in progress,

(iii) erection work in progress,

(iv) contract work in progress,

(v) stock in trade, and

(vi) scrap material.

Employee benefits expense

Employee benefits expense primarily consists of

(i) salaries and wages;

(ii) contribution to provident funds, gratuity and other funds; and

(iii) staff welfare expenses.

Finance costs

Finance costs primarily consist of

(i) interest expense of financial liabilities carried at amortised cost;

(ii) interest on lease obligation;

(iii) dividend on preference shares; and

(iv) other borrowing costs.

Depreciation and amortisation expense

Depreciation and amortisation expense primarily relates to

(i) depreciation on property, plant and equipment;

(ii) amortisation of intangible assets; and

(iii) amortisation on right of use assets.

Other expenses

Other expenses primarily consists of

(i) consumption of stores, spares and tools;

(ii) power and fuel;

(iii) machinery hire charges;

(iv) loading and unloading charges;

(v) inspection and testing charges;

(vi) packing material;

(vii) repair and maintenance of buildings;

(viii) repair and maintenance of plant and machinery;

(ix) repair and maintenance of others;

(x) carriage outward;

(ix) labour charges;

(x) insurance charges;

(xi) advertisement and publicity;

(xii) commission and brokerage;

(xiii) clearing and forwarding charges;

(xiv) sales and business promotion;

(xv) auditors remuneration;

(xvi) general expenses;

(xvii) computer expenses;

(xviii) corporate social responsibility expenses;

(xix) donation;

(xx) directors sitting fees;

(xxi) electricity charges;

(xxii) entertainment expense;

(xxiii) legal and professional charges;

(xxiv) membership and subscription fees;

(xxv) (gain)/loss on early termination of lease;

(xxvi) rent expenses; (xxvii) maintenance expenses;

(xxviii) postage, stamp and telegram;

(xxix) printing and stationary;

(xxx) rate and taxes;

(xxxi) registration and renewal fees;

(xxxii) security charges;

(xxxiii) advances and bad debts written off;

(xxxiv) allowance for doubtful debts (ECL);

(xxxv) telephone and internet;

(xxxvi) tender fee;

(xxxvii) travelling expenses;

(xxxviii) impairment in loans receivables; and

(xxxix) provision for doubtful debts.