You should read the following discussion in conjunction with our Restated Consolidated Financial Information included herein for the three month period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024, including the related notes, schedules and annexures on page 338. Our Restated Consolidated Financial Information has been prepared in accordance with Ind AS, Section 26 of the Companies Act, the SEBI ICDR Regulations and the Guidance Note. Ind AS differs in certain material respects from Indian GAAP, IFRS and U.S. GAAP. Accordingly, the degree to which our financial statements will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level of familiarity with Ind AS. As a result, the Restated Consolidated Financial Information may not be comparable to our historical financial statements. We have included operational and financial performance indicators in this Red Herring Prospectus, many of which may not be derived from our Restated Consolidated Financial Information or otherwise be subject to an examination, audit or review by our auditors or any other expert. The manner in which such operational and financial performance indicators are calculated and presented, and the assumptions and estimates used in such calculations, may vary from that used by other companies in India and other jurisdictions. Investors are accordingly cautioned against placing undue reliance on such information in making an investment decision and should consult their own advisors and evaluate such information in the context of the Restated Consolidated Financial Information and other information relating to our business and operations included in this Red Herring Prospectus. This discussion and analysis contains forward-looking statements that reflect our current views with respect to future events and our financial performance, which are subject to numerous risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements. You should also read Forward-Looking Statements and Risk Factors on pages 23 and 25, respectively, which discuss a number of factors and contingencies that could affect our business, financial condition and results of operations. Our Financial Year ends on March 31 of each year and accordingly, references to Financial Year / Fiscals, are to the 12-month period ended March 31 of the relevant year. Unless the context otherwise requires, in this section, references to we, us, our, the Company or our Company refers to Manika Plastech Limited. Unless stated otherwise, industry and market data used in this Red Herring Prospectus, including in Industry Overview and Our Business on pages 142 and 194, respectively, has been obtained or derived from the report titled Industry Report on Packaging Industry in India, dated August 26, 2026, prepared by Technopak Advisors Private Limited. The Technopak Report has been commissioned and paid for by our Company exclusively for the purposes of the Offer, pursuant to a letter of authorisation dated December 26, 2024 and July 24, 2026 and is available on our Companys website at https://manikaplastech.com/investors/ and has also been included in Material Contracts and Documents for Inspection – Material Documents on page 487 . The data included herein includes excerpts from the Technopak Report and may have been re-ordered by us for the purposes of presentation. There are no parts, data or information (which may be relevant for the proposed Offer), that have been left out or changed in any manner. Unless otherwise indicated, all financial, operational, industry and other related information derived from the Technopak Report and included herein with respect to any particular year refers to such information for the relevant financial year. Also see, Certain Conventions, Currency of Presentation, Use of Financial Information and Market Data – Industry and Market Data on page 22.
Overview
As per theTechnopak Report,we are a design-led, precision engineered, rigid polymer packaging manufacturing company, catering to diversified critical industries such as energy storage, dairy and edible food products, paints, and chemicals. Our Companys products are designed and developed in-house, with 30 designs registered as unique intellectual property, under the Designs Act, 2000 and the Designs Rules, 2001. As per the Technopak Report, with focus on application specific performance, durability, product safety and efficiency, we have our product portfolio built around precision engineered solutions such as high-performance battery casings, pail & thinwall containers, each tailoring to serve industrial and consumer use cases. These products and services cater to a broad spectrum of industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food, and dairy, among others. Our Company undertakes production in injection moulded, rigid polymer components, such as precision battery casings that are integral to the performance and durability of energy storage systems. While pails serve packaging needs across paints, lubricants, and industrial chemicals, the food grade thinwall containers are used for secure packaging and distribution of dairy and edible products. The packaging is designed to align with the shelf life of the product it holds, ensuring that its structural strength, ability to protect, and ease of handling are maintained throughout the products expected lifecycle, across different end use environment. We provide RPP solutions to our customers, starting from design to development, sourcing raw materials, manufacturing, heat sealing, labelling, quality assurance and to delivery. Over the years, we have developed the capability of providing our customers with customized packaging products. Our facilities are equipped to design automotive battery casings compliant with Japanese and German technical standards developed and published by Japanese Industrial Standards ( JIS ) and Deutsches Institut Für Normung ( DIN ), respectively which enables us to align our products with the final product specifications and quality requirements of our customers. JIS and DIN ensure compatibility with existing filling and labelling lines and providing consistent performance characteristics. As per the Technopak Report, common rigid plastic products, including water bottles, detergent containers, and buckets, are manufactured using injection moulding and blow moulding techniques, ensuring precision and long-lasting performance. Rigid polymers find its application across a wide range of industries, including paint & lubricants, energy sector, food and beverages, personal care, consumer goods, e-commerce, pharmaceuticals, agrochemicals, etc. in the consumer rigid plastic. While the industrial rigid polymer packaging would include chemical and petrochemical, automotive, agriculture & agrochemicals, construction chemicals, electronics, medical & laboratory etc. Set out below is a category-wise break-up of our revenue:
| Product / Service Category | Three month period ended June 30, 2026 | Fiscal | ||||||
| 2026 | 2025 | 2024 | ||||||
| ( in million) | % | ( in million) | % | ( in million) | % | ( in million) | % | |
| Battery Casings | 883.35 | 54.38 | 2464.87 | 56.54 | 2665.00 | 65.56 | 2,426.40 | 67.26 |
| Pails & Thinwall Containers | 458.08 | 28.20 | 1330.18 | 30.51 | 1128.31 | 27.76 | 840.91 | 23.31 |
| Painting Facility | 72.49 | 4.46 | 138.72 | 3.18 | 24.85 | 0.61 | 0.58 | 0.02 |
| Other Operating Revenue* | 210.62 | 12.96 | 426.05 | 9.77 | 246.86 | 6.07 | 339.83 | 9.41 |
| Revenue from | 1624.54 | 100.00 | 4359.82 | 100.00 | 4065.02 | 100.00 | 3,607.72 | 100.00 |
| Operations |
*Includes revenue from trading, sale of meter box, sale of automotive components, other misc. income.
As per the Technopak Report, India is the fastest growing RPP market globally. The Indian RPP market has a large TAM, with a market size of INR 1,066.65 billion in FY 2025. It is projected to grow at a CAGR of 6.75%, reaching INR 1,385.22 billion by FY 2029. Indias growth is driven by increasing demand from industries such as paint & lubricants, energy sector, food and beverages, personal care, e-commerce, pharmaceuticals, agrochemicals, etc., supported by a growing population and rising disposable incomes. We supply our products to some well-known customers such as:
Our Company has 7 Operating Facilities, comprising of 6 Manufacturing Facilities located in Dehradun, Hosur, Panipat, Una and Dadra and 1 Paint Facility located in Hosur . We typically set up our Operating Facilities within close proximity of the manufacturing units of our key customers which facilitates their effective and reliable sourcing, flexible production planning and inventory management. This strategy offers us competitive advantage by optimising our logistics and packaging costs, and enhancing our reliability and cohesiveness with our customers. A break up of the products manufactured by us in our Manufacturing Facilities and the customers served has been provided below:
| S. No. Unit | Products manufactured | Key customers served |
| 1. 2. Dadra (Dadra and Nagar Haveli and Daman and Diu) Dehradun (Uttarakhand) | Pails & Thinwall containers Battery casings | Vadilal Industries Limited and other leading manufacturers of food and dairy products Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited, Genus Innovation Limited and HSD Batteries (India) Pvt. Ltd. |
| 3. Hosur (Tamil Nadu) (Manufacturing facility) | Battery casings and Pails & Thinwall containers and automotive components | Luminous Power Technologies Private Limited, Kansai Nerolac Paints Limited, JSW Paints Limited, Sakthi Accumulators Private Limited and M/s. Surya Batteries and Zunax Energy Products LLP. |
| 4. Hosur (Tamil Nadu) (Painting Facility) | Painting of automotive components | Ultraviolette Automotive Private Limited, TVS Motor Company Limited and other automotive component and commercial EV manufacturers. |
| 5. Panipat (Haryana) | Pails & Thinwall containers | Grasim Industries Limited |
| 6. Una (Himachal Pradesh) | Battery casings and Pails & Thinwall containers | Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited and Kansai Nerolac Paints Limited. |
Principal Factors Affecting Our Results of Operations
1. Concentration Risk
A large portion of our revenue is derived from a small number of customers. During the three month period ended June 30, 2026, and Fiscal 2026, Fiscal 2025, and Fiscal 2024, we served approximately 168, 242, 214 and 184 customers, respectively. Over 58% of our revenue from operations during these periods came from our top five customers. A significant portion of our revenue is derived from a limited number of customers. Shifts in the industries our key customers operate in, or changes in their purchasing behavior, may result in reduced order volumes, delayed procurement cycles, or even cancellation of existing orders. Customers are free to opt whether to renew contracts upon expiration or may seek to renegotiate terms on less favorable conditions. Our customers typically place orders based on their internal forecasts and operational needs—factors that are closely tied to input costs, production schedules, end-market demand, and broader economic trends. Consequently, demand from these customers may fluctuate significantly across periods. In addition, the composition of our top customer base may vary from time to time as order volumes change, making our revenue stream subject to concentration volatility. While we strive to diversify our customer portfolio and deepen existing relationships, sustained dependency on a limited set of customers may affect our revenue stability and strategic flexibility. We continuously monitor customer concentration metrics and seek to mitigate related risks through geographic expansion, industry diversification, and value-added products and services. The table below sets forth details of our revenue from operations generated from top customers in each of the respective periods indicated:
| Particulars | For the three month period ended June30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| Amount ( million) | % of revenue from operatio ns | Amount ( million) | % of revenue from operatio ns | Amount ( million) | % of revenue from operatio ns | Amount ( million) | % of revenue from operatio ns | |
| Top five customers | 954.35 | 58.75 | 2,744.62 | 62.95 | 2,779.39 | 68.37 | 2,319.94 | 64.30 |
| Top ten customers | 1,245.52 | 76.67 | 3,202.30 | 73.45 | 3,196.10 | 78.62 | 2,750.71 | 76.25 |
We procure PPCP, our primary raw material, from suppliers including a major producer in India, ExxonMobil Chemicals Asia Pacific, Haldia Petrochemicals Limited, and Borouge Pte Ltd. We also source recycled polymers from Gravita India Limited and terminal bushings from Aquila Forged Metals S.P.A. During the three month period ended June 30, 2026, and the preceding three fiscal, approximately 66% to 80% of total raw material purchases were from our top five suppliers. While we have established relationships with these suppliers, we do not have long-term purchase agreements. Sourcing from a limited number of suppliers supports consistency in quality and delivery of raw materials. However, without long-term contracts, continuous or timely supply at competitive prices cannot be ensured. We may be prone to any reduction, interruption, or discontinuation of supply from these suppliers, or inability to secure alternative sources on acceptable terms. We continue to evaluate and engage with local and international suppliers to diversify our raw material sourcing.
| Particulars | For the three month period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| Amount ( million) | % of Purchase s | Amount ( million) | % of Purchase s | Amount ( million) | % of Purchase s | Amount ( million) | % of Purchase s | |
| Top five suppliers | 936.13 | 79.79 | 2,253.07 | 78.29 | 2,021.58 | 66.80 | 1,819.46 | 72.43 |
| Top ten suppliers | 1,043.50 | 88.95 | 2,550.73 | 87.16 | 2,332.97 | 77.09 | 2,149.31 | 85.57 |
2. Product portfolio
A significant portion of our revenue from operations is generated from the sale of battery casings. Any reduction in demand for battery casings may affect our business, results of operations, and financial condition. Other factors that may impact revenue include geopolitical events, price movements, changes in technology, development of substitute products, and changes in demand and supply. For further details, see
Our Business – Our Products on page 209 of this Red Herring Prospectus.
| Product / Service Category | Three month period ended June 30, 2026 | Fiscal | ||||||
| 2026 | 2025 | 2024 | ||||||
| ( in million) | % | ( in million) | % | ( in million) | % | ( in million) | % | |
| Battery Casings | 883.35 | 54.38 | 2,464.87 | 56.54 | 2,665.00 | 65.56 | 2,426.40 | 67.26 |
| Pails & Thinwall Containers | 458.08 | 28.20 | 1,330.18 | 30.51 | 1,128.31 | 27.76 | 840.91 | 23.31 |
| Paint Facility | 72.49 | 4.46 | 138.72 | 3.18 | 24.85 | 0.61 | 0.58 | 0.02 |
| Other Operating Revenue* | 210.62 | 12.96 | 426.05 | 9.77 | 246.86 | 6.07 | 339.83 | 9.41 |
| Revenue from Operations | 1,624.54 | 100.00 | 4,359.82 | 100.00 | 4,065.02 | 100.00 | 3,607.72 | 100.00 |
*Includes revenue from trading, sale of meter box, sale of automotive components, other misc. income.
3. Raw materials
Our business depends heavily on the timely availability and cost stability of key raw materials. Any upward fluctuation in their prices—driven by market dynamics, government-imposed restrictions, supply shortages, or geopolitical factors—can elevate our production costs. While we strive to pass on such increases to customers through price adjustments, these are often subject to pre-negotiated terms and may involve a delay between the cost increase and the revised pricing taking effect. During this interim period, elevated costs could compress our margins. Furthermore, disruptions in raw material supply whether due to trade restrictions, logistics issues, or supplier constraints may impair our ability to maintain consistent production levels. This could lead to operational inefficiencies, delayed order fulfilment, or even loss of customer confidence. Prolonged difficulties in sourcing materials may also necessitate alternative sourcing strategies, which could carry additional costs or quality risks.
4. Seasonality
We are influenced by seasonality in the industries in which our customers operate. Our sales of battery casings depend on the battery industry, which experiences changes in demand across months. Demand for our thinwall products varies with the dairy products industry, including ice creams, which follow seasonal patterns. Our revenues and results of operations may fluctuate due to these seasonal factors. During periods of lower activity in these industries, revenues from operations may be delayed or reduced, while operating expenses continue. This difference between revenues and expenses during seasonal downturns may affect profitability and financial position. The growth of the battery casing sector depends on the expansion of end-use sectors such as renewable energy, battery storage systems, home inverters, and automobiles, including electric vehicles. Any changes or downturns in these sectors may impact demand for our products and financial performance. There can be no assurance that seasonal patterns in these industries will remain stable or that our business will not be affected by such seasonality.
5. Competition
Our business faces ongoing competition from smaller, regional, and emerging players both domestically and internationally who may demonstrate greater agility in responding to changing market conditions. These competitors may adopt aggressive pricing strategies or offer differentiated products and services, contributing to pricing pressure and potential erosion of our profit margins. Additionally, we compete with established companies that possess significantly larger financial and technological resources, enabling them to invest more substantially in innovation, product development, and customer engagement. This intensifies the challenge of sustaining or growing our market share. Our ability to effectively penetrate new geographies and respond to evolving customer needs and market trends is critical to our continued success. However, there can be no assurance that we will be able to consistently outperform existing or future competitors. Increased competition may adversely affect our revenue growth, operational efficiency, and overall financial performance.
Key Performance Indicators
In addition to our financial results determined in accordance with Ind AS, we consider and use certain non GAAP financial measures and key performance indicators that are presented below as supplemental measures to review and assess our operating performance. Our management does not consider these non-GAAP financial measures and key performance indicators in isolation or as an alternative or substitutive to the Restated Consolidated Financial Information. We present these non-GAAP financial measures and key performance indicators because we believe they are useful to our Company in assessing and evaluating our operating performance, and for internal planning and forecasting purposes. We believe these non-GAAP financial measures could help investors as an additional tool to evaluate our ongoing operating results and trends with a more granular view of our financial performance. The table below summaries the Key Performance Indicators (KPIs) for the periods indicated:
| KPI | Metric | For the three month period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Financial Indicators | |||||
| Revenue from Operations (1) | in million | 1,624.54 | 4,359.82 | 4,065.02 | 3,607.72 |
| EBITDA (2) | in million | 243.81 | 581.40 | 453.00 | 308.59 |
| EBITDA Margin (3) | % | 15.01 | 13.34 | 11.14 | 8.55 |
| PAT (4) | in million | 130.72 | 224.02 | 193.31 | 115.33 |
| PAT Margin (5) | % | 8.03 | 5.12 | 4.69 | 3.13 |
| Debt to Equity Ratio (6) | Times | 0.59 | 0.60 | 0.78 | 0.86 |
| ROE (7) | % | 8.34 | 15.18 | 15.44 | 10.68 |
| ROCE (8) | % | 8.34 | 18.77 | 14.79 | 8.84 |
| Fixed Assets Turnover Ratio (9) | Times | 1.06 | 2.95 | 2.83 | 3.04 |
| Net Working Capital days (10) | Days | 53 | 71 | 69 | 70 |
| Net Cash from/ (used in) | Times | ||||
| Operating Activities /EBITDA (11) | 0.41 | 0.76 | 0.81 | 1.15 | |
| Debt service coverage ratio (12) | Times | 6.74 | 4.25 | 4.16 | 6.21 |
| Operational Indicators | |||||
| No. of manufacturing facilities/ plant (13) | Number | 6 | 6 | 6 | 7 |
| Total installed capacity (14) | MTPA | 29,200 | 28,300 | 27,600 | 24,900 |
(2) EBITDA means Earnings before interest, taxes, depreciation and amortization expense, arrived at by obtaining the profit before tax/ (loss) for the year and adding back finance costs, depreciation and amortization and impairment expense and reducing other income and exceptional items. (3) EBITDA Margin is calculated as EBITDA as a percentage of revenue from operations. (4) PAT represents total net profit after tax for the year/period. (5) PAT Margin is calculated as PAT divided by total income. (6) Debt to Equity Ratio is calculated as total debt divided by total equity. Total debt is the sum of total current & non-current borrowings; total equity means Net worth. (7) ROE is calculated as PAT divided by Net worth. (8) ROCE is calculated as EBIT divided by capital employed where (i) EBIT means EBITDA minus depreciation and amortization expense and (ii) Capital employed means Net worth + total current & non-current borrowings– cash and cash equivalents and bank balance appearing under current assets. (9) Fixed Assets Turnover Ratio is calculated as revenue from operations divided by the sum of net block of property, plant and equipment as at the end of the Fiscal/period. (10) Net Working Capital Days is calculated by dividing 365 or 91, as applicable, by the working capital ratio, which is calculated as revenue from operations divided by Net Working Capital. Net Working Capital is calculated as total current assets (excluding cash, cash equivalents and bank balances), less total current liabilities (excluding current borrowings). (11) Net Cash from / (used in) Operating Activities / EBITDA means ratio of Net Cash from / (used in) Operating Activities to EBITDA. (12) Debt Service Coverage Ratio is calculated as cash operating profit divided by total debt service, where (i) cash operating profit means operating profit as per restated consolidated statement of cash flow and (ii) debt service means sum of principal repayments of term loans and interest payments made towards term loans. (13) Number of manufacturing facilities/plant indicates the number of manufacturing units of the company. (14) Installed capacity refers to maximum total production volume that can be produced in ideal conditions.
CREDIT RATING
The credit rating of our Company by CareEdge Ratings in the last three fiscals is as under:
| May 26, 2026 | December 30, 2025 | December 10, 2024 | |||||
| Long Term Instruments | Short Term Instruments | Long Term Instruments | Short Term Instruments | Long Term Instruments | Short Term Instruments | ||
| CARE BBB+; Positive | CARE A2 | CARE Positive | BBB+; | CARE A2 | CARE Stable | BBB+; | CARE A2 |
SIGNIFICANT ACCOUNTING POLICIES Corporate Information
Manika Plastech Limited {Formerly known as Manika Plastech Private Limited (the Holding Company) } is a public limited company domiciled and registered in India under the provisions of the Companies Act, 2013 vide CIN No: U74999DN1996PTC000469 incorporated on 25.04.1996. The Company has been converted from Private Limited Company to Public Limited Company, pursuant to a special resolution passed in the extraordinary general meeting of the shareholders of the Company held on 28th November 2024 and consequently the name of the Company has been changed to Manika Plastech Limited pursuant to a fresh certificate of incorporation issued by the Registrar of Companies on 18th December, 2024 with new CIN: U74999DN1996PLC000469. The Company has been incorporated with the primary objective of manufacturing of plastic moulding products. These products are mainly sold in domestic markets and also exported. The Company has its production facilities spread across the states of Uttarakhand, Tamil Nadu, Himachal Pradesh, Haryana and Dadra and Nagar Haveli in India. The registered office of the Company is situated at Silvassa, Dadra and Nagar Haveli and Corporate office is situated at Mumbai, Maharashtra.
2 Material Accounting Policies
2.1 Basis for preparation of Restated Consolidated financial Information: Statement of Compliance
The Restated consolidated financial information of Manika Plastech Limited the Group comprises of the Restated Statement of Assets and Liabilities as at June 30, 2026, March 31, 2026, March 31, 2025 and March 31, 2024, the Restated Statement of Profit and Loss (including Other Comprehensive Income), the Restated Statement of Changes in Equity and the Restated Statement of Cash Flows for the three months period ended June 30, 2026 and years ended March 31, 2026, March 31, 2025 and March 31, 2024, summary of Material Accounting Policies to Restated consolidated financial information, Notes to the Restated consolidated financial information and Statement of Adjustments to Audited Financial Statements (collectively referred as the Restated consolidated financial information). The Restated consolidated financial information has been prepared by the Management of the Group as required under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended from time to time, issued by the Securities and Exchange Board of India (SEBI), on September 11 2018, in pursuance of the Securities and Exchange Board of India Act, 1992 (the SEBI ICDR Regulations), for the purpose of inclusion in the Red Herring Prospectus (RHP) and Prospectus to be filed by the Group with the Registrar of Companies, Gujarat at Ahmedabad (RoC), and thereafter with the Securities and Exchange Board of India (SEBI) and the recognized stock exchanges (including the BSE Limited and the National Stock Exchange of India Limited) (the Stock Exchanges) in connection with the proposed Initial Public Offering (IPO) of its equity shares of face value of 2 each.The Restated consolidated financial information, which has been approved by the Board of Directors of the Group at their meeting held on July 29, 2026 has been prepared for the Group as a going concern on the basis of relevant Ind AS that are effective as at June 30, 2026 in accordance with the requirements of: (a) Section 26 Chapter III of the Companies Act 2013 (the Act ) as amended from time to time (the Act ); an (b) Paragraph (A) of Clause 11 (I) of Part A of Schedule VI to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended to date (the SEBI ICDR Regulations ) issued by the Securities and Exchange Board of India (the SEBI); and (c) The Guidance Note on Reports in Group Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (the ICAI ) as amended from time to time (the Guidance Note ). The Group has filed draft red herring prospectus on June 24, 2025 with the Securities and Exchange Board of India ( SEBI ), BSE Limited ( BSE ) and National Stock Exchange of India Limited (NSE, together with BSE, the Stock Exchanges) in connection with the proposed Initial Public Offering ( IPO ) of its equity shares and received SEBI oberservation letter on 29th October, 2025 on the same. The Restated consolidated financial information of the Group has been prepared to comply in all material respects with the Indian Accounting Standards ( Ind AS ) notified under the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) amendment Rules 2016 (as amended from time to time), presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the Restated consolidated financial information and other relevant provisions of the Act. The financial statements of the Group together with audited financial statements of its subsidiaries as described in Note 45 have been considered for the purpose of consolidation. The financial statements of the Parent Company and its subsidiary as described in Note 45 have been combined to the extent possible on a line by line basis by adding together like items of assets, liabilities, income and expenses. All significant intra group balances and transactions have been eliminated on consolidation. The amounts shown in respect of reserves comprise the amount of relevant reserves as per the balance sheet of the Parent Company and its share in the post-acquisition decrease in the relevant reserves of the subsidiary. The Consolidated Financial Information have been prepared using uniform accounting policies for transactions and other events in similar circumstances and are presented to the extent possible, in the same manner as the Parent Companys financial statements. These Restated consolidated financial information have been compiled by the Management from: a) the Interim Audited Consolidated Financial Statement of the Group as at and for the three months period ended June 30, 2026 prepared in accordance with recognition and measurement principles under Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting, specified under section 133 of the Act and other accounting principles generally accepted in India and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (the Interim Audited Consolidated Financial Statements ) which have been approved by the Board of Directors at their meeting held on July 29, 2026. b) Audited Consolidated Financial Statements of the Group as at and for the years ended March 31, 2026 and as of and for the year ended 31st March 2025 (with comparatives for the year ended March 31, 2024) prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended and other accounting principles generally accepted in India which have been approved by the Board of Directors at their meeting held on May 12, 2026 and August 12, 2025 respectively. The Special Purpose interim Audited 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. As such, these Special Purpose Financial Statements are not suitable for any other purpose other than for the purpose of preparation of the Restated consolidated financial information and are also not financial statements prepared pursuant to any requirements under Section 129 of the Act. For the purpose of Restated Consolidated Financial Information the Audited Special Purpose Financial Statements for the year ended March 31, 2024 of the company, the transition date is considered as April 01, 2021, which is different from the transition date which will be adopted by the Company at the time of first time transition to Ind AS (i.e. April 01, 2023) for the purpose of preparation of the Statutory Financial Statements as required under the Act. Accordingly, the Company has applied the same accounting policy and accounting policy choices (both mandatory exceptions and optional exemptions availed as per Ind AS 101, as applicable) as on April 01, 2021 for the Audited Special Purpose Financial Statements, as adopted on transition date, i.e., April 01, 2023. Further, since the statutory date of transition to Ind AS is April 01, 2023, and that the Audited Special Purpose Financial Statements for the year ended March, 31 2024 for the purpose of Restated Consolidated Financial Information have been prepared considering a transition date of April 01, 2021, the closing balances of items included in the Audited Special Purpose Balance Sheet as at March 31, 2024, may be different from the balances considered on the statutory date of transition to Ind AS on April 01, 2023, due to such early application of Ind AS principles with effect from April 01, 2021 as compared to the date of statutory transition. The Restated Consolidated Financial Information have been prepared in accordance with applicable Accounting Standards for the purpose of disclosures in the offering documents relating to the proposed Initial Public Offer. As exempted by the ICDR 2018, comparative figures for June, 2025 have not been given.
Accounting Convention
The Restated Consolidated Financial Statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of each reporting period as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2, or 3 based on degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 inputs are unobservable inputs for the asset or liability.
Use of Estimates:
The preparation of the Restated Consolidated financial statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon managements best knowledge of current events and actions, actual results could differ from these estimates. Any revisions to accounting estimates are recognised prospectively and revised, in current and future periods.
Functional and presentation currency
These Restated Consolidated financial statements are presented in Indian rupees, which is the Groups functional currency. All amounts have been rounded to the nearest million with two decimals, unless otherwise indicated.
Statement of significant accounting policies I) Foreign currencies Foreign currency transactions Initial recognition
Foreign currency transactions are recorded in the reporting currency, 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 measurement
At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at the fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non- monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
II) Property, plant and equipment i) Items of property, plant and equipment are stated at cost, less accumulated depreciation and impairment losses, if any. Cost comprises a) the purchase price including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates., b) any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and c) the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that period.
Income and expenses related to the incidental operations, not necessary to bring the item to the location and condition necessary for it to be capable of operating in the manner intended by management, are recognised in Statement of Profit and Loss. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in Statement of Profit and Loss. Capital work-in-progress in respect of assets which are not ready for their intended use are carried at cost, comprising of direct costs, related incidental expenses and attributable interest if any. ii) Subsequent expenditure
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure 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 Statement of Profit and Loss during the reporting period in which they are incurred. iii) Depreciation/amortization
Depreciation/amortization is provided on original cost of property, plant and equipment on straight line method at the rates and in the manner prescribed in Schedule II to the Companies Act, 2013.Depreciation on additions during the year has been provided on prorata basis from the date of such additions. Depreciation on assets sold, discarded or demolished has been provided on pro-rata basis. The estimated useful lives and residual values are reviewed at the end of each financial year. If any of these expectations differ from previous estimates, such change is accounted for as a change in an accounting estimate and adjusted prospectively, if any.
| Assets | Useful Life |
| Leasehold Land | 95 |
| Buildings | 60 |
| Plant & Machinery - Dies and Moulds | 10 |
| Plant and Machinery - Others | 15 |
| Furniture and Fixture | 10 |
| Vehicles | 10 |
| Office Equipment | 5 |
| Electrical Installation | 10 |
| Computers | 6 |
Leasehold assets are amortized over the primary period of lease or its useful life, whichever is shorter on a straight line basis.
III) Intangible assets
Intangible assets are recognized, only if it is probable that the future economic benefits that are attributable to the assets will flow to the enterprise and the cost of the assets can be measured reliably. The intangible assets are recorded at cost and are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets in the nature of software are amortized over a period of 6 years. Amortization of an intangible asset commences when the asset is available for use and ceases when the asset is retired from active use or is disposed off.
IV) Impairment of tangible and intangible assets other than goodwill
At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such
348 indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Intangible assets in the nature of software are amortized over a period of 6 years and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs of disposal 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. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in statement of profit and loss. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in Statement of Profit and Loss .
V) Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments. Financial assets and liabilities are initially measured at fair value. Transactions costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in Statement of Profit and Loss.
Financial Assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
i) Classification of financial assets Debt Instruments at Amortised Cost A debt instrument is measured at the amortised cost if both the following conditions are met: a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows; and b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the Statement of Profit and Loss. The losses arising from impairment are recognised in the Statement of Profit and Loss. This category generally applies to trade and other receivables.
Debt Instruments at FVOCI
A debt instrument is measured at the fair value through other comprehensive income (FVOCI) if both the following conditions are met: a) The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. For assets classified as subsequently measured at FVOCI, interest revenue, expected credit losses, and foreign exchange gains or losses are recognised in Statement of Profit and Loss. Other gains and losses on remeasurement to fair value are recognised in OCI. On derecognition, the cumulative gain or loss previously recognised in OCI is reclassified from equity to Statement of Profit and Loss.
Debt instrument at fair value through profit and loss (FVTPL)
Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVOCI, is classified as at FVTPL. In addition, the Company may elect to classify a debt instrument, which otherwise meets amortized cost or FVOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as accounting mismatch). Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss. ii) Equity investments
All equity investments in scope of Ind-AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTPL. For all other equity instruments, the Company decides to classify the same either as at FVOCI or FVTPL. The Company makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable. If the Company decides to classify an equity instrument as at FVOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to Statement of Profit and Loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity. Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss. Further, Company has elected to apply the exemption available under Ind AS 101 to continue the carrying value for its investments in subsidiaries and associates as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP as at the date of transition (April 1, 2023). Also, in accordance with Ind AS 27 company has elected the policy to account investments in subsidiaries at cost. iii) Derecognition
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On derecognition of a financial asset in its entirety, the difference between the assets carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in the Statement of Profit and Loss if such gain or loss would have otherwise been recognised in Statement of Profit and Loss on disposal of that financial asset.
On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an option to repurchase part of the transferred asset), the Company allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in Statement of Profit and Loss if such gain or loss would have otherwise been recognised in Statement of Profit and Loss on disposal of that financial asset. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts. iv) Impairment of financial assets
Financial assets of the company comprise of trade receivable and other receivables consisting of loans, deposits, input credit receivables and bank balance. An impairment loss for trade and other receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Impairment losses if any, are recognised in Statement of Profit and Loss for the year. The Company applies loss allowance using the expected credit loss (ECL) model for the financial assets which are measured at amortized cost. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of a financial instrument. For all other financial assets, ECLs are measured at an amount equal to 12month ECL, unless there has been a significant increase in credit risk for initial recognition in which case those are measured at lifetime ECL. 12-month expected credit losses are the portion of expected credit losses that result from default events that are possible within 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).
Financial liabilities and equity instruments
Financial instruments with a contractual obligation to deliver cash or another financial assets is recognised as financial liability by the Company.
a) Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
b) Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs. Repurchase of the Companys own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in Statement of Profit and Loss on the purchase, sale, issue or cancellation of the Companys own equity instruments.
iii) Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.
Financial liabilities at FVTPL
Financial liabilities are classified as at FVTPL when the financial liability is either contingent consideration recognised by the Company as an acquirer in a business combination to which Ind AS 103 applies or is held for trading or it is designated as at FVTPL. A financial liability is classified as held for trading if: – it has been incurred principally for the purpose of repurchasing it in the near term; or – on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short term profit taking; or – it is derivative that is not designated and effective as a hedging instrument. A financial liability other than a financial liability held for trading or contingent consideration recognised by the Company as an acquirer in a business combination to which Ind AS 103 applies, may be designated as at FVTPL upon initial recognition if: – such designation eliminated or significantly reduces a measurement or recognition inconsistency that would otherwise arise; – the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Companys documented risk management or investment strategy, and information about the grouping in provided internally on that basis; or – it forms part of a contract containing one or more embedded derivatives, and Ind AS 109 permits the entire combined contract to be designated as at FVTPL in accordance with Ind AS 109. Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in Statement of Profit and Loss. The net gain or loss recognised in Statement of Profit and Loss incorporates any interest paid on the financial liability and in included in the Other income line item.
Financial liabilities subsequently measured at amortised cost
Financial liabilities that are not held for trading and are not designated as at FVTPL are measured at amortised cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortised cost are determined based on the effective interest method. Interest expense that is not capitalised as part of costs of an asset is included in the Finance costs line item. The effective interest method is method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. The Companys financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and financial guarantee contracts.
iv) Derecognition
The Company derecognises financial liabilities when, and only when, the Companys obligations are discharged, cancelled or have expired. An exchange between with a lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Statement of Profit and Loss.
v) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
VI) Derivative financial instruments
The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including cross currency interest rate swaps. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedging relationship and the nature of the hedged item.
Fair value hedges
Changes in fair value of the designated portion of derivatives that qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The change in the fair value of the designated portion of hedging instrument and the change in the hedged item attributable to the hedged risk are recognised in profit or loss in the line item relating Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it to the hedged item.no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised to profit or loss from that date.
VI) Borrowing cost
Borrowing costs are interest and other costs that the Company incurs in connection with the borrowing of funds and is measured with reference to the Effective Interest Rate (EIR) applicable to the respective borrowing. Borrowing costs include interest costs measured at EIR and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Borrowing costs that are attributable to acquisition or construction of qualifying assets are capitalized as a part of cost of such assets till the time the asset is ready for its intended use. A qualifying assets is the one that necessarily takes substantial period of time to get ready for intended use. Other borrowing costs are recorded as an expense in the Profit and loss account in the year in which they are incurred.
VII) Leases
Assets taken on lease under which all risks and rewards of ownership are effectively retained by the lessor are classified as operating lease. Rental expenses from operating leases is generally recognised on a straight line basis over the term of the relevant lease. Where the rentals are structured solely to increase in line with expected general inflation to compensate for the lessors expected inflationary cost increase, such increase are recognised in the year in which such benefit accrue. Contingent rentals arising under operating lease are recognised as an expenses in the period in which they are incurred. Assets held by the Company under leases that transfer to the Company substantially all of the risks and rewards of ownership are classified as finance leases. The leased assets are measured initially at an amount equal to the lower of their fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy applicable to that asset. Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.
VIII) Inventories
Inventories are carried at lower of cost and net realizable value. Cost is determined by using the First in First Out formula. Costs comprise all cost of purchase, cost of conversion and cost incurred in bringing the inventory to their present location and condition other than those subsequently recoverable by the Company from tax authorities.
IX) Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Companys cash management.
X) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable.
Sale of goods
Revenue from the sale of goods is recognised when the goods are delivered and titles have passed, at which time all the following conditions are satisfied: – the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; – the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; – the amount of revenue can be measured reliably; – it is probable that the economic benefits associated with the transaction will flow to the Company; and – the cost incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Service revenue is recognised based on contract terms and on time proportion basis as applicable and excludes service tax/goods and service tax.
XI) Other income
Government grants, subsidies and export incentives:
Government grants and subsidies are recognised when there is reasonable assurance that the Company will comply with the conditions attached to them and the grants/subsidy will be received. Government grants/subsidy whose primary condition is that the Company should purchase, construct or otherwise acquire capital assets, are recognised by deducting them from the carrying value of the eligible assets.
Dividend and Interest income
Dividend income is recognised when right to receive payment has been established.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that assets net carrying amount on initial recognition.
XII) Retirement and other employee benefits
i) Short term employee benefits
Short-term employee benefits are expensed as the related service is provided at the undiscounted amount of the benefits expected to be paid in exchange for that service. A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
ii) Post Employment Employee Benefits
Retirement benefits to employees comprise payments to government provident funds, gratuity fund, leave encashment and superannuation fund (for eligible employees).
Defined contribution plans
Retirement benefits in the form of provident fund and superannuation fund are a defined contribution scheme and the contributions are charged to the Statement of Profit and Loss as incurred.
Defined benefit plans
Gratuity liability is defined benefit obligation and is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of each financial year. The Companys net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Company, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. Remeasurement of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in OCI. Net interest expense (income) on the net defined liability (assets) is computed by applying the discount rate, used to measure the net defined liability (asset), to the net defined liability (asset) at the start of the financial year after taking into account any changes as a result of contribution and benefit payments during the year. Net interest expense and other expenses related to defined benefit plans are recognised in statement of profit and loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in Statement of Profit and Loss. The company recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.
Other long term benefits
Long term compensated absences are provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit method. Actuarial gains/losses are recognized in the other comprehensive income.
XIII) Taxation
Income tax expenses represents the sum of the tax currently payable and deferred tax.
i) Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the Statement of Profit and Loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
ii) Deferred tax
Deferred tax is recognised on temporary differences between the carrying amount of assets and liabilities in the Restated Consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries, except where the Company is able to control the reversal of temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
iii) Current and deferred tax for the year Current and deferred tax are recognised in Statement of Profit and Loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.
XIV) Events occurring after Balance Sheet Date
Where events occurring after the reporting date provide evidence of conditions which existed at the end of the reporting period, the impact of such events is adjusted within the Restated Consolidated Financial Information. Otherwise, events after the reporting date of material size or nature are only disclosed.
XV) Earnings per Share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity share outstanding during the period. For the purpose 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.
XVI) Provisions, contingent liabilities and contingent assets
A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the notes to the Restated Consolidated financial statements. Contingent assets are not recognized in the Restated Consolidated financial statements. Further, long term provisions are determined by discounting the expected future cash flows specific to the liability. The unwinding of the discount is recognised as finance cost. A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognises any impairment loss on the assets associated with that contract.
The Restated Consolidated Financial Information have been prepared using uniform accounting policies for transactions and other events in similar circumstances and are presented to the extent possible, in the same manner as the Parent Companys financial statements
OUR RESULTS OF OPERATIONS
The following tables set forth our selected financial data from our Restated Consolidated Financial Information of profit and loss for the three month period ended June 30, 2026 and Fiscals 2026, 2025 and 2024, the components of which are also expressed as a percentage of total income for such years:
(in million, except percentage)
| Particulars | Three month ended June30, 2026 | Fiscal | |||||||
| 2026 | 2025 | 2024 | |||||||
| Amounts | % of Income | Total | Amounts | % of Total Income | Amounts | % of Total Income | Amounts | % of Total Income | |
| Income | |||||||||
| Revenue from operations | 1,624.54 | 99.84 | 4,359.82 | 99.71 | 4,065.02 | 98.52 | 3,607.72 | 97.83 | |
| Other income | 2.58 | 0.16 | 12.79 | 0.29 | 60.89 | 1.48 | 79.88 | 2.17 | |
| Total Income Expenses | 1,627.12 | 100.00 | 4,372.61 | 100.00 | 4,125.91 | 100.00 | 3,687.60 | 100.00 | |
| Cost of materials consumed | 951.46 | 58.48 | 2,531.62 | 57.90 | 2,617.16 | 63.43 | 2,241.26 | 60.78 | |
| Purchase of | 163.35 | 10.04 | 381.76 | 8.73 | 200.59 | 4.86 | 323.92 | 8.78 | |
| Trading Goods | |||||||||
| Change in inventories of finished goods and Stock in Trade | 3.52 | 0.22 | (33.66) | (0.77) | (74.28) | (1.80) | (18.43) | (0.50) | |
| Employee benefit expenses | 74.56 | 4.58 | 271.01 | 6.20 | 253.41 | 6.14 | 249.72 | 6.77 | |
| Finance costs | 34.63 | 2.13 | 150.49 | 3.44 | 134.15 | 3.25 | 93.68 | 2.54 | |
| Depreciation and amortisation expense | 36.20 | 2.22 | 139.35 | 3.19 | 125.41 | 3.04 | 131.17 | 3.56 | |
| Other expenses | 187.84 | 11.54 | 627.69 | 14.36 | 615.14 | 14.91 | 502.66 | 13.63 | |
| Total expenses | 1,451.56 | 89.21 | 4,068.26 | 93.04 | 3,871.58 | 93.84 | 3,523.98 | 95.56 | |
| Profit/ (loss) before exceptional items and tax | 175.56 | 10.79 | 304.35 | 6.96 | 254.33 | 6.16 | 163.62 | 4.44 | |
| Exceptional items | - | - | - | - | - | - | - | - | |
| Profit before tax | 175.56 | 10.79 | 304.35 | 6.96 | 254.33 | 6.16 | 163.62 | 4.44 | |
| Tax expense | |||||||||
| Current tax | 44.92 | 2.76 | 62.81 | 1.44 | 59.03 | 1.43 | 18.73 | 0.51 | |
| Deferred tax | (0.13) | (0.01) | 15.60 | 0.36 | (0.84) | (0.02) | 28.59 | 0.78 | |
| Adjustment of Tax for earlier years | 0.05 | 0.00 | 1.92 | 0.04 | 2.83 | 0.07 | 0.97 | 0.03 | |
| Total tax expense | 44.84 | 2.76 | 80.33 | 1.84 | 61.02 | 1.48 | 48.29 | 1.31 | |
| Profit for the period / year | 130.72 | 8.03 | 224.02 | 5.12 | 193.31 | 4.69 | 115.33 | 3.13 |
Three month period ended June 30, 2026
Income
Our total income was 1,627.12 million during the three month period ended June 30, 2026.
Revenue from Operations
Our revenue from operation was 1,624.54 million during three months period ended June 30, 2026. As a percentage of total income, revenue from operations was 99.84% during the three months period ended June 30, 2026. Our Revenue from operations primarily comprised of revenue pursuant to (i) sale of products of 1,618.33 million, (ii) revenue from services which comprises Job work Sales of 3.41 million; and (iii) other operating revenue which comprises of scrap sale of 2.08 million and Export Incentives of 0.72 million.
Other Income
Our other income was 2.58 million during the three month period ended June 30, 2026. As a percentage of total income, our other income was 0.16% during the three month period ended June 30, 2026. Our other income primarily consists of interest income on fixed deposits and others of 0.63 million, interest on lease deposit of
0.14 million, government subsidy in the form of SGST subsidy pertaining to Panipat manufacturing facility situated in Haryana of 1.49 million, sundry balance written back of 0.12 million and miscellaneous income of 0.20 million.
Expenses
Our Expense was 1,451.56 million during three months period ended June 30, 2026. As a percentage of total income, Expense was 89.21% during the three months period ended June 30, 2026. Our total expenses comprises of the following:
Cost of materials consumed
Our cost of raw materials consumed was 951.46 million during the three months period ended June 30, 2026. As a percentage of total income, cost of raw materials consumed was 58.48% during the three months period ended June 30, 2026.
Purchase of trading goods
Purchase of trading goods amounted to 163.35 million, during the three months period ended June 30, 2026. As a percentage of total income, purchase of trading goods was 10.04% during the three months period ended June 30, 2026.
Changes in inventory of finished goods and stock in trade
Changes in inventories of finished goods and stock in trade amounted to 3.52 million during three months period ended June 30, 2026.
Employee benefits expense
Employee benefit expense was 74.56 million during three months period ended June 30, 2026. As a percentage of total income, employee benefit expense was 4.58% during the three months period ended June 30, 2026. Our employee benefit expense primarily included of salaries, wages & allowances of 65.64 million, gratuity expenses of 1.73 million, leave encashment expense of 1.12 million, contribution to provident fund & other funds of 2.06 million, and staff welfare expenses 4.01 million
Finance cost
Our finance costs was 34.63 million during the three months period ended June 30, 2026. As a percentage of total income, finance costs was 2.13% during the three months period ended June 30, 2026. Our finance costs primarily include interest expense on (i) bank borrowings of 18.59 million, (ii) lease liability of 2.00 million and other borrowing cost of 14.04 million.
Depreciation and amortization expense
Our depreciation and amortisation expense were 36.20 million during the three months period ended June 30, 2026. As a percentage of total income, depreciation and amortisation expense was 2.22% during the three months period ended June 30, 2026.
Other expenses
Our other expenses were 187.84 million during the three months period ended June 30, 2026. as a percentage of total income, other expenses was 11.54% during the three months period ended June 30, 2026. Our other expenses primarily comprised of expense towards manufacturing expenses of stores and spares consumed 7.88 million, power & fuel 46.31 million, labour charge 49.30 million, repairs to building 0.11 million, machinery 1.38 million, and others 1.16 million, freight & forwarding net of recoveries of 34.17 million, postage & telephone of 0.80 million, travelling & conveyance of 6.58 million, legal & professional fees of 3.52 million, payment to auditors of 0.03 million, insurance net of recoveries of 1.76 million, sub- contracting charge of
16.25 million, exchange differences (net) of 1.54 million, provision for ECL of 3.20 million, loss on sale/discard of assets of 0.33 million, security charges of 3.79 million, corporate social responsibility expenses of 1.20 million, and miscellaneous expenses of 6.79 million.
Tax expense
Our total tax expense was 44.84 million during the three months period ended June 30, 2026. Our current tax was 44.92 million, deferred tax was (0.13) million and adjustment of tax for earlier years was 0.05 million.
Profit for the period
For the various reasons discussed above, we recorded Profit for the period of 130.72 million during three months period ended June 30, 2026, representing 8.03% of total income.
Fiscal 2026 compared to Fiscal 2025 Income
Our total income increased by 246.70 million i.e. 5.98% to 4,372.61 million in Fiscal 2026 from 4,125.91 million in Fiscal 2025. The increase was primarily attributable to following:
Revenue from Operations
Our revenue from operation increased by 294.80 million i.e. 7.25% to 4,359.82 million in Fiscal 2026 from 4,065.02 million in Fiscal 2025. The increase was primarily attributable to volume growth in Pail, Thinwall and Paint business.
Other income
Our other income decreased by 48.10 million i.e. 78.99% to 12.79 million in Fiscal 2026 from 60.89 million in Fiscal 2025. The decreased in primarily reflects decrease in interest on fixed deposit and others to 1.25 million for Fiscal 2026 from 1.31 million for Fiscal 2025, decrease in write back of excess provision for expected credit loss to 0.01 million for Fiscal 2026 from 32.65 million for Fiscal 2025, Rs.19.81 million government subsidy in the form of SGST subsidy pertaining to Una manufacturing facility was fully exhausted in fiscal 2025 whereas government subsidy in the form of SGST subsidy pertaining to Panipat facility has accrued of 1.28 million for Fiscal 2026 and decrease in Sundry Balance Written Back to 0.49 million for Fiscal 2026 from 6.41 million for Fiscal 2025.
Expenses
Our total expenses increased by 196.68 million i.e. 5.08 % to 4,068.26 million in Fiscal 2026 from 3,871.58 million in Fiscal 2025. The increas was primarily attributable to the following:
Cost of raw materials consumed
Our cost of raw materials consumed reduced by 85.54 million i.e. 3.27 % to 2,531.62 million in Fiscal 2026 from 2,617.16 million in Fiscal 2025. The decrease was primarily attributable to favourable raw material pricing in Fiscal 2026 as well as a favorable impact from lower inventory levels in Fiscal 2026 as compared to fiscal 2025.
Purchase of trading goods
Our Purchase of Trading Goods increased by 181.17 million i.e. 90.32% to 381.76 million in Fiscal 2026 from 200.59 million in Fiscal 2025. The increase was primarily attributable to bulk raw material procurement to obtain competitive rates, while surplus materials sold in the open market.
Change in inventories of finished goods and stock in trade
Our change in inventories of finished goods and stock in trade increased by 40.62 million i.e. (-54.68%) to (33.66) million in Fiscal 2026 from (74.28) million in Fiscal 2025. The increase was primarily attributable to increase in value of finished goods due to price fluctuation in the global market for raw material.
Employee benefit expenses
Our employee benefit expenses increased by 17.60 million i.e. 6.95% to 271.01 million in Fiscal 2026 from 253.41 million in Fiscal 2025. The increased in employee benefit expense primarily reflects increase in salaries, wages & allowances to 238.19 million for Fiscal 2026 from 225.39 million for Fiscal 2025, increase in gratuity expenses to 9.6 million for Fiscal 2026 from 5.55 million for Fiscal 2025, increase in contribution to provident fund & other funds to 8.45 million for Fiscal 2026 from 8.31 million for Fiscal 2025, increase in staff welfare expenses to 12.87 million for Fiscal 2026 from 11.98 million for Fiscal 2025 and decrease in leave encashment expense to 1.90 million for Fiscal 2026 from 2.18 million for Fiscal 2025. The increase was primarily attributable to increase in salary and recruitment of new employees by our Company.
Finance costs
Our finance costs increased by 16.34 million i.e. 12.18% to 150.49 million in Fiscal 2026 from 134.15 million in Fiscal 2025. Primarily due to increase in interest cost on bill discounting facility.
Depreciation and amortisation expenses
Our depreciation and amortisation expense increased by 13.94 million i.e. 11.12% to 139.35 million in Fiscal 2026 from 125.41 million in Fiscal 2025. The increase was primarily due to an increase in depreciation of property, plant and equipment.
Other expenses
Our Other expenses increased by 12.55 million i.e. 2.04% to 627.69 million in Fiscal 2026 from 615.14 million in Fiscal 2025. The Increase was primarily attributable to business growth. The marginal increased in Other expenses primarily reflects increase in Stores and Spares Consumed to 36.41 million for Fiscal 2026 from 30.96 million for Fiscal 2025, increase in Power & Fuel to 156.56 million for Fiscal 2026 from 141.4 million for Fiscal 2025, increase in Labour Charge to 161.56 million for Fiscal 2026 from 134.69 million for Fiscal 2025, increase in Building to 1.52 million for Fiscal 2026 from 0.71 million for Fiscal 2025, increase in Machinery to 6.27 million for Fiscal 2026 from 3.33 million for Fiscal 2025, increase in Payment to Auditors to 1.82 million for Fiscal 2026 from 0.55 million for Fiscal 2025, increase in Insurance Net of Recoveries to 9.7 million for Fiscal 2026 from 6.73 million for Fiscal 2025, increase in Loss on Sale/Discard of Assets to 1.93 million for Fiscal 2026 from 0.62 million for Fiscal 2025, increase in Security Charges to 14.79 million for Fiscal 2026 from 14.46 million for Fiscal 2025 and increase in Corporate Social Responsibility Expenses to 3.96 million for Fiscal 2026 from 2.99 million for Fiscal 2025. This marginal increase in other expenses were partially offset by decrease in Sub- Contracting Charge to 57.99 million for Fiscal 2026 from 73.3 million for Fiscal 2025 and decrease in Bad Debts Written-off to 0.18 million for Fiscal 2026 from 32.23 million for Fiscal 2025.
Tax Expenses
Current tax decreased to 62.81 million in Fiscal 2026 compared to 59.03 million in Fiscal 2025 even though the profit before tax increased for the Fiscal 2026 this is particularly due to increased depreciation computed as per the Income Tax Act, 1961. Deferred tax increased to 15.60 million in Fiscal 2026 compared to (0.84) million in Fiscal 2025 due to increase in deferred tax during the period primarily due to increase in certain provisions and adjustments majorly relating to depreciation adjustment due to the Income Tax Act, 1961 and a higher liability for gratuity and leave encashment, driven by changes in actuarial assumptions. These factors collectively contributed to the overall increase in Tax Expenses.
Profit for the period
For the various reasons discussed above, we recorded a profit of 224.02 million in Fiscal 2026 compared to profit of 193.31 in Fiscal 2025
Fiscal 2025 compared to Fiscal 2024 Income
Our total income increased by 438.31 million i.e. 11.89% to 4,125.91 million in Fiscal 2025 from 3,687.60 million in Fiscal 2024. The increase was primarily attributable to the following
Revenue from Operations
Our Revenue from operation increased by 457.30 million i.e. 12.68% to 4,065.02 million in Fiscal 2025 from 3,607.72 million in Fiscal 2024. The increase was primarily attributable to increase in demand across key sectors such as batteries and paint pails which has resulted to increase in sales volume and improved realisations.
Other income
Our Other Income decreased by 18.99 million i.e. 23.77% to 60.89 million in Fiscal 2025 from 79.88 million in Fiscal 2024. The decrease was primarily attributable to government subsidy in the form of SGST subsidy pertaining to Una manufacturing facility of 19.81 million in Fiscal 2025 which was 62.70 million in Fiscal 2024. Write back of excess provision of 32.65 million in Fiscal 2025 which was nil in Fiscal 2024.
Expenses
Our total expenses increased by 347.60 million i.e. 9.86% to 3,871.58 million in Fiscal 2025 from 3,523.98 million in Fiscal 2024. The increase was primarily attributable to the following:
Cost of raw materials consumed
Our cost of raw materials consumed increased by 375.90 million i.e. 16.77% to 2,617.16 million in Fiscal 2025 from 2,241.26 million in Fiscal 2024. The increase was primarily attributable to increase in the prices of raw materials due to price fluctuations in the global market and increase in production volumes leading to increase in consumption of raw materials.
Purchase of trading goods
Our Purchase of Trading Goods decreased by 123.33 million i.e. 38.07% to 200.59 million in Fiscal 2025 from 323.92 million in Fiscal 2024. The decreased was primarily attributable to less market opportunity.
Change in inventories of finished goods and stock in trade
Our change in inventories of finished goods and work-in-progress decreased by 55.85 million i.e. 303.04% to (74.28) million in Fiscal 2025 from (18.43) million in Fiscal 2024. The decreased was primarily attributable to increase in stock of finished stock.
Employee benefit expenses
Our employee benefit expenses increased by 3.69 million i.e. 1.48% to 253.41 million in Fiscal 2025 from 249.72 million in Fiscal 2024. The increased in employee benefit expense primarily reflects decrease in salaries, wages & allowances to 225.39 million for Fiscal 2026 from 229.3 million for Fiscal 2025, increase in gratuity expenses to 5.55 million for Fiscal 2026 from 3.30 million for Fiscal 2025, increase in leave encashment expense to 2.18 million for Fiscal 2026 from 0.65 million for Fiscal 2025, decrease in contribution to provident fund & other funds to 8.31 million for Fiscal 2026 from 7.42 million for Fiscal 2025 and decrease in Staff Welfare Expenses to 11.98 million for Fiscal 2026 from 9.05 million for Fiscal 2025. The Increase was primarily attributable to increase in gratuity and staff welfare expenses.
Financial costs
Our Finance costs increased by 40.47 million i.e. 43.20% to 134.15 million in Fiscal 2025 from 93.68 million in Fiscal 2024. The Increase was primarily attributable to availment of corporate loan from State Bank of India for funding general capital expenditure at existing Operating Facilities. Additionally increase in interest on bill discounting of 13.88 million in fiscal 2025 which was nil in fiscal 2024. An increase in interest on lease
361 liabilities by 114.08% to 9.12 million in Fiscal 2025 from 4.26 million in Fiscal 2024 on account of setting up a Manufacturing Facility at Dadra.
Depreciation and amortisation expenses
Our Depreciation and amortisation expense decreased by 5.76 million i.e. 4.39% to 125.41 million in Fiscal 2025 from 131.17 million in Fiscal 2024. The decreased was primarily attributable to change in useful life of plant & machinery in fiscal 2024.
Other expenses
Our other expenses increased by 112.48 million i.e. 22.38% to 615.14 million in Fiscal 2025 from 502.66 million in Fiscal 2024. The Increase was primarily attributable to growth in business The marginal increased in Other expenses primarily reflects increase in Stores and Spares Consumed to 30.96 million for Fiscal 2025 from 26.29 million for Fiscal 2024, increase in Power & Fuel to 141.4 million for Fiscal 2025 from 115.93 million for Fiscal 2024, increase in Labour Charge to 134.69 million for Fiscal 2025 from 37.37 million for Fiscal 2024, increase in Repairs to Plant & Machinery to 3.33 million for Fiscal 2025 from 2.59 million for Fiscal 2024, increase in repairs to others to 4.46 million for Fiscal 2025 from 3.63 million for Fiscal 2024, increase in Postage & Telephone to 2.63 million for Fiscal 2025 from 2.12 million for Fiscal 2024, increase in Rates & Taxes to 4.06 million for Fiscal 2025 from 2.9 million for Fiscal 2024, increase in Legal & Professional fees to 8.99 million for Fiscal 2025 from 6.5 million for Fiscal 2024, increase in Bad Debts Written-off to 32.23 million for Fiscal 2025 from Nil for Fiscal 2024, increase in Security Charges to 14.46 million for Fiscal 2025 from 9.89 million for Fiscal 2024, increase in Corporate Social Responsibility Expenses to 2.99 million for Fiscal 2025 from 2.85 million for Fiscal 2024 and increase in Miscellaneous Expenses to 30.07 million for Fiscal 2025 from 29.94 million for Fiscal 2024. The marginal increase in Other expenses are partially offset by a decrease in Sub- Contracting Charge to 73.3 million for Fiscal 2025 from 143.02 million for Fiscal 2024, decrease in Provision for ECL to Nil for Fiscal 2025 from 0.43 million for Fiscal 2024, increase in Bad Debts Written-off to 32.23 million for Fiscal 2025 from Nil for Fiscal 2024, increase in Miscellaneous Expenses to 30.07 million for Fiscal 2025 from 29.94 million for Fiscal 2024.
Tax Expenses
Current tax increased to 59.03 million in Fiscal 2025 compared to 18.73 million in Fiscal 2024 due to the increase in profit before tax. Deferred tax decreased to 0.84 million in Fiscal 2025 compared to 28.59 million in Fiscal 2024 due to decrease in deferred tax during due to the increase deferred tax asset created for major Change in gratuity and leave encashment. Additionally, the reversal of sales previously recognized, along with adjustments related to revenue recognition, led to a reduction in the timing differences that give rise to deferred tax.
Profit for the period
For the various reasons discussed above, we recorded a profit of 193.31 million in Fiscal 2025 compared to profit of 115.33 in Fiscal 2024
LIQUIDITY AND CAPITAL RESOURCES
Historically, our primary liquidity and capital requirements have been to finance our capital expenditure and working capital needs for our operations. We have met these requirements through internal accruals, equity infusions from shareholders and borrowings. As of three month period ended June 30, 2026, we had 2.73 million in cash and cash equivalents, 0.06 million in other bank balances other than cash and cash equivalents and 648.43 million in trade receivables. Our Manufacturing Facility set up at Panipat in 2024 is eligible for availing benefits under the Enterprises Promotion Policy, 2015, on SGST payable on sale of finished goods for a period of 8 years. Further, our Manufacturing Facility in Una has availed similar SGST related benefits on the sale of finished goods under the state investment policy. We believe that after taking into account the expected cash to be generated from operations, our borrowings and the proceeds from the Offer, we will have sufficient liquidity for our present requirements and anticipated requirements for capital expenditure and working capital for the next 12 months.
CASH FLOWS
The following table summarise our cash flows data for the years indicated:
(in million)
| Particulars | For the three month period ended June 30, 2026 | Fiscal | ||
| 2026 | 2025 | 2024 | ||
| Cash flow (used in)/ generated from Operating Activities | 99.22 | 443.00 | 368.77 | 354.23 |
| Cash flow (used in)/ generated from | (63.95) | (187.23) | (230.54) | (532.91) |
| Investing Activities | ||||
| Cash flow (used in)/ generated from financing activities | (35.16) | (263.91) | (130.02) | 177.82 |
| Net increase/ (decrease) in cash and cash equivalents | 0.11 | (8.14) | 8.21 | (0.86) |
Operating Activities
Three month period ended June 30, 2026
Net cash generated from operating activities for the three month period ended was 99.22 million. Though our profit before tax was 175.56 million, we had operating profit before working capital changes of 245.97 million, primarily due to adjustments for depreciation and amortisation expense of 36.20 million, finance costs of 32.63 million, interest income of (0.77) million, notional interest on security deposit of 0.14 million, (Profit)/Loss on sale of assets of 0.33 million, liabilities / provisions no longer required written back of (0.12) million, interest on lease liabilities of 2.00 million and negligible net unrealised exchange gain. This was further adjusted for working capital adjustments, which primarily consisted decrease in trade receivables of 9.30 million, increase in inventories of 46.96 million, decrease in other financial assets and other assets of 133.21 million, decrease in trade payables of 58.19 million, decrease in other financial liabilities and other liabilities of 164.77 million and increase in provisions of 2.70 million. As a result, cash generated from operations for the three month period ended June 30, 2026 was 121.26 million before adjusting for tax paid (net of refunds) of 22.04 million.
Fiscal 2026
Net cash generated from operating activities for the Fiscal 2026 was 443.00 million. Though our profit before tax was 304.35 million, we had operating profit before working capital changes of 585.69 million, primarily due to adjustments for depreciation and amortisation expense of 138.95 million, profit on derecognition of ROU of 0.55 million, finance costs of 141.84 million, interest income of 1.83 million, notional interest on security deposit of 0.58 million, (Profit)/Loss on sale of assets of 1.93 million, liabilities / provisions no longer required written back of 0.49 million, interest on lease liabilities of 8.65 million, bad trade and sundry balance written off of 0.18 million and net unrealised exchange gain of 7.92 million. This was further adjusted for working capital adjustments, which primarily consisted increase in trade receivables of 40.87 million, decrease in inventories of 38.44 million, increase in other financial assets and other assets of
30.27 million, increase in trade payables of 73.70 million, increase in other financial liabilities and other liabilities of 39.32 million and increase in provisions of 7.22 million. As a result, cash generated from operations for the Fiscal 2026 was 507.73 million before adjusting for tax paid (net of refunds) of 64.73 million.
Fiscal 2025
Net cash generated from operating activities for the Fiscal 2025 was 368.77 million. Though our profit before tax was 254.33 million, we had operating profit before working capital changes of 544.77 million, primarily due to adjustments for depreciation and amortisation expense of 123.92 million, profit on derecognition of ROU of 0.09 million, finance costs of 125.03 million, interest income of 1.87 million, notional interest on security deposit of 0.56 million, (Profit)/Loss on sale of assets of 0.62 million, liabilities / provisions no longer required written back of 6.41 million, interest on lease liabilities of 9.12 million, bad trade and sundry balance written off of 39.62 million and net unrealised exchange gain of 0.06 million. This was further adjusted for working capital adjustments, which primarily consisted increase in trade receivables of 199.93 million, increase in inventories of 251.97 million, increase in other financial assets and other assets of 110.08 million, increase in trade payables of 193.16 million, increase in other financial liabilities and other liabilities of 250.43 million and increase in provisions of 4.24 million. As a result, cash generated from operations for the Fiscal 2025 was 430.62 million before adjusting for tax paid (net of refunds) of 61.85 million.
Fiscal 2024
Net cash generated from operating activities for the Fiscal 2024 was 354.23 million. Though our profit before tax was 163.61 million, we had operating profit before working capital changes of 373.38 million, primarily due to adjustments for depreciation and amortisation expense of 130.24 million, finance costs of 89.42 million, interest income of 6.04 million, notional interest on security deposit of 0.40 million, (Profit)/Loss on sale of assets of 0.75 million, liabilities / provisions no longer required written back of 1.35 million, interest on lease liabilities of 4.26 million, bad trade and sundry balance written off of 0.40 million and net unrealised exchange gain of 8.31 million. This was further adjusted for working capital adjustments, which primarily consisted decrease in trade receivables of 126.35 million, decrease in inventories of 30.18 million, increase in other financial assets and other assets of
41.97 million, decrease in trade payables of 171.82 million, increase in other financial liabilities and other liabilities of 54.67 million and increase in provisions of 3.15 million. As a result, cash generated from operations for the Fiscal 2024 was 373.94 million before adjusting for tax paid (net of refunds) of 19.70 million.
Rational for significant increase in other financial liabilities for the period 2024-2026.
The other financial liabilities primarily increased on account of increase in other payables, which mainly consist of outstanding payable to delcreder agent and payment liability towards MSME bill discounting through Invoicemart.
Investing Activities
Three month period ended June 30, 2026
Net cash used in investing activities during the three month period ended June 30, 2026 was 63.95 million primarily on account of payments for purchase of property, plant and equipment of 64.89 million, proceeds from sale of property, plant and equipment of 0.17 million and interest received of 0.77 million.
Fiscal 2026
Net cash used in investing activities during the Fiscal 2026 was 187.23 million primarily on account of payments for purchase of property, plant and equipment of 189.50 million, proceeds from sale of property, plant and equipment of 0.44 million and interest received of 1.83 million. The CWIP for Fiscal 2026 is primarily attributable to capital expenditure incurred towards new and maintenance capital expenditure.
Fiscal 2025
Net cash used in investing activities during the Fiscal 2025 was 230.54 million primarily on account of payments for purchase of property, plant and equipment of 234.90 million proceeds from sale of property, plant and equipment of 1.47 million and interest received of 1.87 million. The CWIP for Fiscal 2025 is primarily attributable to capital expenditure incurred towards new and maintenance capital expenditure.
Fiscal 2024
Net cash used in investing activities during the Fiscal 2024 was 532.91 million primarily on account of payments for purchase of property, plant and equipment of 540.12 million, proceeds from sale of property, plant and equipment of 1.28 million and interest received of 6.04 million. The CWIP for Fiscal 2024 is primarily attributable to capital expenditure incurred towards setting up the Companys manufacturing facility in Panipat.
Financing Activities
Three month period ended June 30, 2026
Net cash utilised from financing activities during the three month period ended June 30, 2026 was 35.16 million primarily on account of proceeds from borrowings of 42.74 million, finance cost paid of 32.63 million, principal repayment of lease liability or 7.27 million and dividend payment of 38 million.
Fiscal 2026
Net cash utilised from financing activities during the Fiscal 2026 was 263.91 million primarily on account of repayment of borrowings of 92.60 million, finance cost paid of 141.84 million and principal repayment of lease liability or 29.47 million.
Fiscal 2025
Net cash utilised in financing activities during the Fiscal 2025 was 130.02 million primarily on account of proceeds from borrowings of 43.92 million, finance cost paid of 125.03 million, principal repayment of lease liability of 28.01 million and dividend payment of 20.90 million.
Fiscal 2024
Net cash generated in financing activities during the Fiscal 2024 was 177.82 million primarily on account of proceeds of borrowings of 304.28 million, finance cost paid of 89.42 million, principal repayment of lease liability of 18.04 million and dividend payment of 19.00 million.
Financial Indebtedness
As at June 30, 2026 the total outstanding borrowings of our Company were 924.62 million as per Restated Consolidated Financial Information . For further details, refer chapter titled Financial Indebtedness beginning on page 372 of this Red Herring Prospectus.
As per Restated Consolidated Financial Information:
( in million)
| Particulars | For the three month period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Long Term Borrowings (A) | ||||
| - From Banks & Financial Institution | 179.53 | 207.38 | 234.91 | 259.65 |
| Short Term Borrowings (B) | ||||
| - From Banks & Financial Institution | 614.33 | 550.26 | 629.34 | 590.21 |
| Current Maturities of Long-Term Borrowings (C) | 130.76 | 124.24 | 110.23 | 80.70 |
| Total (A)+(B)+(C) | 924.62 | 881.88 | 974.48 | 930.56 |
Contingent Liabilities and Commitments
Contingent liabilities, to the extent not provided for, as of the below mentioned time periods, as determined in accordance with Ind AS 37, are described below
As per Restated Consolidated Financial Information
Contingent liabilities
( in million)
| Particulars | For the three month period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Claims against the Group not acknowledged as debts but disputed in Commissioner of Customs (Appeals) including Fines and penalties. | - | 1.84 | 1.84 | 1.84 |
| Claims against the Group not acknowledged as debts. The company is in process of filing appeal - Good and Service tax | 8.52 | 8.52 | 4.12 | - |
| Claims against the Group not acknowledged as debts. The company is in process of filling appeal | - | - | 4.39 | - |
Commitments
( in million)
| Particulars | For the three month period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Estimated number of Contracts remaining to be executed on capital account Net of Advances | 203.43 | 38.46 | 28.43 | 23.88 |
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements, derivative instruments or other relationships with other entities that would have been established for the purpose of facilitating off-balance sheet arrangements.
Changes in accounting policies in the last three Fiscals
There have been no changes in our accounting policies during the three month period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024.
Related Party Transactions
We enter into various transactions with related parties in the ordinary course of business. For further details, see
Financial Statements- Restated Consolidated Financial Information – Annexure- VI Material Accounting Policies and Other Explanatory Notes to Restated Consolidated Financial Information – Notes: 46 - Related Party Disclosures on page 322.
Non-GAAP Measures
In addition to our results determined in accordance with Ind AS, we believe the following non-GAAP measures are useful to investors in evaluating our operating performance and liquidity. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Non-GAAP financial information, when taken collectively with financial measures prepared in accordance with Ind AS, may be helpful to investors because it provides an additional tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial results with other companies in our industry because it provides consistency and comparability with past financial performance. However, our management does not consider these Non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with Ind AS. For further details, please refer to the chapter titled Certain Conventions, Currency of Presentation, Use of Financial Information and Market Data - Non-GAAP Financial Measures on page 20 of this Red Herring Prospectus.
Quantitative and Qualitative Disclosures about Market Risk
The Companys principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Companys operations. The Companys principal financial assets include trade and other receivables and cash and cash equivalents that derive directly from its operations.
The Group is exposed it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Groups primary risk management focus is to minimize potential adverse effects of risks on its financial performance. The Companys risk management assessment policies and processes are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management of these policies and processes are reviewed regularly to reflect changes in market conditions and the Groups activities. The Board of Directors are responsible for overseeing these policies and processes.
Market risk
Market risk is the risk that changes in market prices on account of foreign exchange rates, interest rates and commodity prices - will affect the Companys income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. For risks relating to the same, please refer to Risk Factors – Risk Factor – Risk Factor 54 - We may be subject to forex losses, export-import duties for our international business. on page 56.
Currency risk
The fluctuation in foreign currency exchange rates may have potential impact on the profit and loss account, where any transaction has more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the entity. Considering the countries and economic environment in which the Group operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in U.S. dollar and Euro, against the respective functional currencies (INR) of Group. For further information, see Principal Factors Affecting Our Results of Operations on page 341.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Groups exposure to market risk for changes in interest rates relates to borrowings from financial institutions. The Group manages its interest rate risk arising from foreign currency floating rate loans by using interest rate swaps as hedges of variability in cash flows attributable to interest rate risk.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Groups receivables from customer. The Group establishes an allowance for doubtful debts and impairment that represents its estimate on expected loss model. The Group exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Group grants credit terms in the normal course of business. As of three month period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024, our restated trade receivables were 648.43 million, 657.73 million, 609.12 million and 448.76 million respectively. For further information, see Risk Factors – Risk Factor 45 - While we cater to well-known customers across our product categories, however, if we are unable to collect customer receivables, it may affect our cash flows and results of operations on page 52 .
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. The Group manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Groups reputation. The Group has obtained fund and non-fund based working capital lines from various banks. The Group also constantly monitors various funding options available in the debt and capital markets with a view to maintaining financial flexibility.
Other Qualitative Factors
Unusual or infrequent events or transactions
Except as described in this Red Herring Prospectus, there have been no other events or transactions that, to our knowledge, may be described as unusual or infrequent.
Significant economic changes that materially affected or are likely to affect income from continuing operations Other than as described above, to the best of the knowledge of our management, there are no other significant economic changes that materially affect or are likely to affect income from continuing operations. For further details, please see Our Business and Risk Factors on pages 194 and 25 respectively.
Known trends or uncertainties
Apart from the risks as disclosed under Section Risk Factors beginning on page 25, and except as disclosed in this Red Herring Prospectus, there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.
Future changes in relationship between costs and revenues
Other than as described above and in Our Business and Risk Factors on pages 194 and 25 respectively, to the knowledge of our management, there are no known factors that might affect the future relationship between costs and revenues.
Increases in net sales or revenue and Introduction of new products or services or increased sales prices
Changes in revenue from operations are described in Three month period ended June 30, 2026 on page 357,
Fiscal 2026 compared to Fiscal 2025 on page 359 and Fiscal 2025 compared to Fiscal 2024 on page 361. Status of any publicly announced New Products or Business Segment Other than as disclosed in this section and in Our Business on page 194, as on the date of this Red Herring Prospectus, there are no new products or business segments that have had or are expected to have a material impact on our business prospects, results of operations or financial.
Seasonality of business
The industries in which our customers operate are typically seasonal in nature. Our battery casing sales are driven by the battery industry which experiences a surge during warmer months and conversely, its sales declines in colder months. The dairy products industry, particularly ice creams, follow a similar trend which affect our thinwall product sales.
Any Major Dependence on a single or few suppliers or customers
The % of contribution of our Companys suppliers vis-à-vis the cost of materials consumed respectively as of for the three month period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024 is as follows:
| Particulars | Top supplier as a percentage (%) of direct expenses | ||||
| For the three month period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||
| Top 5 | 64.49 | 55.38 | 52.22 | 81.18 | |
| Top 10 | 71.89 | 62.70 | 60.26 | 95.90 |
The table below sets forth the amounts paid to top 10 suppliers, for the periods indicated:
| Particulars *^ | For the three month period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| Amount ( million) | % of total expenses | Amount ( million) | % of total expenses | Amount ( million) | % of total expenses | Amount ( million) | % of total expenses | |
| Supplier 1 | 579.56 | 39.93 | 1,475.45 | 36.27 | 1,309.01 | 33.81 | 1,132.97 | 32.15 |
| Supplier 2 | 174.04 | 11.99 | 320.60 | 7.88 | 319.14 | 8.24 | 242.02 | 6.87 |
| Supplier 3 | 94.59 | 6.52 | 174.17 | 4.28 | 144.42 | 3.73 | 222.71 | 6.32 |
| Supplier 4 | 56.42 | 3.89 | 169.61 | 4.17 | 131.51 | 3.40 | 128.65 | 3.65 |
| Supplier 5 | 31.51 | 2.17 | 113.24 | 2.78 | 117.51 | 3.04 | 121.29 | 3.44 |
| Supplier 6 | 23.06 | 1.59 | 82.90 | 2.04 | 98.92 | 2.56 | 89.60 | 2.54 |
| Supplier 7 | 21.75 | 1.50 | 63.20 | 1.55 | 70.17 | 1.81 | 75.93 | 2.15 |
| Supplier 8 | 21.53 | 1.48 | 60.03 | 1.48 | 63.61 | 1.64 | 70.46 | 2.00 |
| Supplier 9 | 20.78 | 1.43 | 47.34 | 1.16 | 39.94 | 1.03 | 66.94 | 1.90 |
| Supplier 10 | 20.26 | 1.40 | 44.19 | 1.09 | 38.75 | 1.00 | 51.60 | 1.46 |
| Total | 1,043.50 | 71.89 | 2,550.73 | 62.70 | 2,332.97 | 60.26 | 2,202.15 | 62.49 |
*Our top 10 suppliers include, Attitude Life Science Products Private Limited, Aquila Forged Metals S.P.A., Borouge Pte Ltd, ExxonMobil Chemical Asia Pacific, Gravita India Limited, Haldia Petrochemicals Limited, Kaveri Battery Tooling Enterprise, Hare Krishna Overseas and Prashant Industries; names of remaining suppliers have not been disclosed because their consents are not available. ^These suppliers represent the top 10 suppliers for each of the respective periods/years and may not necessarily be the same customers across the period/ years.
The table below sets forth the revenue from operations derived from our top 10 customers, for the periods indicated:
| Particulars *^ | For the three month period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| Amount ( million) | % of revenue from operations | Amount ( million) | % of revenue from operations | Amount ( million) | % of revenue from operations | Amount ( million) | % of revenue from operations | |
| Customer 1 | 445.59 | 27.43 | 1,100.49 | 25.24 | 1,051.81 | 25.87 | 854.70 | 23.69 |
| Customer 2 | 195.40 | 12.03 | 720.27 | 16.52 | 944.70 | 23.24 | 807.79 | 22.39 |
| Customer 3 | 112.57 | 6.93 | 386.35 | 8.86 | 368.49 | 9.06 | 391.35 | 10.85 |
| Customer 4 | 110.11 | 6.78 | 355.89 | 8.16 | 278.51 | 6.85 | 138.39 | 3.84 |
| Customer 5 | 90.69 | 5.58 | 181.62 | 4.17 | 135.87 | 3.34 | 127.71 | 3.54 |
| Customer 6 | 79.87 | 4.92 | 118.90 | 2.73 | 122.65 | 3.02 | 124.37 | 3.45 |
| Customer 7 | 60.66 | 3.73 | 109.53 | 2.51 | 92.42 | 2.27 | 78.78 | 2.18 |
| Customer 8 | 58.87 | 3.62 | 82.26 | 1.89 | 74.81 | 1.84 | 77.86 | 2.16 |
| Customer 9 | 55.30 | 3.40 | 76.69 | 1.76 | 67.44 | 1.66 | 77.81 | 2.16 |
| Customer 10 | 36.47 | 2.25 | 70.31 | 1.61 | 59.40 | 1.46 | 71.94 | 1.99 |
| Total | 1,245.52 | 76.67 | 3,202.30 | 73.45 | 3,196.10 | 78.62 | 2,750.71 | 76.25 |
*Our top 10 customers include Grasim Industries Limited, HSD Battery India Pvt. Ltd., Indigo Paints Limited, JSW Paints Limited, Kansai Nerolac Paints Limited, Livguard Energy Technologies Private Limited, Luminous Technologies Private Limited, Sakthi Accumulators Private Limited, Zunax Energy Products LLP and TVS Motor Company Limited. ^These customers represent the top 10 customers for each of the respective periods/years and may not necessarily be the same customers across the period/ years.
Competitive conditions
Competitive conditions are as described under the chapters Industry Overview and Our Business beginning on pages 142 and 194, respectively.
Significant Developments after June 30, 2026, that may affect our future results of operations
Except as stated above and elsewhere in this Red Herring Prospectus, no developments have come to our attention since the date of the Restated Financial Information as disclosed in this Red Herring Prospectus which materially and adversely affect or are likely to materially and adversely affect our operations or trading or profitability, or the value of our assets or our ability to pay our liabilities within the next twelve months.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
