Mishra Dhatu Nigam Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS 2025-26

ECONOMY OVERVIEW

GLOBAL ECONOMY

Throughout CY 2025, the global economy reinforced its capacity to withstand external pressures, advancing steadily through a macroeconomic environment characterised by fluid geopolitical conditions, reconfiguring trade architectures, and divergent monetary policy recalibrations across major financial centres.

Foundational to this performance was a confluence of enabling factors — progressive supply chain normalisation, uninterrupted private sector investment activity, a gradual unwinding of price pressures, and timely policy support from central banking authorities across strategically significant markets. Together, these dynamics bolstered the structural stability of the global economy and improved its capacity to absorb and respond to external shocks.

The IMFs assessment affirms this constructive narrative, placing global output expansion at 3.3% for CY 2025 which is a reflection of enduring economic vitality across emerging and developing market blocs.

Inflation Trajectory and Monetary Policy

Price pressures across the global economy continued their gradual retreat over the review period, shaped by the progressive unwinding of supply-side bottlenecks, a return to relative stability in commodity markets, and the compounding influence of measured monetary tightening by leading central banks.

Global headline inflation is placed at 4.1% in CY 2025, with forward projections indicating a further decline to 3.8% in CY 2026 and 3.4% in CY 2027-charting a clear path toward the long-term price stability benchmarks maintained by major monetary authorities.

The United States presented a somewhat divergent inflationary profile relative to its advanced economy peers, with price persistence proving more entrenched; nonetheless, core inflation is anticipated to converge gradually with the Federal Reserves established medium-term target. Elsewhere among advanced economies, disinflationary momentum has been more consistent, aided by declining energy costs and a tempering of demand-side pressures.

In this context, major central banks maintained disciplined, evidence-based policy frameworks, carefully balancing inflation management with growth support imperatives. The trajectory of monetary normalisation continues to exert meaningful influence on global liquidity, international capital allocation, and currency dynamics, even as the overarching macroeconomic environment retains a broadly supportive character.

Regional Growth Dynamics

The distribution of global growth across CY 2025-2027 is expected to remain uneven, shaped by divergent fiscal positions, varying degrees of domestic demand buoyancy, and structural distinctions inherent to individual economies and regions.

Advanced economies are forecast to register moderate but stable expansion, benefiting from improved price conditions and measured policy support, though structural constraints continue to temper their longer-term growth ceiling. Within this cohort, the United States is positioned to lead on relative growth performance, drawing support from durable household consumption and a broadly enabling policy environment.

Emerging market and developing economies are projected to maintain a decisive growth premium over advanced economies, propelled by ongoing infrastructure build-out, a deepening of domestic consumption bases, and accelerating economic diversification strategies. The Middle East and Central Asia region is poised for a gradual growth uplift, driven by expanded hydrocarbon output and deliberate efforts to broaden the economic base beyond natural resources.

In aggregate, the medium-term global growth outlook retains a positive orientation, grounded in the sustained economic dynamism of key emerging market economies.

Key Risks and Uncertainties

Notwithstanding the economys demonstrated resilience, the global risk landscape remains layered with structural, geopolitical, and policy driven variables that carry the potential to unsettle the pace or sustainability of growth across interconnected economies:

• Trade Policy Volatility: The ongoing restructuring of global supply networks, coupled with shifting export controls and protectionist policy impulses, continues to introduce material uncertainty into cross-border commerce. A further deterioration in trade conditions could trigger supply disruptions, drive input cost inflation, and rekindle broader price pressures.

• Fiscal and Financial Stability Risks: Mounting sovereign debt burdens, deteriorating fiscal balances, and the heightened sensitivity of bond markets to yield movements present credible risks of financial instability, with potential spillover effects on broader macroeconomic conditions.

• Geopolitical Tensions: Active geopolitical conflicts and evolving regional instabilities continue to cast uncertainty over global trade corridors, threaten supply chain integrity, and amplify volatility in energy and commodity markets, with the capacity to generate wider economic dislocations.

• AI Driven Investment and Valuation Risk: Should the productivity dividends and commercial applications of artificial intelligence fall short of prevailing market expectations, investor sentiment may weaken, technology-sector capital flows could contract, and enterprise adoption rates may decelerate. The consequent repricing of highly valued technology assets poses a tangible downside risk to equity markets more broadly.

The global macroeconomic outlook is positioned for measured stability, with the IMF projecting world output growth at 3.3% in CY 2026 and 3.2% in CY 2027. The medium-term trajectory, while constructive, will remain contingent on the effective management of an array of structural and externally-driven risks.

Preserving the conditions for sustained long term growth will demand continued commitment to fiscal consolidation, well-calibrated monetary policy, and institutional reform, complemented by reinforced multilateral frameworks supporting trade openness and economic resilience. Strategic investment in technology, critical infrastructure, workforce capability, and total factor productivity will be equally decisive in determining the trajectory of global economic advancement.

Looking further ahead, the broad-based integration of artificial intelligence and next-generation technologies into global production and business models holds considerable potential to augment medium-term economic performance, delivering measurable gains in efficiency, innovative capacity, and enterprise productivity across sectors worldwide.

INDIAN ECONOMY

India sustained its standing as one of the worlds most dynamic large economies during FY 2025-26, crossing a significant milestone by overtaking Japan to claim the position of the fourth-largest economy globally by nominal GDP. The countrys ascent is projected to continue, with India on course to secure the third-largest economy ranking by 2028, underpinned by compounding economic expansion, robust domestic consumption, and an accelerating infrastructure investment pipeline.

Real GDP recorded an expansion of 7.6% in FY 2025-26, advancing from 7.1% in the preceding fiscal year, while nominal GDP climbed 8.6% to reach Rs.345.47 lakh crore. Growth drew support from durable private consumption, concurrent public and private capital formation, and broad-based momentum across both the services and industrial segments of the economy.

Sectoral Growth and Infrastructure Momentum

Indias sectoral growth profile remained firmly positive through FY 2025-26, reflecting concurrent strength across industrial and services activity.

Industrial GVA growth edged upward from 5.9% in FY 2024-25 to 6.2% in FY 2025-26, buoyed by a recovery in manufacturing output and sustained expansion within the construction segment. Manufacturing GVA delivered healthy performance over the year, reflecting improved capacity utilisation, resilient end-market demand, and a favourable investment environment shaped by infrastructure-linked activity.

The services sector retained its position as the primary engine of economic value creation, with GVA growth accelerating markedly from 7.2% to 9.1% over the same period. The sectors contribution to overall GVA reached a record high, propelled by strong household consumption, steady broadening of trade, transport, communication, and allied service industries, alongside stable growth in services exports.

Capital Expenditure

Public capital expenditure remained a cornerstone of Indias growth architecture through FY 2025-26, serving as a critical lever for infrastructure development, industrial capacity expansion, and long-term productivity uplift. Government capital outlay has undergone a transformational scale-up over recent years, rising nearly 4.2 times from Rs.2.63 lakh crore in FY 2017-18 to Rs.11.21 lakh crore in FY 2025-26 (Budget Estimates) — a testament to the sustained policy prioritisation of investment-led growth.

The Central Governments effective capital expenditure has also strengthened considerably, rising from an average of 2.7% of GDP in the pre-pandemic era to approximately 4.0% of GDP in recent years. State-level capital deployment has been further reinforced through targeted mechanisms such as the Special Assistance to States for Capital Investment (SASCI) scheme, deepening the aggregate public investment footprint across the national economy.

Looking ahead, the Union Budget for FY 2026-27 proposes a further step-up in public capital expenditure to Rs.12.2 lakh crore, reaffirming the Governments resolute commitment to infrastructure creation, private investment facilitation, and broad-based capacity building.

Outlook

Indias medium-to-long-term economic outlook remains distinctly positive, anchored by sound macroeconomic fundamentals, a deepening policy reform agenda, and the transformative ambition embodied in the Governments Viksit Bharat 2047 vision.

In the near term, growth is projected to remain resilient, with real GDP expansion forecast in the 6.8%-7.2% range for FY 2026-27, supported by vigorous domestic demand, rising investment activity, continued public infrastructure deployment, and expanding private sector participation.

Over the longer horizon, Indias structural growth drivers with encompassing accelerated digitalisation, expanding infrastructure networks, deepening financial inclusion, and a demographically young and growing workforce will provide a durable foundation for sustained economic advancement. While external uncertainties stemming from geopolitical developments, evolving trade dynamics, and global financial market volatility may present intermittent challenges, Indias robust domestic fundamentals, disciplined macroeconomic stewardship, and reform-oriented policy environment position the economy strongly to sustain and build upon its long-term growth momentum.

INDUSTRY OVERVIEW

STEEL INDUSTRY

The Indian steel industry recorded healthy growth during FY 2025-26, supported by infrastructure development, urbanisation, expansion in manufacturing activities, and steady domestic demand. India continued to remain the worlds second-largest steel producer and one of the largest consumers of finished steel globally.

Crude Steel Production

Indias crude steel production increased to 168.4 million tonnes (MT) during FY 2025-26 from 152.2 MT in FY 2024-25, registering a growth of approximately 10.7% over the previous year. The increase in production was supported by capacity expansion, improved utilisation levels, and continued demand from key user industries.

The growth in crude steel production is in line with the objectives of the National Steel Policy aimed at increasing domestic steelmaking capacity and improving self-sufficiency in value-added steel products.

Finished Steel Production

Finished steel production in India stood at 160.9 MT during FY 2025-26 as against 146.7 MT in FY 2024-25, reflecting a growth of approximately 9.7%. Demand from infrastructure, construction, engineering, automotive, defence, and industrial manufacturing sectors supported higher production levels during the year.

Government initiatives such as the Production Linked Incentive (PLI) Scheme for Specialty Steel, infrastructure investments, and policies promoting domestic manufacturing continued to support production growth in the steel sector.

Finished Steel Consumption

Consumption of finished steel in India remained strong during FY 2025-26 and increased to 163.7 MT from 152.1 MT in FY 2024-25, registering a growth of approximately 7.6%. Growth in consumption was mainly driven by investments in infrastructure, housing, transportation, renewable energy, and industrial projects.

Construction and infrastructure continued to account for the largest share of steel consumption in the country, followed by engineering, packaging, and automotive sectors.

OUTLOOK

The outlook for the Indian steel industry remains positive, supported by continued investments in infrastructure, manufacturing, transportation, defence, and renewable energy sectors. Government initiatives focused on domestic manufacturing, specialty steel production, import substitution, and capacity expansion are expected to support longterm growth in the sector. Increasing emphasis on green steel, energy efficiency, and low-carbon to promote long term sustainable growth.

https://static.Dib.aov.in/WriteReadData/sDecificdocs/documents/2026/mav/doc202655864101.pdf

HIGH PERFORMANCE ALLOYS MARKET

The high-performance alloys market continues to witness steady growth, driven by increasing demand from aerospace, defence, energy, automotive and industrial engineering sectors. High-performance alloys such as nickel-based superalloys, titanium alloys and specialty steels are increasingly being used in critical applications requiring high strength, corrosion resistance and superior performance under extreme temperatures and operating conditions. The global high-performance alloys market was valued at approximately USD 11.43 billion in 2026 and is projected to reach USD 15.12 billion by 2030, growing at a CAGR of around 7.2%.

The aerospace segment remains a key demand driver for high-performance alloys due to increasing aircraft production, defence modernisation programmes and rising investments in next-generation aerospace technologies. The global aerospace high-performance alloys market is expected to grow at a CAGR of approximately 7.1% between 2026 and 2033.

https://www.Dersistencemarketresearch.com/market-research/aerosDace-hiah-Derformance-allovs-market.asp

In India, the market is supported by increasing focus on indigenous manufacturing under the "Make in India" initiative, expansion of aerospace and defence manufacturing capabilities, localisation of critical materials and growing investments in advanced engineering sectors. Government initiatives aimed at strengthening domestic manufacturing ecosystems, along with increasing demand for specialised materials in strategic sectors, are expected to support long-term growth opportunities for the high-performance alloys industry.

DEFENCE MANUFACTURING

The Indian defence market continued to demonstrate robust growth during FY 2025-26, driven by increased budgetary support, sustained focus on indigenous manufacturing and ongoing modernisation of the armed forces. In the Union Budget 2026-27, the Ministry of Defence received its highest-ever allocation of approximately 77.85 lakh crore, reflecting a growth of over 15% compared to the previous year. Of the total allocation, more than 72.19 lakh crore was earmarked towards capital outlay for the Defence Forces, including approximately 71.85 lakh crore for acquisition of advanced military platforms, aircraft, naval systems, unmanned systems, missiles and next-generation defence technologies. Further, around 75% of the capital acquisition budget has been reserved for domestic procurement, underlining the Governments continued emphasis on self-reliance, localisation and strengthening of the domestic defence manufacturing ecosystem.

https://www.pib.aov.in/PressReleasePaae.aspx Rs.PRID=2222601

Indias defence market was valued at approximately USD 30.52 billion in 2025 and is projected to reach around USD 38.73 billion by 2031, registering a CAGR of about 4.05% during 2026-2031. The market growth is being supported by rising investments in aerospace, defence electronics, naval systems, missile programmes, surveillance technologies and strategic manufacturing capabilities. Government initiatives such as "Make in India", Defence Acquisition Procedure (DAP) 2020, positive indigenisation lists and defence industrial corridors continue to support localisation of defence manufacturing and reduction in import dependence.

https://www.mordorintelligence.com/industry-reports/india-defense- market

In addition, the India fasteners market reached USD 11.2 billion in 2025 and is expected to grow to nearly USD 17.0 billion by 2034, registering a CAGR of 4.67%. Growth in the sector is being driven by increasing demand from aerospace, defence, automotive and industrial applications. Indian fastener manufacturers are increasingly focusing on advanced materials such as aluminium, titanium and composite fasteners in step with Indias expanding aerospace, defence, and industrial manufacturing sectors.

https://www.imarcgroup.com/india-fasteners-market

Market Overview

Study Period	2020-2031
Forecast Data Period	2026-2031
Base Year Market Size (2025)	USD 30.52 Billion
Market Size (2026)	USD 31.76 Billion
Market Size (2031)	USD 38.73 Billion
Growth Rate (2026-2031)	4.05% CAGR
Market Concentration	Medium

*Disclaimer: Major Players sorted in no particular order

INDIAN AEROSPACE INDUSTRY

Indias Aerospace and Defence (A&D) sector is undergoing a transformational phase, driven by strategic policy imperatives, elevated defence budgets, and a decisive shift toward self-reliance under the Aatmanirbhar Bharat initiative. The industry encompasses military aviation, civil aviation, space, naval defence, land systems, and the rapidly expanding Maintenance, Repair and Overhaul (MRO) ecosystem.

According to Mordor Intelligence, the India Aviation, Defence, and Space Market is estimated at USD 19.81 billion in 2025 and is projected to reach USD 26.32 billion by 2030, expanding at a CAGR of 5.84% during the forecast period. Expert Market Research estimates the broader India Aerospace and Defence Market at USD 28.68 billion in 2024, expected to reach USD 56.95 billion by 2034 at a CAGR of 7.10%, reflecting the immense scale of modernisation investments underway. Indias defence exports touched INR 23,622 crore in FY 2024-25, further validating the growing global competitiveness of Indias defence industrial base.

https://www.expertmarketresearch.com/reports/india-aerospace- and-defence-market https://www.mordorintelligence.com/industry-reports/india- aviation-defense-and-space-market

Government initiatives such as "Make in India" and "Aatmanirbhar Bharat" continue to strengthen indigenous defence manufacturing capabilities across aerospace, naval and advanced defence systems. Increasing localisation in platforms such as LCA Tejas, INS Vikrant and indigenous helicopters, along with rising investments in drones, AI, cyber-defence and advanced electronics, is expected to support long-term growth of Indias defence manufacturing ecosystem. Advanced technologies are also being integrated across defence platforms, supported by DRDOs "Year of Reforms" programme with focus on multi-domain operations.

ENERGY SECTOR

India recorded significant progress in renewable energy capacity addition during FY 2025-26, with more than 55 GW of non-fossil fuel capacity added during the year, taking the total installed non-fossil fuel capacity to approximately 283 GW as of March 2026. During the year, India also achieved the milestone of deriving 50% of its cumulative installed electricity capacity from non-fossil fuel sources ahead of the targeted timeline of 2030. Total power generation in the country reached approximately 1,845.9 billion units (BU) during FY 2025-26, with non-fossil fuel sources contributing around 29.2% of overall generation. Growth in renewable power generation was supported by continued expansion in solar and wind energy capacity across the country.

India ranked third globally in installed renewable energy capacity, according to the IRENA Renewable Energy Statistics 2026 based on data as of December 2025

https://www.pib.gov.in/PressReleasePage.aspx Rs.PRID=2250039&reg=3&lang=2

https://mnre.aov.in/en/Dhvsical-Droaress/

TITANIUM

The global titanium market continued to witness steady growth during 2025-26, driven by increasing demand from aerospace, defence, energy, chemical processing, medical and industrial engineering sectors. The market is expected to grow from approximately 225.68 kilotons in 2025 to 238.80 kilotons in 2026 and is projected to reach around 316.83 kilotons by 2031, registering a CAGR of 5.81% during 2026-2031. The growth is being supported by rising defence procurement, increasing aircraft production, expansion in offshore renewable energy projects and growing adoption of lightweight, corrosion-resistant materials across strategic and industrial applications.

Market Overview

Study Period	2020-2031
Market Volume (2026)	238.8 kilotons
Market Volume (2031)	316.83 kilotons
Growth Rate (2026-2031)	5.81% CAGR
Fastest Growing Market	Asia Pacific
Largest Market	Asia Pacific
Market Concentration	Medium

*Disclaimer: Major Players sorted in no particular order

The titanium alloys market is also expected to record sustained growth, supported by increasing utilisation in aerospace structures, aircraft engines, defence systems, medical implants and high-performance industrial applications. Consistent order backlogs at major global aircraft manufacturers, increasing defence modernisation programmes and growing demand for advanced engineering materials are expected to support long-term market expansion.

In India, the titanium market reached an estimated value of USD 679.1 million in 2024 and is projected to grow to approximately USD 1,048.5 million by 2033, registering a CAGR of around 4.94% during 2025-2033. The market growth is supported by increasing investments in aerospace and defence manufacturing, expansion of indigenous capabilities under the "Make in India" and "Aatmanirbhar Bharat" initiatives, and rising focus on localisation of strategic materials and import substitution. Demand for titanium and titanium alloys continues to increase across aircraft structures, aero-engines, naval systems, missiles, medical applications and specialised industrial equipment.

https://www.imarcaroup.com/india-titanium-market

India is also strengthening its domestic titanium manufacturing ecosystem through investments in advanced metallurgical facilities and strategic material capabilities aimed at enhancing self-reliance in critical applications. Continued investments in defence, aerospace and advanced engineering sectors are expected to support long-term growth opportunities for manufacturers operating in the titanium and specialty alloys segment.

SUPER ALLOYS

Superalloys are advanced high-performance materials engineered to retain superior mechanical strength, thermal stability and corrosion resistance under extreme operating conditions. These alloys, primarily nickel-based, cobalt-based and iron-based, are widely utilised in aerospace engines, gas turbines, defence systems, power generation equipment, space applications and other critical engineering environments requiring high reliability and performance.

https://www.futuremarketinsiahts.com/reports/superalloys-market

The global superalloys market continued to demonstrate robust growth during FY 2025-26, supported by increasing demand from aerospace, defence and energy sectors. According to Future Market Insights, the global superalloys market was valued at approximately USD 9.40 billion in 2025 and is projected to reach around USD 23.06 billion by 2036, registering a CAGR of 8.5% during the forecast period. Nickel-based superalloys are expected to continue dominating the market owing to their extensive application in aero-engines, gas turbines and high-temperature industrial systems.

Growth Drivers

Expansion in thermal and gas-based power generation infrastructure is contributing to higher demand for superalloys used in turbines and high-temperature industrial components

Advancements in additive manufacturing, precision metallurgy and material engineering are enabling development of specialised superalloys with improved efficiency, durability and operational performance.

Increasing focus on lightweight, heat-resistant and corrosion-resistant materials across aerospace, energy and industrial sectors continues to support long-term growth of the superalloys market.

SPECIALITY ALLOYS

The specialty alloys market continued to record stable growth during FY 2025-26, supported by increasing demand from aerospace, defence, energy, automotive and advanced engineering industries. Specialty alloys such as nickel-based superalloys, titanium alloys, cobalt alloys and specialty steels are extensively used in critical applications requiring high strength, corrosion resistance, thermal stability and reliable performance under demanding operating conditions.

According to Market Research Future, the global specialty alloy market was valued at approximately USD 60.69 billion in 2025 and is projected to reach around USD 84.97 billion by 2035, registering a CAGR of 3.42% during the forecast period.

Market growth is being supported by increasing adoption of lightweight and high-performance materials across aerospace, automotive and energy sectors, along with rising investments in advanced manufacturing technologies and strategic applications.

https://www.marketresearchfuture.com/reDorts/sDecialtv-allov-market-23661

The specialty alloys market is evolving in line with increasing industry requirements for customised and application- specific material solutions across strategic and high-performance sectors. Advancements in manufacturing and metallurgical technologies are enabling development of specialised alloys with enhanced operational efficiency, durability and performance characteristics. In parallel, growing emphasis on sustainability, recycling and resource optimisation is supporting adoption of environmentally responsible practices across the specialty alloys value chain.

Aerospace and defence continue to remain key growth drivers for the specialty alloys market, supported by increasing aircraft production, defence modernisation programmes and rising demand for advanced propulsion systems and strategic platforms. Nickel-based and titanium-based alloys are witnessing higher adoption due to their superior performance under high-temperature and corrosive operating conditions. Asia-Pacific is expected to remain a key growth region, supported by rising defence expenditure and increasing aerospace manufacturing activity, including in India.

1.0 COMPANY OVERVIEW

About the Company

Mishra Dhatu Nigam Limited (MIDHANI), incorporated on 20 November 1973 and commissioned for production in 1982, is a Navratna Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of Defence, Government of India. Headquartered at Kanchanbagh, Hyderabad, Telangana, the Company was established with a singular national mandate — to achieve self-reliance in the research, development, and production of superalloys, titanium alloys, special steels, and other advanced metallic materials critical for Indias strategic sectors.

Over five decades of continuous operations, MIDHANI has emerged as the only manufacturer of titanium alloys and maraging steels in India, and the largest domestic producer of nickel-based superalloys. With a portfolio spanning more than 500 alloy grades — including approximately 100 aeronautical grades required for aero-engine applications — MIDHANI serves as the metallurgical backbone of Indias most critical defence, space, and atomic energy programmes.

2.0 Manufacturing Footprint

MIDHANI operates two strategically located manufacturing facilities, each serving distinct product categories:

Unit 1- Hyderabad, Telangana (Primary Production Plant)

The Hyderabad unit at Kanchanbagh is the Companys flagship manufacturing centre and one of the most sophisticated advanced metallurgy facilities in Asia. It houses the complete value chain from raw material melting to downstream processing, and produces:

• Superalloys (nickel-base, iron-base, cobalt-base)-including cast, wrought, powder metallurgy grades

• Titanium and titanium alloys — all major grades in bar, plate, sheet, forging, tube, fastener, and fabricated structure forms

• Special steels — maraging, armour-grade, stainless, ultra-high-strength, and non-magnetic grades

• Soft magnetic alloys, copper alloys, and other special metals

• Precision investment castings including nickel-based single-crystal castings for aero-engines

• Aerospace fasteners (new facility inaugurated FY 2025-26) from steel, titanium, and superalloys

• Welding consumables, including defence-grade nonsynthetic electrodes for nuclear submarines

• Biomedical implants (hinge knee joints, acetabular cups, NiTi shape memory alloys)

Key equipment at Hyderabad includes primary melting furnaces — Electric Arc Furnace with Ladle Refining Furnace (EAF-LRF), Vacuum Induction Melting (VIM) furnaces, Electron Beam Melting (EBM) furnace — and secondary refining furnaces — Vacuum Arc Re-melting (VAR), Electro-Slag Re-melting (ESR), and Vacuum Induction Refining (VIR) furnaces. Downstream processing is carried out on 1,500-tonne and 6,000-tonne hydraulic forge presses (with isothermal attachment on the 6,000T press), a 330/220T radial-axial ring rolling mill, a 1,250T extrusion press, hot and cold rolling mills, bar and wire drawing equipment, wide plate rolling mills, thread rolling and fillet rolling machines (fasteners), and comprehensive NDT infrastructure.

Unit 2 — Rohtak, Haryana (Armour & Specialised Products)

The Rohtak unit specialises in armour products and defence-grade specialised systems, and includes the newly commissioned Spring Manufacturing Unit (FY24). Products manufactured include:

• Armour plates, panels, and ballistic protection systems (Rakshak jackets, Bhabha Kavach, ABHED BPJs)

• Vehicle up-armouring systems for paramilitary and police forces

• Helical compression springs for railway wagons, coaches, and locomotives — capacity 60,000+ springs per annum, RDSO-approved

• Nano-material plant producing Carbon Nano Tubes (CNT) to strengthen Ultra-High Molecular Weight Polyethylene (UHMWPE) for Bhabha Kavach bulletproof jacket manufacturing

Facility Parameter	Hyderabad Unit  Rohtak Unit
Primary Products	Superalloys, Titanium Alloys, Special Steels, Castings, Fasteners, Welding Consumables  Armour Systems, Springs, BPJs
Melting Furnaces	VIM, VAR, ESR, VIR, Primary + Secondary  Specialised processing
Key Press/Rolling	6,000T & 1,500T Hydraulic Forge Presses (Isothermal), 330/220T Ring Rolling Mill, 1,250T Extrusion Press, Wide Plate Mill  Hydraulic Ballistic Press, Plasma Cutting, Water Jet Cutting
Certifications Held	CEMILAC, NADCAP (Heat Treatment), ASTM, BS, ISO, IS  BIS Ballistic Testing
Specialty Capability	Only Titanium Alloy & Special Steel manufacturer  Bhabha Kavach (BARC), ABHED (IIT-Delhi/ DRDO ToT)

https://midhani-india.in/rohtak-unit/

httDs://midhani-india.in/hvderabad-unit/

3.0 Product Portfolio

MIDHANIs product architecture spans the full spectrum of advanced metallic materials required for high-technology strategic applications. The portfolio is structured across five alloy categories and multiple product form factors:

Material Category	Key Grades/Types	Primary Product Forms	Principal Applications
Superalloys	Ni-base (IN718, IN625, Waspaloy, C263, singlecrystal), Co-base, Fe-base	Bars, Rings, Forgings, Cast Sticks, Tubes, Powders	Aero-engine hot sections, gas turbines, missile propulsion, space launch vehicles
Titanium & Ti Alloys	Ti-6Al-4V (Titan31/32), BT1-0, PT3B, PT1-M, BT20, Titan31A	Plates, Sheets, Bars, Pipes, Fasteners, Forgings, Fabricated Structures, Windows	Aircraft structures, propellant tanks, gas bottles, missile casings, marine systems, architectural (Ayodhya RAM Mandir)
Maraging Steels	MDN 250, MDN 300, MDN 350	Rings, Plates, Bars	Missile casings, rocket motor casings, aerospace structures — sole producer in India
Special/Armour Steels	DMR series (316Ti, 64), MDN 321A, MDN 177, ultra-high- strength grades, 304L NAG	Plates, Tubes, Bars, Seamless Pipes	Surface ships, missile structures, armour panels, atomic energy
Other Metals & Alloys	Soft magnetic alloys, copper alloys, bronze, NiTi SMAs	Various	Naval, instrumentation, biomedical
Aerospace Fasteners (New)	Special steel, titanium alloy, superalloy fasteners	Bolts, Screws, Nuts, Pins, Rivets	Airframe assembly, aeroengine attachment (Su- 30MKI, Tejas, AMCA)
Armour Systems	Bhabha Kavach (BARC), Rakshak, ABHED (IIT-Delhi/ DRDO)	Jackets, Panels, Vehicle Armour	Military/paramilitary/police ballistic protection; BIS Level III to Level 6
Welding Consumables	Defence-grade nonsynthetic electrodes	Electrodes, Wire	Naval Sector
Springs	High-performance helical compression springs	Springs	Railway wagons, coaches, locomotives (Vande Bharat, LHB coaches)
Precision Castings	Ni-base single-crystal & polycrystalline cast sticks	Cast Sticks, Investment Castings	Turbine blades, aero-engine hot section components
Biomedical Implants	NiTi SMA, titanium implants	Knee joints, acetabular cups, stents, lumbar needles	Orthopaedic implants, cardiovascular stents — ToT from CSIR-NAL

4.0 Joint Ventures and Subsidiary

Entity	Key Details
Utkarsha Aluminium Dhatu Nigam Limited (UADNL)	50:50 joint venture between MIDHANI and National Aluminium Company Limited (NALCO).
Advanced Materials (Defence) Testing Foundation	A Joint Venture Company i.e. Advanced Materials (Defence) Testing Foundation, (Section 8 Company) was incorporated on June 4, 2024 under Defence Testing Infrastructure Scheme promulgated by Ministry of Defence. The Joint Venture Members comprise Mishra Dhatu Nigam Limited, Hindustan Aeronautics Limited, Bharat Dynamics Limited, Yantra India Limited and PTC Industries Limited, each holding 20% of paid-up share capital of the Company. The Joint Venture Company will set up a Mechanical and Material Testing Facility at the Lucknow node of the Uttar Pradesh Defence Industrial Corridor, with MIDHANI leading the project. Facility implementation related activities are on-going.

5.0 Research & Development

MIDHANI continued to strengthen its research and development capabilities during FY 2025-26 with a focus on advanced alloys, process optimisation and indigenous technology development for strategic sectors such as aerospace, defence, space and energy. The Company enhanced its metallurgical capabilities through simulation-driven process optimisation, advanced material characterisation and development of specialised high-performance alloys.

Area	Key Developments
Advanced Simulation	Adoption of Gleeble thermo-mechanical simulation system for process modelling, welding simulation and alloy development.
Forging Optimisation	Use of DEFORM simulation software for intelligent forging and process optimisation to improve product quality and reduce trial-and-error.
Material Characterisation	Strengthening of microstructural analysis capabilities through Scanning Electron Microscope (SEM) and Energy Dispersive X-ray Spectroscopy (EDS).
Aerospace Fasteners	Development and manufacturing capability enhancement for aerospace-grade fasteners and critical components.
Indigenous Products	Development of strategic products under Atma Nirbhar Bharat initiatives, including titanium and superalloy components for aerospace and defence applications.
Advanced Alloy Development	Continued development of special steels, superalloys, titanium alloys and welding consumables for critical applications.

The Companys R&D initiatives continue to support product innovation, import substitution and enhancement of indigenous manufacturing capabilities for strategic sectors.

6.0 SWOT Analysis

Strengths^

Integrated Metallurgical Plant	• Leading manufacturer of Titanium alloys; one of few plants globally producing superalloys, titanium alloys and special steels under one roof.
	• Over 500 alloy grades including 100+ aeronautical grades, supporting complete indigenisation of critical metallic materials.
Strategic National Asset	• Government of India enterprise under administrative control of Ministry of Defence (MoD). Leading supplier of Special Steels for launch vehicles.
	• MIDHANIs materials present in every stage of PSLV, GSLV, LVM-3 and Chandrayaan-3
Advanced Facilities	• State-of-the-art melting (VIM, VAR, ESR, EBM), forging (up to 6,000T press), Wide Plate Mill, cold rolling, investment casting and isothermal forging.
	• Gleeble thermo-mechanical simulator, DEFORM FEA software and SEM for alloy development and process optimisation.
Strong Order Book	• Order book of Rs.2,594 crores as on 1st April, 2026

 

High Working Capital	• 3-5 months of raw-material inventory; long production cycles and PSU customer payment timelines inflate working capital days.
Customer Concentration	• Revenue largely dependent on Government sectors/ orders; any programme delay or budget revision directly impacts turnover.
Import Dependency	• Titanium sponge largely imported (Eastern Europe); cobalt, nickel and other superalloy constituents sourced internationally — exposing costs to geopolitical and forex risk.

lopportunities^

Aero-Engine Indigenisation	• Kaveri/Manik engines, F414/M88 co-production and AMCA programme will sharply increase demand for MIDHANI superalloys, titanium forgings and PH steels.
Space Programme Growth	• Gaganyaan missions, Bharatiya Antariksh Station, Mangalyaan-2 and IN-SPACe commercial launches underpin multi-year special steel and titanium demand.
Deep-Sea & Naval Programmes	• Samudrayaan (Ti-6Al-4V pressure hulls), and other Programmes represents high- value niche opportunities.
Defence Modernisation	• Positive indigenisation lists, DAP import restrictions and growing missile/armour procurement create a structurally protected domestic market.
	• Rs.1,000+ crore Body-armour tender for ABHED jackets — MIDHANI holds technology licence from DRDO/IIT Delhi.
Railways & Metro	• Vande Bharat/LHB coaches and metro expansion require high-spec helical springs and special steel axle billets; RDSO certification in progress.

^

Threats

Geopolitical Raw Material Risk	• Titanium sponge sourced from Eastern Europe (Russia-Ukraine region); cobalt supply dominated by DRC/China — geopolitical disruption could spike costs or cause shortages.
Global Competition	• ATI, Carpenter Technology, VSMPO-AVISMA and Haynes International have established OEM approvals and larger scale; gaining export market share will be challenging.

7.0 FINANCIAL PERFORMANCE

The Summarized financial position for the Financial Year 2025-26 and for the two preceding Financial Years is given below:

			(Figures in Rs. Lakh)
Particulars	31-Mar-26	31-Mar-25	31-Mar-24
ASSETS:
Non-current assets
Property, Plant and Equipment	1,06,359.49	1,07,119.42	1,02,777.80
Capital work-in-progress	1,580.18	2,508.78	8,305.75
Intangible assets	270.95	284.07	373.16
Financial Assets
(i) Investments	2,273.20	2,483.31	2,210.11
(ii) Loans	-	-
Non-current tax assets (Net)	-	-	-
Other non-current assets	0.01	360.95	195.19
Total Non-Current Assets (1)	1,10,483.83	1,12,756.53	1,13,862.01
Current assets:
Inventories	1,33,260.59	1,28,097.93	1,30,971.81
Financial Assets
(i) Trade receivables	5,5422.72	41,031.36	32,300.17
(ii) Cash and cash equivalents	19,221.49	5,101.18	1,661.37
(iii) Other financial assets	2,078.79	2,058.60	1,712.32
Other current assets	1,545.99	2,370.17	10,063.03
Total Current Assets (2)	2,11,529.58	1,78,659.87	1,76,708.70
Total Assets (1+2)	3,22,013.41	2,91,416.40	2,90,570.71
EQUITY AND LIABILITIES
EQUITY
Equity share capital	18,734.00	18,734.00	18,734.00
Other Equity	1,34,347.51	1,22,713.93	1,13,210.30
Total Equity (1)	1,53,081.51	1,41,447.93	1,31,944.30
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings	1,906.12	3,907.88	5,914.13
Particulars	31-Mar-26	31-Mar-25		31-Mar-24
(ia) Lease Liabilities	8,025.32	8,064.25		8,099.94
(ii) Other Financial Liabilities	109.83	109.83		109.83
Provisions	240.84	232.45		207.71
Deferred tax liabilities (net)	5,605.17	5,184.33		4,467.78
Other non-current liabilities	68,949.86	63,913.32		62,312.67
Total Non-current liabilities (2)
	84,836.84	81,412.06		81,112.06
Current Liabilities
Financial liabilities
(i) Borrowings	26,495.62	19,499.90		26,500.00
(ii) Lease Liabilities	4,257.86	3,504.01		2,750.43
(iii) Trade payables
(A) Micro Enterprises and Small Enterprises	1,108.67	554.15		768.39
(B) Other than Micro Enterprises and Small	1,0278.19	8,772.44		11,228.91
Enterprises
(iii) Other financial liabilities	10,761.59	11,424.49		13,079.33
Other current liabilities	27,932.05	21,765.35		20,233.92
Provisions	3,261.08	3,036.07		2,953.37
Total Current Liabilities (3)	84,095.06	68,556.41		77,514.35
Total Equity and Liabilities (1+2+3)	3,22,013.41	2,91,416.40		2,90,570.71
Working Capital	1,27,434.52	1,10,103.46		99,194.35
Capital Employed	1,54,987.63	1,45,355.81		1,37,858.43
Net Worth	1,53,081.51	1,41,447.93		1,31,944.30
Net worth per rupee of paid-up capital ( Rs.)	8.17	7.55		7.04

8.0 MOU Performance Parameters (FY 2025-26 Actuals vs Target)

For the FY 2025-26, MIDHANIs MoU performance is expected to qualify for an overall "Very Good" rating. The rating is subject to evaluation and confirmation by Department of Public Enterprises.

The performance of your company against various parameters was as under:

Part-I: Main Parameters

S. Name of the Parameter No.	Unit	Target	Actual
1 Revenue from Operations	7 Cr.	1580	1208.63
2 Reduction in Imports Consumption (as percentage of Revenue from Operations, over previous year)	%	10.00	8.45
3 EBITDA (as a percentage of Total Income)	%	33.00	22.16
4 Return on Net Worth	%	16.38	8.92
5 Asset Turnover Ratio 6 Procurement through GeM (as percentage of Total Procurement)	% %	45.00 40.00	38.70 64.83
7 Trade Receivables (as number of days of Revenue from Operations)	No. of Days	90	167
8 Expenditure on R&D (Including Innovations Initiatives, as percentage of previous 3 years average PBT)	%	14.00	13.15

In FY 2025-26, MIDHANI has achieved a TRS (Total Return to Shareholders) of (-)0.26%. However, the performance of MIDHANI against the parameter "Total Return to Shareholders" is pending as the benchmarking data is awaited from MoU Division, Department of Public Enterprises (DPE).

Part-II: Compliance Parameter

S. No. Parameter	Compliance
Status
1. DPE guidelines on CSR expenditure	Complied
2. Provisions in the Companies Act, 2013 [or SEBI (LODR) regulations in case of listed entities] on Corporate Governance:
a. Composition of Board of Directors	Complied
b. Board Committees	Complied
c. Holding Board and Committees Meetings	Complied
d. Related Party Transactions	Complied
e. Disclosures and Transparency	Complied
3. Onboarding of CPSE on all operational TReDS platforms	Complied
4. Timely payments to MSE vendors as prescribed in MSMED Act	Not Complied
5. Procurement of goods and services (as % of total procurement), from:
a. MSEs overall - 25%	Complied
b. SC/ST owned MSEs - 4%	Not Complied
c. Women owned MSEs - 3%	Complied
6. Steps and initiative taken for Health & Safety improvement of Human Resources in CPSEs	Complied
7. Targets under PM Internship scheme of MCA	NA
8. Leadership Development Plan	Complied
9. Surplus non-core assets (land & building) monetization plan	Complied

8.1 MIDHANI has onboarded on five Trade Receivables Discounting System (TReDS) platforms to facilitate invoice financing and improve access to working capital. The organization was first onboarded on A.TReDS Limited (Invoice Mart) on 30-01-2018, followed by Receivables Exchange of India Limited (RXIL) on 18-12-2024, Mynd Solutions Private Limited (M1xchange) on 24-02-2025, KredX Platform Private Limited (DTX) on 30-01-2026, and C2FO Factoring Solutions Private Limited (C2 TReDS) on 02-03-2026.

8.2 During the year, MIDHANI procured goods and services worth Rs. 254.60 crore through the Government e-Marketplace (GeM). The total annual domestic procurement of goods and services amounted to Rs. 392.71 crore.

8.3 The details of procurement from Micro and Small Enterprises (MSEs) are updated on a monthly basis on the Sambandh Portal. The total procurement from MSEs amounted to Rs. 209.24 crore, including procurement of Rs. 3.04 crore from MSEs owned by SC/ST entrepreneurs and Rs. 26.89 crore from MSEs owned by women entrepreneurs.

8.4 During the year, MIDHANIs procurement from SC/ ST owned MSEs was 0.77% as percentage of total procurement against the target of 4%. The shortfall is primarily due to the specialized nature of MIDHANIs requirements, as the company manufactures Special Steels, Super Alloys, Titanium Alloys, and other strategic materials. MSEs owned by SC/ST entrepreneurs are not always available in these specialized sectors.

However, MIDHANI is making continuous efforts to develop vendors from this category by conducting exclusive Vendor Development Programmes, sharing technical know-how, and providing guidance on processing requirements. One such exclusive Vendor Development Programme, aimed at creating awareness and enhancing procurement opportunities from SC/ST-owned MSEs, was conducted on 19-02-2026.

8.5 During FY 2025-26, the total amount involved in payments delayed beyond 45 days for MSE suppliers was Rs. 76.5 Cr. The delay involved 806 invoices pertaining to 218 MSE suppliers. The total annual procurement value from MSEs for which invoices were received amounted to Rs. 181.54 Cr. and the total number of MSEs during the year engaged in annual procurement for which invoices are received was 417.

8.6 Administrative Ministry i.e. Ministry of Defence prescribed specific targets for FY 2025-26 to strengthen employee health at MIDHANI. MIDHANI successfully achieved the following health related targets during the reporting period:

• The Medical Rules were updated in alignment with the Central Government Health Scheme (CGHS) Medical Rules which includes empanelment of two additional multi-specialty hospitals, extension of credit-based Outpatient (OP) services to all eligible employees and dependents and credit-based post IP admission discharge medicines to all eligible employees and dependents

• Health check-ups of 500 out of 1200 bio-meteric registered casuals engaged by third party contractor.

• Half-yearly eye check-ups were conducted for all 60 quality personnel and drivers/crane operators, achieving the prescribed target in full.

• Lung Function Tests - PFT - were conducted for all 60 employees working in dust-prone areas, achieving the prescribed target in full.

• Pure Tone Audiometry - PTA - hearing tests were conducted for all 60 employees working in high-noise areas, achieving the prescribed target in full.

8.7 Administrative Ministry i.e. Ministry of Defence prescribed specific targets for FY 2025-26 to strengthen safety at MIDHANI. MIDHANI successfully achieved the following safety related targets during the reporting period:

• MIDHANI provided training on Health, Safety & Fire Prevention to continually create awareness on process hazards, risks & mitigating measures to 1150 employees and casuals constituting 55% of total manpower against the target of 50%.

• Three periodic mock drills for major fire hazard installations such as LPG and hydrogen (H2) gas storage area as per MSIHC Rule -1989 were conducted against a target of two.

• One internal audit and one external audit were conducted on occupational, health, safety and environment as per ISO-45001 (2018) and ISO-14001 (2015) to continually improve safety management system of MIDHANI against target of two. MIDHANI has received ISO Certification for Occupational Health and Safety Management System (OH&SMS) and Environmental Management System (EMS).

• To improve the safety culture at workplace MIDHANI has organized various competitions like online quiz, poster making, safety suggestions etc. during two occasion which is National Fire Service Week and National Safety Week against the target of two. Winner of the competitions were recognized on Independence Day Celebration.

9.0 Key Financial Ratios

Particulars	FY 2025-26	FY 2024-25	% Change	Reason
Operating Profit Margin (%)	12.09	11.65	3.78%	-
Net Profit Margin (%)	10.82	10.25	5.56%	-
Return on Net Worth (%)	00 bo 00	8.05	10.31%	-
Current Ratio (x)	2.52	2.61	-3.45%	-
Debt-Equity Ratio (x)	0.19	0.17	11.76%	-
Inventory Turnover Ratio	0.81	0.72	12.50%	-
Debtors Turnover Ratio (x)	2.51	2.93	14.33%	-
Interest Coverage Ratio	11.00	8.45	30.18%	Decrease in Interest rate of STC

10.0 Other Operating Highlights

Particulars	FY 2025-26	FY 2024-25	FY 2023-24
Sales — Domestic (To Customers)	1,20,862.59	1,07,410.15	1,07,267.45
Sales — Export (Direct)	8,542.17	9,419.32	6,201.20
Value of Production	1,19,391.98	1,06,562.38	1,14,764.49
Cash Profit	25,053.45	21,952.02	18,951.15
Profit Before Tax (Excl. OCI)	18,409.40	15,603.90	13,095.95
Net Profit (PAT) (Excl. OCI)	13,078.62	11,006.87	9,126.32
Value Added	68,831.23	64,340.23	62,417.24
No. of Employees	760	786	770
Value Added per Employee (Rs. Lakh)	90.57	81.86	81.06
Productivity per Employee (Rs. Lakh)	157.09	135.58	149.04
Value Added per Direct Worker (Rs. Lakh)	163.49	166.68	161.70
Paid Up Capital	18,734.00	18,734	18,734
R&D Investment (Rs. Lakh)	2,215.23	2,417.61	1,836.16
Capital Expenditure (Rs. Lakh)	4,611.71	4,992.17	7,888.83

11.0 Significant highlights of the performance for FY 2025-26 and its comparison with the previous two years:

S. No. Particulars	2025-26	2024-25	2023-24
1 Sales - To Customers	1,20,862.59	1,07,410.15	1,07,267.45
2 Sales - Export	8,542.17	9,419.32	6,201.20
3 Value of Production	1,19,391.98	1,06,562.38	1,14,764.49
4 Cash Profit	25,053.45	21,952.02	18,951.15
5 Profit Before Tax (Excl. OCI)	18,409.40	15,603.90	13,095.95
6 Net Profit (PAT) (Excl. OCI)	13,078.62	11,006.87	9,126.32
7 Value Added	68,831.23	64,340.23	62,417.24
8 Value added per employee	90.57	81.86	81.06
9 Productivity per employee	157.09	135.58	149.04
10 Value added per direct worker	163.49	166.68	161.70
11 Paid up Capital	18,734.00	18,734.00	18,734.00
12 No. of Employees	760	786	770

12.0 Risk & Concern

Risk Type	Risk Description	Risk Probability & Impact	Risk Mitigation
Market Risk	A substantial portion of MIDHANIs revenue is derived from Government sector customers, including Defence, Space organisations	Medium (M) MIDHANIs dependence on Government- linked sectors makes the Company vulnerable to policy changes and variations in	The Company continues to diversify its product portfolio and expand into emerging industrial and commercial sectors. MIDHANI is also
	and Public Sector Undertakings (PSUs). Any shift in Government priorities or budget allocations could impact the Companys growth strategy and future business prospects.	spending patterns within the Defence and Space segments, which may affect revenues and operational planning.	focusing on widening its customer base to reduce concentration risk and strengthen long-term business sustainability.
Finance Cost Risk	Variations in interest rates, liquidity conditions and foreign exchange movements may adversely impact MIDHANIs financial performance and profitability.	Medium (M) Higher borrowing levels and elevated interest rates have resulted in increased finance costs, thereby affecting margins and bottom-line performance.	MIDHANI maintains a strong balance sheet and adopts prudent financial management practices, including diversified funding sources and efficient treasury management, to
			minimise financial risks and ensure long-term stability.
Raw Material Risk	The Companys dependence on imported raw materials exposes it to risks associated with global supply chain disruptions, geopolitical developments and volatility in commodity prices.	Medium (M) Fluctuations in the availability and pricing of critical materials such as titanium, nickel and cobalt may affect production schedules and operating costs.	MIDHANI has undertaken proactive measures to secure a stable supply of raw materials through establishment of a Metal bank, supplier diversification, strategic sourcing and enhanced
			utilisation of domestic resources. The Company also closely monitors inventory levels of critical materials.
Change in Government Policies ?	Changes in Government regulations and policies, particularly relating to the aerospace and defence sectors, may lead to additional compliance requirements or operational restrictions.	Medium (M) Modifications in regulatory frameworks may necessitate significant operational adjustments, increase compliance costs and potentially delay execution timelines.	The Company continuously monitors regulatory developments and ensures compliance with applicable policies and standards. MIDHANI is also expanding its presence in non-defence sectors to reduce dependence on defence-related policy dynamics.

13.0 Human Resource

MMIDHANIs skilled and committed workforce remains integral to the Companys operational excellence and long-term growth strategy. As on March 31, 2026, the Companys permanent employee strength stood at 760, including 4 new employees inducted during the year.

During FY 2025-26, the Training & Development Department achieved 3,814 man-days of training through a combination of 27 internal and 45 external training programmes. A total of 1,526 personnel -comprising Executives, Non-Unionised Supervisors, Non-Executives, Fixed Term Contract employees and Casual manpower -- participated in these programmes. The Department also organised 10 plant visits benefiting 291 participants, facilitated internships/project work for 28 students, and conducted skill development training for 39 apprentices, all of whom successfully completed their apprenticeship during the year.

14.0 Internal Financial Control & Their Adequacy

The Company has established a robust internal control framework commensurate with the scale and complexity of its operations. Management periodically conducts internal audits and reviews to further strengthen the effectiveness of the internal control systems and processes.

The in-house Internal Audit function, supported by experienced external audit firms, undertakes comprehensive risk-based audits and regularly assesses the adequacy and effectiveness of internal controls across business functions. The Company has also implemented internal financial controls in accordance with the provisions of the Companies Act, 2013, to ensure regulatory compliance, safeguarding of assets and accurate recording of financial and operational information.

During the year, Sagar & Associates, an external audit firm, carried out internal audits to evaluate the adequacy of systems and controls. The observations and recommendations arising from such audits were reviewed by the Audit Committee. In addition, the inhouse Internal Audit team continued to conduct periodic process audits, and the audit findings along with corrective actions were discussed with the management and reviewed by the Audit Committee. The Audit Committee also periodically evaluates the effectiveness of the Companys internal control environment.

15.0 Cautionary Statement

The Management Discussion and Analysis section of the document may contain forward-looking statements regarding the Companys objectives and predictions, as defined by relevant laws and regulations. It is important to note that the actual results may differ significantly from these statements due to various risks and uncertainties. These risks and uncertainties may arise from economic and political conditions in India, fluctuations in interest rates and exchange rates and the impact of new regulations and government policies on the Companys business and its ability to execute its strategies.

The Company does not guarantee the accuracy of these forward-looking statements and does not commit to updating them.