Monolithisch India Ltd Management Discussions

ECONOMIC REVIEW

Global Economic Overview

The global economy remained resilient through much of 2025, but the quality of that resilience became more uneven as the year progressed. While activity held up better than many feared, the backdrop shifted from one of gradual normalization to one of heightened caution because higher trade barriers, geopolitical tensions and renewed energy-market stress began to weigh on confidence and pricing expectations.

According to the IMFs April 2026 World Economic Outlook, global growth is projected at 3.1% in 2026, after the world economy had already absorbed elevated uncertainty during 2025. The IMF also noted that global headline inflation is expected to rise modestly in 2026 before resuming its decline in 2027, highlighting that inflation has not fully exited the system and remains sensitive to energy and trade disruptions.

From a review standpoint, the most important takeaway is that the global economy did not enter FY 2025-26 in recessionary phase, but neither did it transition into a clean expansion cycle. Instead, the period was characterized by a more fragile form of growth in which businesses, lenders and consumers operated with shorter planning visibility, making purchasing patterns less predictable and causing investment decisions to become more selective.

This matters for industrial businesses because such a macro environment like this often does not destroy demand outright; rather, it changes the speed and timing of orders. End-markets such as manufacturing, construction, capital goods and cross-border trade continue to function, but they become more sensitive to input-cost shocks, freight disruptions, currency movements and delayed project approvals.

In practical terms, the global economic review for FY 2025-26 can be described as one of resilience under strain. The world economy showed an ability to continue grow, yet the drivers of that growth became narrower and more vulnerable to geopolitical headlines, especially where energy and trade routes were concerned.

Outlook

The IMF expects global growth to improve slightly to 3.2% in 2027, assuming the current conflict remains limited in duration and scope. At the same time, the IMF has warned that downside risks dominate the outlook, particularly from a longer Middle East conflict, worsening geopolitical fragmentation, renewed trade tensions and financial-market instability.

The outlook therefore remains constructive, but it is not broad-based enough to justify complacency. In the near term, the global economy appears more likely to experience moderate expansion with periodic volatility rather than a strong and synchronized upswing.

A detailed reading of the outlook suggests that energy sensitivity is the principal macro variable to watch. If energy markets remain contained, the global system can still deliver stable, if unspectacular, growth; if energy disruptions deepen, inflation and financing pressures could re-emerge quickly and compress real demand across multiple regions.

For management purposes, the global outlook supports cautious optimism rather than aggressive expansion.. Businesses may still plan for continuity in demand, but should remain alert to the possibility that policy moves, commodity volatility and geopolitical events could alter customer behavior with limited warning.

Sources:

https://www.imf.org/en/publications/weo/issues/2026/04/14/world-economic-outlook-april-2026

https://www.imf.org/-/media/files/publications/weo/2026/april/english/ch1.pdf

https://www.astrid-online.it/static/upload/imf_/0000/imf_weo_4_2026.pdf

Indian Economic Overview

India remained the fastest-growing major economy in FY 2025-26, with the World Bank reporting GDP growth of 7.6%, up from 7.1% in FY 2024-25. This expansion was supported by robust domestic demand, stronger manufacturing activity, resilient services and a relatively benign inflation environment for much of the year.

Headline inflation averaged 1.9% between April 2025 and February 2026, compared with 4.7% in the same period of the previous year, largely due to lower food prices. Wholesale price inflation averaged 0.4% during April 2025-February 2026, while the Reserve Bank of India cut the policy rate by a cumulative 125 basis points between February and December 2025, helping ease monetary conditions.

Indias external and fiscal indicators also remained broadly manageable through FY 2025-26. The current account deficit narrowed to 1.0% of GDP in the first three quarters of FY25-26, while the general government deficit improved to 7.4% of GDP from 7.7% in FY25, reflecting continued fiscal consolidation.

The review of Indias economic performance is notable not merely because growth remained high, but because the growth composition appeared healthier than a narrow export-led surge. Private consumption was supported by rising disposable incomes, low inflation for much of the period, personal income tax cuts and GST rationalization, suggesting that domestic demand remained the principal ballast of the economy.

This has strategic importance for industrial sectors because domestically anchored growth tends to be more durable when the external environment is uncertain. A strong internal market allows investment, manufacturing and consumption to reinforce each other, thereby reducing vulnerability to external demand shocks relative to more export-dependent economies.

Overall, the Indian economy in FY 2025-26 displayed both scale and balance. Growth accelerated, inflation remained largely manageable, fiscal consolidation progressed and external balances stayed within tolerable range, creating a macroeconomic environment that remained supportive for industry.

Outlook

The World Bank projects Indias growth at 6.6% in FY 2026-27, reflecting the expected drag from higher global energy prices and uncertainty linked to the Middle East conflict. It also indicates that inflationary pressures may rise as higher oil and gas prices pass through the economy and temper part of the consumption support that tax and GST measures provided earlier.

The near-term outlook is therefore one of moderation, not weakness. India is expected to remain among the fastest-growing large economies, but the pace of expansion is likely to normalize as imported inflation and softer external demand reduce some of the exceptional support seen in FY 2025-26.

A useful way to interpret the outlook is that Indias domestic fundamentals remain sound, but the external environment has become less forgiving. Private consumption may decelerate modestly, government consumption growth may soften and exports could feel the impact of shipping disruption and slower growth in key trading partners. Even so, Indias macroeconomic buffers remain stronger than many peers, supported by domestic demand depth, policy flexibility and ongoing reform momentum. The economic outlook remains constructive, although more moderate than FY 2025-26, and continued vigilance over inflation, fiscal management and the external account will remain important.

Sources:

https://thedocs.worldbank.org/en/doc/4262e1e15b463ecb360cec4ad78cf062-0310012026/ original/April-2026-India-Development-Update.pdf

https://etedge-insights.com/featured-insights/economies/india-to-grow-at-6-6-in-fy27-despite-global-headwinds-world-bank-says/

INDUSTRY STRUCTURE AND DEVELOPMENTS

Global Steel Industry Overview

The global steel industry is emerging from an extended adjustment phase, with demand having effectively bottomed out over the 2025–2026 period rather than entering a strong upcycle. According to the World Steel Associations latest short-range outlook, global steel demand reached a trough in this window after several years of subdued growth and structural rebalancing across major economies.

Worldsteels April 2026 communication indicates that global steel demand is now expected to increase by only 0.3% in 2026 to 1,724 million tonnes, rather than the stronger 1.3% rebound that had been projected in the October 2025 outlook. This downward revision reflects the drag from higher energy prices, trade disruptions and weaker confidence associated with the escalation of conflict in the Middle East. The demand pattern remains highly differentiated by region. Worldsteel continues to see relatively better conditions in the developing world (excluding China), where steel demand growth is driven by infrastructure investment and industrial development in economies such as India and selected ASEAN and MENA countries. In contrast, demand in advanced economies remains constrained by tight financing conditions, elevated costs and soft manufacturing sentiment. China remains central to the global balance, with worldsteel highlighting that the prolonged real-estate correction continues to weigh on steel consumption. At the same time, the Association notes that the pace of decline in Chinese steel demand is expected to slow, and that by 2027 demand there may broadly stabilize as the housing market finds a floor. This means China is no longer the undisputed engine of incremental steel demand, but it remains the single largest influence on the global supply-demand equation. Overall, the updated review suggests an industry that has absorbed the worst of the post-2022 adjustment but is still operating in a landscape of modest growth and elevated risk. For steelmakers and their supply chains, this translates into a focus on cost competitiveness, portfolio flexibility and regional positioning rather than expectations of a sharp, synchronized demand surge.

Outlook

Worldsteels April 2026 short-range outlook now points to a more subdued recovery in 2026, followed by a firmer improvement in 2027. The Association expects global steel demand to grow by 0.3% in 2026 to 1,724 million tonnes and then accelerate by 2.2% in 2027 to around 1,762 million tonnes.

The revised outlook confirms the trajectory previously identified in the October 2025 SRO: global steel demand has broadly bottomed out in the 2025–2026 period and is set to move into a gradual recovery phase thereafter. However, the pace of that recovery has been tempered by the latest conflict-related energy and trade shocks, leading worldsteel to scale back its 2026 expectations.

Regionally, worldsteel anticipates that demand excluding China could grow by around 4.0% in 2027, a rate it describes as unusually strong for recent years, underpinned by infrastructure investment, industrial restocking and improved financing conditions in several developing economies. In contrast, Chinese steel demand is expected to remain broadly flat in 2027 relative to 2026, on the assumption that the real-estate downturn stabilizes but does not quickly reverse.

From a strategic perspective, the outlook implies that industry growth will be driven disproportionately by developing regions and by sectors tied to infrastructure, energy and industrial investment. At the same time, worldsteel warns that this recovery path remains vulnerable to further escalation in the Middle East conflict, sharper trade fragmentation or renewed financial stress, any of which could again alter demand trajectories.

For management commentary, the updated outlook supports a stance of cautious recovery rather than exuberance. Volume conditions should gradually improve over the next two years, but pricing power, margin stability and capacity-utilization gains are likely to depend heavily on regional positioning, cost structures and the ability to serve the more resilient end-use segments.

Sources:

https://www.steelorbis.com/steel-news/latest-news/worldsteel-global-steel-demand-at-turning-point-in-2026-growth-to-accelerate-in-2027-1341970.htm

https://www.fitchratings.com/research/corporate-finance/global-steel-outlook-neutral-in-2026-despite-increased-protectionism-11-12-2025

https://www.steelradar.com/en/haber/according-to-worldsteel-global-steel-production-is-expected-to-increase-by-03-in-2026-and-22

https://www.reuters.com/world/china/industry-group-cuts-global-steel-demand-forecast-2026-due-iran-war-2026-04-14/

https://eurometal.net/global-steel-demand-set-to-rebound-in-2026-worldsteel-says/

Indian Steel Industry Review

Indias steel industry remained one of the strongest large-scale steel markets in the world during FY 2025-26, supported by robust domestic demand, infrastructure activity and broad-based industrial consumption. According to the Ministry of Steel, crude steel production during April 2025 to March 2026 stood at 168.4 million tonnes, reflecting year-on-year growth of 10.7%.

Finished steel production reached 160.9 million tonnes during the same period, up 9.7% over the previous year, while finished steel consumption rose to 163.7 million tonnes, recording growth of 7.6%. These numbers indicate that the industrys expansion was not driven by production alone; domestic absorption also remained strong enough to support higher capacity utilization and sustained output growth.

Indias trade position improved materially during FY 2025-26. Finished steel exports rose to 6.60 million tonnes from 4.86 million tonnes in FY 2024-25, while imports declined to 6.52 million tonnes from 9.55 million tonnes, enabling India to become a net exporter of steel for the full year by a margin of 0.08 million tonnes.

The review of the year suggests that Indian steel growth was supported by a healthier market structure than in many other regions. Demand came from infrastructure, construction, railways and manufacturing, which helped create a broad consumption base rather than dependence on one isolated segment. This is important because diversified domestic demand usually improves the durability of growth and reduces vulnerability to global steel-cycle disruptions. Another notable aspect of the review period was the resilience of Indian steel production in a volatile global setting. The Ministry of Steel, citing World Steel Association estimates, noted that Indias crude steel production for calendar year 2025 reached 164.9 million tonnes, up 10.4% over 2024, reinforcing Indias standing as the worlds second-largest crude steel producer. Even in February 2026, Indias crude steel output rose 7.7% year on year to 13.60 million tonnes despite softer global conditions.

Overall, FY 2025-26 was a year of strong operating momentum for the Indian steel industry. Production, consumption and exports all improved meaningfully, while import dependence declined, indicating stronger domestic competitiveness and healthy underlying demand conditions.

Outlook

The latest World Steel Association Short Range Outlook of April 2026 states that India will remain the worlds fastest-growing major steel market. worldsteel projects Indian steel demand to grow by 7.4% in 2026 and further accelerate to 9.2% in 2027.

This outlook is especially encouraging because it comes at a time when global steel demand growth has been revised down sharply. In a weak global market, India continues to stand out as the principal growth engine, supported by broad-based strength across steel- consuming sectors. Worldsteel attributes Indias positive demand trajectory to continued growth in infrastructure and the automotive sector, along with support from railway network expansion and broader economic activity. This means the outlook is not merely cyclical; it reflects the structural depth of steel use across the Indian economy.

The Indian steel outlook remains firmly positive, though margin performance may still depend on raw material costs, freight conditions and global price movements. Ministry-linked reporting also indicates that coking coal prices remained volatile and logistics costs were affected by geopolitical tensions, which may continue to influence profitability even as demand stays strong.

Even so, the industry appears well positioned for another phase of expansion. If infrastructure execution, manufacturing growth and domestic investment continue at current levels, India is likely to strengthen its role not only as a leading steel consumer, but also as one of the most consequential growth markets in the global steel landscape.

Sources:

https://worldsteel.org/media/press-releases/2026/worldsteel-short-range-outlook-april-2026/

https://worldsteel.org/wp-content/uploads/worldsteel-Short-Range-Outlook-April-2026_table. pdf

https://steel.gov.in/sites/default/files/2026-04/Monthly%20Economic%20Report-%20March%20 2026%20(5).pdf

https://infra.economictimes.indiatimes.com/news/construction/indias-crude-steel-production-soars-107-to-1684-mt-in-fy-2025-26/130388905

https://www.business-standard.com/industry/news/india-finished-steel-consumption-grows-7-per-cent-fy26-126040800948_1.html

Favourable government initiatives for the steel and allied sectors

The steel ecosystem in India, including associated industries such as refractories and ramming mass, continues to benefit from a supportive policy environment. Key initiatives during the FY 2025–26 period and beyond include:

Green Steel Taxonomy framework: The Ministry of Steel operationalised the Green Steel Taxonomy to define low-emission steel and create a framework for encouraging energy-efficient and non-fossil-fuel-based steel production.

Green steel certification mechanism: The government introduced Green Steel Certificates for eligible plants, with the National Institute of Secondary Steel Technology serving as the nodal agency for measurement, reporting, verification and certification.

Early industry adoption: By August 2025, 42 iron and steel producers had already applied for green steel certificates, indicating that decarbonization policy is beginning to move from concept to implementation.

Support for sustainable market development: The taxonomy provides a structured base for future green procurement, sustainability-linked financing and lower-carbon supply-chain positioning in the domestic steel ecosystem.

Record mineral block auctions: The Ministry of Mines reported that 200 mineral blocks were auctioned in FY 2025-26, the highest ever in a single year, including 40 iron ore blocks and 76 limestone blocks relevant to steel and allied industries.

Improved raw-material security: The broad mineral auction pipeline strengthens long-term availability of core industrial inputs and supports expansion planning in steel, cement and related manufacturing sectors.

Critical minerals focus: The successful auction of 22 critical mineral blocks reflects a wider policy push toward strategic resource security, which is increasingly relevant to industrial manufacturing and advanced materials supply chains.

Quality Control Order calibration: The Ministry of Steel continued to enforce quality standards through BIS-linked Quality Control Orders while also issuing clarifications and selective relaxations to avoid unnecessary disruption for downstream users and MSMEs.

Flexibility for specialized grades: The government eased rules for importing certain steel grades not covered under domestic quality norms, helping avoid supply shortages in specialized applications used by downstream manufacturing sectors.

Circular economy support: The Steel Scrap Recycling Policy continues to support organized scrap collection, dismantling and processing, which is useful for improving scrap availability, material efficiency and recycling-led steelmaking.

Benefit for allied sectors: A stronger scrap ecosystem supports induction furnaces, electric steelmaking, secondary steel producers and related process industries that depend on more reliable recycled raw material streams.

AI-led modernization push: In February 2026, the Ministry of Steel unveiled a digital roadmap at the India AI Impact Summit 2026 to promote AI-led transformation across the steel value chain.

Technology opportunities across the ecosystem: This initiative is relevant not only for large steelmakers, but also for allied sectors such as mining, refractories, maintenance, plant automation, logistics and industrial analytics.

Broader policy significance: Taken together, these initiatives show that government support is now extending beyond output growth toward greener steelmaking, better mineral security, improved standards, more circular resource use and digital transformation.

Sources:

https://steel.gov.in/green-steel-taxonomy-india

https://steel.gov.in/quality-control-orders

https://mines.gov.in

https://mines.gov.in/webportal/content/sucessfully-auction -since -2015

https://elplaw.in/leadership/ministry-of-steel-orders-issued-pertaining-to-steel-and-steel-products-quality-control-order-2024/

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2154155

https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/jan/doc2026130774501. pdf

https://steel.gov.in/sites/default/files/2025-08/An%20Overview%20of%20Steel%20Sector%20 July%202025.pdf

https://worldsteel.org/media/press-releases/2026/worldsteel-short-range-outlook-april-2026/

Drivers of steel industry growth in India

Several structural drivers underpin Indias steel demand outlook for FY 2025–26 and beyond:

1	2	3
Infrastructure and Construction: Large-scale investments in highways, railways, metros, bridges, airports, ports and urban transport are significantly steel-intensive. The National Infrastructure Pipeline envisages multi-trillion-rupee investment through 2030, with steel forming a core input in these projects.	Housing and Real Estate: Rising urbanisation, favourable demographics and policy measures such as the Pradhan Mantri Awas Yojana (PMAY) support sustained demand for long products used in housing, particularly in Tier-II/III cities and peri-urban areas.	Manufacturing and Auto: \u201cMake in India\u201d, PLI schemes in sectors like automobiles, white goods and capital goods, and growth in engineering and fabrication markets drive flat steel demand. The auto sector\u2019s recovery, including commercial vehicles, contributes to demand for high-grade steel and special bar quality products.
6	5	4
Rising Per-Capita Consumption: India\u2019s per-capita finished steel consumption, estimated at around 108 kg in 2024\u201325, remains significantly below the global average of 230 kg, leaving headroom for multi-year growth as incomes and urbanisation rise.	Shift from Unorganised to Organised Players: The move towards better quality, traceability and compliance in steel and infrastructure projects is gradually shifting demand from smaller, unorganised producers towards larger, organised and ESG-compliant players. These benefits integrated steel producers as well as high-quality secondary steelmakers and their suppliers.	Energy Transition and Renewables: Expansion in solar PV, wind power, green hydrogen infrastructure and grid expansion is creating new, long-term steel demand in structures, towers, transmission lines and storage facilities.

Global Ramming Mass Industry Overview

The global ramming mass industry is being shaped by the expansion of steelmaking, foundries and high-temperature metallurgical applications. 1 ton of steel requires 30 kg of ramming mass making it a crucial consumable Ramming mass is a high-temperature resistant material used primarily in the lining of induction furnaces, making it integral to the metallurgical industry. The same source estimates the global ramming mass market at USD 2.62 billion in 2025 and projects it to reach USD 4.74 billion by 2034, implying a CAGR of 6.8% over the forecast period. It also notes that Asia-Pacific is witnessing robust growth because of rapid industrialization and expansion in steel and non-ferrous metal industries. The review of the global ramming mass industry suggests a market that is becoming more strategically relevant within furnace economics. Although the segment is smaller than core steel or mining markets in absolute size, its importance is amplified by the role it plays in lining performance, furnace uptime, thermal efficiency and campaign life.

This means the industry should not be seen merely as a raw-material adjunct. In modern melting operations, product consistency, life and operational reliability have direct cost implications, which raises the value of reliable ramming mass suppliers.

Another notable review point is that the markets growth profile appears tied to industrial utilization rather than speculative demand swings. Since the material is consumed in actual metallurgical operations, its demand base tends to reflect real production activity in steel, foundry and non-ferrous segments.

The industry narrative is therefore not just about material supply, but about furnace efficiency, thermal performance and productivity economics. As end users focus more on energy efficiency and operating reliability, suppliers of consistent-quality ramming mass can occupy a more strategic role in the value chain.

Outlook

The global outlook for ramming mass remains positive because the underlying end-use sectors continue to require reliable, heat-resistant lining materials. It is expected that technological advancement, stronger energy-efficiency focus and Asia-Pacific industrial expansion to remain core drivers through the forecast period.

It is also estimated that the industry will likely grow through capability upgrading as much as through volume. Customers increasingly value lining materials that can improve furnace productivity, reduce downtime and support more energy-efficient operations, which shifts competition toward quality and application performance.

This suggests a market that should grow steadily rather than cyclically in isolation. Its outlook remains closely tied to metallurgical throughput, furnace modernization and the operating economics of steel and alloy production.

In that sense, the segment offers a relatively favourable outlook so long as industrial production and metal processing continue to expand in Asia and other emerging manufacturing regions. Growth may not be dramatic in any single year, but it appears durable and operationally anchored.

Indian ramming mass industry overview

India is strategically important to the ramming mass industry because of its expanding steel base, availability of silica resources and concentration of induction-furnace-led production clusters. Ken Research notes that the steel industry dominated Indias ramming mass market by application and links demand growth to continued expansion in steel production and infrastructure-led industrial activity.

A key structural development during the broader period was the Government of Indias decision to classify quartz as a major mineral effective February 2025, with implementation transition up to 30 June 2025. Since quartz is a critical raw material for silica-based ramming mass, this change has implications for regulation, supply formalization and resource governance.

The review of the Indian ramming mass industry is favourable because both demand-side and supply-side foundations improved. On the demand side, the strong performance of Indias steel industry supports recurring consumption of induction furnace lining materials; on the supply side, a more formal mineral classification framework can improve raw-material discipline and market organization.

India also enjoys an ecosystem advantage in this segment because ramming mass demand is closely tied to steelmaking clusters where operational responsiveness matters. Suppliers that can ensure consistency, timely dispatch and technical reliability can create durable customer relationships in such concentrated industrial markets.

The Indian market therefore benefits from both growth and localization. As domestic steel production expands, locally available quartz-based inputs and a deeper manufacturing base can enhance cost competitiveness and reduce dependence on fragmented sourcing structures.

Overall, the review indicates an industry that is moving from being a supporting material segment to being a more organized industrial niche with stronger long-term relevance. This is particularly true in an economy where steelmaking capacity and induction furnace use continue to expand.

Outlook

The outlook for Indias ramming mass industry remains favourable because its end-use base is expanding and its raw-material framework is becoming more formalized. The industry is expected to continue growing on the back of steel production expansion and policy support tied to Indias broader steel capacity ambitions.

The outlook is particularly constructive because India combines demand visibility with industrial scale. When a large and growing steel market sits alongside improving raw-material governance, ancillary furnace-material industries usually gain both volume potential and better operating structure.

With more organized mineral oversight and sustained induction furnace usage, the industry appears positioned for scalable and more quality-conscious growth. This should especially benefit players that combine raw-material access, product consistency and strong relationships with steel and foundry customers.

The Indian ramming mass outlook therefore appears stronger than a simple commodity-supply story. It increasingly resembles an industrial solutions market where quality, repeat performance and integration with steel customers can become meaningful differentiators.

Factors driving ramming mass growth in India

The most important driver of ramming mass demand in India is the expansion of steel production and steel consumption. India produced 168.4 million tonnes of crude steel and consumed 163.7 million tonnes of finished steel in FY 2025-26, while sector researchers identify steel as the dominant application segment for ramming mass in India.

A second key driver is the expected continuation of strong steel demand growth. The World Steel Associations projection of about 9% growth in Indian steel demand in both 2025 and 2026 implies sustained furnace utilization and, by extension, recurring demand for lining materials such as silica ramming mass.

A third driver is the increased emphasis on efficiency and performance in melting operations. Global market research indicates that users are seeking critical consumables with stronger thermal resistance, better durability and energy-efficiency benefits, which supports value-added growth in the ramming mass segment rather than purely volume-led growth.

A broader review of these drivers shows that ramming mass demand in India is not dependent on a single temporary catalyst. It is being supported by a chain of interlinked factors, namely steel capacity expansion, healthy domestic steel consumption, induction furnace usage, material-performance expectations and better raw-material governance.

This combination is important because it improves the quality of growth. Demand arising from repeat furnace operations, productivity requirements and organized supply chains is generally more sustainable than demand driven only by one-time inventory stocking.

In practical terms, the factors driving ramming mass growth in India point toward an industry with both recurring base demand and room for value addition. Manufacturers that align technical quality with supply reliability are likely to benefit most from this evolving demand pattern.

Sources:

https://www.researchandmarkets.com/reports/6229094/dry-ramming-mass-market-outlook-market-share

https://www.kenresearch.com/industry-reports/india-ramming-mass-market

https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2105215

https://steel.gov.in/sites/default/files/2026-04/Monthly%20Economic%20Report-%20March%20 2026%20(5).pdf

https://bharat.steel.gov.in/public/presses/1763487663_Bharat%20steel%20article,%20India%20 to%20log%20highest%20growth%20in%20steel%20demand%20both%20in%202025,%20 2026%20WSA.pdf

https://www.researchandmarkets.com/reports/6229094/dry-ramming-mass-market-outlook-market-share

BUSINESS AND FINANCIAL OVERVIEW

Monolithisch India Limited, incorporated in 2018, is engaged in the manufacturing of critical consumable products serving secondary steel sector that require high-temperature resistant material for their steel melting induction furnace applications. The Companys registered office is located at Plot No. 381, Village Utaraha, P.S. Neturia, Purulia, West Bengal, while its corporate office is located at Cosy Corner, Burdwan Compound, Lalpur, Ranchi G.P.O., Ranchi, Jharkhand – 834001. The Company operates in the critical consumable materials segment, where product quality, thermal performance, consistency and timely dispatch are critical to customer operations. Its business is positioned around supplying industrial process materials to customers across sectors linked to heat-intensive manufacturing and metal processing, thereby participating in an essential input category within the broader industrial value chain. The consolidated financial statements for FY 2025–26 have been prepared in accordance with the Accounting Standards (AS) prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, and other generally accepted accounting principles in India (Indian GAAP).

Financial performance for FY 2025-26 on consolidated basis:

(Amount in Rs. lakhs)

Particulars	Year ended March 31, 2026	Year ended March 31, 2025
Revenue from Operations	13529.3	9,734.43
EBITDA	3,196.47	2,107.98
Interest and Financial Charges	40.23	30.46
Tax expenses	785.16	491.28
Net Profit	2302.65	1436.01

Key Financial Ratios on consolidated basis

Ratios	2025-26	2024-25	% Change	Reason for variance exceeding 25%
Debtors Turnover	6.37	6.45	1.22	-
Inventory Turnover	5.13	9.41	-45.43	due to an increase in average inventory
Interest Coverage Ratio	77.75	64.27	- 20.96	-
Current Ratio	6.37	2.23	185.22	Due to increase in current assets and decrease in current liabilities
Debt Equity Ratio	0.05	0.21	-76.51	Due to increase in equity share capital along with securities premium and decrease in total debt
Operating Profit Margin (%)	0.19	0.17	14.97	--
Net Profit Margin (%)	17.02	14.75	15.38	-
Return on Net Worth (%)	27.76	53.31	-47.93	Due to increase in Profit, equity share capital along with securities premium and decrease in total debt

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has adequate Internal Control Systems commensurate with the size and nature of its business. Internal Control Systems are supplemented by internal audits carried out regularly by independent external qualified auditors. The Audit Committee interacts with the statutory and internal auditors. The Management also regularly reviews the operational efficiencies, utilisation of fiscal resources and compliance with laws so as to ensure optimum utilisation of resources, achieve better efficiencies and comply with the applicable laws and regulations.

RISKS AND CONCERN

The Company has laid down a well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process. A detailed exercise is being carried out to identify, evaluate, manage and monitor business and non-business risks. The Audit Committee and the Board periodically review the risks and suggest steps to be taken to manage/mitigate the same through a properly defined framework.

Key risk	Risk description	Mitigation strategy
Demand and steel-cycle risk	Since the Company\u2019s products are directly linked to furnace operations, any slowdown in secondary steel demand or volatility in customer production can affect off take patterns.	Management maintains close engagement with customers, tracks production trends, deepens its business presence within existing accounts and aligns production planning with demand visibility rather than speculative volume assumptions.
Raw material price variability	Fluctuations in key input costs can pressure margins and affect pricing decisions.	The Company mitigates this through calibrated sourcing, process efficiencies, tighter raw-material management and balanced pricing actions aimed at protecting customer relationships while preserving profitability.
Capacity expansion execution risk	Brownfield and greenfield projects carry risks related to delays, cost overruns, vendor coordination, commissioning setbacks and underutilisation.	Expansion is being executed in a phased and modular manner, using brownfield learnings for better layout planning, equipment selection, vendor coordination and staged ramp-up linked to demand visibility.
Product consistency risk at higher scale	As volumes increase, maintaining uniform product quality becomes critical because any inconsistency can affect lining life, customer trust and repeat business.	The Company has invested in automation, process standardisation, advanced machinery, stronger quality controls, testing systems and data-led monitoring to reduce batch-to-batch variation and rejection levels.
Logistics and supply- chain disruption risk	Road-based dispatch dependence and rising volumes increase exposure to transporter availability, delivery delays and freight inefficiencies.	Management mitigates this through proximity to key steel belts, stronger transporter relationships, inventory buffers, dispatch planning and freight optimisation across inbound and outbound routes and has access to supply through railway wagon in emergency.
Customer concentration within operating clusters	Even with a diversified base, concentration within specific steel regions may expose the business to regional slowdowns or operating disruptions.	The Company is widening its customer footprint across eastern, central and adjacent markets while growing share within multiple plants and sites rather than depending on a few isolated accounts.
Acquisition and integration risk	The integration of MIGPL and future group expansions may create risks in process alignment, customer retention, quality systems and operational synergy capture.	Management has focused on smooth integration, preserving customer continuity, aligning sourcing and production planning, and building a more unified operating platform across group entities.
Regulatory and listed- company compliance risk	As a newly listed entity, the Company faces greater obligations around disclosures, governance, insider- trading controls and shareholder communication.	The Company has reinforced Board oversight, secretarial capability, compliance processes, governance policies, investor communication systems and digital controls around sensitive information.
Working capital and liquidity risk	Rapid growth can strain receivables, inventory and liquidity if not monitored closely.	The Board regularly reviews working capital metrics, and the Company continues to follow demand-backed expansion, disciplined cost control and phased capital deployment to avoid operational strain.

Key risk	Risk description	Mitigation strategy
Competition and pricing pressure	Organised and unorganised competitors may pursue aggressive pricing or expansion in key markets.	The Company avoids competing only on price and instead reinforces its moat through quality consistency, technical collaboration, responsiveness, service reliability and location-driven cost advantage.
Environmental and safety compliance risk	Processing generates fugitive dust crystalline silica particulates, exposing the workforce to occupational health risks, this may include respiratory diseases such as asthma, COPD and silicosis.	The Company mitigates particulate and environmental risks through integrated engineering solutions, site- wide suppression systems, and enforced personal safety protocols. Industrial-grade pulse-jet baghouse filters actively capture and extract airborne silica particles at emission points. To prevent fugitive dust from vehicular transit and personnel movement, high-pressure water mist cannons are deployed along internal thoroughfares and loading zones. Furthermore, entering plant zones strictly requires the use of certified high-filtration respiratory masks and hearing protection (earplugs) across all staff and visitors and scheduled occupational health surveillance.
Talent and organisational bandwidth risk	Rapid scaling can stretch plant teams, management bandwidth and governance systems.	The Company has added plant, sales, finance, compliance and technical resources while combining promoter experience with professional management depth and stronger institutional processes.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS

Employees are the valuable assets and the strength of an organisation in its growth, prosperity and development. The company has a team of qualified and dedicated personnel who have contributed to the growth and progress of the Company. The employees are imparted training on site and are encouraged to participate in the decision-making process. The management acknowledges the contributions made by each employee at all levels and records its appreciation for the co-operation extended, but for which the present growth would not have been possible.

Safety remains paramount, with statutory safety committees, regular training drills, and suggestion mechanisms driving zero major incidents. The established suggestion committee channels employee feedback into operational improvements, fostering ownership across shop floor to management. The companys skill development focus addresses industry-wide talent gaps in various parts of operations, with hiring of external specialists complemented by internal capability building.

Industrial relations remain stable, supported by statutory compliance and community-focused CSR initiatives that enhance local employability and goodwill. As of March 31, 2026, the Companys workforce comprises capabilities across manufacturing, technical, commercial and support functions, providing a foundation for its ongoing expansion and operational priorities.

INFORMATION & TECHNOLOGY

The Companys constant drive for growth leads to the strengthening of its information technology too. The Companys unwavering pursuit of expansion has resulted in the advancement of its information technology infrastructure. All systems within the Company have been unified and customized through integrated software. The Company has also developed an in-house application, while data fed into our LLM-enabled tools aid AI-driven analysis to assess furnace-lining failures and generated data that strengthen our ability to identify failure patterns, enhance product performance and deliver more informed, data-led solutions to customers.

CAUTIONARY STATEMENT

This statement made in this section describes the Companys objectives, projections, expectation and estimations which may be forward looking statements within the meaning of applicable securities laws and regulations. Forward–looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised by the Company. Actual result could differ materially from those expressed in the statement or implied due to the influence of external factors which are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of any subsequent developments.

Our value creation report

Monolithisch India Limiteds integrated value creation story reflects how the Company converts capital, manufacturing infrastructure, people capabilities, technical know-how and customer relationships into a scalable and performance-led platform.

FY 2025-26 was a defining year in which the Company transitioned from a fast-growing industrial business into a listed enterprise with stronger governance, wider market relevance and a larger operating base.

The years progress was shaped by a combination of strategic listing, capacity expansion, acquisition-led consolidation, process optimisation and product innovation. Rather than pursuing growth in a purely volumetric manner, the Company focused on creating a stronger operating architecture that can support sustained expansion in a disciplined way.

Integrated report principles

Strategic and future-oriented:

The report reflects how Monolithisch is preparing for the next phase of growth through capacity creation, portfolio evolution and customer-led innovation.

Connectivity of information: Financial discipline, plant operations, technical capability, customer outcomes and governance are linked as part of one integrated growth model.

Stakeholder responsiveness:

The business model is built around customers, employees, shareholders, suppliers and communities, with long-term trust as a recurring theme.

Materiality: The narrative focuses on the issues most relevant to the Companys future, including scale, product performance, customer retention, efficiency, governance and sustainability.

Reliability and consistency: The Companys emphasis on standardisation, process monitoring and formal governance frameworks supports more reliable performance and more consistent stakeholder communication.

Stakeholders who empower value creation

EMPLOYEES	Employees provide execution capability across plants, laboratories, logistics, quality, sales, compliance and finance. As the Company scales, their role in maintaining product consistency, process discipline and responsiveness become central to sustainable growth.
CUSTOMERS	Customers are the foundation of Monolithisch\u2019s value creation model because repeat demand, application-level collaboration and performance validation drive both volumes and relevance. The Company\u2019s growth has been led by deeper engagement with existing customers and transactional market expansion.
SHAREHOLDERS	Shareholders have enabled the Company\u2019s transition into a listed platform with stronger visibility and improved capital access. Management remains focused on reinvesting for growth, compounding earnings and creating long-term value rather than prioritising short-term distribution.
SUPPLIERS	Suppliers remain critical to raw-material availability, quality consistency and operating reliability. Better sourcing discipline, process integration and backward-linkage orientation are important to preserving both cost competitiveness and product quality.
COMMUNITIES	The Company\u2019s plants and future facilities are linked to local communities through employment, industrial development and responsible operations. Maintaining cleaner processes, improving environmental controls and growing responsibly remain important to sustaining community acceptance and long-term legitimacy.
AUTHORITIES AND REGULATORS	As a listed entity, Monolithisch operates within a framework of regulatory compliance, governance discipline and formal disclosures. Stronger Board structures, secretarial systems, audit frameworks and adherence to listing-related norms are helping the Company strengthen institutional trust.

The resources that go into the value we create

Financial Capital	Manufactured Capital	Intellectual Capital
The Company strengthened its financial platform through its successful listing on the SME platform of NSE, which improved visibility, enhanced credibility and provided growth capital for expansion, subsidiary investment and working capital support. The Company\u2019s capital allocation philosophy remains growth-oriented yet disciplined, with equity being strategically aligned to scalable, demand-backed capacity creation.	The Company significantly expanded its manufacturing base during FY 2025-26, with installed capacity increasing from around 1,32,000 MTPA to consolidated capacity reaching about 307600 MTPA after integration of acquired operations. However increment in capacity happened in steps , hence the average consolidated capacity in FY 25-26 stood at 2,10,000 MTPA. Its operating platform now includes expanded facilities, process automation, improved material flow, advanced equipment and a future-ready greenfield project at Metalurgica India Private Limited designed around higher efficiency, better control and sustainable operations.	The Company\u2019s intellectual capital is embedded in its formulations, process know-how, application expertise and continuous product innovation. The Company has developed advanced grades, strengthened its understanding of density optimisation and heat behaviour and built technical capabilities that allow rapid customisation of blends to suit specific furnace conditions.

Human Capital	Social and Relationship Capital	Natural Capital
The Company combines promoter-led industry experience with a younger generation\u2019s execution-oriented and innovation-focused approach. During the year, the Company strengthened its plant management, production planning, sales, finance, compliance and technical support teams, while capability-building initiatives such as zero defects in process through training and application-level training improved quality, responsiveness and shop-floor productivity.	The Company has built strong and enduring relationships with customers across India\u2019s steel ecosystem, particularly in the induction furnace segment where reliability, consistency and service continuity are vital. Its high repeat business, growing income and close technical collaboration with customers demonstrate the trust and strength of these relationships. The brand name is closely working with most of the major steel houses acrosss India.	The Company\u2019s operations are dependent on disciplined mineral sourcing, efficient use of raw materials and responsible management of emissions and process waste. Its focus on better process control, reduced batch variability, bag filters and a zero emission design philosophy in the upcoming greenfield facility reflects an effort to scale with improved environmental performance. The Company follows a resource-efficient manufacturing approach that minimises raw material waste. The Company appropriately utilises or sells residual material generated during production for secondary-grade applications, improving material recovery and reducing overall process waste..

These are the constituents of Monolithischs value creation

Key enabler	Strategic growth	Innovation and product leadership	Cost and operational discipline
Monolithisch\u2019s focus	Listing-led expansion, brownfield scale-up, acquisition integration and greenfield planning to build a larger, more resilient platform.	Development of advanced products and customised formulations designed to improve lining life, furnace stability and customer productivity.	Automation, process optimisation, layout improvement, better raw-material control and tighter conversion-cost management.
Material issues addressed	Need for scalable capacity, stronger market presence and improved demand visibility in a growing steel ecosystem.	Need for differentiated performance, better furnace economics and stronger customer retention.	Need to preserve margin quality while scaling output and serving customers competitively.
Capitals impacted	Manufactured Capital	Intellectual Capital	Manufactured Capital
	Financial Capital	Manufactured Capital	Financial Capital
	Social & Relationship Capital	Social & Relationship Capital	Natural Capital

Choice of customers	People practices	Responsible operations	Value creation
Deepening relationships with existing customers while selectively expanding into new steel clusters and adjacent accounts.	Building leadership bandwidth, strengthening functional teams and institutionalising governance, quality and compliance systems post listing.	Improved environmental controls, energy-efficient process design and solutions that help customers reduce critical consumable wastage and downtime.	Converting capacity, customer relationships, innovation and operating discipline into rising revenue, profitability, scale and long- term stakeholder trust.
Need for stable order flows, lower concentration risk and deeper business share with key customers.	Need to scale organisational capability alongside manufacturing scale.	Need to grow responsibly and align with customer and industry sustainability expectations.	Need to deliver sustainable earnings growth and long- term resilience rather than short-term expansion alone.
Social & Relationship Capital	Intellectual Capital	Natural Capital	Financial Capital
Financial Capital		Manufactured Capital	Social & Relationship Capital
		Social & Relationship Capital

The Big Story of

Manufacturing Capacity & Process Integration

Overview

At Monolithisch India Limited, manufacturing excellence is more than a capability; it is the foundation of our ability to convert installed capacity into scalable, dependable value for all stakeholders. Manufacturing at Monolithisch is not about volume alone. It is about building systems that think, processes that self-correct, and facilities that are designed from the first brick to perform at the highest standard and consistently, at scale. Over the last few years, our scale-up has combined various expansion, strategic acquisition and a new greenfield project. We do not just replicate plants; we upgrade them. Each new facility inherits the accumulated intelligence of the last, making our manufacturing ecosystem smarter with every milestone.

Today, as we approach 5,76,000 MTPA of installed capacity, the story is not just one of numbers. It is the story of an organisation that has turned manufacturing into a strategic moat built on integrated design, process discipline and technology-driven operations.

Capacity journey

From focused capacity to a scalable platform. A major brownfield expansion, the integration of MIGPL and the upcoming greenfield facility together form the backbone of our capacity ramp-up. Our expansion has been demand-linked, aligned to a higher share of business and deeper integration with existing customers.

7x

Capacity growth (including upcoming expansion)

Integrated architecture

Our manufacturing philosophy is rooted in vertical integration and interconnected production flows. Unlike fragmented operations where each unit functions in isolation, our facilities are designed as unified ecosystems where raw material processing, blending, quality assurance and dispatch are woven into a single, seamless flow.

This design eliminates inter-stage delays, reduces material handling loss and creates a production environment where every step feeds naturally into the next. The result is faster throughput, tighter control and a network of facilities that operates with the efficiency of a single organism rather than a collection of machines.

Intellectual capital

Manufacturing excellence at Monolithisch is built on intellectual capital developed through years of experience in demanding furnace environments. The Company combines process knowledge, application expertise and continuous learning through its Heat Excellence Program, translating technical capabilities into actionable customer insights. Adoption of Six Sigma and zero-defect methodologies has further strengthened process discipline, enabling measured, repeatable and scalable improvements. This cumulative knowledge continues to deepen with every plant commissioned and operating cycle completed.

Process R&D: Formulation choices are continuously refined through real-time production data and structured feedback from customer operations, not just lab trials.

Automation and operational control

At Monolithisch India Limited, automation and process control are embedded across facilities to ensure standardised execution, minimise variability and enhance operational efficiency. Automated batching, mixing and material handling enable consistent performance as volumes scale. Data-backed monitoring and production planning further support faster decision-making, improved forecasting and timely corrective action.

Real-Time Logistics Intelligence: Delivering Right and On Time

To ensure seamless fulfillment and eliminate delivery friction for our furnace customers, Monolithisch has deployed a centralized, IoT-powered fleet tracking and corridor management system. Linking our dispatch operations directly to customer plant gates, this platform provides live telematics, real-time geofencing, route compliance tracking, and dynamic ETA forecasting across all transit corridors. By capturing automated exception alerts—ranging from route halts to turn-around detention times—our digital logistics desk proactively preempts transit bottlenecks. This enhanced operational visibility supports more reliable and timely deliveries while helping minimise transit-related disruptions and preserve product integrity.

Predictive maintenance: IoT-enabled sensors across key stages provide early-warning signals, allowing us to address potential issues before they become disruptions protecting uptime and safeguarding process stability.

Real-time

Operational visibility across facilities

Why this matters?

Taken together, these elements point to a business that is steadily strengthening its position through product evolution, disciplined quality management and deeper customer integration. Today Monolithisch India Limited is becoming more relevant within its customers operating frameworks thereby earning trust not just through performance, but through consistency and responsiveness that are increasingly difficult to replicate.

BUILT RIGHT

Superior product engineered for performance and reliability

DELIVERED RIGHT

Disciplined processes, certified quality and faster response

VALUED RIGHT

Stronger customer outcomes and lasting partnerships

The Big Story of

Built Right, Delivered Right and Valued Right

Overview

Monolithisch India Limited is steadily evolving from a single-product ramming mass supplier into a more solutions-led partner, where product development, quality discipline and customer relevance reinforce one another in a cohesive operating model. The Companys approach reflects a clear philosophy built right, delivered right and valued right anchoring performance across the value chain.

This progression is evident in the shift towards higher-performance grades, stronger process-led consistency and deeper technical engagement with customers. At the same time, there is a conscious effort to expand beyond the core offering through adjacent products, positioning the business as a broader solutions provider rather than a standalone material supplier. Quality is not treated as an outcome, but as a controlled, repeatable process, while customer engagement moves beyond supply into collaboration and responsiveness.

Built right

Monolithisch India Limited is evolving its portfolio through a family of higher-performance furnace-lining materials specifically engineered for demanding induction applications. The range now spans multiple proprietary grades of specialised ramming mass, each tuned to different furnace sizes, operating conditions and make, enabling customers to choose compositions that best match their individual process requirements.

The Company is increasingly emphasising advanced grades ramming mass developed through research, field feedback and performance analysis at customer plants. The direction is clearly towards solutions that support longer lining life, greater thermal efficiency and more stable furnace operations.

BG-77

A dependable general-purpose grade offering consistent performance under standard operating conditions.

SGB-777

A higher-performance grade designed for intensive production cycles, delivering enhanced density and hot strength.

SLM-999

An advanced grade engineered for elevated temperatures and demanding operating conditions, with strong thermal-shock resistance and lining durability.

SLM-980

Our most cost effective grade developed for varied charge mixes and changing operating conditions, supporting stable heat and lining integrity.

LG-86

A cost-effective solution for light to mid-duty applications, balancing lining performance and operational efficiency.

SGB-LIMITED

Our premium grade, developed for critical applications where enhanced lining life, furnace stability and thermal efficiency are essential.

FY 25–26: A year of performance at the customer end

FY25–26 was not only a year of stronger financials for Monolithisch India Limited; it was also a period when customer-side outcomes became more visible and measurable. Capacity expansion, process improvement and new product grades translated into better lining performance, higher furnace availability and more efficient steel production at client plants. Across key accounts, the Companys specialised grades and customised formulations reinforced its role as a technical partner rather than a commodity supplier. The following case studies illustrate how this translated into higher heats per lining, reduced downtime and more stable operations for customers in different regions and segments.

Case Study 1	Case Study 2
Steel producer in West bengal witnesses higher productivity through SGB-Limited Context	Raipur cluster customer \u2013 lower downtime through tailored formulation Context
AIC Group in West bengal integrated Monolithisch\u2019s SGB-Limited series into its induction furnace operations, looking to improve campaign life and productivity without compromising on safety or stability.	A customer in Raipur was experiencing frequent maintenance interruptions and high patching requirements, which were eroding furnace availability and raising maintenance effort.
Intervention	Intervention
Monolithisch worked closely with the customer\u2019s technical team to fine-tune product chemistry and optimise the heat cycle for the plant\u2019s specific operating conditions. The solution combined the premium SGB-Limited grade with application-level guidance on heat cycle and furnace handling.	Monolithisch designed a tailored specialised ramming mass solution for the specific furnace and operating profile. The formulation focused on improving lining stability and resistance to localised stress conditions, while keeping application practices practical for the plant team.
Impact	Impact
Increase of 15\u201320% additional heats per lining.	Noticeable reduction in patching frequency.
Reduction in consumption.	Higher furnace availability and smoother operating continuity.
This case demonstrates how a performance-oriented product upgrade, backed by technical collaboration, can directly lift both operating efficiency and throughput for a large, quality-conscious steel producer.	The case highlights how customised blends, developed in close coordination with plant teams, help customers convert a recurrent maintenance pain-point into a more stable, predictable operating pattern.

Company Overview Statutory Reports Financial Statements

Corporate social responsibility

While CSR spends and project lists are still modest compared to larger peers, the Company recognises the importance of contributing to the communities that support its operations. The companys emerging CSR lens centres on themes that connect most closely with its business footprint – industrial-area communities, skilling, safety awareness and livelihoods in regions where it operates.

Our companys CSR initiatives stethoscope

CSR expenditure

Rs. 37.52 Lakhs	Rs. 14.71 Lakhs
In FY 2025-26	In FY 2024-25

*On Consolidated basis

Governance impact

Strong governance at Monolithisch India Limited is not merely a regulatory requirement; it is an operating philosophy that enables disciplined growth, builds stakeholder trust and strengthens long-term value creation. The Companys transition into a listed entity during FY 2025–26 has further accelerated its shift towards a more structured, transparent and process-driven governance framework, ensuring that scale is supported by accountability at every level.

Listing-led governance transformation

FY2025-26 marked our first year as a listed company. on the NSE SME platform. The successful IPO, raising Rs. 82.02 Crores, did more than strengthen our balance sheet; it raised the bar for governance and disclosure. We recognise that investor trust is earned through consistent transparency and disciplined management, hence we by our own will opted for quarterly NSE reporting which is unseen in SME space and this transition has embedded stronger reporting practices, sharper financial discipline and enhanced stakeholder communication across the organisation.

Board oversight and strategic direction

The Board has been strengthened with a balanced mix of 3 executive, 1 non-executive and 2 independent directors, bringing diverse perspectives and deeper oversight to strategic decision-making. Board deliberations during the year were closely aligned with the Companys growth priorities - capacity expansion, capital allocation, risk management and operational scalability.

The governance framework is further supported by a strengthened leadership layer, with the Chief Financial Officer driving financial discipline, capital efficiency and investor transparency, while the Company Secretary ensures robust compliance, regulatory alignment and effective Board processes. The committee structure ensures focused governance across key areas such as audit, nomination and remuneration, and stakeholder relationships. Regular reviews and structured discussions enable the Board to guide long-term direction while maintaining strong control over execution risks.

Risk management and transparency

As the business scales, risk management has evolved into a more structured and proactive framework. The Company has identified various risks and has integrated them into its decision-making processes. Regular monitoring mechanisms, strengthened compliance systems and enhanced disclosures ensure that risks are not only mitigated but also communicated transparently to stakeholders. This approach builds confidence while enabling the Company to respond effectively to a dynamic operating environment.

Internal controls and compliance systems

Post listing, the Company has significantly strengthened its internal control environment. The finance and secretarial functions have been upgraded with experienced professionals, improving reporting quality, compliance rigour and financial discipline. Robust systems have been implemented for regulatory compliance, including structured processes for disclosures, insider trading controls and governance oversight. The adoption of quarterly financial reporting further enhances transparency and provides consistent visibility to investors.

In addition, the appointment of joint auditors has strengthened audit quality and independence, reinforcing the credibility of financial reporting.

Ethics, accountability and stakeholder trust

The Companys governance philosophy is anchored in ethical conduct, fairness and accountability. The Company has institutionalised policies such as Code of Conduct, insider trading regulations and related-party transaction frameworks to ensure that operations remain transparent and compliant.

Internal monitoring mechanisms have been strengthened to ensure that all related-party transactions are conducted at arms length and in the ordinary course of business. This disciplined approach reinforces credibility and safeguards stakeholder interests.

The Stakeholders Relationship Committee actively oversees investor communication and grievance resolution, ensuring timely response and transparent engagement with shareholders.