Nandani Creation Ltd Management Discussions

1. GLOBAL ECONOMIC OVERVIEW

The global economic environment during FY 2025-26 remained characterised by a gradual moderation in inflation, divergent monetary policy trajectories across economies and persistent geopolitical and trade-related uncertainties. While economic activity remained resilient in several major markets, the pace of growth continued to vary across regions, with businesses operating in an environment of cautious consumer spending, elevated financing costs and changing trade dynamics.

Global trade and supply chains continued to undergo structural realignment, with companies increasingly focusing on diversification of sourcing locations, reducing supply-chain concentration risks and building greater resilience into procurement and manufacturing operations. These developments have enhanced the strategic importance of emerging manufacturing destinations, including India, which continues to benefit from its large domestic market, established textile ecosystem, skilled workforce and expanding manufacturing capabilities.

For the textile and apparel sector, global demand remained influenced by consumer affordability, employment conditions and discretionary spending patterns. Brands and retailers continued to focus on maintaining healthy inventory levels, improving full-price sell-through, optimising sourcing and strengthening cost competitiveness. At the same time, the growing adoption of technology, including artificial intelligence, automation, analytics and digital commerce, is reshaping the way fashion businesses forecast demand, develop products, manage inventory and engage with consumers.

Looking ahead, the global economic outlook is expected to remain influenced by inflation trends, interest-rate movements, geopolitical developments, commodity prices, currency fluctuations and international trade policies. In this environment, businesses with strong financial discipline, agile supply chains, diversified sourcing, differentiated product offerings and an effective omnichannel presence are expected to be better positioned to navigate volatility and pursue sustainable growth.

Against this backdrop, the Indian textile and fashion industry continues to present attractive long-term opportunities, supported by rising domestic consumption, increasing organised retail penetration, growth in e-commerce and digital commerce, favourable demographic trends and Indias increasing role in global sourcing. However, the sector will continue to require disciplined management of costs, working capital, inventory and external market risks.

2. OUTLOOK

The global economic outlook remains cautiously positive, although uncertainty continues to be elevated. The pace of inflation moderation, interest-rate trajectories, geopolitical developments, commodity prices and global trade policies are expected to influence consumer demand and investment decisions. For the apparel industry, the medium-term outlook is supported by increasing fashion consciousness, digital penetration, changing lifestyles, urbanization and the growth of organized retail and e-commerce. The Company believes that the structural shift from unbranded to branded apparel, increasing adoption of online shopping and the emergence of omnichannel retail models will continue to create opportunities for established Indian brands. At the same time, the Company remains cognisant of the risks associated with discretionary consumption, intense competition, promotional activity, customer acquisition costs and inventory obsolescence.

The Companys strategy is therefore focused not merely on topline expansion but on building a scalable and diversified business model with greater control over customer relationships, inventory, pricing and distribution.

3. INDIAN TEXTILE MARKET ECONOMIC OVERVIEW

India has a well-established textile and apparel ecosystem supported by a large domestic consumer base, extensive manufacturing capabilities, skilled manpower, availability of raw materials and a strong cultural heritage in textiles and apparel. The Indian apparel market continues to benefit from rising disposable incomes, increasing participation of women in the workforce, urbanization, changing lifestyles and increasing preference for branded fashion. Womens ethnic and Indian wear continues to represent a significant and evolving opportunity. The traditional salwar-kurta segment is increasingly being complemented by contemporary ethnic wear, fusion wear, occasion wear, workwear, casual wear and premium ethnic products. The organized apparel market is witnessing a gradual shift from unbranded and fragmented retail towards branded and organized players. This transition is being accelerated by increasing digital adoption, improved logistics infrastructure, greater availability of digital payment systems and increasing consumer confidence in online shopping. The Indian fashion industry is simultaneously moving towards an omnichannel model. Large-format retailers, exclusive brand outlets, franchise stores, shop-in-shop counters, marketplaces, direct-to-consumer websites, mobile applications and quick-commerce platforms are increasingly becoming complementary channels rather than independent channels. The Company believes that this structural evolution presents a favorable environment for brands which can combine strong product design, efficient sourcing, disciplined inventory management and effective digital and offline distribution.

India s textiles sector is one of the oldest and most diverse industries in the country, with roots stretching back centuries. It spans from traditional hand-spun and handwoven clusters to sophisticated capital-intensive mills, supported by a robust base of fibers and yarns ranging from cotton, jute, silk, and wool to polyester, viscose, and acrylic. The decentralized power loom, hosiery, and knitting segment remains the largest component, reflecting the industry s ability to cater to multiple consumer markets. Its close linkage with agriculture, reliance on natural resources like cotton, and strong cultural heritage give the Indian textiles industry a unique identity compared to other manufacturing sectors.

Over the years, India has built the capacity to serve a wide spectrum of demand, from affordable mass-market apparel to niche high-value categories, both domestically and internationally. The industry today employs more than 45 million people, underlining its role as one of the country s largest generators of livelihoods. Forecasts suggest the domestic textile and apparel market could reach US$ 225 billion by 2025, growing at 10-12% annually, with exports expected to rise sharply in parallel.

To sustain competitiveness and attract investment, the government has been actively supporting the sector through targeted initiatives such as the Scheme for Integrated Textile Parks (SITP), the Technology Upgradation Fund Scheme (TUFS), and the Mega Integrated Textile Region and Apparel (MITRA) Park scheme. These measures, along with new investments in technology, innovation, and design, are positioning the textiles sector not only as one of India s oldest industries but also as one of its most future-ready.

The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach US$ 2.3 billion by 2030. India ranks among the top five global exporters in several textile categories, with exports expected to reach US$ 100 billion.

The textiles and apparel industry contribute approximately 2% of India s GDP and about 11% of manufacturing GVA (Gross Value Added) as of February 2026. The textile industry in India is predicted to double its contribution to the GDP to approximately 5% by the end of this decade. Global fibre demand is expected to reach around 149 million tonnes in 2030, with increasing population and growth in per-capita consumption.

The Indian Technical Textiles market is the fifth largest in the world. The technical textiles industry was valued at US$ 29 billion in 2024 and is projected to grow to US$ 45 billion by 2026, US$ 123 billion by 2035, and US$ 309 billion by 2047. The India Mobil tech textile market (a division of technical textiles for automotive use) is projected to grow from US$ 2.32 billion in FY25 to US$ 4.57 billion by FY33, at a CAGR of 8.84%.

This growth is driven by rising demand for advanced materials, electric vehicles, and sustainability focus.

Indias sports technology market was valued at US$ 501.3 million in 2025 and is projected to reach US$ 1528.5 million by 2034, growing at a CAGR of 12.79% from 2026 to 2034.

India s home textile market is projected to grow at a CAGR of 7.08% during 2026 2031, reaching US$ 16.76 billion by 2031 from US$ 11.18 billion in 2025.

Technical textiles are revolutionizing the textile industry in India by offering innovative solutions across various sectors. These specialized fabrics are designed for specific performance attributes and applications, ranging from automotive and aerospace to healthcare and construction. With a growing emphasis on technology and research, India is positioning itself as a global leader in this field, leveraging its strong textile heritage and advanced manufacturing capabilities.

The Indian composites market is expected to reach an estimated value of US$ 1.9 billion by 2026 with a CAGR of 16.3% from 2021 to 2026 and the Indian consumption of composite materials will touch 7,68,200 tonnes in 2027.

India is the world s largest producer of cotton. India s total production of cotton in the 2025-26 season have been estimated at 292.15 lakh bales of 170 kgs.

In the cotton season 2025 26, as of February 5, 2026, the Government of India, through its nodal agency Cotton Corporation of India (CCI) under the Ministry of Textiles, procured 90.97 lakh bales of cotton valued at Rs. 36,355 crore (US$ 4.11 billion) under Minimum Support Price (MSP) operations. To strengthen procurement coverage, CCI expanded its network from 508 centres in 2024 25 to 571 centres across 150 districts in 11 cotton-growing states during 2025 26.

India saw a 36.4% increase in industrial design applications, particularly in textiles, accessories, tools, machines, health, and cosmetics.

The global apparel market was valued at US$ 1.9 trillion in 2025 and is expected to grow at a CAGR of 4.1% from 2026 to 2034. Growth is driven by rising demand for casualwear and athleisure, social media trends, higher disposable incomes, and e-commerce expansion.

In FY26, the total exports of textiles and apparel (including handicrafts) stood at US$ 35.52 billion, while imports were recorded at US$ 8.49 billion. The Ready-Made Garments (RMG) category, with exports of US$ 15.77 billion, accounted for the largest share (44%) of total exports, followed by Cotton Textiles (29%, US$ 10.25 billion) and Man-Made Textiles (15%, US$ 5.23 billion).

The sector employs over 45 million people and produces approximately 22,000 million pieces of garments annually.

4. OUTLOOK

The Indian textile and apparel industry is expected to witness strong long-term growth, driven by rising domestic consumption, exports, technical textiles, sustainability, and integrated manufacturing. The market is projected to reach US$ 350 billion by 2030.

ROBUST DEMAND:

The Indian technical textiles market is expected to expand to US$ 23.3 billion by 2027, driven by increased awareness of goods and higher disposable incomes.

Cotton production in India is projected to reach 7.2 million tonnes (~43 million bales of 170 kg each) by 2030, driven by increasing demand from consumers.

In FY26, the total exports of textiles and apparel (including handicrafts) stood at US$ 35.52 billion, with Ready-Made Garments (US$ 15.77 billion), Cotton Textiles (US$ 10.25 billion), and Man-Made Textiles (US$ 5.23 billion) as the key contributors.

COMPETITVE ADVANTAGE:

Abundant availability of raw materials such as cotton, wool, silk and jute.

India enjoys a comparative advantage in terms of skilled manpower and in cost of production relative to other major textile producers.

India enjoys a comparative advantage in terms of skilled manpower and in cost of production, relative to major textile producers.

The sector provides employment to over 45 million people and produces about 22,000 million pieces of garments per year

POLICY SUPPORT

100% FDI (automatic route) is allowed in textiles

The Union Budget 2026 27 allocated Rs. 5,279.01 crore (US$ 597.34 million) to the Ministry of Textiles, broadly maintaining funding levels compared to the previous year. It also continues to support the five-year Cotton

Mission, aimed at boosting cotton productivity, reducing import dependence, and strengthening MSME-driven textile competitiveness.

The Indian Council of Agricultural Research (ICAR) Central Institute for Cotton Research (CICR) is implementing a special cotton project under the National Food Security and Nutrition Mission across eight major cotton-growing states, with an outlay of Rs. 6,032.35 lakh (US$ 6.83 million) allocated for FY25 26 to promote best practices and enhance cotton productivity

INCREASING INVESTMENT

Total FDI inflows in the textiles (including Dyed, printed) sector stood at Rs. 33,512.66 crore (US$ 5,073.03 million) between April 2000-March 2026.

According to Apparel Export Promotion Council (APEC), significant opportunities exist to deepen collaboration between Indian and Japanese firms in the textiles sector, with Tokyo-based companies expressing keen interest to invest in India.

Market Size

Year	Market Size (in US$ billion)
2026	157
2030F	250

Key Facts as of FY26

? Contributes 2.3% to Indias GDP

? Employs over 45 million people

? Contributes 12% to Indias export earnings

Sector Composition

Share of Indias Textile Exports FY26

Textile Sector Component	Export Share (%)
RMG of all Textiles	44%
Cotton Yarn/Fabs./Made-ups/Handloom Products	29%
Manmade Yarn/Fabs./Made-ups, Stable Fibre	15%
Handicrafts excl. Hand-made Carpet	5%
Carpet excl. Hand-made Carpet, Silk Carpet	4%
Jute Mfg. including Floor Covering, Other Textile	3%

Key Trends

Textiles Trade Data (US$ billion)

Financial Year	Export (US$ billion)	Import (US$ billion)	Trade Balance (Surplus)
FY18	36.75	7.04	+29.71
FY19	37.50	7.30	+30.20
FY20	34.21	8.15	+26.06
FY21	29.87	5.87	+24.00
FY22	44.43	8.00	+36.43
FY23	36.68	10.48	+26.20
FY24	35.90	8.80	+27.10
FY25	36.61	8.77	+27.84
FY26	35.52	8.49	+27.03

Government Initiatives

National Textile Policy

Khadi App Store

Pradhan Mantri Fasal Bima Yojana

5. INDIAN E COMMERCE INDUSTRY

In recent years, India has experienced a boom in internet and smartphone penetration. This has strengthened India s digital sector, which is expected to reach US$ 1 trillion by 2030. Rising incomes, coupled with digital adoption, have propelled the growth of the e-commerce industry. The sector has transformed the way business is done in India, opening new avenues across business-to-business (B2B), direct-to-consumer (D2C), consumer-to-consumer (C2C), and consumer-to-business (C2B) models.

India s e-commerce industry, valued at Rs. 10,82,875 crore (US$ 125 billion) in 2024, is projected to grow to Rs. 29,88,735 crore (US$ 345 billion) by 2030, reflecting a compound annual growth rate (CAGR) of 18.4%. According to a joint report by ANAROCK and ET Retail, the sector is further expected to reach Rs. 47,64,650 crore (US$ 550 billion) by 2035, driven by increasing digital adoption and evolving consumer behavior.

The sector has also emerged as a key driver of investments. In 2024 25, e-commerce attracted Rs. 26,527 crore (US$ 3.1 billion) across 79 deals, accounting for 31% of total start-up funding. This marked a 128% jump from 2023, when it recorded Rs. 11,980 crore (US$ 1.4 billion) across 59 deals.

Hyperlocal and B2C segments led the charge, with Zepto alone raising Rs. 11,980 crore (US$ 1.4 billion), contributing 44% of all e-commerce-related PE/VC investments. In 2024, the sector ranked fifth in India s private equity and venture capital investments, attracting Rs. 38,865 crore (US$ 4.6 billion).

India s e-commerce industry is entering a high-growth phase, driven by rising disposable incomes, rapid digital adoption, and increasing demand from tier II and III cities. Quick commerce is expanding at a 70-80% CAGR, while the D2C market is set to cross Rs. 8,70,500 crore (US$ 100 billion) in 2025. Overall annual industry growth is projected at 17 22% in 2025.

The Government e-Marketplace (GeM) has emerged as a key digital public procurement platform in India, achieving a cumulative Gross Merchandise Value (GMV) of Rs. 18.4 lakh crore (US$ 208.2 billion), including over Rs. 5 lakh crore (US$ 56.6 billion) in FY 2025 26. The platform continues to strengthen transparency, efficiency and inclusivity in public procurement through technology-driven processes.

During FY 2025 26, Micro and Small Enterprises (MSEs) executed 68% of total orders and accounted for 47.1% of the platforms GMV. More than 11 lakh registered MSEs secured over 51 lakh orders worth Rs. 2.36 lakh crore (US$ 26.7 billion), registering growth of over 20% compared to the previous financial year. Women-led MSEs, SC/ST enterprises and startups also expanded their participation, securing procurement orders worth over Rs. 28,000 crore (US$ 3.2 billion), Rs. 6,000 crore (US$ 0.7 billion) and Rs. 19,000 crore (US$ 2.1 billion), respectively, during FY 2025 26.

The Government e-Marketplace (GeM) has witnessed rapid growth, with cumulative GMV increasing from over Rs. 15 lakh crore (US$ 177.4 billion) as of August 2025, to Rs. 16.41 (US$ 194 billion) lakh crore by November 2025, highlighting strong adoption and accelerating digital public procurement in India.

India has also surpassed the United States to become the world s second-largest e-retail market, with 280 300 million in 2025. Trend-led fashion is projected to grow nearly four times to Rs. 68,456-85,570 crore (US$ 8-10 billion) by 2028, with over half of sales expected to come from online platforms.

Generative AI adoption is accelerating rapidly, with LLM platforms reaching 50 million MAUs within 1 1.5 years, far faster than previous digital technologies. ChatGPT has seen strong momentum in India, which emerged as its second-largest market, with the user base growing 4.5x in 2025 to over 160 million MAUs. Adoption is led by Gen Z, which accounts for one-third of ChatGPT users, with 30% higher engagement than global averages, signalling strong potential for AI-driven conversational commerce and assisted shopping experiences.

India s digital economy is expected to contribute nearly one-fifth of national income by 2029 30, surpassing both agriculture and manufacturing sectors. Digital-enabling industries are growing significantly faster, at 17.3%, compared to 11.8% growth for the overall economy.

Another emerging segment is subscription e-commerce. Valued at Rs. 88,479 crore (US$ 10.34 billion) in 2024, the market is expected to expand to Rs. 3.2 lakh crore (US$ 374.24 billion) by 2033, growing at a CAGR of 45.13% during 2025-2033.

Indian E-commerce Market (US$ billion)

Year	Market Size (in US$ billion)
2021	67
2022	84
2023	102
2024	125
2025F	145
2026F	163
2030F	345
2035F	550

The Indian e-commerce market is projected to grow from US$ 125 billion in 2024 to US$ 345 billion in 2030 and is expected to touch US$ 550 billion by 2035, up from US$ 84 billion in 2022, largely driven by tier-2 and tier-3 city adoption. The country s B2B online marketplace opportunity is also estimated to reach US$ 200 billion by 2030. According to a recent report by EY India, generative artificial intelligence (GenAI) could enhance productivity in

India s retail industry by 35-37% by 2030. The report, titled The AIdea of India: 2025 , highlighted that 48% of Indian businesses have already initiated proof of concept (PoCs) for GenAI solutions, while another 32% are planning to invest or have allocated budgets for AI adoption. India s D2C segment is projected to reach US$ 60 billion by 2030, driven by strong MSME adoption (53% preference). At the same time, marketplaces (Amazon, Flipkart, Meesho, Myntra) are expected to scale to US$ 100 billion in sales by 2030, indicating a coexistence of channels rather than substitution.

In April 2026, India s Unified Payments Interface (UPI) processed 22.35 billion transactions with a total value of Rs. 29.03 lakh crore, reflecting its deep integration into everyday commerce. A total of 713 banks were live on the UPI platform, underscoring its broad institutional adoption. The International Monetary Fund, in its June 2025 report on growing retail digital payments, recognised UPI as the world s largest retail fast payment system by transaction volume.

Tier-2 and tier-3 cities drove significant e-commerce growth during the 2025 summer sales, with tier-3 cities posting 21% YoY growth and contributing 38% of order volumes. This underlines the rising adoption of online shopping beyond metros. Advertising has also become a key growth engine, with Flipkart and Myntra s combined ad revenues rising 27% to Rs. 7,232 crore (US$ 836.36 million) in FY25, offsetting losses and aiding profitability.

Smartphone adoption continues to accelerate, with Indian consumers increasingly shifting to 5G devices. By CY24, India had positioned itself as the second-largest smartphone market in the world by unit volume and the third-largest by value, accounting for 15.5% of global shipments. According to IDC, shipments grew 4% YoY to 151 million units, with 7% growth in the first half offsetting a slower 2% expansion in the second half. India s e-retail market continues to expand at a fast pace. Projections indicate that e-retail will exceed US$ 160 billion by 2028. Long-term fundamentals remain strong, with annual growth expected to average over 18% and gross merchandise value (GMV) reaching Rs. 14.5 lakh crore (US$ 170 billion) by 2030. Nearly one in ten retail dollars will be spent online, supported by rising discretionary spending as India s per capita GDP climbs to Rs. 3,00,000-4,00,000 (US$ 3,500-4,000).

India had nearly 290 300 million online shoppers in 2025, with Tier-2+ cities contributing around 65% of incremental shoppers. Shopper penetration remains only 25 30% of internet users in smaller cities, leaving significant room for future growth, while nearly 45% are women, indicating a broadening demographic base of digital commerce.

Globally, India has become the third-largest online shopper base after China and the US. The country s B2C e-commerce exports, currently at US$ 2 billion, hold substantial room for growth, given the global B2C e-commerce market is projected to reach US$ 8 trillion by 2030.

MARKET SIZE

Indian E-commerce Market (US$ billion)

Year	Market Size (in US$ billion)
2021	67
2022	84
2023	102
2024	125
2025F	145
2026F	163
2030F	345
2035F	550

Sector Composition

Shares of Various Segments in e-commerce Retail (2024)

E-commerce Retail Segment	Market Share (%)
Smartphones	28%
Fashion & Apparel	21%
Electronics & Appliances	20%
Food & FMCG	14%
Furniture & Home Dcor	6%
Others (Grey segments unlabeled in text)	7% + 5% (Total 12%)

Key Trends: Retail and Smartphone Insights

Trend Metric / Year	2024 Value	Future Forecast Value
Online Retail vs. Total Retail	7.0%	14.0% (2030F)
Indias Smartphone User Base	931 million	1,100 million (2025F)

Government Initiatives

Government e-Market Place (GeM)

National Retail Policy

Consumer Protection Rules 2020

MARKET SEGMENT OF WOMEN WEAR APPAREL INDUSTRY FROM FY 2014-2027

Womens Apparel Market

Financial Year	Market Size (in US $ Billion)
2014	25
2015	26
2016	28
2017	32
2018	33
2019	36
2020	30
2021	33
2022	40
2023	44
2024	45
2025	47
2026	49
2027	50

Revenue in the Womens Apparel segment amounts to US$44bn in 2023. The market is expected to grow annually by 3.48% (CAGR 2023-2027).

6. THE COMPANY & OUR BRANDS- OUTLOOK:

As on March 31, 2026, the Company sold appx 5.59 lacs pcs on net basis through its various Marketplace portals, exclusive brand outlets (EBO s), Large Format Retail stores (LFRS) and various Proprietary sales Channels. We also sell our products through our own Brand s website i.e. www.jaipurkurti.com and various online marketplaces. Your

Company NANDANI CREATION LIMITED is engaged in the manufacturing and online trading of Women Apparels like Kurtis, ethnic tops, palazzo, Patiala salwar suits, dupattas, quilted jackets, leggings, different variety of Bottom Wears, Shirts, Western wears etc.

We have a track record of developing homegrown brands leveraging our deep understanding of the needs and aspirations of Indian women. Over the years, we have expanded our brand portfolio to three brands, each positioned to cater to the well-defined needs of their respective target consumers:

Jaipur Kurti Jaipur Kurti is the Companys flagship womens Indian wear brand with a strong D2C and omnichannel orientation. The brand focuses on contemporary Indian wear, ethnic sets, kurtis, occasion wear and everyday fashion. Amaiva-By Jaipur Kurti: Amaiva is positioned towards consumers seeking a more premium and aspirational fashion proposition while retaining accessibility.

Desi Fusion : With our brand Desi Fusion we are catering to prominent B2B fashion destinations across India. We focus on creating innovative designs and optimizing fit and sizing while emphasizing higher quality. We launch approximately new styles every year introducing freshness to our consumers every two to three weeks.

Jaipur Kurti Luxe : The premium proposition is intended to strengthen the Companys positioning in higher-value fashion categories and support brand premiumization. The Company has progressively evolved from an online-first business towards an integrated omnichannel fashion platform comprising third-party marketplaces, its proprietary website, mobile application, company-owned retail stores, franchise stores, shop-in-shop counters and large-format retail partnerships.

7. OUR KEY DEVELOPMENTS ARE AS FOLLOWS:

Increase in ASP led by brand premiumization:

During the last year, company has actively engaged in evolving our brand perception from affordable fashion wear to an aspirational brand. Our efforts got reflected by increase in ASP to Rs 1957/- as against Rs 1657/- in previous year. This accomplishment serves as a robust foundation for all our future endeavors.

Engaged Bollywood actress Madhuri Dixit as the brand ambassador

In our constant commitment to propel the brand into its next phase of growth, the company has collaborated with the renowned Bollywood star, Madhuri Dixit who joins us as the esteemed brand ambassador in the FY 2023-24. This strategic alliance is poised to provide dual benefit of endorsing our innovative product designs and fuel our expansive reach into new territories.

Increased presence in proprietary online sales channel, launched mobile App on Android and App store .

We have invested in development of our proprietary online sales channel to enable an omni channel offering to the customer. Below are few specific steps being undertaken in this regard:

- Increasing spends towards performance marketing of our website www.jaipurkurti.com.

- Launched Mobile App on both Android and app store.

- Upgradation of company s retail software

Benefits of our own sales channel over others

- Higher sales realization leading to brand premiumization

- Collection of customer data

- Cross sell opportunities

- Lower sales return

- Reduced dependence on other websites & vulnerability to their policies

- Stronger Brand Loyalty

100 Crore Brand Milestone - A Defining Moment

Flagship brand Jaipur Kurti crossed 100 crore in annual sales for FY26. This positions NCL among a selected group of Indian ethnic wear brands that have scaled to this level while sustaining profitable operations - a testament to the brand s resonance with its target consumer.

Premiumization Driving Higher Realizations and Revenue Quality

Company s push into aspirational and premium segments - through quality offerings, along with expansion into premium retail formats - has driven a meaningful improvement in Average Selling Price (ASP) to approximately ~ 1,991/- in FY26.

Optimized Omni-Channel Mix Delivering Broad-Based Reach

Channel split (FY26):

Third-party online platforms (Myntra, Nykaa, Flipkart, Instamart, etc.): ~34%

LFRS- Large format Retail stores (Reliance Trends, Shoppers Stop, Centro, Fashion Factory etc.): ~31% Own channels (EBOs + SIS + website + wholesale): ~36%

Retail Network Expansion:

The company has built a scaled and diversified distribution network across formats:

8 COCO stores (Jaipur, Ahmedabad, Kota, Shri Ganganagar, Lucknow & Ghaziabad) and 8 FOFO stores (Rajouri Garden-Delhi, Rohini-Delhi, Karol Bagh-Delhi, 2 in Gurugram, Mumbai, Ajmer, Ludhiana).

180+ Large Format Retail Stores (LFRS) including Reliance Trends (80+), Shoppers Stop (22+), Centro (20+), Fashion Factory (25+), Avantara & Kalanikethan (35+)

50+ Shop-in-Shop (SIS) counters across key markets

Quick commerce (Swiggy Instamart) already contributing ~3% of total sales, with further rollouts planned

Strategic partnerships with big conglomerates - Lulu Fashion Week debut and Brand launch in Lulu Mall, Kochi, Kottayam & Trivandrum - and Reliance Fashion Factory, enhancing inventory efficiency, accelerating aged-stock liquidation and improving working capital cycles

Online presence across all major platforms (Myntra, Ajio, Nykaa, Flipkart, Tata Cliq etc.), proprietary website (www.jaipurkurti.com) and mobile application (App Store & Play Store)

8. FINANCIAL HIGHLIGHTS:

	(All Figures in Crore)
Particulars	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net Sales	37.4	46.9	47.8	62.7	49.53	45.11	70.00	111.17
Operating EBITDA	3.2	3.2	4.6	2.9	3.0	4.3	9.00	7.71
EBITDA margin	8.4%	6.8%	9.7%	4.7%	6.8%	10.0%	13.10%	7.00%
Interest	1.2	1.6	1.8	1.2	2.1	2.53	3.00	3.40
Depreciation	0.5	0.4	1.1	0.9	1.3	1.95	2.00	1.59
PBT	1.5	1.3	2.3	0.2	0.1	0.55	5.00	2.72
Tax	0.5	0.4	0.6	0.1	0.0	0.0	1.00	0.87
PAT	1.1	0.9	1.7	0.1	0.1	0.55	4.00	1.83

ANALYTICAL RATIOS

SR No. Ratio	UOM	FY ENDED 31-03-2026	FY ENDED 31-03-2025
1. Current Ratio	Times		2.80
2. Debt-Equity Ratio	Times		0.38
3. Debt Service Coverage Ratio	Times		1.06
4. Return on Equity Ratio	%		8.93
5. Inventory Turnover Ratio	Times		1.28
6. Trade Receivables Turnover Ratio	Times		1.96
7. Trade Payables Turnover Ratio	Times		7.05
8. Net Capital Turnover Ratio	Times		1.66
9. Net Profit Ratio	%		5.14
10. Return on Capital Employed	%		13.19
11. Return on Investment	%		8.91

INVEST IN BUILDING GROWTH RUNWAYS AND KEY CAPABILITIES WHILE PRESERVING BALANCE SHEET STRENGTH

Nandani is well positioned to capitalize on the structural shift in India s fashion and apparel industry from traditional offline retail towards organized, digitally enabled and omnichannel commerce. The Company s established online operating capabilities, diversified channel relationships and long-standing presence in the digital fashion ecosystem provide a strong foundation for sustainable growth.

KEY STRENGTHS VIS-À-VIS TRADITIONAL OFFLINE PLAYERS:

Asset-light business model: Unlike traditional offline players, the Company does not carry the legacy burden associated with extensive distribution networks and company-owned retail stores.

Established online operating capabilities: The Company has developed strong expertise across online business operations, including logistics, inventory management, order fulfilment and returns, supported by integrated ERP systems.

Dynamic pricing expertise: The Company has significant experience in managing competitive price points and implementing dynamic pricing strategies suited to the online marketplace environment.

Resilient business model: The Company demonstrated the resilience of its online-led business model during the COVID-19 pandemic, when several traditional offline businesses faced significant operational and demand-related challenges.

KEY STRENGTHS VIS-À-VIS ONLINE PLAYERS:

End-to-end operational integration: The Company has established integrated capabilities across sourcing, inventory, technology, fulfilment, customer engagement and online sales.

Diversified channel-partner ecosystem: Strong relationships across multiple online marketplaces enable the Company to maintain an appropriate channel mix and reduce dependence on any single platform.

Established online brand presence: With a long-standing presence in the online fashion industry, the Company has built brand recognition and operating experience that supports continued customer acquisition and retention.

Repeat customers and organic traffic: The Company benefits from an established customer base, repeat purchases and the ability to generate organic traffic, supporting more efficient customer acquisition.

Strong conversion capabilities: The Company s experience in online merchandising, pricing and customer engagement has enabled it to maintain a healthy online conversion profile.

INDUSTRY AND MARKET GROWTH DRIVERS

The Company expects the Indian fashion and apparel market to benefit from several structural growth drivers:

Favourable demographics: India s large and relatively young population provides a substantial and expanding addressable consumer base.

Increasing participation of women in the workforce: Rising economic participation and disposable incomes among working women are expected to support demand for contemporary, accessible and occasion-based fashion.

Shift from unorganized to organized retail: Consumers are increasingly moving from unbranded and unorganized offerings towards organized brands that provide greater consistency in quality, design, service and shopping experience.

Continued migration from offline to online: Increasing digital adoption, smartphone penetration and consumer familiarity with e-commerce are supporting the structural shift towards online fashion retail.

Rising per-capita income: Growth in disposable incomes is expected to increase consumer spending on discretionary categories, including fashion and lifestyle products.

BUSINESS STRATEGY

The Company s strategy is focused on building multiple growth avenues while strengthening its core capabilities, expanding customer ownership and maintaining financial discipline.

1. Strengthening Online Sales Channels

The Company intends to continue developing and strengthening its presence across relevant online sales channels. It will seek to optimize channel-wise assortment, pricing, inventory allocation and marketing investments to improve growth while maintaining operating efficiency.

2. Increasing Presence on Third-Party Online Marketplaces

The Company will continue to increase its share across fast-growing third-party online marketplaces by leveraging its established relationships with multiple channel partners. A diversified marketplace strategy is intended to expand reach and customer acquisition while reducing dependence on any individual platform.

3. Accelerating the D2C Business under the Jaipur Kurti Brand

The Company is focused on scaling its proprietary D2C channel through its flagship Jaipur Kurti website. Building a stronger D2C platform is a key strategic priority, as it enables the Company to participate more effectively in the long-term growth of direct-to-consumer commerce. The key strategic benefits of strengthening the D2C channel include:

Customer ownership: Building a direct relationship with consumers and enhancing customer retention and lifetime value.

Cross-selling opportunities: Creating opportunities to introduce customers to a broader portfolio of products and categories.

Reduced third-party dependence: Gradually reducing reliance on external marketplaces and improving control over the customer journey.

Better use of existing capabilities: Leveraging the Company s established strengths in online logistics, customer engagement, digital merchandising and online sales and brand-building strategies.

Improved data and consumer insights: Developing deeper understanding of customer preferences, purchase behaviour and product demand to support more informed merchandising and marketing decisions.

4. Selective Expansion of Offline Retail

While online commerce remains the core of the Company s business model, the Company views offline retail as a complementary channel that can strengthen brand visibility, customer engagement and omnichannel presence. The Company intends to pursue selective expansion of its store network, with a focus on locations and formats that offer attractive economics and support the broader Jaipur Kurti brand strategy.

5. Enhancing Consumer Engagement and Omnichannel Capabilities

The Company will continue to invest in social media, digital marketing and consumer engagement initiatives to strengthen brand awareness and improve customer acquisition and retention. At the same time, it will pursue an omnichannel approach that enables consumers to engage with the Jaipur Kurti brand across online and offline touchpoints.

STRATEGIC FOCUS

Going forward, the Company s focus will remain on profitable and sustainable growth , supported by disciplined capital allocation, technology and operational investments, stronger customer ownership and a diversified sales-channel strategy. The objective is to build scalable growth capabilities and strengthen the Jaipur Kurti brand while preserving balance sheet strength and maintaining the flexibility to pursue emerging opportunities in India s rapidly evolving fashion and e-commerce market.

TECHNOLOGY AND DIGITAL TRANSFORMATION

Technology continues to be a key enabler of the Company s growth strategy, operational efficiency and customer-centricity. The Company is focused on building a scalable digital ecosystem that supports its online and omnichannel businesses, strengthens customer engagement, improves inventory productivity and enables a more agile product development cycle.

The Company s digital strategy is anchored around five key focus areas:

1. Online Sales

The Company continues to leverage the structural shift towards online commerce in the fashion and apparel industry by strengthening its capabilities across Direct-to-Consumer (D2C) platforms, including its own Brand.com properties, as well as third-party online marketplaces.

The Company s differentiated product portfolio, digitally enabled merchandising capabilities, customized supply chain processes and integrated fulfilment infrastructure enable it to respond effectively to evolving consumer preferences and deliver a consistent online shopping experience. During the year under review, the online business continued to remain an important growth engine, supported by increasing digital adoption, improved operational capabilities and a focus on customer experience.

2. Omnichannel Experience

The Company is progressively strengthening its omnichannel capabilities with the objective of providing customers with a seamless and consistent experience across physical and digital touchpoints. The omnichannel strategy integrates store, Brand.com and marketplace inventory to improve product availability, customer convenience and inventory utilization.

During the year under review, the Company further scaled its Endless Aisle initiative across its own stores, Company-operated Brand.com platform and selected marketplaces. By enabling customers to access a broader assortment beyond the inventory available at a particular store or channel, the initiative supports higher product availability and improved fulfilment. Approximately 99% of the season s styles were made available across channels, supported by strong fulfilment capabilities. The Company will continue to expand its omnichannel architecture across additional marketplaces and touchpoints to deliver a seamless, convenient and differentiated customer experience.

3. Customer Engagement

The Company continues to invest in digital capabilities to enhance consumer engagement, retention and organic customer acquisition. Data-driven and personalized communication enables the Company to engage consumers with relevant content and product offerings across their purchase journey. The Company is also leveraging customer and transaction data to develop deeper insights into consumer preferences, purchasing patterns and engagement behaviour. These insights support more targeted marketing, improved customer experiences and opportunities to strengthen customer lifetime value and cross-selling.

4. Inventory Management

Technology-enabled inventory management remains a key focus area for improving inventory productivity and supply chain responsiveness. The Company is leveraging automated and pull-based inventory allocation and replenishment mechanisms to align inventory availability more closely with demand across channels. Enhanced data analytics provide greater visibility into sales, inventory and product performance at a granular level. This enables faster and more informed inventory decisions, improves responsiveness to changing demand patterns and supports more efficient allocation of inventory across channels.

The Company remains focused on using technology to improve inventory turns, optimize working capital and enhance overall supply chain efficiency.

5. Thought-to-Shelf Cycle

The Company is leveraging digital capabilities across the product development cycle to improve speed-to-market and strengthen its ability to respond to evolving fashion trends. Technology-supported design, sampling and data analytics enable the Company to make more informed product decisions and develop collections closer to the season and respond to in-season consumer demand. This approach enhances product development agility, supports greater alignment with consumer preferences and enables the Company to continuously refresh its product offering.

OUTLOOK

Going forward, the Company will continue to invest selectively in technology and digital capabilities that strengthen its competitive positioning and support scalable growth. The focus will remain on integrating data, technology and business processes across the value chain, while enhancing customer experience, improving inventory productivity, strengthening omnichannel capabilities and increasing the agility of the Company s product development and fulfilment processes.

9. OPPORTUNITIES & THREATS:

The SWOT Analysis of the company is as follows:

S.W.O.T

Strengths

Vast online distribution channel

Plethora of options

Horizontally integrated network

Weaknesses

High number of SKUs to be maintained

Labour intensive

Opportunities

Flagship stores

Exports

Designer collaborations

Threats

Fast fashion brands

Changes in consumer behaviour

10. SALES CHANNEL PERFORMANCE:

The Company is engaged in the manufacturing & Trading of Women Apparels such as Kurtas/Kurtis, Kurti with Palazzo, Kurti with Skirt, Kurta sets, Suit Sets, Pants, Salwar Dupattas etc. The Bifurcation of the Sales marketplace for the FY 2026 is as follows:

Sales Channel Contribution FY 2025-26

Sales Channel Segment	Contribution Share (%)
ONLINE SALES	45%
EBO SALES	22%
LFRS SALES	20%
MBO SALES	11%
QUICK COMMERCE & OTHER SALES	2%

11. VALUE DRIVERS:

The Company s business model and strategic positioning provide a strong foundation for sustainable growth in the evolving Indian fashion and e-commerce landscape. The key value drivers include:

Structural Opportunity in Online Fashion Retail

The Company is well positioned to participate in the long-term structural growth of online fashion retail in India. Increasing digital adoption, changing consumer preferences, expanding internet and smartphone penetration and the continued migration of consumers from offline to online channels are creating a significant addressable market. The COVID-19 pandemic further accelerated the adoption of online shopping and brought forward the structural shift towards digital commerce.

Asset-Light and Scalable Business Model

The Company follows an asset-light and operationally efficient business model, enabling it to expand its geographic and consumer reach without proportionate investments in physical infrastructure. Its established online capabilities across merchandising, inventory management, technology, fulfilment and customer engagement provide a scalable platform for future growth.

Established Brand and Consumer Recall

The Company s long-standing presence in the online fashion ecosystem has enabled it to build brand recognition and consumer familiarity. The established Jaipur Kurti brand, supported by repeat customers and organic traffic, provides a strong platform for customer acquisition, retention and deeper engagement.

Opportunity to Expand Across Adjacent Categories

The Company s established positioning in the women s fashion segment, particularly among consumers in the 25-65 years age group, provides opportunities to expand into adjacent and complementary categories.

Experienced and Entrepreneurial Management

The Company is led by a focused and entrepreneurial management team with deep experience in the online fashion and apparel industry. The leadership team s emphasis on innovation, agility, operational discipline and long-term value creation provides a strong foundation for navigating the rapidly evolving retail environment and pursuing emerging growth opportunities.

Balanced Capital Structure

The Company remains focused on maintaining a prudent and balanced capital structure. A disciplined approach to capital allocation, coupled with reasonable leverage, provides financial flexibility to support investments in growth, technology, brand building and operational capabilities while maintaining balance sheet resilience.

Sustainable Growth Orientation

Taken together, these value drivers position the Company to capitalize on the structural growth of digital fashion retail while leveraging its established brand, scalable operating model, customer relationships and disciplined financial approach to create sustainable long-term value for stakeholders.

12. RISK MANAGEMENT:

The Company has established a structured Risk Management Framework to identify, assess, monitor and mitigate key risks that may impact its business, operations and financial performance. The framework is supported by periodic risk assessments, management review of key processes and controls, and monitoring of critical operational and data flows.

The Company s risk management approach is designed to enable timely identification of emerging risks and strengthen business resilience. Key business risks and the corresponding mitigation measures are outlined below:

FASHION RISK

Risk:

The fashion industry is characterized by rapidly evolving consumer preferences and trends. Any inability to anticipate or respond to changing customer preferences in a timely manner may adversely impact demand, inventory productivity and business performance.

Mitigation:

The Company follows an institutionalized product development process supported by continuous market and customer feedback. A structured range architecture and an experienced design team enable timely development and introduction of relevant styles while maintaining fashion responsiveness.

The Company has also evolved from a rigid two-season product calendar towards a more flexible, demand-responsive planning and production model. Bringing design, planning and production closer to the relevant season enables shorter lead times and greater responsiveness to emerging fashion trends and consumer demand.

SUPPLY CHAIN RISK

Risk:

Disruptions in the availability of raw materials or manufacturing capacity, or delays in production and supply, could adversely affect product availability, sales and customer service.

Mitigation:

The Company has developed a diversified supplier ecosystem across both fabric sourcing and manufacturing. It maintains long-term relationships with key suppliers while continuously developing new sources and expanding its supplier base across geographies. This approach reduces concentration and dependency risks and provides greater resilience against supplier-specific or geographical disruptions. The Company is also progressively adopting technology- and machine learning (ML)-enabled replenishment processes to improve demand forecasting, inventory allocation and replenishment accuracy, thereby enabling a faster and more responsive supply chain.

DISCOUNTING RISK

Risk:

Extended End-of-Season Sale (EOSS) periods and increased discounting across the fashion retail industry may exert pressure on gross margins and product realizations.

Mitigation:

The Company s multi-channel business model provides flexibility to optimize inventory realization across different sales channels based on demand and channel economics. The Company seeks to improve full-price realization by introducing fresh-season merchandise into stores and online channels in a timely manner, thereby reducing the proportion of inventory that needs to be liquidated through extended discounting. Data-driven pricing, inventory monitoring and channel-level allocation further support the Company s efforts to optimize realization and manage markdown exposure.

HIGH INVENTORY DAYS AND INVENTORY OBSOLESCENCE RISK

Risk:

Higher-than-anticipated inventory levels or slower-than-expected sales may result in increased working capital requirements, liquidity pressure, markdowns and inventory obsolescence.

Mitigation:

The Company continuously monitors the ageing and freshness of finished-goods inventory. It follows a disciplined inventory management approach, with a focus on maintaining the proportion of inventory aged beyond three seasons at not more than 20%. The Company also follows a prudent provisioning policy for dormant and ageing inventory, ensuring that older stocks are appropriately valued based on their estimated realizable value rather than historical cost.

The Express Production model is another key initiative aimed at reducing inventory risk. By enabling the Company to respond to actual demand and replenish proven best-selling styles closer to the season, the model helps reduce upfront inventory commitments and improve inventory productivity. Having been successfully tested across a meaningful number of styles, the Company is progressively expanding its application across a larger proportion of the product portfolio.

Further, a portion of the Company s inventory comprises raw materials and work-in-progress relating to ongoing and upcoming seasons. Such inventory generally carries a lower risk of fashion obsolescence as it is intended for future production and seasonal requirements.

OVERALL RISK MANAGEMENT APPROACH

The Company recognizes that effective risk management is an ongoing process and continues to strengthen its systems, processes and technology capabilities to identify and respond to emerging risks. The focus remains on early risk identification, diversification, data-driven decision-making, inventory discipline and operational resilience, thereby supporting sustainable growth while protecting stakeholder value.

13. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Company has established a robust and comprehensive internal control framework commensurate with the size, scale and complexity of its operations. The framework is designed to provide reasonable assurance regarding the effectiveness and efficiency of operations, safeguarding of assets, reliability of financial reporting, and compliance with applicable laws, regulations, policies and procedures.

The scope, authority and responsibilities of the Internal Audit function are clearly defined. To preserve its independence and objectivity, the Internal Audit function reports functionally to the Chairman of the Audit Committee of the Board. The Internal Audit Department undertakes periodic reviews of the adequacy and effectiveness of internal controls, processes and systems across the Company. The scope of review includes operational processes, accounting systems and procedures, financial controls, compliance requirements, information flows and adherence to established policies and operating procedures across relevant locations and functions.

Internal Audit observations and recommendations are periodically presented to the Audit Committee and the management. Process owners are responsible for implementing corrective and preventive actions within their respective areas, with appropriate follow-up to ensure timely closure of identified gaps. This continuous review and feedback mechanism enables the Company to strengthen its control environment and improve process effectiveness.

The Company has also established internal financial controls commensurate with the nature and scale of its operations. Based on the assessment undertaken during the year under review, the internal financial controls were considered adequate and operating effectively.

The Company remains committed to continuously strengthening its internal control framework through periodic reviews, process improvements, technology-enabled controls and enhanced monitoring mechanisms, thereby supporting sound governance, operational discipline and reliable financial reporting.

14. HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS:

People remain at the core of the Company s growth and are central to its ability to build a scalable, customer-focused and technology-enabled fashion business. The Company recognizes that a talented, skilled and engaged workforce is a critical source of competitive advantage and therefore continues to focus on attracting, developing, engaging and retaining talent across functions.

The Company remains committed to building high-performing teams with the capabilities required to support its long-term growth ambitions. Particular emphasis is placed on strengthening capabilities across fashion design, merchandising, technology, digital commerce, supply chain, retail operations and customer engagement, enabling the organization to respond effectively to the evolving needs of the fashion and retail industry.

Talent Development and Capability Building

The Company continues to invest in employee learning and development through regular training and capability-building initiatives. These programmes are aimed at enhancing functional expertise, leadership capabilities, productivity and adaptability, while enabling employees to keep pace with technological advancements and evolving industry practices.

The Company also encourages a culture of continuous learning, collaboration and innovation, enabling employees to contribute to process improvements, operational efficiency and business growth. The experience and capabilities of its workforce play an important role in developing and executing business strategies, strengthening systems and processes, and improving overall organizational effectiveness.

Employee Well-being and Work Environment

The Company is committed to providing a safe, inclusive, conducive and productive work environment across its operations. It seeks to foster a culture based on mutual respect, teamwork, accountability and equal opportunity, while supporting employee well-being and professional growth.

Industrial Relations

The Company maintains constructive and harmonious relations with its employees and places emphasis on open communication and a collaborative work environment. During the year under review, industrial relations across the organization remained cordial and stable.

Human Capital Outlook

Going forward, the Company will continue to strengthen its human capital capabilities in line with its growth strategy. The focus will remain on attracting quality talent, developing future-ready skills, strengthening leadership capabilities and creating an environment that enables employees to perform, innovate and grow with the organization. The Company believes that a skilled, engaged and future-ready workforce will remain a key enabler in building the Jaipur Kurti brand and achieving its long-term growth aspirations.

15. ENVIRONMENT, CORPORATE SUSTAINABILITY AND SOCIAL RESPONSIBILITY:

The Company recognizes that sustainable and responsible business practices are integral to creating long-term value for all stakeholders. As a responsible corporate citizen, the Company remains committed to conducting its business with due regard to environmental, social and governance considerations and to contributing meaningfully to the communities in which it operates.

Corporate Social Responsibility

The Company believes that its growth should contribute positively to society and seeks to support initiatives that improve the quality of life of communities. Its Corporate Social Responsibility (CSR) efforts are focused on areas that can create meaningful and sustainable social impact, including healthcare, education, livelihood and employment opportunities, and community development.

The Company also aims to undertake initiatives that benefit communities in and around its areas of operation, including locations associated with its manufacturing and other operational facilities. These initiatives are intended to support inclusive development and create opportunities for the empowerment of local communities.

Environmental Responsibility

The Company recognizes the importance of responsible resource utilization and environmental stewardship. As its operations evolve, the Company remains focused on adopting responsible practices across its operations and supply chain, with emphasis on operational efficiency, prudent resource utilization and compliance with applicable environmental requirements.

Sustainability Outlook

The Company will continue to strengthen its approach to corporate sustainability and social responsibility in line with its long-term business objectives. Through responsible business practices and targeted CSR initiatives, the Company seeks to balance business growth with its broader responsibility towards employees, communities, the environment and other stakeholders, thereby contributing to sustainable and inclusive value creation.

16. FORWARD LOOKING STATEMENT:

This Management Discussion and Analysis Report contains certain statements relating to the Company s future expectations, plans, objectives, prospects and anticipated financial and operating performance. These statements may constitute forward-looking statements within the meaning of applicable laws and regulations.

Forward-looking statements are based on the Company s current expectations, assumptions, estimates and projections regarding future events and business performance. Such statements are inherently subject to risks, uncertainties and other factors, many of which are beyond the Company s control. Accordingly, there can be no assurance that the underlying assumptions, expectations or projections will prove to be accurate or that the anticipated results will be achieved.

Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements due to various factors, including changes in market conditions, consumer preferences, competitive dynamics, economic environment, regulatory developments, supply chain conditions, technology, availability of resources and other business risks.

Certain operating metrics, classifications and key performance indicators presented in this Annual Report are based on definitions and classifications adopted by the Company and may not be directly comparable with those used by other companies.

Accordingly, readers are advised not to place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable laws and regulations.

17. CAUTIONARY STATEMENT

Statements made in this Management Discussion and Analysis and the Directors Report describing the Company s objectives, strategies, plans, expectations, projections, estimates, outlook and other future developments may constitute forward-looking statements within the meaning of applicable laws and regulations.

These statements are based on the Company s current expectations and assumptions and are subject to various risks, uncertainties and other factors that may cause actual results and performance to differ materially from those expressed or implied. Such factors may include, among others, changes in economic conditions, consumer demand, industry trends, competitive environment, Government policies and regulations, availability of resources, supply chain conditions and other factors that may affect the Company s operations and financial performance.

The Company does not undertake any obligation to publicly update or revise these forward-looking statements, except as may be required under applicable laws and regulations.