Nityas Gems & Jewellery Ltd Management Discussions

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion of our financial condition and results of operations together with our Restated Consolidated Financial Information which have been included in this Red Herring Prospectus. The following discussion and analysis of our financial condition and results of operations is based on our Restated Consolidated Financial Information for the Fiscal 2026, 2025 and 2024 including the related notes and reports, included in this Red Herring Prospectus prepared in accordance with requirements of the Companies Act and restated in accordance with the SEBI (ICDR) Regulations 2018, which differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries. Our Financial Information, as restated have been derived from our audited financial information for the respective period and years. Accordingly, the degree to which our Restated Consolidated Financial Information will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level offamiliarity with Ind AS, Companies Act, SEBI Regulations and other relevant accounting practices in India.

This discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those described under "Risk Factors" and "Forward Looking Statements" on pages 26 and 25 respectively, and elsewhere in this Red Herring Prospectus.

Our Fiscal ends on March 31 of each year. Accordingly, all references to a particular Fiscal are to the 12 months ended March 31 of that year.

Business Overview

We are engaged in the design, manufacturing and sale of lab-grown diamond studded gold jewellery in India, operating through an integrated business model comprising (i) business-to-business ("B2B") manufacturing and distribution to organized retailers, standalone retailers and wholesalers, to support their inventory and design requirements; and (ii) direct-to-consumer ("D2C") omnichannel retail operations through our subsidiary, Ayaani Diamonds and Jewellery Private Limited ("Ayaani"). Our operations span multiple stages of the jewellery value chain, including procurement and management of raw materials, product design, manufacturing, quality control, distribution, branded retail and direct-to-consumer sales.

We offer a range of lab-grown diamond studded gold jewellery products across categories such as rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflings and bangles, across daily wear, occasion-based, mens and customized segments. While our product portfolio spans multiple price points and categories, we have strategically focused on the lightweight, affordable lab grown diamond-studded gold jewellery segment which caters to the growing demand for affordable luxury and daily-wear jewellery particularly among younger consumers.

As per CareEdge Report, lab-grown diamond are diamonds that are created in laboratories using advanced technological processes that replicate the natural conditions under which diamonds form beneath the earths surface. lab-grown diamonds have the same chemical, physical, and optical properties as mined diamonds. They are made of pure carbon, have identical crystal structures, and display the same sparkle, hardness, and durability as that of natural mined diamonds. From a visual and structural standpoint, jewellery made with lab-grown diamond is indistinguishable from jewellery made with natural diamonds, even to trained eyes, unless examined with specialized equipment. For details, see "Industry Overview - Lab-Grown Diamond Jewellery Industry - Overview of the LGD Jewellery Industry in India" on page 184.

Our prominent B2B customers include established and organised jewellery retailers such as ‘GIVA, ‘Palmonas, ‘ONYA, and ‘Ladia Diamonds, among others. We also cater standalone retailers and wholesalers under B2B vertical. We supply lab-grown diamond studded gold jewellery to such customers based on designs developed by us and customised to their specific requirements, including purity standards, weight specifications, design preferences and finishing parameters. Our association with such customers is supported by our ability to offer design-led product development, consistent product quality and timely execution of orders.

We commenced our operation from July, 2022 onwards as a B2B manufacturer and supplier of lab-grown diamond studded gold jewellery to retailers. Our B2B operations constitute a key component of our business and involve the design, manufacture and supply of lab-grown diamond studded gold jewellery to a network of jewellery retailers across 18 states and 2 union territory in India as well as to overseas customers in United Arab Emirates, Australia, Canada, Taiwan and Kenya. Our B2B supply operations are supported by our manufacturing facility located in Surat, Gujarat, which is a key hub for diamond processing and manufacturing in India, as well as our varied design portfolio across our product range. Our manufacturing processes include in-house designing, prototyping and production, enabling control over product quality, cost efficiencies and lead times, and allowing us to cater to both standardized and customized retailer requirements. For details, see "Our Business - Our Manufacturing Facility" on page 223.

In July 2025, we expanded our business model through the acquisition of Ayaani, which was previously one of our key B2B customers for details see "Our Business - Customers - Set out below are the details of our top ten customers for the period indicated herein below" on page 227 , a D2C lab-grown diamond studded gold jewellery brand with a digital presence and retail footprints. For details relating to the said acquisition, see "History and Certain Corporate Matters - Details regarding material acquisitions or divestments of business/undertakings, mergers, amalgamation, any revaluation of assets, etc., in the last 10 years"" on page 250. This acquisition enabled us to complement our manufacturing operations with a consumer-facing platform and strengthen our presence across B2B supply and retail channels. Ayaani operate an omnichannel retail platform comprising an online storefront (https://www.avaani.in/) and ten (10) physical retail stores across eight (8) cities in India, operated through a combination of company-operated and franchise-operated formats, with seven (7) stores being company-operated and three (3) stores being franchise-operated, including Ahmedabad, Surat, Mathura, Delhi, Chandigarh, Jodhpur, Udaipur and Raipur. The integration of Ayaani provides us with direct access to end- consumer demand and insights into evolving customer preferences.

Set out below are the details of our revenue from operations under our B2B and D2C verticals for the periods based on Restated Consolidated Financial Information as indicated below:

		(Rs.in million unless stated otherwise)
Particulars	Fiscal :	2026	Fiscal	2025	Fiscal	2024
	Revenue from Operations	% of Revenue from Operations	Revenue from Operations	% of Revenue from Operations	Revenue from Operations	% of Revenue from Operations
Revenue from B2B Operations (A)
Retail chains	498.48	24.57	451.11	46.58	131.55	24.52
Standalone retailers	867.44	42.75	167.20	17.26	90.16	16.80
Wholesalers	573.26	28.25	350.06	36.15	314.80	58.67
Sub-total	1,939.18	95.58	968.37	99.99	536.51	99.99
(A)
Revenue from D2C Operations (B)
D2C - through retail stores	17.90	0.88		0.00		0.00
D2C - through online sales	70.23	3.46		0.00		0.00
Sub-total (B)	88.13	4.34	-	0.00	-	0.00
Others (C)	1.63	0.08	0.07	0.01	0.04	0.01
Total (A+B +C)	2,028.94	100.00	968.45	100.00	536.55	100.00

Note: We acquired Ayaani, our subsidiary, in July 2025 and accordingly there is no D2C sale in Fiscal 2024 and Fiscal 2025. The D2C revenues have been recognized only upon consolidation with effect from July 2025.

Note: While we offer lab-grown diamond studded gold jewellery across multiple product categories, including rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles, we do not separately track or maintain revenue from operations at an individual product-category level in our accounting and management information systems. Accordingly, historical revenue contribution and trends for each such product category are not available for the periods presented

As certified by Statutory Auditors vide their certificate dated September 23, 2026.

We primarily serve the domestic market, supplying our products to B2B customers across 18 states and 2 union territory in India and to end customers through our retail stores across eight (8) cities and our online sales platform. In addition, during the last three Fiscals, we have also supplied our products to B2B customers in international markets, including United Arab Emirates, Australia, Canada, Taiwan and Kenya.

The following table sets forth a breakdown of our revenues from operations in India and overseas base on Restated Consolidated Financial Information for the period indicated :

	(Rs. in million unless stated otherwise)
Particulars	Fiscal 2026		Fiscal 2025		Fiscal 2024
	Amount	% Percentage Total Revenue	Amount	% Percentage Total Revenue	Amount	% Percentage Total Revenue
Domestic Revenue	1,977.09	97.44	967.77	99.93	531.97	99.15
Overseas Revenue	51.85	2.56	0.68	0.07	4.57	0.85
Total	2,028.94	100.00	968.45	100.00	536.55	100.00

As certified by Statutory Auditors vide their certificate dated September 23, 2026.

For details relating to revenues from operations from the various states/union territories in India, see "Our Business - Geographical Distribution of Revenue from Operations on page 226.

Set forth below is a graphical representation of our operational presence across 18 states and 2 union territory in India and our customers presence in overseas:

As of August 31^st, 2026, we are supported by our in-house design team comprising 29 full-time employees. Our design team also utilizes Computer-Aided Design ("CAD") and Computer-Aided Manufacturing ("CAM") software for product design and development, enabling precision, design consistency and efficient prototyping. Our in-house design focuses on developing lab-grown diamond studded gold jewellery designs aligned with market trends including the analysis of global fashion trends, lifestyle requirements and demographic considerations across our operating markets. Our design capability is reflected in a portfolio of over 32,000 jewellery designs, developed through a structured design process that incorporates customer input, prevailing market trends and regional preferences. Our design portfolio is periodically refreshed to align with changing customer demand and market trends, enabling us to service varied and customized order specifications while maintaining consistency in design standards and quality.

We procure gold bullion from authorised dealers and suppliers in India in accordance with our operational requirements and prevailing industry practices, and source lab-grown diamonds from manufacturers. One such manufacturer, which is our primary supplier of lab-grown diamonds, is located within the same premises as our manufacturing facility, enabling operational efficiencies in sourcing and production.

Our manufacturing operations are carried out at our facility located at 5^th, 6^th and 7^th Floor, Ratih House, Opp. Poddar Arcade, Varachha Road, Surat - 395 008, Gujarat, with an area of approximately 7,000 sq. ft. Our manufacturing facility is equipped with a range of machinery and equipment across key processes, including casting, filling, setting and polishing, enabling us to undertake end-to-end production activities. These include casting machines, laser soldering machines, polishing and electro-polishing equipment, rhodium plating machinery and CAD and CAM enabled tools, which support precision, quality control and efficient production processes. We believe that our manufacturing infrastructure enables us to maintain consistency in product quality, optimise production timelines and support our B2B and D2C operations.

We are supported by a multi-stage quality control framework implemented across raw material procurement, design validation, production processes and final product inspection, to ensure consistency in product quality and adherence to internal specifications.

We are led by our Promoters, who collectively possess over 29 years of experience in the jewellery industry. Our Promoters, namely (i) Rajnikant Lallubhai Chanchad, who has over 20 years of experience in the gems and jewellery sector; (ii) Sonalben Rajnikant Chanchad, who has over 5 years of experience in the gems and jewellery sector; and (iii) Savaliya Dhruv Janakbhai, who has 4 years of experience in the gems and jewellery sector. Our Promoters continue to remain actively involved in our operations and continue to bring their vision, business acumen and leadership to our Company, which has been instrumental in sustaining our business operations and growth efficiently. We are also supported by qualified and experienced Key Managerial Personnel and Senior Management who have the ability to anticipate and capitalize on changing market trends, manage and grow our operations and leverage and deepen customer relationships. For further details, see "Promoters and Promoter Group" and "Our Management on page 273 and 255, respectively. As on August 31^st, 2026, we are supported by a workforce comprising 192 permanent employees. For further details, see "Our Business - Human Resource" on pages 234.

Key Performance Indicators

In evaluating our business, we consider and use certain key performance indicators that are presented below as supplemental measures to review and assess our operating performance. The presentation of these key performance indicators is not intended to be considered in isolation or as a substitute for the Restated Consolidated Financial Information included in this Red Herring Prospectus. We present these key performance indicators because they are used by our management to evaluate our operating performance. Further, these key performance indicators may differ from the similar information used by other companies, including peer companies, and hence their comparability may be limited. Therefore, these matrices should not be considered in isolation or construed as an alternative to Ind As measures of performance or as an indicator of our operating performance, liquidity, profitability or results of operation. A list of our KPIs for the Fiscals 2026, 2025 and 2024 is set out below:

Particular	Fiscal 2026	Fiscal 2025	Fiscal 2024
Financial KPIs
Revenue from Operations(1)	2,028.94	968.45	536.55
EBITDA(2)	309.74	129.01	54.76
EBITDA Margin(3)	15.27%	13.32%	10.21%
Net Profit after tax (4)	223.15	97.88	40.24
Net Profit Margin(5)	11.00%	10.11%	7.50%
Return on Net Worth(6)	43.75%	70.17%	122.44%
Return on Capital Employed(7)	42.93%	63.14%	88.39%
Debt-Equity Ratio(8)	0.29	0.34	0.69
Operational KPIs
Net Working Capital Days(9)	135	105	47
Inventory Days(10)	81	59	31
Debtor Days(11)	29	28	16
Creditor Days(12)	10	9	14
Gold Processed (in kg) (13)	98.53	63.63	42.96
Sale of lab-grown diamond studded gold jewellery(in kg) (14)	178.89	100.59	66.34

As certified by Statutory Auditors vide their certificate dated September 24, 2026.

Note- The variation in RoNW during the aforesaid periods is primarily attributable to the significant increase in profitability and net worth of the Company. The increase in profitability was driven by growth in revenue, improved operational efficiencies, and economies of scale achieved from expansion of business operations. Further, the increase in average net worth on account of growth in reserves and surplus has also impacted the RoNW during the respective periods.

Notes:

(1) Revenue from operations means the Revenue from Operations as appearing in the Restated Consolidated Financial Information.

(2) EBITDA means Earnings before interest, taxes, depreciation and amortization expense, which has been arrived at by obtaining the profit/ (loss) before exceptional items and tax for the year and adding back finance costs, depreciation, and amortization expense.

(3) EBITDA margin is calculated as EBITDA as a percentage of revenue from operations.

(4) Net Profit after tax represents the restated profits of the Company after deducting all expenses.

(5) Net Profit after tax margin is calculated as restated net profit after tax for the year divided by revenue from operations.

(6) Return on Net Worth (%) is calculated as Net Profit after tax as restated for the end of the year divided by Average Net worth as at the end of the year. Average net worth means the average of the net worth of current and previous financial year. Net worth means the aggregate value of the paid-up share capital and other equity, including non-controlling interest.

(7) Return on capital employed is calculated as Earnings before interest and taxes divided by average capital employed (average capital employed is calculated as average of the total equity, including total debt (including borrowings and lease liabilities) and deferred tax liabilities (net of deferred tax assets) of the current and previous financial year.

(8) Debt- equity ratio is calculated by dividing total debt by total equity. Total debt represents long term and short term borrowings, including lease liabilities. Total equity includes the aggregate value of the paid-up share capital and other equity, including non-controlling interest.

(9) Net Working Capital Days is arrived at by dividing working capital (current assets excluding cash and cash equivalents less current liabilities excluding short term borrowings and current lease liabilities) by revenue from operations multiplied by the number of days in the year (365).

(10) Inventory days is calculated as the number of days in the year (365) divided by (revenue from operations divided by the average inventory at the beginning and end of the year).

(11) Debtor days is calculated as the number of days in the year (365) divided by (revenue from operations divided by the average trade receivables at the beginning and end of the year)

(12) Creditor days is calculated as the number of days in the year (365) divided by (revenue from operations divided by the average trade payables at the beginning and end of the year).

(13) Gold Processed refers to the total quantity of fine gold in kilograms consumed in the manufacturing of jewellery during the period.

(14) Sale ofLGD Jewellery (in kg) refers to the total quantity of lab-grown diamond jewellery sold by the Company during a given period, measured in kilograms, and excludes the weight of lab-grown diamonds embedded in such jewellery.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL PERIOD

In the opinion of the Board of Directors of our Company, since the date of the last financial statements disclosed in this Red Herring Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect the business activities or profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled " Risk Factors" on page 26. Our results of operations and financial conditions are affected by numerous factors including the following:

Customer Concentration and Order Dependency

Our revenue from operations is significantly driven by a limited number of customers under our B2B segment, with our top 10 customers contributing 55.49%, 76.68% and 84.24% of our revenue from operations on consolidation basis during the Fiscal 2026, 2025 and 2024, respectively.

Our business is largely order-driven, and we do not typically enter into long-term contracts with our customers. Accordingly, our revenues are dependent on the volume, frequency and timing of orders placed by such customers, which in turn are influenced by their inventory cycles, retail expansion strategies, merchandising plans and end- consumer demand.

Further, the high concentration of revenues among a limited number of customers exposes us to risks associated with changes in sourcing strategies, vendor rationalisation or financial position of such customers. Any reduction in orders from key customers or inability to expand and diversify our customer base may result in volatility in revenues and adversely affect our financial performance.

Raw Material Price Volatility

Our cost of materials consumed constitutes a significant portion of our total expenses and is primarily driven by prices of gold bullion and lab-grown diamonds, which together accounted for 90.77%, 88.38% and 95.14% of our total purchases during the respective periods on standalone basis.

Prices of gold and lab-grown diamonds are subject to volatility due to various factors including global demand- supply dynamics, inflation, currency movements and macroeconomic conditions. Any increase in raw material prices directly impacts our cost structure.

While we generally determine product pricing based on prevailing market prices, there may be a time lag between procurement of raw materials and sale of finished goods, which may expose us to price fluctuations. Further, competitive pressures may limit our ability to fully pass on increases in input costs to customers, which may result in margin compression and impact profitability.

Working Capital Intensity

Our business is working capital intensive, requiring significant investment in inventories and trade receivables to support our operations. Our working capital requirements increased from Rs.67.65 million in Fiscal 2024 to Rs.449.46 million as of Fiscal 2026 on standalone basis, in line with the scale-up of our operations.

We procure raw materials in advance of production, while sales are made on credit terms, resulting in a mismatch between cash outflows and inflows. Our working capital requirements are influenced by factors such as raw material prices, inventory levels, scale of operations and credit terms extended to customers.

Any increase in inventory holding levels or receivable cycles may result in higher working capital deployment, increased reliance on external financing and higher finance costs, which may adversely affect our results of operations.

Receivables Cycle and Collections

Our trade receivables have increased from Rs.40.64 million in Fiscal 2024 to Rs.87.52 million in Fiscal 2025 and Rs.160.64 million as of Fiscal 2026, with receivable days increasing from 16 days in Fiscal 2024 to 22 days in the Fiscal 2026, on standalone basis.

Our cash flows and liquidity position are dependent on timely realisation of receivables. Any delay in collections or deterioration in the credit profile of customers may result in higher funds being locked in receivables.

Further, given our customer concentration, any delay or default by key customers may have a disproportionate impact on our working capital position. Sustained elongation of receivable cycles may necessitate additional borrowings and impact profitability.

Demand and Consumption Trends

Demand for our products is linked to discretionary consumer spending and is influenced by macroeconomic conditions, income levels, consumer preferences and pricing trends.

Our revenue from operations increased from Rs.536.55 million in Fiscal 2024 to Rs.968.45 million in Fiscal 2025, and stood at Rs.2,028.94 million in the Fiscal 2026 on restated consolidate financial information, reflecting growth in demand for our products.

However, any adverse changes in economic conditions, reduction in discretionary spending or shift in consumer preferences, including acceptance of lab-grown diamond jewellery, may impact demand. Additionally, fluctuations in gold prices may influence purchasing behaviour and affect sales volumes.

Geographic Revenue Concentration

A significant portion of our revenue is derived from certain key states, including Gujarat, Karnataka, Telangana, Tamil Nadu and Maharashtra, which collectively contributed 85.03%, 92.71% and 94.42% of our revenue during the respective periods.

Our performance is therefore influenced by regional demand patterns, economic conditions and retail activity in these markets. Any adverse developments such as economic slowdown, changes in consumer behaviour or competitive intensity in these regions may impact our revenues.

Further, our revenues are predominantly derived from domestic markets, contributing 97.44%, 99.93% and 99.15% of total revenue during the respective periods, indicating limited geographic diversification.

Supplier Concentration

Our procurement of raw materials is concentrated among a limited number of suppliers, with our top 10 suppliers accounting for 86.16%, 94.31% and 87.05% of total purchases during the respective periods.

Our operations depend on timely availability of gold and lab-grown diamonds from such suppliers at competitive prices. Any disruption in supply, adverse changes in pricing or credit terms, or inability to source materials may impact our production schedules and cost structure.

Further, dependence on a limited supplier base may affect our bargaining power and expose us to procurement- related risks, which may impact our margins and operational efficiency.

Seasonal Demand Patterns

Our business is subject to seasonal fluctuations, with higher demand typically observed during festive and wedding seasons.

For instance, approximately 56.28% of our revenue in Fiscal 2026 was generated in the second half of the fiscal year. As a result, our financial performance is dependent on demand during peak periods.

Any disruption during such periods, including adverse economic conditions, fluctuations in gold prices or supply chain constraints, may have a disproportionate impact on our annual revenues and profitability. Effective demand forecasting and inventory planning are critical to optimising performance during these periods.

Product Mix and Design Alignment

Our business is design-led, and our ability to align our product offerings with evolving consumer preferences is critical to our success.

Product returns increased from Rs.32.48 million in Fiscal 2024 to Rs.171.76 million in Fiscal 2025 and Rs.246.69 million in the Fiscal 2026 on standalone basis, with returns accounting for 11.91% of gross sales in Fiscal 2026.

Any mismatch between product offerings and customer preferences may result in increased returns, accumulation of slow-moving inventory and requirement for discounts or rework. This may adversely impact our margins and overall financial performance.

Capacity Utilisation and Operating Efficiency

However, capacity utilisation remained at 32.00% in Fiscal 2025 and 45.21% for the Fiscal 2026. Our profitability is influenced by our ability to improve capacity utilisation and achieve operational efficiencies.

Lower utilisation levels may result in under-absorption of fixed costs, leading to higher per-unit costs. Conversely, improved utilisation and efficient production planning can support better margins and overall financial performance.

BASIS OF PREPARATION, MEASUREMENT AND MATERIAL ACCOUNTING POLICIES

1.1 Statement of Compliance and Basis of Preparation

The Restated Consolidated Financial Information (as defined below) relates to the Group and has been specifically prepared for inclusion in the document to be filed by the Group with the Securities and Exchange Board of India ("SEBI") in connection with the proposed Initial Public Offer (‘‘IPO) of equity shares of the Parent Company (referred to as the "Offer").

The Restated Consolidated Financial Information of the Group comprises of the Restated Consolidated Statement of Assets and Liabilities as at March 31, 2026, March 31, 2025 and March 31, 2024, the Restated Consolidated Statement of Profit and Loss (including other comprehensive income), the Restated Consolidated Statement of Changes in Equity, the Restated Consolidated Statement of Cash Flow for the years ended March 31, 2026, March 31, 2025 and March 31, 2024, notes to the Restated Consolidated Financial Information, including material accounting policy information and other explanatory information (referred as "Restated March 2026 Consolidated Financial Information", "Restated March 2025 Consolidated Financial Information" and "Restated March 2024 Consolidated Financial Information");

The Restated March 2026 Consolidated Financial Information, Restated March 2025 Consolidated Financial Information and Restated March 2024 Consolidated Financial Information are collectively referred to as the "Restated Consolidated Financial Information".

The Restated Consolidated Financial Information has been complied by the Management of the Parent Company to comply in all material aspects with the requirements of:

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

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)

Regulations, 2018, as amended (the "ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time, read with the general directions issued by SEBI from time to time, (the "Guidance Note").

The Restated Consolidated Financial Information has been compiled by the Management of the Parent Company from the audited Special Purpose Consolidated Financial Statements of the Group for the year ended March 31, 2026 ("the March 2026 Special Purpose Consolidated Financial Statements"), the audited Special Purpose Consolidated Financial Statements for the year ended March 31, 2025 ("the March 2025 Special Purpose Consolidated Financial Statements"), the audited Special Purpose Consolidated Financial Statements of the Group for the year ended March 31, 2024 ("the March 2024 Special Purpose Consolidated Financial Statements") and the audited Special Purpose Financial Statements of the Parent Company for the period ended March 31, 2023 ("the March 2023 Specia l Purpose Financial Statements") (collectively referred to as "Special Purpose Financial Statements"), prepared in accordance with Indian Accounting Standards (referred to as "Ind AS") as prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time), other accounting principles generally accepted in India and presentation requirements of Division II of Schedule III of the Act, (Ind AS compliant Schedule III), as applicable, all of which have been approved by the Board of Directors at their meeting held on March 17, 2026, except for the March 2026 Special Purpose Consolidated Financial Statements which have been approved at the meeting held on September 08, 2026.

The March 2025 Special Purpose Consolidated Financial Statements, the March 2024 Special Purpose Consolidated Financial Statements and the March 2023 Special Purpose Financial Statements have been prepared using the audited financial statements which were earlier prepared in accordance with Accounting Standards prescribed under section 133 of the Act, read with the Companies (Accounting Standards) Rules, 2021 and other accounting principles generally accepted in India (hereinafter referred to as ‘Indian GAAP financial statements) for the respective aforementioned periods, being the applicable financial reporting framework of the Group in such periods. The said audited Indian GAAP financial statements have been adjusted for the differences in the accounting principles on transition to Ind AS, as per the requirements of Ind AS 101, First-time Adoption of the Indian Accounting Standards (‘Ind AS 101). Such audited Indian GAAP financial statements for the years / period ended March 31, 2025, March 31, 2024 and March 31, 2023 were approved by the Board of Directors of the Parent Company at their meetings held on August 26, 2025, September 03, 2024 and September 05, 2023 respectively.

The Group has transitioned to Ind AS during the year ended March 31, 2026 and accordingly will prepare its first complete Ind AS financials for the year ended March 31, 2026. The Group has thereby prepared its audited Financial Statements for the year ended March 31, 2026 ("the March 2026 audited Financial Statements") in accordance with Indian Accounting Standards as specified under Companies (Indian Accounting Standards) Rules, 2015 prescribed by Section 133 of the Act, considering April 01, 2024 as transition date for the statutory requirements under section 129 of the Act. Such financial statements were approved by the Board of Directors at their meeting held on September 01, 2026.

However, for the purpose of the March 2026 Special Purpose Consolidated Financial Statements, April 01, 2023, has been considered as the transition date. Accordingly, the Group has applied the accounting policy choices (both mandatory exceptions and optional exemptions availed as per Ind AS 101) as on April 01, 2023 for these Special Purpose Financial Statements. Refer note 47 of the Restated Consolidated Financial Information for information on how the Group has adopted Ind AS.

The Special Purpose Financial Statements have been prepared solely for the purpose of preparation of Restated Consolidated Financial Information for inclusion in offer documents in relation to the proposed IPO, which requires financial statements of all the periods included. As such, these Special Purpose Financial Statements are not suitable for any other purpose other than for the purpose of preparation of the Restated Consolidated Financial Information.

The Restated Consolidated Financial Information:

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the audited financials for

years / period ended March 31, 2025, March 31, 2024, and March 31, 2023, to reflect the same accounting treatment as per the accounting policy and grouping/classifications followed as at and for the year ended March 31, 2026, as applicable.

b) do not require any adjustment for modification as there is no modification in the underlying audit reports.

c) do not reflect the effects of events that occurred subsequent to the respective dates of board meeting for adoption of the audited financial statements of the Group based upon which special purpose financial statements have been prepared.

2.1. Statement of Compliance with Indian Accounting Standards ("Ind AS")

The Restated Consolidated Financial Information comply in all material aspects with Ind AS notified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Act.

2.2. Statement of Consistency of Accounting Policy

The accounting policies are applied consistently to all the periods presented in the Restated Consolidated Financial Information. Change in accounting policies is done only in cases where required or permitted by Ind AS 101 - Ind AS on First Time Adoption of Indian Accounting Standards. Refer to note 47 for information on how the Group has adopted Ind AS.

2.3. Functional and Presentation Currency and rounding of amounts

The Restated Consolidated Financial Information is presented in Indian Rupee (Rs.) which is also the functional currency of the Group. All amounts disclosed in the Restated Consolidated Financial Information and notes have been rounded-off to the nearest million with two decimals thereof as per the requirement of Schedule III, unless otherwise stated.

All the amounts which are less than Rs. 5,000/- are reported in Restated Consolidated Financial Information as Rs. 0.00/- on account of rounding off. Further, casting differences to the extent of Rs. 0.01/- would also arise on account of rounding off at instances.

2.4. Basis of Measurement

The Restated Consolidated Financial Information has been prepared on an accrual basis under the historical cost convention, except for certain financial instruments that are measured at fair value in accordance with Ind AS.

• Financial assets and liabilities are measured at fair value or at amortised cost depending on classification;

• Derivative financial instruments and contingent consideration is measured at fair value;

• Assets held for sale - measured at fair value less cost to sell;

• Defined benefit plans - plan assets measured at fair value; and

• Lease liability and Right-of-use assets - measured at fair value;

A historical cost is a measure of value used for accounting in which the price of an asset on the balance sheet is based on its historical cost, it is generally fair value of consideration given in exchange for goods and services at the time of transaction or original cost when acquired by the Group.

Fair value is the price that is likely to be received on sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability that market participants would take into account when pricing the asset or liability at the measurement date.

Fair value measurements under Ind AS are categorised into fair value hierarchy based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are prescribed as follows:

• Level one quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access on measurement data;

• Level two inputs, other than quoted price is included within level one, that are observable for the asset or liability, either directly or indirectly; and

• Level three where observable inputs are used for the valuation of assets or liabilities.

2.5. Basis of Consolidation

The Restated Consolidated Financial Information relate to the Parent Company and its subsidiaries. The financial statements of the subsidiaries used for the purpose of consolidation are drawn up to the same reporting date as that of the Group.

The Restated Consolidated Financial Information have been prepared using uniform accounting policies for like transactions and other events in similar circumstances and are presented to the extent possible, in the same manner, as the Parent Companys standalone financial statements. The Restated Consolidated Financial Information have been prepared on the following basis:

Investment in subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The net assets and results of acquired businesses are included in the Restated Consolidated Financial Information from their respective dates of acquisition, being the date on which the Group obtains control. The results of disposed businesses are included in the Restated Consolidated Financial Information up to their date of disposal, being the date control ceases. The financial statements of subsidiaries are included in these Restated Consolidated Financial Information from the date that control commences until the date that control ceases.

The excess of cost to the Group of its investment in subsidiaries, on the acquisition dates over and above the Groups share of equity in the subsidiaries, is recognised as ‘Goodwill on Consolidation in the Restated Consolidated Financial Information. The said Goodwill is not amortised, however, it is tested for impairment at each Balance Sheet date and the impairment loss, if any, is provided for. On the other hand, where the share of equity in subsidiaries as on the date of investment is in excess of cost of investments of the Group, it is recognised as ‘Capital Reserve and shown under the head ‘Other Equity in the Restated Consolidated Financial Information.

Non-controlling interests represent that part of the total comprehensive income and net assets of subsidiaries attributable to the interest which is not owned, directly or indirectly, by the Parent Company.

Non-controlling interests in the net assets of consolidated subsidiaries is identified and presented in the consolidated Balance Sheet separately within equity. Non-controlling interests are valued based on the proportion of net assets of the acquired company at the date of acquisition.

Non-controlling interests in the net assets of consolidated subsidiaries consists of:

• The amount of equity attributable to non-controlling interests at the date on which investment in a subsidiary is made; and

• The non-controlling interests share of movements in equity since the date parent subsidiary relationship came into existence.

The Restated Consolidated Financial Information of the Group have been combined on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses, after fully eliminating intra-group balances and intra-group transactions and resulting unrealised profits. Unrealised losses resulting from intra-group transactions are eliminated unless cost cannot be recovered.

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within equity.

The profit and other comprehensive income attributable to non-controlling interest of subsidiaries are shown separately in the consolidated statement of profit and loss and consolidated statement of changes in equity.

Upon loss of control, the Group de-recognises the assets and liabilities of the subsidiary, any noncontrolling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in the consolidated profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity accounted investee or as a FVTOCI or FVTPL financial asset, depending on the level of influence retained.

2.6. Key Accounting Estimates and Judgements

The preparation of Restated Consolidated Financial Information requires management to make judgements, estimates and assumptions that affect the reported assets and liabilities, revenue and expenses and disclosures relating to contingent liabilities. The management believes that the estimates used in preparation of the Restated Consolidated Financial Information are prudent and reasonable. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Following are the critical judgements made by the Management while compiling the Restated Consolidated Financial Information of the Group:

a) Income Taxes

Significant judgements are involved in determining the provision for income taxes including judgement on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods. The recognition of taxes that are subject to certain legal or economic limits or uncertainties is assessed individually by Management based on the specific facts and circumstances.

In assessing the realisability of deferred tax assets, Management considers whether some portion or all of the deferred tax assets will not be realised. The ultimate realisation of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, Management believes that the Group will realise the benefits of those deductible differences.

b) Provisions and Contingent Liabilities

The Group exercises judgement in determining if a particular matter is possible, probable or remote. The Group also exercises judgement in measuring and recognising provisions and the exposures to contingent liabilities related to pending litigation or other outstanding claims subject to negotiated settlement, mediation, government regulation, as well as other contingent liabilities. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed.

c) Classification of Leases

The Group evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant judgement. The Group uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate. The Group determines the lease term as the non-cancellable period of a lease, together with both periods covered by an option to extend the lease if the Group is reasonably certain to exercise that options; and periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that options. In assessing whether the Group is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Group to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Group revises the lease term if there is a change in the non-cancellable period of a lease. The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

Following are the critical estimates made by the Management while compiling the Restated Consolidated Financial Information of the Group:

a) Useful lives of property, plant and equipment and intangible assets

The charge in respect of periodic depreciation is derived after determining an estimate of an assets expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the Groups assets are determined by the Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

b) Expected credit loss

In accordance with Ind AS 109-Financial Instruments, the Group applies ECL model for measurement and recognition of impairment loss on the trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of Ind AS 115 - Revenue from Contracts with Customers.

For this purpose, the Group follows ‘simplified approach for recognition of impairment loss allowance on the trade receivable balances, whereas it uses ‘general approach for other receivables. The application of simplified approach requires expected lifetime losses to be recognised from initial recognition of the receivables based on lifetime ECLs at each reporting date.

As a practical expedient, the Group uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.

In case of other assets, the Group determines if there has been a significant increase in credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount equal to twelve months ECL is measured and recognised as loss allowance. However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and recognised as loss allowance.

c) Accounting for defined benefit plans

In accounting for post-retirement benefits, several statistical and other factors that attempt to anticipate future events are used to calculate plan expenses and liabilities. These factors include discount rate assumptions and rate of future compensation increases. To estimate these factors, actuarial consultants also use estimates such as withdrawal, turnover and mortality rates which require significant judgement. The actuarial assumptions used by the Group may differ materially from actual results in future periods due to changing market and economic conditions, regulatory events, judicial rulings, higher or lower withdrawal rates, or longer or shorter participant life spans.

d) Impairment of Non-Financial Assets

An impairment loss is recognised for the amount by which an assets or cash-generating units carrying amount exceeds its recoverable amount. To determine the recoverable amount, management estimates expected future cash flows from each asset or cash-generating unit and determines a suitable interest rate in order to calculate the present value of those cash flows. In the process of measuring expected future cash flows, management makes assumptions about future operating results. These assumptions relate to future events and circumstances. The actual results may vary and may cause significant adjustments to the Groups assets.

e) Fair value of Financial Instruments

Management uses valuation techniques in measuring the fair value of financial instruments where active market quotes are not available. Details of the assumptions used are given in the notes regarding financial assets and liabilities. In applying the valuation techniques, management makes maximum use of market inputs and uses estimates and assumptions that are, as far as possible, consistent with observable data that market participants would use in pricing the instrument. Where applicable data is not observable, management uses its best estimate about the assumptions that market participants would make. These estimates may vary from the actual prices that would be achieved in an arms length transaction at the reporting date.

2.7. MATERIAL ACCOUNTING POLICIES

a) Current and Non-Current classification

The Group presents assets and liabilities in the restated statement of assets and liabilities based on current / non-current classification.

An asset is classified as current when it is:

• Expected to be realised or intended to be sold or consumed in normal operating cycle,

• Held primarily for the purpose of trading,

• Expected to be realised within 12 months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for

at least 12 months after the reporting period.

All other assets are classified as non-current.

A liability is classified as current when:

• It is Expected to be settled in normal operating cycle,

• It is held primarily for the purpose of trading,

• It is due to be settled within 12 months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

All other liabilities are classified as non-current.

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Group has determined its operating cycle, as explained in schedule III of the Companies Act, 2013, as twelve months, having regard to the nature of business being carried out by the Group. The same has been considered for classifying assets and liabilities as current and non-current while preparing the Restated Consolidated Financial Information.

b) Property, Plant and Equipment and Capital work-in-progress

Recognition and Measurement

Property, plant and equipment, is stated at acquisition cost net of accumulated depreciation and accumulated impairment losses, if any.

Cost of acquisition or construction of property, plant and equipment comprises its purchase price including import duties and non-refundable purchase taxes net of trade discounts, rebates and any directly attributable cost of bringing the item to its working condition for its intended use, including relevant borrowing costs and any expected costs of decommissioning.

Property, plant and equipment acquired in a business combination are recognised at their carrying value at the acquisition date.

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

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

Material items such as spare parts, stand-by equipment and service equipment are classified as property, plant and equipment when they meet the definition of property, plant and equipment as specified in Ind AS 16 - Property, Plant and Equipment.

Property, plant and equipment which are not ready for intended use as on the date of Balance Sheet are disclosed as ‘Capital work-in-progress. Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is classified as capital advances under ‘Other NonCurrent Assets.

Capital work-in-progress included in non-current assets comprises of direct costs, related incidental expenses and attributable interest. Capital work-in-progress are not depreciated as these assets are not yet available for use.

De-recognition

An item of property, plant and equipment, is de-recognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit and loss.

c) Intangible Assets

Recognition and Measurement

Intangible assets such as marketing intangibles, trademarks, technical know-how, brands, customer relationship, computer software, product related intangibles, distribution network and non - compete rights acquired separately are measured on initial recognition at cost. Further, payments to third parties for in-licensed products, generally take the form of up-front and milestones payments and are capitalised following a cost accumulation approach to variable payments (milestones) when receipt of economic benefits out of the separately purchased transaction is considered to be probable. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment loss, if any. Subsequent expenditures are capitalised only when they increase the future economic benefits embodied in the specific asset to which they relate.

De-recognition

Intangible assets are de-recognised either on their disposal or where no future economic benefits are expected from their use. Losses arising on such de-recognition are recorded in the profit or loss and are measured as the difference between the net disposal proceeds, if any and the carrying amount of respective intangible assets as on the date of de-recognition.

d) Inventories

Inventories majorly comprise raw materials, which is fine gold, diamond, alloy, etc., stock-in-trade and finished goods, which consists of Jewellery, which are measured at the lower of Cost and Net Realizable Value (NRV).

The cost of inventories comprises all costs of purchase, duties and taxes (other than those subsequently recoverable from tax authorities), costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the First-in, First-out (FIFO) method.

NRV is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Raw materials and other supplies held for use in the production of finished products are not written down below cost except in cases where material prices have declined and it is estimated that the cost of the finished products will exceed their net realisable value.

e) Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and cash at bank including fixed deposit with original maturity period of three months or less and short-term highly liquid investments with an original maturity of three months or less, which are subject to an insignificant risk of changes in value and have no lien marked against them.

f) Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial Assets

Classification

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Groups business model for managing them.

Initial recognition and measurement

All financial assets excluding trade receivables are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, in which case they are recognised at fair value. The Groups trade receivables do not contain any significant financing component and hence are measured at the transaction price measured under Ind AS 115 "Revenue from Contracts with Customers".

Subsequent Measurement

Financial assets carried at amortised cost

A financial asset is subsequently measured at amortised cost if it is held within a business model whose objective is to hold the asset for collecting contractual cash flows and the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in other income in the Statement of Profit or Loss. The losses arising from impairment are recognised in the Statement of Profit or Loss.

Financial assets carried at fair value through other comprehensive income (FVTOCI)

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets and the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Group recognizes interest income, impairment losses and reversals in the Profit and Loss. On de-recognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to Profit and Loss. Interest earned whilst holding FVTOCI asset is reported as interest income using the EIR method.

Equity instruments, except for the ones held for trading, could also be classified as at FVTOCI, if the Group makes an irrevocable election to do so at the time of initial recognition. Such election is made on instrument-to-instrument basis. In case of equity instruments classified as at FVTOCI, all the fair value changes on the instrument, excluding dividends, are recognised in the OCI. There is no recycling of the amounts from OCI to statement of profit and loss, even on sale of investment. However, the Group may transfer the cumulative gain or loss within equity. The Group has designated certain equity instruments as at FVTOCI.

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

A financial asset which is not categorized as at amortised cost or as FVTOCI, is classified and subsequently measured as at FVTPL.

As per the requirements of Ind AS 109 - "Financial Instruments", all investments in equity instruments and contracts on those instruments are to be measured at FVTPL unless designated at FVTOCI. However, there might be situations where cost may be an appropriate estimate of fair value. That may be the case if insufficient information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.

In addition, the Group may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch).

De-recognition

A financial asset (or, where applicable, a part of a financial asset) is primarily de-recognised (i.e., removed from the Groups balance sheet) when:

• The rights to receive cash flows from the asset have expired, or

• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all

the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the Groups continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

On de-recognition of a financial asset in its entirety, the difference between the assets carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in OCI and accumulated in equity is recognised in profit or loss if such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial asset.

Financial Liabilities

Classification

Financial liabilities are classified, at initial recognition, as subsequently measured at amortised cost, except for financial liabilities specifically classified and subsequently measured as at fair value through profit and loss.

Initial recognition and measurement

The Group initially measures a financial liability at its fair value plus, in the case of a financial liability not at fair value through profit or loss, transaction costs.

Subsequent measurement

Financial liabilities carried at amortised cost

The Group measures its financial liabilities at amortised cost using the effective interest rate method. The effective interest rate is the rate that exactly discounts, estimated future cash payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost on initial recognition.

The interest expense (calculated based on effective interest method) and any gain or loss on derecognition is recognised in the Statement of Profit and Loss.

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

Financial liabilities are classified as at FVTPL when the financial liability is held for trading or is a derivative (except for effective hedge) or are designated upon initial recognition as FVTPL. Gains or losses, including any interest expense on liabilities held for trading are recognised in the Statement of Profit and Loss.

De-recognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the restated Statement

of Assets and Liabilities if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

g) Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, the expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. Provisions are reviewed at each balance sheet and adjusted to reflect the current best estimates.

h) Contingent Assets & Liabilities

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. The Group does recognise a contingent liability but discloses its existence in the financial statements.

Contingent assets are not recognised in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognised in the period in which the change occurs.

i) Taxes

Income tax expense comprises of current tax expense and deferred tax expense/benefit. Current and deferred taxes are recognised in the statement of profit and loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity.

Current Tax

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the applicable income tax law of the respective jurisdiction. The current tax is calculated using tax rates that have been enacted or substantively enacted, at the reporting date and any adjustment to tax payable in respect of previous years. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Deferred Tax

Deferred tax is recognised using the Balance Sheet approach on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts.

Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised, except when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured using substantively enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled.

The Group recognises deferred tax liability for all taxable temporary differences associated with investments in subsidiaries and associates, except to the extent that both of the following conditions are satisfied:

• When the Group is able to control the timing of the reversal of the temporary difference; and

• It is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities.

j) Employee Benefit Expenses

Short-Term Employee Benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits and are measured on undiscounted basis. Benefits such as salaries, wages, bonus, incentives etc. and the expected cost of ex gratia are recognised in the period in which the employee renders the related service. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Post-Employment Benefits

Defined Contribution Plan

Defined Contribution Plans (PF & ESIC) Retirement benefit in the form of Provident Fund (PF) and Employee State Insurance (ESIC) are defined contribution schemes. The Group has no obligation, other than the contribution payable to the respective funds. The Group recognizes contribution payable to the provident fund and ESIC scheme as an expenditure, when an employee renders the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid.

Defined Benefit Plans

Gratuity Obligations - Unfunded

The Group provides for gratuity, a defined benefit retirement plan covering eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employees salary and the tenure of employment with the Group.

• Measurement: The Groups liability is actuarially determined, using the Projected Unit Credit Method, at the end of each reporting period.

• Unfunded Status: As the Gratuity plan is unfunded, the liability recognized in the Balance

Sheet represents the Present Value of the Defined Benefit Obligation without deduction of any plan assets.

• P&L Recognition: Current service cost, past service cost and net interest cost are recognized in the Statement of Profit and Loss.

• OCI Recognition: Remeasurements, comprising of actuarial gains and losses (arising from experience adjustments and changes in actuarial assumptions), are recognized immediately in the Balance Sheet with a corresponding debit or credit to Retained Earnings through Other Comprehensive Income (OCI) in the period in which they occur. Remeasurements are not reclassified to Statement of Profit and Loss in subsequent periods.

k) Revenue Recognition

Revenue is recognized to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group applies the five-step model prescribed under Ind AS 115, involving the identification of contracts, performance obligations, determination of transaction price, allocation of price, and recognition of revenue upon satisfaction of obligations.

Revenue from the sale of gold, silver, diamond jewellery, and bullion is recognized at the point in time when control of the asset is transferred to the customer. Control is transferred upon shipment or delivery to the customer, depending on the specific contractual terms, and when the customer has accepted the goods and the risks of ownership have passed.

Revenue is measured at the fair value of the consideration received or receivable, net of returns, trade discounts, and volume rebates. Amounts collected on behalf of third parties, such as Goods and Services Tax (GST), are excluded from revenue.

When goods are sold in exchange for old gold (non-cash consideration), revenue is measured at the fair value of the goods sold (or the fair value of the old gold received if more clearly evident).

For contracts that permit the customer to return an item, revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. A refund liability and an asset for the right to recover products are recognized for expected returns.

Revenue from manufacturing services such as making charges, job work income etc. is recognized when the service is completed and the finished goods are delivered to the customer, as this represents the transfer of the benefit of the service.

l) Other Income

Interest Income

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that discounts estimated future cash receipts through the expected life of the financial asset to that assets net carrying amount on initial recognition.

Other Income (Other than Interest)

Other Non-Operating Income is recognized on an accrual basis when the right to receive payment is established and the amount of income can be measured reliably.

m) Finance Costs

General and specific borrowing costs that are attributable to the acquisition, construction or production

of a qualifying asset are capitalised as part of the cost of such asset till such time the asset is ready for its intended use and borrowing cost are being incurred. A qualifying asset is an asset that necessarily takes a substantial time to get ready for its intended use. All other borrowing costs are recognised as an expense in the period they are incurred.

Borrowing cost includes interest expense, amortisation of discounts and ancillary costs incurred in connection with borrowing of funds. Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

n) Depreciation and Amortization

Depreciation

Depreciation on property, plant and equipment (other than freehold land) is calculated on pro-rata on the WDV method based on the useful life of the assets as indicated under Part C of Schedule II of the Companies Act, 2013 except for certain assets where management believes and based on the technical evaluation and assessment that the useful lives adopted by it best represent the period over which an asset is expected to be available for use.

Freehold land has an unlimited useful life and therefore is not depreciated.

Depreciation on additions is provided on a pro - rata basis from the month of installation or acquisition and in case of projects from the date of commencement of commercial production. Depreciation on deductions / disposals is provided on a pro-rata basis up to the month preceding the month of deduction / disposals.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and, if expectations differ from previous estimates, the changes are accounted for as a change in an accounting estimate and adjusted prospectively.

The estimated useful lives are as follows:

Property, plant and equipment	Useful Life
Office Equipments	3 to 5 years
Plant and Equipment	15 years
Furniture and Fixtures	10 years
Vehicles	8 years
Computer	3 years

Amortisation

The Group amortises intangible assets with a finite useful life using the SLM method or WDV method based on the pattern over which their economic benefits accrue to the Group over the following useful lives:

Intangible Asset	Useful Life
Software	3 to 10 years
Trademark	7 years
Website	10 years

The amortisation period and the amortisation method for intangible assets with a finite useful life are reviewed at each reporting date and adjusted prospectively, if appropriate.

The amortisation expense on intangible assets with finite life is recognised in statement of profit and loss under the head depreciation, impairment and amortisation expense.

o) Impairment

Impairment of Financial Assets

In accordance with Ind AS 109, the Group applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:

• Financial assets that are measured at amortised cost

• Financial assets that are measured at FVTOCI

• Trade or other contractual receivables resulting from transactions that are within the scope of Ind AS 115

The Group follows ‘simplified approach for recognition of impairment loss allowance on Trade or other contractual receivables resulting from transactions that are within the scope of Ind AS 115. This approach doesnt require the Group to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECL at each reporting date, right from its initial recognition.

The Group follows ‘general approach for recognition of impairment loss allowance, on other financial assets, wherein the Group provides for 12-month ECL on ‘Low Credit Risk financial assets and lifetime time ECL on ‘Moderate Credit Risk and ‘High Credit Risk financial assets.

If, in a subsequent period, credit quality of the financial asset improves such that there is no longer a significant credit risk, then the entity reverts to recognising impairment loss allowance based on 12- month ECL.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the reporting date.

ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash flows, an entity is required to consider:

• All contractual terms of the financial instrument (including prepayment, extension, call and similar options) over the expected life of the financial instrument. However, in rare cases when the expected life of the financial instrument cannot be estimated reliably, then the entity is required to use the remaining contractual term of the financial instrument.

• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

• Financial assets measured as at amortised cost, contractual revenue receivables and lease receivables: ECL is presented as an allowance, i.e., as an integral part of the measurement of those assets in the restated Statement of Assets and Liabilities. The allowance reduces the net carrying amount. Until the asset meets write-off criteria, the Group does not reduce impairment allowance from the gross carrying amount.

Impairment ofNon-Financial Assets

The carrying amounts of the Groups non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the assets recoverable amount. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, an impairment test is performed at each reporting date.

An assets recoverable amount is the higher of an assets or cash generating units (CGU) fair value less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of

the time value of money and the risks specific to the asset or the cash-generating unit. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples or other available fair value indicators.

For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit").

The goodwill acquired in a business combination is, for the purpose of impairment testing, allocated to cash-generating units that are expected to benefit from the synergies of the combination.

An impairment loss is recognised in the statement of profit and loss if the estimated recoverable amount of an asset or its cash-generating unit is lower than its carrying amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit on a pro-rata basis.

An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the assets carrying amount does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Goodwill that forms part of the carrying amount of an investment in an associate is not recognised separately and therefore is not tested for impairment separately. Instead, the entire amount of the investment in an associate is tested for impairment as a single asset when there is objective evidence that the investment in an associate may be impaired.

p) Earnings per share

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

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

q) Exceptional Items

An item of income or expense which by its size, type or incidence requires disclosure in order to improve an understanding of the performance of the Group is treated as an exceptional item and the same is disclosed in statement of profit and loss and in the notes forming part of the special purpose financial statements.

r) Leases:

As a Lessee

At commencement or on modification of a contract that contains the lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices.

The Group 433ecognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right- of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re measurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group ‘s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and the type of the asset leased.

Lease payments included in the measurement of the lease liability comprise the following:

• fixed payments, including in-substance fixed payments;

• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

• amounts expected to be payable under a residual value guarantee; and

• the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is measured at amortised cost using the effective interest method. It is re measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Groups estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is re measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Short-term leases and leases of low-value assets

The Group has elected not to recognise right-of- use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

As a Lessor

Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income from operating lease is recognised on a straightline basis over the term of the relevant lease.

s) Foreign currency translation:

Transactions in foreign currencies are translated into respective functional currencies of Group

Companies at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary items are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair value was determined. Foreign exchange gains and losses resulting from the translation are recognised in the consolidated statement of profit and loss except for foreign currency exchange differences arising from the translation of the qualifying cash flow hedges to the extent that the hedges are effective.

PRINCIPAL COMPONENTS OF STATEMENT OF PROFIT AND LOSS

Set forth below are the principal components of statement of profit and loss from our continuing operations:

Income

Our total income comprises of (i) revenue from operations and (ii) other income.

Revenue from Operations

Revenue from operations comprises of: (i) sale of products; and (ii) Other Operating Income which includes hallmark and job work charges;

Other Income

Other income primarily comprises (i) interest income, including interest on fixed deposits, income tax refunds and rent deposits, (ii) gains arising from termination of lease and extinguishment of lease liabilities and interest subsidy received from government authorities, and (iii) net realised and unrealised gain or loss on foreign currency transactions and translation.

Expenses

Our expenses comprise of: (i) cost of materials consumed; (ii) Purchase of stock-in-trade; (iii) change in inventories of finished goods and work-in-progress; (iv) manufacturing expenses; (v) employee benefits expenses;

(vi) finance costs; (vii) depreciation and amortization expense; and (viii) other expenses.

Cost of Material Consumed

Cost of Material Consumed denote the sum of opening stock, purchases of raw materials (net of returm) less closing stock of raw materials.

Changes in inventories of finished goods, work in progress and stock-in-trade

Changes in inventories of finished goods and work in progress denote the difference between opening and closing balance of Finished Goods and work in progress.

Manufacturing Expenses

Manufacturing expenses primarily comprise (i) certification and hallmarking charges, (ii) labour and job work charges, (iii) other making charges, (iv) power and fuel expenses and (v) wages and salary relating to manufacturing activities.

Employee Benefits Expense

Employee benefits expenses include (i) Salaries, Wages and Bonus; (ii) Contributions to Provident and Other Funds; (iii) Staff Welfare Expenses: (iv) Gratuity Expenses and (v) Directors remuneration.

Finance Costs

Finance cost includes (i) Interest Expense on Banks; (ii) Interest Expense on Lease Liability; (iii) Interest Expense on delayed payments; (iv) Bank Charges and (v) Processing Charges.

Depreciation and Amortisation expenses

Depreciation and amortisation expenses include (i) depreciation on tangible Property, Plant and Equipment; (ii) depreciation of Right-of-use assets and (iii) amortisation of Intangible Assets.

Other Expenses

Other expenses primarily comprise (i) advertisement and business promotion expenses, (ii) office expenses, (iii) packing, clearing and forwarding expenses, (iv) legal and professional charges, (v) travelling and conveyance expenses and (vi) other administrative expenses incurred in the ordinary course of business.

OUR RESULTS OF OPERATIONS:

The following table sets forth selective financial data from our restated consolidated statement of profit and loss for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, the components of which are also expressed as a percentage of revenue from operations for such periods:

	(Rs. in million unless stated otherwise)
PARTICULARS	Fiscal 2026	As a % of total income	Fiscal 2025	As a % of total income	Fiscal 2024	As a % of total income
Income:
Revenue from Operations	2,028.94	99.79	968.45	100.00	536.55	99.99
Other Income	4.33	0.21	0.03	0.00	0.06	0.01
Total Income	2,033.27	100.00	968.48	100.00	536.61	100.00
Expenses
Cost of materials consumed	1,674.92	82.38	876.74	90.53	456.72	85.11
Purchases of stock-in-trade	65.32	3.21	0.12	0.01	-	0.00
Changes in inventories of Finished Goods, and Stock-in-Trade	(159.13)	(7.83)	(94.40)	(9.75)	(18.42)	(3.43)
Manufacturing Expenses	78.28	3.85	44.62	4.61	31.43	5.86
Employee benefit expenses	31.84	1.57	5.84	0.60	8.58	1.60
Finance Costs	14.61	0.72	4.70	0.49	1.83	0.34
Depreciation and Amortization Expenses	25.87	1.27	5.37	0.55	3.66	0.68
Other Expenses	32.30	1.59	6.55	0.68	3.54	0.66
Total Expenses	1,764.01	86.76	849.54	87.72	487.34	90.82
Profit / (Loss) before exceptional items and tax	269.26	13.24	118.94	12.28	49.27	9.18
Exceptional items	(0.03)	0.00	-	0.00	-	0.00
Profit / (Loss) before tax	269.23	13.24	118.94	12.28	49.27	9.18
Tax Expense:
Current Year Tax	51.26	2.52	21.36	2.21	9.14	1.70
Deferred Tax / (Benefit)	(5.18)	(0.25)	(0.30)	(0.03)	(0.11)	(0.02)
Earlier Year Tax	-		-	0.00	-	0.00
Total Tax Expenses	46.08	2.27	21.06	2.17	9.03	1.68
Profit / (Loss) for the period	223.15	10.98	97.88	10.11	40.24	7.50

RESULTS OF OPERATIONS INFORMATION FOR FISCAL 2026 COMPARED WITH FISCAL 2025

(Z in million unless stated otherwise)

Particulars	Fiscal 2026	Fiscal 2025	Change (Rs. in million)	Change in %
Income:
Revenue from Operations	2,028.94	968.45	1,060.49	109.50
Other Income	4.33	0.03	4.30	14333.33
Total Income	2,033.27	968.48	1,064.79	109.94
Expenses Cost of materials consumed	1,674.92	876.74	798.18	91.04
Purchases of stock-in-trade	65.32	0.12	65.20	54333.33
Changes in inventories of Finished Goods, and Stock-in-Trade	(159.13)	(94.40)	-64.73	68.57
Manufacturing Expenses	78.28	44.62	33.66	75.44
Employee benefit expenses	31.84	5.84	26.00	445.21
Finance Costs	14.61	4.70	9.91	210.85
Depreciation and Amortization Expenses	25.87	5.37	20.50	381.75
Other Expenses	32.30	6.55	25.75	393.13
Total Expenses	1,764.01	849.54	914.47	107.64
Profit / (Loss) before exceptional items and tax	269.26	118.94	150.32	126.38
Exceptional items	(0.03)	-	(0.03)	100.00
Profit / (Loss) before tax	269.23	118.94	150.29	126.36
Tax Expense: Current Year Tax	51.26	21.36	29.90	139.98
Deferred Tax / (Benefit)	(5.18)	(0.30)	-4.88	1626.67
Total Tax Expenses	46.08	21.06	25.02	118.80
Profit / (Loss) for the period	223.15	97.88	125.27	127.98

Revenue from Operations

Revenue from operations increased by 109.50%, from Rs.968.45 million in Fiscal 2025 to Rs.2,028.94 million in Fiscal 2026. The increase was primarily driven by higher sales volume of lab-grown diamond jewellery, supported by growing consumer preference for sustainable and cost-effective alternatives to natural diamonds.

Other Income

Other income increased by 14333.33% from Rs.0.03 million in Fiscal 2025 to Rs.4.33 million in Fiscal 2026, primarily due to gain on foreign currency transaction income in Fiscal 2026 as compared to Nil in Fiscal 2025 and gain on termination of lease of Rs.1.03 million in Fiscal 2026 as compared to Nil in Fiscal 2025.

Total Income

Total income increased by 109.94%, from Rs.968.48 million in Fiscal 2025 to Rs.2,033.27 million in Fiscal 2026. This increase was primarily driven by significant growth in revenue from operations.

Total Expenses

Total expenses increased by 107.64%, from Rs.849.54 million in Fiscal 2025 to Rs.1,764.01 million in Fiscal 2026, primarily due to the following:.

Cost of Material Consumed

Cost of materials consumed increased by 91.04%, from Rs.876.74 million in Fiscal 2025 to Rs.1,674.92 million in Fiscal 2026, primarily due to higher procurement of raw materials including lab-grown diamonds, gold and other jewellery components in line with increased demand of our products.

Purchases of Stock-in-Trade

Purchases of stock-in-trade increased to Rs.65.32 million in Fiscal 2026 from Rs.0.12 million in Fiscal 2025, primarily on account of the scale-up of trading operations at our Subsidiaries, which are consolidated in our Restated Consolidated Financial Information. Purchases during Fiscal 2026 comprised jewellery including making charges of Rs.26.52 million and precious metals / bullion of Rs.38.80 million.

Changes in Inventories of Finished Goods and Stock in trade

Changes in Inventories of Finished Goods and Stock in trade increased by Rs.64.73 million, from (Rs.94.40) million in Fiscal 2025 to (Rs.159.13) million in Fiscal 2026. The increase was primarily due to higher closing inventory levels of finished products and Stock in trade, maintained to support business growth and ensure timely fulfilment of expected demand.

Manufacturing Expenses

Manufacturing expenses increased by 75.44%, from Rs.44.62 million in Fiscal 2025 to Rs.78.28 million in Fiscal 2026, primarily due to increase in production activities in line with growth in operations. The increase was mainly on account of higher wages and salary, which stood at Rs.47.39 million in Fiscal 2026 as compared to Rs.24.99 million in Fiscal 2025, along with an increase in certification and hallmarking charges which stood at Rs.14.56 million in Fiscal 2026 as compared to Rs.9.51 million in Fiscal 2025, and other making charges which stood at Rs.11.17 million in Fiscal 2026 as compared to Rs.7.48 million in Fiscal 2025.

Employee Benefit Expenses

Employee benefit expenses increased by 445.21%, from Rs.5.84 million in Fiscal 2025 to Rs.31.84 million in Fiscal 2026, primarily due to increase in salaries and wages (including bonus), which stood at Rs.19.91 million in Fiscal 2026 as compared to Rs.4.66 million in Fiscal 2025 and increase in Directors remuneration which stood at Rs.7.33 million in Fiscal 2026 as compared to Rs.0.12 million in Fiscal 2025.

Finance Cost

Finance costs increased by 210.85%, from Rs.4.70 million in Fiscal 2025 to Rs.14.61 million in Fiscal 2026, primarily due to higher utilization of borrowings to support working capital requirements. The increase was mainly on account of higher interest expense on lease liabilities, which stood at Rs.9.40 million in Fiscal 2026 as compared to Rs.0.57 million in Fiscal 2025.

Depreciation and Amortization Expenses

Depreciation and amortization expenses increased by 381.75%, from Rs.5.37 million in Fiscal 2025 to Rs.25.87 million in Fiscal 2026, primarily due to addition of plant and machinery and recognition of depreciation on right- of-use assets.

Other Expenses

Other expenses increased by 393.13%, from Rs.6.55 million in Fiscal 2025 to Rs.32.30 million in Fiscal 2026, primarily due to increase in selling and administrative expenses in line with expansion of operations. The increase was mainly on account of higher advertisement and business promotion expenses of Rs.13.92 million in Fiscal 2026 as compared to Rs.2.12 million in Fiscal 2025, increase in website and software maintenance to Rs.1.72 million in Fiscal 2026 from Rs.0.03 million in Fiscal 2025, and recording of credit impairment losses of Rs.1.69 million in Fiscal 2026 as compared to Nil in Fiscal 2025.

Profit Before Tax

Profit before tax increased by 126.36%, from Rs.118.94 million in Fiscal 2025 to Rs.269.23 million in Fiscal 2026. The increase was primarily driven by strong growth in revenue from operations and improved operating leverage, partially offset by higher raw material and operating costs.

Tax Expenses

Tax expenses increased by 118.80%, from U21.06 million in Fiscal 2025 to Rs.46.08 million in Fiscal 2026. The increase was mainly attributable to higher taxable income resulting from improved profitability during Fiscal 2026.

Profit After Tax

Profit after tax increased by 127.98%, from Rs.97.88 million in Fiscal 2025 to U223.15 million in Fiscal 2026. The increase was primarily due to significant growth in revenue and improved margins, reflecting the Companys ability to scale its business while maintaining cost efficiencies.

RESULTS OF OPERATIONS INFORMATION FOR FISCAL 2025 COMPARED WITH FISCAL 2024

	(Rs. in million unless stated otherwise)
Particulars	Fiscal 2025	Fiscal 2024	Change (Rs. in million)	Change in %
Income:
Revenue from Operations	968.45	536.55	431.90	80.50
Other Income	0.03	0.06	-0.03	-50.00
Total Income	968.48	536.61	431.87	80.48
Expenses
Cost of materials consumed	876.74	456.72	420.02	91.96
Purchases of stock-in-trade	0.12	-	0.12	100.00
Changes in inventories of Finished Goods, and Stock-in-Trade	-94.40	-18.42	-75.98	412.49
Manufacturing Expenses	44.62	31.43	13.19	41.97
Employee benefit expenses	5.84	8.58	-2.74	-31.93
Finance Costs	4.70	1.83	2.87	156.83
Depreciation and Amortization Expenses	5.37	3.66	1.71	46.72
Other Expenses	6.55	3.54	3.01	85.03
Total Expenses	849.54	487.34	362.20	74.32
Profit / (Loss) before tax	118.94	49.27	69.67	141.40
Tax Expense:
Current Year Tax	21.36	9.14	12.22	133.70
Deferred Tax / (Benefit)	-0.30	-0.11	-0.19	172.73
Earlier Year Tax	-	-	-	-
Total Tax Expenses	21.06	9.03	12.03	133.22
Profit / (Loss) for the period	97.88	40.24	57.64	143.24

Revenue from Operations

Revenue from operations increased by 80.50%, from Rs.536.55 million in Fiscal 2024 to Rs.968.45 million in Fiscal 2025. The increase was primarily driven by higher sales volume of lab-grown diamond jewellery, supported by growing consumer preference for sustainable and cost-effective alternatives to natural diamonds.

Other Income

Other income decreased by 50% from Rs.0.06 million in Fiscal 2024 to Rs.0.03 million in Fiscal 2025, primarily due to no gain on foreign currency transaction income in Fiscal 2025 as compared to Rs.0.06 million in Fiscal 2024 and there is interest income on fixed deposit of Rs.0.02 million in Fiscal 2025 as compared to nil in Fiscal 2024.

Total Income

Total income increased by 80.48%, from Rs.536.61 million in Fiscal 2024 to Rs.968.48 million in Fiscal 2025. This increase was primarily driven by significant growth in revenue from operations, partially offset by a marginal decline in other income.

Total Expenses

Total expenses increased by 74.32%, from Rs.487.34 million in Fiscal 2024 to Rs.849.54 million in Fiscal 2025, primarily due to the following:.

Cost of Material Consumed

Cost of materials consumed increased by 91.96%, from Rs.456.72 million in Fiscal 2024 to Rs.876.74 million in Fiscal 2025, primarily due to higher procurement of raw materials including lab-grown diamonds, gold and other jewellery components in line with increased demand of our products.

Purchases of Stock-in-Trade

Purchases of stock-in-trade were Rs.0.12 million in Fiscal 2025, comprising precious metals / bullion purchased at our Subsidiary level, as against nil in Fiscal 2024, during which our Group did not undertake any purchase of stock-in-trade.

Changes in Inventories of Finished Goods and Work-In-Progress

Changes in Inventories of Finished Goods and Work-In-Progress increased by Rs.75.98 million, from (Rs.94.40) million in Fiscal 2025 as compared to (Rs.18.42) million in Fiscal 2024. The increase was primarily due to higher closing inventory levels of finished products and work-in-progress, maintained to support business growth and ensure timely fulfilment of expected demand.

Manufacturing Expenses

Manufacturing expenses increased by 41.97%, from Rs.31.43 million in Fiscal 2024 to Rs.44.62 million in Fiscal 2025, primarily due to increase in production activities in line with growth in operations. The increase was mainly on account of higher wages and salary, which stood at Rs.24.99 million in Fiscal 2025 as compared to Rs.13.78 million in Fiscal 2024, along with an increase in certification and hallmarking charges which stood at Rs.9.51 million in Fiscal 2025 as compared to Rs.5.80 million in Fiscal 2024, and other making charges which stood at Rs.7.48 million in Fiscal 2025 as compared to Rs.5.24 million in Fiscal 2024,.

Employee Benefit Expenses

Employee benefit expenses decreased by 31.93%, from Rs.8.58 million in Fiscal 2024 to Rs.5.84 million in Fiscal 2025, primarily due to reduction in employee-related costs during the year. The decrease was mainly on account of lower salaries and wages (including bonus), which stood at Rs.4.66 million in Fiscal 2025 as compared to Rs.8.03 million in Fiscal 2024, partly offset by an increase in staff welfare expenses and statutory contribution.

Finance Cost

Finance costs increased by 156.83%, from Rs.1.83 million in Fiscal 2024 to Rs.4.70 million in Fiscal 2025, primarily due to higher utilization of borrowings to support working capital requirements. The increase was mainly on account of higher interest expense on borrowings, which stood at Rs.3.67 million in Fiscal 2025 as compared to Rs.1.20 million in Fiscal 2024, along with an increase in interest on lease liabilities.

Depreciation and Amortization Expenses

Depreciation and amortization expenses increased by 46.72%, from Rs.3.66 million in Fiscal 2024 to Rs.5.37 million in Fiscal 2025, primarily due to addition of plant and machinery and recognition of depreciation on right-of-use assets.

Other Expenses

Other expenses increased by 85.03%, from Rs.3.54 million in Fiscal 2024 to Rs.6.55 million in Fiscal 2025, primarily due to increase in selling and administrative expenses in line with expansion of operations. The increase was mainly on account of higher advertisement and business promotion expenses of Rs.2.12 million in Fiscal 2025 as compared to Rs.1.71 million in Fiscal 2024, increase in packing, clearing and forwarding expenses to Rs.1.64 million in Fiscal 2025 from Rs.0.41 million in Fiscal 2024, and higher legal, professional and consultancy charges of Rs.1.15 million in Fiscal 2025 as compared to Rs.0.34 million in Fiscal 2024.

Profit Before Tax

Profit before tax increased by 141.40%, from Rs.49.27 million in Fiscal 2024 to Rs.118.94 million in Fiscal 2025. The increase was primarily driven by strong growth in revenue from operations and improved operating leverage, partially offset by higher raw material and operating costs.

Tax Expenses

Tax expenses increased by 133.22%, from Rs.9.03 million in Fiscal 2024 to Rs.21.06 million in Fiscal 2025. The increase was mainly attributable to higher taxable income resulting from improved profitability during Fiscal

2025.

Profit After Tax

Profit after tax increased by 143.24%, from Rs.40.24 million in Fiscal 2024 to Rs.97.88 million in Fiscal 2025. The increase was primarily due to significant growth in revenue and improved margins, reflecting the Companys ability to scale its business while maintaining cost efficiencies.

Cash Flow Statement

The table below summaries our cash flows from our Restated Consolidated Financial Information for the fiscals 2026, 2025 and 2024:

	(Rs. in million unless stated otherwise)
Particulars		Fiscal
	2026	2025	2024
Net cash flow generated from/ (utilized in) operating activities (A)	(147.32)	(100.52)	(10.51)
Net cash flow generated from/ (utilized in) investing activities (B)	(19.93)	(4.19)	(8.25)
Net cash flow generated from/ (utilized in) financing activities (C)	168.58	107.15	17.26
Net (decrease)/ increase in cash & cash equivalents (A+B+C)	1.33	2.44	(1.50)
Cash and cash equivalents at the beginning of the year	2.97	0.53	2.03
Adj.: Addition on acquisition of subsidiary	1.13	-	-
Cash and cash equivalents at the end of the year	5.42	2.97	0.53

Cash flow from Operating Activities For the Fiscal 2026

Net cash utilized in operating activities for Fiscal 2026 was Rs.147.32 million. While our profit before tax & exceptional item for Fiscal 2026 was Rs.269.26 million, our operating profit before working capital changes and other adjustments was Rs.320.07 million. This was primarily due to adjustments for finance cost of Rs.14.61 million, depreciation and amortisation expenses of Rs.25.87 million, and refund liability of Rs.9.03 million.

Changes in working capital for Fiscal 2026 primarily consisted of increase in inventories of Rs.214.76 million, increase in trade receivables of Rs.118.65 million, decrease in trade payables of Rs.46.13 million, decrease in other liabilities of Rs.23.97 million, increase in other assets of Rs.20.31 million and increase in other financial assets of Rs.3.72 million, partially offset by increase in other financial liabilities of Rs.4.41 million. Our income taxes paid were Rs.44.24 million for Fiscal 2026.

For the Fiscal 2025

Net cash utilized in operating activities for Fiscal 2025 was Rs.100.52 million. While our profit before tax & exceptional item for Fiscal 2025 was Rs.118.94 million, our operating profit before working capital changes and other adjustments was Rs.129.46 million. This was primarily due to adjustments for finance cost of Rs.4.70 million, depreciation and amortisation expenses of Rs.5.37 million, and provision for gratuity expense of Rs.0.49 million, partially offset by interest income of Rs.0.03 million and net unrealised gain on foreign currency transaction and translation of Rs.0.01 million.

Changes in working capital for Fiscal 2025 primarily consisted of increase in trade receivables of Rs.65.44 million, increase in inventories of Rs.209.50 million, increase in other financial assets of Rs.0.02 million, increase in other assets of Rs.3.71 million and increase in other financial liabilities of Rs.1.19 million, partially offset by increase in trade payables of Rs.9.50 million and increase in other liabilities of Rs.63.34 million. Our income taxes paid were Rs.22.97 million for Fiscal 2025.

For the Fiscal 2024

Net cash utilized in operating activities for Fiscal 2024 was Rs.10.51 million. While our profit before tax & exceptional item for Fiscal 2024 was Rs.49.27 million, our operating profit before working capital changes and other adjustments was Rs.55.06 million. This was primarily due to adjustments for depreciation and amortisation expenses of Rs.3.66 million, finance cost of Rs.1.83 million, and provision for gratuity expense of Rs.0.30 million.

Changes in working capital for Fiscal 2024 primarily consisted of increase in trade receivables of Rs.34.05 million and increase in inventories of Rs.14.53 million, decrease in trade payables of Rs.5.21 million, decrease in other liabilities of Rs.10.10 million, partially offset by decrease in other assets of Rs.0.78 million and increase in other financial liabilities of Rs.3.03 million. Our income taxes paid were Rs.5.48 million for Fiscal 2024.

Cash flow from Investing Activities For the Fiscal 2026

Net cash used in investing activities was Rs.19.93 million for Fiscal 2026, primarily on account of purchase of property, plant and equipment and capital work-in-progress of Rs.18.48 million, purchase of intangible assets of Rs.1.30 million and payments for initial direct costs of ROU assets of Rs.0.16 million, partially offset by interest received of Rs.0.01 million.

For the Fiscal 2025

Net cash used in investing activities was Rs.4.19 million for Fiscal 2025, primarily on account of purchase of property, plant and equipment and capital work-in-progress of Rs.4.51 million and purchase of intangible assets of Rs.0.08 million, partially offset by subsidy received against fixed assets of Rs.0.37 million and interest received of Rs.0.03 million.

For the Fiscal 2024

Net cash used in investing activities was Rs.8.25 million for Fiscal 2024, primarily on account of purchase of property, plant and equipment and capital work-in-progress of Rs.8.12 million and investment in fixed deposits of Rs.0.13 million.

Cash flow from Financing Activities For the Fiscal 2026

Net cash flow generated from financing activities was Rs.168.58 million for Fiscal 2026, primarily consisting of proceeds from issue of share capital and share premium of Rs.187.35 million, net proceeds from short-term borrowings of Rs.26.48 million, partially offset by repayment of unsecured loans from related parties of Rs.15.90 million, principal payment of lease liabilities of Rs.9.86 million, and finance cost paid of Rs.14.57 million.

For the Fiscal 2025

Net cash flow generated from financing activities was Rs.107.15 million for Fiscal 2025, consisting of proceeds from issue of share capital and share premium of Rs.74.70 million, net proceeds from short-term borrowings of Rs.43.90 million, partially offset by repayment of long-term borrowings of Rs.1.81 million, repayment of unsecured loans from related parties of Rs.3.56 million, principal payment of lease liabilities of Rs.1.41 million, and finance cost paid of Rs.4.67 million.

For the Fiscal 2024

Net cash flow generated from financing activities was Rs.17.26 million for Fiscal 2024, consisting of net proceeds from short-term borrowings of Rs.17.70 million and proceeds from unsecured loans from related parties of Rs.3.54 million, partially offset by repayment of long-term borrowings of Rs.1.74 million, principal payment of lease liabilities of Rs.0.43 million, and finance cost paid of Rs.1.81 million.

Financial Indebtedness

As of March 31, 2026, we had total borrowings (consisting of long term borrowings and short term borrowings) of Rs.90.79 million of which Rs.2.71 million was long term borrowings (including current maturities) and Rs.88.08 million was short term borrowings. For further information on our agreements governing our outstanding indebtedness, see "Financial Indebtedness" on page 404.

Contingent Liabilities, Commitments and Other Litigations

The following table sets forth our contingent liabilities as at Fiscal 2026, Fiscal 2025 and Fiscal 2024 as per the Restated Consolidated Financial Information:

						(Rs. in million)
Particulars	Fiscal 2026	% of Net Worth	Fiscal 2025	% of Net Worth	Fiscal 2024	% of Net Worth
Contingent Liabilities:
Claims against the Company not acknowledged as debt
(i) Tax matters in dispute under appeal [refer note (1)]	28.84	3.63	26.36	11.68	-	-
Total Contingent Liabilities	28.84	3.63	26.36	11.68	-	-

Note:

(1) An assessment u/s. 143(3) of the Income Tax Act, 1961, was done in the case of the Parent Company for the A.Y. 2023-24. In the said assessment an addition of K 2,32,40,476/- was made to its income, on which a tax liability of Rs. 2,25,27,140/- was determined. The Parent Company has preferred an appeal against the same before the Commissioner of Income Tax (Appeals), Income Tax Department. the said appeal is yet to be adjudicated

The total contingent liability thus stands at Rs. 2,88,39,999/- as of March 31, 2026 and Rs. 2,63,56,747/- as of March 31, 2025, on account of cumulation of interest on aforesaid demand. The management believes that the Parent Company has a strong case on merits and expects a favorable outcome; consequently, no pro-vision has been made in the books of accounts.

Related Party Transactions

We enter into various transactions with related parties. For further information, see "Restated Consolidated Financial Information-Note 39- Related Party Transactions" on page 360.

Quantitative and Qualitative Disclosure about Market Risks

Market risk

Market Risk is the risk that changes in market prices, such as currency rates, interest rates and equity prices, which will affect the Companys group income or the value of its holding or financial instruments.

The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

Currency Risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Groups exposure to the risk of changes in foreign exchange relates primarily to the Company Groups operating activities (when revenue, expense or capital expenditure is denominated in foreign currency).

The Company Group evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies.

Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing financial assets or borrowings because of fluctuations in the interest rates if such assets/borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will fluctuate because of fluctuations in the interest rates.

The Company Groups exposure to the risk of changes in market interest rates relates primarily to its borrowings with floating interest rates.

Credit Risk

Credit risk is the risk of financial loss to the Company Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company Groups receivables from customers and investment securities. The Company Group establishes an allowance for credit losses and impairment that represents its estimate of expected losses in respect of trade and other receivables, cash and cash equivalents and investments.

Liquidity Risk

Liquidity risk is the risk that the Company Group will face in meeting its obligations associated with its financial liabilities. The Company Groups approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. The Company Group maintained a cautious liquidity strategy, with a positive cash balance throughout the year ended March 31, 2026, March 31, 2025, March 31, 2024.

Cash flow from operating activities provides the funds to service the financial liabilities on a day-to-day basis. The Company Group regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet operational needs.

The Company Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Off-Balance Sheet Items

We do not have any other off-balance sheet arrangements, derivative instruments or other relationships with any entity that have been established for the purposes of facilitating off-balance sheet arrangements.

Effect of Inflation

We are affected by inflation as it has an impact on the raw material costs, labor wages, and operational expenses. To mitigate this, we continuously adjust our pricing and margins to absorb the inflationary impact while ensuring sustainable profitability.

Reservations, Qualifications and Adverse Remarks

There have been no reservations, qualifications, matters of emphasis or adverse remarks in the Restated Consolidated Financial Information of our Company for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024 and the examination report thereon.

Material Frauds

There are no material frauds, as reported by our statutory auditor, committed against our Company, in the last three Fiscal Years.

Unusual or Infrequent Events or Transactions

As on date, there have been no unusual or infrequent events or transactions including unusual trends on account of business activity, unusual items of income, change of accounting policies and discretionary reduction of expenses.

Significant Economic Changes that materially affected or are likely to affect income from continuing operations;

To the best of our managements knowledge, apart from the factors discussed under the section titled "Significant Factors Affecting Our Financial Condition and Results of Operations" there are no other major economic changes that have materially impacted or are likely to impact income from continuing operations.

Known trends or uncertainties that have had or are expected to have a Material Adverse Impact on Sales, Revenue or Income from Continuing Operations;

Other than as described in the section titled "Risk Factors"" on page 26 and in this chapter, to our knowledge there are no known trends or uncertainties that are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

Future changes in relationship between costs and revenues, in case of events such as future increase in labour or material costs or prices that will cause a material change are known;

Other than as described in chapter titled "Risk Factors" on page 26 and in this section, to our knowledge there are no known factors that might affect the future relationship between cost and revenue.

Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or services or increased sales prices;

Our business has been impacted by the trends outlined above and is expected to remain influenced by these trends and the uncertainties detailed in the "Risk Factors" section on page 26. The changes in revenue over the past three Fiscals are discussed in the sections "Results of Operations: Fiscal 2026 vs. Fiscal 2025" and "Results of Operations: Fiscal 2025 vs. Fiscal 2024" mentioned earlier.

NEW PRODUCTS OR BUSINESS SEGMENTS

Other than as described in "Our Business" on page 206, there are no new products or business segments in which we operate.

Seasonality of Business

Our business is subject to seasonal variations given festive and other occasions falling in different months and quarters of the Fiscal. For risks associated with the seasonality of our business, see "Risk Factor- on page 26.

Significant Dependence on a Single or Few Customers

The percentage of revenue from operations derived from our top customers on consolidated basis is given below:

	(Rs. in million, unless other •wise stated)
Particulars	Fiscal 2026		Fiscal 2025		Fiscal 2024
	Amount (Rs. in million)	As a percentage of revenue from operations (in %)	Amount (Rs. in million)	As a percentage of revenue from operations (in %)	Amount Rs. in million)	As a percentage of venue from operations (in %)
Top 1 customer	263.27	12.98	188.68*	19.48*	102.57	19.12
Top 5 customers	812.05	40.02	600.62	62.02	360.67	67.18
Top 10 customers	1,125.95	55.49	742.62	76.68	451.99	84.24

*lop 1 Customer for Fiscal 2025 was Ayaani Diamonds and Jewellery Private Limited which became subsidiary of the Company with effect from July 22, 2025 were undertaken at arms length basis.

As certified by Statutory Auditors vide their certificate dated September 23, 2026.

Competitive Conditions

We expect competition in our industry from existing and potential competitors to intensify. For further details on competitive conditions that we face across our various business segments, please see "Our Business ", "Industry Overview" and "Risk Factors" on pages 206, 170 and 26.